Commitments And Contingencies

12 Months Ended

Apr. 30, 2014

Commitments And Contingencies [Abstract]

Commitments And Contingencies

Note 13. Commitments and Contingencies

Operating Leases

We lease office space and equipment under non-cancelable operating lease arrangements expiring at various dates through fiscal 2020. Such leases generally have escalation clauses, lease incentives and rent abatements, which are amortized and recorded over the lease term on a straight-line basis. Effective January 1, 2014, we closed our offices in San Francisco and New York. 

On March 1, 2014, we entered into a sublease agreement for a portion of our New York facilities, with monthly rent payments of $13,554, escalating by 2.5% on each anniversary date.  This sublease expires on May 31, 2016. 

Future minimum rental payments and contracted sublease rent receipts under these leases as of April 30, 2014 are as follows (in thousands):

		Minimum		Sublease
		Lease Payments		Rent Receipts
Years Ending April 30,
2015	$	1,518	$	163
2016		1,595		168
2017		982		14
2018		103		-
2019		103		-
Thereafter		103		-
	$	4,404	$	345

Rent expense under operating leases was $1.2 million, $1.5 million and $1.6 million for the years ended April 30, 2014, 2013 and 2012, respectively.

Capital Leases

We entered into arrangements for equipment and office furniture under non-cancelable capital lease arrangements expiring at various dates through fiscal 2016. Future minimum payments under these leases as of April 30, 2014 are as follows (in thousands):

Years Ending April 30,
2015	$	117
2016		32
		149
Less amounts representing interest		(2)
	$	147

Assets capitalized through capital leases included in equipment and furniture and leasehold improvements at April 30,are as follows (in thousands):

		2014		2013
Equipment	$	999	$	1,893
Furniture and leasehold improvements		115		115
		1,114		2,008
Less accumulated depreciation		(694)		(1,532)
Property and equipment, net	$	420	$	476

Litigation

We are subject to legal proceedings and claims that arise in the normal course of business. If such matters arise, we cannot assure that we would prevail in such matters, nor can we assure that any remedy could be reached on mutually agreeable terms, if at all. Due to the inherent uncertainties of litigation, were there any such matters, we may not be able to accurately predict their ultimate outcome. As of April 30, 2014,  we are not involved in any legal proceedings or litigation that we believe would have a material adverse impact on our financial position, results of operations, or cash flows.