Property And Equipment

6 Months Ended

Dec. 31, 2011

4. PROPERTY AND EQUIPMENT:

Property and equipment consists of the following:


	December 31, 2011			June 30, 2011
	December 31, 2011			June 30, 2011
Project construction in progress	$	7,648,713		$	7,264,243
Leasehold improvements		31,336			31,336
Furniture		28,932			28,932
Computers and office equipment		35,012			32,783
		7,743,993			7,357,294
Less accumulated depreciation		(73,544	)		(65,395	)
	$	7,670,449		$	7,291,899

Depreciation expense was $4,065 and $4,163 for the three months ended December 31, 2011 and 2010, respectively, and $8,149 and $8,424 for the six months ended December 31, 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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