INTANGIBLE ASSET

12 Months Ended

Jun. 30, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSET

The Company’s intangible asset was comprised of the following on June 30, 2013 and 2012:

	2013			2012
License Agreement	$	2,268		$	2,268
Accumulated Amortization		(503	)		(50	)
		1,765			2,218
Impairment of License Agreement		(1,765	)		—
Intangible Assets, Net	$	—		$	2,218

Amortization expense for the years ended June 30, 2013 and 2012, was $453 and $50, respectively.

The parties to the Agreement abandoned the contract, resulting in the impairment of the intangible asset. As a result of this, the Company realized an impairment expense on the intangible asset of $1,765 for the year ended June 30, 2013, which is included in discontinued operations. There was no impairment recorded for the year ended June 30, 2012.