PROPERTY AND EQUIPMENT

3 Months Ended

Dec. 31, 2012

NOTE 14 – PROPERTY AND EQUIPMENT

The following is a summary of property and equipment, less accumulated depreciation:

	Dec. 31, 2012			June 30, 2012
Furniture and fixtures	$	257,565		$	257,565
Computers, equipment and software		426,873			426,873
CTLM® software costs		352,932			352,932
Trade show equipment		298,400			298,400
Clinical equipment		428,034			435,534
Laboratory equipment		212,560			212,560

Total Equipment		1,976,364			1,983,864
Less: accumulated depreciation		(1,855,187	)		(1,852,712	)

Total Equipment - Net	$	121,177		$	131,152

For the fiscal year ending June 30, 2008, we reclassified the net realizable value of $311,252 of CTLM® systems in Inventory to Clinical equipment as these CTLM® systems continue to be used as clinical systems associated with the data collection for our FDA application which we planned to submit to the FDA in December 2008.

For the fiscal year ending June 30, 2009, we reclassified the net realizable value of $8,591 of CTLM® systems in Inventory to Clinical equipment as this CTLM® system is being used as a clinical system at the University of Florida.

For the fiscal year ending June 30, 2011, we reclassified the net realizable value of $6,525 of CTLM® systems in Inventory to Clinical equipment.

For the fiscal year ending June 30, 2012, we reclassified the net realizable value of $11,928 from Clinical Equipment to Consignment Inventory.

The estimated useful lives of property and equipment for purposes of computing depreciation and amortization are:

	Furniture, fixtures, clinical, computers, laboratory
	equipment and trade show equipment	5-7 years
	Building	40 years
	CTLM® software costs	5 years

Telephone equipment, acquired under a long-term capital lease at a cost of $50,289, is included in furniture and fixtures. The CTLM® software is fully amortized.

- Definition

The entire disclosure for 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. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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