PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2014

Note 3 – Property and Equipment

Property and equipment (with their respective useful lives) consist of the following at September 30, 2014 and December 31, 2013 (in thousands):

	2014			2013
Computer equipment and purchased software (3 years)	$	1,372		$	1,361
Internally developed software not yet placed in service (5 years)		806			433
Furniture and fixtures and leasehold improvements (5 – 7 years)		152			146
		2,330			1,940
Less: accumulated depreciation and amortization		(1,337	)		(1,088	)
Property and equipment, net	$	993		$	852

Depreciation and amortization expense related to property and equipment for the three months ended September 30, 2014 and 2013 was approximately $83,000 and $103,000, respectively.

Depreciation and amortization expense related to property and equipment for the nine months ended September 30, 2014 and 2013 was approximately $249,000 and $302,000, respectively.

- 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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