Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v2.4.0.8
Property and Equipment
 9 Months Ended
Jun. 30, 2014
Property and Equipment [Abstract]  
Property and Equipment
4. Property and Equipment

Property and equipment, net consisted of the following:
(In thousands)
 
Useful
Lives
June 30,
2014
 
 
September 30,
2013
 
 
 
 
 
 
 
 
 
Computer software
 
5 years
$
1,447
 
 
$
1,447
 
Office equipment, furniture and fixtures and leasehold improvements
 
2 to 10 years
 
1,635
 
 
 
2,325
 
Total property and equipment, at cost
 
 
 
3,082
 
 
 
3,772
 
Accumulated depreciation and amortization
 
 
 
(2,606
)
 
 
(3,242
)
Property and equipment, net
 
 
$
476
 
 
$
530
 
 
Leasehold improvements are amortized over the term of the lease.

During the nine months ended June 30, 2014, 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 June 30, 2014, approximately $72,000 is current and included in other current liabilities and approximately $31,000 is included in other long term liabilities.   The terms are 30 months and the payments remaining totaled approximately $103,000 at June 30, 2014.

Depreciation expense for the three and nine month periods ended June 30, 2014 and 2013 was approximately $38,000 and $120,000, and $42,000 and $125,000, respectively.