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Property and Equipment, net

12 Months Ended

Dec. 31, 2014

Property and Equipment [Abstract]

Property and Equipment

5. Property and Equipment, net

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

		Property and Equipment		Accumulated Depreciation		Net Book Value
Balance, December 31, 2012	$	-	$	-	$	-
- Additions in equipment		421		-		421
- Depreciation for the period		-		(100)		(100)
Balance, December 31, 2013	$	421	$	(100)	$	321
- Land acquisition		871		-		871
- Additions in equipment		29		-		29
- Depreciation for the period		-		(132)		(132)
Balance, December 31, 2014	$	1,321	$	(232)	$	1,089

In December 2014, UOT acquired, jointly with two other related parties, from unrelated individuals a plot of land in Athens, Greece, for an aggregate purchase price of Euro 2.0 million or $2,490, based on the exchange rate of US Dollar to Euro on the date of acquisition. The plot of land is under the common ownership of the joint purchasers. The Company paid one third of the purchase price, and the total cost for the acquisition of the plot, including additional capitalized costs, amounted to $871.

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- Definition

Disclosure of the gross amounts and the related depreciation, at the balance sheet date, of long-lived, depreciable assets including land and office building and other assets commonly used in offices. Examples include desks, chairs, and store fixtures, computers and computer software.

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