Property, Plant and Equipment

3 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

12. Property, Plant and Equipment

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

	September 30, 2022			June 30, 2022
Office and equipment	$	820,149		$	820,149
Motor vehicles		387,804			387,804
Building		197,609			197,609
Land		2,554,766			2,554,766
Leasehold improvement		423,329			423,329
Total		4,383,658			4,383,658
Less: accumulated depreciation		(757,530	)		(711,967	)
Plant and Equipment, net	$	3,626,128		$	3,671,691

For the three months ended September 30, 2022 and 2021, depreciation expenses amounted to $45,563 and $42,138, 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 period ended September 30, 2022 and June 30, 2022.