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Property and Equipment, net
 9 Months Ended
Jan. 31, 2025
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, 2025 and April 30, 2024 consisted of the following:

 

   January 31, 2025   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   1,912    1,547 
Leased Buoys   794    444 
Property and equipment, gross   6,173    5,416 
Less: accumulated depreciation   (2,584)   (1,973)
Property and equipment, net  $3,589   $3,443 

 

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

 

Depreciation expense was approximately $610,000 and $286,000 for the nine-month periods ended January 31, 2025 and 2024, respectively. Depreciation expense was approximately $155,000 and $114,000 for the three-month periods ended January 31, 2025 and 2024, respectively.