XML 51 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies
 6 Months Ended
Oct. 31, 2012
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]

Note 8. Commitments and Contingencies

 

Operating Leases

 

As of October 31, 2012, the Company leases the following facilities under non-cancelable operating lease agreements:

 

· One University Plaza, Suite 307, Hackensack, New Jersey 07601, which, since November 2011, serves as the Company’s corporate headquarters. This lease expires in April 2014. The Company recorded $34,000 of rental expense in the six months ended October 31, 2012 and 2011 relative to this lease.

 

· 855 North Wolfe Street, Suite 619, Baltimore, Maryland 21205, which consists of laboratories and office space where we conduct operations related to our primary service offerings.  This lease expires in June 2014. The Company recorded $33,000 and $29,000 of rental expense relative to this lease in the six months ended October 31, 2012 and 2011, respectively.

 

· 17 Hatidhar Street, Ra’anana, Israel, which serves as office headquarters for Champions Oncology, Israel. The lease expires in July 2013. The Company recorded $14,000 and $13,000 of rental expense relative to this lease for the six months ended October 31, 2012 and 2011, respectively.

 

Legal Matters

 

The Company is party to certain legal matters arising in the ordinary course of its business. The Company has evaluated its potential exposure to these legal matters and noted no such exposures. The Company is not aware of any other matters that would have a material impact on the Company’s financial position or results of operations.

 

Registration Payment Arrangements

 

The Company has entered into registration rights agreements in connection with a private placement of its securities, which closed during April 2011 and is discussed more fully in Note 6. This registration rights agreement contains provisions that may call for the Company to pay penalties in certain circumstances. This registration payment arrangement primarily relates to the Company’s ability to file a registration statement within a particular time period, have a registration statement declared effective within a particular time period and to maintain the effectiveness of the registration statement for a particular time period. The Company does not believe it is probable that penalty payments will be made for the registration rights agreement discussed above and, accordingly, has not accrued for such potential penalties as of October 31, 2012 or April 30, 2012.