Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2022 | Jul. 13, 2022 | Oct. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Apr. 30, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity File Number | 001-33417 | ||
Entity Registrant Name | Ocean Power Technologies, Inc. | ||
Entity Central Index Key | 0001378140 | ||
Entity Tax Identification Number | 22-2535818 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 28 ENGELHARD DRIVE | ||
Entity Address, Address Line Two | SUITE B | ||
Entity Address, City or Town | MONROE TOWNSHIP | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08831 | ||
City Area Code | (609) | ||
Local Phone Number | 730-0400 | ||
Title of 12(b) Security | Common Stock, par value $0.001 | ||
Trading Symbol | OPTT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 40.8 | ||
Entity Common Stock, Shares Outstanding | 55,881,861 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 274 | ||
Auditor Name | EisnerAmper LLP | ||
Auditor Location | Iselin, New Jersey |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 7,885 | $ 83,028 |
Short-term investments | 49,384 | |
Restricted cash, short-term | 258 | 384 |
Accounts receivable | 482 | 350 |
Contract assets | 386 | 190 |
Inventory | 442 | |
Other current assets | 467 | 487 |
Total current assets | 59,304 | 84,439 |
Property and equipment, net | 445 | 406 |
Intangibles, net | 4,136 | 274 |
Right-of-use asset, net | 752 | 1,036 |
Restricted cash, long-term | 219 | 222 |
Goodwill | 8,537 | |
Total assets | 73,393 | 86,377 |
Current liabilities: | ||
Accounts payable | 905 | 687 |
Accrued expenses | 877 | 1,881 |
Contract liabilities | 129 | |
Right-of-use liability, current portion | 319 | 347 |
Contingent liabilities, current portion | 748 | |
Litigation payable | 1,224 | |
Liability classified stock awards | 60 | |
Paycheck protection program loan, current portion | 495 | |
Total current liabilities | 2,978 | 4,694 |
Deferred tax liability | 203 | |
Contingent liabilities, less current portion | 843 | |
Paycheck protection program loan, less current portion | 396 | |
Right-of-use liability, less current portion | 538 | 819 |
Total liabilities | 4,562 | 5,909 |
Commitments and contingencies (Note 17) | ||
Shareholders’ Equity: | ||
Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding | ||
Common stock, $0.001 par value; authorized 100,000,000 shares, issued and outstanding 55,905,213 and 52,479,051 shares, respectively | 56 | 52 |
Treasury stock, at cost; 23,352 and 21,040 shares, respectively | (341) | (338) |
Additional paid-in capital | 322,932 | 315,820 |
Accumulated deficit | (253,770) | (234,895) |
Accumulated other comprehensive loss | (46) | (171) |
Total shareholders’ equity | 68,831 | 80,468 |
Total liabilities and shareholders’ equity | $ 73,393 | $ 86,377 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2022 | Apr. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 55,905,213 | 52,479,051 |
Common stock, shares outstanding | 55,905,213 | 52,479,051 |
Treasury stock, shares | 23,352 | 21,040 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Income Statement [Abstract] | ||
Revenues | $ 1,759 | $ 1,206 |
Cost of revenues | 1,860 | 2,279 |
Gross loss | (101) | (1,073) |
Operating expenses | 21,512 | 12,519 |
Operating loss | (21,613) | (13,592) |
Litigation settlement | (1,224) | |
Interest income, net | 124 | 124 |
Other income | 60 | |
Gain on forgiveness of PPP loan | 890 | |
Loss on liquidation of subsidiary | (157) | |
Other expense, net | (83) | |
Foreign exchange (loss) / gain | (1) | 15 |
Loss before income taxes | (20,697) | (14,760) |
Income tax benefit | 1,823 | |
Net loss | $ (18,874) | $ (14,760) |
Basic and diluted net loss per share | $ (0.35) | $ (0.49) |
Weighted average shares used to compute basic and diluted net loss per share | 54,010,233 | 30,018,838 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Income Statement [Abstract] | ||
Net loss | $ (18,874) | $ (14,760) |
Foreign currency translation adjustment | (32) | 12 |
Total comprehensive loss | $ (18,906) | $ (14,748) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Apr. 30, 2020 | $ 13 | $ (302) | $ 231,101 | $ (220,136) | $ (183) | $ 10,493 |
Balance, shares at Apr. 30, 2020 | 12,939,420 | (4,251) | ||||
Net loss | (14,760) | (14,760) | ||||
Share-based compensation | 721 | 721 | ||||
Issuance (forfeiture) of restricted stock, net | 184 | 184 | ||||
Issuance (forfeiture) of restricted stock, net, shares | 175,500 | |||||
Exercise of prefunded warrants, net of costs | $ 1 | 2,818 | 2,819 | |||
Exercise of common warrants, net of costs, shares | 732,500 | |||||
Issuance of common stock- Aspire financing, net of issuance costs | $ 8 | 14,384 | 14,392 | |||
Issuance of common stock- Aspire financing, net of issuance costs, shares | 8,747,251 | |||||
Issuance of common stock- AGP At The Market offering, net of issuance costs | $ 30 | 66,136 | 66,166 | |||
Issuance of common stock- AGP At The Market offering, net of issuance costs, shares | 29,522,389 | |||||
Issuance of shares in acquisition | 477 | 477 | ||||
Issuance of shares in acquisition, shares | 361,991 | |||||
Acquisition of treasury stock | $ (36) | $ (36) | ||||
Acquisition of treasury stock, shares | (16,789) | 16,789 | ||||
Other comprehensive loss | 12 | $ 12 | ||||
Ending balance, value at Apr. 30, 2021 | $ 52 | $ (338) | 315,821 | (234,896) | (171) | 80,468 |
Balance, shares at Apr. 30, 2021 | 52,479,051 | (21,040) | ||||
Net loss | (18,874) | (18,874) | ||||
Share-based compensation | 1,169 | 1,169 | ||||
Issuance of shares in acquisition | $ 3 | 5,852 | 5,855 | |||
Issuance of shares in acquisition, shares | 3,330,162 | |||||
Acquisition of treasury stock | $ (3) | $ (3) | ||||
Acquisition of treasury stock, shares | (2,312) | 2,312 | ||||
Other comprehensive loss | (32) | $ (32) | ||||
Proceeds from stock options exercises | $ 1 | 90 | $ 91 | |||
Proceeds from stock options exercises, shares | 96,000 | 45,332 | ||||
Liquidation of subsidiary | 157 | $ 157 | ||||
Ending balance, value at Apr. 30, 2022 | $ 56 | $ (341) | $ 322,932 | $ (253,770) | $ (46) | $ 68,831 |
Balance, shares at Apr. 30, 2022 | 55,905,213 | (23,352) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (18,874) | $ (14,760) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Foreign exchange (gain) / loss | 1 | (15) |
Depreciation of fixed assets | 144 | 143 |
Amortization of intangibles | 86 | 6 |
Amortization of right of use asset | 285 | 223 |
Amortization of premium on investments | 58 | |
Gain on forgiveness of PPP loan | (890) | |
Loss on liquidation of subsidiary | 157 | |
Compensation expense related to equity compensation | 1,169 | 721 |
Deferred tax liabilities | (377) | |
Performance obligation shares compensation | (60) | 60 |
Net effect from disposal of property, plant and equipment | 2 | |
Accounts receivable | (133) | (245) |
Contract assets | (195) | 61 |
Inventory | (292) | |
Other assets | 19 | 106 |
Accounts payable | 217 | 441 |
Accrued expenses | (1,004) | 761 |
Litigation payable | (1,224) | 1,224 |
Change in right of use lease liability | (309) | (237) |
Contract liabilities | (74) | (165) |
Net cash used in operating activities | (21,296) | (11,674) |
Cash flows from investing activities: | ||
Cash acquired in acquisition | 100 | |
Purchase of short-term investments | (49,442) | |
Purchase of property, plant and equipment | (145) | (26) |
Payment for MAR acquisition, net of cash acquired | (4,444) | |
Net cash (used in) provided by investing activities | (54,031) | 74 |
Cash flows from financing activities: | ||
Proceeds from Paycheck Protection Program Loan | 890 | |
Proceeds from loan payable | 467 | |
Payment of loan payable | (467) | |
Proceeds from stock option exercises | 90 | 184 |
Payment of payroll taxes related to stock option exercises | (245) | |
Proceeds from issuance of common stock- Aspire financing net of issuance costs | 14,393 | |
Proceeds from issuance of common stock- AGP At The Market offering, net of issuance costs | 66,166 | |
Proceeds associated with exercise of common stock warrants | 2,818 | |
Acquisition of treasury stock | (3) | (36) |
Net cash provided by financing activities | 87 | 84,170 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (32) | 134 |
Net (decrease) / increase in cash, cash equivalents and restricted cash | (75,272) | 72,704 |
Cash, cash equivalents and restricted cash, beginning of year | 83,634 | 10,930 |
Cash, cash equivalents and restricted cash, end of year | 8,362 | 83,634 |
Supplemental disclosure of noncash investing and financing activities: | ||
Acquisition of property, plant and equipment through accounts payable | 6 | |
Issuance of stock for acquisition | 5,855 | 477 |
Contingent liability - MAR | $ 1,591 |
Background and Liquidity
Background and Liquidity | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Background and Liquidity | (1) Background and Liquidity (a) Background Ocean Power Technologies, Inc. (the “Company”) was founded in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated in Delaware in 2007. We are a complete solutions provider, controlling the design, manufacturing, sales, installation, operations and maintenance of our products and services. Our solutions provide distributed offshore power which is persistent, reliable, and economical along with power and communications for remote surface and subsea applications. Historically, funding from government agencies, such as research and development grants, accounted for a significant portion of the Company’s revenues. Today our goal is to generate the majority of our revenues from the sale or lease of our products and solutions, and sales of services to support our business operations. As we continue to develop and commercialize our products and services, we expect to have a net decrease in cash due to the use of cash from operating activities unless and until we achieve positive cash flow from the commercialization of products, solutions and services. (b) Liquidity For Fiscal 2022 For the fiscal year ended April 30, 2022, and the fiscal year ended April 30, 2021, the Company incurred net losses of approximately $ 18.9 million and $ 14.8 million, respectively, and used cash in operating activities of approximately $ 21.4 million and $ 11.7 million, respectively. The Company has continued to make investments in ongoing product development efforts in anticipation of future growth, including its recent acquisition of Marine Advanced Robotics, Inc., as described in Note 18. The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s future operating results and could cause actual results to vary materially from expectations include, but are not limited to, performance of its products, its ability to market and commercialize its products and new products that it may develop, technology development, scalability of technology and production, ability to attract and retain key personnel, concentration of customers and suppliers, deployment risks and integration of acquisitions, pending or threatened litigation, and the impact of COVID-19, and any variants on its business. The Company previously obtained equity financing through it’s At the Market Offering Agreement (“ATM”) with A.G.P/Alliance Global Partners (“AGP”) and through its equity line financing with Aspire Capital Fund, LLC (“Aspire Capital”), but the Company cannot be sure that additional equity and/or debt financing will be available to the Company as needed on acceptable terms, or at all. For fiscal year 2022 to date, management has not obtained any additional capital financing. Management believes the Company’s current cash balance of $ 7.9 million and short term investments balance of $ 49.4 million is sufficient to fund its planned operations through at least July 2023. On January 7, 2019, the Company entered into an At the Market Offering Agreement with AGP (the “2019 ATM Facility”), under which the Company could issue and sell to or through AGP, acting as agent and/or principal, shares of the Company’s common stock having an aggregate offering price of up to $ 25.0 17,595,472 23.4 1.33 12,342,506 18.7 1.51 0.8 On November 20, 2020, the Company entered into another At the Market Offering Agreement with AGP (the “2020 ATM Facility”), having capacity up to $ 100.0 million. On December 4, 2020, the Company filed a prospectus with the Securities and Exchange Commission whereby, the Company could issue and sell to or through AGP, acting as agent and/or principal, shares of the Company’s common stock having an aggregate offering price of up to $ 50.0 million. From inception of the 2020 ATM Facility through April 30, 2022, the Company had sold and issued an aggregate of 17,179,883 shares of its common stock with an aggregate market value of $ 50.0 million at an average price of $ 2.91 per share and paid AGP a sales commission of approximately $ 1.6 million related to those shares. A prospectus supplement was filed on January 10, 2022 to allow the Company to sell an additional $ 25.0 million (or an aggregate of $ 75.0 million) under the 2020 ATM Facility, none of which has been sold to date. Equity Line Common Stock Purchase Agreements On October 24, 2019, the Company entered into a common stock purchase agreement with Aspire Capital which provided that, subject to certain terms, conditions and limitations, Aspire Capital was committed to purchase up to an aggregate of $ 10.0 6,424,205 4.0 0.63 5,025,000 2.9 0.57 On September 18, 2020, the Company entered into a new common stock purchase agreement with Aspire Capital which provided that, subject to certain terms, conditions and limitations, Aspire Capital was committed to purchase up to an aggregate of $ 12.5 19.99 19.99 3,722,251 9,864,706 19.99% 3,722,251 11.8 3.17 1.0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies (a) Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries, Ocean Power Technologies Ltd. in the United Kingdom, and Ocean Power Technologies (Australasia) Pty Ltd. in Australia, which has been liquidated as of April 30, 2022. All significant intercompany balances and transactions have been eliminated in consolidation. (b) Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include, among other items, stock-based compensation, valuations, purchase price allocations and contingent consideration related to business combinations, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets and the related amortization methods and periods, estimated hours to complete projects and percentage of completion of customer contracts for purposes of revenue recognition. Actual results could differ from those estimates. (c) Business Combinations The Company accounts for business combinations in accordance with Financial Accounting and Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Business Combinations (Topic 805). (d) Revenue Recognition A performance obligation is the unit of account for revenue recognition. The Company assesses the goods or services promised in a contract with a customer and identifies as a performance obligation either: a) a good or service (or a bundle of goods or services) that is distinct; or b) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer. A contract may contain a single or multiple performance obligations. For contracts with multiple performance obligations, the Company allocates the contracted transaction price to each performance obligation based upon the relative standalone selling price, which represents the price the Company would sell a promised good or service separately to a customer. The Company determines the standalone selling price based upon the facts and circumstances of each obligated good or service. The majority of the Company’s contracts have no observable standalone selling price since the associated products and services are customized to customer specifications. As such, the standalone selling price generally reflects the Company’s forecast of the total cost to satisfy the performance obligation plus an appropriate profit margin. The nature of the Company’s contracts may give rise to several types of variable considerations, including unpriced change orders and liquidated damages and penalties. Variable consideration can also arise from modifications to the scope of services. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on our assessment of legal enforceability, performance and any other information (historical, current, and forecasted) that is reasonably available to us. There was no variable consideration as of April 30, 2022 or 2021. The Company presents shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs rather than evaluating whether the shipping and handling activities are promised services to the customer. The Company recognizes revenue when or as it satisfies a performance obligation by transferring a good or service to a customer, either (1) at a point in time or (2) over time. A good or service is transferred when or as the customer obtains control. The evaluation of whether control of each performance obligation is transferred at a point in time or over time is made at contract inception. Input measures such as costs incurred or time elapsed are utilized to assess progress against specific contractual performance obligations for the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For the Company, the input method using costs incurred or labor hours best represents the measure of progress against the performance obligations incorporated within the contractual agreements. If estimated total costs on any contract project a loss, the Company charges the entire estimated loss to operations in the period the loss becomes known. The cumulative effect of revisions to revenue, estimated costs to complete contracts, including penalties, incentive awards, change orders, claims, anticipated losses, and others are recorded in the accounting period in which the events indicating a loss are known and the loss can be reasonably estimated. These loss projects are re-assessed for each subsequent reporting period until the project is complete. Such revisions could occur at any time and the effects may be material. The Company’s contracts are either cost plus or fixed price contracts. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee. Under cost plus contracts, a profit or loss on a project is recognized depending on whether actual costs are more or less than the agreed upon amount. The Company has two types of fixed price contracts, firm fixed price and cost-sharing. Under firm fixed price contracts, the Company receives an agreed-upon amount for providing products and services specified in the contract, a profit or loss is recognized depending on whether actual costs are more or less than the agreed upon amount. Under cost-sharing contracts, the fixed amount agreed upon with the customer is only intended to fund a portion of the costs on a specific project. Under cost sharing contracts, an amount corresponding to the revenue is recorded in cost of revenues, resulting in gross profit on these contracts of zero. The Company’s share of the costs is recorded as product development expense. The Company reports its disaggregation of revenue by contract type since this method best represents the Company’s business. For the twelve-month periods ended April 30, 2022 and 2021, all of the Company’s contracts were classified as firm fixed price. As of April 30, 2022, the Company’s total remaining performance obligations, also referred to as backlog, totaled $ 0.6 100 0.6 The Company also enters into lease arrangements for its PB3 PowerBuoy® (“PB3”) and Wave Adaptive Modular Vessels (“WAM-V ® The Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC Topic 842, “Leases”. The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term and is presented in Revenues in the Consolidated Statement of Operations. The lease income for the twelve months ended April 30, 2022 and 2021 was immaterial. (e) Cash and Cash Equivalents, Restricted Cash, Security Agreements and Investments Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company invests excess cash in a money market account. The following table summarizes cash and cash equivalents for the years ended April 30, 2022 and 2021: Schedule of Cash and Cash Equivalents April 30, 2022 April 30, 2021 (in thousands) Checking and savings accounts $ 1,815 $ 1,850 Money market account 6,070 81,178 $ 7,885 $ 83,028 Restricted Cash and Security Agreements The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $ 154,000 Santander also issued one letters of credit to subsidiaries of Enel Green Power (“EGP”) pursuant to the Company’s contracts with EGP. A letter of credit was issued in the amount of $ 645,000 323,000 258,000 65,000 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash and Cash Equivalents and Restricted Cash April 30, 2022 April 30, 2021 (in thousands) Cash and cash equivalents $ 7,885 $ 83,028 Restricted cash- short term 258 384 Restricted cash- long term 219 222 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 8,362 $ 83,634 Investments During fiscal 2022, the Company acquired approximately $ 49.4 million in investment securities through Charles Schwab Bank. All investment securities consist of corporate bonds, government agency bonds, or U.S. Treasury Notes and Bonds, are investment grade rated or better, and mature within 12 months. The Company has the means and intends to hold all investments to maturity, and as such are classified as held-to-maturity investments. The total recognized interest expense on the premium we paid for the bonds as of April 30, 2022 is approximately $ 60,000 on an amortized cost basis of approximately $ 0.3 million. Additionally, there has been no other than temporary impairment on these investments. The following table represents the fair value of the investments and unrealized gains/losses by class, which have been recorded at amortized costs as of April 30, 2022: Schedule of Investments and Unrealized Gains/Losses Category Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Net Unrealized Gains/(Losses) Held-to-Maturity Securities $ 49,384 $ 81 $ (414 ) $ 49,051 $ (333 ) (f) Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives ( three to seven years ) of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the remaining lease term. Expenses for maintenance and repairs are charged to operations as incurred. Property and equipment are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Schedule of Property, Plant and Equipment, Useful Life Description Estimated useful life Equipment 5 7 Computer equipment & software 3 Office furniture & fixtures 3 7 Equipment under capitalized lease Over the life of the lease Leasehold improvements Shorter of the estimated useful life or lease term (g) Foreign Exchange Gains and Losses The Company maintains cash accounts that are denominated in British pound sterling, Euros and Australian dollars. These amounts are included in cash, cash equivalents and restricted cash on the accompanying Consolidated Balance Sheets. Such positions may result in realized and unrealized foreign exchange gains or losses from exchange rate fluctuations, which are included in “Foreign exchange (loss)/gain” in the accompanying Consolidated Statements of Operations. (h) Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable, short term investments and cash. The Company believes that its credit risk is limited because the Company’s current contracts are with companies with a reliable payment history. The Company invests its excess cash in a money market fund and short term held-to maturity investment and does not believe that it is exposed to any significant risks related to its cash accounts, money market fund, or held-to maturity investments. Cash is also maintained at foreign financial institutions. Cash in foreign financial institutions as of April 30, 2022 was less than $ 0.1 The table below shows the percentage of the Company’s revenues derived from customers whose revenues accounted for at least 10% of the Company’s consolidated revenues for at least one of the periods indicated: Schedule of Revenue by Major Customers by Reporting Segments Customer 2022 2021 Twelve months ended April 30, Customer 2022 2021 Transocean Ltd. 15 % — % Valaris PLC 12 % — % Diamond Offshore Drilling, Inc. 11 % — % United States Department of Energy 11 % — % Enel Green Power Chile, LTDA 9 % 61 % Eni S.p.A. 1 % 22 % Other (no other customers over 10%) 41 % 17 % Revenues, percentage 100 % 100 % The loss of, or a significant reduction in revenues from a current customer could significantly impact the Company’s financial position or results of operations. The Company does not require its customers to provide collateral. (i) Warrant Accounting The Company accounts for warrants issued in connection with its public offerings in accordance with the guidance FASB Topic “48 Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity” which provides that warrants meeting the classification of a liability award are recorded as a liability at its fair value. The warrant liabilities are subject to re-measurement at each balance sheet date using the Black-Scholes option pricing model. The Company recognizes any change in fair value in its Consolidated Statements of Operations. The Company will continue to adjust the carrying value of the warrants for changes in the estimated fair value until such time as these instruments are exercised or expire. At that time, the liabilities will be reclassified to “Additional paid-in capital”, a component of “Shareholders’ equity” on the Consolidated Balance Sheets. The pre-funded and common warrants issued in the Company’s April 8, 2019 public offering did not meet the criteria to be classified as a liability award and therefore were treated as an equity award. The Company has no warrants classified as liabilities as of April 30, 2022 and 2021. (j) Net Loss per Common Share Basic and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents outstanding during the period. The pre-funded warrants were determined to be common stock equivalents and have been included in the weighted average number of shares outstanding for calculation of the basic earnings per share number. Due to the Company’s net losses, potentially dilutive securities, consisting of options to purchase shares of common stock, warrants on common stock and unvested restricted stock issued to employees and non-employee directors, were excluded from the diluted loss per share calculation due to their anti-dilutive effect. In computing diluted net loss per share on the Consolidated Statement of Operations, warrants on common stock, options to purchase shares of common stock and unvested restricted stock issued to employees and non-employee directors, totaling 6,353,422 5,163,020 (k) Share-Based Compensation Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The aggregate share-based compensation expense recorded in the Consolidated Statements of Operations for the years ended April 30, 2022 and 2021 was approximately $ 1.2 0.8 (l) Intangibles Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date (which is regarded as their cost) (See also Note 18). Intangible assets are amortized over the estimated useful life of the asset on a basis that approximates the pattern of economic benefit. The trade name and customer relationship intangible are being amortized over 12 10 Intangible assets are reviewed for impairment if indicators of potential impairment exist. There was no (m) Goodwill Goodwill is assessed for impairment using a qualitative or quantitative approach. Where the Company use a qualitative analysis, it considers factors that include historical financial performance, macroeconomic and industry conditions, and the legal and regulatory environment. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is performed. The quantitative assessment requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates and the selection of assumptions underlying a discount rate (weighted average cost of capital) based on market data available at the time to determine fair value of the Company. If the fair value is less than the carrying amount an impairment charge for the difference is recorded. The Company acquired goodwill as part of its purchase of MAR (Note 18). As this is the first year of the acquisition, no goodwill impairment assessment was completed however, the Company is not aware of potential triggering events that would cause an impairment analysis to be performed as of April 30, 2022. (n) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and operating loss and tax credit carry forwards are expected to be recovered, settled or utilized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. If such event occurs, a valuation allowance is recorded. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that is greater than 50% (o) Accumulated Other Comprehensive Loss The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The unrealized gains or losses resulting from such translation are included in Accumulated Other Comprehensive Loss within Shareholders’ Equity. In fiscal 2022 the Company liquidated its subsidiary, Ocean Power Technologies (Australasia) Pty Ltd. in Australia, resulting in a loss of approximately $ 0.2 (p) Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables. This update is intended to provide financial statement users with more decision-useful information about the expected credit losses. In November 2019, the FASB issued No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which deferred the effective date of ASU 2016-13 for Smaller Reporting Companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial statements. |
Account Receivable, Contract As
Account Receivable, Contract Assets, and Contract Liabilities | 12 Months Ended |
Apr. 30, 2022 | |
Account Receivable Contract Assets And Contract Liabilities | |
Account Receivable, Contract Assets, and Contract Liabilities | (3) Account Receivable, Contract Assets, and Contract Liabilities The following provides further details on the balance sheet accounts of accounts receivable, contract assets, and contract liabilities. Accounts Receivable The Company grants credit to its customers, generally without collateral, under normal payment terms (typically 30 to 60 days after invoicing). Generally, invoicing occurs after the related services are performed or control of the product has transferred to the customer. Accounts receivable represents an unconditional right to consideration arising from the Company’s performance under contracts with customers. The carrying value of such receivables represent their estimated realizable value. Contract Assets Significant changes in the contract assets balances during the period are as follows: Schedule of Significant Changes in Contract assets and Contract Liabilities 2022 2021 Twelve months ended April 30, 2022 2021 (in thousands) Transferred to receivables from contract assets recognized at the beginning of the period $ (190 ) $ (251 ) Revenue recognized and not billed as of the end of the period 386 190 Net change in contract assets $ 196 $ (61 ) Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditioned on completing additional tasks or services for a performance obligation. The increase in contract assets is primarily a result of services performed relating to our project with MAR that was billed during the twelve months ended April 30, 2022. Contract Liabilities Significant changes in the contract liabilities balances during the period are as follows: 2022 2021 Twelve months ended April 30, 2022 2021 (in thousands) Revenue recognized that was included in the contract liabilities balance as of the beginning of the period $ — $ (159 ) Transferred to contract assets from contract liabilities recognized at the beginning of the period — (6 ) Contract liabilities obtained in acquisition on MAR (203 ) — Payments collected for which revenue has not been recognized 129 — Net change in contract liabilities $ (74 ) $ (165 ) Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The increase in contract liabilities is primarily due to payment for MAR projects during the twelve months ended April 30, 2022 for which we have not recognized revenue. |
Inventory
Inventory | 12 Months Ended |
Apr. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | (4) Inventory The Company holds inventory related to the production of our WAM-V ® Schedule of Inventory April 30, 2022 April 30, 2021 (in thousands) Raw Materials $ 198 $ — Work in Process 244 — Inventory, net $ 442 $ — |
Other Current Assets
Other Current Assets | 12 Months Ended |
Apr. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | (5) Other Current Assets Other current assets consist of the following at April 30, 2022 and 2021: Schedule of Other Current Assets April 30, 2022 April 30, 2021 (in thousands) Prepaid insurance $ 182 $ 194 Prepaid software & licenses 127 93 Prepaid sales & marketing 50 37 Prepaid recruiting — 12 Other receivables 24 21 Deposits — 68 Prepaid expenses- other 84 62 Total other current assets $ 467 $ 487 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (6) Property and Equipment The components of property and equipment as of April 30, 2022 and 2021 consisted of the following: Schedule of Components of Property and Equipment April 30, 2022 April 30, 2021 (in thousands) Equipment $ 615 $ 291 Computer equipment & software 571 498 Office furniture & equipment 352 341 Leasehold improvements 477 474 Construction in process 15 15 Property and equipment, gross $ 2,030 $ 1,619 Less: accumulated depreciation (1,585 ) (1,213 ) Property and equipment, net $ 445 $ 406 Depreciation expense was approximately $ 0.1 |
Leases
Leases | 12 Months Ended |
Apr. 30, 2022 | |
Leases | |
Leases | (7) Leases Lessor Information As of April 30, 2022, the Company has one lease which has been classified as an operating lease per accounting guidance contained within Accounting Standards Codification (“ASC”) Topic 842, “Leases”. The Company’s remaining term on this operating lease is less than 7 months. The maturity of lease payments remaining on this lease is immaterial. Lessee Information Right-of-use asset and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. When the implicit rate of the lease is not provided or cannot be determined, the Company used the incremental borrowing rate based on the information available at the effective date to determine the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The renewal options have not been included in the lease term as they are not reasonably certain of exercise. Lease expense for minimum lease payments is recognized on a straight- line basis over the lease term and consists of interest on the lease liability and the amortization of the right of use asset. The Company has a lease for its facility located in Monroe Township, New Jersey that is used as warehouse/production space and the Company’s principal offices and corporate headquarters. The initial lease term is for seven years The Company also has two leases for properties located in Houston, Texas. The first was acquired as part of the 3Dent acquisition that is used as office space. The lease term is for 3 expire in January of 2023 The other Houston lease is for additional office space and was renewed for a 12-month term which ended on June 30, 2022 and is now expired. In accordance with ASC 842-20-5-2, since the lease term at the time of renewal was 12 months, the asset was recognized directly to the profit and loss statement on a straight-line basis and was not recognized as a right-of-use asset. The Company also has a lease with the University of California Berkeley in Berkeley, California that was acquired as part of the MAR acquisition (see Note 18). The lease expired on June 30, 2022 and we are in discussions to renew this lease. As the lease expired prior to renewal, it has become a month-to-month lease in accordance with the agreement. In accordance with ASC 842-20-5-2, since the remaining lease term at the time of the acquisition of MAR was less than 12 months, the asset was not recognized as a right-of-use asset. Variable lease expenses, if any, are recorded as incurred. The operating lease expense in the Consolidated Statement of Operations was $ 0.4 0.3 The components of lease expense in the Consolidated Statement of Operations for the twelve months ended April 30, 2022 and 2021 was as follows: Schedule of Operating Lease Costs 2022 2021 Twelve months ended April 30, 2022 2021 Operating lease cost $ 368 $ 330 Short-term lease cost 35 17 Total lease cost $ 403 $ 347 Information related to the Company’s right-of use assets and lease liabilities as of April 30, 2022 is as follows: Schedule of Right-of Use Assets and Lease Liabilities April 30, 2022 (in thousands) Operating lease: Operating right-of-use asset, net $ 752 Right-of-use liability- current 319 Right-of-use liability- long term 538 Total lease liability $ 857 Weighted average remaining lease term- operating leases 2.38 Weighted average discount rate- operating leases 8.3 % Total remaining lease payments under the Company’s operating leases are as follows: Schedule of Future Minimum Lease Payments Under Operating Lease April 30, 2022 (in thousands) 2023 $ 391 2024 362 2025 184 Total future minimum lease payments 937 Less imputed interest (80 ) Total $ 857 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Apr. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | (8) Accrued Expenses Accrued expenses consisted of the following at April 30, 2022 and 2021: Schedule of Accrued Expenses April 30, 2022 April 30, 2021 (in thousands) Project costs $ 59 $ 368 Contract loss reserve 328 328 Employee incentive payments 266 283 Accrued salary and benefits 60 631 Professional Fees 30 200 Other 134 71 Accrued expenses total $ 877 $ 1,881 |
Warrants
Warrants | 12 Months Ended |
Apr. 30, 2022 | |
Warrants | |
Warrants | (9) Warrants Liability Classified Warrants On June 2, 2016, the Company entered into a securities purchase agreement, which was amended on June 7, 2016 (as amended, the “June Purchase Agreement”) with certain institutional purchasers (the “June Purchasers”). Pursuant to the terms of the June Purchase Agreement, the Company sold an aggregate of 20,850 7,298 0.35 92.00 121.60 December 3, 2021 five years none On July 22, 2016, the Company entered into a Second Amendment to the Purchase Agreement (the “Second Amended Purchase Agreement”) with certain institutional purchasers (the “July Purchasers”). Pursuant to the terms of the Second Amended Purchase Agreement, the Company sold an aggregate of 29,750 8,925 0.30 135.00 187.20 January 23, 2022 5 none Equity Classified Warrants On April 8, 2019, the Company issued and sold 1,542,000 3,385,680 4,927,680 0.01 3.85 five years The Company accounted for warrants issued in connection with its June and July 2016 public offerings in accordance with the guidance on “ Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity |
Paycheck Protection Program Loa
Paycheck Protection Program Loan | 12 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
Paycheck Protection Program Loan | (10) Paycheck Protection Program Loan On March 27, 2020, the U.S. Government passed into law the Coronavirus Aid, Relief and Economic Security Act, or the (“CARES Act”). On May 3, 2020, the Company signed a Paycheck Protection Program (“PPP”) loan with Santander as the lender for $ 890,000 The Company filed its loan forgiveness application at the end of February 2021 asking for 100 890,000 |
Preferred Stock
Preferred Stock | 12 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Preferred Stock | (11) Preferred Stock The Company has authorized 5,000,000 0.001 no |
Common Stock
Common Stock | 12 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Common Stock | (12) Common Stock As of April 30, 2022, the Company had 100,000,000 0.001 55,905,213 At the Market Offering Agreements On January 7, 2019, the Company entered into the 2019 ATM Facility with AGP, under which the Company may issue and sell to or through A.G.P./Alliance Global Partners, acting as agent and/or principal, shares of the Company’s common stock having an aggregate offering price of up to $ 25.0 17,595,472 23.4 1.33 12,342,506 18.7 1.51 0.8 On November 20, 2020, the Company entered into an At the Market Offering Agreement with AGP having capacity up to $ 100.0 50.0 17,179,883 50.0 2.91 1.6 25.0 75.0 Equity Line Common Stock Purchase Agreements On October 24, 2019, the Company entered into a common stock purchase agreement with Aspire Capital which provided that, subject to certain terms, conditions and limitations, Aspire Capital was committed to purchase up to an aggregate of $ 10.0 6,424,205 4.0 0.63 5,025,000 2.9 0.57 On September 18, 2020, the Company entered into a new common stock purchase agreement with Aspire Capital which provided that, subject to certain terms, conditions and limitations, Aspire Capital was committed to purchase up to an aggregate of $ 12.5 million of shares of the Company’s common stock over a 30-month period subject to a limit of 19.99 % of the outstanding common stock on the date of the agreement if the price did not exceed a specified price in the agreement. The number of shares the Company could issue within the 19.99 % limit is 3,722,251 shares without shareholder approval. Shareholder approval was received at the Company’s annual meeting of shareholders on December 23, 2020 for the sale of 9,864,706 additional shares of common stock which exceeds the 19.99 % limit of the outstanding common stock on the date of the agreement. As of April 30, 2022, the Company had sold an aggregate of 3,722,251 shares of common stock with an aggregate market value of $ 11.8 million at an average price of $ 3.17 per share pursuant to this common stock purchase agreement with approximately $ 1.0 million available as of April 30, 2022. |
Treasury Shares
Treasury Shares | 12 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Treasury Shares | (13) Treasury Shares During the years ended April 30, 2022 and 2021, 2,312 16,789 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Apr. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation Plans | (14) Share-Based Compensation Plans In 2015, upon approval by the Company’s shareholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of 1,332,036 696,627 On January 18, 2018, the Company’s Board of Directors adopted the Company’s Employment Inducement Incentive Award Plan (the “2018 Inducement Plan”) pursuant to which the Company reserved 25,000 11,487 250,000 275,000 Stock Options The Company estimates the fair value of each stock option award granted with service-based vesting requirements, using the Black-Scholes option pricing model, assuming no dividends, and using the weighted average valuation assumptions noted in the following table. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life (estimated period of time outstanding) of the stock options granted was estimated using the “simplified” method as permitted by the SEC’s Staff Accounting Bulletin No. 110, Share-Based Payment. 793,850 248,876 Schedule of Stock Option Valuation Assumptions Twelve months ended April 30, 2022 2021 Risk-free interest rate 1.5 % 0.6 % Expected dividend yield 0.0 % 0.0 % Expected life (in years) 5.5 5.5 5.8 Expected volatility 121.9 % 136.5 % The above assumptions were used to determine the weighted average per share fair value of $ 1.11 2.63 Schedule of Stock Option Activity Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Outstanding as of April 30, 2021 516,827 $ 3.89 9.0 Granted 793,850 $ 1.43 Exercised (45,332 ) $ 1.05 Cancelled/forfeited (153,183 ) $ 2.86 Expired (1,806 ) $ 32.62 Outstanding as of April 30, 2022 1,110,356 $ 2.34 9.2 Exercisable as of April 30, 2022 297,504 $ 4.65 7.8 As of April 30, 2022 and 2021, the total intrinsic value for both outstanding and exercisable options was approximately zero 0.3 813,000 zero 9.7 0.3 0.4 0.8 2.5 Performance Stock Options In January of 2020, the Company issued 81,337 40,666 December 15, 2021 In January of 2021, the Company issued 344,723 The awards vest over 2 years provided there is positive total shareholder return (e.g. share price increase) as measured to the closing share price on January 14, 2022 and January 14, 2023. 343,456 The Company determined these awards contain a market-based condition and estimated the fair value using the Monte Carlo simulation model with the following assumptions: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions Twelve months ended April 30, 2022 2021 Risk-free interest rate N/A 1.2 % Expected dividend yield N/A 0.0 Expected life (in years) N/A 10.0 Expected volatility N/A 76.0 136.5 % The above assumptions were used to determine the weighted average per share fair value of $ 2.09 A summary of performance stock options under our stock incentive plans is detailed in the following table. Schedule of Stock Option Activity Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Outstanding as of April 30, 2021 424,790 $ 2.57 9.5 Granted 66,667 $ 0.62 Exercised (40,668 ) $ 1 Cancelled/forfeited (240,667 ) $ 2.61 Outstanding as of April 30, 2022 210,122 $ 2.20 8.8 Exercisable as of April 30, 2022 — $ — As of April 30, 2022 and 2021, the total intrinsic value of outstanding and exercisable performance stock options was approximately zero and $ 0.1 million respectively. As of April 30, 2022, approximately 210,000 additional options were unvested, which had an intrinsic value of $ 29,000 and a weighted average remaining contractual term of 8.8 years. There was approximately $ 0.1 million and $ 0.1 million of total recognized compensation cost related to performance stock options during each of the twelve months ended April 30, 2022 and 2021, respectively. As of April 30, 2022, there was approximately $ 0.2 million of total unrecognized compensation cost related to non-vested stock options granted under the plans. This cost is expected to be recognized over a weighted-average period of 0.9 years. Restricted Stock Compensation expense for unvested restricted stock is generally recorded based on its market value on the date of grant and recognized ratably over the associated service and performance period. During the year ended April 30, 2022 and 2021, the Company granted 827,764 10,000 A summary of unvested restricted stock under our stock incentive plans is as follows: Schedule of Non-vested Restricted Stock Activity Number of Shares Weighted Average Price Issued and unvested at April 30, 2021 10,000 $ 2.93 Granted 827,764 $ 1.41 Vested (10,000 ) $ 2.93 Cancelled/forfeited — $ — Issued and unvested at April 30, 2022 827,764 $ 1.41 There was approximately $ 242,000 49,000 0.9 1.9 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (15) Fair Value Measurements ASC Topic 820,” Fair Value Measurements” Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3 Inputs that are unobservable for the asset or liability. Disclosure of Fair Values The Company’s financial instruments that are not re-measured at fair value include cash, cash equivalents, restricted cash, accounts receivable, contract assets and liabilities, deposits, accounts payable, and accrued expenses. The carrying values of these financial instruments approximate their fair values and are viewed as Level 1 items. The Company’s warrant liabilities represent the only asset or liability classified financial instrument that is measured at fair value on a recurring basis. The fair value of the Company’s short-term investments (refer to Note 2) is based on observable trading of each security which is based on Level 1 observable inputs as they are unadjusted quoted prices in active markets. The total fair value of our investments as of April 30, 2022 and 2021 were $ 49.0 million and zero , respectively. The fair value of the Company’s warrant liabilities (refer to Note 9) is based on the Black-Scholes option pricing model which is based on Level 3 unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The assumptions used by the Company are the quoted price of the Company’s common stock in an active market, risk-free interest rate, volatility and expected life, and assumes no dividends. Volatility is based on the actual market activity of the Company’s stock. The expected life is based on the remaining contractual term of the warrants and the risk-free interest rate is based on the implied yield available on U.S. Treasury Securities with a maturity equivalent to the expected life of the warrants. The warrants were expired as of April 30, 2022 and had a fair value near zero There were no unrealized gains for the twelve months ended April 30, 2022 and 2021, respectively. When incurred, gains and losses are included within “Gain (loss) due to change in fair value of warrant liabilities” in the Consolidated Statements of Operations. The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions April 30, 2022 April 30, 2021 Dividend rate N/A 0.0 % Risk-free rate N/A 0.01 0.02 % Expected life (years) N/A 0.2 0.6 Expected volatility N/A 1.498 Additionally, there is a Level 3 contingent liability in the amount of $ 1.6 million as the inputs are unobservable to determine this fair value. As of April 30, 2022, there has been no change in value of this contingent liability from the time that it was acquired. Refer to Note 18 for further details around this contingent liability and how the value is determined. Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no transfers between any hierarchy levels during each of the twelve months ended April 30, 2022 and 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (16) Income Taxes Loss before income taxes for the years ended April 30, 2022 and 2021 consisted of the following components: Schedule of Components of Loss Before Income Taxes April 30, 2022 April 30, 2021 (in thousands) Domestic $ (20,665 ) $ (14,392 ) Foreign (32 ) (368 ) Total loss before income taxes $ (20,697 ) $ (14,760 ) The income tax benefit for the years ended April 30, 2022 and 2021 consisted of state income tax benefits of $1.4 million and zero in each year, respectively, from the sale of New Jersey net operating losses and research and development credits. There was no benefit reflected in fiscal year 2021 as the payment was received in fiscal year 2022. 0.4 Tax Rate Reconciliation The effective income tax rate differed from the percentages computed by applying the U.S. federal income tax rate for the periods ended April 30, 2022 and 2021 to loss before income taxes as a result of the following: Schedule of Effective Income Tax Rate Reconciliation April 30, 2022 April 30, 2021 Computed expected tax benefit (21.0 )% (21.0 )% Increase(reduction) in income taxes resulting from: State income taxes, net of federal benefit 5.2 % 6.8 % Federal research and development tax credits (0.6 )% (0.7 )% Foreign rate differential — % (1.3 )% Other non-deductible expenses (0.9 )% (0.6 )% Proceeds of sale of New Jersey tax benefits (7.0 )% — % Other 1.3 % 2.3 % Increase in valuation allowance 14.1 % 14.5 % Income tax (benefit) (8.9 )% — % Significant Components of Deferred Taxes The tax effects of temporary differences and carry forwards that give rise to the Company’s deferred tax assets and deferred tax liabilities are presented below. Schedule of Deferred Tax Assets and Liabilities April 30, 2022 April 30, 2021 (in thousands) Deferred tax assets: Federal net operating loss carryforwards $ 40,338 $ 36,340 Foreign net operating loss carryforwards 2,061 4,064 State operating loss carryforwards 968 581 Federal and New Jersey research and development tax credits 4,167 3,303 Stock compensation 429 346 Accrued expenses 79 158 Other (445 ) 545 Net deferred tax assets before valuation allowance $ 47,597 $ 45,337 Valuation allowance $ (47,597 ) (45,091 ) Deferred tax assets $ — $ 246 Deferred tax liability: Other liability $ 203 $ 246 Net deferred tax assets (liabilities) $ (203 ) $ — In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences and carry forwards become deductible or are utilized. As of April 30, 2022 and 2021, based upon the level of historical taxable losses, valuation allowances of $ 47.6 45.1 2.5 2.7 As of April 30, 2022, the Company had net operating loss carry forwards for federal income tax purposes of approximately $ 191.4 begin to expire in fiscal 2023; 56.2 the deductibility of such federal net operating losses may be limited to 80% of our taxable income in future years. 3.3 In addition, as of April 30, 2022, the Company had state net operating loss carry forwards of approximately $13.8 begin to expire in 2041, which also may be limited to utilization limitations. 10.9 Income Tax Benefit During the years ended April 30, 2022 and 2021, the Company sold New Jersey State net operating losses and research and development credits (“NJ NOL”) in the amount of $ 4.0 million and $ 12.0 million, respectively, resulting in the recognition of income tax benefits of $ 0.4 million and $ 1.0 million. The total proceeds of $ 1.4 million for fiscal year 2022 and 2021 were recorded in the Company’s Statement of Operations in fiscal 2022 as the sale of the fiscal year 2021 NJ NOL was not completed until May, 2021. New Jersey-based technology or biotechnology companies with fewer than 225 US employees may be eligible to sell net operating losses and research and development tax credits to unaffiliated corporations, up to a maximum lifetime benefit of $ 20 million per business. As of April 30, 2022 we have approximately $ 4.6 million still available to sell. Uncertain Tax Positions The Company applies the guidance issued by the FASB for the accounting and reporting of uncertain tax positions. The guidance requires the Company to recognize in its consolidated financial statements the impact of a tax position if that position is more likely than not to be sustained upon examination, based on the technical merits of the position. The Company is currently undergoing an income tax audit in Spain for the period from 2011 to 2014, when the Company’s Spanish branch was closed. At April 30, 2022 and 2021, the Company had no other unrecognized tax positions. The Company does not expect any material increase or decrease in its income tax expense in the next twelve months, related to examinations or uncertain tax positions. Net operating loss and credit carry forwards since inception remain open to examination by taxing authorities and will continue to remain open for a period of time after utilization. The Company does not have any interest or penalties accrued related to uncertain tax positions as it does not have any unrecognized tax benefits. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (17) Commitments and Contingencies Employment Litigation On August 28, 2018, counsel for Charles Dunleavy, the Company’s former President & Chief Executive Officer who was terminated for cause effective June 9, 2014, filed a demand for arbitration, captioned Charles F. Dunleavy v. Ocean Power Technologies, Inc., Case No. 01-18-0003-2374, before the American Arbitration Association in New Jersey. The demand alleged various claims relating to Mr. Dunleavy’s termination. After the hearings in the proceeding were conducted, on December 11, 2020, the arbitration panel issued an interim award finding, among other things, that the termination for cause of Mr. Dunleavy was in breach of his employment contract and awarded him compensatory damages in the amount of $ 438,255 1,223,963 Spain Income Tax Audit The Company underwent an income tax audit in Spain for the period from 2011 to 2014, when our Spanish branch was closed. On July 30, 2018, the Spanish tax inspector concluded that although there was no tax owed in light of losses reported, the Company’s Spanish branch owed penalties for failure to properly account for the income associated with the funding grant. During the year ended April 30, 2022, the Company received notice from the Spanish Central Economic and Administrative Tribunal that it agreed with the inspector and ruled that the Company owes the full amount of the penalty in the amount of € 279,870 331,000 279,870 |
Acquisition of Marine Advanced
Acquisition of Marine Advanced Robotics, Inc. | 12 Months Ended |
Apr. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of Marine Advanced Robotics, Inc. | (18) Acquisition of Marine Advanced Robotics, Inc. On November 15, 2021, the Company acquired all of the outstanding equity interest of Marine Advanced Robotics, Inc. (“MAR”), a Richmond (San Francisco Bay Area), California-based developer and manufacturer of autonomous surface vehicles. The Company accounted for the transaction as a business combination under ASC 805, “Business Combinations.” Accordingly, the assets and liabilities acquired were recorded at their estimated fair value on the date of acquisition. Under ASC 805, acquisition-related transaction costs of approximately $ 0.3 The Company paid cash consideration of $ 4.0 3,330,162 5.9 2.10 456,000 The contingent consideration is based on the achievement of certain milestones over a 30-month period. As of the acquisition date, the contingent consideration had a fair value of $ 1.6 1.5 2 5.8 14.5 Total consideration including cash, restricted shares, liabilities assumed, and contingent consideration was valued at approximately $ 11.9 Purchase consideration consisted of the following: Schedule of Business Combination Purchase Consideration (in thousands) Cash $ 4,000 Advance payable - MAR 456 Fair value of restricted shares 5,855 Fair value of contingent consideration 1,591 Total consideration $ 11,902 The preliminary allocation of the fair value of the MAR acquisition is shown in the table below. The allocation of the fair value will be finalized when the valuation is completed, and the differences will be trued up for the final allocated amounts, hence, actual results may differ from preliminary estimate. In the fourth quarter of fiscal year 2022, the Company recorded a purchase accounting adjustment related to income taxes resulting in an increase to goodwill of approximately $ 580,000 Schedule Of Preliminary Allocation of Fair Value Assumptions (in thousands) Total Purchase Consideration $ 11,902 Cash 12 Inventory 150 Property and equipment, net 38 Trademarks 2,755 Patents 1,193 Goodwill 8,537 Contract liabilities acquired (203) Deferred income tax liability (580) Net asset acquired $ 11,902 The net assets were recorded at their estimated fair value. In valuing acquired assets and liabilities, fair value estimates were based primarily on future expected cash flows, market rate assumptions, and appropriate discount rates. In connection with the acquisition of MAR, we acquired approximately $ 3.9 Goodwill is considered an indefinite-lived asset that relates primarily to intangible assets that do not qualify for separate recognition. The unaudited pro forma financial information in the table below summarizes the combined results of operations for the Company and MAR as if the companies had been combined as of May 1, 2020. The following unaudited pro forma financial information is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved as if the acquisition had taken place as of May 1, 2020. Schedule of Pro Forma Financial Information $ 2022 $ 2021 Twelve months ended April 30, 2022 2021 Revenue $ 2,621 $ 2,302 Net loss $ (18,413 ) $ (14,174 ) Basic and diluted net loss per share $ (0.34 ) $ (0.47 ) |
Operating Segments and Geograph
Operating Segments and Geographic Information | 12 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Operating Segments and Geographic Information | (19) Operating Segments and Geographic Information The Company’s business consists of one segment as the revenues associated with its different business lines are not material enough to justify segment reporting or to make it meaningful to investors, and our chief operating decision maker does not view the Company’s operations on a segment basis. The Company operates on a worldwide basis with one operating company in the U.S. and one operating subsidiary in the UK and one operating subsidiary which was discontinued during 2022 in Australia. Revenues and expenses are generally attributed to the operating unit that bills the customers. Geographic information is as follows: Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas Year Ended April 30, 2022 North & South Europe Asia and Total (in thousands) Revenues from external customers $ 1,633 $ 19 $ 107 $ 1,759 Net loss (18,732 ) (11 ) (131 ) (18,874 ) Long-lived assets 445 — — 445 Total assets 73,359 19 15 73,393 Year Ended April 30, 2021 North & South Europe Asia and Total (in thousands) Revenues from external customers $ 1,206 $ — $ — $ 1,206 Net loss (13,211 ) (359 ) (22 ) (13,592 ) Long-lived assets 406 — — 406 Total assets 86,085 19 273 86,377 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation | (a) Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries, Ocean Power Technologies Ltd. in the United Kingdom, and Ocean Power Technologies (Australasia) Pty Ltd. in Australia, which has been liquidated as of April 30, 2022. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | (b) Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include, among other items, stock-based compensation, valuations, purchase price allocations and contingent consideration related to business combinations, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets and the related amortization methods and periods, estimated hours to complete projects and percentage of completion of customer contracts for purposes of revenue recognition. Actual results could differ from those estimates. |
Business Combinations | (c) Business Combinations The Company accounts for business combinations in accordance with Financial Accounting and Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Business Combinations (Topic 805). |
Revenue Recognition | (d) Revenue Recognition A performance obligation is the unit of account for revenue recognition. The Company assesses the goods or services promised in a contract with a customer and identifies as a performance obligation either: a) a good or service (or a bundle of goods or services) that is distinct; or b) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer. A contract may contain a single or multiple performance obligations. For contracts with multiple performance obligations, the Company allocates the contracted transaction price to each performance obligation based upon the relative standalone selling price, which represents the price the Company would sell a promised good or service separately to a customer. The Company determines the standalone selling price based upon the facts and circumstances of each obligated good or service. The majority of the Company’s contracts have no observable standalone selling price since the associated products and services are customized to customer specifications. As such, the standalone selling price generally reflects the Company’s forecast of the total cost to satisfy the performance obligation plus an appropriate profit margin. The nature of the Company’s contracts may give rise to several types of variable considerations, including unpriced change orders and liquidated damages and penalties. Variable consideration can also arise from modifications to the scope of services. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on our assessment of legal enforceability, performance and any other information (historical, current, and forecasted) that is reasonably available to us. There was no variable consideration as of April 30, 2022 or 2021. The Company presents shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs rather than evaluating whether the shipping and handling activities are promised services to the customer. The Company recognizes revenue when or as it satisfies a performance obligation by transferring a good or service to a customer, either (1) at a point in time or (2) over time. A good or service is transferred when or as the customer obtains control. The evaluation of whether control of each performance obligation is transferred at a point in time or over time is made at contract inception. Input measures such as costs incurred or time elapsed are utilized to assess progress against specific contractual performance obligations for the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For the Company, the input method using costs incurred or labor hours best represents the measure of progress against the performance obligations incorporated within the contractual agreements. If estimated total costs on any contract project a loss, the Company charges the entire estimated loss to operations in the period the loss becomes known. The cumulative effect of revisions to revenue, estimated costs to complete contracts, including penalties, incentive awards, change orders, claims, anticipated losses, and others are recorded in the accounting period in which the events indicating a loss are known and the loss can be reasonably estimated. These loss projects are re-assessed for each subsequent reporting period until the project is complete. Such revisions could occur at any time and the effects may be material. The Company’s contracts are either cost plus or fixed price contracts. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee. Under cost plus contracts, a profit or loss on a project is recognized depending on whether actual costs are more or less than the agreed upon amount. The Company has two types of fixed price contracts, firm fixed price and cost-sharing. Under firm fixed price contracts, the Company receives an agreed-upon amount for providing products and services specified in the contract, a profit or loss is recognized depending on whether actual costs are more or less than the agreed upon amount. Under cost-sharing contracts, the fixed amount agreed upon with the customer is only intended to fund a portion of the costs on a specific project. Under cost sharing contracts, an amount corresponding to the revenue is recorded in cost of revenues, resulting in gross profit on these contracts of zero. The Company’s share of the costs is recorded as product development expense. The Company reports its disaggregation of revenue by contract type since this method best represents the Company’s business. For the twelve-month periods ended April 30, 2022 and 2021, all of the Company’s contracts were classified as firm fixed price. As of April 30, 2022, the Company’s total remaining performance obligations, also referred to as backlog, totaled $ 0.6 100 0.6 The Company also enters into lease arrangements for its PB3 PowerBuoy® (“PB3”) and Wave Adaptive Modular Vessels (“WAM-V ® The Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC Topic 842, “Leases”. The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term and is presented in Revenues in the Consolidated Statement of Operations. The lease income for the twelve months ended April 30, 2022 and 2021 was immaterial. |
Cash and Cash Equivalents, Restricted Cash, Security Agreements and Investments | (e) Cash and Cash Equivalents, Restricted Cash, Security Agreements and Investments Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company invests excess cash in a money market account. The following table summarizes cash and cash equivalents for the years ended April 30, 2022 and 2021: Schedule of Cash and Cash Equivalents April 30, 2022 April 30, 2021 (in thousands) Checking and savings accounts $ 1,815 $ 1,850 Money market account 6,070 81,178 $ 7,885 $ 83,028 Restricted Cash and Security Agreements The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $ 154,000 Santander also issued one letters of credit to subsidiaries of Enel Green Power (“EGP”) pursuant to the Company’s contracts with EGP. A letter of credit was issued in the amount of $ 645,000 323,000 258,000 65,000 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash and Cash Equivalents and Restricted Cash April 30, 2022 April 30, 2021 (in thousands) Cash and cash equivalents $ 7,885 $ 83,028 Restricted cash- short term 258 384 Restricted cash- long term 219 222 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 8,362 $ 83,634 Investments During fiscal 2022, the Company acquired approximately $ 49.4 million in investment securities through Charles Schwab Bank. All investment securities consist of corporate bonds, government agency bonds, or U.S. Treasury Notes and Bonds, are investment grade rated or better, and mature within 12 months. The Company has the means and intends to hold all investments to maturity, and as such are classified as held-to-maturity investments. The total recognized interest expense on the premium we paid for the bonds as of April 30, 2022 is approximately $ 60,000 on an amortized cost basis of approximately $ 0.3 million. Additionally, there has been no other than temporary impairment on these investments. The following table represents the fair value of the investments and unrealized gains/losses by class, which have been recorded at amortized costs as of April 30, 2022: Schedule of Investments and Unrealized Gains/Losses Category Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Net Unrealized Gains/(Losses) Held-to-Maturity Securities $ 49,384 $ 81 $ (414 ) $ 49,051 $ (333 ) |
Property and Equipment | (f) Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives ( three to seven years ) of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the remaining lease term. Expenses for maintenance and repairs are charged to operations as incurred. Property and equipment are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Schedule of Property, Plant and Equipment, Useful Life Description Estimated useful life Equipment 5 7 Computer equipment & software 3 Office furniture & fixtures 3 7 Equipment under capitalized lease Over the life of the lease Leasehold improvements Shorter of the estimated useful life or lease term |
Foreign Exchange Gains and Losses | (g) Foreign Exchange Gains and Losses The Company maintains cash accounts that are denominated in British pound sterling, Euros and Australian dollars. These amounts are included in cash, cash equivalents and restricted cash on the accompanying Consolidated Balance Sheets. Such positions may result in realized and unrealized foreign exchange gains or losses from exchange rate fluctuations, which are included in “Foreign exchange (loss)/gain” in the accompanying Consolidated Statements of Operations. |
Concentration of Credit Risk | (h) Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable, short term investments and cash. The Company believes that its credit risk is limited because the Company’s current contracts are with companies with a reliable payment history. The Company invests its excess cash in a money market fund and short term held-to maturity investment and does not believe that it is exposed to any significant risks related to its cash accounts, money market fund, or held-to maturity investments. Cash is also maintained at foreign financial institutions. Cash in foreign financial institutions as of April 30, 2022 was less than $ 0.1 The table below shows the percentage of the Company’s revenues derived from customers whose revenues accounted for at least 10% of the Company’s consolidated revenues for at least one of the periods indicated: Schedule of Revenue by Major Customers by Reporting Segments Customer 2022 2021 Twelve months ended April 30, Customer 2022 2021 Transocean Ltd. 15 % — % Valaris PLC 12 % — % Diamond Offshore Drilling, Inc. 11 % — % United States Department of Energy 11 % — % Enel Green Power Chile, LTDA 9 % 61 % Eni S.p.A. 1 % 22 % Other (no other customers over 10%) 41 % 17 % Revenues, percentage 100 % 100 % The loss of, or a significant reduction in revenues from a current customer could significantly impact the Company’s financial position or results of operations. The Company does not require its customers to provide collateral. |
Warrant Accounting | (i) Warrant Accounting The Company accounts for warrants issued in connection with its public offerings in accordance with the guidance FASB Topic “48 Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity” which provides that warrants meeting the classification of a liability award are recorded as a liability at its fair value. The warrant liabilities are subject to re-measurement at each balance sheet date using the Black-Scholes option pricing model. The Company recognizes any change in fair value in its Consolidated Statements of Operations. The Company will continue to adjust the carrying value of the warrants for changes in the estimated fair value until such time as these instruments are exercised or expire. At that time, the liabilities will be reclassified to “Additional paid-in capital”, a component of “Shareholders’ equity” on the Consolidated Balance Sheets. The pre-funded and common warrants issued in the Company’s April 8, 2019 public offering did not meet the criteria to be classified as a liability award and therefore were treated as an equity award. The Company has no warrants classified as liabilities as of April 30, 2022 and 2021. |
Net Loss per Common Share | (j) Net Loss per Common Share Basic and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents outstanding during the period. The pre-funded warrants were determined to be common stock equivalents and have been included in the weighted average number of shares outstanding for calculation of the basic earnings per share number. Due to the Company’s net losses, potentially dilutive securities, consisting of options to purchase shares of common stock, warrants on common stock and unvested restricted stock issued to employees and non-employee directors, were excluded from the diluted loss per share calculation due to their anti-dilutive effect. In computing diluted net loss per share on the Consolidated Statement of Operations, warrants on common stock, options to purchase shares of common stock and unvested restricted stock issued to employees and non-employee directors, totaling 6,353,422 5,163,020 |
Share-Based Compensation | (k) Share-Based Compensation Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The aggregate share-based compensation expense recorded in the Consolidated Statements of Operations for the years ended April 30, 2022 and 2021 was approximately $ 1.2 0.8 |
Intangibles | (l) Intangibles Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date (which is regarded as their cost) (See also Note 18). Intangible assets are amortized over the estimated useful life of the asset on a basis that approximates the pattern of economic benefit. The trade name and customer relationship intangible are being amortized over 12 10 Intangible assets are reviewed for impairment if indicators of potential impairment exist. There was no |
Goodwill | (m) Goodwill Goodwill is assessed for impairment using a qualitative or quantitative approach. Where the Company use a qualitative analysis, it considers factors that include historical financial performance, macroeconomic and industry conditions, and the legal and regulatory environment. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is performed. The quantitative assessment requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates and the selection of assumptions underlying a discount rate (weighted average cost of capital) based on market data available at the time to determine fair value of the Company. If the fair value is less than the carrying amount an impairment charge for the difference is recorded. The Company acquired goodwill as part of its purchase of MAR (Note 18). As this is the first year of the acquisition, no goodwill impairment assessment was completed however, the Company is not aware of potential triggering events that would cause an impairment analysis to be performed as of April 30, 2022. |
Income Taxes | (n) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and operating loss and tax credit carry forwards are expected to be recovered, settled or utilized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. If such event occurs, a valuation allowance is recorded. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that is greater than 50% |
Accumulated Other Comprehensive Loss | (o) Accumulated Other Comprehensive Loss The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The unrealized gains or losses resulting from such translation are included in Accumulated Other Comprehensive Loss within Shareholders’ Equity. In fiscal 2022 the Company liquidated its subsidiary, Ocean Power Technologies (Australasia) Pty Ltd. in Australia, resulting in a loss of approximately $ 0.2 |
Recently Issued Accounting Standards | (p) Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables. This update is intended to provide financial statement users with more decision-useful information about the expected credit losses. In November 2019, the FASB issued No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which deferred the effective date of ASU 2016-13 for Smaller Reporting Companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | Schedule of Cash and Cash Equivalents April 30, 2022 April 30, 2021 (in thousands) Checking and savings accounts $ 1,815 $ 1,850 Money market account 6,070 81,178 $ 7,885 $ 83,028 |
Schedule of Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash and Cash Equivalents and Restricted Cash April 30, 2022 April 30, 2021 (in thousands) Cash and cash equivalents $ 7,885 $ 83,028 Restricted cash- short term 258 384 Restricted cash- long term 219 222 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 8,362 $ 83,634 |
Schedule of Investments and Unrealized Gains/Losses | The following table represents the fair value of the investments and unrealized gains/losses by class, which have been recorded at amortized costs as of April 30, 2022: Schedule of Investments and Unrealized Gains/Losses Category Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Net Unrealized Gains/(Losses) Held-to-Maturity Securities $ 49,384 $ 81 $ (414 ) $ 49,051 $ (333 ) |
Schedule of Property, Plant and Equipment, Useful Life | Schedule of Property, Plant and Equipment, Useful Life Description Estimated useful life Equipment 5 7 Computer equipment & software 3 Office furniture & fixtures 3 7 Equipment under capitalized lease Over the life of the lease Leasehold improvements Shorter of the estimated useful life or lease term |
Schedule of Revenue by Major Customers by Reporting Segments | The table below shows the percentage of the Company’s revenues derived from customers whose revenues accounted for at least 10% of the Company’s consolidated revenues for at least one of the periods indicated: Schedule of Revenue by Major Customers by Reporting Segments Customer 2022 2021 Twelve months ended April 30, Customer 2022 2021 Transocean Ltd. 15 % — % Valaris PLC 12 % — % Diamond Offshore Drilling, Inc. 11 % — % United States Department of Energy 11 % — % Enel Green Power Chile, LTDA 9 % 61 % Eni S.p.A. 1 % 22 % Other (no other customers over 10%) 41 % 17 % Revenues, percentage 100 % 100 % |
Account Receivable, Contract _2
Account Receivable, Contract Assets, and Contract Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Account Receivable Contract Assets And Contract Liabilities | |
Schedule of Significant Changes in Contract assets and Contract Liabilities | Significant changes in the contract assets balances during the period are as follows: Schedule of Significant Changes in Contract assets and Contract Liabilities 2022 2021 Twelve months ended April 30, 2022 2021 (in thousands) Transferred to receivables from contract assets recognized at the beginning of the period $ (190 ) $ (251 ) Revenue recognized and not billed as of the end of the period 386 190 Net change in contract assets $ 196 $ (61 ) Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditioned on completing additional tasks or services for a performance obligation. The increase in contract assets is primarily a result of services performed relating to our project with MAR that was billed during the twelve months ended April 30, 2022. Contract Liabilities Significant changes in the contract liabilities balances during the period are as follows: 2022 2021 Twelve months ended April 30, 2022 2021 (in thousands) Revenue recognized that was included in the contract liabilities balance as of the beginning of the period $ — $ (159 ) Transferred to contract assets from contract liabilities recognized at the beginning of the period — (6 ) Contract liabilities obtained in acquisition on MAR (203 ) — Payments collected for which revenue has not been recognized 129 — Net change in contract liabilities $ (74 ) $ (165 ) |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The Company holds inventory related to the production of our WAM-V ® Schedule of Inventory April 30, 2022 April 30, 2021 (in thousands) Raw Materials $ 198 $ — Work in Process 244 — Inventory, net $ 442 $ — |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consist of the following at April 30, 2022 and 2021: Schedule of Other Current Assets April 30, 2022 April 30, 2021 (in thousands) Prepaid insurance $ 182 $ 194 Prepaid software & licenses 127 93 Prepaid sales & marketing 50 37 Prepaid recruiting — 12 Other receivables 24 21 Deposits — 68 Prepaid expenses- other 84 62 Total other current assets $ 467 $ 487 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Components of Property and Equipment | The components of property and equipment as of April 30, 2022 and 2021 consisted of the following: Schedule of Components of Property and Equipment April 30, 2022 April 30, 2021 (in thousands) Equipment $ 615 $ 291 Computer equipment & software 571 498 Office furniture & equipment 352 341 Leasehold improvements 477 474 Construction in process 15 15 Property and equipment, gross $ 2,030 $ 1,619 Less: accumulated depreciation (1,585 ) (1,213 ) Property and equipment, net $ 445 $ 406 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Leases | |
Schedule of Right-of Use Assets and Lease Liabilities | The components of lease expense in the Consolidated Statement of Operations for the twelve months ended April 30, 2022 and 2021 was as follows: Schedule of Operating Lease Costs 2022 2021 Twelve months ended April 30, 2022 2021 Operating lease cost $ 368 $ 330 Short-term lease cost 35 17 Total lease cost $ 403 $ 347 Information related to the Company’s right-of use assets and lease liabilities as of April 30, 2022 is as follows: Schedule of Right-of Use Assets and Lease Liabilities April 30, 2022 (in thousands) Operating lease: Operating right-of-use asset, net $ 752 Right-of-use liability- current 319 Right-of-use liability- long term 538 Total lease liability $ 857 Weighted average remaining lease term- operating leases 2.38 Weighted average discount rate- operating leases 8.3 % |
Schedule of Right-of Use Assets and Lease Liabilities | Information related to the Company’s right-of use assets and lease liabilities as of April 30, 2022 is as follows: Schedule of Right-of Use Assets and Lease Liabilities April 30, 2022 (in thousands) Operating lease: Operating right-of-use asset, net $ 752 Right-of-use liability- current 319 Right-of-use liability- long term 538 Total lease liability $ 857 Weighted average remaining lease term- operating leases 2.38 Weighted average discount rate- operating leases 8.3 % |
Schedule of Future Minimum Lease Payments Under Operating Lease | Total remaining lease payments under the Company’s operating leases are as follows: Schedule of Future Minimum Lease Payments Under Operating Lease April 30, 2022 (in thousands) 2023 $ 391 2024 362 2025 184 Total future minimum lease payments 937 Less imputed interest (80 ) Total $ 857 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at April 30, 2022 and 2021: Schedule of Accrued Expenses April 30, 2022 April 30, 2021 (in thousands) Project costs $ 59 $ 368 Contract loss reserve 328 328 Employee incentive payments 266 283 Accrued salary and benefits 60 631 Professional Fees 30 200 Other 134 71 Accrued expenses total $ 877 $ 1,881 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Stock Option Valuation Assumptions | Schedule of Stock Option Valuation Assumptions Twelve months ended April 30, 2022 2021 Risk-free interest rate 1.5 % 0.6 % Expected dividend yield 0.0 % 0.0 % Expected life (in years) 5.5 5.5 5.8 Expected volatility 121.9 % 136.5 % |
Schedule of Stock Option Activity | Schedule of Stock Option Activity Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Outstanding as of April 30, 2021 516,827 $ 3.89 9.0 Granted 793,850 $ 1.43 Exercised (45,332 ) $ 1.05 Cancelled/forfeited (153,183 ) $ 2.86 Expired (1,806 ) $ 32.62 Outstanding as of April 30, 2022 1,110,356 $ 2.34 9.2 Exercisable as of April 30, 2022 297,504 $ 4.65 7.8 |
Schedule of Non-vested Restricted Stock Activity | A summary of unvested restricted stock under our stock incentive plans is as follows: Schedule of Non-vested Restricted Stock Activity Number of Shares Weighted Average Price Issued and unvested at April 30, 2021 10,000 $ 2.93 Granted 827,764 $ 1.41 Vested (10,000 ) $ 2.93 Cancelled/forfeited — $ — Issued and unvested at April 30, 2022 827,764 $ 1.41 |
Performance Stock Options [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Stock Option Activity | A summary of performance stock options under our stock incentive plans is detailed in the following table. Schedule of Stock Option Activity Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Outstanding as of April 30, 2021 424,790 $ 2.57 9.5 Granted 66,667 $ 0.62 Exercised (40,668 ) $ 1 Cancelled/forfeited (240,667 ) $ 2.61 Outstanding as of April 30, 2022 210,122 $ 2.20 8.8 Exercisable as of April 30, 2022 — $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The Company determined these awards contain a market-based condition and estimated the fair value using the Monte Carlo simulation model with the following assumptions: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions Twelve months ended April 30, 2022 2021 Risk-free interest rate N/A 1.2 % Expected dividend yield N/A 0.0 Expected life (in years) N/A 10.0 Expected volatility N/A 76.0 136.5 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions April 30, 2022 April 30, 2021 Dividend rate N/A 0.0 % Risk-free rate N/A 0.01 0.02 % Expected life (years) N/A 0.2 0.6 Expected volatility N/A 1.498 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Loss Before Income Taxes | Loss before income taxes for the years ended April 30, 2022 and 2021 consisted of the following components: Schedule of Components of Loss Before Income Taxes April 30, 2022 April 30, 2021 (in thousands) Domestic $ (20,665 ) $ (14,392 ) Foreign (32 ) (368 ) Total loss before income taxes $ (20,697 ) $ (14,760 ) |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate differed from the percentages computed by applying the U.S. federal income tax rate for the periods ended April 30, 2022 and 2021 to loss before income taxes as a result of the following: Schedule of Effective Income Tax Rate Reconciliation April 30, 2022 April 30, 2021 Computed expected tax benefit (21.0 )% (21.0 )% Increase(reduction) in income taxes resulting from: State income taxes, net of federal benefit 5.2 % 6.8 % Federal research and development tax credits (0.6 )% (0.7 )% Foreign rate differential — % (1.3 )% Other non-deductible expenses (0.9 )% (0.6 )% Proceeds of sale of New Jersey tax benefits (7.0 )% — % Other 1.3 % 2.3 % Increase in valuation allowance 14.1 % 14.5 % Income tax (benefit) (8.9 )% — % |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences and carry forwards that give rise to the Company’s deferred tax assets and deferred tax liabilities are presented below. Schedule of Deferred Tax Assets and Liabilities April 30, 2022 April 30, 2021 (in thousands) Deferred tax assets: Federal net operating loss carryforwards $ 40,338 $ 36,340 Foreign net operating loss carryforwards 2,061 4,064 State operating loss carryforwards 968 581 Federal and New Jersey research and development tax credits 4,167 3,303 Stock compensation 429 346 Accrued expenses 79 158 Other (445 ) 545 Net deferred tax assets before valuation allowance $ 47,597 $ 45,337 Valuation allowance $ (47,597 ) (45,091 ) Deferred tax assets $ — $ 246 Deferred tax liability: Other liability $ 203 $ 246 Net deferred tax assets (liabilities) $ (203 ) $ — |
Acquisition of Marine Advance_2
Acquisition of Marine Advanced Robotics, Inc. (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Combination Purchase Consideration | Purchase consideration consisted of the following: Schedule of Business Combination Purchase Consideration (in thousands) Cash $ 4,000 Advance payable - MAR 456 Fair value of restricted shares 5,855 Fair value of contingent consideration 1,591 Total consideration $ 11,902 |
Schedule Of Preliminary Allocation of Fair Value Assumptions | Schedule Of Preliminary Allocation of Fair Value Assumptions (in thousands) Total Purchase Consideration $ 11,902 Cash 12 Inventory 150 Property and equipment, net 38 Trademarks 2,755 Patents 1,193 Goodwill 8,537 Contract liabilities acquired (203) Deferred income tax liability (580) Net asset acquired $ 11,902 |
Schedule of Pro Forma Financial Information | Schedule of Pro Forma Financial Information $ 2022 $ 2021 Twelve months ended April 30, 2022 2021 Revenue $ 2,621 $ 2,302 Net loss $ (18,413 ) $ (14,174 ) Basic and diluted net loss per share $ (0.34 ) $ (0.47 ) |
Operating Segments and Geogra_2
Operating Segments and Geographic Information (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas Year Ended April 30, 2022 North & South Europe Asia and Total (in thousands) Revenues from external customers $ 1,633 $ 19 $ 107 $ 1,759 Net loss (18,732 ) (11 ) (131 ) (18,874 ) Long-lived assets 445 — — 445 Total assets 73,359 19 15 73,393 Year Ended April 30, 2021 North & South Europe Asia and Total (in thousands) Revenues from external customers $ 1,206 $ — $ — $ 1,206 Net loss (13,211 ) (359 ) (22 ) (13,592 ) Long-lived assets 406 — — 406 Total assets 86,085 19 273 86,377 |
Background and Liquidity (Detai
Background and Liquidity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Apr. 30, 2022 | Dec. 23, 2020 | Nov. 20, 2020 | Sep. 18, 2020 | Oct. 24, 2019 | Apr. 08, 2019 | Jan. 07, 2019 | Apr. 30, 2022 | Apr. 30, 2021 | |
Property, Plant and Equipment [Line Items] | |||||||||
Net Income (Loss) Attributable to Parent | $ 18,874 | $ 14,760 | |||||||
Net Cash Provided by (Used in) Operating Activities | 21,296 | 11,674 | |||||||
Cash | $ 7,900 | 7,900 | |||||||
Short-Term Investments | $ 49,384 | 49,384 | |||||||
Proceeds from initial public offering | $ 66,166 | ||||||||
Number of common stock shares sold | 1,542,000 | ||||||||
Deferred Offering Costs | $ 100,000 | ||||||||
Alliance Global Partners [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of common stock shares sold | 12,342,506 | ||||||||
Proceeds from issuance or sale of equity, net of issuance costs | $ 18,700 | ||||||||
Combined purchase price per share | $ 1.51 | ||||||||
2019 ATM Facility [Member] | Alliance Global Partners [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from initial public offering | $ 25,000 | ||||||||
Number of common stock shares sold | 17,595,472 | ||||||||
Proceeds from issuance or sale of equity, net of issuance costs | $ 23,400 | ||||||||
Combined purchase price per share | $ 1.33 | ||||||||
Payment of sales commission | $ 800 | ||||||||
2020 ATM Facility [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from issuance or sale of equity, net of issuance costs | 75,000 | ||||||||
Payment of sales commission | $ 25,000 | ||||||||
2020 ATM Facility [Member] | Alliance Global Partners [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of common stock shares sold | 17,179,883 | 17,179,883 | |||||||
Proceeds from issuance or sale of equity, net of issuance costs | $ 50,000 | ||||||||
Combined purchase price per share | $ 2.91 | $ 2.91 | $ 2.91 | ||||||
Payment of sales commission | $ 1,600 | ||||||||
Proceeds from initial public offering | $ 50,000 | ||||||||
2020 ATM Facility [Member] | Alliance Global Partners [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Aggregate purchase of common stock | $ 100,000 | ||||||||
Stock Purchase Agreement [Member] | Aspire Capital Fund, LLC [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of common stock shares sold | 3,722,251 | 6,424,205 | |||||||
Proceeds from issuance or sale of equity, net of issuance costs | $ 11,800 | $ 4,000 | |||||||
Combined purchase price per share | $ 3.17 | $ 0.63 | $ 3.17 | ||||||
Aggregate purchase of common stock | $ 12,500 | ||||||||
Percentage of outstanding common stock | 19.99% | 19.99% | |||||||
Shares can be issued based upon outstanding percentage | 3,722,251 | ||||||||
Additional sales of common stock shares sold | 9,864,706 | ||||||||
Proceeds from issuance or sale of equity, net of issuance costs | $ 1,000 | ||||||||
Stock Purchase Agreement [Member] | Aspire Capital Fund, LLC [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Aggregate purchase of common stock | $ 10,000 | ||||||||
Stock Purchase Agreement One [Member] | Aspire Capital Fund, LLC [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of common stock shares sold | 5,025,000 | ||||||||
Proceeds from issuance or sale of equity, net of issuance costs | $ 2,900 | ||||||||
Combined purchase price per share | $ 0.57 | $ 0.57 | |||||||
Management [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Net Income (Loss) Attributable to Parent | $ 18,900 | $ 14,800 | |||||||
Net Cash Provided by (Used in) Operating Activities | $ 21,400 | $ 11,700 |
Schedule of Cash and Cash Equiv
Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 7,885 | $ 83,028 |
Checking and Savings Accounts [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 1,815 | 1,850 |
Money Market Funds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 6,070 | $ 81,178 |
Schedule of Cash and Cash Equ_2
Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Accounting Policies [Abstract] | ||
Cash and cash equivalents | $ 7,885 | $ 83,028 |
Restricted cash- short term | 258 | 384 |
Restricted cash- long term | 219 | 222 |
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ 8,362 | $ 83,634 |
Schedule of Investments and Unr
Schedule of Investments and Unrealized Gains/Losses (Details) $ in Thousands | 12 Months Ended |
Apr. 30, 2022 USD ($) | |
Accounting Policies [Abstract] | |
Cost or Amortized Cost | $ 49,384 |
Gross Unrealized Gains | 81 |
Gross Unrealized Losses | (414) |
Estimated Fair Value | 49,051 |
Net Unrealized Gains/(Losses) | $ (333) |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment, Useful Life (Details) | 12 Months Ended |
Apr. 30, 2022 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 3 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 7 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 5 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 7 years |
Computer Equipment & Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 3 years |
Office Furniture & Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 3 years |
Office Furniture & Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 7 years |
Equipment Under Capitalized Lease [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | Over the life of the lease |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | Shorter of the estimated useful life or lease term |
Schedule of Revenue by Major Cu
Schedule of Revenue by Major Customers by Reporting Segments (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Transocean Ltd [Member] | ||
Product Information [Line Items] | ||
Revenues, percentage | 15% | |
Valaris PLC [Member] | ||
Product Information [Line Items] | ||
Revenues, percentage | 12% | |
Diamond Offshore Drilling Inc [Member] | ||
Product Information [Line Items] | ||
Revenues, percentage | 11% | |
Department of Energy [Member] | ||
Product Information [Line Items] | ||
Revenues, percentage | 11% | |
Enel Green Power Chile LTDA [Member] | ||
Product Information [Line Items] | ||
Revenues, percentage | 9% | 61% |
Eni SPA [Member] | ||
Product Information [Line Items] | ||
Revenues, percentage | 1% | 22% |
Other [Member] | ||
Product Information [Line Items] | ||
Revenues, percentage | 41% | 17% |
Customers [Member] | ||
Product Information [Line Items] | ||
Revenues, percentage | 100% | 100% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Aug. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Revenue remaining performance obligation | $ 600,000 | ||
Revenue remaining performance obligation, percentage | 100% | ||
Alternative Investment | $ 49,400,000 | ||
Investment Income, Net, Amortization of Discount and Premium | 60,000 | ||
Investment Owned, at Cost | 300,000 | ||
Cash and Cash Equivalents, at Carrying Value | $ 7,885,000 | $ 83,028,000 | |
Antidilutive securities excluded from computation of earnings per share, amount | 6,353,422 | 5,163,020 | |
Share based compensation | $ 1,200,000 | $ 800,000 | |
Impairment of intangible assets | $ 0 | ||
Income tax likely percentage description | greater than 50% | ||
Liquidation of Subsidiary | $ 157,000 | ||
AUSTRALIA | |||
Property, Plant and Equipment [Line Items] | |||
Liquidation of Subsidiary | $ 200,000 | ||
Trade Names [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Intangible asset estimated lives | 12 years | ||
Customer Relationships [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Intangible asset estimated lives | 10 years | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Santander Bank [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Letters of credit issued amount | $ 65,000 | ||
Santander Bank [Member] | Letter 2 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Letters of credit issued amount | 258,000 | ||
Santander Bank [Member] | Letter 2 [Member] | August 2020 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 323,000 | ||
Foreign Financial Institutions [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cash and Cash Equivalents, at Carrying Value | 100,000 | ||
Restricted Cash and Security Agreements [Member] | Santander Bank [Member] | Letter of Credit [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Deposits | $ 154,000 | ||
Restricted Cash and Security Agreements [Member] | Santander Bank [Member] | Letter 1 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 645,000 |
Schedule of Significant Changes
Schedule of Significant Changes in Contract assets and Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Account Receivable Contract Assets And Contract Liabilities | ||
Transferred to receivables from contract assets recognized at the beginning of the period | $ (190) | $ (251) |
Revenue recognized and not billed as of the end of the period | 386 | 190 |
Net change in contract assets | 196 | (61) |
Revenue recognized that was included in the contract liabilities balance as of the beginning of the period | (159) | |
Transferred to contract assets from contract liabilities recognized at the beginning of the period | (6) | |
Contract liabilities obtained in acquisition on MAR | (203) | |
Payments collected for which revenue has not been recognized | 129 | |
Net change in contract liabilities | $ (74) | $ (165) |
Schedule of Inventory (Details)
Schedule of Inventory (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 198 | |
Work in Process | 244 | |
Inventory, net | $ 442 |
Schedule of Other Current Asset
Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $ 182 | $ 194 |
Prepaid software & licenses | 127 | 93 |
Prepaid sales & marketing | 50 | 37 |
Prepaid recruiting | 12 | |
Other receivables | 24 | 21 |
Deposits | 68 | |
Prepaid expenses- other | 84 | 62 |
Total other current assets | $ 467 | $ 487 |
Schedule of Components of Prope
Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,030 | $ 1,619 |
Less: accumulated depreciation | (1,585) | (1,213) |
Property and equipment, net | 445 | 406 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 615 | 291 |
Computer Equipment & Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 571 | 498 |
Office Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 352 | 341 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 477 | 474 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 15 | $ 15 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 0.1 | $ 0.1 |
Schedule of Right-of Use Assets
Schedule of Right-of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Leases | ||
Operating lease cost | $ 368 | $ 330 |
Short-term lease cost | 35 | 17 |
Total lease cost | 403 | 347 |
Operating right-of-use asset, net | 752 | 1,036 |
Right-of-use liability- current | 319 | 347 |
Right-of-use liability- long term | 538 | $ 819 |
Total lease liability | $ 857 | |
Weighted average remaining lease term- operating leases | 2 years 4 months 17 days | |
Weighted average discount rate- operating leases | 8.30% |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments Under Operating Lease (Details) $ in Thousands | Apr. 30, 2022 USD ($) |
Leases | |
2023 | $ 391 |
2024 | 362 |
2025 | 184 |
Total future minimum lease payments | 937 |
Less imputed interest | (80) |
Total | $ 857 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Operating lease payments | $ 0.4 | $ 0.3 |
3Dent Acquisition [Member] | ||
Lessee, operating lease, option to extend | expire in January of 2023 | |
Lessee, operating lease, term of contract | 3 years | |
Lease Expiration Date | Jun. 30, 2022 | |
Monroe Township [Member] | ||
Lessee, operating lease, option to extend | The initial lease term is for seven years which expires in November of 2024 with an option to extend the lease for another five years. | |
Lessee, operating lease, term of contract | 7 years |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Payables and Accruals [Abstract] | ||
Project costs | $ 59 | $ 368 |
Contract loss reserve | 328 | 328 |
Employee incentive payments | 266 | 283 |
Accrued salary and benefits | 60 | 631 |
Professional Fees | 30 | 200 |
Other | 134 | 71 |
Accrued expenses total | $ 877 | $ 1,881 |
Warrants (Details Narrative)
Warrants (Details Narrative) - $ / shares | Apr. 08, 2019 | Jul. 22, 2016 | Jun. 02, 2016 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of common stock shares sold | 1,542,000 | ||
Pre-funded Warrants [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Purchase of warrants | 3,385,680 | ||
Exercise price of warrants | $ 0.01 | ||
Common Warrants [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Purchase of warrants | 4,927,680 | ||
Exercise price of warrants | $ 3.85 | ||
Warrants and rights outstanding, term | 5 years | ||
June Purchase Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of common stock shares sold | 20,850 | ||
Purchase of warrants | 7,298 | ||
Purchase of common stock warrants | 0.35 | ||
Common stock combined purchase price per share | $ 92 | ||
Exercise price of warrants | $ 121.60 | ||
Warrants and Rights Outstanding, Maturity Date | Dec. 03, 2021 | ||
Warrants and rights outstanding, term | 5 years | ||
Number of exercised warrants | 0 | ||
Second Amended Purchase Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of common stock shares sold | 29,750 | ||
Purchase of warrants | 8,925 | ||
Purchase of common stock warrants | 0.30 | ||
Common stock combined purchase price per share | $ 135 | ||
Exercise price of warrants | $ 187.20 | ||
Warrants and Rights Outstanding, Maturity Date | Jan. 23, 2022 | ||
Warrants and rights outstanding, term | 5 years | ||
Number of exercised warrants | 0 |
Paycheck Protection Program L_2
Paycheck Protection Program Loan (Details Narrative) - Paycheck Protection Program [Member] - USD ($) | 12 Months Ended | |
May 03, 2020 | Apr. 30, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Proceeds from loan originations | $ 890,000 | |
Debt forgiveness, description | The Company filed its loan forgiveness application at the end of February 2021 asking for 100% forgiveness of the loan. In June 2021, the Company was informed that its application was approved, and that the loan has now been fully forgiven. The Company recognized a gain on forgiveness of PPP loan of approximately $890,000 during the year ended April 30, 2022 as reflected on the Consolidated Statement of Operations. | |
Debt interest rate | 100% | |
Repayments of long-term debt | $ 890,000 |
Preferred Stock (Details Narrat
Preferred Stock (Details Narrative) - $ / shares | Apr. 30, 2022 | Apr. 30, 2021 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Dec. 23, 2020 | Nov. 20, 2020 | Sep. 18, 2020 | Oct. 24, 2019 | Apr. 08, 2019 | Jan. 07, 2019 | Jan. 31, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||||
Common stock, shares issued | 55,905,213 | 52,479,051 | |||||||
Number of common stock shares sold | 1,542,000 | ||||||||
Alliance Global Partners [Member] | |||||||||
Number of common stock shares sold | 12,342,506 | ||||||||
Proceeds from issuance or sale of equity, net of issuance costs | $ 18.7 | ||||||||
Combined purchase price per share | $ 1.51 | ||||||||
2019 ATM Facility [Member] | Alliance Global Partners [Member] | |||||||||
Aggregate offering price | $ 25 | ||||||||
Number of common stock shares sold | 17,595,472 | ||||||||
Proceeds from issuance or sale of equity, net of issuance costs | $ 23.4 | ||||||||
Combined purchase price per share | $ 1.33 | ||||||||
Payment of sales commission | $ 0.8 | ||||||||
2020 ATM Facility [Member] | |||||||||
Proceeds from issuance or sale of equity, net of issuance costs | $ 75 | ||||||||
Payment of sales commission | 25 | ||||||||
2020 ATM Facility [Member] | Alliance Global Partners [Member] | |||||||||
Aggregate offering price | $ 50 | $ 50 | |||||||
Number of common stock shares sold | 17,179,883 | 17,179,883 | |||||||
Proceeds from issuance or sale of equity, net of issuance costs | $ 50 | ||||||||
Combined purchase price per share | $ 2.91 | $ 2.91 | |||||||
Payment of sales commission | $ 1.6 | ||||||||
2020 ATM Facility [Member] | Alliance Global Partners [Member] | Maximum [Member] | |||||||||
Aggregate purchase of common stock | $ 100 | ||||||||
Common Stock Purchase Agreement [Member] | Aspire Capital Fund, LLC [Member] | |||||||||
Number of common stock shares sold | 6,424,205 | 3,722,251 | 5,025,000 | ||||||
Proceeds from issuance or sale of equity, net of issuance costs | $ 4 | $ 11.8 | $ 2.9 | ||||||
Combined purchase price per share | $ 0.63 | $ 3.17 | $ 0.57 | ||||||
Aggregate purchase of common stock | $ 12.5 | ||||||||
[custom:PercentageOfOutstandingCommonStockLimitForShareholderApproval] | 19.99% | 19.99% | |||||||
[custom:StockIssuedDuringPeriodSharesCanBeIssuedBasedUponOutstandingPercentage] | 3,722,251 | ||||||||
[custom:NumberOfAdditionalSharesThatCanBeIssuedUponShareholderApproval] | 9,864,706 | ||||||||
[custom:SaleOfStockConsiderationReceivedPerTransactionRemaining] | $ 1 | ||||||||
Common Stock Purchase Agreement [Member] | Aspire Capital Fund, LLC [Member] | Maximum [Member] | |||||||||
Aggregate purchase of common stock | $ 10 |
Treasury Shares (Details Narrat
Treasury Shares (Details Narrative) - shares | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Equity [Abstract] | ||
Treasury stock, shares, acquired | 2,312 | 16,789 |
Schedule of Stock Option Valuat
Schedule of Stock Option Valuation Assumptions (Details) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected dividend yield | 0% | |
Expected volatility | 1.498% | |
Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate | 0.01% | |
Expected life (in years) | 2 months 12 days | |
Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate | 0.02% | |
Expected life (in years) | 7 months 6 days | |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate | 1.50% | 0.60% |
Expected dividend yield | 0% | 0% |
Expected life (in years) | 5 years 6 months | |
Expected volatility | 121.90% | 136.50% |
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected life (in years) | 5 years 6 months | |
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected life (in years) | 5 years 9 months 18 days |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) | 12 Months Ended |
Apr. 30, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Shares underlying options outstanding, beginning | shares | 516,827 |
Weighted average exercise price, beginning balance | $ 3.89 |
Weighted Average Remaining Contractual Term (In Years), Beginning | 9 years |
Shares underlying options outstanding, granted | shares | 793,850 |
Weighted Average Exercise Price, Granted | $ 1.43 |
Shares Underlying Options Outstanding, Exercised | shares | (45,332) |
Weighted Average Exercise Price, Exercised | $ 1.05 |
Shares Underlying Options Outstanding, Cancelled/forfeited | shares | (153,183) |
Weighted Average Exercise Price, Cancelled/forfeited | $ 2.86 |
Shares underlying options outstanding, expired | shares | (1,806) |
Weighted average exercise price, expired | $ 32.62 |
Shares underlying options outstanding, ending | shares | 1,110,356 |
Weighted average exercise price, ending balance | $ 2.34 |
Weighted Average Remaining Contractual Term (In Years), Ending | 9 years 2 months 12 days |
Shares Underlying Options Outstanding, Exercisable at Ending | shares | 297,504 |
Weighted average exercise price, exercisable at ending | $ 4.65 |
Weighted average remaining contractual term (in years), exercisable at ending | 7 years 9 months 18 days |
Weighted Average Exercise Price, Exercisable | $ 4.65 |
Performance Stock Options [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Shares underlying options outstanding, beginning | shares | 424,790 |
Weighted average exercise price, beginning balance | $ 2.57 |
Weighted Average Remaining Contractual Term (In Years), Beginning | 9 years 6 months |
Shares underlying options outstanding, granted | shares | 66,667 |
Weighted Average Exercise Price, Granted | $ 0.62 |
Shares Underlying Options Outstanding, Exercised | shares | (40,668) |
Weighted Average Exercise Price, Exercised | $ 1 |
Shares Underlying Options Outstanding, Cancelled/forfeited | shares | (240,667) |
Weighted Average Exercise Price, Cancelled/forfeited | $ 2.61 |
Shares underlying options outstanding, ending | shares | 210,122 |
Weighted average exercise price, ending balance | $ 2.20 |
Weighted Average Remaining Contractual Term (In Years), Ending | 8 years 9 months 18 days |
Shares Underlying Options Outstanding, Exercisable at Ending | shares | |
Weighted average exercise price, exercisable at ending | |
Weighted Average Exercise Price, Exercisable |
Schedule of Share-based Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 12 Months Ended |
Apr. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Dividend rate | 0% |
Expected volatility | 1.498% |
Minimum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Risk-free interest rate | 0.01% |
Expected life (in years) | 2 months 12 days |
Maximum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Risk-free interest rate | 0.02% |
Expected life (in years) | 7 months 6 days |
Performance Stock Options [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Risk-free interest rate | 1.20% |
Dividend rate | 0% |
Expected life (in years) | 10 years |
Performance Stock Options [Member] | Minimum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Expected volatility | 76% |
Performance Stock Options [Member] | Maximum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Expected volatility | 136.50% |
Schedule of Non-vested Restrict
Schedule of Non-vested Restricted Stock Activity (Details) - $ / shares | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Shares, Granted | 827,764 | 10,000 |
Non-vested Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Shares, Issued and unvested, Beginning | 10,000 | |
Weighted Average Price per Share, Issued and Unvested, Beginning | $ 2.93 | |
Number of Shares, Granted | 827,764 | |
Weighted Average Price per Share, Granted | $ 1.41 | |
Number of Shares, Vested | (10,000) | |
Weighted Average Price per Share, Vested | $ 2.93 | |
Number of Shares, Cancelled/forfeited | ||
Weighted Average Price per Share, Cancelled/forfeited | ||
Number of Shares, Issued and Unvested, Ending | 827,764 | 10,000 |
Weighted Average Price per Share, Issued and Unvested, Ending | $ 1.41 | $ 2.93 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2021 | Jan. 31, 2020 | Apr. 30, 2022 | Apr. 30, 2021 | Feb. 09, 2022 | Feb. 08, 2022 | Jan. 18, 2018 | Dec. 31, 2015 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based compensation options, grants in period, gross | 793,850 | |||||||
Weighted average per share fair value | $ 1.11 | $ 2.63 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 827,764 | 10,000 | ||||||
Performance-based Stock Options [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based compensation weighted average per share fair value | $ 2.09 | |||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based compensation options, grants in period, gross | 793,850 | 248,876 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 300,000 | ||||||
Options unvested | 813,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 9 years 8 months 12 days | |||||||
Share-based payment arrangement, expense | $ 300,000 | 400,000 | ||||||
Non-vested Stock [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost related to non-vested stock | $ 800,000 | |||||||
Share-based compensation of weighted-average period | 2 years 6 months | |||||||
Performance Stock Options [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based compensation options, grants in period, gross | 66,667 | |||||||
Shares vested and outstanding | 40,666 | |||||||
Debt expire date | Dec. 15, 2021 | |||||||
Performance Shares [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | 100,000 | ||||||
Options unvested | 210,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 8 years 9 months 18 days | |||||||
Share-based payment arrangement, expense | $ 100,000 | 100,000 | ||||||
Unrecognized compensation cost related to non-vested stock | $ 200,000 | |||||||
Share-based compensation of weighted-average period | 10 months 24 days | |||||||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedOutstandingIntrinsicValue-0] | $ 29,000 | |||||||
Restricted Stock [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based payment arrangement, expense | $ 242,000 | $ 49,000 | ||||||
Share-based compensation of weighted-average period | 1 year 10 months 24 days | |||||||
Unrecognized compensation cost | $ 900,000 | |||||||
Two Executives [Member] | Performance Stock Options [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based compensation options, grants in period, gross | 81,337 | |||||||
Employees and Executives [Member] | Performance Stock Options [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based compensation options, grants in period, gross | 344,723 | 343,456 | ||||||
Stock options vesting period description | The awards vest over 2 years provided there is positive total shareholder return (e.g. share price increase) as measured to the closing share price on January 14, 2022 and January 14, 2023. | |||||||
2015 Omnibus Incentive Plan [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based compensation arrangement shares authorized | 1,332,036 | |||||||
2015 Omnibus Incentive Plan [Member] | Chief Executive Officer [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Capital shares reserved for future issuance | 696,627 | |||||||
2018 Inducement Plan [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based compensation arrangement shares authorized | 275,000 | 250,000 | ||||||
Capital shares reserved for future issuance | 11,487 | 25,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) | Apr. 30, 2022 | Nov. 15, 2021 | Apr. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | $ 49,000,000 | $ 0 | |
Fair value on a recurring basis | $ 0 | ||
Business Combination, Contingent Consideration, Liability | $ 1,600,000 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | $ 1,600,000 |
Schedule of Components of Loss
Schedule of Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ (20,665) | $ (14,392) |
Foreign | (32) | (368) |
Loss before income taxes | $ (20,697) | $ (14,760) |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Computed expected tax benefit | (21.00%) | (21.00%) |
State income taxes, net of federal benefit | 5.20% | 6.80% |
Federal research and development tax credits | (0.60%) | (0.70%) |
Foreign rate differential | (1.30%) | |
Other non-deductible expenses | (0.90%) | (0.60%) |
Proceeds of sale of New Jersey tax benefits | (7.00%) | |
Other | 1.30% | 2.30% |
Increase in valuation allowance | 14.10% | 14.50% |
Income tax (benefit) | (8.90%) |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Income Tax Disclosure [Abstract] | ||
Federal net operating loss carryforwards | $ 40,338 | $ 36,340 |
Foreign net operating loss carryforwards | 2,061 | 4,064 |
State operating loss carryforwards | 968 | 581 |
Federal and New Jersey research and development tax credits | 4,167 | 3,303 |
Stock compensation | 429 | 346 |
Accrued expenses | 79 | 158 |
Other | (445) | 545 |
Net deferred tax assets before valuation allowance | 47,597 | 45,337 |
Valuation allowance | (47,597) | (45,091) |
Deferred tax assets | 246 | |
Other liability | 203 | 246 |
Net deferred tax assets (liabilities) | $ (203) |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
May 31, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Income tax benefit | $ (1,823) | ||
Deferred tax assets, valuation allowance | 47,597 | 45,091 | |
Increase (decrease) in valuation allowance | 2,500 | 2,700 | |
Net operating loss carry forwards | $ 191,400 | ||
Operating loss carryforwards, expiration description | begin to expire in fiscal 2023; | ||
Net operating loss subject to no expiration | $ 56,200 | ||
Operating loss carryforwards, expiration description | the deductibility of such federal net operating losses may be limited to 80% of our taxable income in future years. | ||
Proceed from sale of loss carryforwards and tax credits | $ 1,400 | ||
Operating Income (Loss) | $ (21,613) | (13,592) | |
Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Income (Loss) | 4,600 | ||
US Employees [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Income (Loss) | 20,000 | ||
New Jersey Division of Taxation [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax benefit | 400 | 1,000 | |
Net operating loss carry forwards | $ 4,000 | $ 12,000 | |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards, expiration description | begin to expire in 2041, which also may be limited to utilization limitations. | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carry forwards | $ 10,900 | ||
Research and Development Expense [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carry forwards | 3,300 | ||
Marine Advanced Robotics, Inc. [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax benefit | $ 400 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | May 24, 2021 USD ($) | Jan. 25, 2021 EUR (€) | Aug. 28, 2018 USD ($) | Apr. 30, 2022 USD ($) |
Tax Authority, Spain [Member] | ||||
Loss Contingencies [Line Items] | ||||
Payment of tax on damages | € | € 279,870 | |||
Selling, General and Administrative Expenses [Member] | Tax Authority, Spain [Member] | ||||
Loss Contingencies [Line Items] | ||||
Income tax penalties | € 279,870 | $ 331,000 | ||
Charles F. Dunleavy [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, damages sought, value | $ | $ 1,223,963 | $ 438,255 |
Schedule of Business Combinatio
Schedule of Business Combination Purchase Consideration (Details) | Nov. 15, 2021 USD ($) |
Business Acquisition [Line Items] | |
Advance payable - MAR | $ 456,000 |
Marine Advanced Robotics, Inc. [Member] | |
Business Acquisition [Line Items] | |
Cash | 4,000,000 |
Advance payable - MAR | 456,000 |
Fair value of restricted shares | 5,855,000 |
Fair value of contingent consideration | 1,591,000 |
Total consideration | $ 11,902,000 |
Schedule Of Preliminary Allocat
Schedule Of Preliminary Allocation of Fair Value Assumptions (Details) - USD ($) $ in Thousands | Nov. 15, 2021 | Apr. 30, 2022 | Apr. 30, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 8,537 | ||
Marine Advanced Robotics, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Total Purchase Consideration | $ 11,902 | ||
Cash | 12 | ||
Inventory | 150 | ||
Property and equipment, net | 38 | ||
Trademarks | 2,755 | ||
Patents | 1,193 | ||
Goodwill | 8,537 | ||
Contract liabilities acquired | (203) | ||
Deferred income tax liability | (580) | ||
Net asset acquired | $ 11,902 |
Schedule of Pro Forma Financial
Schedule of Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | ||
Revenue | $ 2,621 | $ 2,302 |
Net loss | $ (18,413) | $ (14,174) |
Basic and diluted net loss per share | $ (0.34) | $ (0.47) |
Acquisition of Marine Advance_3
Acquisition of Marine Advanced Robotics, Inc. (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Nov. 15, 2021 | Apr. 30, 2022 | Apr. 30, 2022 | |
Business Acquisition [Line Items] | |||
Acquisition related costs | $ 300,000 | ||
Liability assumed | 456,000 | ||
Business combination contingent consideration | 1,600,000 | ||
Business combination maximum earnout amount | 1,500,000 | ||
Total consideration | 11,900,000 | ||
Intangible assets acquired | $ 3,900,000 | ||
Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Business combination maximum earnout amount | $ 2,000,000 | ||
Revenue discount percentage | 14.50% | ||
Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Revenue discount percentage | 5.80% | ||
Marine Advanced Robotics, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration | $ 4,000,000 | ||
Liability assumed | $ 456,000 | ||
Increase in goodwill | $ 580,000 | ||
Marine Advanced Robotics, Inc. [Member] | Restricted Stock [Member] | |||
Business Acquisition [Line Items] | |||
Shares issued | 3,330,162 | ||
Business acquisition value | $ 5,900,000 | ||
Business Acquisition, Share Price | $ 2.10 |
Schedule of Revenue from Extern
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from external customers | $ 1,759 | $ 1,206 |
Net loss | (18,874) | (14,760) |
Total assets | 73,393 | 86,377 |
Operating Segment [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from external customers | 1,759 | 1,206 |
Net loss | (18,874) | (13,592) |
Long-lived assets | 445 | 406 |
Total assets | 73,393 | 86,377 |
North America [Member] | Operating Segment [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from external customers | 1,633 | 1,206 |
Net loss | (18,732) | (13,211) |
Long-lived assets | 445 | 406 |
Total assets | 73,359 | 86,085 |
Europe [Member] | Operating Segment [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from external customers | 19 | |
Net loss | (11) | (359) |
Long-lived assets | ||
Total assets | 19 | 19 |
Asia and Australia [Member] | Operating Segment [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from external customers | 107 | |
Net loss | (131) | (22) |
Long-lived assets | ||
Total assets | $ 15 | $ 273 |