Property And Equipment

9 Months Ended

Mar. 31, 2012

4. PROPERTY AND EQUIPMENT:

Property and equipment consists of the following:


		March 31,			June 30,
		2012			2011
Project construction in progress	$	7,891,867		$	7,264,243
Leasehold improvements		31,336			31,336
Furniture		28,932			28,932
Computers and office equipment		36,580			32,783
		7,988,715			7,357,294
Less accumulated depreciation		(77,345	)		(65,395	)
	$	7,911,370		$	7,291,899

Depreciation expense was $3,801 and $4,165 for the three months ended March 31, 2012 and 2011, respectively, and $11,950 and $12,588 for the nine months ended March 31, 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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