|3 Months Ended|
Sep. 30, 2019
|Goodwill and Intangible Assets Disclosure [Abstract]|
NOTE 4 – intangible assets
Intangible assets are summarized as follows:
Amortization expense for the three months ended September 30, 2019 and 2018 were $1,753 and $717, respectively.
On May 28, 2019, the Company entered into an agreement with SDT Trade Co., Ltd., an unaffiliated party ("SDT"). SDT will assist the Company with technical development work related to the Company's security-related software and systems. Pursuant to the agreement, SDT will complete certain development work within twelve months and thereafter maintain the system for thirty-six months. The total amount to be paid under the agreement is $1,200,000. As of September 30, 2019, the Company paid SDT $1,000,000 recorded as intangible assets. However, the development has not commenced yet since the Company has not finalized the technology specifications.
On July 2, 2019, the Company entered into a technology development service agreement with HW (HK) Limited, an unaffiliated party. Pursuant to the agreement, the Company appointed HW (HK) Limited to develop an eye protection technical system for a two period ending July 1, 2021. The total payments to made under the agreement is $1,200,000. As of September 30, 2019, the Company paid HW (HK) Limited $900,000 and the technology development is in process.
On July 16, 2019, the Company entered into an agreement with Beijing Chuangyan Zhixing Education Technology Co., Ltd., an unaffiliated party, to develop and promote an essential-qualities-oriented education (the so-called Suzhi education) platform. The Company plans to introduce this platform to schools across China. Pursuant to the agreement, the Company will pay RMB 2,000,000 (approximately $285,000) as fund to purchase the product needed. As of September 30, 2019, the Company paid $283,343 recorded as intangible assets.
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef