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Note 2 - Property and Equipment

12 Months Ended

Jun. 30, 2011

NOTE 2 - PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at June 30, 2011 and 2010:

		June 30, 2011		June 30, 2010
Computer equipment and software	$	-	$	1,853
Less: Accumulated depreciation		-		(426)
Total property and equipment, net	$	-	$	1,427

In the period ended December 31, 2009, the Company purchased two laptop computers and a scanner for our offices that will be depreciated over three years on a straight line basis. Depreciation expense for the years ended June 30, 2011 and 2010, was $618 and $426, respectively.

In June 2011, the Company disposed of the above assets for no consideration and recorded a loss on disposal of assets of $809, which is reflected in our Consolidated Statement of Operations.

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

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