Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

9 Months Ended

Jun. 30, 2016

Property and equipment, net consisted of the following:

(In thousands)	Useful Lives	June 30, 2016			September 30, 2015

Computer software	5 years	$	1,447		$	1,447
Office equipment, furniture and fixtures and leasehold improvements	2 to 10 years		2,454			2,278
Total property and equipment, at cost			3,901			3,725
Accumulated depreciation and amortization			(3,264	)		(3,019	)
Property and equipment, net		$	637		$	706

Leasehold improvements are amortized over the term of the lease.

Depreciation expense for the three and nine month periods ended June 30, 2016 and 2015 was approximately $103,000 and $245,000, and $32,000 and $110,000, respectively.