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Property and Equipment, net
 6 Months Ended
Oct. 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 October 31, 2024 and April 30, 2024 consisted of the following:

 

   October 31, 2024   April 30, 2024 
   (in thousands) 
Equipment  $1,569   $1,530 
Computer equipment & software   790    790 
Office furniture & equipment   425    422 
Leasehold improvements   683    683 
Leased WAM-V’s   1,901    1,547 
Leased Buoys   353    444 
Property and equipment, gross   5,721    5,416 
Less: accumulated depreciation   (2,429)   (1,973)
Property and equipment, net  $3,292   $3,443 

 

Leased WAM-V’s and buoys represent fixed assets that are associated with underlying operating leases with customers as discussed in the revenue recognition section related to ASC 842.

 

Depreciation expense was approximately $456,000 and $172,000 for the six-month periods ended October 31, 2024 and 2023, respectively. Depreciation expense was approximately $252,000 and $101,000 for the three-month periods ended October 31, 2024 and 2023, respectively.