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Fixed Assets

6 Months Ended

Sep. 30, 2012

4. Fixed Assets

Fixed assets consist of equipment, software and leasehold improvements. Equipment consists primarily of communications and technology hardware and furniture and fixtures. Software includes purchased software and internally developed software. Fixed assets are reported at cost, net of accumulated depreciation and amortization. The following table reflects the components of fixed assets as of:



	September 30, 2012			March 31, 2012
Equipment	$	156,471		$	155,173
Software	216,043			205,760
Leasehold improvements	245,983			242,566
Total cost	618,497			603,499
Less: accumulated depreciation and amortization	(388,515		)	(364,088		)
Fixed assets, net	$	229,982		$	239,411

Depreciation and amortization expense included in operating income was $12,896 and $16,662 for the three months ended September 30, 2012 and 2011, respectively, and $26,471 and $33,963 for the six months ended September 30, 2012 and 2011, respectively.

- 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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