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Intangible Assets, Net
 12 Months Ended
Jun. 30, 2023
Intangible Assets, Net [Abstract]  
INTANGIBLE ASSETS, NET

NOTE 7 – INTANGIBLE ASSETS, NET

  

As of June 30, 2023 and 2022, intangible assets, net consisted of the following:

 

   As of June 30, 
   2023   2022 
Customer relationship  $924,351   $1,021,509 
Customer contracts   
-
    344,003 
Software   222,982    228,853 
Less: accumulated amortization   (421,158)   (624,321)
Intangible assets, net  $726,175   $970,044 

 

During the year ended June 30, 2022, software of $150,468 was derived from the asset acquisition of MSCT with an estimated useful life of 10 years (Note 3).

 

The movement of intangible assets, net is as follow:

 

   For the year
ended
June 30,
2023		 
Balance as of July 1, 2022  $970,044 
Addition   
-
 
Amortization   (179,078)
Disposal   (74,686)
Foreign currency translation adjustment   9,895 
Balance as of June 30, 2023  $726,175 

 

The amortization expenses were $179,078, $202,412 and $273,178 for the years ended June 30, 2023, 2022 and 2021. Estimated future amortization expenses are as follows:

 

Year ending June 30,  Amortization
expense		 
2024  $121,050 
2025   116,823 
2026   109,954 
2027   107,628 
2028   107,493 
2029 and after   163,227 
Total  $726,175 

 

No impairment losses were recognized for the years ended June 30, 2023, 2022 and 2021.