Property and Equipment

6 Months Ended

Oct. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

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 nine years. Property and equipment consisted of the following (table in thousands):

	October 31, 2020		April 30, 2020
Furniture and fixtures	$	238	$	180
Computer equipment and software	1,758		1,209
Laboratory equipment	5,787		4,818
Assets in progress	441		554
Leasehold improvements	4		4
Total property and equipment	8,228		6,765
Less: Accumulated depreciation	(3,356)		(2,772)
Property and equipment, net	$	4,872	$	3,993

Depreciation and amortization expense, excluding expense recorded under the finance lease, was $254,000 and $162,000 for the three months ended October 31, 2020 and 2019, respectively. Depreciation and amortization expense, excluding expense recorded under the finance lease, was $478,000 and $307,000 for the six months ended October 31, 2020 and 2019, respectively.

As of October 31, 2020 and April 30, 2020, property, plant and equipment included gross assets held under finance leases of $343,000 and $366,000, respectively. Related depreciation expense was approximately $53,000 and $16,000 for the three months ended October 31, 2020 and 2019 and $106,000 and $53,000 for the six months ended October 31, 2020 and 2019, respectively.

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. As of October 31, 2020 the asset has been fully depreciated and book value is nil.

In July 2018, the Company entered into a second finance lease for laboratory equipment. The lease had 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 of the lease was nil for periods subsequent to that date.

In December 2019, the Company entered into a finance lease for laboratory equipment. The lease had 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 approximately $19,000. 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 $53,100 and nil for the three months ended October 31, 2020 and 2019, respectively, and $106,000 and nil for the six months ended October 31, 2020 and 2019, respectively.