Property and Equipment

3 Months Ended

Jul. 31, 2017

Property, Plant and Equipment [Abstract]

Property and equipment is recorded at cost and primarily consists of laboratory equipment, leasehold improvements, furniture and fixtures, and computer equipment and software. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from three to seven years. Property and equipment consisted of the following (table in thousands):



	July 31, 2017			April 30, 2017
	(unaudited)
Furniture and fixtures	$	76		$	74
Computer equipment and software	917			872
Laboratory equipment	2,112			918
Assets in progress	141			472
Leasehold improvements	2			2

Total property and equipment	3,248			2,338
Less: Accumulated depreciation	(1,164		)	(1,122		)

Property and equipment, net	$	2,084		$	1,216

Depreciation and amortization expense, excluding expense recorded under capital lease, was $36,000 and $39,000 for the three months ended July 31, 2017 and 2016, respectively. As of July 31, 2017 and April 30, 2017, property, plant and equipment included assets held under capital lease of $124,000. Related depreciation expense was $6,000 and $6,000, respectively, for the three months ended July 31, 2017 and 2016.

Capital Lease

In November 2014, the Company entered into a capital lease for laboratory equipment. The lease has costs of approximately $149,000 and matures on November 2019. The current monthly capital lease payment is approximately $3,000.

The following is a schedule by years of future minimum lease payments under this capital lease together with the present value of the net minimum lease payments as of July 31, 2017 (table in thousands):



For the Years Ended April 30,	Total
2018 (remaining)	$	19
2019	27
2020	16

Total minimum payments	62
Less: amount representing interest	(4		)
Present value of minimum payments	58
Less: current portion	(25		)
	$	33

The present value of minimum future obligations shown above is calculated based on an interest rate of 5%. The short-term and long-term components of the capital lease obligation are included in accrued liabilities and other non-current liabilities, respectively at July 31, 2017 and April 30, 2017.