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Property and Equipment | 3 Months Ended
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Jul. 31, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost and primarily consists of laboratory equipment, computer equipment and software, capitalized software development costs, and furniture and fixtures. 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):
| July 31, 2024 |  | April 30, 2024
Furniture and fixtures | $ | 246 |  |  | $ | 246 |
Computer equipment and software | 2,152 |  |  | 2,152 |
Capitalized software development costs | 1,888 |  |  | 1,888 |
Laboratory equipment | 11,506 |  |  | 11,506 |
Assets in progress | 3 |  |  | 3 |
Leasehold improvements | 317 |  |  | 317 |
Total property and equipment | 16,112 |  |  | 16,112 |
Less: Accumulated depreciation and amortization | (10,840) |  |  | (10,391) |
Property and equipment, net | $ | 5,272 |  |  | $ | 5,721 |
Depreciation and amortization expense was $449,000 and $445,000 for the three months ended July 31, 2024 and 2023, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $412,000 and $409,000 for the three months ended July 31, 2024 and 2023, respectively. As of July 31, 2024 and April 30, 2024, property, plant and equipment included gross assets held under finance leases of $1.0 million. Related depreciation expense was approximately $37,000 and $36,000 for the three months ended July 31, 2024 and 2023, 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"). The Company capitalizes 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. Finance Lease During fiscal year 2023, the Company recognized a finance lease for laboratory equipment. This equipment was obtained as the result of a laboratory supplies purchase commitment with costs of approximately $368,000 at inception through June 2027. Cash payments for this lease are in the form of consideration for purchasing lab supplies under a purchase commitment agreement. The present value of the minimum future obligations of $368,000 was calculated based on an interest rate of 3.5%. Depreciation and amortization expense related to this finance lease was $18,000 and $17,400 for the three months ended July 31, 2024 and 2023, respectively. During fiscal year 2022, the Company recognized a finance lease for laboratory equipment. This equipment was obtained as the result of a laboratory supplies purchase commitment with costs of approximately $370,000 at inception through December 2025. Cash payments for this lease are in the form of consideration for purchasing lab supplies under a purchase commitment agreement. At the commencement of the commitment, the present value of the minimum future obligations of $370,000 was calculated based on an interest rate of 3.25%. Depreciation and amortization expense related to this finance lease was $19,000 and $18,400 for the three months ended July 31, 2024 and 2023, respectively. The liabilities related to these finance leases are classified under other current liability and other non-current liabilities on the Company's balance sheet. The weighted average remaining lease term of these leases is 2.36 years. Financing lease assets (lab equipment) and lease liabilities related to our current financing leases are as follows (in thousands):
| July 31, 2024 | April 30, 2024
Financing lease net asset | $ | 333 |  | $ | 370 |
Current portion of financing lease liabilities | 151 |  | 150 |
Non-current portion of financing lease liabilities | 182 |  | 220 |
Future minimum lease payments due each fiscal year as follows (in thousands):
2025 (remaining) | $ | 120 |
2026 | 140 |
2027 | 80 |
2028 | 6 |
Thereafter | — |
Total undiscounted liabilities | 346 |
Less: Imputed interest | (13) |
Present value of minimum lease payments | $ | 333 |
Refer to Note 7, Leases, for information on operating leases.

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