v3.22.2.2
Property, Plant and Equipment, Net
 12 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net

Note 8 – Property, plant and equipment, net

 

Property, plant and equipment consist of the following:

   June 30,
2022		   June 30,
2021		 
Performance equipment  $
-
   $10,637,926 
Office equipment   39,602    38,477 
Total   39,602    10,676,403 
Less: Accumulated depreciation   (9,374)   (1,516,189)
Property, plant and equipment, net  $30,228   $9,160,214 

 

Depreciation expense was $1,445,573, $1,536,178 and $0 for the years ended June 30, 2022, 2021 and 2020, respectively.

 

During the year ended June 30, 2022, the Company disposed all of its performance equipment which resulted in a gain on disposal of $94,984. Due the epidemic has resulted in quarantines and travel and event restrictions throughout the world, the Company did not successfully host any live concerts since 2020. As a result, the Company decided to dispose its performance equipment by utilizing the cash to be realized from the equipment disposal as operating cash flows.