Property and Equipment

3 Months Ended

Jul. 31, 2019

Property, Plant and Equipment [Abstract]

Property and equipment is recorded at cost and primarily consists of laboratory equipment, 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, 2019			April 30, 2019
	(unaudited)
Furniture and fixtures	$	178		$	142
Computer equipment and software	1,117			1,104
Laboratory equipment	3,455			3,358
Assets in progress	619			16

Total property and equipment	5,369			4,620
Less: Accumulated depreciation	(2,256		)	(2,074		)

Property and equipment, net	$	3,113		$	2,546

Depreciation and amortization expense, excluding expense recorded under the finance lease, was $145,000 and $111,000 for the three months ended July 31, 2019 and 2018, respectively. As of July 31, 2019 and April 30, 2019, property, plant and equipment included assets held under the finance lease of $366,000. Related depreciation expense was $37,000 and $7,000 for the three months ended July 31, 2019 and 2018, respectively.

Finance Lease

In November 2014, the Company entered into a finance lease for laboratory equipment. The lease has costs of approximately $149,000, at inception, through November 2019. The current monthly finance lease payment is approximately $3,000. The future minimum lease payments remaining under this finance lease is $9,000, which will be paid during fiscal year 2020. The present value of minimum future obligations is calculated based on interest rate of 5%.

In July 2018, the Company entered into a second finance lease for laboratory equipment. The lease had total costs of approximately $283,000, inclusive of interest and taxes, 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 nil as of July 31, 2019.