Property and Equipment

9 Months Ended

Sep. 30, 2011

Note 8 - Property and Equipment

Property and equipment consists of the following:

	Useful Life		September 30,			December 31,
(dollars in thousands)	in years		2011			2010

Computers and software applications		3	$	2,611		$	1,700
Leasehold improvements		10		1,813			1,835
Building		40		-			804
Furniture and fixtures		7		167			166
Gross PP&E				4,591			4,505
Less: accumulated depreciation				(2,107	)		(1,813	)
Net PP&E			$	2,484		$	2,692

Depreciation expense for the nine months ended September 30, 2011 and 2010 totaled $0.4 million and $0.5 million, respectively, and is recorded on a straight line basis.

In the first quarter of 2011, the Company put its building and land up for sale as part of the closing of its Canadian facility. The net fixed asset value of the building and land has been reclassified as an Asset held for Sale in the Current Assets section of the Balance Sheet and depreciation on the asset was terminated as of December 31, 2010.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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