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Intangible Assets

9 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 4 – INTANGIBLE ASSETS

Intangible assets are summarized as follows:

	March 31, 2020 (Unaudited)		June 30, 2019
Software registration right	$	36,677	$	37,843
Patent		11,318		15,286
Technology development		1,900,000		500,000
Value-added telecommunications business license		14,815		11,678
Subtotal		1,962,810		564,807
Less: Accumulated amortization		13,928		8,996
Total	$	1,948,882	$	555,811

On May 28, 2019, the Company entered into an agreement with SDT Trade Co., Ltd., an unaffiliated party ("SDT"). SDT will assist the Company with technical development work related to the Company's security-related software and systems. Pursuant to the agreement, SDT will complete certain development work within twelve months and thereafter maintain the system for thirty-six months. The total amount to be paid under the agreement is $1,200,000. As of March 31, 2020, the Company paid SDT $1,000,000. However, the development has not commenced yet since the Company has not finalized the technology specifications.

On July 2, 2019, the Company entered into a technology development service agreement with HW (HK) Limited, an unaffiliated party. Pursuant to the agreement, the Company appointed HW (HK) Limited to develop an eye protection technical system for a two period ending July 1, 2021. The total payments to made under the agreement is $1,200,000. As of March 31, 2020, the Company paid HW (HK) Limited $900,000 and the technology development is in process.

Amortization expense for the three months ended March 31, 2020 and 2019 were $3,546 and $1,880, respectively.

Amortization expense for the nine months ended March 31, 2020 and 2019 were $5,273 and $3,498, respectively.