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):



	January 31, 2020			April 30, 2019
Furniture and fixtures	$	181		$	142
Computer equipment and software	1,194			1,104
Laboratory equipment	4,397			3,358
Assets in progress	—			16

Total property and equipment	5,772			4,620
Less: Accumulated depreciation	(2,526		)	(2,074		)

Property and equipment, net	$	3,246		$	2,546

Depreciation and amortization expense, excluding expense recorded under the finance lease, was $184,000 and $127,000 for the three months ended January 31, 2020 and 2019, respectively, and $491,000 and $353,000 for the nine months ended January 31, 2020 and 2019.

As of January 31, 2020 and April 30, 2019, property, plant and equipment included gross assets held under finance leases of $343,000 and $366,000, respectively. Related depreciation expense was $35,000 and $37,000 for the three months ended January 31, 2020 and 2019, and $88,000 and $80,000 for the nine months ended January 31, 2020 and 2019. During the nine months ended January 31, 2020, specifically during the quarter ended October 31, 2019, the Company traded in and disposed of a $235,000 leased asset that was previously included in the laboratory equipment category. At the time of disposal, the accumulated depreciation related to that asset was written off in the amount of $127,000 (see also paragraph below). As of January 31, 2020, the remaining leased asset included in the laboratory equipment category was fully depreciated resulting in a net balance of nil.

Finance Lease

In November 2014, the Company entered into a finance lease for laboratory equipment. The lease had costs of approximately $149,000, at inception, through November 2019. The final lease payment under this finance lease of $2,000 was paid during the three months ended January 31, 2020.

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 was nil as of October 31, 2019. During the quarter ended October 31, 2019, 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 consolidated statement of operations for the nine months ended January 31, 2020. The net book value of the asset was nil at October 31, 2019.

In December 2019, the Company entered into a finance lease for laboratory equipment. The lease has costs of approximately $231,000, at inception, through November 2020. This lease expires December 2020. The current monthly finance lease payment is approximately $19,000. The future minimum lease payments remaining under this finance lease are $193,000. The present value of minimum future obligations is calculated based on interest rate of 4.75%. Depreciation and amortization expense related to this finance lease was $35,400 for the three and nine months ended January 31, 2020.