Property And Equipment

3 Months Ended

Sep. 30, 2011

4. PROPERTY AND EQUIPMENT:

Property and equipment consists of the following:

		September 30, 2011		June 30, 2011
Project construction in progress	$	7,446,337	$	7,264,243
Leasehold improvements		31,336		31,336
Furniture		28,932		28,932
Computers and office equipment		35,012		32,783
		7,541,617		7,357,294
Less accumulated depreciation		(69,479)		(65,395)
	$	7,472,138	$	7,291,899

Depreciation expense was $4,084 and $4,261 for the three months ended September 30, 2011 and 2010, 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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