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3. PROPERTY AND EQUIPMENT

12 Months Ended

Jun. 30, 2014

Property, Plant and Equipment [Abstract]

The Company’s property and equipment are comprised of the following as of June 30, 2014 and 2013:

	2014			2013
Furniture and Office Equipment	$	25,912		$	25,912
Office Equipment and Computers		233,564			230,930
Studios		123,324			1,140,884
Vehicles		60,524			60,524
Leasehold Improvements		23,472			9,174
Computer Software		56,166			56,166
Accumulated Depreciation		(357,982	)		(1,197,348	)
Property and Equipment, net	$	164,980		$	336,242

The Company also had $31,250 and $93,357 in equipment that was yet to be placed in service as of June 30, 2014 and 2013, respectively. Depreciation expense for the years ended June 30, 2014 and 2013 was $104,127 and $204,333, respectively. For the year ending June 30, 2014 the Company impaired assets related to the studios due to the decrease in revenue production and lack of use, totaling $202,206.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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