Property and Equipment

6 Months Ended

Oct. 31, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 2. Property and Equipment

Property and equipment is recorded at cost and consists of laboratory equipment, leasehold improvements, furniture and fixtures, and computer equipment and software. Depreciation 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,		April 30,
	2015		2015
	(unaudited)
Furniture and fixtures	$	73	$	70
Computer equipment and software		707		685
Laboratory equipment		512		493
Leasehold improvements		2		2
Total property and equipment		1,294		1,250
Less: Accumulated depreciation		(874)		(798)
Property and equipment, net	$	420	$	452

Depreciation expense was $31,000 and $54,000 for the three months ended October 31, 2015 and 2014, respectively, and $64,000 and $110,000 for the six months ended October 31, 2015 and 2014, respectively. As of October 31, 2015 and April 30, 2015, property, plant and equipment included assets held under capital lease of $124,000. Related depreciation expense was $6,000 and nil, respectively, for the three months ended October 31, 2015 and 2014, and $12,000 and nil for the six months ended October 31, 2015 and 2014, respectively.

Capital Lease

In November 2014, the Company entered into a lease for laboratory equipment. The lease is a capital lease that has costs of approximately $149,000 through November 2019. The current monthly capital lease payment is approximately $3,000.

The following is a schedule by years of future minimum lease payments under this capital lease together with the present value of the net minimum lease payments as of October 31, 2015 (table in thousands):

For the Years Ended April 30,	Total
2016 (remaining)	$	11
2017		24
2018		25
2019		27
2020		16
Total minimum payments		103
Less: amount representing interest		(12)
Present value of minimum payments		91
Less: current portion		(23)
	$	68

The present value of minimum future obligations shown above is calculated based on an interest rate of 5%.