Property and Equipment, Net

12 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

17. Property, Plant and Equipment

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

	June 30, 2021			June 30, 2020
Office and equipment	$	820,149		$	739,447
Motor vehicles		166,079			164,244
Land		1,922,376			—
Leasehold Improvement		365,620			24,742
Total		3,274,224			928,163
Less: accumulated depreciation		(524,884	)		(429,116	)
Plant and Equipment, net	$	2,749,340		$	499,047

For the years ended June 30, 2021 and 2020, depreciation expenses amounted to $105,982 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 years ended June 30, 2021 and 2020.