Commitments and Contingencies

12 Months Ended

Apr. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 4. Commitments and Contingencies

Operating Leases

As of April 30, 2013, we lease the following facilities under non-cancelable operating lease agreements:

· One University Plaza, Suite 307, Hackensack, New Jersey 07601, which, since November 2011, serves as the Company’s corporate headquarters. The lease expires in April 2014. The Company recognized $69,000 and $71,000 of rental costs relative to this lease for fiscal 2013 and 2012, respectively.

· 855 North Wolfe Street, Suite 619, Baltimore, Maryland 21205, which consists of  laboratories and office space where the Company conducts operations related to its primary service offerings.  This lease expires in April 2014. The Company recognized $90,000 and $65,000 of rental costs relative to this lease for fiscal 2013 and 2012, respectively.

· 17 Hatidhar Street, Ra’anana, Israel, which serves as office headquarters for Champions Oncology, Israel. The Company recognized $28,000 and $29,000 of rental costs relative to this lease for fiscal 2013 and 2012, respectively. This lease expires in July 2013. The Company does not plan to extend this lease, but rather plans to use office space from one of its stockholders without payment.

· 57 Mohamed Sultan Road, Singapore, which serves as office headquarters for Champions Oncology, Singapore. The lease expires in January 2014. We incurred $2,000 of rental expense in fiscal 2013 relative to this lease. No rental costs were incurred in fiscal 2012 relative to this lease.

Future minimum lease payments due each fiscal year are as follows (in thousands):

2014	164,344
Total	164,344

Legal Matters

The Company is not currently party to any legal matters to its knowledge. The Company is not aware of any other matters that would have a material impact on the Company’s financial position or results of operations.

Registration Payment Arrangements

The Company has entered into an Amended and Restated Registration Rights Agreement in connection with the April 2011 Private Placement and January 2013 Private Placement and is discussed more fully in Note 7 below. This Amended and Restated Registration Rights Agreement contains provisions that may call for the Company to pay penalties in certain circumstances. This registration payment arrangement primarily relates to the Company’s ability to file a registration statement within a particular time period, have a registration statement declared effective within a particular time period and to maintain the effectiveness of the registration statement for a particular time period. The Company does not believe it is probable that penalty payments will be made for the Amended and Restated Registration Rights Agreement discussed in Note 7 and, accordingly, has not accrued for such potential penalties as of April 30, 2013 and 2012.