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):



	January 31, 2019			April 30, 2018
	(unaudited)
Furniture and fixtures	$	127		$	73
Computer equipment and software	1,086			973
Laboratory equipment	3,241			2,490
Assets in progress	25			15

Total property and equipment	4,479			3,551
Less: Accumulated depreciation	(1,901		)	(1,468		)

Property and equipment, net	$	2,578		$	2,083

Depreciation and amortization expense, excluding expense recorded under capital lease, was $127,000 and $98,000 for the three months ended January 31, 2019 and 2018, respectively, and $353,000 and $233,000 for the nine months ended January 31, 2019 and 2018 respectively. As of January 31, 2019 and April 30, 2018, property, plant and equipment included assets held under capital lease of $366,000 and $130,000, respectively. Related depreciation expense was $37,000 and $7,000 for the three months ended January 31, 2019 and 2018, respectively, and $80,000 and $20,000 for the nine months ended January 31, 2019 and 2018, respectively.

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 in 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 $266,000 with a monthly payment of approximately $11,000. Although the lease was originally due to mature in July 2020, the Company decided to pay the outstanding balance on February 1, 2019. As a result, the entire outstanding balance is included as a current liability on the January 31, 2019 balance sheet.

The following is a schedule by years of future minimum lease payments under both capital leases with the present value of the net minimum lease payments as of January 31, 2019 (table in thousands):



For the Years Ended April 30,	Total
2019 (remaining)	$	218
2020	16

Total minimum payments	234
Less: amount representing interest	(10		)
Present value of minimum payments	224
Less: current portion	(224		)
	$	—

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 January 31, 2019 and April 30, 2018.