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PROPERTY AND EQUIPMENT

12 Months Ended

Jun. 30, 2012

2. PROPERTY AND EQUIPMENT

A summary of property and equipment as of June 30, 2012 and 2011 is as follows:

			June 30,

(in thousands)	Useful Life		2012			2011
Computer equipment and software		3 years	$	1,655		$	1,092
Office equipment and furniture		5 years		563			455
Vehicles		3 years		284			282
Leasehold improvements		3 years		525			305

Total Cost				3,027			2,134
Less—Accumulated depreciation				(1,443	)		(798	)

			$	1,584		$	1,336

We review assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. As of June 30, 2012 and 2011, there were no impairments of property and equipment.

- 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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