Commitments and Contingencies

12 Months Ended

Apr. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Operating Leases

The Company currently leases its office facilities. Rent expenses totaled $304,000 and $222,000 for the years ended April 30, 2016 and 2015, respectively, which included a former facility located in Singapore, which was closed in January 2015. The Company considers its facilities adequate for our current operational needs.

The Company leases the following facilities under non-cancelable operating lease agreements:


•	One University Plaza, Suite 307, Hackensack, New Jersey 7601, which, since November 2011, serves as the Company’s corporate headquarters. The lease expires in November 30, 2016. The Company recognized $85,000 of rental costs relative to this lease for both fiscal 2016 and 2015, 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 December 30, 2017. The Company recognized $83,000 and $86,000 of rental costs relative to this lease for fiscal 2016 and 2015, respectively.


•	450 East 29th Street, New York, New York, 10016, which is a laboratory at which we implant tumors. This lease expires in September 30, 2016 and can be renewed by the Company for subsequent one year terms. The Company recognized $136,000 and $47,000 of rental costs relative to this lease for fiscal 2016 and 2015, respectively.

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



2017	$	248,904
2018	71,007

Total	$	319,911

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 March 2015 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 has not accrued any liquidated damages associated with the Amended and Restated Registration Right Agreement as the Company has filed the required registration statement and anticipates continued compliance with the agreement.