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Land Use Rights | 3 Months Ended
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Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
LAND USE RIGHTS | NOTE 5 - LAND USE RIGHTS Land use rights are recognized at cost less accumulated amortization. According to the Chinese laws and regulations regarding land use rights, land in urban districts is owned by the State, while land in the rural areas and suburban areas, except otherwise provided for by the State, is collectively owned by individuals designated as resident farmers by the State. However, in accordance with the legal principle that land ownership is separate from the right to the use of the land, the government grants the user a "land use right" (the "Right") to use the land. The Company has the Right to use the land for 50 years and amortizes the rights on a straight-line basis over the period of 50 years.
|  | September 30, 2019 |  |  | June 30, 2019 |
Land use rights |  | $ | 1,558,211 |  |  | $ | 1,619,820 |
Less: accumulated amortization |  |  | (349,907 | ) |  |  | (355,511 | )
Land use rights, net |  | $ | 1,208,304 |  |  | $ | 1,264,309 |
For the three months ended September 30, 2019 and 2018, the Company recognized amortization expense of US$ 9,214 and US$ 9,638, respectively. The estimated future amortization expenses are as follows:
Twelve months ending September 30: |  |  |
2019 |  | $ | 31,164 |
2020 |  |  | 31,164 |
2021 |  |  | 31,164 |
2022 |  |  | 31,164 |
2023 |  |  | 31,164 |
Thereafter |  |  | 1,052,484 |
Total |  | $ | 1,208,304 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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