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Property and Equipment | 6 Months Ended
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Oct. 31, 2021
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, 2021 |  | April 30, 2021
Furniture and fixtures | $ | 246 |  |  | $ | 246 |
Computer equipment and software | 1,563 |  |  | 1,461 |
Capitalized software development costs | 484 |  |  | 484 |
Laboratory equipment | 7,788 |  |  | 6,640 |
Assets in progress | 1,402 |  |  | 1,211 |
Leasehold improvements | 112 |  |  | 4 |
Total property and equipment | 11,595 |  |  | 10,046 |
Less: Accumulated depreciation | (4,612) |  |  | (3,956) |
Property and equipment, net | $ | 6,983 |  |  | $ | 6,090 |
Depreciation and amortization expense was $346,000 and $254,000 for the three months ended October 31, 2021 and 2020, respectively. Depreciation and amortization expense, excluding expense recorded under the finance lease, was $663,000 and $478,000 for the six months ended October 31, 2021 and 2020, respectively. As of October 31, 2021 and April 30, 2021, property, plant and equipment included gross assets held under finance leases of $343,000. Related depreciation expense was approximately $0 and $53,000 for the three months ended October 31, 2021 and 2020, respectively, and approximately $0 and $106,000 for the six months ended October 31, 2021 and 2020, respectively. Capitalized software development costs under a hosting arrangement The Company accounts for the cost of computer software obtained or developed for internal use as well as the software development and implementation costs associated with a hosting arrangement ("internal-use software") that is a service contract in accordance and with ASC 350, Intangibles - Goodwill and Other ("ASC-350"). We capitalize certain costs in the development of our internal-use software when the preliminary project stage is completed and it is probable that the project itself will be completed and the software will perform as intended. These capitalized costs include personnel and related expenses for employees and costs of third-party consultants who are directly associated with and who devote time to these internal-use software projects. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended purpose. Costs incurred for significant upgrades, increased functionality, and enhancements to the Company's internal-use software solutions are also capitalized. Costs incurred for training, maintenance, and minor modifications are expensed as incurred. Capitalized software development costs are amortized using the straight-line method over an estimated useful economic life of three years. The Company capitalizes development and implementation costs, in accordance with ASC-350, for its Lumin Bioinformatics platform ("Lumin"). Lumin is the Company's oncology data-driven software program and data tool which is classified as Software as a Service (SaaS). These capitalized costs represent salaries, including direct payroll-related costs, certain software development consultant expenses and molecular sequencing programming costs incurred in the engineering and coding of the software development. During the first quarter of fiscal 2021, the initial version of the Lumin platform was launched, at which time initial capitalization ceased and amortization commenced. The total Lumin asset was placed into service as of July 31, 2020 in the gross amount of $484,000. Depreciation and amortization related to this asset was $40,000 for the three-months ended October 31, 2021 and 2020, respectively, and $81,000 for the six-months ended October 31, 2021 and 2020, respectively. During the second quarter ended October 31, 2020 and through the second quarter ended October 31, 2021, the Company continued to develop increased functionality, expand product design and usability, and add enhancements to the Lumin platform. In accordance with accounting guidance, these costs were capitalized, and as of October 31, 2021, were not yet placed into service or made available for sale. This developmental work does not render the initial released version to be obsolete or diminished in value but, rather, adds to the base level of the existing platform. Total costs included in assets in progress related to these capitalized enhancements and additional functionality as of October 31, 2021 and April 30, 2021 are $1.4 million and $991,000, respectively. These developments are expected to be placed into service and made available for sale in the latter half of fiscal 2022. 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. As of October 31, 2021 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. The Company elected to pay the outstanding balance of the lease early during the fourth quarter of fiscal 2019. During the quarter of fiscal 2020, 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, resulting in a gain on the disposal of the asset of $53,000, which was included as an offset in the other expense line within the Company's consolidated statement of operations for the nine months ended January 31, 2020. As of October 31, 2021 the assets have been fully depreciated and book value is nil. 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. The lease term expired December 2020. Depreciation and amortization expense related to this finance lease was zero and $53,000 for the three months ended October 31, 2021 and 2020, respectively, and zero and $106,000 for the six-months ended October 31, 2021 and 2020, respectively. As of October 31, 2021 the asset has been fully depreciated and book value is nil.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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