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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jan. 31, 2019	Mar. 05, 2019
Document And Entity Information
Entity Registrant Name	Ocean Power Technologies, Inc.
Entity Central Index Key	0001378140
Document Type	10-Q
Document Period End Date	Jan. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		22,726,006
Trading Symbol	OPTT
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2019	Apr. 30, 2018
Current assets:
Cash and cash equivalents	$ 2,220	$ 11,499
Marketable securities		25
Restricted cash- short-term	353	572
Accounts receivable	66	171
Unbilled receivables		71
Contract assets	85
Litigation receivable		350
Other current assets	1,066	567
Total current assets	3,790	13,255
Property and equipment, net	632	712
Restricted cash- long-term	155	154
Total assets	4,577	14,121
Current liabilities:
Accounts payable	173	290
Accrued expenses	2,533	2,261
Litigation payable		350
Unearned revenue		18
Contract liabilities	256
Warrant liabilities	18	201
Current portion of capital lease obligations	1	23
Deferred credits payable current		600
Total current liabilities	2,981	3,743
Deferred rent	147	142
Total liabilities	3,128	3,885
Commitments and contingencies
Ocean Power Technologies, Inc. stockholders' 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 20,390,109 and 18,424,939 shares, respectively	20	18
Treasury stock, at cost; 75,782 and 74,012 shares, respectively	(301)	(300)
Additional paid-in capital	209,173	208,216
Accumulated deficit	(207,279)	(197,538)
Accumulated other comprehensive loss	(164)	(160)
Total stockholders' equity	1,449	10,236
Total liabilities and stockholders' equity	$ 4,577	$ 14,121

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2019	Apr. 30, 2018
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
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	20,390,109	18,424,939
Treasury stock, shares	75,782	74,012

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Income Statement [Abstract]
Revenues	$ 268		$ 440	$ 289
Cost of revenues	400		1,180	193
Gross profit/(loss)	(132)		(740)	96
Operating expenses:
Engineering and product development costs	1,382	1,318	4,105	3,398
Selling, general and administrative costs	2,008	1,576	5,909	4,964
Total operating expenses	3,390	2,894	10,014	8,362
Operating loss	(3,522)	(2,894)	(10,754)	(8,266)
Gain due to the change in fair value of warrant liabilities	47	14	183	82
Interest income, net	2	42	23	51
Other income		4		4
Foreign exchange gain/(loss)	12	52	(43)	107
Loss before income taxes	(3,461)	(2,782)	(10,591)	(8,022)
Income tax benefit	850	1,119	850	1,119
Net loss	$ (2,611)	$ (1,663)	$ (9,741)	$ (6,903)
Basic and diluted net loss per share	$ (0.14)	$ (0.09)	$ (0.52)	$ (0.48)
Weighted average shares used to compute basic and diluted net loss per share	19,185,741	18,150,494	18,621,033	14,441,383

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,611)	$ (1,663)	$ (9,741)	$ (6,903)
Foreign currency translation adjustment	1	11	(4)	19
Total comprehensive loss	$ (2,610)	$ (1,652)	$ (9,745)	$ (6,884)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Jan. 31, 2019 - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Apr. 30, 2018	$ 18	$ (300)	$ 208,216	$ (197,538)	$ (160)	$ 10,236
Balance, shares at Apr. 30, 2018	18,424,939	(74,012)
Net loss				(9,741)		(9,741)
Stock based compensation			200			200
Issuance of restricted stock, net
Issuance of restricted stock, net, shares	(82,939)
Sale of stock, net of financing costs	$ 2		462			464
Sale of stock, net of financing costs, shares	1,619,538
Common stock issued for commitment fee			295			295
Common stock issued for commitment fee, shares	428,571
Acquisition of treasury stock		$ (1)				(1)
Acquisition of treasury stock, shares		(1,770)
Other comprehensive loss					(4)	(4)
Balance at Jan. 31, 2019	$ 20	$ (301)	$ 209,173	$ (207,279)	$ (164)	$ 1,449
Balance, shares at Jan. 31, 2019	20,390,109	(75,782)

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Cash flows from operating activities:
Net loss	$ (9,741)	$ (6,903)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange loss/(gain)	43	(107)
Depreciation	135	79
Loss on disposal of property, plant and equipment		5
Compensation expense related to stock option grants and restricted stock	200	250
Gain due to the change in fair value of warrant liabilities	(183)	(82)
Changes in operating assets and liabilities:
Accounts receivable	105	48
Unbilled receivables	71	294
Contract assets	(85)
Other assets	(203)	(8)
Accounts payable	(116)	(356)
Accrued expenses	281	(1,399)
Deferred rent	5	2
Deferred credit payable	(600)
Unearned revenue	(18)
Contract liabilities	256
Net cash used in operating activities	(9,850)	(8,177)
Cash flows from investing activities:
Purchases of marketable securities	(25)	(25)
Maturities of marketable securities	50	25
Leasehold improvements and purchase of equipment	(54)	(554)
Net cash used in investing activities	(29)	(554)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of costs	464	14,647
Payment of capital lease obligations	(23)	(26)
Acquisition of treasury stock	(1)	(37)
Net cash provided by financing activities	440	14,584
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(58)	143
Net (decrease)/increase in cash, cash equivalents and restricted cash	(9,497)	5,996
Cash, cash equivalents and restricted cash, beginning of period	12,225	8,909
Cash, cash equivalents and restricted cash, end of period	2,728	14,905
Supplemental schedule of cash flows information:
Cash paid for interest	1	3
Supplemental disclosure of noncash investing activities:
Acquisition of leasehold improvements and equipment through accounts payable		3
Acquisition of leasehold improvements and equipment through accrued expenses		13
Supplemental disclosure of noncash financing activities:
Common stock issued for payment of commitment fee	$ 295

Background, Basis of Presentation and Liquidity

9 Months Ended

Jan. 31, 2019

Accounting Policies [Abstract]

Background, Basis of Presentation and Liquidity

(1) Background, Basis of Presentation 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. The Company is developing and commercializing its proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The Company uses proprietary technologies that convert the mechanical energy created by the heaving motion of ocean waves into electricity. The Company has designed and continues to develop the PowerBuoy® product line which is based on modular, ocean-going buoys, which the Company has been periodically ocean testing since 1997. The Company markets its PowerBuoys® in the United States and internationally. Since fiscal 2002, government agencies have accounted for a significant portion of the Company’s revenues. These revenues were largely for the support of product development efforts relating to our technology. Today our goal is to generate the majority our revenue from the sale or lease of products, 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 loss of cash from operating activities unless and until we achieve positive cash flow from the commercialization of products and services.

b)	*Basis of Presentation*

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The interim operating results are not necessarily indicative of the results for a full year or for any other interim period. Further information on potential factors that could affect the Company’s financial results can be found in the Company’s Annual Report on Form 10-K for the year ended April 30, 2018 filed with the Securities and Exchange Commission (“SEC”) and elsewhere in this Form 10-Q.

c)	*Liquidity/Going Concern*

The consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has experienced substantial and recurring losses from operations, which have contributed to an accumulated deficit of $207.3 million as of January 31, 2019. As of January 31, 2019, the Company had approximately $2.7 million in cash, cash equivalents, and restricted cash on hand. The Company generated revenues of $0.4 and $0.3 million during each of the nine months ended January 31, 2019 and 2018. Based on the Company’s cash, cash equivalents and restricted cash balances as of January 31, 2019, the Company believes that it will be able to finance its capital requirements and operations into the quarter ending April 30, 2019. In August 2018, the Company entered into a common stock purchase agreement with Aspire Capital Fund, LLC. As of January 31, 2019, the Company has sold 800,000 shares of common stock with an aggregate market value of $301,000 at an average price of $0.38 per share pursuant to this common stock purchase agreement. In January 2019, the Company entered into an At the Market Offering Agreement with A.G.P./Alliance Global Partners. Under the 2019 ATM Facility, during the month of January 2019, the Company issued and sold 819,538 shares of its common stock with an aggregate market value of $273,735 at an average price of $0.33 per share and paid AGP a sales commission of approximately $8,900 related to those shares. Among other things, the Company is currently evaluating a variety of different financing alternatives and we expect to continue to fund our business with sales of our securities and through generating revenue with customers. The Company will require additional equity and/or debt financing to continue its operations into Fiscal Year 2020. The Company cannot provide assurances that it will be able to secure additional funding when needed or at all, or, if secured, that such funding would be on favorable terms. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

Management is evaluating different strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, continued pursuit of business opportunities, additional funding from current and /or new investors, officers and directors; borrowings of debt; a public offering of the Company’s equity or debt securities; partnerships and/or collaborations. There can be no assurance that any of these future-funding efforts will be successful.

In fiscal 2018 and during the nine months ended January 31, 2019, the Company has continued to make investments in ongoing product development efforts in anticipation of future growth. The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, risks from lack of available financing and insufficient capital, performance of PowerBuoys®, its inability to market and commercialize its PowerBuoys® and new products that it may develop, technology development, scalability of technology and production, dependence on skills of key personnel, concentration of customers and suppliers, deployment risks and laws, regulations and permitting. In order to continue to implement its business strategy, the Company requires additional equity and/or debt financing. The Company currently has committed sources of equity financing through its common stock purchase agreement with Aspire Capital and At the Market Offering Agreement with Alliance Global Partners (discussed further below), but the Company cannot assure that additional equity and/or debt financing will be available to the Company as needed on acceptable terms, or at all. Historically, the Company has raised capital through securities sales in the public capital markets. If sufficient additional financing is not obtained when needed, the Company may be required to further curtail or limit operations, product development costs, and/or selling, general and administrative activities in order to reduce its cash expenditures. This could cause the Company to be unable to execute its business plan, take advantage of future opportunities and may cause it to scale back, delay or eliminate some or all of its product development activities and/or reduce the scope of or cease its operations.

On May 2, 2017, the Company sold 6,192,750 shares of common stock at a price of $1.30 per share, which includes the sale of 807,750 shares of the Company’s common stock sold by the Company pursuant to the exercise, in full, of the over-allotment option by the underwriters in a public offering. The net proceeds to the Company from the offering were approximately $7.2 million, after deducting underwriter fees and offering expenses payable by the Company.

On October 23, 2017, the Company sold 5,739,437 shares of common stock at a price of $1.42 per share in a best efforts public offering. The net proceeds to the Company from the offering were approximately $7.4 million, after deducting placement fees and offering expenses payable by the Company.

On August 13, 2018, the Company entered into a common stock purchase agreement with Aspire Capital Fund, LLC (“Aspire Capital”) which provides that, subject to certain terms, conditions and limitations, Aspire Capital is committed to purchase up to an aggregate of $10.0 million of shares of the Company’s common stock over a 30-month period. In consideration for entering into the agreement, the Company issued to Aspire Capital 428,571 shares of our common stock as a commitment fee. As of January 31, 2019, the Company has sold 800,000 shares of common stock with an aggregate market value of $301,000 at an average price of $0.38 per share pursuant to this common stock purchase agreement.

On January 7, 2019, the Company entered into an At the Market Offering Agreement (“2019 ATM Facility”) with A.G.P./Alliance Global Partners (“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 million. Under the 2019 ATM Facility, during the month of January 2019, the Company issued and sold 819,538 shares of its common stock with an aggregate market value of $273,735 at an average price of $0.33 per share and paid AGP a sales commission of approximately $8,900 related to those shares.

The sale of additional equity or convertible securities could result in dilution to stockholders. If additional funds are raised through the issuance of debt securities, these securities could have rights senior to those associated with the Company’s common stock and could contain covenants that would restrict its operations. Financing may not be available in amounts or on terms acceptable to the Company, or at all. If the Company is unable to obtain required financing, it may be required to reduce the scope of its operations, including its planned product development and marketing efforts, which could materially and adversely harm its financial condition and operating results. If the Company is unable to secure additional financing, it may be forced to cease operations.

On August 9, 2018, the Company received a notification from the NASDAQ Stock Market (the “NASDAQ”) indicating that the minimum bid price of the Company’s common stock has been below $1.00 per share for 30 consecutive business days and as a result, the Company is not in compliance with the minimum bid price requirement for continued listing. The NASDAQ notice has no immediate effect on the listing or trading of the Company’s common stock. Under the NASDAQ Listing Rules, the Company has a grace period of 180 calendar days, or until February 5, 2019, in which to regain compliance with the minimum bid price rule. To regain compliance, the closing bid price of the Company’s common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during this grace period.

On February 11, 2019, the Company received another written notice from the Listing Qualifications department of NASDAQ notifying the Company that it had not regained compliance with the minimum bid price requirement and that the Company’s stockholders’ equity as reported in the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2018 does not qualify the Company for an additional 180 calendar day extension period for compliance. On February 19, 2019, the Company submitted a letter to appeal the determination to a Hearings Panel (the “Panel”), pursuant to the procedures set forth in the NASDAQ Listing Rule 5800 Series. Such hearing request will stay the suspension of the Company’s securities pending the Panel’s decision, during which time the Company’s common stock will continue to be listed on NASDAQ, and the Company’s common stock will continue to trade under the symbol “OPTT”. The Company’s receipt of the notice does not affect the Company’s business, operations or reporting requirements with the SEC.

If our common stock is delisted from NASDAQ, our ability to raise capital through public offerings of our securities and to finance our operations could be adversely affected. See additional risk factors under “Part II, Item 1A – Risk Factors”. We also believe that delisting would likely result in decreased liquidity and/or increased volatility in our common stock and could harm our business and future prospects. In addition, we believe that, if our common stock is delisted, our stockholders would likely find it more difficult to obtain accurate quotations as to the price of the common stock and it may be more difficult for stockholders to buy or sell our common stock at competitive market prices, or at all.

Summary of Significant Accounting Policies

9 Months Ended

Jan. 31, 2019

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. 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 and the disclosure of contingent 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 the fair value of warrant liabilities, estimated costs to complete projects; and percentage of completion of customer contracts for purposes of revenue recognition. Actual results could differ from those estimates. The current economic environment, particularly the macroeconomic pressures in certain European countries, has increased the degree of uncertainty inherent in those estimates and assumptions.

(c) Cash, Cash Equivalents, Restricted Cash and Security Agreements

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.

	January 31, 2019		April 30, 2018
	(in thousands)

Checking and savings accounts	$	1,432	$	1,332
Money market account		788		10,167
	$	2,220	$	11,499

Restricted Cash and Security Agreements

A portion of the Company’s cash is restricted under the terms of two security agreements.

One agreement is between the Company and Barclays Bank. Under this agreement, the cash is on deposit at Barclays Bank and serves as security for letters of credit and bank guarantees that are expected to be issued by Barclays Bank on behalf of OPT LTD, one of the Company’s subsidiaries, under a credit facility established by Barclays Bank for OPT LTD. The credit facility is approximately €0.3 million ($0.4 million) and carries a fee of 1% per annum of the amount of any such obligations issued by Barclays Bank. The credit facility does not have an expiration date but is cancelable at the discretion of the bank. As of January 31, 2019, there was €0.3 million ($0.4 million) in letters of credit outstanding under this agreement.

The other agreement is between the Company and Santander Bank. Under the agreement the cash is on deposit at Santander Bank and serves as security for letter of credit issued by Santander Bank for the lease of new warehouse/office space in Monroe Township, New Jersey. The agreement cannot be extended beyond January 31, 2025 and is cancelable at the discretion of the bank. Restricted cash includes the following:

	January 31, 2019		April 30, 2018
	(in thousands)

Barclay’s Bank Agreement	$	353	$	372
Santander Bank		155		354
	$	508	$	726

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.

	January 31, 2019		April 30, 2018
	(in thousands)

Cash and cash equivalents	$	2,220	$	11,499
Restricted cash- short term		353		572
Restricted cash- long term		155		154
	$	2,728	$	12,225

(d) Marketable Securities

Marketable securities with original maturities longer than three months but that mature in less than one year from the balance sheet date are classified as current assets. Marketable securities that the Company has the intent and ability to hold to maturity are classified as investments held-to-maturity and are reported at amortized cost. The difference between the acquisition cost and face values of held-to-maturity investments is amortized over the remaining term of the investments and added to or subtracted from the acquisition cost and interest income. As of January 31, 2019, the Company did not have any marketable securities. As of April 30, 2018, all of the Company’s investments were classified as held-to-maturity.

(e) Foreign Exchange Gains and Losses

The Company maintains cash accounts that are denominated in British pounds 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 gain/(loss)” in the accompanying consolidated statements of operations.

(f) Property and Equipment

Property and equipment is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is 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 is 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.

(g) Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash balances, bank certificates of deposit and trade receivables. The Company invests its excess cash in highly liquid investments (principally, short-term bank deposits, Treasury bills, Treasury notes and money market funds) and does not believe that it is exposed to any significant risks related to its cash accounts, money market funds or certificates of deposit.

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:

	Three months ended January 31,						Nine months ended January 31,
Customer	2019			2018			2019			2018

Enel Green Power		0	%		0	%		5	%		0	%
Eni S.p.A.		53	%		0	%		60	%		0	%
Mitsui Engineering & Shipbuilding		0	%		0	%		0	%		75	%
Premier Oil UK Limited		47	%		0	%		35	%		0	%
Office of Naval Research		0	%		0	%		0	%		25	%

		100	%		0	%		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 maintain collateral.

(h) Warrant Liabilities

The Company’s warrants to purchase shares of its common stock are classified as warrant liabilities and are recorded at fair value. The warrant liabilities are subject to re-measurement at each balance sheet date and the Company recognizes any change in fair value in its consolidated statements of operations within “Gain due to the change in fair value of warrant liabilities.” 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 “Stockholders’ equity” on the consolidated balance sheets.

(i) 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 outstanding during the period. Due to the Company’s net losses, potentially dilutive securities, consisting of outstanding stock options and non-vested performance-based shares, were excluded from the diluted loss per share calculation due to their anti-dilutive effect.

In computing diluted net loss per share, options to purchase shares of common stock, warrants on common stock and non-vested restricted stock issued to employees and non-employee directors, totaling 1,786,494 for the three and nine months ended January 31, 2019 and 915,183 for the three and nine months ended January 31, 2018, were excluded from each of the computations as the effect would be anti-dilutive due to the Company’s losses.

(j) Share-Based Compensation

Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The following table summarizes share-based compensation related to the Company’s share-based plans by expense category for the three and nine months ended January 31, 2019 and 2018:

	Three months ended January 31,					Nine months ended January 31,
	2019			2018		2019		2018
	(in thousands)

Product development	$	(14	)	$	5	$	7	$	11
Selling, general and administrative		79			72		193		239
Total share-based compensation expense	$	65		$	77	$	200	$	250

(k) Deferred Rent

On March 31, 2017, the Company signed a new 7-year lease for approximately 56,000 square feet in Monroe Township, New Jersey that will be used as warehouse/production space and the Company’s principal offices and corporate headquarters. The lease was classified as an operating lease. Rent payments relating to the Monroe premises are subject to annual increases. The minimum monthly payments will vary over the 7-year term of the lease. The Company records rent expense on a straight-line basis over the 7-year term of the lease. The difference between rent expense and the monthly lease payment will go to a deferred rent/prepaid rent account. The Landlord has provided the Company a tenant improvement allowance in an amount up to, but not exceeding, $137,563 to be applied to the cost of tenant improvement work. The Company recorded lease incentive liability to deferred rent. The Company will release the lease incentive liability on a straight-line basis over the 7-year term to rent expense.

(l) 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 consideration, including claims and unpriced change orders; awards and incentive fees; 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.

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 of it. 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 time elapsed best represents the measure of progress against the performance obligations incorporated within the contractual agreements. When the Company’s estimate of total costs to be incurred to satisfy the performance obligations exceed revenue, the Company recognizes the loss immediately.

The Company classifies leases as either operating or capital lease arrangements in accordance with the authoritative accounting guidance contained within Accounting Standards Codification (“ASC”) Topic 840, “Leases”. At inception of the contract, the Company evaluates the lease against the four lease classification criteria within ASC Topic 840. In general, if one of the four criteria is met, then the lease is accounted for as a capital lease. All others are treated as an operating lease. For operating leases, lessee payments are recorded to revenue on a straight-line basis over the term of the lease.

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 following are percentages of revenues by contract type;

	Three months ended January 31,						Nine months ended October 31,
	2019			2018			2019			2018

Fixed Price		100	%		0	%		100	%		100	%
Firm fixed price		100	%		0	%		100	%		100	%
Cost Sharing		0	%		0	%		0	%		0	%

Cost Plus		0	%		0	%		0	%		0	%
		100	%		0	%		100	%		100	%

As of January 31, 2019, the Company’s total remaining performance obligations, also referred to as backlog, totaled $0.9 million. The Company expects to recognize approximately 61%, or $0.5 million, of the remaining performance obligations as revenue over the next twelve months and an additional 39% the following twelve months.

(m) Recently Issued Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The FASB subsequently issued additional clarifying standards to address issues arising from implementation of the new revenue standard, including a one-year deferral of the effective date for the new revenue standard. Public companies should now apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017 and interim periods within those annual periods. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that annual period. As such, the Company is required to adopt this standard effective in fiscal 2019, which begins May 1, 2018. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. Under the full retrospective method, the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown. Under the modified retrospective method, the cumulative effect of applying the standard would be recognized at the date of application. Effective May 1, 2018, the Company adopted the requirements of ASU 2014-09 using the modified retrospective method. As a practical expedient, the Company adopted the new standard only for existing contracts as of May 1, 2018, the date of adoption. Any contracts that had expired prior to May 1, 2018 were not evaluated against the new standard. The Company adopted ASU 2014-09 and the adoption did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements.” ASU 2018-11 provides companies another transition method in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The consideration in the contract is allocated to the lease and non-lease components on a relative standalone price basis (for lessees) or in accordance with the allocation guidance in the new revenue standard (for lessors). ASU 2018-11 also provides lessees with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component. If a lessee makes that accounting policy election, it is required to account for the non-lease components together with the associated lease component as a single lease component and to provide certain disclosures. Lessors are not afforded a similar practical expedient. In December 2018, the FASB issued ASU No. 2018-20, “Leases (Topic 842): Narrow-Scope Improvements for Lessors.” ASU 2018-20 provides further guidance to lessors on the following topics; sales taxes and other similar taxes collected from lessees, certain lessor costs and recognition of variable payments for contracts with lease and non-lease components. The amendments in this Update permit lessors, as an accounting policy election, to not evaluate whether certain sales taxes and other similar taxes are lessor costs (as described in paragraph 842-10-15-30(b)) or lessee costs. Instead, those lessors will account for those costs as if they are lessee costs. The amendments in this Update related to certain lessor costs require lessors to exclude from variable payments, and therefore revenue, lessor costs paid by lessees directly to third parties. The amendments in this Update related to recognizing variable payments for contracts with lease and non-lease components require lessors to allocate (rather than recognize as currently required) certain variable payments to the lease and non-lease components when the changes in facts and circumstances on which the variable payment is based occur. The Company is evaluating the effect ASU 2016-02 will have on its consolidated financial statements and disclosures and has not yet determined the effect of the standard on its ongoing financial reporting at this time.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”, providing additional guidance on eight specific cash flow classification issues. The goal of the ASU is to reduce diversity in practice of classifying certain items. The amendments in the ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and early adoption is permitted. The Company has evaluated the effect ASU 2016-15 will have on its consolidated financial statements and disclosures and has determined the standard will have no impact on its ongoing financial reporting at this time.

In May 2017, the FASB issued ASU 2017-09, “Compensation — Stock Compensation (ASC Topic 718): Scope of Modification Accounting,” which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as a modification. Entities should apply the modification accounting guidance if the value, vesting conditions or classification of the award changes. The amendments in the ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and early adoption is permitted. The Company has evaluated the effect ASU 2017-09 will have on its consolidated financial statements and disclosures and has determined the standard will have no impact on its ongoing financial reporting at this time.

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820).” The ASU modifies, removes, and adds several disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. The ASU 2018-13 is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of ASU 2018-13. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date. The Company is evaluating the effect ASU 2018-13 will have on its consolidated financial statements and disclosures and has not yet determined the effect of the standard on its ongoing financial reporting at this time.

In August 2018, the FASB issued ASU No. 2018-15, “Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40).” The ASU provides for the recognition of an intangible asset for the costs of internal-use software licenses included in a cloud computing arrangement. Costs of arrangements that do not include a software license should be accounted for as a service contract and expensed as incurred. This ASU is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The ASU permits two methods of adoption: prospectively to all implementation costs incurred after the date of adoption, or retrospectively to each prior reporting period presented. The Company is evaluating the effect ASU 2018-15 will have on its consolidated financial statements and disclosures and has not yet determined the effect of the standard on its ongoing financial reporting at this time.

Account Receivable, Contract Assets, and Contract Liabilities

9 Months Ended

Jan. 31, 2019

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 good 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. Accounts receivable consisted of the following at January 31, 2019 and April 30, 2018.

	January 31, 2019			April 30, 2018
	(in thousands)

Opening balance	$	171		$	48
Amount invoiced to customer		664			754
Collections		(769	)		(631	)
Ending balance	$	66		$	171

Contract Assets and Contract Liabilities

Contract assets (previously referred to as unbilled receivables). 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. On May 1, 2018, the day of adoption of ASC 2014-09, the Company reclassified $71,000 of unbilled receivables to contract assets.

Contract liabilities (previously referred to as unearned revenue). Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. On May 1, 2018, the day of adoption of ASC 2014-09, the Company reclassified $18,000 of unearned revenue to contract liabilities.

A summary of the contract assets and contract liabilities is as follows:

	January 31, 2019			April 30, 2018
	(in thousands)

Contract assets	$	85		$	-
Contract liabilities		(256	)		-
Contract (liability)/assets, net	$	(171	)	$	-

The increase in contract assets is primarily a result of services performed but unbilled during the nine months ended January 31, 2019. The increase in contract liabilities is primarily a result of additional amounts invoiced to customers in excess of revenue recognized during the nine months ended January 31, 2019. During the nine months ended January 31, 2019, the Company recognized $18,000 of revenue that was included in contract liabilities at May 1, 2018. During the nine months ended January 31, 2019, the Company recognized revenue of $149,000 related to performance obligations that were partially satisfied in previous periods.

Marketable Securities

9 Months Ended

Jan. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

(4) Marketable Securities

Marketable securities with initial maturities greater than three months but that mature within one year from the balance sheet date are classified as current assets. For the periods ended January 31, 2019 and April 30, 2018 the Company had zero and $25,000 in certificates of deposit.

Accrued Expenses

9 Months Ended

Jan. 31, 2019

Payables and Accruals [Abstract]

Accrued Expenses

(5) Accrued Expenses

Accrued expenses consist of the following at January 31, 2019 and April 30, 2018.

	January 31, 2019		April 30, 2018
	(in thousands)

Project costs	$	223	$	57
Contract loss reserve		410		395
Employee incentive payments		724		761
Accrued salary and benefits		485		442
Legal and accounting fees		391		246
Accrued taxes payable		177		179
Other		123		181
	$	2,533	$	2,261

Deferred Credits Payable

9 Months Ended

Jan. 31, 2019

Deferred Credits Payable

(6) Deferred Credits Payable

During the year ended April 30, 2001, in connection with the sale of common stock to an investor, the Company received $0.6 million from the investor in exchange for an option to purchase up to 500,000 metric tons of carbon emissions credits generated by the Company during the years 2008 through 2012, at a 30% discount from the then-prevailing market rate. If the Company received emission credits under applicable laws and failed to sell to the investor the credits up to the full amount of emission credits covered by the option, the investor was entitled to liquidated damages equal to 30% of the aggregate market value of the shortfall in emission credits (subject to a limit on the market price of emission credits). Under the terms of the agreement, if the Company did not become entitled under applicable laws to the full amount of emission credits covered by the option by December 31, 2012, the Company was obligated to return the option fee of $0.6 million, less the aggregate discount on any emission credits sold to the investor prior to such date. In December 2012, the Company and the investor agreed to extend the period for the sale of emission credits until December 31, 2017. The Company did not generate any emissions credits eligible for purchase under the agreement, and it was agreed by the investor and the Company that the Company return the option fee of $0.6 million, which was completed as of August 31, 2018. As a result, this matter is completely resolved, and no additional amounts are owed by the Company to the investor.

Warrants

9 Months Ended

Jan. 31, 2019

Warrants and Rights Note Disclosure [Abstract]

Warrants

(7) 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 417,000 shares of Common Stock together with warrants to purchase up to an aggregate of 145,952 shares of Common Stock. Each share of Common Stock was sold together with a warrant to purchase 0.35 of a share of Common Stock at a combined purchase price of $4.60. The warrants have an exercise price of $6.08 per share, became exercisable on December 3, 2016 (“Initial Exercise Date”), and will expire five years following the Initial Exercise Date.

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 595,000 shares of Common Stock together with warrants to purchase up to an aggregate of 178,500 shares of Common Stock. Each share of Common Stock was sold together with a warrant to purchase 0.30 of a share of Common Stock at a combined purchase price of $6.75. The Warrants were exercisable immediately at an exercise price of $9.36 per share. The Warrants will expire on the fifth (5th) anniversary of the initial date of issuance.

Both sets of warrants contain a feature whereby they could require the transfer of assets and therefore are classified as a liability in accordance with ASC 480. As such, the warrants had a value of $18,000 and $201,000 at January 31, 2019 and April 30, 2018, respectively, as reflected within “Warrant liabilities” in the unaudited consolidated balance sheets.

An unrealized gain of approximately $47,000 and $14,000 for the three months ended January 31, 2019 and 2018 and $183,000 and $82,000 for the nine months ended January 31, 2019 and 2018, respectively, were included within “Gain due to change in fair value of warrant liability” in the consolidated statements of operations. The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions:

	January 31, 2019			January 31, 2018

Dividend rate		0.0	%		0.0	%
Risk-free rate		2.4	%		2.3% - 2.4	%
Expected life (years)		2.5 - 2.8			3.5 - 3.8
Expected volatility		90.8% - 142.7	%		137.5% - 145.2	%

Stock-Based Compensation

9 Months Ended

Jan. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

(8) Stock-Based Compensation

In 2007, the Company’s 2006 Stock Incentive Plan (the “2006 Plan”) became effective. A total of 80,321 shares were authorized for issuance under the 2006 Plan. In 2009, an amendment to the 2006 Plan was approved by the Company’s stockholders, increasing the aggregate number of shares authorized for issuance by 85,000 shares to 165,321. On October 2, 2013, a further amendment to the 2006 Plan was approved by the Company’s stockholders, increasing the aggregate number of shares authorized for issuance by an additional 80,000 shares to 245,321. The Company’s employees, officers, directors, consultants and advisors were eligible to receive awards under the 2006 Plan. The 2006 Plan was administered by the Company’s board of directors, who were authorized to delegate authority to one or more committees or subcommittees of the board of directors or to the Company’s officers. The 2006 Plan was terminated in December 2015 and unused shares in that plan were transferred to the 2015 Omnibus Incentive Plan.

In 2015, upon approval by the Company’s stockholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of 240,703 shares were authorized for issuance under the 2015 Omnibus Incentive Plan, including shares available for awards under the 2006 Stock Incentive Plan remaining at the time that plan terminated, or that were subject to awards under the 2006 Stock Incentive Plan that thereafter terminated by reason of expiration, forfeiture, cancellation or otherwise. On October 21, 2016 upon approval by the Company’s stockholders the Company increased the number of shares authorized for issuance to 640,703. On December 7, 2018, upon approval by the Company’s stockholders, the Company increased the number of shares authorized for issuance to 2,640,703. If any award under the 2006 Stock Incentive Plan or 2015 Plan expires, is cancelled, terminates unexercised or is forfeited, those shares become again available for grant under the 2015 Plan. The 2015 Plan will terminate ten years after its effective date, in October 2025, but is subject to earlier termination as provided in the 2015 Plan. As of January 31, 2019, the Company has 1,129,490 shares available for future issuance under the 2015 Plan.

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 500,000 shares of common stock for issuance under the Inducement Plan. In accordance with Rule 5635(c)(4) and Rule 5635(c)(3) of the Nasdaq Listing Rules, awards under the Inducement Plan may only be made to individuals not previously employees of the Company (or following such individuals’ bona fide period of non-employment with the Company), as an inducement material to the individuals’ entry into employment with the Company. An award is any right to receive the Company’s common stock pursuant to the 2018 Inducement Plan, consisting of a performance share award, restricted stock award, a restricted stock unit award or a stock payment award. As of January 31, 2019, there were 18,859 shares outstanding and 481,141 shares available for grant under the 2018 Inducement Plan.

(a) Stock Options

The Company estimates the fair value of each stock option granted, for both service-based and performance-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 US 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. Expected volatility was based on the Company’s historical volatility over the expected life of the stock option granted. There were 995,000 shares granted in the three and nine months ended January 31, 2019 and 170,664 shares granted in the nine months ended January 31, 2018. No shares were granted in the three months ended January 31, 2018. The following assumptions were used for the three and nine months ended January 31, 2019 and 2018.

	Three months ended January 31,					Nine months ended January 31,
	2019			2018		2019			2018

Risk-free interest rate		2.7	%		N/A		2.7	%		2.1	%
Expected dividend yield		0.0	%		N/A		0.0	%		0.0	%
Expected life (in years)		5.5			N/A		5.5			5.5
Expected volatility		126.4	%		N/A		126.4	%		128.2	%

A summary of stock options under our stock incentive plans is detailed in the following table.

						Weighted
						Average
				Weighted		Remaining
	Shares			Average		Contractual
	Underlying			Exercise		Term
	Options			Price		(In Years)
Outstanding as of April 30, 2018		388,529		$	6.15		7.4
Granted		995,000		$	0.41
Exercised		-		$	-
Cancelled/forfeited		(30,459	)	$	43.85
Outstanding as of January 31, 2019		1,353,070		$	1.08		9.2
Exercisable as of January 31, 2019		358,012		$	2.94		7.3

As of January 31, 2019, the total intrinsic value of both outstanding and exercisable options was approximately zero. As of January 31, 2019, approximately 995,051 additional options were unvested, which had no intrinsic value and a weighted average remaining contractual term of 9.9 years. There was approximately $151,000 and $177,000 of total recognized compensation cost related to stock options during each of the nine months ended January 31, 2019 and 2018, respectively. As of January 31, 2019, there was approximately $301,000 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. The Company typically issues newly authorized but unissued shares to satisfy option exercises under these plans.

(b) Restricted Stock

Compensation expense for non-vested 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 nine months ended January 31, 2019, the Company granted 18,859 shares subject to service-based vesting requirements.

A summary of non-vested restricted stock under our stock incentive plans is as follows:

				Weighted
	Number			Average Price per
	of Shares			Share

Issued and unvested at April 30, 2018		197,064		$	1.35
Granted		18,859		$	1.14
Vested		(5,154	)	$	3.22
Cancelled/forfeited		(101,797	)	$	1.12
Issued and unvested at January 31, 2019		108,972		$	1.44

There was approximately $49,000 and $73,000 of total recognized compensation cost related to restricted stock for the nine months ended January 31, 2019 and 2018, respectively. As of January 31, 2019, there was approximately $44,000 of total unrecognized compensation cost related to unvested restricted stock granted under our plans. This cost is expected to be recognized over a weighted average period of 1.1 years.

(c)Treasury Stock

During the nine months ended January 31, 2019 and 2018, 1,770 and 25,947 shares, respectively, of common stock was purchased by the Company from employees to pay taxes related to the vesting of restricted stock.

Fair Value Measurements

9 Months Ended

Jan. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

(9) Fair Value Measurements

The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels.

Level 1	Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2	Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in inactive markets.

Level 3	Unobservable inputs are not corroborated by market data. This category is comprised of financial and non-financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies using significant inputs that are generally less readily observable from objective sources.

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 levels during each of the three and nine months ended January 31, 2019 and 2018.

The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments, other than investment in affiliates.

Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized.

Warrant Liabilities

The fair value of the Company’s warrant liabilities (refer to Note 7) recorded in the Company’s financial statements is determined using the Black-Scholes option pricing model and the quoted price of the Company’s common stock in an active market, volatility and expected life, is a Level 3 measurement. 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 warrants’ expected life.

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2019.

	Total Carrying Value in Consolidated Balance Sheet		Quoted prices in active markets for identical assets or liabilities (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(in thousands)

Warrant liabilities	$	18	$	-	$	-	$	18

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of April 30, 2018.

	Total Carrying Value in Consolidated Balance Sheet		Quoted prices in active markets for identical assets or liabilities (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(in thousands)

Warrant liabilities	$	201	$	-	$	-	$	201

The following table provides a summary of changes in fair value of the Company’s warrant liabilities held at January 31, 2019.

Fair Value Measurement Using Significant Unobservable Inputs (Level 3)

	Total
	Warrant
	Liability
	(in thousands)

Fair value – April 30, 2017	$	323
Change in fair value		(122	)
Fair value – April 30, 2018	$	201

Change in fair value		(183	)
Fair value – January 31, 2019	$	18

There were no re-measured assets or liabilities at fair value on a non-recurring basis during the three and nine months ended January 31, 2019 and 2018, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

9 Months Ended

Jan. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(10) Commitments and Contingencies

(a) Litigation

Shareholder Litigation and Demands

The Company and certain of its current and former directors and officers were identified as defendants in a derivative lawsuit filed on March 18, 2015 in the United States District Court for the District of New Jersey captioned Labare v. Dunleavy, et. al., Case No. 3:15-cv-01980-FLW-LHG. The derivative complaint alleged claims for breach of fiduciary duty, abuse of control, gross mismanagement and unjust enrichment relating to the now terminated agreement between Victorian Wave Partners Pty. Ltd. (VWP) and the Australian Renewable Energy Agency (ARENA) for the development of a wave power station. The derivative complaint seeks unspecified monetary damages and other relief.

On July 10, 2015, a second derivative lawsuit, captioned Rywolt v. Dunleavy, et al., Case No. 3:15-cv-05469, was filed by another shareholder against the same defendants in the United States District Court for the District of New Jersey alleging similar claims for breach of fiduciary duty, gross mismanagement, abuse of control, and unjust enrichment relating to the now terminated agreement between VWP and ARENA. The Rywolt complaint also sought unspecified monetary damages and other relief.

On April 21, 2016, a third derivative lawsuit, captioned LaCalamito v. Dunleavy, et al., Case No. 3:16-cv-02249, was filed by another shareholder against certain current and former directors and officers of the Company in the United States District Court for the District of New Jersey alleging similar claims for breach of fiduciary duty relating to the now terminated agreement between VWP and ARENA. The LaCalamito complaint sought unspecified monetary damages and other relief.

On June 9, 2016, a fourth derivative lawsuit, captioned Pucillo v. Dunleavy, et al., was filed by another shareholder against certain current and former directors and officers of the Company in the United States District Court for the District of New Jersey alleging similar claims for breach of fiduciary duty, unjust enrichment, and abuse of control relating to the now terminated agreement between VWP and ARENA. The Pucillo complaint sought unspecified monetary damages and other relief.

On October 25, 2016, the Court approved and entered a Stipulation and Order that, among other things, (i) consolidated the Labare, Rywolt, LaCamito and Pucillo derivative actions; (ii) identified plaintiff Pucillo as the lead plaintiff in the consolidated actions; and (iii) stayed the consolidated actions pending the November 14, 2016 settlement hearing in the now-settled securities class action and further order of the Court.

On October 23, 2017, the parties entered into a Stipulation and Agreement of Settlement to resolve the four consolidated derivative lawsuits. The settlement provided for, among other things, the Company to implement certain corporate governance changes, a $350,000 payment to the plaintiffs’ attorneys for attorneys’ fees and costs that will be made by the Company’s insurance carrier, dismissal of the derivative lawsuits, and certain releases. On November 21, 2017, the plaintiffs filed an unopposed motion seeking preliminary approval of the settlement, which the Court granted on March 9, 2018. On May 14, 2018, the Court held a final hearing at the Court stated that it was approving the settlement. On June 13, 2018 the Court issued a Final Order and Judgement, approving the Stipulation and Agreement Settlement. The Company had accrued $350,000 related to this matter as a probable and reasonably estimable loss contingency during the twelve months ended April 30, 2018. The Company also had recorded a receivable of $350,000 from its insurance carrier with the offset to the statement of operations. The Company’s insurance carrier made a payment of $350,000 to the plaintiffs’ attorneys on May 3, 2018. As a result, the consolidated derivatives lawsuits are now completely resolved, the releases are operative, and the matter is closed.

On May 26, 2017, an attorney claiming to represent two stockholders sent the Company’s Board of Directors a Stockholder Litigation Demand letter (“Stockholder Demand”). The Stockholder Demand alleges that the voting of shares for the 1-for-10 reverse stock split at the 2015 annual meeting of stockholders held on October 22, 2015 was not properly counted, and further alleges that, although the Company reported the reverse stock split as having been passed, if the vote was properly counted the reverse stock split would not have been approved. The Stockholder Demand requests the Board of Directors either to deem the reverse stock split as ineffective and disclose the same or to seek a proper and effective stockholder ratification of the reverse stock split. In addition, the Stockholder Demand requests the Board of Directors to adopt and implement adequate internal controls and systems to prevent the alleged improper voting from recurring. On June 23, 2017, the Company responded to the Stockholder Demand, explained the procedures that were followed for the 2015 annual meeting of stockholders and provided the Oath of the Inspector of Elections and the Certificate of the Inspector of Elections that certified as accurate the results of the voting at the meeting including voting on the reverse stock split proposal. On June 26, 2017, the attorney representing the alleged stockholders replied to the Company’s response, further alleged that the proxy statement underlying the 2015 annual meeting provided voting instructions that allegedly misled the stockholders regarding whether their brokers could vote on the reverse stock split proposal and renewed their requests of the Board. On July 24, 2017, the Company provided an additional response to the Stockholders Demand, denied the allegations, and declined to take any of the actions requested.

Employment Litigation

On June 10, 2014, the Company announced that it had terminated Charles Dunleavy as its Chief Executive Officer and as an employee of the Company for cause, effective June 9, 2014, and that Mr. Dunleavy had also been removed from his position as Chairman of the Board of Directors. On June 17, 2014, Mr. Dunleavy wrote to the Company stating that he had retained counsel to represent him in connection with an alleged wrongful termination of his employment. On July 28, 2014, Mr. Dunleavy resigned from the Board and the boards of directors of the Company’s subsidiaries. In 2014, the Company and Mr. Dunleavy entered into a tolling agreement with respect to his alleged employment claims pending resolution of a securities class action and shareholder derivative litigation. The securities class action was resolved in November 2017 and the derivatives litigation was resolved in June 2018.

On August 28, 2018, counsel for Mr. Dunleavy 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 names Ocean Power Technologies, Inc. as the respondent and alleges various claims and seeks declaratory relief and permanent injunction. The demand seeks damages in the amount of $5 million for compensatory and punitive damages, plus interest and attorneys’ fees as well as certain equitable relief. On November 8, 2018, the Company through counsel responded to the demand for arbitration, denied all allegations, and asserted various affirmative defenses. The parties have completed the process of selecting a 3-person arbitration panel, but the panel has not yet scheduled an initial status conference and the parties have not yet scheduled or commenced any discovery. As of January 31, 2019, the Company has not accrued any provision related to this matter since it cannot reasonably estimate the loss contingency.

Tide Runner Marine, Inc.

On June 13, 2018, Tide Runner Marine, Inc. (“Tide Runner”) filed a lawsuit in the United States District Court for the District of New Jersey captioned Tide Runner Marine, Inc. v. Ocean Power Technologies, Inc., Case No. 1:18-cv-10496. The complaint names the Company as defendant and alleges claims for breach of contract, unjust enrichment, conversion, and fraud, negligent and/or reckless misrepresentation all as associated with the removal of a Company mooring system off the coast of New Jersey that was completed in May 2017. The complaint seeks damages in the amount of $2,825,130 together with interest, costs, attorney’s fees, punitive damages and such other relief as may be appropriate under the circumstances. On July 27, 2018, the Company filed an answer denying the claims in the complaint, asserted various affirmative defenses, and asserted a counter-claim for damages in the amount of $15,000 for Tide Runner’s failure to pay the Company for certain portions of the mooring system that were recovered. On August 2, 2018, Tide Runner filed its answer to and denied the Company’s counterclaim and asserted various affirmative defenses. During the initial scheduling conference held on September 13, 2018, the parties agreed to engage in mediation in an effort to resolve this matter and also agreed to include Tide Runner’s subcontractor, Wittich Bros. Marine Inc. (“Wittich”) in the mediation process. The parties participated in mediation on November 15, 2018 but were unable to reach an agreement. However, the parties agreed to continue the mediation process and on February 11, 2019 reached a settlement agreement. On February 22, 2019, the parties executed a Settlement Agreement and Release (“Settlement”). Under the Settlement, the Company will pay to Wittich (i) $50,000 within 10 days after the final execution of the Settlement and (ii) another $150,000 on or before May 1, 2019. Further, the parties will file a stipulation of dismissal of both Tide Runner’s complaint and the Company’s counterclaim with prejudice and without costs. Finally, the parties have provided mutual releases for the matters in dispute in the litigation and indemnify each other for future similar claims. As of January 31, 2019, the Company has recorded the settlement within Accrued liabilities in the Consolidated Balance Sheet.

Spain Income Tax Audit

The Company is currently undergoing an income tax audit in Spain for the period from 2008 to 2014, when our Spanish branch was closed. The branch reported net operating losses for each of the years reported that the Spanish tax inspector claims should have been capitalized on the balance sheet instead of charged as an expense in the Statement of Operations. As of April 30, 2017, the Company had recorded a penalty of $132,000 to Selling, general and administrative costs in the Statement of Operations. The Spanish tax inspector has recently closed its discussion relating to the capitalization of expenses and as of April 30, 2018 the Company reversed the penalty. However, the Spanish tax inspector has now raised questions with respect to the Company’s recognition of funds received in 2011 to 2014 from a governmental grant from the European Commission in connection with the Waveport project. It is anticipated that the Company will be assessed a penalty relating to these tax years. The Company has estimated this penalty to be $177,000 which is recorded within Accrued liabilities in the Consolidated Balance Sheet.

Income Taxes

9 Months Ended

Jan. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

(11) Income Taxes

During the three and nine months ended January 31, 2019, the Company recorded an income tax benefit of $0.9 million, representing the proceeds from the sale of $9.1 million of New Jersey net operating loss carryforwards and research and development tax credits. During the three and nine months ended January 31, 2018, the Company recorded an income tax benefit of $1.1 million representing the proceeds from the sale of $11.4 million of New Jersey net operating loss carryforwards and research and development tax credits.

Other than the sale of New Jersey net operating loss carryforwards, the Company did not recognize any consolidated income tax benefit (expense) during the three and nine months ended January 31, 2019 and 2018. The Company has recorded a valuation allowance to reduce its net deferred tax asset to an amount that is more likely than not to be realized in future years. Accordingly, the benefit of the net operating loss that would have been recognized was offset by changes in the valuation allowance.

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. We are currently undergoing an income tax audit in Spain for the period from 2008 to 2014, when our Spanish branch was closed. The branch reported net operating losses for each of the years reported. It is anticipated that we will be assessed a penalty relating to these tax years for these losses. We have estimated this penalty to be $177,000, and as such, for the period ended January 31, 2019 and April 30, 2018, we have recorded $177,000 for this penalty to Accrued expenses in the Balance Sheet. At January 31, 2019 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. U.S. federal and state income tax returns were audited through fiscal 2014 and fiscal 2010 respectively. 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.

Operating Segments and Geographic Information

9 Months Ended

Jan. 31, 2019

Segment Reporting [Abstract]

Operating Segments and Geographic Information

(12) Operating Segments and Geographic Information

The Company’s business consists of one segment as this represents management’s view of the Company’s operations. The Company operates on a worldwide basis with one operating company in the US and subsidiaries in the UK and in Australia. Revenues and expenses are generally attributed to the operating unit that bills the customers. During the three and nine months ended January 31, 2019 and 2018, the Company’s primary business operations were in North America.

Adoption of Revenue Recognition Guidance

9 Months Ended

Jan. 31, 2019

Accounting Changes and Error Corrections [Abstract]

Adoption of Revenue Recognition Guidance

(13) Adoption of Revenue Recognition Guidance

The Company adopted the new revenue recognition guidance effective May 1, 2018, using the modified retrospective method. The primary impact of the new guidance was a change in the timing of revenue recognition on certain long-term contracts. The new guidance does not change the total sales or operating income on the related customer contracts, only the timing of when sales and operating income are recognized. The Company uses the expected cost plus a margin approach and lease accounting literature for revenue recognition on customer contracts. The impact of the adoption for the three and nine months ended January 31, 2019 was an increase of $51,000 and $130,000 to net loss. Further, as the Company’s adoption of the guidance decelerated the timing of revenue recognition on the Company’s contracts, the adoption resulted in an $130,000 increase in the Company’s remaining performance obligations, also referred to as backlog, as of January 31, 2019.

The following tables present how the adoption of the new revenue recognition standard affected certain line items in the Company’s unaudited condensed statement of operations for the three and nine months ended January 31, 2019.

	Nine months ended January 31, 2019
							Amounts Excluding
	As Reported			Effect of Adoption			Effect of Adoption

Revenues	$	440		$	(130	)	$	570
Operating loss		(10,754	)		(130	)		(10,624	)
Net loss	$	(9,741	)	$	(130	)	$	(9,611	)
Basic and diluted net loss per share	$	(0.52	)	$	0.00		$	(0.52	)
Weighted average shares used to compute basic and diluted net loss per share		18,621,033			18,621,033			18,621,033

	Three months ended January 31, 2019
							Amounts Excluding
	As Reported			Effect of Adoption			Effect of Adoption

Revenues	$	268		$	(51	)	$	319
Operating loss		(3,522	)		(51	)		(3,471	)
Net loss	$	(2,611	)	$	(51	)	$	(2,560	)
Basic and diluted net loss per share	$	(0.14	)	$	(0.01	)	$	(0.13	)
Weighted average shares used to compute basic and diluted net loss per share		19,185,741			19,185,741			19,185,741

The following tables present how the adoption of the new revenue recognition standard affected certain line items in the Company’s unaudited statement of comprehensive loss for the three and nine months ended January 31, 2019.

	Nine months ended January 31, 2019
							Amounts Excluding
	As Reported			Effect of Adoption			Effect of Adoption

Net loss	$	(9,741	)	$	(130	)	$	(9,611	)
Foreign currency translation adjustment		(4	)		-			(4	)
Total comprehensive loss	$	(9,745	)	$	(130	)	$	(9,615	)

	Three months ended January 31, 2019
							Amounts Excluding
	As Reported			Effect of Adoption			Effect of Adoption

Net loss	$	(2,611	)	$	(51	)	$	(2,560	)
Foreign currency translation adjustment		1			-			1
Total comprehensive loss	$	(2,610	)	$	(51	)	$	(2,559	)

The following tables present how the adoption of the new revenue recognition standard affected certain line items in the Company’s unaudited consolidated balance sheet as of January 31, 2019.

	As of January 31, 2019
							Amounts Excluding
	As Reported			Effect of Adoption			Effect of Adoption

ASSETS
Contract assets	$	85		$	(65	)	$	150
Total assets	$	4,577		$	(65	)	$	4,642

LIABILITIES AND STOCKHOLDERS’ EQUITY
Contract liability	$	256		$	65		$	191
Accumulated deficit		(207,279	)		(130	)		(207,149	)
Total stockholders’ equity	$	1,449		$	(65	)	$	1,514
Total liabilities and stockholders’ equity	$	4,577		$	(65	)	$	4,642

The following tables present how the adoption of the new revenue recognition standard affected certain line items in the Company’s unaudited consolidated statement of cash flows for the nine months ended January 31, 2019.

	Nine months ended January 31, 2019
							Amounts Excluding
	As Reported			Effect of Adoption			Effect of Adoption

Net loss	$	(9,741	)	$	(130	)	$	(9,611	)
Contract assets		(85	)		65			(150	)
Contract liability		256			65			191
Net cash used in operating activities	$	(9,850	)	$	-		$	(9,850	)
Net increase in cash, cash equivalents and restricted cash	$	(9,497	)	$	-		$	(9,497	)
Cash, cash equivalents and restricted cash, end of period	$	2,728		$	-		$	2,728

Subsequent Event

9 Months Ended

Jan. 31, 2019

Subsequent Events [Abstract]

Subsequent Event

(14) Subsequent Event

At the special meeting of stockholders of Ocean Power Technologies, Inc. on March 8, 2019, our stockholders approved a proposal to amend our Certificate of Incorporation to effect a reverse split of our common stock, par value $0.001 (“common stock”), at a ratio to be determined by the Company’s Board of Directors within a specific range and a reduction in the authorized number of shares of our common stock. After the special meeting of stockholders, the Company’s Board of Directors convened and decided to initiate the reverse split, chose a ratio, and direct the Company’s management to take the necessary steps to effectuate the reverse split as soon as possible. The Company plans to file a Certificate of Amendment to our Certificate of Incorporation to affect a one-for-twenty reverse stock split of our common stock (the “Reverse Stock Split”). As of the effective date of the Reverse Stock Split, every twenty shares of issued and outstanding common stock will be combined into one issued and outstanding share of common stock, without any change in the par value per share. Any fractional shares in connection with the Reverse Stock Split will be rounded up to the nearest whole share and no cash payments will be made by the Company to stockholders in lieu of fractional shares.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Jan. 31, 2019

Accounting Policies [Abstract]

Consolidation

(a) Consolidation

Use of Estimates

(b) Use of Estimates

Cash, Cash Equivalents, Restricted Cash and Security Agreements

(c) Cash, Cash Equivalents, Restricted Cash and Security Agreements

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.

	January 31, 2019		April 30, 2018
	(in thousands)

Checking and savings accounts	$	1,432	$	1,332
Money market account		788		10,167
	$	2,220	$	11,499

Restricted Cash and Security Agreements

A portion of the Company’s cash is restricted under the terms of two security agreements.

	January 31, 2019		April 30, 2018
	(in thousands)

Barclay’s Bank Agreement	$	353	$	372
Santander Bank		155		354
	$	508	$	726

	January 31, 2019		April 30, 2018
	(in thousands)

Cash and cash equivalents	$	2,220	$	11,499
Restricted cash- short term		353		572
Restricted cash- long term		155		154
	$	2,728	$	12,225

Marketable Securities

(d) Marketable Securities

Foreign Exchange Gains and Losses

(e) Foreign Exchange Gains and Losses

Property and Equipment

(f) Property and Equipment

Concentration of Credit Risk

(g) Concentration of Credit Risk

	Three months ended January 31,						Nine months ended January 31,
Customer	2019			2018			2019			2018

Enel Green Power		0	%		0	%		5	%		0	%
Eni S.p.A.		53	%		0	%		60	%		0	%
Mitsui Engineering & Shipbuilding		0	%		0	%		0	%		75	%
Premier Oil UK Limited		47	%		0	%		35	%		0	%
Office of Naval Research		0	%		0	%		0	%		25	%

		100	%		0	%		100	%		100	%

Warrant Liabilities

(h) Warrant Liabilities

Net Loss Per Common Share

(i) Net Loss per Common Share

Share-Based Compensation

(j) Share-Based Compensation

	Three months ended January 31,					Nine months ended January 31,
	2019			2018		2019		2018
	(in thousands)

Product development	$	(14	)	$	5	$	7	$	11
Selling, general and administrative		79			72		193		239
Total share-based compensation expense	$	65		$	77	$	200	$	250

Deferred Rent

(k) Deferred Rent

Revenue Recognition

(l) Revenue Recognition

	Three months ended January 31,						Nine months ended October 31,
	2019			2018			2019			2018

Fixed Price		100	%		0	%		100	%		100	%
Firm fixed price		100	%		0	%		100	%		100	%
Cost Sharing		0	%		0	%		0	%		0	%

Cost Plus		0	%		0	%		0	%		0	%
		100	%		0	%		100	%		100	%

Recently Issued Accounting Standards

(m) Recently Issued Accounting Standards

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Jan. 31, 2019

Schedule of 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.

	January 31, 2019		April 30, 2018
	(in thousands)

Checking and savings accounts	$	1,432	$	1,332
Money market account		788		10,167
	$	2,220	$	11,499

Schedule of Cash and Cash Equivalents and Restricted Cash

	January 31, 2019		April 30, 2018
	(in thousands)

Cash and cash equivalents	$	2,220	$	11,499
Restricted cash- short term		353		572
Restricted cash- long term		155		154
	$	2,728	$	12,225

Schedule of Revenue by Major Customers by Reporting Segments

	Three months ended January 31,						Nine months ended January 31,
Customer	2019			2018			2019			2018

Enel Green Power		0	%		0	%		5	%		0	%
Eni S.p.A.		53	%		0	%		60	%		0	%
Mitsui Engineering & Shipbuilding		0	%		0	%		0	%		75	%
Premier Oil UK Limited		47	%		0	%		35	%		0	%
Office of Naval Research		0	%		0	%		0	%		25	%

		100	%		0	%		100	%		100	%

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

The following table summarizes share-based compensation related to the Company’s share-based plans by expense category for the three and nine months ended January 31, 2019 and 2018:

	Three months ended January 31,					Nine months ended January 31,
	2019			2018		2019		2018
	(in thousands)

Product development	$	(14	)	$	5	$	7	$	11
Selling, general and administrative		79			72		193		239
Total share-based compensation expense	$	65		$	77	$	200	$	250

Schedule of Percentages of Revenues by Contract

The following are percentages of revenues by contract type;

	Three months ended January 31,						Nine months ended October 31,
	2019			2018			2019			2018

Fixed Price		100	%		0	%		100	%		100	%
Firm fixed price		100	%		0	%		100	%		100	%
Cost Sharing		0	%		0	%		0	%		0	%

Cost Plus		0	%		0	%		0	%		0	%
		100	%		0	%		100	%		100	%

Restricted Cash [Member]

Schedule of Cash and Cash Equivalents and Restricted Cash

Restricted cash includes the following:

	January 31, 2019		April 30, 2018
	(in thousands)

Barclay’s Bank Agreement	$	353	$	372
Santander Bank		155		354
	$	508	$	726

Account Receivable, Contract Assets, and Contract Liabilities (Tables)

9 Months Ended

Jan. 31, 2019

Account Receivable Contract Assets And Contract Liabilities

Schedule of Accounts Receivable

Accounts receivable consisted of the following at January 31, 2019 and April 30, 2018.

	January 31, 2019			April 30, 2018
	(in thousands)

Opening balance	$	171		$	48
Amount invoiced to customer		664			754
Collections		(769	)		(631	)
Ending balance	$	66		$	171

Schedule of Contract Assets and Contract Liabilities

A summary of the contract assets and contract liabilities is as follows:

	January 31, 2019			April 30, 2018
	(in thousands)

Contract assets	$	85		$	-
Contract liabilities		(256	)		-
Contract (liability)/assets, net	$	(171	)	$	-

Accrued Expenses (Tables)

9 Months Ended

Jan. 31, 2019

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consist of the following at January 31, 2019 and April 30, 2018.

	January 31, 2019		April 30, 2018
	(in thousands)

Project costs	$	223	$	57
Contract loss reserve		410		395
Employee incentive payments		724		761
Accrued salary and benefits		485		442
Legal and accounting fees		391		246
Accrued taxes payable		177		179
Other		123		181
	$	2,533	$	2,261

Warrants (Tables)

9 Months Ended

Jan. 31, 2019

Warrant [Member]

Schedule of Fair Value Assumptions Used

The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions:

	January 31, 2019			January 31, 2018

Dividend rate		0.0	%		0.0	%
Risk-free rate		2.4	%		2.3% - 2.4	%
Expected life (years)		2.5 - 2.8			3.5 - 3.8
Expected volatility		90.8% - 142.7	%		137.5% - 145.2	%

Stock-Based Compensation (Tables)

9 Months Ended

Jan. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following assumptions were used for the three and nine months ended January 31, 2019 and 2018.

	Three months ended January 31,					Nine months ended January 31,
	2019			2018		2019			2018

Risk-free interest rate		2.7	%		N/A		2.7	%		2.1	%
Expected dividend yield		0.0	%		N/A		0.0	%		0.0	%
Expected life (in years)		5.5			N/A		5.5			5.5
Expected volatility		126.4	%		N/A		126.4	%		128.2	%

Schedule of Stock Option Activity

A summary of stock options under our stock incentive plans is detailed in the following table.

						Weighted
						Average
				Weighted		Remaining
	Shares			Average		Contractual
	Underlying			Exercise		Term
	Options			Price		(In Years)
Outstanding as of April 30, 2018		388,529		$	6.15		7.4
Granted		995,000		$	0.41
Exercised		-		$	-
Cancelled/forfeited		(30,459	)	$	43.85
Outstanding as of January 31, 2019		1,353,070		$	1.08		9.2
Exercisable as of January 31, 2019		358,012		$	2.94		7.3

Schedule of Non-vested Restricted Stock Activity

A summary of non-vested restricted stock under our stock incentive plans is as follows:

				Weighted
	Number			Average Price per
	of Shares			Share

Issued and unvested at April 30, 2018		197,064		$	1.35
Granted		18,859		$	1.14
Vested		(5,154	)	$	3.22
Cancelled/forfeited		(101,797	)	$	1.12
Issued and unvested at January 31, 2019		108,972		$	1.44

Fair Value Measurements (Tables)

9 Months Ended

Jan. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2019.

	Total Carrying Value in Consolidated Balance Sheet		Quoted prices in active markets for identical assets or liabilities (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(in thousands)

Warrant liabilities	$	18	$	-	$	-	$	18

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of April 30, 2018.

	Total Carrying Value in Consolidated Balance Sheet		Quoted prices in active markets for identical assets or liabilities (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(in thousands)

Warrant liabilities	$	201	$	-	$	-	$	201

Summary of Changes on Value of Warrant Liability Using Significant Unobservable Inputs

The following table provides a summary of changes in fair value of the Company’s warrant liabilities held at January 31, 2019.

Fair Value Measurement Using Significant Unobservable Inputs (Level 3)

	Total
	Warrant
	Liability
	(in thousands)

Fair value – April 30, 2017	$	323
Change in fair value		(122	)
Fair value – April 30, 2018	$	201

Change in fair value		(183	)
Fair value – January 31, 2019	$	18

Adoption of Revenue Recognition Guidance (Tables)

9 Months Ended

Jan. 31, 2019

Accounting Changes and Error Corrections [Abstract]

Schedule of Condensed Consolidated Financial Statements

	Nine months ended January 31, 2019
							Amounts Excluding
	As Reported			Effect of Adoption			Effect of Adoption

Revenues	$	440		$	(130	)	$	570
Operating loss		(10,754	)		(130	)		(10,624	)
Net loss	$	(9,741	)	$	(130	)	$	(9,611	)
Basic and diluted net loss per share	$	(0.52	)	$	0.00		$	(0.52	)
Weighted average shares used to compute basic and diluted net loss per share		18,621,033			18,621,033			18,621,033

	Three months ended January 31, 2019
							Amounts Excluding
	As Reported			Effect of Adoption			Effect of Adoption

Revenues	$	268		$	(51	)	$	319
Operating loss		(3,522	)		(51	)		(3,471	)
Net loss	$	(2,611	)	$	(51	)	$	(2,560	)
Basic and diluted net loss per share	$	(0.14	)	$	(0.01	)	$	(0.13	)
Weighted average shares used to compute basic and diluted net loss per share		19,185,741			19,185,741			19,185,741

	Nine months ended January 31, 2019
							Amounts Excluding
	As Reported			Effect of Adoption			Effect of Adoption

Net loss	$	(9,741	)	$	(130	)	$	(9,611	)
Foreign currency translation adjustment		(4	)		-			(4	)
Total comprehensive loss	$	(9,745	)	$	(130	)	$	(9,615	)

	Three months ended January 31, 2019
							Amounts Excluding
	As Reported			Effect of Adoption			Effect of Adoption

Net loss	$	(2,611	)	$	(51	)	$	(2,560	)
Foreign currency translation adjustment		1			-			1
Total comprehensive loss	$	(2,610	)	$	(51	)	$	(2,559	)

The following tables present how the adoption of the new revenue recognition standard affected certain line items in the Company’s unaudited consolidated balance sheet as of January 31, 2019.

	As of January 31, 2019
							Amounts Excluding
	As Reported			Effect of Adoption			Effect of Adoption

ASSETS
Contract assets	$	85		$	(65	)	$	150
Total assets	$	4,577		$	(65	)	$	4,642

LIABILITIES AND STOCKHOLDERS’ EQUITY
Contract liability	$	256		$	65		$	191
Accumulated deficit		(207,279	)		(130	)		(207,149	)
Total stockholders’ equity	$	1,449		$	(65	)	$	1,514
Total liabilities and stockholders’ equity	$	4,577		$	(65	)	$	4,642

	Nine months ended January 31, 2019
							Amounts Excluding
	As Reported			Effect of Adoption			Effect of Adoption

Net loss	$	(9,741	)	$	(130	)	$	(9,611	)
Contract assets		(85	)		65			(150	)
Contract liability		256			65			191
Net cash used in operating activities	$	(9,850	)	$	-		$	(9,850	)
Net increase in cash, cash equivalents and restricted cash	$	(9,497	)	$	-		$	(9,497	)
Cash, cash equivalents and restricted cash, end of period	$	2,728		$	-		$	2,728

Background, Basis of Presentation and Liquidity (Details Narrative) - USD ($)						1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 07, 2019	Aug. 13, 2018	Aug. 09, 2018	Oct. 23, 2017	May 02, 2017	Jan. 31, 2019	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018	Apr. 30, 2018
Accumulated deficit						$ 207,279,000	$ 207,279,000		$ 207,279,000		$ 197,538,000
Cash, cash equivalents and restricted cash, at carrying value						$ 2,728,000	2,728,000		2,728,000		$ 12,225,000
Revenues							$ 268,000		$ 440,000	$ 289,000
Number of common stock shares sold				5,739,437	6,192,750
Combined purchase price per share				$ 1.42	$ 1.30
Proceeds from issuance or sale of equity				$ 7,400,000	$ 7,200,000
Number of common stock shares sold - overallotment					807,750
Common stock bid price, description			To regain compliance, the closing bid price of the Company's common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during this grace period.
Maximum [Member]
Common stock, price per share			$ 1.00
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member]
Number of common stock shares sold									800,000
Combined purchase price per share						$ 0.38	$ 0.38		$ 0.38
Proceeds from issuance or sale of equity									$ 301,000
Aggregate purchase of common stock		$ 10,000,000
Common stock issued for commitment fee		428,571
2019 ATM Facility [Member] \| Alliance Global Partners [Member]
Number of common stock shares sold						819,538
Combined purchase price per share						$ 0.33	$ 0.33		$ 0.33
Proceeds from issuance or sale of equity						$ 273,735
Payment of sales commission						$ 8,900
Aggregate offering price	$ 25,000,000

Summary of Significant Accounting Policies (Details Narrative)		3 Months Ended		9 Months Ended
	Mar. 31, 2017 USD ($) ft²	Jan. 31, 2019 USD ($) shares	Jan. 31, 2018 shares	Jan. 31, 2019 USD ($) shares	Jan. 31, 2018 shares	Jan. 31, 2019 EUR (€)
Concentration risk percentage		100.00%	0.00%	100.00%	100.00%
Antidilutive securities excluded from computation of earnings per share, shares \| shares		1,786,494	915,183	1,786,494	915,183
Revenue remaining performance obligation		$ 900,000		$ 900,000
Revenue remaining performance obligation, percentage		61.00%		61.00%		61.00%
Performance obligation revenue of next twelve months		$ 500,000		$ 500,000
Additional performance obligation revenue of next twelve months		39.00%		39.00%		39.00%
Monore Township [Member]
Term of lease	7 years
Area of land \| ft²	56,000
Tenant improvement work	$ 137,563
Minimum [Member]
Estimated useful life of asset				3 years
Concentration risk percentage				10.00%
Maximum [Member]
Estimated useful life of asset				7 years
One Agreement [Member] \| Barclays Bank [Member]
Long-term line of credit		$ 400,000		$ 400,000
Line of credit facility, commitment fee percentage				1.00%
Letters of credit outstanding, amount		$ 400,000		$ 400,000
One Agreement [Member] \| Barclays Bank [Member] \| Euro [Member]
Long-term line of credit \| €						€ 300,000
Letters of credit outstanding, amount \| €						€ 300,000

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Apr. 30, 2018
Cash and cash equivalents	$ 2,220	$ 11,499
Checking and Savings Accounts [Member]
Cash and cash equivalents	1,432	1,332
Money Market Account [Member]
Cash and cash equivalents	$ 788	$ 10,167

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Apr. 30, 2018
Restricted Cash	$ 508	$ 726
Cash and Cash Equivalents	2,220	11,499
Restricted cash- short term	353	572
Restricted cash- long term	155	154
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	2,728	12,225
Barclay's Bank Agreement [Member]
Restricted Cash	353	372
Santander Bank [Member]
Restricted Cash	$ 155	$ 354

Summary of Significant Accounting Policies - Schedule of Revenue by Major Customers by Reporting Segments (Details)	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Revenues, percentage	100.00%	0.00%	100.00%	100.00%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Revenues, percentage	100.00%	0.00%	100.00%	100.00%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Enel Green Power [Member]
Revenues, percentage	0.00%	0.00%	5.00%	0.00%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Eni S.p.A [Member]
Revenues, percentage	53.00%	0.00%	60.00%	0.00%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Mitsui Engineering & Shipbuilding [Member]
Revenues, percentage	0.00%	0.00%	0.00%	75.00%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Premier Oil UK Limited [Member]
Revenues, percentage	47.00%	0.00%	35.00%	0.00%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Office of Naval Research [Member]
Revenues, percentage	0.00%	0.00%	0.00%	25.00%

Summary of Significant Accounting Policies - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Total share-based compensation expense	$ 65	$ 77	$ 200	$ 250
Product Development [Member]
Total share-based compensation expense	(14)	5	7	11
Selling, General and Administrative [Member]
Total share-based compensation expense	$ 79	$ 72	$ 193	$ 239

Summary of Significant Accounting Policies - Schedule of Percentages of Revenues by Contract (Details)	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Percentages of revenues by contract	100.00%	0.00%	100.00%	100.00%
Fixed Price [Member]
Percentages of revenues by contract	100.00%	0.00%	100.00%	100.00%
Firm Fixed Price [Member]
Percentages of revenues by contract	100.00%	0.00%	100.00%	100.00%
Cost Sharing [Member]
Percentages of revenues by contract	0.00%	0.00%	0.00%	0.00%
Cost Plus [Member]
Percentages of revenues by contract	0.00%	0.00%	0.00%	0.00%

Account Receivable, Contract Assets, and Contract Liabilities (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2019	May 02, 2018	Apr. 30, 2018
Account Receivable Contract Assets And Contract Liabilities
Contract assets	$ 85	$ 71
Contract liabilities	(256)	$ (18)
Revenue recognized	18
Revenue related to performance obligations	$ 149

Account Receivable, Contract Assets, and Contract Liabilities - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2019	Apr. 30, 2018
Account Receivable Contract Assets And Contract Liabilities
Opening balance	$ 171	$ 48
Amount invoiced to customer	664	754
Collections	(769)	(631)
Ending balance	$ 66	$ 171

Account Receivable, Contract Assets, and Contract Liabilities - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2019	May 02, 2018
Account Receivable Contract Assets And Contract Liabilities
Contract assets	$ 85	$ 71
Contract liabilities	(256)	$ (18)
Contract (liability)/assets, net	$ (171)

Marketable Securities (Details Narrative) - USD ($) $ in Thousands	Jan. 31, 2019	Apr. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Certificate of Deposit		$ 25

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Apr. 30, 2018
Payables and Accruals [Abstract]
Project costs	$ 223	$ 57
Contract loss reserve	410	395
Employee incentive payments	724	761
Accrued salary and benefits	485	442
Legal and accounting fees	391	246
Accrued taxes payable	177	179
Other	123	181
Accrued expenses total	$ 2,533	$ 2,261

Deferred Credits Payable (Details Narrative) $ in Thousands	Aug. 31, 2018 USD ($)	Apr. 30, 2001 USD ($) t
Compensation Related Costs [Abstract]
Customer advances or deposits, noncurrent		$ 600
Deferred credits payable option details \| t		500,000
Deferred credits payable market discount rate		30.00%
Deferred credits payable market liquidated damages rate		30.00%
Option fee amount	$ 600	$ 600

Warrants (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Jul. 22, 2016	Jun. 02, 2016	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018	Apr. 30, 2018
Warrant liabilities			$ 18		$ 18		$ 201
Fair value adjustment of warrants			$ 47	$ 14	$ 183	$ 82
Securities Purchase Agreement [Member]
Number of common stock shares sold		417,000
Warrant to purchase shares common stock		145,952
Class of warrant or right, number of securities called by each warrant or right		0.35
Combined purchase price per share		$ 4.60
Warrant exercise price per share		$ 6.08
Class of warrant or right, expiration period		5 years
Second Amended Purchase Agreement [Member]
Number of common stock shares sold	595,000
Warrant to purchase shares common stock	178,500
Class of warrant or right, number of securities called by each warrant or right	0.30
Combined purchase price per share	$ 6.75
Warrant exercise price per share	$ 9.36
Class of warrant or right, expiration period	5 years

Warrants - Schedule of Fair Value Assumptions Used (Details) - Warrant [Member]	9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Dividend Rate [Member]
Fair value measurement percent	0.00%	0.00%
Risk Free Interest Rate [Member]
Fair value measurement percent	2.40%
Risk Free Interest Rate [Member] \| Minimum [Member]
Fair value measurement percent		2.30%
Risk Free Interest Rate [Member] \| Maximum [Member]
Fair value measurement percent		2.40%
Expected Life (Years) [Member] \| Minimum [Member]
Fair value measurement expected life	2 years 6 months	3 years 6 months
Expected Life (Years) [Member] \| Maximum [Member]
Fair value measurement expected life	2 years 9 months 18 days	3 years 9 months 18 days
Expected Volatility [Member] \| Minimum [Member]
Fair value measurement percent	90.80%	137.50%
Expected Volatility [Member] \| Maximum [Member]
Fair value measurement percent	142.70%	145.20%

Stock-Based Compensation (Details Narrative) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 02, 2013	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018	Dec. 31, 2009	Dec. 07, 2018	Apr. 30, 2018	Jan. 18, 2018	Oct. 21, 2016	Dec. 31, 2015	Dec. 31, 2007
Number of stock option shares granted		995,000		995,000	170,664
Treasury stock, shares, acquired				1,770	25,947
Employee Stock Option [Member]
Number of shares outstanding		1,353,070		1,353,070				388,529
Number of stock option shares granted				995,000
Share-based compensation intrinsic value of outstanding		$ 0		$ 0
Share-based compensation options, exercisable intrinsic value		$ 0		$ 0
Share-based compensation unvested shares of stock options		995,051		995,051
Share-based compensation weighted average remaining contractual term				9 years 10 months 25 days
Share-based compensation expense				$ 151	$ 177
Unrecognized compensation cost related to non-vested stock options		$ 301		$ 301
Share-based compensation cost expected to recognize weighted-average term				10 months 25 days
Restricted Stock [Member]
Share-based compensation expense				$ 49	$ 73
Share-based compensation cost expected to recognize weighted-average term				1 year 1 month 6 days
Number of restricted shares granted				18,859
Unrecognized compensation cost related to unvested restricted stock		$ 44		$ 44
Stock Incentive Plan 2006 [Member]
Share-based compensation arrangement by share-based payment award, number of shares authorized	245,321					165,321						80,321
Share-based compensation arrangement by share-based payment award, number of additional shares authorized	80,000					85,000
2015 Omnibus Incentive Plan [Member]
Share-based compensation arrangement by share-based payment award, number of shares authorized							2,640,703			640,703	240,703
Stock based compensation shares, available for grant		1,129,490		1,129,490
2018 Inducement Plan [Member]
Share-based compensation arrangement by share-based payment award, number of shares authorized									500,000
Stock based compensation shares, available for grant		481,141		481,141
Number of shares outstanding		18,859		18,859

Stock-Based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Risk-free interest rate	2.70%	0.00%	2.70%	2.10%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected life (in years)	5 years 6 months	0 years	5 years 6 months	5 years 6 months
Expected volatility	126.40%	0.00%	126.40%	128.20%

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Shares Underlying Options Outstanding, Granted	995,000		995,000	170,664
Employee Stock Option [Member]
Shares Underlying Options Outstanding, Beginning			388,529
Shares Underlying Options Outstanding, Granted			995,000
Shares Underlying Options Outstanding, Exercised
Shares Underlying Options Outstanding, Cancelled/forfeited			(30,459)
Shares Underlying Options Outstanding, Ending	1,353,070		1,353,070
Shares Underlying Options Outstanding, Exercisable at Ending	358,012		358,012
Weighted Average Exercise Price, Beginning Balance			$ 6.15
Weighted Average Exercise Price, Granted			0.41
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Cancelled/forfeited			43.85
Weighted Average Exercise Price, Ending Balance	$ 1.08		1.08
Weighted Average Exercise Price, Exercisable at Ending	$ 2.94		$ 2.94
Weighted Average Remaining Contractual Term (In Years), Beginning			7 years 4 months 24 days
Weighted Average Remaining Contractual Term (In Years), Ending			9 years 2 months 12 days
Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending			7 years 3 months 19 days

Stock-Based Compensation - Schedule of Non-vested Restricted Stock Activity (Details) - Non-Vested Restricted Stock [Member]	9 Months Ended
	Jan. 31, 2019 $ / shares shares
Number of Shares, Issued and unvested, Beginning \| shares	197,064
Number of Shares, Granted \| shares	18,859
Number of Shares, Vested \| shares	(5,154)
Number of Shares, Cancelled/forfeited \| shares	(101,797)
Number of Shares, Issued and Unvested, Ending \| shares	108,972
Weighted Average Price per Share, Issued and Unvested, Beginning \| $ / shares	$ 1.35
Weighted Average Price per Share, Granted \| $ / shares	1.14
Weighted Average Price per Share, Vested \| $ / shares	3.22
Weighted Average Price per Share, Cancelled/forfeited \| $ / shares	1.12
Weighted Average Price per Share, Issued and Unvested, Ending \| $ / shares	$ 1.44

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Apr. 30, 2018
Warrant liabilities	$ 18	$ 201
Fair Value, Measurements, Recurring [Member]
Warrant liabilities	18	201
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Warrant liabilities
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Warrant liabilities
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Warrant liabilities	$ 18	$ 201

Fair Value Measurements - Summary of Changes on Value of Warrant Liability Using Significant Unobservable Inputs (Details) - Warrant Liability [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2019	Apr. 30, 2018
Fair value, beginning	$ 201	$ 323
Change in fair value	(183)	(122)
Fair value, ending	$ 18	$ 201

Commitments and Contingencies (Details Narrative) - USD ($)							9 Months Ended
	Aug. 28, 2018	Jul. 27, 2018	Jun. 13, 2018	May 03, 2018	Oct. 23, 2017	Oct. 22, 2015	Jan. 31, 2019	Apr. 30, 2018	Apr. 30, 2017
Litigation settlement, amount awarded to other party				$ 350,000
Loss Contingency Accrual								$ 350,000
Loss contingency, receivable								350,000
Income tax examination, penalties and interest accrued							$ 177,000	$ 177,000
Selling, General and Administrative [Member] \| Tax Authority, Spain [Member]
Income tax examination, penalties and interest accrued							177,000		$ 132,000
Tide Runner Marine, Inc. [Member]
Damages sought value		$ 15,000	$ 2,825,130
Charles F. Dunleavy [Member]
Damages sought value	$ 5,000,000
Wittich [Member] \| February 22, 2019 [Member] \| Settlement [Member]
Litigation settlement, amount awarded to other party							50,000
Wittich [Member] \| May 01, 2019 [Member] \| Settlement [Member]
Litigation settlement, amount awarded to other party							$ 150,000
Reverse Stock Split [Member]
Reverse stock split						The Stockholder Demand alleges that the voting of shares for the 1-for-10 reverse stock split
Stipulation [Member]
Litigation settlement, amount awarded to other party					$ 350,000

Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details Narrative) - USD ($) $ in Thousands	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018	Apr. 30, 2018
Income tax benefit (expense)	$ 850	$ 1,119	$ 850	$ 1,119
Income tax examination, penalties and interest accrued	177		177		$ 177
New Jersey Division of Taxation [Member]
Income tax benefit (expense)	900	1,100	900	1,100
Proceed from sale of loss carryforwards and tax credits	$ 9,100	$ 11,400	$ 9,100	$ 11,400

Operating Segments and Geographic Information (Details Narrative)	9 Months Ended
	Jan. 31, 2019 segments
Segment Reporting [Abstract]
Number of reportable segments	1

Adoption of Revenue Recognition Guidance (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Net loss	$ (2,611)	$ (1,663)	$ (9,741)	$ (6,903)
Effect of Adoption [Member]
Net loss	$ (51)		(130)
Increase in revenue remaining performance obligation			$ 130

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Adoption of Revenue Recognition Guidance - Schedule of Condensed Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018	May 02, 2018	Apr. 30, 2018
Revenues	$ 268		$ 440	$ 289
Operating loss	(3,522)	(2,894)	(10,754)	(8,266)
Net loss	$ (2,611)	$ (1,663)	$ (9,741)	$ (6,903)
Basic and diluted net loss per share	$ (0.14)	$ (0.09)	$ (0.52)	$ (0.48)
Weighted average shares used to compute basic and diluted net loss per share	19,185,741	18,150,494	18,621,033	14,441,383
Foreign currency translation adjustment	$ 1	$ 11	$ (4)	$ 19
Total comprehensive loss	(2,610)	$ (1,652)	(9,745)	(6,884)
Contract assets	85		85		$ 71
Total assets	4,577		4,577			14,121
Contract liability	256		256		$ 18
Accumulated deficit	(207,279)		(207,279)			(197,538)
Stockholders' equity	1,449		1,449			10,236
Total liabilities and stockholders' equity	4,577		4,577			$ 14,121
Contract assets			(85)
Contract liability			256
Net cash used in operating activities			(9,850)	(8,177)
Net increase in cash, cash equivalents and restricted cash			(9,497)	$ 5,996
Cash, cash equivalents and restricted cash, end of period			2,728
Effect of Adoption [Member]
Revenues	(51)		(130)
Operating loss	(51)		(130)
Net loss	$ (51)		$ (130)
Basic and diluted net loss per share	$ (0.01)		$ 0
Weighted average shares used to compute basic and diluted net loss per share	19,185,741		18,621,033
Foreign currency translation adjustment
Total comprehensive loss	(51)		(130)
Contract assets	(65)		(65)
Total assets	(65)		(65)
Contract liability	65		65
Accumulated deficit	(130)		(130)
Stockholders' equity	(65)		(65)
Total liabilities and stockholders' equity	(65)		(65)
Contract assets			65
Contract liability			65
Net cash used in operating activities
Net increase in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, end of period
Amounts Excluding Effect of Adoption [Member]
Revenues	319		570
Operating loss	(3,471)		(10,624)
Net loss	$ (2,560)		$ (9,611)
Basic and diluted net loss per share	$ (0.13)		$ (0.52)
Weighted average shares used to compute basic and diluted net loss per share	19,185,741		18,621,033
Foreign currency translation adjustment	$ 1		$ (4)
Total comprehensive loss	(2,559)		(9,615)
Contract assets	150		150
Total assets	4,642		4,642
Contract liability	191		191
Accumulated deficit	(207,149)		(207,149)
Stockholders' equity	1,514		1,514
Total liabilities and stockholders' equity	$ 4,642		4,642
Contract assets			(150)
Contract liability			191
Net cash used in operating activities			(9,850)
Net increase in cash, cash equivalents and restricted cash			(9,497)
Cash, cash equivalents and restricted cash, end of period			$ 2,728

Subsequent Events (Details Narrative) - $ / shares	Mar. 08, 2019	Jan. 31, 2019	Apr. 30, 2018
Common stock, par value		$ 0.001	$ 0.001
Subsequent Event [Member] \| Common Stock [Member]
Common stock, par value	$ 0.001
Reverse stock split, description	As of the effective date of the Reverse Stock Split, every twenty shares of issued and outstanding common stock will be combined into one issued and outstanding share of common stock, without any change in the par value per share. Any fractional shares in connection with the Reverse Stock Split will be rounded up to the nearest whole share and no cash payments will be made by the Company to stockholders in lieu of fractional shares.