Property and Equipment, Net

9 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

14. Property and Equipment, net

As of March 31, 2021 and June 30, 2020, property, plant and equipment consisted of the following:

Fixed Assets	March 31, 2021			June 30, 2020
Office and equipment	$	732,062		$	739,447
Motor vehicles		119,764			164,244
Leasehold Improvement		21,970			24,470
Total		873,797			928,161
Less: accumulated depreciation		(483,608	)		(429,116	)
Plant and Equipment, net	$	390,189		$	499,045

For the periods ended March 31, 2021 and June 30, 2020, depreciation expenses amounted to $70,650 and $110,032, respectively.

The Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition and other economic factors. Based on this assessment, no impairment expenses for property, plant, and equipment was recorded in operating expenses during the periods ended March 31, 2021 and June 30, 2020.