v3.21.2

Intangible Assets, Net | 12 Months Ended
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Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS, NET | Note 10. INTANGIBLE ASSETS, NET Net intangible assets consisted of the following:
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2020 |
Full service logistics platforms |  | $ | 190,000 |  |  | $ | 190,000 |
Less: Accumulated amortization |  |  | (190,000 | ) |  |  | (163,611 | )
Intangible assets, net |  | $ | - |  |  | $ | 26,389 |
The full service logistics platform was placed in services in December 2017. The platforms are being amortized over three years. Amortization expenses amounted to $26,389 and $81,557 for the years ended June 30, 2021 and 2020, respectively. In addition, first phase of the ERP system was placed in use in July 2019 and is being amortized over three years. However, due to the continued decrease in revenues from the inland transportation management segment, the Company recorded an impairment of $200,455 for the year ended June 30, 2020. No impairment was recorded for same period of 2021.

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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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