Intangible Asset

9 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Asset

13. Intangible Asset

On August 21, 2017, the Company entered into an intellectual property assignment agreement with Sound Decisions to revamp the Company’s shoplifty website to generate and attract more traffic from potential customers. The Company made a payment of $14,000 for the website (intellectual property). In addition, the Company made a payment of $5,800 for the website (intellectual property) during the three months ended March 31, 2021. The Company amortized this use right as intangible asset over ten years, and recorded amortization expense of $1,022 for the nine months ended March 31, 2021 and 2020, respectively.