0001493152-22-025628 | 10-Q | XBRL Viewer | Ocean Power Technologies INC

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Cover - shares	3 Months Ended
Cover - shares	Jul. 31, 2022	Sep. 12, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 31, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--04-30
Entity File Number	001-33417
Entity Registrant Name	OCEAN POWER TECHNOLOGIES, INC.
Entity Central Index Key	0001378140
Entity Tax Identification Number	22-2535818
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	28 ENGELHARD DRIVE
Entity Address, Address Line Two	SUITE B
Entity Address, City or Town	MONROE TOWNSHIP
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08831
City Area Code	(609)
Local Phone Number	730-0400
Title of 12(b) Security	Common Stock $0.001 par value
Trading Symbol	OPTT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,922,880

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 9,176	$ 7,885
Marketable securities	42,724	49,384
Restricted cash, short-term	258	258
Accounts receivable	119	482
Contract assets	666	386
Inventory	588	442
Other current assets	480	467
Total current assets	54,011	59,304
Property and equipment, net	458	445
Intangibles, net	4,096	4,136
Right-of-use asset, net	677	752
Restricted cash, long-term	219	219
Goodwill	8,537	8,537
Total assets	67,998	73,393
Current liabilities:
Accounts payable	1,058	905
Accrued expenses	1,090	877
Contract liabilities	101	129
Right-of-use liability, current portion	328	319
Contingent liabilities, current portion	640	748
Total current liabilities	3,217	2,978
Deferred tax liability	203	203
Contingent liabilities, less current portion	820	843
Right-of-use liability, less current portion	446	538
Total liabilities	4,686	4,562
Commitments and contingencies (Note 13)
Shareholders’ Equity:
Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding
Common stock, $0.001 par value; authorized 100,000,000 shares, issued 55,921,880 shares and 55,905,213 shares, respectively; outstanding 55,898,528 shares and 55,881,861 shares, respectively	56	56
Treasury stock, at cost; 23,352 shares	(341)	(341)
Additional paid-in capital	323,265	322,932
Accumulated deficit	(259,622)	(253,770)
Accumulated other comprehensive loss	(46)	(46)
Total shareholders’ equity	63,312	68,831
Total liabilities and shareholders’ equity	$ 67,998	$ 73,393

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2022	Apr. 30, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	55,921,880	55,905,213
Common stock, shares outstanding	55,898,528	55,881,861
Treasury stock, shares	23,352	23,352

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Income Statement [Abstract]
Revenues	$ 714	$ 272
Cost of revenues	520	423
Gross margin (loss)	194	(151)
Change in fair value of contingent consideration	(131)
Operating expenses	6,318	4,880
Operating loss	(5,993)	(5,031)
Interest income, net	141	20
Gain on extinguishment of PPP loan		891
Loss before income taxes	(5,852)	(4,120)
Income tax benefit		1,041
Net loss	$ (5,852)	$ (3,079)
Basic and diluted net loss per share	$ (0.10)	$ (0.06)
Weighted average shares used to compute basic and diluted net loss per share	55,889,651	52,458,011

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Income Statement [Abstract]
Net loss	$ (5,852)	$ (3,079)
Foreign currency translation adjustment		(14)
Total comprehensive loss	$ (5,852)	$ (3,093)

- 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.

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- Definition

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

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Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Apr. 30, 2021	$ 52	$ (338)	$ 315,821	$ (234,896)	$ (171)	$ 80,468
Beginning balance, shares at Apr. 30, 2021	52,479,051	(21,040)
Net loss				(3,079)		(3,079)
Share-based compensation			390			390
Other comprehensive loss					(14)	(14)
Ending balance, value at Jul. 31, 2021	$ 52	$ (338)	316,211	(237,975)	(185)	77,765
Ending balance, shares at Jul. 31, 2021	52,479,051	(21,040)
Beginning balance, value at Apr. 30, 2022	$ 56	$ (341)	322,932	(253,770)	(46)	68,831
Beginning balance, shares at Apr. 30, 2022	55,905,213	(23,352)
Net loss				(5,852)		(5,852)
Share-based compensation			333			333
Common stock issued upon vesting of restricted stock
Common stock issued upon exercise of stock options, shares	16,667
Ending balance, value at Jul. 31, 2022	$ 56	$ (341)	$ 323,265	$ (259,622)	$ (46)	$ 63,312
Ending balance, shares at Jul. 31, 2022	55,921,880	(23,352)

- Definition

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

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Cash flows from operating activities:
Net loss	$ (5,852)	$ (3,079)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of fixed assets	43	40
Amortization of intangible assets	40	6
Amortization of right of use asset	75	69
Amortization of premium on marketable securities	220
Gain on extinguishment of PPP Loan		(891)
Compensation expense related to equity compensation	333	390
Change in contingent liability consideration	(131)
Changes in operating assets and liabilities:
Accounts receivable	363	(96)
Contract assets	(280)	(114)
Inventory	(146)
Other assets	(13)	(20)
Accounts payable	154	(233)
Accrued expenses	212	(60)
Change in right of use lease liability	(82)	(75)
Contract liabilities	(28)
Litigation payable		(1,224)
Net cash used in operating activities	(5,092)	(5,287)
Cash flows from investing activities:
Redemptions of marketable securities	17,252
Purchase of marketable securities	(10,813)
Purchase of property, plant and equipment	(56)	(7)
Net cash provided by (used in) investing activities	6,383	(7)
Cash flows from financing activities:
Net cash provided by financing activities
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(14)
Net increase / (decrease) in cash, cash equivalents and restricted cash	1,291	(5,308)
Cash, cash equivalents and restricted cash, beginning of period	8,362	83,634
Cash, cash equivalents and restricted cash, end of period	$ 9,653	$ 78,326

Background, Basis of Presentation and Liquidity

3 Months Ended

Jul. 31, 2022

Accounting Policies [Abstract]

Background, Basis of Presentation and Liquidity

(1) Background, Basis of Presentation and Liquidity

(a) Background

Ocean Power Technologies, Inc. (“OPTI”) was founded in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated in Delaware in 2007. Ocean Power Technologies, Inc. acquired 3dent Technology, LLC (“3Dent”), in February 2021 and Marine Advanced Robotics, Inc. (“MAR”) in November 2021 which are now included as part of the OPTI. OPTI, along with its subsidiaries, (the “Company”) is a complete solutions provider, controlling the design, manufacturing, sales, installation, operations and maintenance of its products and services. The Company’s solutions provide distributed offshore power and data which is persistent, reliable, and economical along with power and communications for remote surface and subsea applications. Historically, funding from government agencies, such as research and development grants, accounted for a significant portion of the Company’s revenues. Today the Company’s goal is to generate the majority of its revenues from the sale or lease of its products and solutions, and sales of services to support business operations.

(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 8 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, 2022, as filed with the SEC and elsewhere in this Form 10-Q. Certain items have been reclassified from prior periods to be consistent with current GAAP presentations.

(c) Liquidity

For the three months ended July 31, 2022, the Company incurred net losses of approximately $5.9 million, used cash in operations of approximately $5.1 million and has an accumulated deficit of approximately $259.6 million. The Company has continued to make investments in ongoing product development efforts in anticipation of future growth, as evidenced by its acquisition of MAR The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s future operating results and could cause actual results to vary materially from expectations include, but are not limited to, performance of its products, its ability to market and commercialize its products and new products that it may develop, technology development, scalability of technology and production, ability to attract and retain key personnel, concentration of customers and suppliers, deployment risks and integration of acquisitions, and the impact of COVID-19, and any variants on its business. The Company previously obtained equity financing through its At the Market Offering Agreement (“ATM”) with A.G.P/Alliance Global Partners (“AGP”) and through its equity line financing with Aspire Capital Fund, LLC (“Aspire Capital”), but the Company cannot be sure that additional equity and/or debt financing will be available to the Company as needed on acceptable terms, or at all. Management believes the Company’s current cash balance at July 31, 2022 of $9.4 million and marketable securities balance of $42.7 million is sufficient to fund its planned expenditures through at least September 2023.

On November 20, 2020, the Company entered into an At the Market Offering Agreement with AGP (the “2020 ATM Facility”), having capacity up to $100.0 million. On December 4, 2020, the Company filed a prospectus with the Securities and Exchange Commission whereby, the Company could issue and sell to or through AGP, acting as agent and/or principal, shares of the Company’s common stock having an aggregate offering price of up to $50.0 million. From inception of the 2020 ATM Facility through July 31, 2021, the Company had sold and issued an aggregate of 17,179,883 shares of its common stock with an aggregate market value of $50.0 million at an average price of $2.91 per share and paid AGP a sales commission of approximately $1.6 million related to those shares. A prospectus supplement was filed on January 10, 2022 to allow the Company to sell an additional $25.0 million (or an aggregate of $75.0 million) under the 2020 ATM Facility, none of which has been sold to date.

Equity Line Common Stock Purchase Agreements

On September 18, 2020, the Company entered into a common stock purchase agreement with Aspire Capital which provided that, subject to certain terms, conditions and limitations, Aspire Capital was committed to purchase up to an aggregate of $12.5 million shares of the Company’s common stock over a 30-month period subject to a limit of 19.99% of the outstanding common stock on the date of the agreement if the price did not exceed a specified price in the agreement. The number of shares the Company could issue within the 19.99% limit was 3,722,251 shares without shareholder approval. Shareholder approval was received at the Company’s annual meeting of shareholders on December 23, 2020 for the sale of 9,864,706 additional shares of common stock which exceeds the 19.99% limit of the outstanding common stock on the date of the agreement. Through July 31, 2022, the Company had sold an aggregate of 3,722,251 shares of common stock with an aggregate market value of $11.8 million at an average price of $3.17 per share pursuant to this common stock purchase agreement with approximately $1.0 million remaining on the facility as of July 31, 2022.

Summary of Significant Accounting Policies

3 Months Ended

Jul. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

(a) Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries, Ocean Power Technologies Ltd. in the United Kingdom, and Ocean Power Technologies (Australasia) Pty Ltd. in Australia (“OPT-A”). OPT-A is in the process of being liquidated. All documents have been filed with the Australian Tax Organization and the Company expects this to be completed in the second quarter of the current fiscal year. All significant intercompany accounts and transactions have been eliminated in consolidation.

(b) Use of Estimates

The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include, among other items, stock-based compensation, valuations, purchase price allocations and contingent consideration related to business combinations, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets and the related amortization methods and periods, estimated hours and costs to complete projects customer contracts for purposes of revenue recognition. Actual results could differ from those estimates.

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

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 or in marketable securities. The following table summarizes cash and cash equivalents as of July 31, 2022 and April 30, 2022:

Schedule of Cash and Cash Equivalents

	July 31, 2022		April 30, 2022
	(in thousands)

Checking and savings accounts	$	2,029	$	1,815
Money market account		7,147		6,070
	$	9,176	$	7,885

Restricted Cash and Security Agreements

The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $154,000 is on deposit at Santander and serves as security for a letter of credit issued by Santander for the lease of warehouse/office space in Monroe Township, New Jersey. This agreement cannot be extended beyond July 31, 2025 and is cancellable at the discretion of the bank.

Santander also issued a letter of credit to subsidiaries of Enel Green Power (“EGP”) pursuant to the Company’s contracts with EGP. This letter of credit was originally issued in the amount of $645,000 and was reduced to $323,000 in August 2020. The letter of credit will be reduced by an additional $258,000 once the PowerBuoy® (“PB3”) and its accompanying systems pass final acceptance testing. The remaining restricted amount of $65,000 will be released 12 months after the buoy is fully deployed.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows.


	July 31, 2022		April 30, 2022
	(in thousands)
Cash and cash equivalents	$	9,176	$	7,885
Restricted cash- short term		258		258
Restricted cash- long term		219		219
	$	9,653	$	8,362

Marketable Securities

During fiscal 2022, the Company acquired investment securities through Charles Schwab Bank. As of July 31, 2022 and April 30, 2022, their value was approximately $42.7 million and $49.4 million, respectively. All marketable securities consist of corporate bonds, government agency bonds, or U.S. Treasury Notes and Bonds, are investment grade rated or better, and mature within 12 months. The Company has the means and intends to hold all investments to maturity, and as such are classified as held-to-maturity investments and carried at amortized cost. The total recognized interest expense on the premium we paid for the securities as of July 31, 2022 and 2021 is approximately $0.1 million and zero, respectively, on an amortized cost basis of approximately $0.3 million and zero, respectively. Additionally, there has been no impairment on these investments.

The following table summarizes the Company’s marketable securities as of July 31, 2022:

Category (in thousands)	Market Value		Unrealized Gains (Losses)			Adjusted Cost
Corporate Bonds	$	31,853	$	151		$	32,004
Government Bonds & Notes		7,986		15			8,001
Government Agency		2,498		11			2,509
Accrued Interest		311		(101	)		210
Total Marketable Securities	$	42,648	$	(76	)	$	42,724

(d) Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable, marketable securities and cash. The Company believes that its credit risk is limited because the Company’s current contracts are with companies with a reliable payment history. The Company invests its excess cash in a money market fund and short term held-to maturity investment and does not believe that it is exposed to any significant risks related to its cash accounts, money market fund, or held-to maturity investments. Cash is also maintained at foreign financial institutions. Cash in foreign financial institutions as of July 31, 2022 was approximately $24,000.

For the three months ended July 31, 2022 and 2021, the Company had three and two customers whose revenues accounted for at least 10% of the Company’s consolidated revenues, respectively. These revenue accounted for approximately 69% and 88% of the Company’s total revenue for the respective periods.

(e) Share-Based Compensation

Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The aggregate share-based compensation expense recorded in the Consolidated Statements of Operations for the three months ended July 31, 2022 and 2021 was approximately $0.3 million and $0.4 million, respectively.

(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. There was no variable consideration as of July 31, 2022 and 2021. The Company presents shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs in costs of goods sold, and regular shipping and handling activities charged to operating expenses.

The Company recognizes revenue when or as it satisfies a performance obligation by transferring a good or service to a customer, either (1) at a point in time or (2) over time. A good or service is transferred when or as the customer obtains control. The evaluation of whether control of each performance obligation is transferred at a point in time or over time is made at contract inception. Input measures such as costs incurred are utilized to assess progress against specific contractual performance obligations for the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For the Company, the input method using costs incurred or labor hours best represents the measure of progress against the performance obligations incorporated within the contractual agreements. If estimated total costs on any contract project a loss, the Company charges the entire estimated loss to operations in the period the loss becomes known. The cumulative effect of revisions to revenue, estimated costs to complete contracts, including penalties, incentive awards, change orders, claims, anticipated losses, and others are recorded in the accounting period in which the events indicating a loss are known and the loss can be reasonably estimated. These loss projects are re-assessed for each subsequent reporting period until the project is complete. Such revisions could occur at any time and the effects may be material.

The Company’s contracts are either cost-plus, fixed-price contracts, time and material agreements, or lease agreements. 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, and 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 three-month periods ended July 31, 2022 and 2021, all of the Company’s contracts were classified as firm fixed-price.

Time and materials agreements are billed based solely on the cost of time spent working on the contract and the material used.

As of July 31, 2022, the Company’s total remaining performance obligations, also referred to as backlog, totaled $0.3 million. The Company expects to recognize 100%, or $0.3 million, of the remaining performance obligations as revenue over the next twelve months.

The Company also enters into lease arrangements for its PB3 and our Wave Adaptive Modular Vessels (“WAM-V®”) with certain customers. 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 operating leases.

The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term which is presented in Revenues in the Consolidated Statement of Operations.

(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, potential exercises of warrants on common stock and unvested restricted stock issued to employees and non-employee directors, were excluded from the diluted loss per share calculation due to their anti-dilutive effect.

In computing diluted net loss per share on the Consolidated Statement of Operations, potential exercises of warrants on common stock, options to purchase shares of common stock and non-vested restricted stock issued to employees and non-employee directors, totaling 6,378,218 and 5,243,647 for the three months ended July 31, 2022 and 2021, respectively, were excluded from each of the computations as the effect would be anti-dilutive due to the Company’s net 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.” This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables. This update is intended to provide financial statement users with more decision-useful information about the expected credit losses. In November 2019, the FASB issued No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which deferred the effective date of ASU 2016-13 for Smaller Reporting Companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements.

Account Receivable, Contract Assets and Contract Liabilities

3 Months Ended

Jul. 31, 2022

Account Receivable Contract Assets And Contract Liabilities

Account Receivable, Contract Assets and Contract Liabilities

(3) Account Receivable, Contract Assets and Contract Liabilities

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


	July 31, 2022		April 30, 2022
	(in thousands)
Accounts receivable	$	119	$	482
Contract assets		666		386
Contract liabilities		101		129

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 goods have transferred to the customer. Accounts receivable represent an unconditional right to consideration arising from the Company’s performance under contracts with customers. The carrying value of such receivables represents their estimated realizable value.

Contract Assets

Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditional on completing additional tasks or services for a performance obligation. The increase in contract assets is primarily a result of services performed relating to MAR projects for which revenue was recognized but not billed during the three months ended July 31, 2022.

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


	Three months ended July 31, 2022
	(in thousands)
Transferred to receivables from contract assets recognized at the beginning of the period	$	(434	)
Revenue recognized and not billed as of the end of the period		714
Net change in contract assets	$	280

Contract Liabilities

Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The decrease in contract liabilities is primarily due to payment for MAR projects during the three months ended July 31, 2022 for which we have not recognized revenue.

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


	Three months ended July 31, 2022
	(in thousands)

Revenue recognized that was included in the contract liabilities balance as of the beginning of the period	$	(91	)
Payments collected for which revenue has not been recognized		63
Net change in contract liabilities	$	(28	)

Inventory

3 Months Ended

Jul. 31, 2022

Inventory Disclosure [Abstract]

Inventory

(4) Inventory

The Company holds inventory related to the production of its WAM-V® and PowerBuoy® products.

Schedule of Inventory


	July 31, 2022		April 30, 2022
	(in thousands)
Raw Materials	$	343	$	198
Work in Process		245		244
Inventory, net	$	588	$	442

Other Current Assets

3 Months Ended

Jul. 31, 2022

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

Other Current Assets

(5) Other Current Assets

Other current assets consisted of the following at July 31, 2022 and April 30, 2022:

Schedule of Other Current Assets


	July 31, 2022		April 30, 2022
	(in thousands)
Prepaid insurance	$	97	$	182
Prepaid software & licenses		101		127
Prepaid sales & marketing		91		50
Other receivables		91		24
Prepaid expenses- other		100		84
Total other current assets	$	480	$	467

Property and Equipment, net

3 Months Ended

Jul. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, net

(6) Property and Equipment, net

The components of property and equipment, net as of July 31, 2022 and April 30, 2022 consisted of the following:


	July 31, 2022			April 30, 2022
	(in thousands)
Equipment	$	626		$	615
Computer equipment & software		590			571
Office furniture & equipment		352			352
Leasehold improvements		503			477
Construction in process		15			15
Property and equipment, gross		2,086			2,030
Less: accumulated depreciation		(1,628	)		(1,585	)
Property and equipment, net	$	458		$	445

Depreciation expense was approximately $43,000 and $40,000 for the three-month periods ended July 31, 2022 and 2021, respectively.

Leases

3 Months Ended

Jul. 31, 2022

Leases

Leases

(7) Leases

Lessee Information

Right-of-use asset and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at 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. The Company only has operating leases for office facilities and warehouse space. Lease expense for minimum lease payments is recognized on a straight- line basis over the lease term and consists of interest on the lease liability and the amortization of the right of use asset.

The Company has a lease for its facility located in Monroe Township, New Jersey that is used as warehouse/production space and the Company’s principal offices and corporate headquarters. The initial lease term is for seven years which is set to expire in November of 2024 with an option to extend the lease for another five years. The lease is classified as an operating lease. The operating lease is included in right-of-use assets, lease liabilities- current and lease liabilities- long-term on the Company’s Consolidated Balance Sheets.

The Company also has a lease located in Houston, Texas that was acquired as part of the 3Dent acquisition that is used as office space. The lease term is for 3 years and is set to expire in January of 2023. The lease is classified as an operating lease and included in the right-of-use assets and lease liabilities- current on the Company’s Consolidated Balance Sheets.

The Company also has a lease with the University of California Berkeley in Richmond, California that was acquired as part of the MAR acquisition. The lease expired on June 30, 2022 and the Company is in discussions to renew this lease. As the lease expired prior to renewal, it has become a month-to-month lease in accordance with the agreement. In accordance with ASC 842-20-5-2, since the remaining lease term at the time of the acquisition of MAR was less than 12 months, the asset was not recognized as a right-of-use asset.

The operating lease cash flow payments for the three months ended July 31, 2022 and 2021 were $100,000 and $102,000, respectively.

The components of lease expense in the Consolidated Statement of Operations for the three months ended July 31, 2022 and 2021 were as follows:

Schedule of Operating Lease Costs


	Three months ended July 31,
	2022		2021
	(in thousands)
Operating lease cost	$	92	$	92
Short-term lease cost		8		5
Total lease cost	$	100	$	97

Information related to the Company’s right-of use assets and lease liabilities as of July 31, 2022 was as follows:


	July 31, 2022
	(in thousands)

Operating lease:
Operating right-of-use asset, net	$	677

Right-of-use liability- current	$	328
Right-of-use liability- long term		446
Total lease liability	$	774

Weighted average remaining lease term- operating leases		2.15 years
Weighted average discount rate- operating leases		8.3	%

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


	July 31, 2022
	(in thousands)

Remainder of fiscal year 2023	$	295
2024		362
2025		184
Total future minimum lease payments	$	841
Less imputed interest		(67	)
Total	$	774

Accrued Expenses

3 Months Ended

Jul. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses

(8) Accrued Expenses

Accrued expenses consisted of the following at July 31, 2022 and April 30, 2022:

Schedule of Accrued Expenses

	July 31, 2022		April 30, 2022
	(in thousands)
Project costs	$	100	$	59
Contract loss reserve		435		328
Employee incentive payments		355		266
Accrued salary and benefits		31		60
Legal and accounting fees		24		30
Other		145		134
Accrued expenses total	$	1,090	$	877

Warrants

3 Months Ended

Jul. 31, 2022

Warrants

Warrants

(9) Warrants

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 common stock in an underwritten public offering. The public offering price for the pre-funded warrants was equal to the public offering price of the common stock, less the $0.01 per share exercise price of each warrant. The pre-funded warrants have no expiration date. As of July 31, 2022, all of the pre-funded warrants had 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 July 31, 2022, warrants to purchase 732,500 shares of the common stock had been exercised.

The Company accounts for warrants in accordance with the guidance on “Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity” in Topic 480 which provides that the Company classify the warrant instruments as a liability at its fair value. The warrant liabilities are subject to re-measurement at each balance sheet date using the Black-Scholes option pricing model. The 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 shareholders’ equity in the Consolidated Balance Sheets.

Paycheck Protection Program Loan

3 Months Ended

Jul. 31, 2022

Debt Disclosure [Abstract]

Paycheck Protection Program Loan

(10) Paycheck Protection Program Loan

On March 27, 2020, the U.S. Government passed into law the Coronavirus Aid, Relief and Economic Security Act, or the (“CARES Act”). On May 3, 2020, the Company signed a Paycheck Protection Program (“PPP”) loan with Santander as the lender for $891,000 in support through the Small Business Association (“SBA”) under the PPP Loan. The PPP Loan was unsecured and evidenced by a note in favor of Santander and governed by a Loan Agreement with Santander. The Company received the proceeds on May 5, 2020.

The Company filed its loan forgiveness application at the end of February 2021 asking for 100% forgiveness of the loan. In June 2021, the Company was informed that its application was approved, and that the loan has now been fully forgiven. The Company recognized a gain on forgiveness of PPP loan of approximately $891,000 during the three months ended July 31, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Share-Based Compensation

3 Months Ended

Jul. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

(11) Share-Based Compensation

In 2015, upon approval by the Company’s shareholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of 1,332,036 shares were authorized for issuance under the 2015 Omnibus Incentive Plan, including shares available for awards under the 2006 Stock Incentive Plan remaining at the time that plan terminated, or that were subject to awards under the 2006 Stock Incentive Plan that thereafter terminated by reason of expiration, forfeiture, cancellation or otherwise. 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 July 31, 2022, the Company had 695,127 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 711(a) of the NYSE American Company Guide, 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. On February 9, 2022, the 2018 Inducement Plan was amended to increase the authorized shares by 250,000 to 275,000. As of July 31, 2022, there were 211,487 shares available for grant under the 2018 Inducement Plan. The 2015 Plan and the 2018 Inducement Plan together comprise the “Stock Incentive Plans”.

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 commensurate with the expected life of the award. The expected life (estimated period of time outstanding) of the stock options granted was estimated using the “simplified” method as permitted by the SEC’s Staff Accounting Bulletin No. 110, Share-Based Payment. Expected volatility is based on the Company’s historical volatility over the expected life of the stock option granted. The Company did not grant any stock options during the three months ended July 31, 2022 and 2021.

A summary of stock options under our Stock Incentive Plans is detailed in the following table.

Schedule of Stock Option Activity

	Shares Underlying Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)
Outstanding as of April 30, 2022		1,110,356		$	2.34		9.2
Granted		—		$	—
Exercised		—		$	—
Cancelled/forfeited		(37	)	$	400.00
Outstanding as of July 31, 2022		1,110,319		$	2.33		8.9
Exercisable as of July 31, 2022		297,467		$	4.60		7.6

As of July 31, 2022, the total intrinsic value of outstanding and exercisable options was approximately zero. As of July 31, 2022, approximately 813,000 options were unvested, which had an intrinsic value of zero and a weighted average remaining contractual term of 9.4 years. There was approximately $96,000 and $110,000 of total recognized compensation cost related to stock options during each of the three months ended July 31, 2022 and 2021, respectively. As of July 31, 2022, there was approximately $0.7 million of total unrecognized compensation cost related to non-vested stock options granted under the plans. This cost is expected to be recognized over a weighted-average period of 2.3 years.

Performance Stock Options

A summary of performance stock options under our Stock Incentive Plans is detailed in the following table.

Schedule of Stock Option Activity

	Shares Underlying Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)
Outstanding as of April 30, 2022		210,122	$	2.20		8.8
Granted		—	$	—
Exercised		—	$	—
Cancelled/forfeited		—	$	—
Outstanding as of July 31, 2022		210,122	$	2.20		8.6
Exercisable as of July 31, 2022		—	$	—

As of July 31, 2022, approximately 210,000 options were unvested, which had an intrinsic value of zero and a weighted average remaining contractual term of 8.6 years. There was approximately $52,500 and $95,000 of total recognized compensation cost related to stock options during the three months ended July 31, 2022 and 2021, respectively. As of July 31, 2022, there was approximately $0.1 million of total unrecognized compensation cost related to non-vested stock options granted under the plans. This cost is expected to be recognized over a weighted-average period of 0.6 years.

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 three months ended July 31, 2022 and 2021, the Company granted 51,500 and zero shares, respectively that were subject to service-based vesting requirements.

A summary of non-vested restricted stock under our Stock Incentive Plans is as follows:

	Number of Shares			Weighted Average Price per Share
Unvested at April 30, 2022		827,764		$	1.41
Granted		51,500		$	1.12
Vested and issued		(16,667	)	$	2.37
Cancelled/forfeited		—
Unvested at July 31, 2022		862,597		$	1.38

There was approximately $184,000 and $14,000 of total recognized compensation cost related to restricted stock for the three months ended July 31, 2022 and 2021, respectively. As of July 31, 2022, there is approximately $821,067 of 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 1.8 years.

Fair Value Measurements

3 Months Ended

Jul. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

(12) 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 Company’s contingent consideration liability represent the only asset or liability classified financial instrument that is measured at fair value on a recurring basis.

The total carrying value of our marketable securities approximates fair value due to the short term nature of these investments. As of July 31, 2022 and April 30, 2022, the carrying values were $42.7 million and $49.4 million, respectively.

Additionally, there is a Level 3 contingent liability related to earnouts as part of the MAR acquisition in the amount of $1.5 million as the inputs are currently unobservable to determine this fair value. As of July 31, 2022, the fair value of this contingent liability from the time that it was acquired has decreased by $0.1 million from $1.6 million.

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 three months ended July 31, 2022 and 2021.

- 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

3 Months Ended

Jul. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(13) Commitments and Contingencies

Spain Income Tax Audit

The Company underwent an income tax audit in Spain for the period from 2011 to 2014, when its Spanish branch was closed. On July 30, 2018, the Spanish tax inspector concluded that although there was no tax owed in light of losses reported, the Company’s Spanish branch owed penalties for failure to properly account for the income associated with the funding grant. During the year ended April 30, 2022, the Company received notice from the Spanish Central Economic and Administrative Tribunal (“Spanish Tax Administration”) that it agreed with the inspector and ruled that the Company owes the full amount of the penalty in the amount of €279,870 or approximately $331,000. On January 25, 2021, the Company paid the Spanish Tax Administration €279,870. Notwithstanding that payment, on April 30, 2022, the Company filed its appeal of the decision of the Central Court to the Spanish National Court. The Company expects a ruling on the appeal prior to the end of fiscal 2023.

Income Taxes

3 Months Ended

Jul. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

(14) Income Taxes

Uncertain Tax Positions

The Company applies the guidance issued by the FASB for the accounting and reporting of uncertain tax positions. The guidance requires the Company to recognize in its consolidated financial statements the impact of a tax position if that position is more likely than not to be sustained upon examination, based on the technical merits of the position. The Company is currently undergoing an income tax audit in Spain for the period from 2011 to 2014, when the Company’s Spanish branch was closed. At July 31, 2022, the Company had no unrecognized tax positions. The Company does not expect any material increase or decrease in its income tax expense in the next twelve months, related to examinations or uncertain tax positions. Net operating loss and credit carry forwards since inception remain open to examination by taxing authorities and will continue to remain open for a period of time after utilization.

The Company does not have any interest or penalties accrued related to uncertain tax positions as it does not have any unrecognized tax benefits.

Income Tax Benefit

The Company sold New Jersey State net operating losses and research development credits under the New Jersey Economic Development Authority Tax Transfer program in the amount of approximately $12.0 million for the year ended April 30, 2021, for net proceeds of approximately $1.0 million which was received in May 2021 and recorded in the Company’s Statement of Operations in fiscal year 2022. There was no income tax benefit related to the three months ended July 31, 2022.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Operating Segments and Geographic Information

3 Months Ended

Jul. 31, 2022

Segment Reporting [Abstract]

Operating Segments and Geographic Information

(15) Operating Segments and Geographic Information

The Company’s business consists of one reportable segment as the revenues associated with its different business lines are not material enough to justify segment reporting or to make it meaningful to investors, and our chief operating decision maker does not view the Company’s operations on a segment basis. The Company operates on a worldwide basis with one operating company in the U.S. and one operating subsidiary in the UK and one operating subsidiary which was discontinued during 2022 in Australia. Revenues and expenses are generally attributed to the operating unit that bills the customers. During each of the three months ended July 31, 2022 and 2021, 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.

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+ Details

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jul. 31, 2022

Accounting Policies [Abstract]

Consolidation

(a) Consolidation

Use of Estimates

(b) Use of Estimates

Cash, Cash Equivalents, Restricted, Security Agreements and Marketable Securities

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

Cash and Cash Equivalents

Schedule of Cash and Cash Equivalents

	July 31, 2022		April 30, 2022
	(in thousands)

Checking and savings accounts	$	2,029	$	1,815
Money market account		7,147		6,070
	$	9,176	$	7,885

Restricted Cash and Security Agreements


	July 31, 2022		April 30, 2022
	(in thousands)
Cash and cash equivalents	$	9,176	$	7,885
Restricted cash- short term		258		258
Restricted cash- long term		219		219
	$	9,653	$	8,362

Marketable Securities

The following table summarizes the Company’s marketable securities as of July 31, 2022:

Category (in thousands)	Market Value		Unrealized Gains (Losses)			Adjusted Cost
Corporate Bonds	$	31,853	$	151		$	32,004
Government Bonds & Notes		7,986		15			8,001
Government Agency		2,498		11			2,509
Accrued Interest		311		(101	)		210
Total Marketable Securities	$	42,648	$	(76	)	$	42,724

Concentration of Credit Risk

(d) Concentration of Credit Risk

Share-Based Compensation

(e) Share-Based Compensation

Revenue Recognition

(f) Revenue Recognition

Time and materials agreements are billed based solely on the cost of time spent working on the contract and the material used.

The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term which is presented in Revenues in the Consolidated Statement of Operations.

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.

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-Section 50
-Paragraph 19
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

+ Details

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References + Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Jul. 31, 2022

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

	July 31, 2022		April 30, 2022
	(in thousands)

Checking and savings accounts	$	2,029	$	1,815
Money market account		7,147		6,070
	$	9,176	$	7,885

Schedule of Cash and Cash Equivalents and Restricted Cash


	July 31, 2022		April 30, 2022
	(in thousands)
Cash and cash equivalents	$	9,176	$	7,885
Restricted cash- short term		258		258
Restricted cash- long term		219		219
	$	9,653	$	8,362

Schedule of Investments and Unrealized Gains/Losses

The following table summarizes the Company’s marketable securities as of July 31, 2022:

Category (in thousands)	Market Value		Unrealized Gains (Losses)			Adjusted Cost
Corporate Bonds	$	31,853	$	151		$	32,004
Government Bonds & Notes		7,986		15			8,001
Government Agency		2,498		11			2,509
Accrued Interest		311		(101	)		210
Total Marketable Securities	$	42,648	$	(76	)	$	42,724

Account Receivable, Contract Assets and Contract Liabilities (Tables)

3 Months Ended

Jul. 31, 2022

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:


	July 31, 2022		April 30, 2022
	(in thousands)
Accounts receivable	$	119	$	482
Contract assets		666		386
Contract liabilities		101		129

Schedule of Significant Changes in Contract assets and Contract Liabilities

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


	Three months ended July 31, 2022
	(in thousands)
Transferred to receivables from contract assets recognized at the beginning of the period	$	(434	)
Revenue recognized and not billed as of the end of the period		714
Net change in contract assets	$	280

Contract Liabilities

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


	Three months ended July 31, 2022
	(in thousands)

Revenue recognized that was included in the contract liabilities balance as of the beginning of the period	$	(91	)
Payments collected for which revenue has not been recognized		63
Net change in contract liabilities	$	(28	)

Inventory (Tables)

3 Months Ended

Jul. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

The Company holds inventory related to the production of its WAM-V® and PowerBuoy® products.

Schedule of Inventory


	July 31, 2022		April 30, 2022
	(in thousands)
Raw Materials	$	343	$	198
Work in Process		245		244
Inventory, net	$	588	$	442

Other Current Assets (Tables)

3 Months Ended

Jul. 31, 2022

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

Schedule of Other Current Assets

Other current assets consisted of the following at July 31, 2022 and April 30, 2022:

Schedule of Other Current Assets


	July 31, 2022		April 30, 2022
	(in thousands)
Prepaid insurance	$	97	$	182
Prepaid software & licenses		101		127
Prepaid sales & marketing		91		50
Other receivables		91		24
Prepaid expenses- other		100		84
Total other current assets	$	480	$	467

Property and Equipment, net (Tables)

3 Months Ended

Jul. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment

The components of property and equipment, net as of July 31, 2022 and April 30, 2022 consisted of the following:


	July 31, 2022			April 30, 2022
	(in thousands)
Equipment	$	626		$	615
Computer equipment & software		590			571
Office furniture & equipment		352			352
Leasehold improvements		503			477
Construction in process		15			15
Property and equipment, gross		2,086			2,030
Less: accumulated depreciation		(1,628	)		(1,585	)
Property and equipment, net	$	458		$	445

Leases (Tables)

3 Months Ended

Jul. 31, 2022

Leases

Schedule of Operating Lease Costs

The components of lease expense in the Consolidated Statement of Operations for the three months ended July 31, 2022 and 2021 were as follows:

Schedule of Operating Lease Costs


	Three months ended July 31,
	2022		2021
	(in thousands)
Operating lease cost	$	92	$	92
Short-term lease cost		8		5
Total lease cost	$	100	$	97

Schedule of Right-of Use Assets and Lease Liabilities

Information related to the Company’s right-of use assets and lease liabilities as of July 31, 2022 was as follows:


	July 31, 2022
	(in thousands)

Operating lease:
Operating right-of-use asset, net	$	677

Right-of-use liability- current	$	328
Right-of-use liability- long term		446
Total lease liability	$	774

Weighted average remaining lease term- operating leases		2.15 years
Weighted average discount rate- operating leases		8.3	%

Schedule of Future Minimum Lease Payments Under Operating Lease

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


	July 31, 2022
	(in thousands)

Remainder of fiscal year 2023	$	295
2024		362
2025		184
Total future minimum lease payments	$	841
Less imputed interest		(67	)
Total	$	774

Accrued Expenses (Tables)

3 Months Ended

Jul. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following at July 31, 2022 and April 30, 2022:

Schedule of Accrued Expenses

	July 31, 2022		April 30, 2022
	(in thousands)
Project costs	$	100	$	59
Contract loss reserve		435		328
Employee incentive payments		355		266
Accrued salary and benefits		31		60
Legal and accounting fees		24		30
Other		145		134
Accrued expenses total	$	1,090	$	877

Share-Based Compensation (Tables)

3 Months Ended

Jul. 31, 2022

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock Option Activity

A summary of stock options under our Stock Incentive Plans is detailed in the following table.

Schedule of Stock Option Activity

	Shares Underlying Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)
Outstanding as of April 30, 2022		1,110,356		$	2.34		9.2
Granted		—		$	—
Exercised		—		$	—
Cancelled/forfeited		(37	)	$	400.00
Outstanding as of July 31, 2022		1,110,319		$	2.33		8.9
Exercisable as of July 31, 2022		297,467		$	4.60		7.6

Schedule of Non-vested Restricted Stock Activity

A summary of non-vested restricted stock under our Stock Incentive Plans is as follows:

	Number of Shares			Weighted Average Price per Share
Unvested at April 30, 2022		827,764		$	1.41
Granted		51,500		$	1.12
Vested and issued		(16,667	)	$	2.37
Cancelled/forfeited		—
Unvested at July 31, 2022		862,597		$	1.38

Performance Stock Options [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock Option Activity

A summary of performance stock options under our Stock Incentive Plans is detailed in the following table.

Schedule of Stock Option Activity

	Shares Underlying Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)
Outstanding as of April 30, 2022		210,122	$	2.20		8.8
Granted		—	$	—
Exercised		—	$	—
Cancelled/forfeited		—	$	—
Outstanding as of July 31, 2022		210,122	$	2.20		8.6
Exercisable as of July 31, 2022		—	$	—

Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 9,176	$ 7,885
Checking and Savings Accounts [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	2,029	1,815
Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 7,147	$ 6,070

Background, Basis of Presentation and Liquidity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended		8 Months Ended
	Jan. 10, 2022	Dec. 23, 2020	Dec. 04, 2020	Sep. 18, 2020	Apr. 08, 2019	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2021	Apr. 30, 2022	Nov. 20, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net loss						$ 5,852	$ 3,079
Cash in operations						5,092	$ 5,287
Accumulated deficit						259,622			$ 253,770
Cash						9,400
Short-term investments						$ 42,700
Number of common stock shares sold					1,542,000
2020 ATM Facility [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from initial public offering	$ 25,000
Proceeds from issuance or sale of equity, net of issuance costs	$ 75,000
2020 ATM Facility [Member] \| Alliance Global Partners [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Offering amount capacity										$ 100,000
Proceeds from initial public offering			$ 50,000
Number of common stock shares sold								17,179,883
Proceeds from issuance or sale of equity, net of issuance costs								$ 50,000
Combined purchase price per share							$ 2.91	$ 2.91
Payment of sales commission								$ 1,600
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of common stock shares sold						3,722,251
Proceeds from issuance or sale of equity, net of issuance costs						$ 11,800
Combined purchase price per share						$ 3.17
Aggregate purchase of common stock				$ 12,500
Percentage of outstanding common stock		19.99%		19.99%
Shares can be issued based upon outstanding percentage				3,722,251
Additional sales of common stock shares sold		9,864,706
Proceeds from issuance or sale of equity, net of issuance costs						$ 1,000

Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 9,176	$ 7,885
Restricted cash- short term	258	258
Restricted cash- long term	219	219
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 9,653	$ 8,362

Schedule of Investments and Unrealized Gains/Losses (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2022 USD ($)
Net Investment Income [Line Items]
Market Value	$ 42,648
Unrealized Gains (Losses)	(76)
Total Cost	42,724
Corporate Bonds [Member]
Net Investment Income [Line Items]
Market Value	31,853
Unrealized Gains (Losses)	151
Total Cost	32,004
Government Bonds and Notes [Member]
Net Investment Income [Line Items]
Market Value	7,986
Unrealized Gains (Losses)	15
Total Cost	8,001
Government Agency [Member]
Net Investment Income [Line Items]
Market Value	2,498
Unrealized Gains (Losses)	11
Total Cost	2,509
Accured Interest [Member]
Net Investment Income [Line Items]
Market Value	311
Unrealized Gains (Losses)	(101)
Total Cost	$ 210

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Apr. 30, 2022	Aug. 31, 2020
Product Information [Line Items]
Investment securities	$ 42,700,000		$ 49,400,000
Discount and premium	100,000	$ 0
Investment owned at cost	300,000	0
Cash and cash equivalents	9,176,000		$ 7,885,000
Share based compensation	300,000	$ 400,000
Revenue remaining performance obligation	$ 300,000
Revenue remaining performance obligation, percentage	100.00%
Antidilutive securities earnings per share	6,378,218	5,243,647
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Three and Two Customers [Member]
Product Information [Line Items]
Concentration risk percentage	69.00%	88.00%
Santander Bank [Member]
Product Information [Line Items]
Letters of credit issued amount	$ 65,000
Santander Bank [Member] \| Letter 2 [Member]
Product Information [Line Items]
Letters of credit issued amount	258,000
Santander Bank [Member] \| Letter 2 [Member] \| August 2020 [Member]
Product Information [Line Items]
Letters of credit outstanding, Amount				$ 323,000
Foreign Financial Institutions [Member]
Product Information [Line Items]
Cash and cash equivalents	24,000
Restricted Cash and Security Agreements [Member] \| Santander Bank [Member] \| Letter of Credit [Member]
Product Information [Line Items]
Deposits	$ 154,000
Restricted Cash and Security Agreements [Member] \| Santander Bank [Member] \| Letter 1 [Member]
Product Information [Line Items]
Letters of credit outstanding, Amount				$ 645,000

Schedule of Accounts Receivable, Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Account Receivable Contract Assets And Contract Liabilities
Accounts receivable	$ 119	$ 482
Contract assets	666	386
Contract liabilities	$ 101	$ 129

Schedule of Significant Changes in Contract assets and Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Account Receivable Contract Assets And Contract Liabilities
Transferred to receivables from contract assets recognized at the beginning of the period	$ (434)
Revenue recognized and not billed as of the end of the period	714
Net change in contract assets	280
Revenue recognized that was included in the contract liabilities balance as of the beginning of the period	(91)
Payments collected for which revenue has not been recognized	63
Net change in contract liabilities	$ (28)

Schedule of Inventory (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Inventory Disclosure [Abstract]
Raw Materials	$ 343	$ 198
Work in Process	245	244
Inventory, net	$ 588	$ 442

Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 97	$ 182
Prepaid software & licenses	101	127
Prepaid sales & marketing	91	50
Other receivables	91	24
Prepaid expenses- other	100	84
Total other current assets	$ 480	$ 467

Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,086	$ 2,030
Less: accumulated depreciation	(1,628)	(1,585)
Property and equipment, net	458	445
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	626	615
Computer Equipment And Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	590	571
Office Furniture And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	352	352
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	503	477
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 15	$ 15

Property and Equipment, net (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 43,000	$ 40,000

Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Leases
Operating lease cost	$ 92	$ 92
Short-term lease cost	8	5
Total lease cost	$ 100	$ 97

Schedule of Right-of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Leases
Operating right-of-use asset, net	$ 677	$ 752
Right-of-use liability- current	328	319
Right-of-use liability- long term	446	$ 538
Total lease liability	$ 774
Weighted average remaining lease term- operating leases	2 years 1 month 24 days
Weighted average discount rate- operating leases	8.30%

Schedule of Future Minimum Lease Payments Under Operating Lease (Details) $ in Thousands	Jul. 31, 2022 USD ($)
Leases
Remainder of fiscal year 2023	$ 295
2024	362
2025	184
Total future minimum lease payments	841
Less imputed interest	(67)
Total	$ 774

Leases (Details Narrative) - USD ($)	3 Months Ended
Leases (Details Narrative) - USD ($)	Jul. 31, 2022	Jul. 31, 2021
Operating Lease, Payments	$ 100,000	$ 102,000
3Dent Acquisition [Member]
Lessee, operating lease, option to extend	expire in January of 2023
Lessee, operating lease, term of contract	3 years
Lease expiration date	Jun. 30, 2022
Monroe Township [Member]
Lessee, operating lease, option to extend	The initial lease term is for seven years which is set to expire in November of 2024 with an option to extend the lease for another five years
Lessee, operating lease, term of contract	7 years

Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Payables and Accruals [Abstract]
Project costs	$ 100	$ 59
Contract loss reserve	435	328
Employee incentive payments	355	266
Accrued salary and benefits	31	60
Legal and accounting fees	24	30
Other	145	134
Accrued expenses total	$ 1,090	$ 877

Warrants (Details Narrative) - $ / shares	Apr. 08, 2019	Jul. 31, 2022
Number of common stock shares sold	1,542,000
Pre-funded Warrants [Member]
Purchase of warrants	3,385,680
Exercise price of warrants	$ 0.01
Common Warrants [Member]
Purchase of warrants	4,927,680	732,500
Exercise price of warrants	$ 3.85
Warrants and rights outstanding, term	5 years

Paycheck Protection Program Loan (Details Narrative) - Paycheck Protection Program [Member] - USD ($)		12 Months Ended
	May 03, 2020	Apr. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from loan originations	$ 891,000
Debt forgiveness, description	The Company filed its loan forgiveness application at the end of February 2021 asking for 100% forgiveness of the loan. In June 2021, the Company was informed that its application was approved, and that the loan has now been fully forgiven. The Company recognized a gain on forgiveness of PPP loan of approximately $891,000 during the three months ended July 31, 2021.
Debt interest rate	100.00%
Repayments of long-term debt		$ 891,000

Schedule of Stock Option Activity (Details)	3 Months Ended
Schedule of Stock Option Activity (Details)	Jul. 31, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares underlying options outstanding, beginning	1,110,356
Weighted average exercise price, beginning balance \| $ / shares	$ 2.34
Weighted Average Remaining Contractual Term (In Years), Beginning	9 years 2 months 12 days
Shares underlying options outstanding, granted
Weighted Average Exercise Price, Granted \| $ / shares
Shares Underlying Options Outstanding, Exercised
Weighted Average Exercise Price, Exercised \| $ / shares
Shares Underlying Options Outstanding, Cancelled/forfeited	(37)
Weighted Average Exercise Price, Cancelled/forfeited \| $ / shares	$ 400.00
Shares underlying options outstanding, ending	1,110,319
Weighted average exercise price, ending balance \| $ / shares	$ 2.33
Weighted Average Remaining Contractual Term (In Years), Ending	8 years 10 months 24 days
Shares Underlying Options Outstanding, Exercisable at Ending	297,467
Weighted average exercise price, exercisable at ending \| $ / shares	$ 4.60
Weighted average remaining contractual term (in years), exercisable at ending	7 years 7 months 6 days
Performance Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares underlying options outstanding, beginning	210,122
Weighted average exercise price, beginning balance \| $ / shares	$ 2.20
Weighted Average Remaining Contractual Term (In Years), Beginning	8 years 9 months 18 days
Shares underlying options outstanding, granted
Shares Underlying Options Outstanding, Exercised
Weighted Average Exercise Price, Exercised \| $ / shares
Shares Underlying Options Outstanding, Cancelled/forfeited
Weighted Average Exercise Price, Cancelled/forfeited \| $ / shares
Shares underlying options outstanding, ending	210,122
Weighted average exercise price, ending balance \| $ / shares	$ 2.20
Weighted Average Remaining Contractual Term (In Years), Ending	8 years 7 months 6 days
Shares Underlying Options Outstanding, Exercisable at Ending
Weighted average exercise price, exercisable at ending \| $ / shares

Schedule of Non-vested Restricted Stock Activity (Details) - $ / shares	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested, Granted	51,500	0
Non-vested Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested, Beginning	827,764
Weighted Average Price per Share, Unvested, Beginning	$ 1.41
Number of Shares, Unvested, Granted	51,500
Weighted Average Price per Share, Unvested, Granted	$ 1.12
Number of Shares, Unvested, Vested and issued	(16,667)
Weighted Average Price per Share, Unvested, Vested	$ 2.37
Number of Shares, Unvested, Cancelled/forfeited
Number of Shares, Unvested, Ending	862,597
Weighted Average Price per Share, Unvested, Ending	$ 1.38

Share-Based Compensation (Details Narrative) - USD ($)	3 Months Ended
Share-Based Compensation (Details Narrative) - USD ($)	Jul. 31, 2022	Jul. 31, 2021	Feb. 09, 2022	Feb. 08, 2022	Jan. 18, 2018	Dec. 31, 2015
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted shares, granted	51,500	0
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based payment award, options, outstanding, intrinsic value	$ 0
Options, number of shares unvested	813,000
Weighted average remaining contractual term	9 years 4 months 24 days
Share-based payment arrangement, expense	$ 96,000	$ 110,000
Non-vested Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost	$ 700,000
Share-based compensation of weighted-average period	2 years 3 months 18 days
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, number of shares unvested	210,000
Weighted average remaining contractual term	8 years 7 months 6 days
Share-based payment arrangement, expense	$ 52,500	95,000
Unrecognized compensation cost	$ 100,000
Share-based compensation of weighted-average period	7 months 6 days
Options, outstanding, intrinsic value	$ 0
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 184,000	$ 14,000
Share-based compensation of weighted-average period	1 year 9 months 18 days
Unrecognized compensation cost	$ 821,067
2015 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement shares authorized						1,332,036
2015 Omnibus Incentive Plan [Member] \| Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capital shares reserved for future issuance	695,127
2018 Inducement Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement shares authorized			275,000	250,000
Capital shares reserved for future issuance	211,487				25,000

Fair Value Measurements (Details Narrative) - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2022	Apr. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	$ 42.7	$ 49.4
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent liability MAR acquisition amount	1.5
Decrease in contingent liability	0.1
Fair value of contingent consideration	$ 1.6

Commitments and Contingencies (Details Narrative) - Tax Authority, Spain [Member]	Jan. 25, 2021 EUR (€)	Jul. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Payment of tax on damages	€ 279,870
Selling, General and Administrative Expenses [Member]
Loss Contingencies [Line Items]
Income tax penalties	€ 279,870	$ 331,000

Income Taxes (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
Income Taxes (Details Narrative) - USD ($) $ in Thousands	May 31, 2021	Jul. 31, 2022	Jul. 31, 2021	Apr. 30, 2021
Operating Loss Carryforwards [Line Items]
Proceed from sale of loss carryforwards and tax credits	$ 1,000
Income tax benefit			$ (1,041)
New Jersey Division of Taxation [Member]
Operating Loss Carryforwards [Line Items]
Operating loss				$ 12,000
Income tax benefit		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Operating Segments and Geographic Information (Details Narrative)	3 Months Ended
	Jul. 31, 2022 Segment
Segment Reporting [Abstract]
Number of operating segments	1