PROPERTY AND EQUIPMENT

12 Months Ended

Jun. 30, 2014

2. PROPERTY AND EQUIPMENT

A summary of property and equipment as of June 30, 2014 and 2013 is as follows:

		June 30,
(in thousands)	Useful Life	2014			2013
Computer equipment and software	3 years	$	1,324		$	1,320
Office equipment and furniture	5 years	330			330
Vehicles	3 years	—			—

Leasehold improvements	3 years	529			522

Total Cost		2,183			2,172
Less - Accumulated depreciation		(1,785		)	(1,462		)
		$	398		$	710

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, 2014 and 2013, there were no impairments of property and equipment.

- 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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