Property, Plant and Equipment

3 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

14. Property and Equipment, net

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

Fixed Assets	September 30, 2020			June 30, 2020
Office and equipment	$	739,447		$	739,447
Motor vehicles		202,839			164,244
Leasehold Improvement		24,470			24,470
Total		966,756			928,161
Less: accumulated depreciation		(470,733	)		(429,116	)
Plant and Equipment, net	$	496,024		$	499,045

For the periods ended September 30, 2020 and June 30, 2020, depreciation expenses amounted to $41,617 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 September 30, 2020 and June 30, 2020.