0001493152-20-023031 | 10-Q | XBRL Viewer | Ocean Power Technologies INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Oct. 31, 2020	Dec. 04, 2020
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, 2020
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 Shell Company	false
Entity Common Stock, Shares Outstanding		30,798,438
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021

Consolidated Balance Sheets - USD ($)	Oct. 31, 2020	Apr. 30, 2020
Current assets:
Cash and cash equivalents	$ 15,244,000	$ 10,002,000
Restricted cash, short-term	384,000	707,000
Accounts receivable		105,000
Contract assets	97,000	251,000
Other current assets	1,129,000	588,000
Total current assets	16,854,000	11,653,000
Property and equipment, net	425,000	499,000
Right-of-use asset, net	1,060,000	1,165,000
Restricted cash, long-term	222,000	221,000
Total assets	18,561,000	13,538,000
Current liabilities:
Loan payable	350,000
Accounts payable	148,000	220,000
Accrued expenses	2,215,000	1,353,000
Contract liabilities, current portion	109,000	100,000
Right-of-use liability, current portion	244,000	229,000
Warrant liabilities
Paycheck protection program loan- current	396,000
Total current liabilities	3,462,000	1,902,000
Paycheck protection program loan, less current portion	495,000
Right-of-use liability, less current portion	954,000	1,078,000
Contract liabilities, less current portion		65,000
Total liabilities	4,911,000	3,045,000
Commitments and contingencies (Note 16)
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 24,153,554 and 12,939,420 shares, respectively	24,000	13,000
Treasury stock, at cost; 4,251 shares	(302,000)	(302,000)
Additional paid-in capital	240,648,000	231,101,000
Accumulated deficit	(226,545,000)	(220,136,000)
Accumulated other comprehensive loss	(175,000)	(183,000)
Total stockholders' equity	13,650,000	10,493,000
Total liabilities and stockholders' equity	$ 18,561,000	$ 13,538,000

Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2020	Apr. 30, 2020
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	24,153,554	12,939,420
Treasury stock, shares	4,251	4,251

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Income Statement [Abstract]
Revenues	$ 118	$ 204	$ 287	$ 406
Cost of revenues	216	288	550	655
Gross loss	(98)	(84)	(263)	(249)
Operating expenses:
Engineering and product development costs	1,063	1,309	2,315	2,507
Selling, general and administrative costs	1,841	1,838	3,828	3,534
Total operating expenses	2,904	3,147	6,143	6,041
Operating loss	(3,002)	(3,231)	(6,406)	(6,290)
Gain due to the change in fair value of warrant liabilities				6
Interest income, net	8	32	20	74
Other expense, net	(33)		(33)
Foreign exchange gain/(loss)	3	10	10	(4)
Net loss	$ (3,024)	$ (3,189)	$ (6,409)	$ (6,214)
Basic and diluted net loss per share	$ (0.15)	$ (0.51)	$ (0.36)	$ (1.01)
Weighted average shares used to compute basic and diluted net loss per share	20,090,000	6,259,255	17,883,666	6,150,061

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,024)	$ (3,189)	$ (6,409)	$ (6,214)
Foreign currency translation adjustment	(7)	(7)	8	(2)
Total comprehensive loss	$ (3,031)	$ (3,196)	$ (6,401)	$ (6,216)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ Details

Consolidated Statements of Stockholders' Equity - 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, 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)		(6,214)
Stock based compensation			168			168
Issuance (forfeiture) of restricted stock, net
Issuance (forfeiture) of restricted stock, net, shares	(132)
Exercise of prefunded warrants, net of issuance costs	$ 1		(19)			(18)
Exercise of prefunded warrants, net of issuance costs shares	350,000
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
Acquisition of treasury stock		$ (1)				$ (1)
Acquisition of treasury stock, shares		(481)
Other comprehensive gain/(loss)					$ (2)	$ (2)
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
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
Other comprehensive gain/(loss)					(7)	(7)
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 Apr. 30, 2020	$ 13	$ (302)	231,101	(220,136)	(183)	10,493
Balance, shares at Apr. 30, 2020	12,939,420	(4,251)
Net loss				(6,409)		(6,409)
Stock based compensation			223			223
Issuance of common stock- AGP At The Market offering, net of issuance costs	$ 6		6,088			6,094
Issuance of common stock- AGP At The Market offering, net of issuance costs, shares	5,689,134
Other comprehensive gain/(loss)					8	8
Issuance of common stock- Aspire financing, net of issuance costs	$ 5		3,236			3,241
Issuance of common stock- Aspire financing, net of issuance costs, shares	5,525,000
Balance at Oct. 31, 2020	$ 24	$ (302)	240,648	(226,545)	(175)	13,650
Balance, shares at Oct. 31, 2020	24,153,554	(4,251)
Balance at Jul. 31, 2020	$ 19	$ (302)	234,089	(223,521)	(168)	10,117
Balance, shares at Jul. 31, 2020	18,624,816	(4,251)
Net loss				(3,024)		(3,024)
Stock based compensation			107			107
Issuance of common stock- AGP At The Market offering, net of issuance costs	$ 5		5,846			5,851
Issuance of common stock- AGP At The Market offering, net of issuance costs, shares	5,028,738
Other comprehensive gain/(loss)					(7)	(7)
Issuance of common stock- Aspire financing, net of issuance costs			606			606
Issuance of common stock- Aspire financing, net of issuance costs, shares	500,000
Balance at Oct. 31, 2020	$ 24	$ (302)	$ 240,648	$ (226,545)	$ (175)	$ 13,650
Balance, shares at Oct. 31, 2020	24,153,554	(4,251)

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Cash flows from operating activities:
Net loss	$ (6,409)	$ (6,214)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange (gain)/loss	(10)	4
Depreciation of fixed assets	73	77
Amortization of right of use asset	105	96
Compensation expense related to stock option grants and restricted stock	223	168
Gain due to the change in fair value of warrant liabilities		(6)
Loss on disposal of property, plant and equipment	2
Changes in operating assets and liabilities:
Accounts receivable	105	(934)
Contract assets	154	(96)
Other assets	(499)	(6)
Accounts payable	(72)	(138)
Accrued expenses	812	(75)
Change in lease liability	(110)	(96)
Contract liabilities	(56)	802
Net cash used in operating activities	(5,682)	(6,418)
Cash flows from investing activities:
Purchase of property, plant and equipment		(41)
Net cash used in investing activities		(41)
Cash flows from financing activities:
Proceeds from Paycheck Protection Program Loan	890
Proceeds from loan payable	467
Payment of loan payable	(117)
Proceeds from issuance of common stock- Aspire financing net of issuance costs	3,241
Proceeds from issuance of common stock- AGP At The Market offering, net of issuance costs	6,094	746
Proceeds (costs) associated with exercise of pre-funded warrants		(18)
Acquisition of treasury stock		(1)
Net cash provided/ (used) by financing activities	10,575	727
Effect of exchange rate changes on cash, cash equivalents and restricted cash	27	(5)
Net increase/(decrease) in cash, cash equivalents and restricted cash	4,920	(5,737)
Cash, cash equivalents and restricted cash, beginning of period	10,930	17,159
Cash, cash equivalents and restricted cash, end of period	15,850	11,422
Supplemental disclosure of noncash operating activities:
Prepaid financing costs reported in accrued expenses	49	67
Supplemental disclosure of noncash investing activities:
Acquisition of property, plant and equipment through accounts payable		3
Supplemental disclosure of noncash financing activities:
Common stock issued for payment of commitment fee		$ 294

Background, Basis of Presentation and Liquidity

6 Months Ended

Oct. 31, 2020

Accounting Policies [Abstract]

Background, Basis of Presentation and Liquidity

(1) Background, Basis of Presentation and Liquidity

a) Background

Ocean Power Technologies, Inc. (the “Company”, “we”, “us”, “our”) was founded in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated in Delaware in 2007. We believe that we are a marine power solutions provider. We control the design, manufacture, sales, installation, operations and maintenance of our products and solutions while working closely with partners that provide payloads, integration services, and marine installation capabilities. We believe our solutions provide persistent and reliable distributed offshore power along with communications for remote surface and subsea applications. Our mission and purpose are to utilize our proprietary, state-of-the-art technologies to enhance the environment by reducing the global carbon footprint through clean and renewable solutions for reliable electrical power and, in so doing, drive demand for our products and services. Before 2015, government agencies had 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 commercialization of products and solutions, and sales of services to support our business operations. As we continue to develop and commercialize our products and services, we expect to have a net decrease in cash due to the use of cash from operating activities until we can achieve positive cash flow from the commercialization of solutions, products and services.

b) Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and for interim financial information in accordance with the Securities and Exchange Commission (“SEC”), instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP 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, 2020 filed with the 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 $226.5 million as of October 31, 2020. These factors raise substantial doubt about the Company’s ability to continue as a going concern. As of October 31, 2020, based in part on our equity raises discussed below, the Company had approximately $15.8 million in cash, cash equivalents, and restricted cash on hand. Based on the Company’s current cash, cash equivalents and restricted cash balances, and its ability to raise additional equity under facilities currently in place, the Company believes that it will be able to finance its capital requirements and operations for at least the next 12 months. 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 2022. 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.

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; or a public offering of the Company’s equity or debt securities. There can be no assurance that any of these future-funding efforts will be successful. The Company currently has committed sources of equity financing through its At the Market Offering Agreement with A.G.P/Alliance Global Partners (“AGP”) and its equity line with Aspire Capital (discussed further below), but the Company cannot be sure that additional equity and/or debt financing will be available to the Company as needed on acceptable terms, or at all. Historically, the Company has raised capital through securities sales in the public capital markets. 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, 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, 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 unable to execute its business plan, take advantage of future opportunities or be forced to cease operations.

In fiscal year 2020 and during the first six months of fiscal year 2021 ended October 31, 2020, 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 products, its inability to market and commercialize its products 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.

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. From inception of the program through October 31, 2020, under the 2019 ATM Facility, the Company sold and issued an aggregate of 10,942,100 shares of its common stock with an aggregate market value of $11.1 million at an average price of $1.01 per share and paid AGP a sales commission of approximately $360,095 related to those shares. On November 20, 2020, the Company entered into a new At the Market Offering Agreement with AGP (the “2020 ATM Facility”). Under the 2020 ATM Facility, 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 $50.0 million. In connection with the effectiveness of the 2020 ATM Facility, the 2019 ATM Facility was terminated. For more on the 2020 ATM Facility, see Note 19, Subsequent Events.

On October 24, 2019, the Company entered into a new common stock purchase agreement with Aspire Capital which provided that, subject to certain terms, conditions and limitations, Aspire Capital 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. Through September 18, 2020, the Company has sold an aggregate of 6,424,205 shares of common stock with an aggregate market value of $4.0 million at an average price of $0.63 per share pursuant to this common stock purchase agreement. The agreement was fully utilized and cancelled on September 18, 2020.

On September 18, 2020, the Company entered into a new common stock purchase agreement with Aspire Capital which provided that, subject to certain terms, conditions and limitations, Aspire Capital is committed to purchase up to an aggregate of $12.5 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 3,722,251 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. Through October 31, 2020, the Company has sold an aggregate of 500,000 shares of common stock with an aggregate market value of $0.6 million at an average price of $1.23 per share pursuant to this common stock purchase agreement.

Summary of Significant Accounting Policies

6 Months Ended

Oct. 31, 2020

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 estimated costs to complete projects; and the input method used to measure completion over time 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, 2020		April 30, 2020
	(in thousands)

Checking and savings accounts	$	2,369	$	1,551
Money market account		12,875		8,451
	$	15,244	$	10,002

Restricted Cash and Security Agreements

The Company has two agreements with 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 July 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 May 2021. The second letter of credit was issued in the amount of $645,467 and reduced to $322,734 in August 2020. This second letter of credit will be reduced to $64,547 in January 2021. The remaining amount expires in December 2021.

Restricted cash includes the following:

	October 31, 2020		April 30, 2020
	(in thousands)

Santander Bank		606		928
	$	606	$	928

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, 2020		April 30, 2020
	(in thousands)

Cash and cash equivalents	$	15,244	$	10,002
Restricted cash- short term		384		707
Restricted cash- long term		222		221
	$	15,850	$	10,930

(d) Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist principally of accounts receivable and cash and cash equivalents. 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 account and does not believe that it is exposed to any significant risks related to its cash and money market accounts. Cash and cash equivalents are also maintained at foreign financial institutions. Cash and cash equivalents in foreign financial institutions as of October 31, 2020 was $0.3 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,
	2020			2019			2020			2019

Eni S.p.A.		61	%		23	%		34	%		19	%
Premier Oil UK Limited		0	%		13	%		9	%		30	%
EGP		36	%		47	%		55	%		24	%
U.S. Navy		0	%		10	%		0	%		17	%
Other		3	%		7	%		2	%		10	%
		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.

(e) 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, 2020 and 2019:

	Three months ended October 31,				Six months ended October 31,
	2020		2019		2020		2019
	(in thousands)

Engineering and product development	$	22	$	20	$	59	$	40
Selling, general and administrative		85		56		164		128
Total share-based compensation expense	$	107	$	76	$	223	$	168

(f) 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. Accounting Standards Update (“ASU”) 2016-10 provides a practical expedient that permits presentation of shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs rather than evaluating whether the shipping and handling activities are promised services to the customer. The Company adopted this practical expedient, but it did not have a material effect on its Consolidated Financial Statements.

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 periods ended October 31, 2020 and 2019, all of the Company’s contracts were classified as firm fixed price.

As of October 31, 2020, the Company’s total remaining performance obligations, also referred to as backlog, totaled $0.8 million. The Company expects to recognize approximately 93%, or $0.7 million, of the remaining performance obligations as revenue over the next twelve months.

Products and Solutions Leasing

The Company enters into lease arrangements with certain customers for their products and solutions. As of October 31, 2020, the Company has one lease arrangement with a remaining operating lease term of less than 13 months. Revenue related to multiple-element arrangements is 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 the Consolidated Statement of Operations. The lease income for the three and six months ended October 31, 2020 and 2019 was immaterial.

(g) 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 Consolidated 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 5,540,469 and 5,007,907 for the three and six months ended October 31, 2020 and 2019, respectively, were excluded from each of the computations as the effect would be anti-dilutive due to the Company’s losses.

(h) Recently Issued Accounting Standards

In June 2016, the Financial Accounting Standards Board (“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. In November 2019, the FASB issued No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which deferred the effective date of ASU 2016-13 for Smaller Reporting Companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact 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. 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. The Company adopted this guidance effective May 1, 2020. The adoption of the guidance did not have a material effect on its Consolidated Financial Statements.

In August 2018, the FASB issued ASU No. 2018-15, “Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” The ASU requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in Accounting Standards Codification 350-40 to determine which implementation costs to defer and recognize as an asset. 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 adopted this guidance on a prospective basis effective May 1, 2020. The adoption of the guidance did not have a material effect on its Consolidated Financial Statements.

Account Receivable, Contract Assets, and Contract Liabilities

6 Months Ended

Oct. 31, 2020

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 from contracts with customers:

	October 31, 2020		April 30, 2020
	(in thousands)

Accounts receivables	$	-	$	105
Contract assets		97		251
Contract liabilities		109		165

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.

Contract Assets

Significant changes in the contract assets balances during the period are as follows:

	Six months ended
	October 31, 2020
	(in thousands)

Transferred to receivables from contract assets recognized at the beginning of the period	$	(251	)
Revenue recognized and not billed as of the end of the period		97
Net change in contract assets	$	(154	)

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 decrease in contract assets is primarily a result of services performed relating to our project with Enel Green Power that was billed during the six months ended October 31, 2020.

Contract Liabilities

Significant changes in the contract liabilities balances during the period are as follows:

	Six months ended
	October 31, 2020
	(in thousands)

Revenue recognized that was included in the contract liabilities balance as of the beginning of the period	$	49
Transferred to contract assets from contract liabilities recognized at the beginning of the period		7
Net change in contract liabilities	$	56

Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The decrease in contract liabilities is primarily due to recognition of revenue relating to our Eni project during the six months ended October 31, 2020.

Other Current Assets

6 Months Ended

Oct. 31, 2020

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, 2020 and April 30, 2020:

	October 31, 2020		April 30, 2020
	(in thousands)

Deposits	$	154	$	60
Other receivables		5		2
Prepaid insurance		666		124
Prepaid offering costs		102		275
Prepaid expenses- other		202		127
	$	1,129	$	588

Property and Equipment, net

6 Months Ended

Oct. 31, 2020

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, 2020 and April 30, 2020 consisted of the following:

	October 31, 2020			April 30, 2020
	(in thousands)

Equipment	$	342			342
Computer equipment & software		476			486
Office furniture & equipment		339			339
Leasehold improvements		474			474
Construction in process		15			15
	$	1,646		$	1,656
Less: accumulated depreciation		(1,221	)		(1,157	)
	$	425		$	499

Depreciation expense was approximately $36,000 and $39,000 for the three-month periods ended October 31, 2020 and 2019, and approximately $73,000 and $77,000 for the six-month periods ended October 31, 2020 and 2019, respectively.

Leases

6 Months Ended

Oct. 31, 2020

Leases [Abstract]

Leases

(6) Leases

Lessor Information

As of October 31, 2020, the Company has one lease which has been classified as an operating lease per accounting guidance contained within ASC Topic 842,” Leases”. The Company’s remaining term on this operating lease is less than 13 months. The maturity of lease payments remaining on this lease is immaterial.

Lessee Information

The Company has a lease for its facility located in Monroe Township, New Jersey that is used as warehouse/production space and the Company’s principal offices and corporate headquarters. The initial lease term is for 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.

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 uses 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.

On June 10, 2020 the Company signed a 12-month lease for office space in Houston, Texas. The lease can be extended by the Company by providing the lessor on or before the notice date of the Company’s intent to renew or terminate the lease. ASC Topic 842, “Leases” allows a company an accounting policy election to recognize lease payments to the Consolidated Statement of Operations on a straight-line basis if the lease term is equal to or less 12 months and not recognize a right-of use asset and lease liability. The accounting policy is made on the commencement date of the lease.

The operating lease cash flow payments for the six months ended October 31, 2020 and 2019 was $168,000 and $159,000, respectively.

The components of lease expense in the Consolidated Statement of Operations for both the three and six months ended October 31, 2020 and 2019 was as follows:

	Three months ended October 31,				Six months ended October 31,
	2020		2019		2020		2019
	(in thousands)

Operating lease cost	$	80	$	79	$	159	$	159
Short-term lease cost		3		-		5		-
Total lease cost	$	83	$	79	$	164	$	159

Information related to the Company’s right-of use assets and lease liabilities as of October 31, 2020 was as follows:

	October 31, 2020
	(in thousands)

Operating lease:
Operating right-of-use asset, net	$	1,060

Right-of-use liability- current		244
Right-of-use liability- long term		954
Total lease liability	$	1,198

Weighted average remaining lease term- operating leases		3.98 years
Weighted average discount rate- operating leases		8.5	%

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

	October 31, 2020
	(in thousands)

Remainder of fiscal year 2021	$	168
2022		341
2023		352
2024		362
2025		184
Total future minimum lease payments	$	1,407
Less imputed interest		(209	)
Total	$	1,198

Accrued Expenses

6 Months Ended

Oct. 31, 2020

Payables and Accruals [Abstract]

Accrued Expenses

(7) Accrued Expenses

Accrued expenses consist of the following at October 31, 2020 and April 30, 2020:

	October 31, 2020		April 30, 2020
	(in thousands)

Project costs	$	142	$	48
Contract loss reserve		280		216
Employee incentive payments		526		-
Accrued salary and benefits		499		483
Legal and accounting fees		324		283
Accrued taxes payable		326		177
Other		118		146
	$	2,215	$	1,353

Warrants

6 Months Ended

Oct. 31, 2020

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. 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, 2020, 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. 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, 2020, 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. As of October 31, 2020, all 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, 2020, none of the common stock warrants have been exercised.

The Company accounted for the warrants issued in connection with its June and July 2016 public offerings in accordance with the guidance 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. The warrants have a value close to zero at October 31, 2020 and April 30, 2020 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.

Paycheck Protection Program Loan

6 Months Ended

Oct. 31, 2020

Debt Disclosure [Abstract]

Paycheck Protection Program Loan

(9) Paycheck Protection Program Loan

As a result of the COVID-19 pandemic, on March 27, 2020, the U.S. Government passed into law the Coronavirus Aid, Relief and Economic Security Act, or the (“CARES Act”) which included the ability to secure loans under the Paycheck Protection Program (“PPP”). On May 3, 2020, after its application was submitted and approved, the Company signed a PPP loan with Santander Bank, N.A. (“Santander”) as the lender for $890,347 pursuant to the PPP under the CARES Act, as implemented by the U.S. Small Business Association (“SBA”). The PPP loan is an unsecured note with Santander as the lender and governed by a loan agreement with Santander. The interest rate is 1% and the loan is repayable over two years. The loan contains customary events of defaults relating to, among other things, payment defaults or breaches of the terms of the loan. Upon the occurrence of an event of default, the lender may require immediate repayment of all outstanding under the loan. Interest and principal payments are deferred for the first 6 months from the date of the loan. Principal and interest of approximately $49,000 are payable monthly commencing 6 months after the disbursement date and may be repaid by the Company at any time prior to maturity with no prepayment penalties. The Company received the proceeds on May 5, 2020.

The SBA allows loan forgiveness for eligible costs incurred and paid which include (a) payroll costs, (b) interest on any real or personal property mortgage prior to February 15, 2020, (c) rent on any lease in force prior to February 15, 2020, and (d) utility payments for which service began before February 15, 2020. As of October 31, 2020, the Company has utilized all of the loan proceeds. While the Company currently believes that the use of the loan proceeds will meet the conditions for forgiveness of the loan and is in the process of preparing the SBA’s forgiveness application, no assurance can be provided that the Company will obtain forgiveness of the loan, in whole or in part.

On June 5, 2020, the Paycheck Protection Program Flexibility Act (“PPPFA”) was signed into law. Among other changes, the PPPFA (a) reduced the amount of the loan required to be spent on payroll costs from 75% to 60%, (b) extended the covered period to 24 weeks from 8 weeks, (c) extended the repayment term of the PPP loan from 2 years to 5 years, and (d) increased the deferred payment date from 6 months to 10 months. For the loans disbursed before June 5, 2020, the PPPFA provides the option to opt for 24 weeks for spending the loan instead of 8 weeks. The Company opted for 24 weeks to spend the loan.

The Company is accruing interest expense until the loan is forgiven or repaid. If the loan were not forgiven by the SBA and the Company decided to repay the loan over 2 years, the interest expense for this loan period would be immaterial.

Loan Payable

6 Months Ended

Oct. 31, 2020

Debt Disclosure [Abstract]

Loan Payable

(10) Loan Payable

In August 2020 the Company signed a commercial premium finance agreement in the amount of $466,622 with First Insurance Funding whereas First Insurance Funding prepaid a portion of the Company insurance premiums including principally the Directors and Officers insurance. The Company will make eight monthly payments of $58,957.25, inclusive of interest charges, to repay First Insurance Funding the amount. Interest expense for the loan period is immaterial.

Preferred Stock

6 Months Ended

Oct. 31, 2020

Equity [Abstract]

Preferred Stock

(11) 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, 2020, no shares of preferred stock had been issued.

Common Stock

6 Months Ended

Oct. 31, 2020

Equity [Abstract]

Common Stock

(12) Common Stock

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. Since inception of the program through October 31, 2020, under the 2019 ATM Facility the Company had sold and issued an aggregate of 10,942,100 shares of its common stock with an aggregate market value of $11.1 million at an average price of $1.01 per share, including 5,689,134 shares in fiscal year 2021 with an aggregate market value of $6.4 million at an average price of $1.12 per share and paid AGP a sales commission of approximately $360,095 related to those shares. On November 20, 2020, the Company entered into a new At the Market Offering Agreement with AGP (the “2020 ATM Facility”). Under the 2020 ATM Facility, 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 $50.0 million. In connection with the effectiveness of the 2020 ATM Facility, the 2019 ATM Facility was terminated. For more on the 2020 ATM Facility, see Note 19, Subsequent Events.

On October 24, 2019, the Company entered into a new common stock purchase agreement with Aspire Capital which provided that, subject to certain terms, conditions and limitations, Aspire Capital 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. Through September 18, 2020, the Company has sold an aggregate of 6,424,205 shares of common stock with an aggregate market value of $4.0 million at an average price of $0.63 per share pursuant to this common stock purchase agreement, including 5,025,000 shares in fiscal year 2021 with an aggregate market value of $2.9 million at an average price of $0.57 per share. The agreement was fully utilized and cancelled on September 18, 2020.

Treasury Shares

6 Months Ended

Oct. 31, 2020

Equity [Abstract]

Treasury Shares

(13) Treasury Shares

During each of the six months ended October 31, 2020 and 2019, no shares and 481 shares of common stock were purchased by the Company from employees to pay taxes related to the vesting of restricted stock.

Stock-Based Compensation

6 Months Ended

Oct. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

(14) 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 732,036 shares are 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. 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, 2020, the Company has 192,777 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, 2020, there were 11,487 shares available for grant under the 2018 Inducement Plan.

Stock Options

The Company estimates the fair value of each stock option award granted with service-based vesting requirements, using the Black-Scholes option pricing model, assuming no dividends, and using the weighted average valuation assumptions noted in the following table. The risk-free rate is based on the US Treasury yield curve in effect at the time of grant. The expected life (estimated period of time outstanding) of the stock options granted is estimated using the “simplified” method as permitted by the SEC’s Staff Accounting Bulletin No. 110, Share-Based Payment. Expected volatility is based on the Company’s historical volatility over the expected life of the stock option granted. There were no options granted during the six months ended October 31, 2020 or 2019.

Performance Stock Options

In January of 2020, the Company issued 81,334 performance-based stock options to two of its executives. The awards can vest over 2 years if there is positive total shareholder return (e.g. share price increase) as measured to the 5-day (January 11-15, 2021) and (January 10-14, 2022) share price Volume Weighted Average Price (“VWAP”). The Company determined these awards contain a market- based condition and estimated the fair value using the Monte Carlo simulation model. There were 81,334 shares unvested and outstanding as of October 31, 2020.

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

						Weighted
						Average
				Weighted		Remaining
	Shares			Average		Contractual
	Underlying			Exercise		Term
	Options			Price		(In Years)
Outstanding as of April 30, 2020		555,475		$	3.19		9.5
Granted		-		$	-
Exercised		-		$	-
Cancelled/forfeited		(23,969	)	$	7.11
Outstanding as of October 31, 2020		531,506		$	3.02		9.0
Exercisable as of October 31, 2020		60,506		$	18.32		7.6

As of October 31, 2020, the total intrinsic value of both outstanding and exercisable options was approximately $301,000 and zero, respectively. As of October 31, 2020, approximately 471,000 additional options were unvested, which had an intrinsic value of $301,000 and a weighted average remaining contractual term of 9.2 years. There was approximately $187,000 and $163,000 of total recognized compensation cost related to stock options during each of the six months ended October 31, 2020 and 2019, respectively. As of October 31, 2020, there was approximately $123,000 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 0.7 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, 2020, the Company granted no 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, 2020		13,513	$	1.48
Granted		-	$	-
Vested		-	$	-
Cancelled/forfeited		-	$	-
Issued and unvested at October 31, 2020		13,513	$	1.48

There was approximately $10,000 and $5,000 of total recognized compensation cost related to restricted stock for the six months ended October 31, 2020 and 2019, respectively. As of October 31, 2020, there is $200 unrecognized compensation cost remaining related to unvested restricted stock granted under our plans. This cost is expected to be recognized over a weighted-average period of 0.1 years.

In December 2019, the Company granted 51,547 shares, subject to service-based vesting requirements, to an employee that were outside the Company stock incentive plans. There was approximately $25,000 and zero of total recognized compensation cost related to this award for the six months ended October 31, 2020 and 2019, respectively. As of October 31, 2020, there is $5,000 unrecognized compensation cost remaining related to this award. This cost is expected to be recognized over a weighted-average period of 0.1 years.

Fair Value Measurements

6 Months Ended

Oct. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

(15) Fair Value Measurements

ASC Topic 820, “Fair Value Measurements” states that fair value is an exit price, representing the amount 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. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable input and minimizes the use of unobservable inputs. The following is a description of the three hierarchy levels.

Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2	Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly.

Level 3	Inputs that are unobservable for the asset or liability.

Disclosure of Fair Values

The Company’s financial instruments that are not re-measured at fair value include cash, cash equivalents, restricted cash, accounts receivable, contract assets and liabilities, deposits, accounts payable, and accrued expenses. The carrying values of these financial instruments approximate their fair values and are viewed as Level 1 items. The Company’s warrant liabilities represent the only asset or liability classified financial instrument that is measured at fair value on a recurring basis.

The fair value of the Company’s warrant liabilities (refer to Note 8) is based on the Black-Scholes option pricing model which is based on Level 3 unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The assumptions used by the Company are the quoted price of the Company’s common stock in an active market, risk-free interest rate, volatility and expected life, and assumes no dividends. Volatility is based on the actual market activity of the Company’s stock. The expected life is based on the remaining contractual term of the warrants and the risk-free interest rate is based on the implied yield available on U.S. Treasury Securities with a maturity equivalent to the warrants’ expected life. The fair value on a recurring basis as of October 31, 2020 and April 30, 2020 was near zero.

Unrealized gains of approximately zero for the three months ended October 31, 2020 and 2019, respectively, and zero and $6,000 for the six months ended October 31, 2020 and 2019, 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, 2020			October 31, 2019

Dividend rate		0.0	%		0.0	%
Risk-free rate		0.12% - 0.13	%		1.5	%
Expected life (years)		0.8 - 1.1			1.7 - 2.1
Expected volatility		139.1	%		105.9	%

Besides the unrealized gain in fair value, there was no other activity to the balances in warrant liabilities during the six months ended October 31, 2020 and 2019, respectively.

Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no transfers between any hierarchy levels during each of the six months ended October 31, 2020 and 2019.

- 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, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(16) 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.

On August 28, 2018, counsel for Mr. Dunleavy filed a demand for arbitration, captioned Charles F. Dunleavy v. Ocean Power Technologies, Inc., Case No. 01-18-0003-2374, before the American Arbitration Association in New Jersey. The demand names Ocean Power Technologies, Inc. as the respondent and alleges various claims and seeks declaratory relief and permanent injunction. The demand seeks damages in the amount of $5 million for compensatory and punitive damages, plus interest and attorneys’ fees as well as certain equitable relief. On November 8, 2018, the Company through counsel responded to the demand for arbitration, denied all allegations, and asserted various affirmative defenses. The final day of hearing occurred in Princeton, New Jersey on July 15, 2020. Post-hearing briefs were filed on September 22, 2020. As of October 31, 2020, the Company has not accrued any provision related to this matter as we believe a loss is not probable and any possible loss cannot be reasonably estimated.

Nasdaq Delisting Notification

On March 3, 2020, the Company received a notification from the Nasdaq indicating that the minimum bid price of the Company’s common stock has been below $1.00 per share for 30 consecutive business days and as a result, the Company is not in compliance with the minimum bid price requirement for continued listing. The Nasdaq notice has no immediate effect on the listing or trading of the Company’s common stock. Under the Nasdaq Listing Rules, the Company has a grace period of 180 calendar days, or until August 31, 2020, in which to regain compliance with the minimum bid price rule. To regain compliance, the closing bid price of the Company’s common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during this grace period. On August 21, 2020, the Company received notification from Nasdaq that, as a result of the closing bid price of the Company’s common stock being over $1.00 for 10 consecutive trading days, the Company has regained compliance with Listing Rule 5550(a)(2) to maintain the listing of its common stock on Nasdaq and Nasdaq considers the matter closed.

Spain Income Tax Audit

The Company underwent an income tax audit in Spain for the period from 2011 to 2014, when our Spanish branch was closed. In connection with the tax audit, the Spanish tax inspector challenged the Company’s recognition of grant funds received in 2011 to 2014 from the European Commission in connection with the Company’s Waveport project. On July 30, 2018, the inspector concluded that although there was no tax owed in light of losses reported, the Company’s Spanish branch owed penalties for failure to properly account for the income associated with the funding grant. On August 30, 2018, the Company filed an administrative appeal of the penalty and its underlying conclusions. During the three months ended July 31, 2020, the Company received notice from the Spanish Central Economic and Administrative Tribunal that it agreed with the inspector and ruled that the Company owes the full amount of the penalty in the amount of €279,869.81 or approximately $331,000. The Company is appealing the decision of the Tribunal tax assessment to the Spanish National Court. Per the Company’s accounting policy, the Company recorded the additional penalty of €117,145.81 to Selling, general and administrative costs in the Statement of Operations. As of October 31, 2020 and April 30, 2020, the Company has reserved €279,869.81 (or approximately $326,000) and €162,724 (or approximately $177,000), respectively, for the penalty in Accrued expenses in the Consolidated Balance Sheets.

Income Taxes

6 Months Ended

Oct. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

(17) 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, as discussed above. At October 31, 2020 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Operating Segments and Geographic Information

6 Months Ended

Oct. 31, 2020

Segment Reporting [Abstract]

Operating Segments and Geographic Information

(18) 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 each of the six months ended October 31, 2020 and 2019, the Company’s primary business operations were in North America.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Subsequent Events

6 Months Ended

Oct. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

(19) Subsequent Events

On November 20, 2020, the Company filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (the “SEC”), pursuant to which the Company may offer and sell, at its option, securities having an aggregate offering price of up to $100,000,000. On the same date, the Company entered into the 2020 ATM Facility pursuant to which the Company may offer and sell shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $50,000,000 to or through AGP, as sales agent, from time to time, in an “At The Market Offering” (as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended) of the shares. The $50,000,000 of common stock that may be offered, issued and sold under the ATM Prospectus is included in the $100,000,000 of securities that may be offered, issued and sold by us under the Base Prospectus. Shares may be sold by any method deemed to be an “At The Market Offering.” Under the 2020 ATM Facility, AGP will also be able to sell shares of common stock by any other method permitted by law, including in negotiated transactions with the Company’s prior written consent. The Company will pay AGP commissions for its services in acting as its sales agent in the sale of the shares pursuant to the sales agreement. AGP is entitled to compensation at a fixed commission rate of the aggregate gross proceeds from the sale of the shares on the Company’s behalf. The sales agreement for the 2020 ATM Facility contains representations, warranties and covenants that are customary for transactions of this type.

As of December 7, 2020 the balance of total cash, cash equivalents, and restricted cash is approximately $26.3 million mainly as a result of sales of approximately $11.9 million of the Company’s securities through its 2019 ATM Facility which occurred subsequent to October 31, 2020.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Oct. 31, 2020

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, 2020		April 30, 2020
	(in thousands)

Checking and savings accounts	$	2,369	$	1,551
Money market account		12,875		8,451
	$	15,244	$	10,002

Restricted Cash and Security Agreements

Restricted cash includes the following:

	October 31, 2020		April 30, 2020
	(in thousands)

Santander Bank		606		928
	$	606	$	928

	October 31, 2020		April 30, 2020
	(in thousands)

Cash and cash equivalents	$	15,244	$	10,002
Restricted cash- short term		384		707
Restricted cash- long term		222		221
	$	15,850	$	10,930

Concentration of Credit Risk

(d) Concentration of Credit Risk

	Three months ended October 31,						Six months ended October 31,
	2020			2019			2020			2019

Eni S.p.A.		61	%		23	%		34	%		19	%
Premier Oil UK Limited		0	%		13	%		9	%		30	%
EGP		36	%		47	%		55	%		24	%
U.S. Navy		0	%		10	%		0	%		17	%
Other		3	%		7	%		2	%		10	%
		100	%		100	%		100	%		100	%

Share-Based Compensation

(e) Share-Based Compensation

	Three months ended October 31,				Six months ended October 31,
	2020		2019		2020		2019
	(in thousands)

Engineering and product development	$	22	$	20	$	59	$	40
Selling, general and administrative		85		56		164		128
Total share-based compensation expense	$	107	$	76	$	223	$	168

Revenue Recognition

(f) Revenue Recognition

Products and Solutions Leasing

Net Loss Per Common Share

(g) Net Loss per Common Share

Recently Issued Accounting Standards

(h) Recently Issued Accounting Standards

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Oct. 31, 2020

Schedule of Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company invests excess cash in a money market account.

	October 31, 2020		April 30, 2020
	(in thousands)

Checking and savings accounts	$	2,369	$	1,551
Money market account		12,875		8,451
	$	15,244	$	10,002

Schedule of Cash and Cash Equivalents and Restricted Cash

	October 31, 2020		April 30, 2020
	(in thousands)

Cash and cash equivalents	$	15,244	$	10,002
Restricted cash- short term		384		707
Restricted cash- long term		222		221
	$	15,850	$	10,930

Schedule of Revenue by Major Customers by Reporting Segments

	Three months ended October 31,						Six months ended October 31,
	2020			2019			2020			2019

Eni S.p.A.		61	%		23	%		34	%		19	%
Premier Oil UK Limited		0	%		13	%		9	%		30	%
EGP		36	%		47	%		55	%		24	%
U.S. Navy		0	%		10	%		0	%		17	%
Other		3	%		7	%		2	%		10	%
		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, 2020 and 2019:

	Three months ended October 31,				Six months ended October 31,
	2020		2019		2020		2019
	(in thousands)

Engineering and product development	$	22	$	20	$	59	$	40
Selling, general and administrative		85		56		164		128
Total share-based compensation expense	$	107	$	76	$	223	$	168

Santander Bank [Member]

Schedule of Cash and Cash Equivalents and Restricted Cash

Restricted cash includes the following:

	October 31, 2020		April 30, 2020
	(in thousands)

Santander Bank		606		928
	$	606	$	928

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

6 Months Ended

Oct. 31, 2020

Account Receivable Contract Assets And Contract Liabilities

Schedule of Accounts Receivable, Contract Assets and Contract Liabilities

The following provides further details on the balance sheet accounts of accounts receivable, contract assets, and contract liabilities from contracts with customers:

	October 31, 2020		April 30, 2020
	(in thousands)

Accounts receivables	$	-	$	105
Contract assets		97		251
Contract liabilities		109		165

Schedule of Significant Changes in Contract assets and Contract Liabilities

Significant changes in the contract assets balances during the period are as follows:

	Six months ended
	October 31, 2020
	(in thousands)

Transferred to receivables from contract assets recognized at the beginning of the period	$	(251	)
Revenue recognized and not billed as of the end of the period		97
Net change in contract assets	$	(154	)

Significant changes in the contract liabilities balances during the period are as follows:

	Six months ended
	October 31, 2020
	(in thousands)

Revenue recognized that was included in the contract liabilities balance as of the beginning of the period	$	49
Transferred to contract assets from contract liabilities recognized at the beginning of the period		7
Net change in contract liabilities	$	56

Other Current Assets (Tables)

6 Months Ended

Oct. 31, 2020

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

Schedule of Other Current Assets

Other current assets consist of the following at October 31, 2020 and April 30, 2020:

	October 31, 2020		April 30, 2020
	(in thousands)

Deposits	$	154	$	60
Other receivables		5		2
Prepaid insurance		666		124
Prepaid offering costs		102		275
Prepaid expenses- other		202		127
	$	1,129	$	588

Property and Equipment, net (Tables)

6 Months Ended

Oct. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment

The components of property and equipment, net as of October 31, 2020 and April 30, 2020 consisted of the following:

	October 31, 2020			April 30, 2020
	(in thousands)

Equipment	$	342			342
Computer equipment & software		476			486
Office furniture & equipment		339			339
Leasehold improvements		474			474
Construction in process		15			15
	$	1,646		$	1,656
Less: accumulated depreciation		(1,221	)		(1,157	)
	$	425		$	499

Leases (Tables)

6 Months Ended

Oct. 31, 2020

Leases [Abstract]

Schedule of Operating Lease Costs

The components of lease expense in the Consolidated Statement of Operations for both the three and six months ended October 31, 2020 and 2019 was as follows:

	Three months ended October 31,				Six months ended October 31,
	2020		2019		2020		2019
	(in thousands)

Operating lease cost	$	80	$	79	$	159	$	159
Short-term lease cost		3		-		5		-
Total lease cost	$	83	$	79	$	164	$	159

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, 2020 was as follows:

	October 31, 2020
	(in thousands)

Operating lease:
Operating right-of-use asset, net	$	1,060

Right-of-use liability- current		244
Right-of-use liability- long term		954
Total lease liability	$	1,198

Weighted average remaining lease term- operating leases		3.98 years
Weighted average discount rate- operating leases		8.5	%

Schedule of Future Minimum Lease Payments Under Operating Lease

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

	October 31, 2020
	(in thousands)

Remainder of fiscal year 2021	$	168
2022		341
2023		352
2024		362
2025		184
Total future minimum lease payments	$	1,407
Less imputed interest		(209	)
Total	$	1,198

Accrued Expenses (Tables)

6 Months Ended

Oct. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consist of the following at October 31, 2020 and April 30, 2020:

	October 31, 2020		April 30, 2020
	(in thousands)

Project costs	$	142	$	48
Contract loss reserve		280		216
Employee incentive payments		526		-
Accrued salary and benefits		499		483
Legal and accounting fees		324		283
Accrued taxes payable		326		177
Other		118		146
	$	2,215	$	1,353

Stock-Based Compensation (Tables)

6 Months Ended

Oct. 31, 2020

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
						Average
				Weighted		Remaining
	Shares			Average		Contractual
	Underlying			Exercise		Term
	Options			Price		(In Years)
Outstanding as of April 30, 2020		555,475		$	3.19		9.5
Granted		-		$	-
Exercised		-		$	-
Cancelled/forfeited		(23,969	)	$	7.11
Outstanding as of October 31, 2020		531,506		$	3.02		9.0
Exercisable as of October 31, 2020		60,506		$	18.32		7.6

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, 2020		13,513	$	1.48
Granted		-	$	-
Vested		-	$	-
Cancelled/forfeited		-	$	-
Issued and unvested at October 31, 2020		13,513	$	1.48

Fair Value Measurements (Tables)

6 Months Ended

Oct. 31, 2020

Fair Value Disclosures [Abstract]

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

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

	October 31, 2020			October 31, 2019

Dividend rate		0.0	%		0.0	%
Risk-free rate		0.12% - 0.13	%		1.5	%
Expected life (years)		0.8 - 1.1			1.7 - 2.1
Expected volatility		139.1	%		105.9	%

Background, Basis of Presentation and Liquidity (Details Narrative) - USD ($)					6 Months Ended
	Nov. 20, 2020	Sep. 18, 2020	Oct. 24, 2019	Jan. 07, 2019	Oct. 31, 2020	Dec. 07, 2020	Apr. 30, 2020
Accumulated deficit					$ (226,545,000)		$ (220,136,000)
Cash, cash equivalents and restricted cash, at carrying value					$ 15,850,000		$ 10,930,000
2019 ATM Facility [Member] \| Subsequent Event [Member]
Cash, cash equivalents and restricted cash, at carrying value						$ 26,300,000
2019 ATM Facility [Member] \| Alliance Global Partners [Member]
Aggregate offering price				$ 25,000,000
Number of common stock shares sold				10,942,100
Proceeds from issuance or sale of equity, net of issuance costs				$ 11,100,000
Combined purchase price per share				$ 1.01
Payment of sales commission				$ 360,095
2020 ATM Facility [Member] \| Alliance Global Partners [Member] \| Subsequent Event [Member]
Aggregate offering price	$ 50,000,000
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member]
Number of common stock shares sold		6,424,205			500,000
Proceeds from issuance or sale of equity, net of issuance costs		$ 4,000,000			$ 600,000
Combined purchase price per share		$ 0.63			$ 1.23
Aggregate purchase of common stock		$ 12,500,000
Percentage of outstanding common stock limit for shareholder approval		19.99%
Number of shares can be issued based upon outstanding percentage		3,722,251
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member] \| Maximum [Member]
Aggregate purchase of common stock			$ 10,000,000

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019	Apr. 30, 2020
Cash and cash equivalents	$ 15,244,000		$ 15,244,000		$ 10,002,000
Revenue remaining performance obligation	800,000		800,000
Performance obligation revenue of next twelve months	$ 700,000		$ 700,000
Revenue remaining performance obligation, percentage			93.00%
Antidilutive securities excluded from computation of earnings per share, shares	5,540,469	5,007,907	5,540,469	5,007,907
Santander Bank [Member] \| Letter 2 [Member] \| August 2020 [Member]
Letters of credit outstanding, amount	$ 322,734		$ 322,734
Santander Bank [Member] \| Letter 2 [Member] \| January 2021 [Member]
Letters of credit outstanding, amount	64,547		64,547
Foreign Financial Institutions [Member]
Cash and cash equivalents	300,000		300,000
Restricted Cash and Security Agreements [Member] \| Santander Bank [Member] \| Letter 1 [Member]
Letters of credit outstanding, amount	125,690		$ 125,690
Line of credit expiration period			May 31, 2021
Restricted Cash and Security Agreements [Member] \| Santander Bank [Member] \| Letter 2 [Member]
Letters of credit outstanding, amount	$ 645,467		$ 645,467

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Cash and cash equivalents	$ 15,244	$ 10,002
Checking and Savings Accounts [Member]
Cash and cash equivalents	2,369	1,551
Money Market Account [Member]
Cash and cash equivalents	$ 12,875	$ 8,451

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)	Oct. 31, 2020	Apr. 30, 2020
Restricted Cash	$ 606,000	$ 928,000
Cash and Cash Equivalents	15,244,000	10,002,000
Restricted cash- short term	384,000	707,000
Restricted cash- long term	222,000	221,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	15,850,000	10,930,000
Santander Bank [Member]
Restricted Cash	$ 606,000	$ 928,000

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, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Revenues, percentage	100.00%	100.00%	100.00%	100.00%
Eni S.P.A [Member]
Revenues, percentage	61.00%	23.00%	34.00%	19.00%
Premier Oil UK Limited [Member]
Revenues, percentage	0.00%	13.00%	9.00%	30.00%
EGP [Member]
Revenues, percentage	36.00%	47.00%	55.00%	24.00%
U.S. Navy [Member]
Revenues, percentage	0.00%	10.00%	0.00%	17.00%
Other [Member]
Revenues, percentage	3.00%	7.00%	2.00%	10.00%

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, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Total share-based compensation expense	$ 107	$ 76	$ 223	$ 168
Engineering and Product Development [Member]
Total share-based compensation expense	22	20	59	40
Selling, General and Administrative [Member]
Total share-based compensation expense	$ 85	$ 56	$ 164	$ 128

Account Receivable, Contract Assets, and Contract Liabilities - Schedule of Accounts Receivable, Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Account Receivable Contract Assets And Contract Liabilities
Accounts receivables		$ 105
Contract assets	97	251
Contract liabilities	$ 109	$ 100

Account Receivable, Contract Assets, and Contract Liabilities - Schedule of Significant Changes in Contract assets and Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Account Receivable Contract Assets And Contract Liabilities
Transferred to receivables from contract assets recognized at the beginning of the period	$ (251)
Revenue recognized and not billed as of the end of the period	97
Net change in contract assets	(154)	$ 96
Revenue recognized that was included in the contract liabilities balance as of the beginning of the period	49
Transferred to contract assets from contract liabilities recognized at the beginning of the period	7
Net change in contract liabilities	$ 56	$ (802)

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deposits	$ 154	$ 60
Other receivables	5	2
Prepaid insurance	666	124
Prepaid offering costs	102	275
Prepaid expenses- other	202	127
Other current assets	$ 1,129	$ 588

Property and Equipment, net (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 36	$ 39	$ 73	$ 77

Property and Equipment, net - Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Property and equipment, gross	$ 1,646	$ 1,656
Less: accumulated depreciation	(1,221)	(1,157)
Property and equipment, net	425	499
Equipment [Member]
Property and equipment, gross	342	342
Computer Equipment & Software [Member]
Property and equipment, gross	476	486
Office Furniture & Equipment [Member]
Property and equipment, gross	339	339
Leasehold Improvements [Member]
Property and equipment, gross	474	474
Construction in Process [Member]
Property and equipment, gross	$ 15	$ 15

Leases (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
Leases (Details Narrative) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
Operating leases cash payments	$ 168	$ 159
Monroe Township [Member]
Term of lease	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 Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Leases [Abstract]
Operating lease cost	$ 80	$ 79	$ 159	$ 159
Short-term lease cost	3		5
Total lease cost	$ 83	$ 79	$ 164	$ 159

Leases - Schedule of Right-of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Leases [Abstract]
Operating right-of-use asset, net	$ 1,060	$ 1,165
Right-of-use liability- current	244	229
Right-of-use liability- long term	954	$ 1,078
Total lease liability	$ 1,198
Weighted average remaining lease term- operating leases	3 years 11 months 23 days
Weighted average discount rate- operating leases	8.50%

Leases - Schedule of Future Minimum Lease Payments Under Operating Lease (Details) $ in Thousands	Oct. 31, 2020 USD ($)
Leases [Abstract]
Remainder of fiscal year 2021	$ 168
2022	341
2023	352
2024	362
2025	184
Total future minimum lease payments	1,407
Less imputed interest	(209)
Total	$ 1,198

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Payables and Accruals [Abstract]
Project costs	$ 142	$ 48
Contract loss reserve	280	216
Employee incentive payments	526
Accrued salary and benefits	499	483
Legal and accounting fees	324	283
Accrued taxes payable	326	177
Other	118	146
Accrued expenses total	$ 2,215	$ 1,353

Warrants (Details Narrative) - $ / shares	Apr. 08, 2019	Jul. 22, 2016	Jun. 02, 2016
Pre-funded Warrants [Member]
Warrant to purchase shares common stock	3,385,680
Warrant exercise price per share	$ 0.01
Securities Purchase Agreement [Member]
Number of common stock shares sold	1,542,000		20,850
Warrant to purchase shares common stock	4,927,680		7,298
Warrant exercise price per share	$ 3.85		$ 121.60
Class of warrant or right, expiration period	5 years		5 years
Number of exercised warrants
Second Amended Purchase Agreement [Member]
Number of common stock shares sold		29,750
Warrant to purchase shares common stock		8,925
Warrant exercise price per share		$ 187.20
Class of warrant or right, expiration period		5 years
Number of exercised warrants

Paycheck Protection Program Loan (Details Narrative) - USD ($)					6 Months Ended
	Jun. 05, 2020	May 05, 2020	May 05, 2020	May 03, 2020	Oct. 31, 2020	Oct. 31, 2019
Repayments of loan					$ 117,000
Payroll protection flexibility, description	Paycheck Protection Program Flexibility Act ("PPPFA") was signed into law. Among other changes, the PPPFA (a) reduced the amount of the loan required to be spent on payroll costs from 75% to 60%, (b) extended the covered period to 24 weeks from 8 weeks, (c) extended the repayment term of the PPP loan from 2 years to 5 years, and (d) increased the deferred payment date from 6 months to 10 months. For the loans disbursed before June 5, 2020, the PPPFA provides the option to opt for 24 weeks for spending the loan instead of 8 weeks. The Company opted for 24 weeks to spend the loan.
Paycheck Protection Program [Member]
Proceeds from loan			$ 890,347
Debt forgiveness, description				The SBA allows loan forgiveness for eligible costs incurred and paid which include (a) payroll costs, (b) interest on any real or personal property mortgage prior to February 15, 2020, (c) rent on any lease in force prior to February 15, 2020, and (d) utility payments for which service began before February 15, 2020.
Debt instrument, interest rate				1.00%
Paycheck Protection Program [Member] \| 6 Months After Disbursement Date [Member]
Repayments of loan		$ 49,000

Loan Payable (Details Narrative)	1 Months Ended
Loan Payable (Details Narrative)	Aug. 31, 2020 USD ($)
Debt Disclosure [Abstract]
Insurance funding amount	$ 466,622
Insurance monthly payment	$ 58,957

Preferred Stock (Details Narrative) - $ / shares	Oct. 31, 2020	Apr. 30, 2020
Equity [Abstract]
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued

Common Stock (Details Narrative) - USD ($)					6 Months Ended	12 Months Ended
Common Stock (Details Narrative) - USD ($)	Nov. 20, 2020	Sep. 18, 2020	Oct. 24, 2019	Jan. 07, 2019	Oct. 31, 2020	Apr. 30, 2021
2019 ATM Facility [Member] \| Alliance Global Partners [Member]
Aggregate offering price				$ 25,000,000
Number of common stock shares sold				10,942,100
Proceeds from issuance or sale of equity, net of issuance costs				$ 11,100,000
Combined purchase price per share				$ 1.01
Payment of sales commission				$ 360,095
2019 ATM Facility [Member] \| Alliance Global Partners [Member] \| Forecast [Member]
Number of common stock shares sold						5,689,134
Proceeds from issuance or sale of equity, net of issuance costs						$ 6,400,000
Combined purchase price per share						$ 1.12
Payment of sales commission						$ 360,095
2020 ATM Facility [Member] \| Alliance Global Partners [Member] \| Subsequent Event [Member]
Aggregate offering price	$ 50,000,000
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member]
Number of common stock shares sold		6,424,205			500,000
Proceeds from issuance or sale of equity, net of issuance costs		$ 4,000,000			$ 600,000
Combined purchase price per share		$ 0.63			$ 1.23
Aggregate purchase of common stock		$ 12,500,000
Percentage of outstanding common stock limit for shareholder approval		19.99%
Number of shares can be issued based upon outstanding percentage		3,722,251
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member] \| Maximum [Member]
Aggregate purchase of common stock			$ 10,000,000
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member] \| Forecast [Member]
Number of common stock shares sold						5,025,000
Proceeds from issuance or sale of equity, net of issuance costs						$ 2,900,000
Combined purchase price per share						$ 0.57

Treasury Shares (Details Narrative) - shares	6 Months Ended
Treasury Shares (Details Narrative) - shares	Oct. 31, 2020	Oct. 31, 2019
Equity [Abstract]
Treasury stock, shares, acquired		481

Stock-Based Compensation (Details Narrative) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Jan. 31, 2020	Dec. 31, 2019	Oct. 31, 2020	Oct. 31, 2019	Jan. 18, 2018	Dec. 31, 2015
Employee Stock Option [Member]
Number of shares granted during the period
Share-based compensation unvested shares of stock options			301,000
Share-based compensation intrinsic value of outstanding			$ 0
Share-based compensation options, exercisable intrinsic value			$ 301,000
Share-based compensation weighted average remaining contractual term			9 years 2 months 12 days
Share-based compensation expense			$ 187	$ 163
Unrecognized compensation cost related to non-vested stock options			$ 123
Share-based compensation cost expected to recognize weighted-average term			8 months 12 days
Employee Stock Option [Member] \| Performance-based Stock Options [Member]
Share-based compensation unvested shares of stock options			81,334
Employee Stock Option [Member] \| Performance-based Stock Options [Member] \| Two Executives [Member]
Number of shares granted during the period	81,334
Stock options vesting period, description	The awards can vest over 2 years if there is positive total shareholder return (e.g. share price increase) as measured to the 5-day (January 11-15, 2021) and (January 10-14, 2022) share price Volume Weighted Average Price ("VWAP").
Employee Stock Option [Member] \| Subject to Service- Based Vesting Requirements [Member] \| Employee [Member]
Share-based compensation expense			$ 25	0
Unrecognized compensation cost related to non-vested stock options			$ 5
Share-based compensation cost expected to recognize weighted-average term			1 month 6 days
Restricted stock options, granted during period		51,547
Employee Stock Option One [Member]
Share-based compensation unvested shares of stock options			471,000
Restricted Stock [Member]
Share-based compensation expense			$ 10	$ 5
Unrecognized compensation cost related to non-vested stock options			$ 2
Share-based compensation cost expected to recognize weighted-average term			1 month 6 days
2015 Omnibus Incentive Plan [Member]
Share-based compensation arrangement by share-based payment award, number of shares authorized						732,036
Stock based compensation shares, available for grant			192,777
2018 Inducement Plan [Member]
Stock based compensation shares, available for grant			11,487		25,000

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Stock Incentive Plan [Member]	6 Months Ended
	Oct. 31, 2020 $ / shares shares
Shares Underlying Options Outstanding, Beginning \| shares	555,475
Shares Underlying Options Outstanding, Granted \| shares
Shares Underlying Options Outstanding, Exercised \| shares
Shares Underlying Options Outstanding, Cancelled/forfeited \| shares	(23,969)
Shares Underlying Options Outstanding, Ending \| shares	531,506
Shares Underlying Options Outstanding, Exercisable at Ending \| shares	60,506
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 3.19
Weighted Average Exercise Price, Granted \| $ / shares
Weighted Average Exercise Price, Exercised \| $ / shares
Weighted Average Exercise Price, Cancelled/forfeited \| $ / shares	7.11
Weighted Average Exercise Price, Ending Balance \| $ / shares	3.02
Weighted Average Exercise Price, Exercisable at Ending \| $ / shares	$ 18.32
Weighted Average Remaining Contractual Term (In Years), Beginning	9 years 6 months
Weighted Average Remaining Contractual Term (In Years), Ending	9 years
Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending	7 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, 2020 $ / shares shares
Number of Shares, Issued and unvested, Beginning \| shares	13,513
Number of Shares, Granted \| shares
Number of Shares, Vested \| shares
Number of Shares, Cancelled/forfeited \| shares
Number of Shares, Issued and Unvested, Ending \| shares	13,513
Weighted Average Price per Share, Issued and Unvested, Beginning \| $ / shares	$ 1.48
Weighted Average Price per Share, Granted \| $ / shares
Weighted Average Price per Share, Vested \| $ / shares
Weighted Average Price per Share, Cancelled/forfeited \| $ / shares
Weighted Average Price per Share, Issued and Unvested, Ending \| $ / shares	$ 1.48

Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Fair Value Disclosures [Abstract]
Gain due to the change in fair value of warrant liabilities				$ 6

Fair Value Measurements - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - Employee Stock Option [Member]	6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Expected dividend yield	0.00%	0.00%
Risk-free interest rate		1.50%
Expected volatility	139.10%
Minimum [Member]
Risk-free interest rate	0.12%
Expected life (in years)	9 months 18 days	1 year 8 months 12 days
Expected volatility		105.90%
Maximum [Member]
Risk-free interest rate	0.13%
Expected life (in years)	1 year 1 month 6 days	2 years 1 month 6 days

Commitments and Contingencies (Details Narrative)	Mar. 03, 2020 $ / shares	Aug. 28, 2018 USD ($)	Oct. 31, 2020 USD ($)	Oct. 31, 2020 EUR (€)	Jul. 31, 2020 USD ($)	Jul. 31, 2020 EUR (€)	Apr. 30, 2020 USD ($)	Apr. 30, 2020 EUR (€)
Share price per share \| $ / shares	$ 1.00
Nasdaq delisting notification description	The Company received notification from Nasdaq that, as a result of the closing bid price of the Company's common stock being over $1.00 for 10 consecutive trading days, the Company has regained compliance with Listing Rule 5550(a)(2) to maintain the listing of its common stock on Nasdaq and Nasdaq considers the matter closed.
Selling, General and Administrative [Member] \| Tax Authority, Spain [Member]
Income tax examination, penalties and interest accrued \| $			$ 326,000		$ 331,000		$ 177,000
Selling, General and Administrative [Member] \| Tax Authority, Spain [Member] \| Euro [Member]
Income tax examination, penalties and interest accrued						€ 279,870
Selling, General and Administrative [Member] \| Tax Authority, Spain [Member] \| Euro [Member] \| Recorded Additional Penalty [Member]
Income tax examination, penalties and interest accrued				€ 117,146
Selling, General and Administrative [Member] \| Tax Authority, Spain [Member] \| Euro [Member]
Income tax examination, penalties and interest accrued				€ 279,870				€ 162,724
Charles F. Dunleavy [Member]
Damages sought value \| $		$ 5,000,000

Income Taxes (Details Narrative)	Oct. 31, 2020 USD ($)
Income Tax Disclosure [Abstract]
Uncertain tax positions

Operating Segments and Geographic Information (Details Narrative)	6 Months Ended
	Oct. 31, 2020 segments
Segment Reporting [Abstract]
Number of reportable segments	1

Subsequent Events (Details Narrative) - USD ($)			6 Months Ended
Subsequent Events (Details Narrative) - USD ($)	Dec. 07, 2020	Nov. 20, 2020	Oct. 31, 2020	Oct. 31, 2019	Apr. 30, 2020
Common stock, par value			$ 0.001		$ 0.001
Cash, cash equivalents, and restricted cash balances			$ 15,850,000		$ 10,930,000
Common stock sales			$ 3,241,000
Subsequent Event [Member] \| Securities Exchange Commission [Member]
Aggregate offering price		$ 100,000,000
Subsequent Event [Member] \| 2020 ATM Facility [Member]
Common stock, par value		$ 0.001
Subsequent Event [Member] \| 2020 ATM Facility [Member] \| AGP [Member]
Aggregate offering price		$ 50,000,000
Proceeds from issuance or sale of equity, net of issuance costs		$ 100,000,000
Subsequent Event [Member] \| 2019 ATM Facility [Member]
Cash, cash equivalents, and restricted cash balances	$ 26,300,000
Common stock sales	$ 11,900,000

Stock-Based Compensation - Schedule of Non-vested Restricted Stock Activity (Details) - Non-vested Restricted Stock [Member]	6 Months Ended
	Oct. 31, 2020 $ / shares shares
Number of Shares, Issued and unvested, Beginning \| shares	13,513
Number of Shares, Granted \| shares
Number of Shares, Vested \| shares
Number of Shares, Cancelled/forfeited \| shares
Number of Shares, Issued and Unvested, Ending \| shares	13,513
Weighted Average Price per Share, Issued and Unvested, Beginning \| $ / shares	$ 1.48
Weighted Average Price per Share, Granted \| $ / shares
Weighted Average Price per Share, Vested \| $ / shares
Weighted Average Price per Share, Cancelled/forfeited \| $ / shares
Weighted Average Price per Share, Issued and Unvested, Ending \| $ / shares	$ 1.48