Property and Equipment

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):



	October 31, 2019			April 30, 2019
	(unaudited)
Furniture and fixtures	$	180		$	142
Computer equipment and software	1,174			1,104
Laboratory equipment	4,034			3,358
Assets in progress	—			16

Total property and equipment	5,388			4,620
Less: Accumulated depreciation	(2,307		)	(2,074		)

Property and equipment, net	$	3,081		$	2,546

Depreciation and amortization expense, excluding expense recorded under the finance lease, was $162,000 and $115,000 for the three months ended October 31, 2019 and 2018, respectively, and $307,000 and $226,000 for the six months ended October 31, 2019 and 2018. As of October 31, 2019 and April 30, 2019, property, plant and equipment included assets held under the finance lease of $366,000 and $130,000, respectively. Related depreciation expense was $16,000 and $36,000 for the three months ended October 31, 2019 and 2018, and $53,000 and $43,000 for the six months ended October 31, 2019 and 2018. During the quarter the Company traded in and disposed of $235,000 leased asset that was included in the laboratory equipment category. The accumulated depreciation written off during the disposal related to that asset was $127,000.

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 $2,000, 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 $266,000, 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 October 31, 2019. During the quarter, the Company traded in this asset and received a $160,000 reduction in the purchase price of two newly acquired assets. The net book value of the asset traded in at the time of trade in was $108,000, which resulted in the gain on the disposal of the asset of $52,000, which is included in the other income (expense) line in the Company's statement of operations. The net book value of the asset is nil at October 31, 2019.