Property and Equipment

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, 2018			April 30, 2018
	(unaudited)
Furniture and fixtures	$	74		$	73
Computer equipment and software	1,001			973
Laboratory equipment	2,878			2,490
Assets in progress	58			15

Total property and equipment	4,011			3,551
Less: Accumulated depreciation	(1,586		)	(1,468		)

Property and equipment, net	$	2,425		$	2,083

Depreciation and amortization expense, excluding expense recorded under capital lease, was $111,000 and $36,000 for the three months ended July 31, 2018 and 2017, respectively. As of July 31, 2018 and April 30, 2018, property, plant and equipment included assets held under capital lease of $379,000 and $130,000, respectively. Related depreciation expense was $7,000 and $6,000, respectively, for the three months ended July 31, 2018 and 2017.

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.

In July 2018, the Company entered into a second capital lease for laboratory equipment. The lease has costs of approximately $283,000 and matures in July 2020. The current monthly capital lease payment is approximately $11,000.

The following is a schedule by years of future minimum lease payments under both capital leases together with the present value of the net minimum lease payments as of July 31, 2018 (table in thousands):



For the Years Ended April 30,	Total
2019 (remaining)	$	109
2020	143
2021	33

Total minimum payments	285
Less: amount representing interest	(19		)
Present value of minimum payments	266
Less: current portion	(137		)
	$	129

The present value of minimum future obligations shown above is calculated based on an interest rate of 5% for the November 2014 lease and 7% for the July 2018 lease. 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, 2018 and April 30, 2018.