Property and Equipment

Property and equipment consisted of the following (in thousands):



	April 30,
	2020			2019
Furniture and fixtures	$	181		$	142
Computer equipment and software	1,551			1,104
Laboratory equipment	4,475			3,358
Assets in progress	554			16
Leasehold improvements	4			—

Total property and equipment	6,765			4,620
Less: Accumulated depreciation and amortization	(2,772		)	(2,074		)

Property and equipment, net	$	3,993		$	2,546

Depreciation and amortization expense was $825,000 and $606,000 for the years ended April 30, 2020 and 2019, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $683,000 and $490,000 for the twelve months ended April 30, 2020 and 2019.

As of April 30, 2020 and 2019, property, plant and equipment included gross assets held under finance leases of $343,000 and $366,000, respectively. Related depreciation expense for these assets was $142,000 and $116,000 for the years ended April 30, 2020 and 2019. As of April 30, 2020, assets in progress includes approximately $300,000 of capitalized software development costs.

During the year ended April 30, 2020, specifically during the quarter ended October 31, 2019, the Company traded in and disposed of a $235,000 leased asset that was previously included in the laboratory equipment category. At the time of disposal, the accumulated depreciation related to that asset was written off in the amount of $127,000 (see also paragraph below). As of January 31, 2020, the remaining leased asset included in the laboratory equipment category was fully depreciated resulting in a net balance of nil.

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. The final lease payment under this finance lease of $2,000 was paid during the three months ended January 31, 2020.

In July 2018, the Company entered into a second finance lease for laboratory equipment. The lease had total costs of approximately $266,000, inclusive of interest and taxes, with a monthly payment of approximately $11,000. Although the lease was originally due to mature in July 2020, the Company decided to pay the outstanding balance on February 1, 2019. During the quarter 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, which resulted in the gain on the disposal of the asset of $52,000, which is included as an offset in the other expense line within the Company's consolidated statement of operations for the year ended April 30, 2020.

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. This lease expires December 2020. The current monthly finance lease payment is approximately $19,000. The future minimum lease payments remaining under this finance lease at April 30, 2020 are $135,000. The present value of minimum future obligations is calculated based on interest rate of 4.75%. Depreciation and amortization expense related to this finance lease was $88,500 for the year ended April 30, 2020.