4. BALANCE SHEET COMPONENTS

3 Months Ended

Jul. 31, 2014

Notes to Financial Statements

4. BALANCE SHEET COMPONENTS

Other current assets

Other current assets consist of the following as of July 31, 2014 and April 30, 2014:

	July 31, 2014		April 30, 2014
R&D materials	$	164,334	$	177,406
Deferred cost of sales		52,500		-
	$	216,834	$	177,406

Property and equipment, net

Property and equipment consist of the following as of July 31, 2014 and April 30, 2014:

	July 31, 2014			April 30, 2014
Laboratory equipment	$	683,632		$	683,632
Computer equipment and software		142,380			142,380
Office furniture and fixtures		130,192			130,192
		956,204			956,204
Less: Accumulated depreciation		(853,610	)		(831,830	)
	$	102,594		$	124,374

Depreciation expense was approximately $22,000 and $23,000 for the three months ended July 31, 2014 and 2013, respectively.

Accrued liabilities

Accrued liabilities consist of the following as of July 31, 2014 and April 30, 2014:

	July 31, 2014		April 30, 2014
Operating costs	$	374,934	$	76,632
Deferred revenue		129,945		124,521
Employee related		64,215		609,130
Restructuring liability		43,728		43,728
Convertible note interest payable		-		4,125
	$	612,822	$	858,136

Other liabilities

As further discussed in Note 9 below, following the closing of the Company’s research and development facility in California, the Company entered into a long-term sublease agreement with an unrelated third party covering the vacated space which extends through the termination date. The Company recorded a liability for the remaining lease payments due under its long-term, non-cancelable operating lease for this facility, net of sublease payments, which expires in July 2015. The table below summarizes the net future minimum payments due under this lease agreement.

	July 31, 2014			April 30, 2014
Net non-cancelable operating lease obligation	$	43,728		$	54,660
Less: current portion		(43,728	)		(43,728	)
Long-term portion of net non-cancelable operating lease obligation	$	-		$	10,932