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Fixed Assets

12 Months Ended

Jun. 30, 2014

6. Fixed Assets

Fixed assets consisted of the following at June 30, 2014 and 2013:

	2014			2013
Production equipment	$	3,120,782		$	3,133,305
Office equipment		167,706			195,877
Furniture and fixtures		148,265			148,265
Leasehold improvements		4,129,977			4,129,977

		7,566,730			7,607,424
Less accumulated depreciation		(6,548,815	)		(5,923,142	)

	$	1,017,915		$	1,684,282

Depreciation and amortization expense related to fixed assets totaled $685,396 and $739,147 for 2014 and 2013, respectively. During the fiscal year ended June 30, 2014, the Company disposed of certain information technology assets which were fully depreciated in the amount of $59,723 that were beyond their useful lives. No gain or loss was recognized on these assets as they were fully depreciated and had no salvage value. In the year ended June 30, 2013, no disposal of assets occurred.

- 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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