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Commitments and Contingencies | 12 Months Ended
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Apr. 30, 2018
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company currently leases its office and laboratory facilities under non-cancelable operating leases. Rent expenses totaled $657,000 and $398,000 for the years ended April 30, 2018 and 2017, respectively. The Company considers its facilities adequate for our current operational needs. The Company leases the following facilities under non-cancelable operating lease agreements:
• | One University Plaza, Suite 307, Hackensack, New Jersey 7601, which, since November 2011, serves as the Company’s corporate headquarters. The lease expires in November 2021. The Company recognized $90,000 and $86,000 of rental costs relative to this lease for fiscal 2018 and 2017, respectively.
• | 855 North Wolfe Street, Suite 619, Baltimore, Maryland 21205, which consists of laboratories and office space where the Company conducts operations related to its primary service offerings. This lease was terminated in October 2017. The Company transitioned its activities from this location to the new location in Rockville, MD. The Company recognized $59,000 and $105,000 of rental costs relative to this lease for fiscal 2018 and 2017, respectively.
• | 450 East 29t h Street, New York, New York, 10016, which was a laboratory facility. The Company recognized $52,000 and $207,000 of rental expense for fiscal 2018 and 2017, respectively. This lease expired in May 2017 and was not renewed.
• | 1330 Piccard Drive, Suite 025, Rockville, MD 20850, which consists of laboratory and office space where the Company will conduct operations related to its primary service offerings. The Company executed this lease on January 11, 2017. The operating commencement date was August 11, 2017. This lease expires in August 2028. The Company recognized $454,000 and nil of rental expense for fiscal 2018 and 2017, respectively.
• | 910 Clopper Road, Suites 260S and 280S, Gaithersburg, Maryland 20878, which consists of laboratory and office space where the Company will conduct operations related to its primary service offerings. The Company executed this lease on April 1, 2018. The operating commencement date is May 1, 2018. This lease expires in August 31, 2028. The Company recognized nil of rental expense for fiscal 2018 and 2017.
Future minimum lease payments due each fiscal year are as follows (in thousands):
2019 | $ | 437,983 |
2020 | 740,249 |
2021 | 817,864 |
2022 | 790,243 |
2023 | 745,872 |
Thereafter | $ | 3,798,433 |
Total | $ | 7,330,644 |
Legal Matters The Company is not currently party to any legal matters to its knowledge. 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 an Amended and Restated Registration Rights Agreement in connection with the March 2015 Private Placement. This Amended and Restated 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 has not accrued any liquidated damages associated with the Amended and Restated Registration Right Agreement as the Company has filed the required registration statement and anticipates continued compliance with the agreement.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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