Item 2. Properties
Item 2. Properties
The Company currently leases its office and laboratory facilities under non-cancelable operating leases. Rent expense for operating leases is recognized on a straight-line basis over the lease term from the lease commencement date through the scheduled expiration date. Rent expenses totaled $1.9 million and $1.3 million for the years ended April 30, 2022 and 2021, respectively. The Company considers its facilities adequate for its current operational needs.
The Company leases the following facilities:
• One University Plaza, Suite 307, Hackensack, New Jersey 07601, which, since November 2011, serves as the Company’s corporate headquarters. The lease was renewed during fiscal 2022 and expires in November 2026. The Company recognized $88,000 and $91,000 of rental costs relative to this lease for fiscal 2022 and 2021, respectively.
• 1330 Piccard Drive, Suite 025, Rockville, MD 20850, which consists of laboratory and office space where the Company conducts operations related to its primary service offerings. The lease expires February 28, 2029. The Company recognized $1.7 million and $1.2 million of rental costs for fiscal 2022 and 2021, respectively.
• 1405 Research Boulevard, Suite 125, Rockville, Maryland 20850, which consisted of laboratory and office space where the Company conducted operations related to its primary service offerings. The Company executed this lease on November 1, 2018 and it was set to expire in April 2024. The Company terminated this lease on June 30, 2020 and transitioned its activities from this location to the Piccard Drive location, as defined above, during the first quarter of fiscal 2021. The Company recognized zero and $43,000 of rental costs for fiscal 2022 and 2021, respectively.
• VIA LEONE XIII, 14, Milan, Italy, which consists of laboratory and office space where the Company conducts operations related to its flow cytometry service offerings. The Company executed the lease for its laboratory space in June 2021, and commenced occupancy during the three months ended October 31, 2021. This lease expires May 2023. The Company
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executed the lease for its office space on October 1, 2021. This lease expires in September 2027. The Company recognized rental costs associated with these leases of $81,000 and zero for fiscal years 2022 and 2021, respectively.
Item 3. Legal Proceedings
None.
Item 4. Mine Safety Disclosures
None.
PART II
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