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EXCEL - IDEA: XBRL DOCUMENT - ROTATE BLACK INCFinancial_Report.xls
10-Q - QUARTERLY REPORT - ROTATE BLACK INCrobk_10q.htm
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EX-31.2 - CERTIFICATION - ROTATE BLACK INCrobk_ex312.htm
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v2.4.0.6
4. Property and Equipment
9 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
4. Property and Equipment

As of March 31, 2012 and June 30, 2011, property and equipment consisted of the following:

 

    3/31/2012     06/30/2011  
             
Gaming vessel   $ -     $ 4,854,908  
Truck     -       39,761  
Furniture and fixtures     8,490       8,490  
Office equipment     23,289       23,290  
      31,779       4,926,449  
   Less accumulated depreciation     (28,051 )     (263,708 )
   Sale of Gaming Vessel     -       (4,651,637 )
    $ 3,728     $ 11,104  

  

 

On June 10, 2010, the Company purchased The Big Easy, a gaming vessel for an aggregate purchase price of $4,264,500, payable: (a) by issuance of a secured note payable to the seller of $2,975,000 (the Secured Note), (b) issuance of an unsecured note payable to the seller of $600,000 (Unsecured Note), fees of $414,500 and cash of $275,000. As of September 17, 2010, both notes were in default and the interest rate was increased to 20%, per annum. As of June 30, 2011, the Big Easy was sold at public auction at a loss of $4,191,891 (Note 9).

 

On December 1, 2011, the Company transferred ownership of the Company truck to an officer without consideration.  The vehicle had a net book value of $0 at the date of transfer.

 

For the nine months ended March 31, 2012 and 2011, depreciation expense was $7,376 and $176,455, respectively.