Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 6 Months Ended
Mar. 31, 2014
Property and Equipment [Abstract]  
Property and Equipment
4.
Property and Equipment

Property and equipment, net consisted of the following:
 
Useful Lives
March 31,
  
September 30,
(In thousands)
 
2014
  
2013
  
 
 
 
 
Computer software
5 years
  
$
1,447
    
$
1,447
  
Office equipment, furniture and fixtures and leasehold improvements
2 to 10 years
    
1,513
      
2,325
  
Total property and equipment, at cost
 
    
2,960
      
3,772
  
Accumulated depreciation and amortization
 
    
(2,505
)
    
(3,242
)
Property and equipment, net
 
  
$
455
    
$
530
  

Leasehold improvements are amortized over the term of the lease.

During the quarter ended December 31, 2013, as part of the lease settlement related to the Oak Brook facility, the Company wrote off the assets that were directly related to the facility.  The assets related to this facility amounted to approximately $800,000 with accumulated depreciation associated with such assets in the amount of $756,000, for a loss of $44,000.

During the year ended September 30, 2013, the Company sold vehicles with a value of approximately $225,000 and leased them back under a 30 month agreement at an interest rate of approximately 23%.   As of March 31, 2014, approximately $72,000 is current and included in other current liabilities and approximately $42,000 is included in other long term liabilities.   The terms are 30 months and the payments remaining totaled approximately $114,000 at March 31, 2014.

Depreciation expense for the three and six month periods ended March 31, 2014 and 2013 was approximately $37,000 and $75,000, and $41,000 and $83,000, respectively.