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Property and Equipment, net
 9 Months Ended
Jan. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

(6) Property and Equipment, net

 

The components of property and equipment, net as of January 31, 2024 and April 30, 2023 consisted of the following:

 

   January 31, 2024   April 30, 2023 
   (in thousands)
Equipment  $1,491   $783 
Computer equipment & software   711    700 
Office furniture & equipment   420    386 
Leasehold improvements   683    611 
Leased WAM-V’s   640    371 
Leased Buoys   111    — 
Property and equipment, gross   4,056    2,851 
Less: accumulated depreciation   (1,839)   (1,571)
Property and equipment, net  $2,217   $1,280 

 

Leased WAM-V’s represent fixed assets that are part of underlying operating leases with customers as discussed in the revenue recognition section of ASC 842 policy disclosure. Depreciation expense was approximately $286,000 and $157,000 for the nine-month periods ended January 31, 2024 and 2023, respectively. Depreciation expense was approximately $114,000 and $40,000 for the three-month periods ended January 31, 2024 and 2023, respectively.