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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Oct. 31, 2019	Dec. 02, 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	Oct. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity's Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,561,139
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

Consolidated Balance Sheets - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Current assets:
Cash and cash equivalents	$ 10,495,000	$ 16,660,000
Restricted cash- short-term	707,000	344,000
Accounts receivable	997,000	63,000
Contract assets	111,000	15,000
Other current assets	904,000	537,000
Total current assets	13,214,000	17,619,000
Property and equipment, net	559,000	592,000
Right-of-use asset, net	1,265,000
Restricted cash- long-term	220,000	155,000
Total assets	15,258,000	18,366,000
Current liabilities:
Accounts payable	177,000	312,000
Accrued expenses	1,930,000	1,938,000
Contract liabilities	990,000	188,000
Warrant liabilities		6,000
Right-of-use liability- current	215,000
Total current liabilities	3,312,000	2,444,000
Right-of-use liability	1,198,000
Deferred rent		147,000
Total liabilities	4,510,000	2,591,000
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 6,489,668 and 5,425,517 shares, respectively	7,000	5,000
Treasury stock, at cost; 4,251 and 3,770 shares, respectively	(302,000)	(301,000)
Additional paid-in capital	227,214,000	226,026,000
Accumulated deficit	(215,998,000)	(209,784,000)
Accumulated other comprehensive loss	(173,000)	(171,000)
Total stockholders' equity	10,748,000	15,775,000
Total liabilities and stockholders' equity	$ 15,258,000	$ 18,366,000

Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2019	Apr. 30, 2019
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	6,489,668	5,425,517
Treasury stock, shares	4,251	3,770

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Income Statement [Abstract]
Revenues	$ 204,000	$ 141,000	$ 406,000	$ 172,000
Cost of revenues	288,000	637,000	655,000	780,000
Gross loss	(84,000)	(496,000)	(249,000)	(608,000)
Operating expenses:
Engineering and product development costs	1,309,000	1,574,000	2,507,000	2,722,000
Selling, general and administrative costs	1,838,000	1,849,000	3,534,000	3,902,000
Total operating expenses	3,147,000	3,423,000	6,041,000	6,624,000
Operating loss	(3,231,000)	(3,919,000)	(6,290,000)	(7,232,000)
Gain due to the change in fair value of warrant liabilities		51,000	6,000	136,000
Interest income, net	32,000	7,000	74,000	21,000
Foreign exchange gain/(loss)	10,000	(29,000)	(4,000)	(55,000)
Net loss	$ (3,189,000)	$ (3,890,000)	$ (6,214,000)	$ (7,130,000)
Basic and diluted net loss per share	$ (0.51)	$ (4.20)	$ (1.01)	$ (7.78)
Weighted average shares used to compute basic and diluted net loss per share	6,259,655	926,175	6,150,061	916,934

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,189)	$ (3,890)	$ (6,214)	$ (7,130)
Foreign currency translation adjustment	(7)	(9)	(2)	(5)
Total comprehensive loss	$ (3,196)	$ (3,899)	$ (6,216)	$ (7,135)

- 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) - USD ($) $ in Thousands	Common Shares [Member]	Treasury Shares [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	921,247	(3,701)
Net loss				(3,240)		(3,240)
Stock based compensation			80			80
Issuance/(forfeiture) of restricted stock, net
Issuance/(forfeiture) of restricted stock, net, shares	868
Other comprehensive loss					4	4
Balance at Jul. 31, 2018	$ 18	$ (300)	208,296	(200,778)	(156)	7,080
Balance, shares at Jul. 31, 2018	922,115	(3,701)
Balance at Apr. 30, 2018	$ 18	$ (300)	208,216	(197,538)	(160)	10,236
Balance, shares at Apr. 30, 2018	921,247	(3,701)
Net loss						(7,130)
Balance at Oct. 31, 2018	$ 19	$ (301)	208,714	(204,668)	(165)	3,599
Balance, shares at Oct. 31, 2018	953,394	(3,790)
Balance at Jul. 31, 2018	$ 18	$ (300)	208,296	(200,778)	(156)	7,080
Balance, shares at Jul. 31, 2018	922,115	(3,701)
Net loss				(3,890)		(3,890)
Stock based compensation			54			54
Issuance/(forfeiture) of restricted stock, net
Issuance/(forfeiture) of restricted stock, net, shares	(150)
Other comprehensive loss					(9)	(9)
Common stock issued for commitment fee	$ 1		295			296
Common stock issued for commitment fee, shares	21,429
Issuance of common stock- Aspire financing, net of issuance costs			69			69
Issuance of common stock- Aspire financing, net of issuance costs, shares	10,000
Acquisition of treasury stock		$ (1)				(1)
Acquisition of treasury stock, shares		(89)
Balance at Oct. 31, 2018	$ 19	$ (301)	208,714	(204,668)	(165)	3,599
Balance, shares at Oct. 31, 2018	953,394	(3,790)
Balance at Apr. 30, 2019	$ 5	$ (301)	226,026	(209,784)	(171)	15,775
Balance, shares at Apr. 30, 2019	5,425,517	(3,770)
Net loss				(3,025)		(3,025)
Stock based compensation			92			92
Issuance/(forfeiture) of restricted stock, net
Issuance/(forfeiture) of restricted stock, net, shares	(132)
Other comprehensive loss					5	5
Acquisition of treasury stock		$ (1)				(1)
Acquisition of treasury stock, shares		(481)
Exercise of pre-funded warrants	$ 1		(19)			(18)
Exercise of pre-funded warrants, shares	350,000
Balance at Jul. 31, 2019	$ 6	$ (302)	226,099	(212,809)	(166)	12,828
Balance, shares at Jul. 31, 2019	5,775,385	(4,251)
Balance at Apr. 30, 2019	$ 5	$ (301)	226,026	(209,784)	(171)	15,775
Balance, shares at Apr. 30, 2019	5,425,517	(3,770)
Net loss						(6,214)
Balance at Oct. 31, 2019	$ 7	$ (302)	227,214	(215,998)	(173)	10,748
Balance, shares at Oct. 31, 2019	6,489,668	(4,251)
Balance at Jul. 31, 2019	$ 6	$ (302)	226,099	(212,809)	(166)	12,828
Balance, shares at Jul. 31, 2019	5,775,385	(4,251)
Net loss				(3,189)		(3,189)
Stock based compensation			76			76
Other comprehensive loss					(7)	(7)
Common stock issued for commitment fee			294			294
Common stock issued for commitment fee, shares	194,805
Issuance of common stock- AGP At The Market offering, net of issuance costs	$ 1		745			746
Issuance of common stock- AGP At The Market offering, net of issuance costs, shares	519,478
Balance at Oct. 31, 2019	$ 7	$ (302)	$ 227,214	$ (215,998)	$ (173)	$ 10,748
Balance, shares at Oct. 31, 2019	6,489,668	(4,251)

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Cash flows from operating activities:
Net loss	$ (6,214)	$ (7,130)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange loss	4	55
Depreciation and amortization	173	90
Compensation expense related to stock option grants and restricted stock	168	135
Gain due to the change in fair value of warrant liabilities	(6)	(136)
Changes in operating assets and liabilities:
Accounts receivable	(934)	(296)
Unbilled receivables		71
Contract assets	(96)	(23)
Other assets	(6)	(109)
Accounts payable	(138)	24
Accrued expenses	(75)	(56)
Deferred rent		5
Deferred credit payable		(600)
Unearned revenue		(18)
Change in lease liability	(96)
Contract liabilities	802	373
Net cash used in operating activities	(6,418)	(7,615)
Cash flows from investing activities:
Purchases of marketable securities		(25)
Maturities of marketable securities		50
Purchase of computers, equipment and furniture	(41)	(52)
Net cash used in investing activities	(41)	(27)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		68
Proceeds from issuance of common stock- AGP At The Market offering, net of issuance costs	746
Costs associated with exercise of pre-funded warrants	(18)
Payment of capital lease obligations		(19)
Acquisition of treasury stock	(1)	(1)
Net cash provided by financing activities	727	48
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(5)	(75)
Net decrease in cash, cash equivalents and restricted cash	(5,737)	(7,669)
Cash, cash equivalents and restricted cash, beginning of period	17,159	12,225
Cash, cash equivalents and restricted cash, end of period	11,422	4,556
Supplemental schedule of cash flows information:
Cash paid for interest		1
Supplemental disclosure of noncash operating activities:
Prepaid financing costs reported in accrued expenses	67
Supplemental disclosure of noncash investing activities:
Acquisition of computers, equipment and furniture through accounts payable	3	2
Supplemental disclosure of noncash financing activities:
Common stock issued for payment of commitment fee	$ 294	$ 296

Background, Basis of Presentation and Liquidity

6 Months Ended

Oct. 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 of 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 decrease in cash due to the use of cash from operating activities unless and until we achieve positive cash flow from the commercialization of products 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, 2019 and its Quarterly Report on Form 10-Q for the quarter ended July 31, 2019, each filed with the Securities and Exchange Commission (“SEC”), and elsewhere in this Form 10-Q.

c) Liquidity/Going Concern

Our 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 $216.0 million as of October 31, 2019. As of October 31, 2019, the Company had approximately $11.4 million in cash, cash equivalents, and restricted cash on hand. The Company generated revenues of $0.4 million and $0.2 million during each of the six months ended October 31, 2019 and 2018. Based on the Company’s cash, cash equivalents and restricted cash balances as of October 31, 2019, the Company believes that it will be able to finance its capital requirements and operations into the quarter ending July 31, 2020. 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 2021. 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 2019 and during the six months ended October 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 it’s At the Market Offering Agreement with A.G.P/Alliance Global Partners (“AGP”) and the Aspire Capital financing (each 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 August 13, 2018, the Company entered into a common stock purchase agreement with Aspire Capital Fund, LLC (“Aspire Capital”) which provided that, subject to certain terms, conditions and limitations, Aspire Capital was committed to purchase up to an aggregate of $10.0 million of shares of the Company’s common stock over a 30-month period that does not exceed 19.99% of the outstanding common stock on the date of the agreement. The number of shares the Company could issue within the 19.99% limit is 183,591 shares. Shareholder approval was not needed since the number of common stock offered for sale in the common stock purchase agreement did not exceed 19.99% of the outstanding common stock on the date of the agreement. In consideration for entering into the agreement, the Company issued to Aspire Capital 21,429 shares of our common stock as a commitment fee. As of October 24, 2019, the Company has sold 162,162 shares of common stock with an aggregate market value of $949,259 at an average price of $5.85 per share pursuant to this common stock purchase agreement. The Company has issued all the shares available for sale under the common stock purchase agreement. The agreement was cancelled on October 24, 2019.

On October 24, 2019, the Company entered into a new common stock purchase agreement with 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 that does not exceed 19.99% of the outstanding common stock on the date of the agreement. The number of shares the Company can issue within the 19.99% limit is 1,219,010 shares. Shareholder approval is needed for sale of common stock over the 19.99% limit of the outstanding common stock on the date of the agreement. The Company has included a proposal in its proxy statement asking shareholders at the 2019 annual meeting of stockholders, being held on December 20, 2019, to approve an additional 5,400,000 shares to be added to the common stock purchase agreement. In consideration for entering into the agreement, the Company issued to Aspire Capital 194,805 shares of our common stock as a commitment fee. As of October 31, 2019, the Company has not sold any shares of common stock under the agreement.

On January 7, 2019, the Company entered into an At the Market Offering Agreement (“2019 ATM Facility”) with AGP, under which the Company may issue and sell to or through AGP, acting as agent and/or principal, shares of the Company’s common stock having an aggregate offering price of up to $25 million. As of October 31, 2019, under the 2019 ATM Facility, the Company issued and sold 671,039 shares of its common stock with an aggregate market value of $1.8 million at an average price of $2.69 per share and paid AGP a sales commission of approximately $59,000 related to those shares.

On April 8, 2019, the Company sold 1,542,000 shares of common stock, which includes the sale of 642,000 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. As part of the public offering, the Company also sold prefunded warrants to purchase up to 3,385,680 shares of common stock and common warrants to purchase up to 4,927,680 shares of our common stock. The net proceeds to the Company from the offering were approximately $15.7 million, after deducting underwriter fees and offering expenses payable by the Company.

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.

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.

(d) Reverse Stock-Split

The Company initiated a 1-for-20 reverse stock split effective as of the close of markets on March 11, 2019. The common stock began trading on a reverse stock split-adjusted basis on the Nasdaq on March 12, 2019. All shares and per share data in these consolidated financial statements and notes thereto have been retroactively adjusted to give effect to the reverse stock split.

Summary of Significant Accounting Policies

6 Months Ended

Oct. 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.

(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.

	October 31, 2019		April 30, 2019
	(in thousands)

Checking and savings accounts	$	2,393	$	860
Money market account		8,102		15,800
	$	10,495	$	16,660

Restricted Cash and Security Agreements

A portion of the Company’s cash is restricted under the terms of various 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 October 31, 2019, there were no letters of credit outstanding under this agreement.

The other agreements are between the Company and Santander Bank. Cash is on deposit at Santander Bank and serves as security for a letter of credit issued by Santander Bank for the lease of warehouse/office space in Monroe Township, New Jersey. This agreement cannot be extended beyond January 31, 2025 and is cancelable at the discretion of the bank. Santander Bank also issued two letters of credit to subsidiaries of Enel Green Power (“EGP”) pursuant to the Company’s contracts with EGP. The first letter of credit was issued in the amount of $125,690 that expires in October 2020. The second letter of credit was issued in the amount of $645,467. This second letter of credit will be reduced to $322,734 in March 2020 and to $64,547 in May 2020. The remaining amount expires in April 2021. Restricted cash includes the following:

	October 31, 2019		April 30, 2019
	(in thousands)

Barclay’s Bank Agreement	$	-	$	344
Santander Bank		927		155
	$	927	$	499

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.

	October 31, 2019		April 30, 2019
	(in thousands)

Cash and cash equivalents	$	10,495	$	16,660
Restricted cash- short term		707		344
Restricted cash- long term		220		155
	$	11,422	$	17,159

(d) 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.

(e) 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.

(f) Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable and cash. The Company believes that its credit risk is limited because the Company’s current contracts are with companies with strong financial strength. The Company invests its excess cash in a money market fund and does not believe that it is exposed to any significant risks related to its cash accounts and money market fund. Cash is also maintained at foreign financial institutions. Cash in foreign financial institutions as of October 31, 2019 was $0.6 million.

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 October 31,						Six months ended October 31,
Customer	2019			2018			2019			2018

Eni S.p.A.		23	%		84	%		19	%		72	%
Premier Oil UK Limited		13	%		0	%		30	%		15	%
EGP		47	%		16	%		24	%		13	%
U.S. Navy		10	%		0	%		17	%		0	%
Other		7	%		0	%		10	%		0	%
		100	%		100	%		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.

(g) Warrant Accounting

The Company accounts for warrants issued in connection with its public offerings in accordance with the guidance on “Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity” in Accounting Standards Codification (“ASC”) Topic 480 which provides that warrants meeting the classification of a liability award are recorded as a liability at its fair value. The warrant liabilities are subject to re-measurement at each balance sheet date using the Black-Scholes option pricing model. The Company recognizes any change in fair value in its Consolidated Statements of Operations 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.

(h) Net Loss per Common Share

Basic and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents outstanding during the period. The pre-funded warrants were determined to be common stock equivalents and have been included in the weighted average number of shares outstanding for calculation of the basic earnings per share number. Due to the Company’s net losses, potentially dilutive securities, consisting of options to purchase shares of common stock, warrants on common stock and non-vested restricted stock issued to employees and non-employee directors, were excluded from the diluted loss per share calculation due to their anti-dilutive effect.

In computing diluted net loss per share on the Statement of Operations, warrants on common stock, options to purchase shares of common stock and non-vested restricted stock issued to employees and non-employee directors, totaling 5,007,907 and 890,175 for each of the three and six months ended October 31, 2019 and 2018, respectively, were excluded from each of the computations as the effect would be anti-dilutive due to the Company’s losses.

(i) 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 six months ended October 31, 2019 and 2018:

	Three months ended October 31,				Six months ended October 31,
	2019		2018		2019		2018
	(in thousands)

Product development	$	20	$	10	$	40	$	21
Selling, general and administrative		56		45		128		114
Total share-based compensation expense	$	76	$	55	$	168	$	135

(j) Deferred Rent

On March 31, 2017, the Company signed a 7-year lease for approximately 56,000 square feet in Monroe Township, New Jersey that is being used as warehouse/production space, 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 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. With the Company’s adoption of Accounting Standards Update (“ASU”) No. 2016-02 on May 1, 2019, the balances in lease incentive liability and deferred rent have been included in the value of the right of use asset.

(k) 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 unpriced change orders and liquidated damages and penalties. Variable consideration can also arise from modifications to the scope of services. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on our assessment of legal enforceability, performance and any other information (historical, current, and forecasted) that is reasonably available to us.

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’s contracts are either cost plus or fixed price contracts. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee. Under cost plus contracts, a profit or loss on a project is recognized depending on whether actual costs are more or less than the agreed upon amount.

The Company has two types of fixed price contracts, firm fixed price and cost-sharing. Under firm fixed price contracts, the Company receives an agreed-upon amount for providing products and services specified in the contract, a profit or loss is recognized depending on whether actual costs are more or less than the agreed upon amount. Under cost-sharing contracts, the fixed amount agreed upon with the customer is only intended to fund a portion of the costs on a specific project. Under cost sharing contracts, an amount corresponding to the revenue is recorded in cost of revenues, resulting in gross profit on these contracts of zero. The Company’s share of the costs is recorded as product development expense. The Company reports its disaggregation of revenue by contract type since this method best represents the Company’s business. For the six-month period ended October 31, 2019 and 2018 all of the Company’s contracts were classified as firm fixed price.

As of October 31, 2019, the Company’s total remaining performance obligations, also referred to as backlog, totaled $2.4 million. The Company expects to recognize approximately 100%, or $2.4 million, of the remaining performance obligations as revenue over the next twelve months.

PB3 PowerBuoy® Leasing

The Company enters into lease arrangements with certain customers for their PB3 PowerBuoy® (“PB3”). As of October 31, 2019, the Company has two active lease arrangements ranging in terms from 3 to 18 months. Revenue related to multiple-element arrangements are allocated to lease and non-lease elements based on their relative standalone selling prices or expected cost plus a margin approach. Lease elements generally include a PB3 and components, while non-lease elements generally include engineering, monitoring and support services. In the lease arrangement, the customer is provided an option to extend the lease term or purchase the leased PB3 at some point during and/or at the end of the lease term.

The Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC Topic 842, “Leases”. At inception of the contract, the Company evaluates the lease against the lease classification criteria within ASC Topic 842. If the direct financing or sales-type classification criteria are met, then the lease is accounted for as a finance lease. All others are treated as an operating lease.

The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term and is presented in Revenues in consolidated statement of operations. The lease income for the three and six months ended October 31, 2019 was immaterial.

(l) Recently Issued Accounting Standards

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, “Leases (Topic 842).” which amends the existing guidance on accounting for leases. Topic 842 was further clarified and amended within ASU 2017-13, ASU 2018-01, ASU 2018-10, ASU 2018-11 and ASU 2018-20. 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 twelve months or leases that contain a purchase option that is reasonably certain to be exercised. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 was effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. The guidance permits the Company to utilize the package of practical expedients that, upon adoption of Topic 842, allows entities to (1) not reassess whether any expired or existing contracts are or contain leases, (2) retain the classification of leases (e.g., operating or finance lease) existing as of the date of adoption and (3) not reassess initial direct costs for any existing leases. Additionally, the Company elected to exclude short-term leases having initial terms of 12 months or less and recognizes rent expense on a straight-line basis over the lease term. The Company adopted Topic 842 on May 1, 2019 using the modified retrospective approach. Under this approach, comparative periods presented in the financial statements in which the new lease standard is adopted will continue to be presented in accordance with prior GAAP. The adoption of this standard had an impact on the Company’s Consolidated Balance Sheets, recognizing a ROU and a lease liability of approximately $1.4 million and $1.5 million, respectively, and eliminating deferred rent of $39,000 and an unamortized lease incentive receivable of $108,000. Refer to Note 6 to the Consolidated Financial Statements for disclosure requirements related to the adoption of this standard.

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” The amendment in this update replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables. This update is intended to provide financial statement users with more decision-useful information about the expected credit losses. This ASU is effective for annual periods and interim periods beginning after December 15, 2019. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements.

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. 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

6 Months Ended

Oct. 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 October 31, 2019 and April 30, 2019.

	October 31, 2019			April 30, 2019
	(in thousands)

Opening balance	$	63		$	171
Amount invoiced to customer		1,113			857
Collections		(179	)		(965	)
Ending balance	$	997		$	63

Contract Assets and Contract Liabilities

Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditioned on completing additional tasks or services for a performance obligation. The increase in contract assets is primarily a result of services performed but unbilled during the six months ended October 31, 2019.

Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The increase in contract liabilities is primarily a result of an advance payment made by EGP during the six months ended October 31, 2019.

Other Current Assets

6 Months Ended

Oct. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Current Assets

(4) Other Current Assets

Other current assets consist of the following at October 31, 2019 and April 30, 2019:

	October 31, 2019		April 30, 2019
	(in thousands)

Deposits	$	111	$	63
Other receivables		17		44
Prepaid insurance		116		93
Prepaid offering costs		480		144
Prepaid expenses- other		180		193
	$	904	$	537

Property and Equipment, Net

6 Months Ended

Oct. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

(5) Property and Equipment, net

The components of property and equipment, net as of October 31, 2019 and April 30, 2019 consisted of the following:

	October 31, 2019			April 30, 2019
	(in thousands)

Equipment	$	339			339
Computer equipment & software		702			558
Office furniture & equipment		341			341
Leasehold improvements		474			474
Equipment under capitalized lease		-			103
Construction in process		18			15
	$	1,874		$	1,830
Less: accumulated depreciation		(1,315	)		(1,238	)
	$	559		$	592

Depreciation expense was approximately $39,000 and $45,000 for the three-month period ended October 31, 2019 and 2018, and approximately $77,000 and $90,000 for the six-month period ended October 31, 2019 and 2018, respectively.

Leases

6 Months Ended

Oct. 31, 2019

Leases [Abstract]

Leases

(6) Leases

Lessor Information

As of October 31, 2019, the Company has two active leases which have been classified as operating leases per accounting guidance contained within ASC Topic 842,” Leases”. The Company’s remaining operating lease term on these leases is less than a year. The maturities of lease payments remaining on this lease are immaterial. The accounting of the operating lease income according to ASC Topic 842, “Leases” is similar to the accounting in prior years.

Lessee Information

The Company has one lease for its facility located in Monroe Township, New Jersey that is used as warehouse/production space and the Company’s principal offices and corporate headquarters. The initial lease term is for 7 years with an option to extend the lease for another 5 years. The lease is classified as an operating lease. The operating lease is included in right-of-use assets, lease liabilities- current and lease liabilities- long-term on the Company’s Consolidated Balance Sheets. The Company has elected the package of practical expedients which applies to leases that commenced before the adoption date. By electing the package of practical expedients, the Company did not need to reassess whether any existing contracts are or contain leases, the lease classification for any existing leases and initial direct costs for any existing leases.

Right-of-use asset and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. When the implicit rate of the lease is not provided or cannot be determined, the Company used the incremental borrowing rate based on the information available at the effective date to determine the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The renewal options have not been included in the lease term as they are not reasonably certain of exercise. Lease expense for minimum lease payments is recognized on a straight- line basis over the lease term and consists of interest on the lease liability and the amortization of the right of use asset. Variable lease expenses, if any, are recorded as incurred. The operating lease straight-line expense in the Consolidated Statement of Operations for the three and six months ended October 31, 2019 was $79,000 and $159,000. The operating cash flows from operating leases cash payments for the three and six months ended October 31, 2019 was $79,000 and $159,000.

Information related to the Company’s right-of use assets and lease liabilities as of October 31, 2019 was as follows:

	October 31, 2019
	(in thousands)

Operating lease:
Operating right-of-use asset, net	$	1,265

Right-of-use liability- current		215
Right-of-use liability- long term		1,198
Total lease liability	$	1,413

Weighted average remaining lease term- operating leases		4.99 years
Weighted average discount rate- operating leases		8.5	%

Total remaining lease payments under the Company’s operating leases are as follows:

	October 31, 2019
	(in thousands)

2020 (November- April)	$	163
2021		331
2022		341
2023		352
2024		362
Thereafter		184
Total future minimum lease payments	$	1,733
Less imputed interest		(320	)
Total	$	1,413

ASC 840 Disclosure

The Company elected the modified retrospective transition method and is required to present previously disclosed information under the prior accounting standard for leases.

Lessee Information

Future minimum lease payments under the Company’s operating lease as of April 30, 2019 are as follows:

	April 30, 2019
	(in thousands)

2020	$	322
2021		331
2022		341
2023		352
2024		362
Thereafter		184
	$	1,892

Accrued Expenses

6 Months Ended

Oct. 31, 2019

Payables and Accruals [Abstract]

Accrued Expenses

(7) Accrued Expenses

Accrued expenses consist of the following at October 31, 2019 and April 30, 2019:

	October 31, 2019		April 30, 2019
	(in thousands)

Project costs	$	47	$	9
Contract loss reserve		199		211
Employee incentive payments		453		580
Accrued salary and benefits		483		500
Legal and accounting fees		284		273
Accrued taxes payable		177		177
Other		287		188
	$	1,930	$	1,938

Warrants

6 Months Ended

Oct. 31, 2019

Warrants and Rights Note Disclosure [Abstract]

Warrants

(8) Warrants

Liability Classified Warrants

On June 2, 2016, the Company entered into a securities purchase agreement, which was amended on June 7, 2016 (as amended, the “June Purchase Agreement”) with certain institutional purchasers (the “June Purchasers”). Pursuant to the terms of the June Purchase Agreement, the Company sold an aggregate of 20,850 shares of Common Stock together with warrants to purchase up to an aggregate of 7,298 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 $92.00. The warrants have an exercise price of $121.60 per share, became exercisable on December 3, 2016 (“Initial Exercise Date”), and will expire five years following the Initial Exercise Date. As of October 31, 2019, none of the warrants have been exercised.

On July 22, 2016, the Company entered into a Second Amendment to the Purchase Agreement (the “Second Amended Purchase Agreement”) with certain institutional purchasers (the “July Purchasers”). Pursuant to the terms of the Second Amended Purchase Agreement, the Company sold an aggregate of 29,750 shares of Common Stock together with warrants to purchase up to an aggregate of 8,925 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 $135.00. The Warrants were exercisable immediately at an exercise price of $187.20 per share. The Warrants will expire on the fifth (5th) anniversary of the initial date of issuance. As of October 31, 2019, none of the warrants have been exercised.

Equity Classified Warrants

On April 8, 2019, the Company issued and sold 1,542,000 shares of common stock and pre-funded warrants to purchase up to 3,385,680 shares of common stock and common warrants to purchase up to 4,927,680 shares of our common stock in an underwritten public offering. The public offering price for the pre-funded warrants was equal to the public offering price of the common stock, less the $0.01 per share exercise price of each warrant. The pre-funded warrants have no expiration date. As of October 31, 2019, 2,982,120 of the pre-funded warrants have been exercised. The common stock warrants have an exercise price of $3.85 per share and expire five years from the issuance date. As of October 31, 2019, none of the common stock warrants have been exercised.

The Company accounts for warrants issued in connection with its June and July 2016 public offerings in accordance with the guidance on “Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity” in Topic 480 which provides that the Company classify the warrant instruments as a liability at its fair value. The warrant liabilities are subject to re-measurement at each balance sheet date using the Black-Scholes option pricing model. The June and July 2016 warrants contain a feature whereby they could require the transfer of assets and therefore are classified as a liability award in accordance with the guidance in Topic 480. As such, the warrants have a value of zero at October 31, 2019 and $6,000 at April 30, 2019 and are reflected within “Warrant liabilities” in the Consolidated Balance Sheets. The pre-funded and common warrants issued in the Company’s April 8, 2019 public offering did not meet the criteria to be classified as a liability award and therefore were treated as an equity award and recorded as a component of stockholders’ equity in the Consolidated Balance Sheets.

An unrealized gain of approximately zero and $51,000 for the three months ended October 31, 2019 and 2018, respectively, and $6,000 and $136,000 for the six months ended October 31, 2019 and 2018, respectively, were included within “Gain due to change in fair value of warrant liabilities” in the Consolidated Statements of Operations. The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions:

	October 31, 2019			October 31, 2018

Dividend rate		0.0	%		0.0	%
Risk-free rate		1.5	%		2.9	%
Expected life (years)		1.7 - 2.1			2.7 - 3.1
Expected volatility		105.9	%		142.9	%

Preferred Stock

6 Months Ended

Oct. 31, 2019

Equity [Abstract]

Preferred Stock

(9) Preferred Stock

The Company has authorized 5,000,000 shares of undesignated preferred stock with a par value of $0.001 per share. As of October 31, 2019, and 2018, no shares of preferred stock had been issued.

Common Stock

6 Months Ended

Oct. 31, 2019

Equity [Abstract]

Common Stock

(10) Common Stock

The Company has 100,000,000 shares authorized with a par value of $0.001 per share. As of October 31, 2019, there were 6,489,668 shares issued.

On August 13, 2018, the Company entered into a common stock purchase agreement with Aspire Capital which provided that, subject to certain terms, conditions and limitations, Aspire Capital was committed to purchase up to an aggregate of $10.0 million of shares of the Company’s common stock over a 30-month period that does not exceed 19.99% of the outstanding common stock on the date of the agreement. The number of shares the Company could issue within the 19.99% is 183,591 shares. Shareholder approval was not needed since the number of common stock offered for sale in the common stock purchase agreement did not exceed 19.99% of the outstanding common stock on the date of the agreement. In consideration for entering into the agreement, the Company issued to Aspire Capital 21,429 shares of common stock as a commitment fee. As of October 31, 2019, the Company has sold 162,162 shares of common stock with an aggregate market value of $949,259 at an average price of $5.85 per share pursuant to this common stock purchase agreement. The Company has issued all the shares available for sale under the common stock purchase agreement. The agreement was cancelled on October 24, 2019.

On October 24, 2019, the Company entered into a new common stock purchase agreement with 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 that does not exceed 19.99% of the outstanding common stock on the date of the agreement. The number of shares the Company can issue within the 19.99% limit is 1,219,010 shares. Shareholder approval is needed for sale of common stock over the 19.99% limit of the outstanding common stock on the date of the agreement. The Company has included a proposal in its proxy statement asking shareholders at the 2019 annual meeting of stockholders, being held on December 20, 2019, to approve an additional 5,400,000 shares to be added to the common stock purchase agreement. In consideration for entering into the agreement, the Company issued to Aspire Capital 194,805 shares of common stock as a commitment fee. As of October 31, 2019, the Company has not sold any shares of common stock under the agreement.

On January 7, 2019, the Company entered into the 2019 ATM Facility with AGP, under which the Company may issue and sell to or through A.G.P./Alliance Global Partners, acting as agent and/or principal, shares of the Company’s common stock having an aggregate offering price of up to $25 million. As of October 31, 2019, under the 2019 ATM Facility the Company had issued and sold 671,039 shares of its common stock with an aggregate market value of $1.8 million at an average price of $2.69 per share and paid AGP a sales commission of approximately $59,000 related to those shares.

On April 8, 2019, the Company sold 1,542,000 shares of common stock, which includes the sale of 642,000 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, prefunded warrants to purchase up to 3,385,680 shares of common stock and common warrants to purchase up to 4,927,680 shares of common stock in an underwritten public offering. The net proceeds to the Company from the offering were approximately $15.7 million, after deducting underwriter’s fees and offering expenses payable by the Company.

Treasury Shares

6 Months Ended

Oct. 31, 2019

Equity [Abstract]

Treasury Shares

(11) Treasury Shares

During the six months ended October 31, 2019 and 2018, 481 and 89 shares of common stock, respectively, were purchased by the Company from employees to pay taxes related to the vesting of restricted stock and are reflected in Treasury Stock as of October 31, 2019.

Stock-Based Compensation

6 Months Ended

Oct. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

(12) Stock-Based Compensation

In 2015, upon approval by the Company’s stockholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of 12,036 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 32,036. On December 7, 2018, upon approval by the Company’s stockholders, the Company increased the number of shares authorized for issuance to 132,036. 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 October 31, 2019, the Company has 60,279 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 25,000 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 October 31, 2019, there were 25,000 shares available for grant under the 2018 Inducement Plan.

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 no shares granted in the three and six months ended October 31, 2019 and 2018.

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

				Weighted		Remaining
	Shares			Average		Contractual
	Underlying			Exercise		Term
	Options			Price		(In Years)
Outstanding as of April 30, 2019		65,572		$	21.08		8.9
Granted		-		$	-
Exercised		-		$	-
Cancelled/forfeited		(1,568	)	$	62.77
Outstanding as of October 31, 2019		64,004		$	20.21		8.4
Exercisable as of October 31, 2019		17,754		$	51.51		6.6

As of October 31, 2019, the total intrinsic value of both outstanding and exercisable options was zero. As of October 31, 2019, approximately 46,250 additional options were unvested, which had no intrinsic value and a weighted average remaining contractual term of 9.1 years. There was approximately $163,000 and $78,000 of total recognized compensation cost related to stock options during each of the six months ended October 31, 2019 and 2018, respectively. As of October 31, 2019, there was approximately $32,000 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 0.10 years. The Company typically issues newly authorized but unissued shares to satisfy option exercises under these plans.

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 six months ended October 31, 2019, the Company did not grant 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, 2019		4,506		$	30.08
Granted		-		$	-
Vested		(4,380	)	$	30.14
Cancelled/forfeited		(126	)	$	28.00
Issued and unvested at October 31, 2019		-		$	-

There was approximately $5,000 and $57,000 of total recognized compensation cost related to restricted stock for the six months ended October 31, 2019 and 2018, respectively. As of October 31, 2019, there is not unrecognized compensation cost remaining related to unvested restricted stock granted under our plans.

Fair Value Measurements

6 Months Ended

Oct. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

(13) 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 six months ended October 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 8) 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 October 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

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of April 30, 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	$	6	$	-	$	-	$	6

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

Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	Total
	Warrant
	Liability
	(in thousands)

Fair value – April 30, 2018	$	201
Change in fair value		(195	)
Fair value – April 30, 2019		6

Change in fair value		(6	)
Fair value – October 31, 2019	$	-

There were no other re-measured assets or liabilities at fair value on a non-recurring basis during the six months ended October 31, 2019 and 2018.

- 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

6 Months Ended

Oct. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(14) Commitments and Contingencies

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. On April 5, 2019, a three-person arbitration panel scheduled the discovery process to run from April 12, 2019 until November 9, 2019, set a pre-hearing case management conference for October 14, 2019, and set the hearing for December 9-13, 2019 in Princeton, New Jersey. On September 30, 2019, the parties completed the factual discovery process and the Company identified its expert witnesses. On October 14, 2019, the parties participated in a pre-hearing case management conference with arbitration panel and altered slightly the dates for the hearing. The hearing now will be conducted in Princeton, New Jersey between December 9-11, 2019, and if needed continued between December 16-18, 2019. As of October 31, 2019, the Company has not accrued any provision related to this matter since it is not probable and cannot reasonably estimate the loss contingency.

Nasdaq Compliance

On August 9, 2018, the Company received written notification from Nasdaq indicating that the closing bid price of the Company’s common stock had been below $1.00 per share for a period of 30 consecutive trading days, and as a result, the Company was not in compliance with the minimum bid price requirement for continued listing. Under the Nasdaq Listing Rules, the Company was provided with 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 the grace period. If the Company did not regain compliance before February 5, 2019, Nasdaq stated that it would provide the Company with written notice that its securities are subject to delisting. At that time, the Company could appeal Nasdaq’s determination to a Nasdaq Listing Qualifications Panel, which would stay any further delisting action by Nasdaq pending a final decision by the panel. Alternatively, the Company could have been eligible for an additional 180 calendar day grace period if it met the continued listing standards, with the exception of bid price, for the Nasdaq Capital Market, and if the Company stated its intent to affect a reverse split, if necessary, to cure such deficiency.

On February 11, 2019, the Company received another written notification from Nasdaq indicating that the Company 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, did not qualify the Company for an additional 180 calendar day extension period for compliance. On February 19, 2019, the Company appealed Nasdaq’s determination to a Hearings Panel (the “Panel”), pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. The appeal stayed the suspension of the Company’s securities pending the Panel’s decision, during which time the Company’s common stock continued to be listed on Nasdaq, and the Company’s common stock continued to trade under the symbol “OPTT”.

On March 14, 2019, the Company received another written notification from Nasdaq indicating that the Company did not comply with the minimum stockholders’ equity requirement for continued listing. The earlier-filed appeal of the minimum bid price requirement was sufficient to encompass the minimum stockholder’s equity requirement, and the stay of suspension continued pending the Panel hearing and decision.

The Panel held its hearing on March 28, 2019. On April 4, 2019, the Panel issued the following two decisions: (i) the Panel concluded that the Company was in compliance with the minimum bid price rule; and (ii) the Panel granted the Company’s request to cure its stockholder equity deficiency by conducting a public offering that was estimated to raise $10 million by no later than April 30, 2019. On April 24, 2019, the Company provided the Panel with an update following a public offering that raised approximately $15.7 million (after deducting underwriter fees, commissions and other offering expenses) and closed on April 8, 2019. The update included revised projections of stockholder equity based upon the actual amount of proceeds raised during the public offering, which in the Company’s opinion was sufficient to cure the stockholder equity deficiency.

On May 20, 2019 the Company received a letter from Nasdaq confirming that the Company has regained compliance with the minimum shareholders’ equity rule, as required by the Panel’s decision dated April 4, 2019, and is in compliance with other applicable requirements as set forth in the decision and required for listing on Nasdaq. Accordingly, the Panel determined to continue the listing of the Company’s securities on Nasdaq and closed the matter.

FINRA Review

On April 4, 2019, FINRA notified the Company that it was conducting a routine review of the Company’s stock associated with two public announcements and asked several questions regarding: (i) an April 3, 2019 announcement that the Company had won a contract with a leading oil and gas operator; and (ii) an April 4, 2019 announcement of the pricing of an underwritten public offering. The Company provided its response to the FINRA questions on April 9, 2019. As of December 9, 2019, FINRA has not provided any follow-up.

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 and as of October 31, 2019 and April 30, 2019 has recorded the penalty in Accrued expenses in the Consolidated Balance Sheets.

Income Taxes

6 Months Ended

Oct. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

(15) Income Taxes

Uncertain Tax Positions

The Company applies the guidance issued by the FASB for the accounting and reporting of uncertain tax positions. The guidance requires the Company to recognize in its consolidated financial statements the impact of a tax position if that position is more likely than not to be sustained upon examination, based on the technical merits of the position. The Company is currently undergoing an income tax audit in Spain for the period from 2008 to 2014, when our Spanish branch was closed (see Note 14 to the Consolidated Financial Statements). At October 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

6 Months Ended

Oct. 31, 2019

Segment Reporting [Abstract]

Operating Segments and Geographic Information

(16) 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 six months ended October 31, 2019 and 2018, the Company’s primary business operations were in North America.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Oct. 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.

	October 31, 2019		April 30, 2019
	(in thousands)

Checking and savings accounts	$	2,393	$	860
Money market account		8,102		15,800
	$	10,495	$	16,660

Restricted Cash and Security Agreements

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

	October 31, 2019		April 30, 2019
	(in thousands)

Barclay’s Bank Agreement	$	-	$	344
Santander Bank		927		155
	$	927	$	499

	October 31, 2019		April 30, 2019
	(in thousands)

Cash and cash equivalents	$	10,495	$	16,660
Restricted cash- short term		707		344
Restricted cash- long term		220		155
	$	11,422	$	17,159

Foreign Exchange Gains and Losses

(d) Foreign Exchange Gains and Losses

Property and Equipment

(e) Property and Equipment

Concentration of Credit Risk

(f) Concentration of Credit Risk

	Three months ended October 31,						Six months ended October 31,
Customer	2019			2018			2019			2018

Eni S.p.A.		23	%		84	%		19	%		72	%
Premier Oil UK Limited		13	%		0	%		30	%		15	%
EGP		47	%		16	%		24	%		13	%
U.S. Navy		10	%		0	%		17	%		0	%
Other		7	%		0	%		10	%		0	%
		100	%		100	%		100	%		100	%

Warrant Accounting

(g) Warrant Accounting

Net Loss Per Common Share

(h) Net Loss per Common Share

Share-Based Compensation

(i) Share-Based Compensation

	Three months ended October 31,				Six months ended October 31,
	2019		2018		2019		2018
	(in thousands)

Product development	$	20	$	10	$	40	$	21
Selling, general and administrative		56		45		128		114
Total share-based compensation expense	$	76	$	55	$	168	$	135

Deferred Rent

(j) Deferred Rent

Revenue Recognition

(k) Revenue Recognition

PB3 PowerBuoy® Leasing

Recently Issued Accounting Standards

(l) Recently Issued Accounting Standards

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Oct. 31, 2019

Schedule of Cash and Cash Equivalents

The Company invests excess cash in a money market account.

	October 31, 2019		April 30, 2019
	(in thousands)

Checking and savings accounts	$	2,393	$	860
Money market account		8,102		15,800
	$	10,495	$	16,660

Schedule of Cash and Cash Equivalents and Restricted Cash

	October 31, 2019		April 30, 2019
	(in thousands)

Cash and cash equivalents	$	10,495	$	16,660
Restricted cash- short term		707		344
Restricted cash- long term		220		155
	$	11,422	$	17,159

Schedule of Revenue by Major Customers by Reporting Segments

	Three months ended October 31,						Six months ended October 31,
Customer	2019			2018			2019			2018

Eni S.p.A.		23	%		84	%		19	%		72	%
Premier Oil UK Limited		13	%		0	%		30	%		15	%
EGP		47	%		16	%		24	%		13	%
U.S. Navy		10	%		0	%		17	%		0	%
Other		7	%		0	%		10	%		0	%
		100	%		100	%		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 six months ended October 31, 2019 and 2018:

	Three months ended October 31,				Six months ended October 31,
	2019		2018		2019		2018
	(in thousands)

Product development	$	20	$	10	$	40	$	21
Selling, general and administrative		56		45		128		114
Total share-based compensation expense	$	76	$	55	$	168	$	135

Restricted Cash [Member]

Schedule of Cash and Cash Equivalents and Restricted Cash

The remaining amount expires in April 2021. Restricted cash includes the following:

	October 31, 2019		April 30, 2019
	(in thousands)

Barclay’s Bank Agreement	$	-	$	344
Santander Bank		927		155
	$	927	$	499

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

6 Months Ended

Oct. 31, 2019

Account Receivable Contract Assets And Contract Liabilities

Schedule of Accounts Receivable

The carrying value of such receivables represent their estimated realizable value. Accounts receivable consisted of the following at October 31, 2019 and April 30, 2019.

	October 31, 2019			April 30, 2019
	(in thousands)

Opening balance	$	63		$	171
Amount invoiced to customer		1,113			857
Collections		(179	)		(965	)
Ending balance	$	997		$	63

Other Current Assets (Tables)

6 Months Ended

Oct. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Other current assets consist of the following at October 31, 2019 and April 30, 2019:

	October 31, 2019		April 30, 2019
	(in thousands)

Deposits	$	111	$	63
Other receivables		17		44
Prepaid insurance		116		93
Prepaid offering costs		480		144
Prepaid expenses- other		180		193
	$	904	$	537

Property and Equipment, Net (Tables)

6 Months Ended

Oct. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment, Net

The components of property and equipment, net as of October 31, 2019 and April 30, 2019 consisted of the following:

	October 31, 2019			April 30, 2019
	(in thousands)

Equipment	$	339			339
Computer equipment & software		702			558
Office furniture & equipment		341			341
Leasehold improvements		474			474
Equipment under capitalized lease		-			103
Construction in process		18			15
	$	1,874		$	1,830
Less: accumulated depreciation		(1,315	)		(1,238	)
	$	559		$	592

Leases (Tables)

6 Months Ended

Oct. 31, 2019

Leases [Abstract]

Schedule of Right-of Use Assets and Lease Liabilities

Information related to the Company’s right-of use assets and lease liabilities as of October 31, 2019 was as follows:

	October 31, 2019
	(in thousands)

Operating lease:
Operating right-of-use asset, net	$	1,265

Right-of-use liability- current		215
Right-of-use liability- long term		1,198
Total lease liability	$	1,413

Weighted average remaining lease term- operating leases		4.99 years
Weighted average discount rate- operating leases		8.5	%

Schedule of Remaining Lease Payments Under Operating Lease

Total remaining lease payments under the Company’s operating leases are as follows:

	October 31, 2019
	(in thousands)

2020 (November- April)	$	163
2021		331
2022		341
2023		352
2024		362
Thereafter		184
Total future minimum lease payments	$	1,733
Less imputed interest		(320	)
Total	$	1,413

Schedule of Future Minimum Lease Payments Under Operating Lease

Future minimum lease payments under the Company’s operating lease as of April 30, 2019 are as follows:

	April 30, 2019
	(in thousands)

2020	$	322
2021		331
2022		341
2023		352
2024		362
Thereafter		184
	$	1,892

Accrued Expenses (Tables)

6 Months Ended

Oct. 31, 2019

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consist of the following at October 31, 2019 and April 30, 2019:

	October 31, 2019		April 30, 2019
	(in thousands)

Project costs	$	47	$	9
Contract loss reserve		199		211
Employee incentive payments		453		580
Accrued salary and benefits		483		500
Legal and accounting fees		284		273
Accrued taxes payable		177		177
Other		287		188
	$	1,930	$	1,938

Warrants (Tables)

6 Months Ended

Oct. 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:

	October 31, 2019			October 31, 2018

Dividend rate		0.0	%		0.0	%
Risk-free rate		1.5	%		2.9	%
Expected life (years)		1.7 - 2.1			2.7 - 3.1
Expected volatility		105.9	%		142.9	%

Stock-Based Compensation (Tables)

6 Months Ended

Oct. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

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

				Weighted		Remaining
	Shares			Average		Contractual
	Underlying			Exercise		Term
	Options			Price		(In Years)
Outstanding as of April 30, 2019		65,572		$	21.08		8.9
Granted		-		$	-
Exercised		-		$	-
Cancelled/forfeited		(1,568	)	$	62.77
Outstanding as of October 31, 2019		64,004		$	20.21		8.4
Exercisable as of October 31, 2019		17,754		$	51.51		6.6

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, 2019		4,506		$	30.08
Granted		-		$	-
Vested		(4,380	)	$	30.14
Cancelled/forfeited		(126	)	$	28.00
Issued and unvested at October 31, 2019		-		$	-

Fair Value Measurements (Tables)

6 Months Ended

Oct. 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 October 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

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of April 30, 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	$	6	$	-	$	-	$	6

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 October 31, 2019.

Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	Total
	Warrant
	Liability
	(in thousands)

Fair value – April 30, 2018	$	201
Change in fair value		(195	)
Fair value – April 30, 2019		6

Change in fair value		(6	)
Fair value – October 31, 2019	$	-

Background, Basis of Presentation and Liquidity (Details Narrative) - USD ($)						3 Months Ended		6 Months Ended
	Oct. 24, 2019	Apr. 08, 2019	Jan. 07, 2019	Aug. 13, 2018	Jun. 02, 2016	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018	Apr. 30, 2019
Accumulated deficit						$ (215,998,000)		$ (215,998,000)		$ (209,784,000)
Cash, cash equivalents and restricted cash, at carrying value						11,422,000		11,422,000		$ 17,159,000
Revenues						$ 204,000	$ 141,000	$ 406,000	$ 172,000
Number of common stock shares sold		1,542,000
Aggregate offering price		$ 15,700,000
Reverse Stock-Split								1-for-20 reverse stock split
Pre-funded Warrants [Member]
Warrant to purchase shares common stock		3,385,680
Over-Allotment Option [Member]
Number of common stock shares sold		642,000
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member]
Aggregate purchase of common stock	$ 10,000,000			$ 10,000,000
Common stock issued for commitment fee	194,805			21,429
Number of common stock shares sold	162,162
Combined purchase price per share	$ 5.85
Proceeds from issuance or sale of equity, net of issuance costs	$ 949,259
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member] \| December 20, 2019 [Member]
Stock issued for new issue, shares	5,400,000
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member] \| Maximum [Member]
Percentage of outstanding common stock limit for shareholder approval	19.99%			19.99%
Number of shares can be issued based upon outstanding percentage	1,219,010			183,591
2019 ATM Facility [Member] \| AGP [Member]
Number of common stock shares sold								671,039
Combined purchase price per share						$ 2.69		$ 2.69
Proceeds from issuance or sale of equity, net of issuance costs								$ 1,800,000
Aggregate offering price			$ 25,000,000
Payment of sales commission								$ 59,000
Securities Purchase Agreement [Member]
Stock issued for new issue, shares		1,542,000			20,850
Warrant to purchase shares common stock		4,927,680			7,298

Summary of Significant Accounting Policies (Details Narrative)		3 Months Ended		6 Months Ended
	Mar. 31, 2017 USD ($) ft²	Oct. 31, 2019 USD ($) shares	Oct. 31, 2018 shares	Oct. 31, 2019 USD ($) Integer shares	Oct. 31, 2018 shares	Oct. 31, 2019 EUR (€)	May 02, 2019 USD ($)	Apr. 30, 2019 USD ($)
Antidilutive securities excluded from computation of earnings per share, shares \| shares		5,007,907	890,175	5,007,907	890,175
Revenue remaining performance obligation		$ 2,400,000		$ 2,400,000
Revenue remaining performance obligation, percentage				100.00%
Performance obligation revenue of next twelve months		2,400,000		$ 2,400,000
Number of active lease arrangement \| Integer				2
Lease income
Right-of-use asset		1,265,000		1,265,000
Lease liability		$ 1,413,000		$ 1,413,000
ASU 2016-02 [Member]
Right-of-use asset							$ 1,400,000
Lease liability							1,500,000
Deferred rent							39,000
Unamortized lease incentive receivable							$ 108,000
Monroe Township [Member]
Term of lease	7 years	7 years		7 years		7 years
Area of land \| ft²	56,000
Tenant improvement work	$ 137,563
Minimum [Member]
Property and equipment, useful life				3 years
Concentration risk percentage				10.00%
Maximum [Member]
Property and equipment, useful life				7 years
Santander Bank [Member] \| Letter 2 [Member] \| March 2020 [Member]
Letters of credit outstanding, amount		$ 322,734		$ 322,734
Santander Bank [Member] \| Letter 2 [Member] \| May 2020 [Member]
Letters of credit outstanding, amount		64,547		$ 64,547
Line of credit expiration period				Apr. 30, 2021
Foreign Financial Institutions [Member]
Cash		600,000		$ 600,000
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
One Agreement [Member] \| Barclays Bank [Member] \| Euro [Member]
Long-term line of credit \| €						€ 300,000
Letters of credit outstanding, amount \| €
Other Agreement [Member] \| Santander Bank [Member] \| Letter 1 [Member]
Letters of credit outstanding, amount		125,690		$ 125,690
Line of credit expiration period				Oct. 31, 2020
Other Agreement [Member] \| Santander Bank [Member] \| Letter 2 [Member]
Letters of credit outstanding, amount		$ 645,467		$ 645,467
PB 3 PowerBuoy [Member]
Number of active lease arrangement \| Integer				1
PB 3 PowerBuoy [Member] \| Minimum [Member]
Term of lease		3 months		3 months		3 months
PB 3 PowerBuoy [Member] \| Maximum [Member]
Term of lease		18 months		18 months		18 months

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
Cash and cash equivalents	$ 10,495	$ 16,660
Checking and Savings Accounts [Member]
Cash and cash equivalents	2,393	860
Money Market Account [Member]
Cash and cash equivalents	$ 8,102	$ 15,800

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Restricted Cash	$ 927,000	$ 499,000
Cash and Cash Equivalents	10,495,000	16,660,000
Restricted cash- short term	707,000	344,000
Restricted cash- long term	220,000	155,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	11,422,000	17,159,000
Barclay's Bank Agreement [Member]
Restricted Cash		344,000
Santander Bank [Member]
Restricted Cash	$ 927,000	$ 155,000

Summary of Significant Accounting Policies - Schedule of Revenue by Major Customers by Reporting Segments (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member]	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Revenues, percentage	100.00%	100.00%	100.00%	100.00%
Eni S.P.A [Member]
Revenues, percentage	23.00%	84.00%	19.00%	72.00%
Premier Oil UK Limited [Member]
Revenues, percentage	13.00%	0.00%	30.00%	15.00%
EGP [Member]
Revenues, percentage	47.00%	16.00%	24.00%	13.00%
US Navy [Member]
Revenues, percentage	10.00%	0.00%	17.00%	0.00%
Other [Member]
Revenues, percentage	7.00%	0.00%	10.00%	0.00%

Summary of Significant Accounting Policies - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Total share-based compensation expense	$ 76	$ 55	$ 168	$ 135
Product Development [Member]
Total share-based compensation expense	20	10	40	21
Selling, General and Administrative [Member]
Total share-based compensation expense	$ 56	$ 45	$ 128	$ 114

Account Receivable, Contract Assets, and Contract Liabilities - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Oct. 31, 2019	Apr. 30, 2019
Account Receivable Contract Assets And Contract Liabilities
Opening balance	$ 63	$ 171
Amount invoiced to customer	1,113	857
Collections	(179)	(965)
Ending balance	$ 997	$ 63

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
ASSETS
Deposits	$ 111	$ 63
Other receivables	17	44
Prepaid insurance	116	93
Prepaid offering costs	480	144
Prepaid expenses- other	180	193
Other current assets	$ 904	$ 537

Property and Equipment, Net (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 39	$ 45	$ 77	$ 90

Property and Equipment, Net - Schedule of Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
Property and equipment, gross	$ 1,874	$ 1,830
Less: accumulated depreciation	(1,315)	(1,238)
Property and equipment, net	559	592
Equipment [Member]
Property and equipment, gross	339	339
Computer Equipment & Software [Member]
Property and equipment, gross	702	558
Office Furniture & Equipment [Member]
Property and equipment, gross	341	341
Leasehold Improvements [Member]
Property and equipment, gross	474	474
Equipment Under Capitalized Lease [Member]
Property and equipment, gross		103
Construction in Process [Member]
Property and equipment, gross	$ 18	$ 15

Leases (Details Narrative) $ in Thousands	3 Months Ended	6 Months Ended
Leases (Details Narrative) $ in Thousands	Oct. 31, 2018 USD ($)	Oct. 31, 2019 USD ($) Integer	Mar. 31, 2017
Number of active lease arrangement \| Integer		2
Operating lease straight-line expense	$ 79	$ 159
Operating leases cash payments	$ 79	$ 159
Monroe Township [Member]
Term of lease		7 years	7 years
Option to extend lease		The initial lease term is for 7 years with an option to extend the lease for another 5 years.

Leases - Schedule of Right-of Use Assets and Lease Liabilities (Details) - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Leases [Abstract]
Operating right-of-use asset, net	$ 1,265,000
Right-of-use liability- current	215,000
Right-of-use liability- long term	1,198,000
Total lease liability	$ 1,413,000
Weighted average remaining lease term- operating leases	4 years 11 months 26 days
Weighted average discount rate- operating leases	8.50%

Leases - Schedule of Remaining Lease Payments Under Operating Lease (Details)	Oct. 31, 2019 USD ($)
Leases [Abstract]
2020 (November- April)	$ 163,000
2021	331,000
2022	341,000
2023	352,000
2024	362,000
Thereafter	184,000
Total future minimum lease payments	1,733,000
Less imputed interest	(320,000)
Total	$ 1,413,000

Leases - Schedule of Future Minimum Lease Payments Under Operating Lease (Details) $ in Thousands	Apr. 30, 2019 USD ($)
Leases [Abstract]
2020	$ 322
2021	331
2022	341
2023	352
2024	362
Thereafter	184
Future lease payments	$ 1,892

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
Payables and Accruals [Abstract]
Project costs	$ 47	$ 9
Contract loss reserve	199	211
Employee incentive payments	453	580
Accrued salary and benefits	483	500
Legal and accounting fees	284	273
Accrued taxes payable	177	177
Other	287	188
Accrued expenses total	$ 1,930	$ 1,938

Warrants (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended
	Apr. 08, 2019	Jul. 22, 2016	Jun. 02, 2016	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018	Apr. 30, 2019
Warrant liabilities								$ 6
Unrealized gain on warrants				$ 0	$ 51	$ 6	$ 136
Pre-funded Warrants [Member]
Warrant to purchase shares common stock	3,385,680
Warrant exercise price per share	$ 0.01
Securities Purchase Agreement [Member]
Stock issued for new issue, shares	1,542,000		20,850
Warrant to purchase shares common stock	4,927,680		7,298
Class of warrant or right, number of securities called by each warrant or right			0.35
Combined purchase price per share			$ 92.00
Warrant exercise price per share	$ 3.85		$ 121.60
Class of warrant or right, expiration period	5 years		5 years
Number of exercised warrants
Securities Purchase Agreement [Member] \| Pre-funded Warrants [Member]
Number of exercised warrants				2,982,120		2,982,120
Second Amended Purchase Agreement [Member]
Stock issued for new issue, shares		29,750
Warrant to purchase shares common stock		8,925
Class of warrant or right, number of securities called by each warrant or right		0.30
Combined purchase price per share		$ 135.00
Warrant exercise price per share		$ 187.20
Class of warrant or right, expiration period		5 years

Warrants - Schedule of Fair Value Assumptions Used (Details)	Oct. 31, 2019	Oct. 31, 2018
Dividend Rate [Member]
Fair value measurement input, percentage	0.000	0.000
Risk Free Interest Rate [Member]
Fair value measurement input, percentage	1.5	2.9
Expected Life (Years) [Member] \| Minimum [Member]
Fair value measurement expected life	1 year 8 months 12 days	2 years 8 months 12 days
Expected Life (Years) [Member] \| Maximum [Member]
Fair value measurement expected life	2 years 1 month 6 days	3 years 1 month 6 days
Expected Volatility [Member]
Fair value measurement input, percentage	105.9	142.9

Preferred Stock (Details Narrative) - $ / shares	Oct. 31, 2019	Apr. 30, 2019	Oct. 31, 2018
Equity [Abstract]
Preferred stock, shares authorized	5,000,000	5,000,000	5,000,000
Preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued

Common Stock (Details Narrative) - USD ($)						6 Months Ended
Common Stock (Details Narrative) - USD ($)	Oct. 24, 2019	Apr. 08, 2019	Jan. 07, 2019	Aug. 13, 2018	Jun. 02, 2016	Oct. 31, 2019	Apr. 30, 2019
Common stock, shares authorized						100,000,000	100,000,000
Common stock, par value						$ 0.001	$ 0.001
Common stock, shares issued						6,489,668	5,425,517
Number of common stock shares sold		1,542,000
Aggregate offering price		$ 15,700,000
Pre-funded Warrants [Member]
Warrant to purchase shares common stock		3,385,680
Over-Allotment Option [Member]
Number of common stock shares sold		642,000
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member]
Aggregate purchase of common stock	$ 10,000,000			$ 10,000,000
Common stock issued for commitment fee	194,805			21,429
Number of common stock shares sold	162,162
Sale of stock, price per share	$ 5.85
Value of common stock shares sold, net of issuance costs	$ 949,259
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member] \| December 20, 2019 [Member]
Stock issued for new issue, shares	5,400,000
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member] \| Maximum [Member]
Percentage of outstanding common stock limit for shareholder approval	19.99%			19.99%
Number of shares can be issued based upon outstanding percentage	1,219,010			183,591
2019 ATM Facility [Member] \| AGP [Member]
Number of common stock shares sold						671,039
Sale of stock, price per share						$ 2.69
Value of common stock shares sold, net of issuance costs						$ 1,800,000
Aggregate offering price			$ 25,000,000
Payment of sales commission						$ 59,000
Securities Purchase Agreement [Member]
Stock issued for new issue, shares		1,542,000			20,850
Warrant to purchase shares common stock		4,927,680			7,298

Treasury Shares (Details Narrative) - shares	6 Months Ended
Treasury Shares (Details Narrative) - shares	Oct. 31, 2019	Oct. 31, 2018
Equity [Abstract]
Treasury stock, shares, acquired	481	89

Stock-Based Compensation (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Dec. 07, 2018	Jan. 18, 2018	Oct. 21, 2016	Dec. 31, 2015
Employee Stock Option [Member]
Number of shares granted during the period
Share-based compensation intrinsic value of outstanding	$ 0
Share-based compensation options, exercisable intrinsic value	$ 0
Share-based compensation unvested shares of stock options	46,250
Share-based compensation weighted average remaining contractual term	9 years 1 month 6 days
Share-based compensation expense	$ 163	$ 78
Unrecognized compensation cost related to non-vested stock options	$ 32
Share-based compensation cost expected to recognize weighted-average term	1 month 6 days
Restricted Stock [Member]
Share-based compensation expense	$ 5	$ 57
2015 Omnibus Incentive Plan [Member]
Share-based compensation arrangement by share-based payment award, number of shares authorized			132,036		32,036	12,036
Termination period	10 years
Termination date	Oct. 31, 2025
Stock based compensation shares, available for grant	60,279
2018 Inducement Plan [Member]
Stock based compensation shares, available for grant	25,000			25,000

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Employee Stock Option [Member] - $ / shares	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Shares Underlying Options Outstanding, Beginning	65,572
Shares Underlying Options Outstanding, Granted
Shares Underlying Options Outstanding, Exercised
Shares Underlying Options Outstanding, Cancelled/forfeited	(1,568)
Shares Underlying Options Outstanding, Ending	64,004
Shares Underlying Options Outstanding, Exercisable at Ending	17,754
Weighted Average Exercise Price, Beginning Balance	$ 21.08
Weighted Average Exercise Price, Granted
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Cancelled/forfeited	62.77
Weighted Average Exercise Price, Ending Balance	20.21
Weighted Average Exercise Price, Exercisable at Ending	$ 51.51
Weighted Average Remaining Contractual Term (In Years), Beginning	8 years 10 months 25 days
Weighted Average Remaining Contractual Term (In Years), Ending	8 years 4 months 24 days
Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending	6 years 7 months 6 days

Stock-Based Compensation - Schedule of Non-vested Restricted Stock Activity (Details) - Non-vested Restricted Stock [Member]	6 Months Ended
	Oct. 31, 2019 $ / shares shares
Number of Shares, Issued and unvested, Beginning \| shares	4,506
Number of Shares, Granted \| shares
Number of Shares, Vested \| shares	(4,380)
Number of Shares, Cancelled/forfeited \| shares	(126)
Number of Shares, Issued and Unvested, Ending \| shares
Weighted Average Price per Share, Issued and Unvested, Beginning \| $ / shares	$ 30.08
Weighted Average Price per Share, Granted \| $ / shares
Weighted Average Price per Share, Vested \| $ / shares	30.14
Weighted Average Price per Share, Cancelled/forfeited \| $ / shares	28.00
Weighted Average Price per Share, Issued and Unvested, Ending \| $ / shares

Fair Value Measurements (Details Narrative)	Oct. 31, 2019 USD ($)
Fair Value Disclosures [Abstract]
Assets, fair value
Liabilities, fair value

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
Warrant liabilities		$ 6
Fair Value, Measurements, Recurring [Member]
Warrant liabilities		6
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		$ 6

Fair Value Measurements - Summary of Changes on Value of Warrant Liability Using Significant Unobservable Inputs (Details) - Warrant Liability [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Oct. 31, 2019	Apr. 30, 2019
Fair value, beginning	$ 6	$ 201
Change in fair value	(6)	(195)
Fair value, ending		$ 6

Commitments and Contingencies (Details Narrative) - USD ($)	Apr. 24, 2019	Apr. 04, 2019	Aug. 28, 2018	Aug. 09, 2018	Oct. 31, 2019	Apr. 30, 2019	Apr. 30, 2017
Stock price per share				$ 1.00
Debt description				The Company's common stock had been below $1.00 per share for a period of 30 consecutive trading days, and as a result, the Company was not in compliance with the minimum bid price requirement for continued listing. Under the Nasdaq Listing Rules, the Company was provided with 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 the grace period. If the Company did not regain compliance before February 5, 2019,
Aggregate offering price	$ 15,700,000	$ 10,000,000
Selling, General and Administrative [Member] \| Tax Authority, Spain [Member]
Income tax examination, penalties and interest accrued					$ 177,000	$ 177,000	$ 132,000
Charles F. Dunleavy [Member]
Damages sought value			$ 5,000,000

- Definition

Identification of the lender and information about a contractual promise to repay a short-term or long-term obligation, which includes borrowings under lines of credit, notes payable, commercial paper, bonds payable, debentures, and other contractual obligations for payment. This may include rationale for entering into the arrangement, significant terms of the arrangement, which may include amount, repayment terms, priority, collateral required, debt covenants, borrowing capacity, call features, participation rights, conversion provisions, sinking-fund requirements, voting rights, basis for conversion if convertible and remarketing provisions. The description may be provided for individual debt instruments, rational groupings of debt instruments, or by debt in total.

+ References + Details

Income Taxes (Details Narrative)	6 Months Ended
Income Taxes (Details Narrative)	Oct. 31, 2019 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax positions
Income tax description	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 (Details Narrative)	6 Months Ended
	Oct. 31, 2019 segments
Segment Reporting [Abstract]
Number of reportable segments	1

Stock-Based Compensation - Schedule of Non-vested Restricted Stock Activity (Details) - Non-vested Restricted Stock [Member]	6 Months Ended
	Oct. 31, 2019 $ / shares shares
Number of Shares, Issued and unvested, Beginning \| shares	4,506
Number of Shares, Granted \| shares
Number of Shares, Vested \| shares	(4,380)
Number of Shares, Cancelled/forfeited \| shares	(126)
Number of Shares, Issued and Unvested, Ending \| shares
Weighted Average Price per Share, Issued and Unvested, Beginning \| $ / shares	$ 30.08
Weighted Average Price per Share, Granted \| $ / shares
Weighted Average Price per Share, Vested \| $ / shares	30.14
Weighted Average Price per Share, Cancelled/forfeited \| $ / shares	28.00
Weighted Average Price per Share, Issued and Unvested, Ending \| $ / shares