Property and Equipment

12 Months Ended

Jun. 30, 2018

Property Plant And Equipment [Abstract]

Property and Equipment

(6) Property and Equipment

As of June 30, 2018 and 2017, property and equipment consisted of the following: 

	June 30,
(In thousands)	2018			2017
Furniture, Fixtures, Equipment & Leasehold Improvements	$	2,554		$	3,309
Software		326			2,053
Capital Improvements in Progress		—			—
Gross Property and Equipment		2,880			5,362
Accumulated Depreciation		(2,147	)		(2,182	)
Property and Equipment, net	$	733		$	3,180

During the fourth quarter of fiscal year 2018, the Company determined that there was an impairment indicator associated with the Color ICE™ software platform and scanner of the Astral assets. During the quarter, management’s push to sell a newer version of Astral’s Color ICE™ software to a major scanning company was postponed, possibly indefinitely. In addition, even though the Company secured its first contract subsequent to year-end that utilizes Astral’s latest software, the expectations under the contract remain unclear and the contract could yield limited, or possibly no, additional revenue. In light of the Company’s limited resources, expenses in Astral have been reduced and efforts have been scaled back until the market begins to develop. Due to the delay in the development of the market which has to date not yielded significant revenues, management believes that, for the foreseeable future, it is probable that Astral net cash flows will continue to fall short of the value of the Astral assets.Management therefore recorded an impairment charge of $1.6 million in fiscal year 2018. As of June 30, 2018, the fair value of these assets was immaterial.

Depreciation and amortization expense of property and equipment was $0.7 million for each of the years ended June 30, 2018 and 2017.