Property, Plant and Equipment

12 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

13. Property, Plant and Equipment

As of June 30, 2022 and 2021, property, plant and equipment consisted of the following:

	June 30, 2022			June 30, 2021
Office and equipment	$	820,149		$	820,149
Motor vehicles		387,804			166,079
Building		197,609			-
Land		2,554,766			1,922,376
Leasehold improvement		423,329			365,620
Total		4,383,658			3,274,224
Less: accumulated depreciation		(711,967	)		(524,884	)
Plant and Equipment, net	$	3,671,691		$	2,749,340

For the years ended June 30, 2022 and 2021, depreciation expenses amounted to $187,083 and $105,982, 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, 2022 and 2021.