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Property and Equipment, Net
 12 Months Ended
Jun. 30, 2023
Property and Equipment, Net [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 6 – PROPERTY AND EQUIPMENT, NET

 

Property and equipment, net consisted of the following:

 

   As of June 30, 
   2023   2022 
Office building  $20,354,809   $20,198,454 
Equipment   1,067,695    1,224,250 
Office building related facility, machinery and equipment   182,503    225,773 
Automobiles   37,421    118,472 
Office Furniture   136,034    69,448 
Leasehold improvements   772,210    667,785 
Total   22,550,672    22,504,182 
Less: accumulated depreciation   (2,438,367)   (1,903,084)
Property and equipment, net  $20,112,305   $20,601,098 

  

Depreciation expense was $1,040,734, $709,836, and $404,063, for the years ended June 30, 2023, 2022 and 2021, respectively. No impairment loss was recognized for the years ended June 30, 2023, 2022 and 2021.

 

As of June 30, 2023, the office building with carrying amount of US$15,292,336 is mortgaged to secure financing credit facility of HKD 58,000,00 from Taipei Fubon Bank.