Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

9 Months Ended

Jun. 30, 2017

Property and equipment, net consisted of the following:

(In thousands)	Useful Lives	June 30, 2017			September 30, 2016


Computer software	5 years	$	1,447		$	1,447
Office equipment, furniture and fixtures and leasehold improvements	2 to 10 years		3,103			2,514
Total property and equipment, at cost			4,550			3,961
Accumulated depreciation and amortization			(3,678	)		(3,350	)
Property and equipment, net		$	872		$	611

Leasehold improvements are amortized over the term of the lease.

Depreciation expense for the three and nine month periods ended June 30, 2017 and 2016 was approximately $178,000 and $328,000, and approximately $103,000 and $245,000, respectively.