0001493152-24-009817 | 10-Q | XBRL Viewer | Ocean Power Technologies INC

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Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Apr. 30, 2023
Product Information [Line Items]
Cash and cash equivalents	$ 4,720,000		$ 4,720,000		$ 6,883,000
Short term investments	4,377,000		4,377,000		$ 27,790,000
Accretion of discount and amortization of premium on investments	100,000	$ 100,000	300,000	$ (200,000)
Share-based compensation expense	100,000	300,000	803,000	$ 911,000
Revenue remaining performance obligation	3,300,000		$ 3,300,000
Expects to recognize revenue remaining performance obligation, percentage			63.00%
Expects to recognize revenue remaining performance obligation	2,100,000		$ 2,100,000
Antidilutive securities excluded from computation of earnings per share, amount			6,094,714	8,010,373
Product development expense	$ 1,500,000	$ 2,000,000.0	$ 5,500,000	$ 6,700,000
Patents [Member]
Product Information [Line Items]
Intangible asset estimated lives	20 years		20 years
Trade Names [Member]
Product Information [Line Items]
Intangible asset estimated lives	12 years		12 years
Customer Relationships [Member]
Product Information [Line Items]
Intangible asset estimated lives	10 years		10 years
Transferred at Point in Time [Member]
Product Information [Line Items]
Revenue related to performance obligations	$ 1,400,000		$ 2,600,000
Transferred over Time [Member]
Product Information [Line Items]
Revenue related to performance obligations	$ 400,000		$ 1,400,000
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Two Customers [Member]
Product Information [Line Items]
Concentration risk percentage			36.00%	28.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Five Customers [Member]
Product Information [Line Items]
Concentration risk percentage	85.00%	63.00%
Santander Bank [Member]
Product Information [Line Items]
Deposits	$ 154,000		$ 154,000

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Income Statement [Abstract]
Net loss	$ (6,509)	$ (6,090)	$ (20,761)	$ (16,786)
Foreign currency translation adjustment
Total comprehensive loss	$ (6,509)	$ (6,090)	$ (20,761)	$ (16,786)

- 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

Intangible Assets

9 Months Ended

Jan. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

(7) Intangible Assets

The components of intangible assets, net as of January 31, 2024 and April 30, 2023 consisted of the following:

	January 31, 2024			April 30, 2023
	(in thousands)
Patents	$	2,729		$	2,729
Trademarks		2,769			2,769
Tradename		—			130
Customer Relationships		—			150
Intangible assets, gross		5,498			5,778
Accumulated amortization		(1,842	)		(1,800	)
Intangible assets, net	$	3,656		$	3,978

Amortization expense was approximately $114,000 and $119,000 for the nine-month periods ended January 31, 2024 and 2023, respectively. Amortization expense was approximately $34,000 and $40,000 for the three-month periods ended January 31, 2024 and 2023, respectively.

Additionally, in connection with the sale of 3Dent in November of 2023, the Tradename and Customer Relationships were both expensed fully during the nine-month periods ended January 31, 2024 under Loss on disposition of assets on the Consolidated Statements of Operations.

Accrued Expenses (Tables)

9 Months Ended

Jan. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following at January 31, 2024 and April 30, 2023:

Schedule of Accrued Expenses

	January 31, 2024		April 30, 2023
	(in thousands)
Project costs	$	135	$	181
Employee incentive payments		1,137		1,948
Accrued salary and benefits		287		52
Professional fees		917		—
Investor relations		183		—
Other		332		165
Accrued expenses total	$	2,991	$	2,346

Fair Value Measurements (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
Fair Value Measurements (Details Narrative) - USD ($)	Jun. 30, 2023	Jan. 31, 2024	Apr. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash payments	$ 500,000
Stock issued during period, shares	1,923,077
Stock issued during period, value	$ 1,000,000.0	$ 1,250,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent liability MAR acquisition amount		$ 1,100,000
Decrease in contingent liability			$ 100,000
Fair value of contingent consideration			$ 1,200,000

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,056	$ 2,851
Less: accumulated depreciation	(1,839)	(1,571)
Property and equipment, net	2,217	1,280
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,491	783
Computer Equipment & Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	711	700
Office Furniture & Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	420	386
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	683	611
Leased WAM-V's [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	640	371
Leased Buoys [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 111

Schedule of Right-of use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Leases
Operating right-of-use assets, net	$ 2,610	$ 1,751
Right-of-use liabilities- current	625	529
Right-of-use liabilities- long term	2,065	$ 1,311
Total lease liabilities	$ 2,690
Weighted average remaining lease term- operating leases	3 years 2 months 23 days
Weighted average discount rate- operating leases	8.40%

Schedule of Stock Option Activity (Details)	9 Months Ended
Schedule of Stock Option Activity (Details)	Jan. 31, 2024 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Shares Underlying Options Outstanding, beginning \| shares	1,529,185
Weighted Average Exercise Price, Beginning balance \| $ / shares	$ 1.75
Weighted Average Remaining Contractual Term (In Years), Beginning	8 years 9 months 18 days
Shares Underlying Options Outstanding, Granted \| shares
Weighted Average Exercise Price, Granted \| $ / shares
Shares Underlying Options ,Exercised \| shares
Weighted Average Exercise Price, Exercised \| $ / shares
Shares Underlying Options, Cancelled/forfeited \| shares	(685,196)
Weighted Average Exercise Price, Cancelled/forfeited \| $ / shares	$ 1.32
Shares Underlying Options, ending \| shares	843,989
Weighted average exercise price, ending balance \| $ / shares	$ 2.09
Weighted Average Remaining Contractual Term (In Years), Ending	7 years 9 months 18 days
Shares Underlying Options, Exercisable at Ending \| shares	560,200
Weighted Average Exercise Price, Exercisable at ending \| $ / shares	$ 2.70
Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending	7 years 4 months 24 days

Schedule of Property, Plant and Equipment, Useful Life (Details)	Jan. 31, 2024
Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	5 years
Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	7 years
Computer Equipment & Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	3 years
Office Furniture & Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	3 years
Office Furniture & Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	7 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Useful Life, Lease Term [Member]
Leased Power Buoys Assets [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	10 years
Leased WAM-V Assets [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	10 years

Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details Narrative) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Mar. 30, 2024	Jun. 30, 2023	Apr. 30, 2023
Operating Loss Carryforwards [Line Items]
Acquisition outstanding common stock ownership percentage						4.99%
Income tax benefit	$ (1,254)	$ (278)	$ (1,254)	$ (278)
Other current assets	3,927		3,927				$ 994
Subsequent Event [Member]
Operating Loss Carryforwards [Line Items]
Other current assets					$ 1,300
New Jersey Division of Taxation [Member]
Operating Loss Carryforwards [Line Items]
Income tax benefit	$ 1,300	$ 300	$ 1,300	$ 300

- Definition

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

+ References + Details

Share-Based Compensation (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
Share-Based Compensation (Details Narrative) - USD ($)	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Apr. 30, 2023	Feb. 09, 2022	Feb. 08, 2022	Jan. 18, 2018	Dec. 31, 2015
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested stock		$ 207,000		$ 207,000
Share-based compensation of weighted-average period				1 year 7 months 6 days
Shares outstanding		843,989		843,989		1,529,185
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options unvested		284,000		284,000
Weighted average remaining contractual term				8 years 8 months 12 days
Share-based payment arrangement, expense		$ (49,000)	$ 62,000	$ 50,000	$ 230,000
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense		0	31,000	43,000	132,000
Shares outstanding						66,667
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense		179,000	$ 185,000	$ 710,000	$ 549,000
Share-based compensation of weighted-average period				1 year 3 months 18 days
Number of restricted shares, granted				183,000	1,609,000
Unrecognized compensation cost		$ 392,000		$ 392,000
Shares withheld for tax withholdings, shares				47,103
2015 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement shares authorized	4,382,036		4,382,036		4,382,036					1,332,036
Share-based compensation arrangement shares aggregate increase	3,050,000
Capital shares reserved for future issuance		1,167,000		1,167,000
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									25,000
Available for grant		111,000		111,000

Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Payables and Accruals [Abstract]
Project costs	$ 135	$ 181
Employee incentive payments	1,137	1,948
Accrued salary and benefits	287	52
Professional fees	917
Investor relations	183
Other	332	165
Accrued expenses total	$ 2,991	$ 2,346

Goodwill

9 Months Ended

Jan. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

(8) Goodwill

Goodwill in the amount of $8.5 million was recognized in November 2021 related to the acquisition of MAR. There have been no additions to, or any impairment of, goodwill during the nine-month periods ended January 31, 2024 and 2023.

Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Proceeds receivable from sale of New Jersey net operating loss & tax credits	$ 1,234
Prepaid inventory materials	1,088	58
Prepaid insurance	374	358
Prepaid software & licenses	308	190
Prepaid sales & marketing	138	122
Prepaid project costs	617	46
Prepaid expenses- other	168	220
Total other current assets	$ 3,927	$ 994

Income Taxes

9 Months Ended

Jan. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

(15) Income Taxes

Uncertain Tax Positions

The Company accounts for income taxes in accordance with ASC 740. 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 has no current or deferred tax due to current and projected losses for the year. The Company has appealed the results of the income tax audit in Spain for the period from 2011 to 2014, when the Company’s Spanish branch was closed (see Note 14). At January 31, 2024, the Company had no uncertain tax positions. The Company does not expect any material increase or decrease in its income tax expense or benefit 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.

Tax Preservation Plan

In June 2023, in order to protect the Company’s valuable tax assets related to its net operating losses from being limited or lost under Section 382 of the Internal Revenue Code, the Company adopted a Tax Benefits Preservation Plan (the “Plan”). Pursuant to the Plan, the Board declared a dividend of one preferred share purchase right (each, a “Right”) for each outstanding share of common stock of the Company. The dividend was distributed to stockholders of record as of the close of business on July 11, 2023. The Plan substantially diminishes the risk that the Company’s ability to utilize its net operating loss carryovers to reduce potential future federal income tax obligations may become substantially limited. The Plan is intended to act as a deterrent to any person or group acquiring beneficial ownership of 4.99% or more of the outstanding common stock without approval by potentially subjecting any such person or group to significant dilution. The Plan was approved by shareholders at the Company’s Annual Meeting held on February 28, 2024.

The Company determined the grant date fair value of the Rights using an option-pricing model. The amount was immaterial to the consolidated financial statements and deemed to be de minimis, and accordingly was not recorded to the financial statements.

Income Tax Benefit

The Company has sold New Jersey State net operating losses and research development credits under the New Jersey Economic Development Authority Tax Transfer program which has resulted in $1.3 million and $0.3 million of income tax benefit related to the three and nine months ended January 31, 2024 and 2023, respectively. The $1.3 million is included as part of other current assets on the balance sheet (Note 5) and was received on March 6, 2024.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Background, Basis of Presentation and Liquidity

9 Months Ended

Jan. 31, 2024

Accounting Policies [Abstract]

Background, Basis of Presentation and Liquidity

(1) Background, Basis of Presentation and Liquidity

(a)

Background

Ocean Power Technologies, Inc. (the “Company”) was founded in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated in Delaware in 2007. The Company provides ocean data collection and reporting, marine power, offshore communications and Domain Awareness Systems (“MDA” or “MDAS”) products, integrated solutions, and consulting services. The Company’s solutions focus on three major service areas: Data as a Service (“DaaS”), which includes data collected by Wave Adaptive Modular Vessel (WAM-V®) autonomous vehicles or PowerBuoy® product lines; Robotics as a Service (“RaaS”), which provides a lower cost subscription model for customers to access use of WAM-V’s®; and Power as a Service (“PaaS”), which includes PowerBuoy® products. The Company offers products and services to a wide-range of customers, including those in government and offshore energy, oil and gas, construction, wind power and other industries. The Company is involved in the entire life cycle of product development, from product design through assembly, testing, deployment, maintenance and upgrades, while working closely with partners across the supply chain. The Company’s solutions are based on technologies that enable autonomous, zero or low carbon emitting, and cost effective data collection, analysis, transportation, cooperation with other assets such as aerial drones, and communication. The Company’s solutions are primarily suited to ocean and other offshore environments, and support generation of actionable intelligence on a standalone basis or working with other data sources. The Company then channels the information it collects, and other communications, through control equipment linked to edge computing and cloud hosting environments. The Company’s goal is to generate most revenue from the sale or lease of products and solutions. The Company expects to continue having cash outflows until it can generate positive cash flow from the commercialization of products.

(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, 2023, as filed with the SEC and elsewhere in subsequent Exchange Act filings, including this Form 10-Q. Certain amounts have been reclassified to conform to current period presentation. This reclassification had no impact on the previously reported net loss or comprehensive loss.

(c)

Liquidity

For the nine months ended January 31, 2024, the Company incurred net losses of approximately $20.8 million, and used cash in operations of approximately $24.7 million. Cash used in operations includes cash payments of the MAR earnout payable of $0.5 million and payment of the fiscal 2023 bonus for all employees. In addition, the Company has continued to make investments to build inventory, support order backlog and future growth.

The Company has incurred one-time expenses of approximately $3.2 million for the nine months ended January 31, 2024, related to litigation with Paragon Technologies, Inc. (see Note 14) and preparation for its 2023 Annual Meeting of Stockholders which took place on February 28, 2024. These expenses are a direct result of the Paragon litigation and were not incurred in the prior year.

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, access to capital, technology development, scalability of technology and production, ability to attract and retain key personnel, concentration of customers and suppliers, pending or threatened litigation (including recent litigation noted above), and deployment risks and integration of acquisitions.

For the nine months ended January 31, 2024 and through the date of filing of this Form 10-Q, management has not obtained any material additional capital financing. Management believes the Company’s current cash balance at January 31, 2024 of $4.9 million and short term investments balance of $4.4 million may not be sufficient to fund its planned expenditures through at least March 2025.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company’s operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. The accompanying consolidated financial statements have been prepared on a basis which assumes the Company is a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from any uncertainty related to the Company’s ability to continue as a going concern. Such adjustments could be material.

Schedule of Future Minimum Lease payments Under Operating Lease (Details) $ in Thousands	Jan. 31, 2024 USD ($)
Leases
Remainder of fiscal year 2024	$ 174
2025	1,410
2026	1,847
2027	329
2028	333
thereafter	28
Total future minimum lease payments	4,121
Less imputed interest	(1,431)
Total	$ 2,690

Background, Basis of Presentation and Liquidity (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Apr. 30, 2023
Accounting Policies [Abstract]
Net loss	$ 6,509	$ 6,090	$ 20,761	$ 16,786
Cash in operations			24,711	16,089
Earnout payable			500
Incurred expenses			3,200
Cash	4,900		4,900
Short-term investments	$ 4,377		$ 4,377		$ 27,790

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies

9 Months Ended

Jan. 31, 2024

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, Marine Advanced Robotics Inc. (CA), referred to herein as MAR, 3dent Technologies LLC (3Dent), Oregon Wave Energy Partners I LLC (DE), ReedSport OPT WavePark, LLC (OR) and Ocean Power Technologies Ltd. in the United Kingdom. ReedSport OPT WavePark, LLC (OR) and Oregon Wave Energy Partners I, LLC (DE) were dissolved during the first quarter of fiscal 2024. 3dent was sold in November 2023 and the consolidated financial statements include 3dent’s results of operations through the date of sale. 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 several 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, over time revenue recognition, valuation consideration related to business combinations, including contingent consideration, and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets. Actual results could differ from those estimates.

(c) Business Combinations

The Company accounts for business combinations in accordance with Financial Accounting and Standards Board (“FASB”) Business Combinations (Topic 805). The Company allocates the fair value of consideration transferred in a business combination to the estimated fair value at the acquisition date of the tangible and intangible assets acquired as well as the liabilities assumed. Acquisition costs are expensed as incurred. Any excess consideration transferred is recorded as goodwill and in instances where the fair value of consideration transferred is less than the estimated fair value of tangible and intangible assets acquired less liabilities assumed, such amounts are recorded as a gain on the bargain purchase.

(d) Cash, Cash Equivalents, Restricted Cash and Security Agreements and Short Term Investments

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased, to be cash equivalents. The Company invests excess cash in a money market account or in short term investments that are held-to-maturity. The Company had cash and cash equivalents of approximately $4.7 million as of January 31, 2024 and $6.9 million as of April 30, 2023.

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.

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.

	January 31, 2024		April 30, 2023
	(in thousands)
Cash and cash equivalents	$	4,720	$	6,883
Restricted cash- short term		154		65
Restricted cash- long term		—		155
	$	4,874	$	7,103

Short Term Investments

As of January 31, 2024 and April 30, 2023, the carrying value of short term investments was approximately $4.4 million and $27.8 million, respectively. All short term investments 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 of the balance sheet date. The Company has the ability and the intention to hold all investments to maturity, and as such are classified as held-to-maturity investments and carried at amortized cost.

The total accretion of discounts (amortization of premium) recognized for the nine month period ended January 31, 2024 and 2023 is approximately $0.3 million and $(0.2) million, respectively. The total accretion of discounts on investments for the three month period ended January 31, 2024 and 2023 was $0.1 million and less than $0.1 million, respectively. Additionally, there has been no impairment on these investments.

The following table summarizes the Company’s short term investments as of January 31, 2024 and April 30, 2023:

	January 31, 2024						April 30, 2023
Category	Amortized Cost		Unrealized Gains		Market Value		Amortized Cost		Unrealized Gains		Market Value
	(in thousands)						(in thousands)
Corporate Bonds	$	1,767	$	20	$	1,787	$	14,776	$	100	$	14,876
Government Bonds & Notes		2,610	$	21		2,631		9,188	$	33		9,221
Government Agency Bonds		—	$	—		—		3,826		25		3,851
Total Short Term Investments	$	4,377	$	41	$	4,418	$	27,790	$	158	$	27,948

(e) Inventory

In accordance with Accounting Standards Codification 330 (ASC 330), inventory is stated at the lower of costs or net realizable value applicable to goods on hand. Items remain in inventory until they are shipped to the customer, at which time the costs are transferred on a FIFO basis to cost of revenue, or moved to leased assets as applicable, following the matching principle where costs and revenue are recognized in the same period. The Company has three classes of inventory; raw materials, work in process, and finished goods.

(f) Accounts Receivable

Accounts receivable are stated at the net amount expected to be collected. Amounts are ordinarily due between 30 and 90 days after the issuance of the invoice. The Company is exposed to credit losses primarily on accounts receivable and contract assets related to sales to customers. If applicable, an allowance for credit losses is established to provide for the expected lifetime credit losses by evaluating factors such as customer creditworthiness, historical payment and loss experiences, current economic conditions (including geographic and political risk), and the age and status of outstanding receivables. Based on these factors, management has determined the allowance for credit losses was immaterial. Expected credit losses are written off in the period in which the financial asset is no longer collectible.

The Company grants credit to its customers, generally, without collateral, under normal payment terms (typically 30 to 90 days after invoicing). Generally, invoicing occurs after the services are performed or control of the product has transferred to the customer. Accounts receivable represent an unconditional right to consideration arising from the Company’s performance under contracts with customers.

(g) Property and Equipment, net

Property and equipment is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives (three to ten years) of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the remaining lease term. Expenses for maintenance and repairs are charged to operations as incurred. Property and equipment is also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset.

Description		Estimated depreciable life

Equipment		5-7 years
Computer equipment & software		3 years
Office furniture & fixtures		3-7 years
Leasehold improvements		Shorter of the estimated useful life or lease term
Leased Power Buoys assets		10 years
Leased WAM-V assets		10 years

(h) Foreign Exchange Gains and Losses

The Company maintains cash accounts that are denominated in British pound sterling. These amounts are included in cash, cash equivalents and restricted cash on the accompanying Consolidated Balance Sheets. Transactions denominated in a foreign currency may result in realized and unrealized foreign exchange gains or losses from exchange rate fluctuations, which are included in “Foreign exchange (loss)/gain” in the accompanying Consolidated Statements of Operations.

(i) Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable, short term investments and cash equivalents. The Company believes that its credit risk is limited because the Company’s current contracts are with entities with a reliable payment history. The Company invests its excess cash in a money market fund and short term held-to maturity investments 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 January 31, 2024 was immaterial.

For both the nine months ended January 31, 2024 and 2023, the Company had two customers whose revenues accounted for at least 10% of the Company’s consolidated revenues. These revenues accounted for approximately 36% and 28% of the Company’s total revenues for the respective periods. For the three months ended January 31, 2024 and 2023, the Company had five and five customers whose revenues accounted for at least 10% of the Company’s consolidated revenues, respectively. These revenues accounted for approximately 85% and 63% of the Company’s total revenues for the respective periods.

(j) 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 nine months ended January 31, 2024 and 2023 was approximately $0.8 million and $0.9 million, respectively. For the three months ended January 31, 2024 and 2023 share-based compensation expense was approximately $0.1 million and $0.3 million, respectively. The Company’s policy is to account for forfeitures of share-based compensation as they occur.

Additionally, upon vesting of an RSU that was granted to an employee, the employee is given the option to either pay the taxes themselves, or have enough shares of their RSU award withheld by the Company to cover the taxes incurred by the employee. In the event the employee elects to surrenders shares to cover the tax implication, the Company maintains those shares in the Company’s treasury stock account.

(k) Revenue Recognition

The Company accounts for revenue in accordance with Accounting Standards Codification 606 (ASC 606) for contracts with customers and Accounting Standards Codification 842 (ASC 842) for leasing arrangements. In relation to ASC 606, which states that 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 as 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 performance obligation 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. When no observable standalone selling price is available, the standalone selling price is generally estimated based upon 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, 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. Estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on the 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 January 31, 2024 or 2023. 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 or labor hours incurred 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, 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 projections 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. During the nine-month period ended January 31, 2024 the Company recognized approximately $2.6 million in revenue related to performance obligations satisfied at a point in time and approximately $1.4 million in revenue related to performance obligations satisfied over time. During the three-month period ended January 31, 2024 the Company recognized approximately $1.4 million in revenue related to performance obligation satisfied at a point in time and approximately $0.4 million in revenue related to performance obligations satisfied over time.

The Company’s contracts are either cost-plus contracts, fixed-price contracts, time and material agreements, lease or service agreements. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee.

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 revenue, resulting in gross profit on these contracts of zero. The Company reports its disaggregation of revenue by contract type since this method best represents the Company’s business. For the nine-month periods ended January 31, 2024 and 2023, the majority of the Company’s contracts were classified as firm fixed-price and the remainder were cost-sharing.

The Company’s contract assets and liabilities primarily relate to the timing differences between cash received from a customer in connection with contractual rights to invoicing and the timing of revenue recognition following completion of performance obligations. The Company’s accounts receivable balance is made up entirely of customer contract related balances.

The Company’s revenue also includes revenue from certain contracts which do not fall within the scope of ASC 606, but under the scope of ASC 842. At inception of a contract for those classified under ASC 842, the Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC Topic 842, “Leases”. 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, or as agreed upon in-use days are utilized, which is presented in Revenue in the Consolidated Statement of Operations. The Company also enters into lease arrangements for its PowerBuoys® and 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 PowerBuoy®, WAM-V®, and components, while non-lease elements, which the Company expects to become more prevalent, generally include engineering, monitoring and support services. In the lease arrangement, the customer may be provided with an option to extend the lease term or purchase the leased buoy or WAM-V® at some point during and/or at the end of the lease term.

As of January 31, 2024, the Company’s total remaining performance obligations, also referred to as backlog, totaled $3.3 million. The Company expects to recognize approximately 63%, or $2.1 million, of the remaining performance obligations as revenue over the next twelve months.

Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined that collectability of any portion of the contract value is not probable, an analysis of variable consideration will be performed using either the most likely amount or expected value method to determine the amount of revenue that must be constrained until the scenario causing the variability has been resolved.

The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue.

The below table represents the total revenue recognized under ASC 606 and ASC 842 for the three and nine months ended January 31, 2024 and 2023.

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Nine months ended January 31, 2024						Nine months ended January 31, 2023
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	1,625	$	896	$	2,521	$	691	$	190	$	881
Buoy		950		—		950		227		—		227
Services		482		—		482		644		—		644
Total	$	3,057	$	896	$	3,953	$	1,562	$	190	$	1,752

Region:
North and South America	$	3,057	$	896	$	3,953	$	1,311	$	190	$	1,501
Asia and Australia		—		—		—		251		—		251
Total	$	3,057	$	896	$	3,953	$	1,562	$	190	$	1,752

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Three months ended January 31, 2024						Three months ended January 31, 2023
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	1,085	$	387	$	1,472	$	271	$	175	$	446
Buoy		320		—		320		176		—		176
Services		—		—		—		112		—		112
Total	$	1,405	$	387	$	1,792	$	559	$	175	$	734

Region:
North and South America	$	1,405	$	387	$	1,792	$	540	$	175	$	715
Asia and Australia		—		—		—		19		—		19
Total	$	1,405	$	387	$	1,792	$	559	$	175	$	734
Revenue	$	1,405	$	387	$	1,792	$	559	$	175	$	734

(l) 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. Due to the Company’s net losses, potentially dilutive securities, consisting of options to purchase shares of common stock, warrants on common stock and unvested restricted stock units (“RSU”) issued to employees and non-employee directors, were excluded from the diluted loss per share calculation due to their anti-dilutive effect.

In computing diluted net loss per share on the Consolidated Statement of Operations, warrants on common stock, options to purchase shares of common stock and unvested RSUs issued to employees and non-employee directors, totaling 6,094,714 and 8,010,373 as of January 31, 2024 and 2023, respectively, were excluded from each of the computations as the effect would have been anti-dilutive due to the net loss for the period. Share purchase rights, which include a contingency, are not included in the calculation until the contingency is resolved.

(m) Intangibles

Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date (which is regarded as their cost). Intangible assets, including patents, are amortized over the estimated useful life of the asset on a basis that approximates the pattern of economic benefit. The patents, trade name and customer relationship intangibles are being amortized over 20, 12 and 10 years respectively, which is consistent with the estimated pattern of economic benefit of the assets. The trademark is not subject to amortization.

Intangible assets are reviewed for impairment if indicators of potential impairment exist. There were no indications of potential impairment of intangible assets for the nine months ended January 31, 2024 and 2023. However, in connection with the sale of 3Dent in November of 2023, the Tradename and Customer Relationships were both expensed fully during the nine-month periods ended January 31, 2024 under Loss on disposition of assets on the Consolidated Statements of Operations.

(n) Goodwill

Goodwill is assessed for impairment using a qualitative or quantitative approach. The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests. There were no indications of potential impairment of goodwill identified for the nine months ended January 31, 2024 and 2023. Where the Company uses a qualitative analysis, it considers factors that include historical financial performance, macroeconomic and industry conditions, and the legal and regulatory environment. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is also performed. The quantitative assessment requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates and the selection of assumptions underlying a discount rate (weighted average cost of capital) based on market data available at the time to determine fair value of the Company. If the fair value is less than the carrying amounts, an impairment charge for the difference is recorded. The Company acquired goodwill as part of its purchase of MAR. Management performed its annual qualitative assessment in fiscal year 2023 and determined that it is more likely than not that no goodwill impairment existed as of April 30, 2023.

(o) Income Taxes

Income taxes are accounted for under ACS 740 utilizing the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and operating loss and tax credit carry forwards are expected to be recovered, settled or utilized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. If such event occurs, a valuation allowance is recorded. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses, to the extent incurred. Refer to Note 15 for additional disclosure.

(p) Accumulated Other Comprehensive Loss

The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The unrealized gains or losses resulting from such translation are included in Accumulated Other Comprehensive Loss within Shareholders’ Equity. For the nine months ended January 31, 2024 and 2023, there were no amounts recorded to other comprehensive (income) loss due to limited foreign operations.

(q) Warranty

The Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. Warranty expense incurred to date has not been material.

(r) Product Development

Costs related to product development activities by the Company are expensed as incurred. The Company had approximately $5.5 million and $6.7 million in product development expense for the nine months ended January 31, 2024 and 2023, respectively. The Company had approximately $1.5 million and $2.0 million in product development expense for the three months ended January 31, 2024 and 2023, respectively.

(s) Recently Issued Accounting Standards

There have been no recently issued accounting standards in the current or prior periods that would significantly affect the Company’s financial statements, that have not been addressed in prior periods.

Inventory

9 Months Ended

Jan. 31, 2024

Inventory Disclosure [Abstract]

Inventory

(4) Inventory

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

Schedule of Inventory

	January 31, 2024		April 30, 2023
	(in thousands)
Raw Materials	$	3,119	$	1,044
Work in Process		326		—
Finished Products	$	15	$	—
Inventory, net	$	3,460	$	1,044

The Company’s raw materials balance represents the majority of the inventory as the Company orders parts in quantity to fill orders. Work in process and finished products typically represent smaller portions of inventory as the Company does not historically hold finished products with the exception of assets transitioning to the lease fleet. The Company typically ships finished products as they are completed.

Accounts Receivable, Contract Assets and Contract Liabilities (Tables)

9 Months Ended

Jan. 31, 2024

Accounts 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:

	January 31, 2024		April 30, 2023		April 30, 2022
	(in thousands)
Accounts receivable	$	625	$	745	$	482
Contract assets	$	281	$	152	$	386
Contract liabilities	$	868	$	1,378	$	129

Schedule of Significant Changes in Contract Assets

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

	Nine months ended January 31, 2024			Nine months ended January 31, 2023
	(in thousands)
Transferred to receivables from contract assets recognized	$	(1,469	)	$	(1,646	)
Revenue recognized and not billed		1,598			1,353
Net change in contract assets	$	129		$	(293	)

Schedule of Significant Changes in Contract Liabilities

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

	Nine months ended January 31, 2024			Nine months ended January 31, 2023
	(in thousands)
Revenue recognized	$	(1,312	)	$	(447	)
Payments collected for which revenue has not been recognized		802			1,652
Net change in contract liabilities	$	(510	)	$	1,205

Share-Based Compensation (Tables)

9 Months Ended

Jan. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of stock options under the 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, 2023		1,529,185		$	1.75		8.8
Granted		—		$	—
Exercised		—		$	—
Cancelled/forfeited		(685,196	)	$	1.32
Outstanding as of January 31, 2024		843,989		$	2.09		7.8
Exercisable as of January 31, 2024		560,200		$	2.70		7.4

Schedule of Non-vested Restricted Stock Activity

A summary of unvested RSU’s under the Stock Incentive Plans is as follows:

	Number of Shares			Weighted Average Price per Share
Unvested at April 30, 2023		1,985,995		$	0.89
Granted		183,500		$	0.35
Vested and issued		(786,998	)	$	0.86
Cancelled/forfeited		(326,952	)	$	1.32
Unvested at January 31, 2024		1,055,545		$	0.75

Schedule of Inventory (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Inventory Disclosure [Abstract]
Raw Materials	$ 3,119	$ 1,044
Work in Process	326
Finished Products	15
Inventory, net	$ 3,460	$ 1,044

Accrued Expenses

9 Months Ended

Jan. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

(10) Accrued Expenses

Accrued expenses consisted of the following at January 31, 2024 and April 30, 2023:

Schedule of Accrued Expenses

	January 31, 2024		April 30, 2023
	(in thousands)
Project costs	$	135	$	181
Employee incentive payments		1,137		1,948
Accrued salary and benefits		287		52
Professional fees		917		—
Investor relations		183		—
Other		332		165
Accrued expenses total	$	2,991	$	2,346

Accrued Professional fees at January 31, 2024 consist primarily of legal fees associated with the Paragon litigation (see Footnote 14).

Schedule of Significant Changes in Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Accounts Receivable Contract Assets And Contract Liabilities
Revenue recognized	$ (1,312)	$ (447)
Payments collected for which revenue has not been recognized	802	1,652
Net change in contract liabilities	$ (510)	$ 1,205

Commitments and Contingencies (Details Narrative)	Oct. 09, 2023	Jan. 25, 2021 EUR (€)	Apr. 30, 2022 USD ($)	Apr. 30, 2022 EUR (€)
Operating Loss Carryforwards [Line Items]
Description of litigation and allegations and cliam	prevent the Company from rejecting the purported nominating notice that Paragon submitted to the Company on August 25, 2023 to notify the Company of its intention to nominate a majority slate of nominees at the 2023 Annual Meeting (the “Purported Nominating Notice”), and (ii) require the Company to approve Paragon’s request for an exemption from OPT’s Section 382 Tax Benefits Preservation Plan so that Paragon could purchase up to 19.9% of the Company’s common stock without triggering the dilution that would otherwise apply to the holder of 4.99% or more of the Company’s common stock
Tax Authority, Spain [Member]
Operating Loss Carryforwards [Line Items]
Income tax penalties			$ 331,000	€ 279,870
Payment of tax on damages		€ 279,870

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Current assets:
Cash and cash equivalents	$ 4,720	$ 6,883
Short term investments	4,377	27,790
Restricted cash, short-term	154	65
Accounts receivable	625	745
Contract assets	281	152
Inventory	3,460	1,044
Other current assets	3,927	994
Total current assets	17,544	37,673
Property and equipment, net	2,217	1,280
Intangibles, net	3,656	3,978
Right-of-use assets, net	2,610	1,751
Restricted cash, long-term		155
Goodwill	8,537	8,537
Total assets	34,564	53,374
Current liabilities:
Accounts payable	1,466	952
Earnout payable		1,500
Accrued expenses	2,991	2,346
Contingent liabilities	1,085	1,202
Right-of-use liabilities, current portion	625	529
Contract liabilities	868	1,378
Total current liabilities	7,035	7,907
Deferred tax liability	203	203
Right-of-use liabilities, less current portion	2,065	1,311
Total liabilities	9,303	9,421
Commitments and contingencies (Note 14)
Shareholders’ Equity:
Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding; 100,000 designated as Series A
Common stock, $0.001 par value; authorized 100,000,000 shares, issued 59,551,090 shares and 56,304,642 shares, respectively; outstanding 59,463,073 shares and 56,263,728 shares, respectively	59	56
Treasury stock, at cost; 88,017 shares and 40,914 shares, respectively	(368)	(355)
Additional paid-in capital	326,472	324,393
Accumulated deficit	(300,857)	(280,096)
Accumulated other comprehensive loss	(45)	(45)
Total shareholders’ equity	25,261	43,953
Total liabilities and shareholders’ equity	$ 34,564	$ 53,374

Warrants

9 Months Ended

Jan. 31, 2024

Warrants

Warrants

(11) Warrants

Equity Classified Warrants

The underwritten public offering from April 2019 included the issuance of common stock warrants to purchase up to 4,927,680 shares of common stock that have an exercise price of $3.85 per share and expire five years from the issuance date. As of January 31, 2024, common warrants to purchase 732,500 shares of the common stock had been exercised.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Jan. 31, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents and Restricted Cash

	January 31, 2024		April 30, 2023
	(in thousands)
Cash and cash equivalents	$	4,720	$	6,883
Restricted cash- short term		154		65
Restricted cash- long term		—		155
	$	4,874	$	7,103

Schedule of Investments and Unrealized Gains/Losses

The following table summarizes the Company’s short term investments as of January 31, 2024 and April 30, 2023:

	January 31, 2024						April 30, 2023
Category	Amortized Cost		Unrealized Gains		Market Value		Amortized Cost		Unrealized Gains		Market Value
	(in thousands)						(in thousands)
Corporate Bonds	$	1,767	$	20	$	1,787	$	14,776	$	100	$	14,876
Government Bonds & Notes		2,610	$	21		2,631		9,188	$	33		9,221
Government Agency Bonds		—	$	—		—		3,826		25		3,851
Total Short Term Investments	$	4,377	$	41	$	4,418	$	27,790	$	158	$	27,948

Schedule of Property, Plant and Equipment, Useful Life

Description		Estimated depreciable life

Equipment		5-7 years
Computer equipment & software		3 years
Office furniture & fixtures		3-7 years
Leasehold improvements		Shorter of the estimated useful life or lease term
Leased Power Buoys assets		10 years
Leased WAM-V assets		10 years

Schedule of Revenue Recognizes From Operating Lease Arrangements

The below table represents the total revenue recognized under ASC 606 and ASC 842 for the three and nine months ended January 31, 2024 and 2023.

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Nine months ended January 31, 2024						Nine months ended January 31, 2023
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	1,625	$	896	$	2,521	$	691	$	190	$	881
Buoy		950		—		950		227		—		227
Services		482		—		482		644		—		644
Total	$	3,057	$	896	$	3,953	$	1,562	$	190	$	1,752

Region:
North and South America	$	3,057	$	896	$	3,953	$	1,311	$	190	$	1,501
Asia and Australia		—		—		—		251		—		251
Total	$	3,057	$	896	$	3,953	$	1,562	$	190	$	1,752

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Three months ended January 31, 2024						Three months ended January 31, 2023
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	1,085	$	387	$	1,472	$	271	$	175	$	446
Buoy		320		—		320		176		—		176
Services		—		—		—		112		—		112
Total	$	1,405	$	387	$	1,792	$	559	$	175	$	734

Region:
North and South America	$	1,405	$	387	$	1,792	$	540	$	175	$	715
Asia and Australia		—		—		—		19		—		19
Total	$	1,405	$	387	$	1,792	$	559	$	175	$	734
Revenue	$	1,405	$	387	$	1,792	$	559	$	175	$	734

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Apr. 30, 2022	$ 56	$ (341)	$ 322,932	$ (253,770)	$ (46)	$ 68,831
Balance, shares at Apr. 30, 2022	55,905,213	(23,352)
Net loss				(16,786)		(16,786)
Share-based compensation			911			911
Common stock issued upon vesting of restricted stock
Common stock issued upon vesting of restricted stock, shares	349,429
Shares withheld for tax withholdings		$ (14)				(14)
Shares withheld for tax withholdings, shares		(17,562)
Balances at Jan. 31, 2023	$ 56	$ (355)	323,843	(270,556)	(46)	52,942
Balance, shares at Jan. 31, 2023	56,254,642	(40,914)
Balance at Oct. 31, 2022	$ 56	$ (341)	323,564	(264,466)	(46)	58,767
Balance, shares at Oct. 31, 2022	55,921,880	(23,352)
Net loss				(6,090)		(6,090)
Share-based compensation			279			279
Common stock issued upon vesting of restricted stock
Common stock issued upon vesting of restricted stock, shares	332,762
Shares withheld for tax withholdings		$ (14)				(14)
Shares withheld for tax withholdings, shares		(17,562)
Balances at Jan. 31, 2023	$ 56	$ (355)	323,843	(270,556)	(46)	52,942
Balance, shares at Jan. 31, 2023	56,254,642	(40,914)
Balance at Apr. 30, 2023	$ 56	$ (355)	324,393	(280,096)	(45)	43,953
Balance, shares at Apr. 30, 2023	56,304,642	(40,914)
Net loss				(20,761)		(20,761)
Share-based compensation			803			803
Common stock issued related to bonus and earnout payments	$ 3		1,247			1,250
Common stock issued related to bonus and earnout payments, shares	2,403,846
Common stock issued upon vesting of restricted stock
Common stock issued upon vesting of restricted stock, shares	786,998
Issuance of common stock - Cantor At The Market offering, net of issuance costs			29			29
Issuance of common stock - Cantor At The Market offering, net of issuance costs, shares	55,604
Shares withheld for tax withholdings		$ (13)				(13)
Shares withheld for tax withholdings, shares		(47,103)
Balances at Jan. 31, 2024	$ 59	$ (368)	326,472	(300,857)	(45)	25,261
Balance, shares at Jan. 31, 2024	59,551,090	(88,017)
Balance at Oct. 31, 2023	$ 59	$ (357)	326,342	(294,348)	(45)	31,651
Balance, shares at Oct. 31, 2023	58,833,758	(44,988)
Net loss				(6,509)		(6,509)
Share-based compensation			130			130
Common stock issued upon vesting of restricted stock
Common stock issued upon vesting of restricted stock, shares	717,332
Shares withheld for tax withholdings		$ (11)				(11)
Shares withheld for tax withholdings, shares		(43,029)
Balances at Jan. 31, 2024	$ 59	$ (368)	$ 326,472	$ (300,857)	$ (45)	$ 25,261
Balance, shares at Jan. 31, 2024	59,551,090	(88,017)

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Income Statement [Abstract]
Revenues	$ 1,792	$ 734	$ 3,953	$ 1,752
Cost of revenues	979	598	1,989	1,382
Gross margin	813	136	1,964	370
Operating expenses	8,551	6,820	24,648	19,546
(Gain)/loss from change in fair value of consideration	(33)	373	(117)	154
Operating loss	(7,705)	(7,057)	(22,567)	(19,330)
Interest income, net	151	229	760	604
Other income, proceeds from insurance claim		458		458
Other income, employee retention credit				1,202
Loss on disposition of assets (Note 7)	(210)		(210)
Foreign exchange gain	1	2	2	2
Loss before income taxes	(7,763)	(6,368)	(22,015)	(17,064)
Income tax benefit	1,254	278	1,254	278
Net loss	$ (6,509)	$ (6,090)	$ (20,761)	$ (16,786)
Basic net loss per share	$ (0.11)	$ (0.11)	$ (0.35)	$ (0.30)
Diluted net loss per share	$ (0.11)	$ (0.11)	$ (0.35)	$ (0.30)
Weighted average shares used to compute basic net loss per common share	58,865,898	55,966,672	58,790,160	55,918,284
Weighted average shares used to compute diluted net loss per common share	58,865,898	55,966,672	58,790,160	55,918,284

Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 4,720	$ 6,883
Restricted cash- short term	154	65
Restricted cash- long term		155
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 4,874	$ 7,103

Commitments and Contingencies

9 Months Ended

Jan. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(14) 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 is awaiting the results of the appeal.

Litigation with Paragon Technologies, Inc.

On June 16, 2023, Paragon Technologies, Inc., a Delaware corporation that is an activist investor and a stockholder of the Company (“Paragon”), informed the Company that Paragon was planning a proxy contest against the Company and intended to nominate candidates for election to the Company Board of Directors (the “OPT Board”) at the Company’s 2023 Annual Meeting (the “2023 Annual Meeting”). Subsequently, Paragon disclosed its intention to replace a majority of the six-member OPT Board with initially five purported nominees, including three members of the Paragon Board of Directors, and, thereby, seek control of the Company. In furtherance of Paragon’s threatened agenda, Paragon brought two litigation matters against the Company in the Delaware Court of Chancery.

Litigation Brought by Paragon Against OPT to Enforce Paragon’s Section 220 Inspection Demand

On July 27, 2023, Paragon filed a complaint against the Company in the Delaware Court of Chancery to enforce the demand that Paragon had made on July 17, 2023 to inspect OPT’s confidential books and records pursuant to Section 220 of the Delaware General Corporation Law. On October 20, 2023, a Magistrate of the Delaware Court of Chancery issued a report regarding this matter and recommended that the Company produce certain formal board-level materials to Paragon. On October 25, 2023, the Company filed a Notice of Exceptions with the Delaware Court of Chancery to take exceptions to various aspects of the Magistrate’s report, including the documents required to be produced. On January 31, 2024, the Delaware Court of Chancery issued a bench ruling affirming in part, and overruling in part, the Magistrate’s report, which narrowed the categories of books and records that need to be produced. The parties are currently in the process of negotiating the terms of a proposed implementing order to be entered by the Delaware Court of Chancery to implement the Magistrate’s report as modified by the Court’s bench ruling on January 31, 2024.

Litigation Brought by Paragon Against OPT and the OPT Board Seeking Injunctive and Declaratory Relief

On October 9, 2023, Paragon initiated litigation in the Delaware Court of Chancery against the Company and the OPT Board alleging claims for breach of fiduciary duty and seeking declaratory and injunctive relief, including an injunction to (i) prevent the Company from rejecting the purported nominating notice that Paragon submitted to the Company on August 25, 2023 to notify the Company of its intention to nominate a majority slate of nominees at the 2023 Annual Meeting (the “Purported Nominating Notice”), and (ii) require the Company to approve Paragon’s request for an exemption from OPT’s Section 382 Tax Benefits Preservation Plan so that Paragon could purchase up to 19.9% of the Company’s common stock without triggering the dilution that would otherwise apply to the holder of 4.99% or more of the Company’s common stock. On November 30, 2023, the Delaware Court of Chancery denied Paragon’s request for injunctive relief to (i) block the OPT Board from continuing to reject Paragon’s Purported Nominating Notice, and (ii) require the OPT Board to grant Paragon the exemption it had requested from the Company’s Section 382 Tax Benefits Preservation Plan. Further, the Delaware Court of Chancery indicated that factual issues remain that would need to be resolved at a trial. On November 30, 2023, the Delaware Court of Chancery also granted, in part, a motion for sanctions against Paragon relating to the purported spoliation of text messages. As of the date hereof, there has been no further developments with respect to this matter and the Delaware Court of Chancery has not scheduled any further action with respect to this matter, other than directing counsel for the Company and the OPT Board to submit an affidavit detailing the reasonable fees and expenses incurred in filing their motion for sanctions and providing Paragon with an opportunity to respond.

General Legal Matters

From time to time, the Company is involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements.

Accounts Receivable, Contract Assets and Contract Liabilities

9 Months Ended

Jan. 31, 2024

Accounts Receivable Contract Assets And Contract Liabilities

Accounts Receivable, Contract Assets and Contract Liabilities

(3) 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:

	January 31, 2024		April 30, 2023		April 30, 2022
	(in thousands)
Accounts receivable	$	625	$	745	$	482
Contract assets	$	281	$	152	$	386
Contract liabilities	$	868	$	1,378	$	129

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 from year end is primarily a result of consulting services projects for which revenue was recognized in the current period but has not yet been billed. No impairments to contract assets were incurred during the nine months ended January 31, 2024 and 2023.

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

	Nine months ended January 31, 2024			Nine months ended January 31, 2023
	(in thousands)
Transferred to receivables from contract assets recognized	$	(1,469	)	$	(1,646	)
Revenue recognized and not billed		1,598			1,353
Net change in contract assets	$	129		$	(293	)

Contract Liabilities

Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The decrease in contract liabilities from year end is primarily due to recognizing revenue on the DOE Phase II contract for which the Company was paid in prior periods.

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

	Nine months ended January 31, 2024			Nine months ended January 31, 2023
	(in thousands)
Revenue recognized	$	(1,312	)	$	(447	)
Payments collected for which revenue has not been recognized		802			1,652
Net change in contract liabilities	$	(510	)	$	1,205

Share-Based Compensation

9 Months Ended

Jan. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

(12) 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 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. At subsequent shareholder meetings, including in January 2023, the shareholders approved an aggregate increase to the 2015 Plan of 3,050,000 shares resulting in total shares authorized for issuance of 4,382,036 as of January 2023. As of January 31, 2024, the Company had approximately 1,167,000 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. On February 9, 2022, the 2018 Inducement Plan was amended to increase the authorized shares by 250,000 to 275,000. As of January 31, 2024, there were approximately 111,000 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 weighted average valuation assumptions. The risk-free rate is based on the U.S. 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 and nine months ended January 31, 2024 and 2023.

A summary of stock options under the 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, 2023		1,529,185		$	1.75		8.8
Granted		—		$	—
Exercised		—		$	—
Cancelled/forfeited		(685,196	)	$	1.32
Outstanding as of January 31, 2024		843,989		$	2.09		7.8
Exercisable as of January 31, 2024		560,200		$	2.70		7.4

As of January 31, 2024, the total intrinsic value of outstanding and exercisable options was approximately zero. As of January 31, 2024, approximately 284,000 options were unvested, which had an intrinsic value of zero and a weighted average remaining contractual term of 8.7 years. There was approximately $50,000 and $230,000 of total recognized compensation cost related to stock options during each of the nine months ended January 31, 2024 and 2023, respectively. There was approximately $(49,000) and $62,000 of total recognized compensation cost related to stock options during each of the three months ended January 31, 2024 and 2023, respectively. The current period negative expense is a result of expense recapture due to employee terminations during the quarter. As of January 31, 2024, there was approximately $207,000 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 1.6 years.

Performance Stock Units

As of January 31, 2024, there were no performance stock unit outstanding. As of April 30, 2023 there were 66,667 units outstanding which were all canceled during the quarter ended July 31, 2023. There was approximately $43,000 and $132,000 of total recognized compensation cost related to performance stock units during the nine months ended January 31, 2024 and 2023, respectively. There was approximately zero and $31,000 of total recognized compensation cost related to performance stock units during the three months ended January 31, 2024 and 2023, respectively.

Restricted Stock Units

Compensation expense for restricted stock units (“RSUs”) is generally recorded based on the market value on the date of grant and recognized ratably over the associated service and performance period. During the nine months ended January 31, 2024 and 2023, the Company granted 183,000 and 1,609,000 shares, respectively, that were subject to both service-based and market-based vesting requirements.

A summary of unvested RSU’s under the Stock Incentive Plans is as follows:

	Number of Shares			Weighted Average Price per Share
Unvested at April 30, 2023		1,985,995		$	0.89
Granted		183,500		$	0.35
Vested and issued		(786,998	)	$	0.86
Cancelled/forfeited		(326,952	)	$	1.32
Unvested at January 31, 2024		1,055,545		$	0.75

There was approximately $710,000 and $549,000 of total recognized compensation cost related to RSUs for the nine months ended January 31, 2024 and 2023, respectively. There was approximately $179,000 and $185,000 of total recognized compensation cost related to RSUs for the three months ended January 31, 2024 and 2023, respectively. As of January 31, 2024, there was approximately $392,000 of unrecognized compensation cost remaining related to unvested RSUs. The primary driver of unrecognized compensation cost for RSU’s is related to RSU grants in accordance with the Company’s stock holding guidelines for Named Executive Officers (“NEO’s”). This cost is expected to be recognized over a weighted-average period of 1.3 years. Included in Vested and Issued are 47,103 RSU’s which vested for the nine months ended January 31, 2024 and were withheld for tax withholding purposes. These shares are included in treasury shares (see the Consolidated Statement of Shareholders Equity).

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Jan. 31, 2024

Accounting Policies [Abstract]

Consolidation

(a) Consolidation

Use of Estimates

(b) Use of Estimates

Business Combinations

(c) Business Combinations

Cash, Cash Equivalents, Restricted Cash and Security Agreements and Short Term Investments

(d) Cash, Cash Equivalents, Restricted Cash and Security Agreements and Short Term Investments

Cash and Cash Equivalents

Restricted Cash and Security Agreements

	January 31, 2024		April 30, 2023
	(in thousands)
Cash and cash equivalents	$	4,720	$	6,883
Restricted cash- short term		154		65
Restricted cash- long term		—		155
	$	4,874	$	7,103

Short Term Investments

The following table summarizes the Company’s short term investments as of January 31, 2024 and April 30, 2023:

	January 31, 2024						April 30, 2023
Category	Amortized Cost		Unrealized Gains		Market Value		Amortized Cost		Unrealized Gains		Market Value
	(in thousands)						(in thousands)
Corporate Bonds	$	1,767	$	20	$	1,787	$	14,776	$	100	$	14,876
Government Bonds & Notes		2,610	$	21		2,631		9,188	$	33		9,221
Government Agency Bonds		—	$	—		—		3,826		25		3,851
Total Short Term Investments	$	4,377	$	41	$	4,418	$	27,790	$	158	$	27,948

Inventory

(e) Inventory

Accounts Receivable

(f) Accounts Receivable

Property and Equipment, net

(g) Property and Equipment, net

Description		Estimated depreciable life

Equipment		5-7 years
Computer equipment & software		3 years
Office furniture & fixtures		3-7 years
Leasehold improvements		Shorter of the estimated useful life or lease term
Leased Power Buoys assets		10 years
Leased WAM-V assets		10 years

Foreign Exchange Gains and Losses

(h) Foreign Exchange Gains and Losses

Concentration of Credit Risk

(i) Concentration of Credit Risk

Share-Based Compensation

(j) Share-Based Compensation

Revenue Recognition

(k) Revenue Recognition

The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue.

The below table represents the total revenue recognized under ASC 606 and ASC 842 for the three and nine months ended January 31, 2024 and 2023.

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Nine months ended January 31, 2024						Nine months ended January 31, 2023
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	1,625	$	896	$	2,521	$	691	$	190	$	881
Buoy		950		—		950		227		—		227
Services		482		—		482		644		—		644
Total	$	3,057	$	896	$	3,953	$	1,562	$	190	$	1,752

Region:
North and South America	$	3,057	$	896	$	3,953	$	1,311	$	190	$	1,501
Asia and Australia		—		—		—		251		—		251
Total	$	3,057	$	896	$	3,953	$	1,562	$	190	$	1,752

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Three months ended January 31, 2024						Three months ended January 31, 2023
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	1,085	$	387	$	1,472	$	271	$	175	$	446
Buoy		320		—		320		176		—		176
Services		—		—		—		112		—		112
Total	$	1,405	$	387	$	1,792	$	559	$	175	$	734

Region:
North and South America	$	1,405	$	387	$	1,792	$	540	$	175	$	715
Asia and Australia		—		—		—		19		—		19
Total	$	1,405	$	387	$	1,792	$	559	$	175	$	734
Revenue	$	1,405	$	387	$	1,792	$	559	$	175	$	734

Net Loss per Common Share

(l) Net Loss per Common Share

Intangibles

(m) Intangibles

Goodwill

(n) Goodwill

Income Taxes

(o) Income Taxes

Accumulated Other Comprehensive Loss

(p) Accumulated Other Comprehensive Loss

Warranty

(q) Warranty

Product Development

(r) Product Development

Recently Issued Accounting Standards

(s) Recently Issued Accounting Standards

Property and Equipment, net (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 114,000	$ 40,000	$ 286,000	$ 157,000

Leases

9 Months Ended

Jan. 31, 2024

Leases

Leases

(9) Leases

Lessor Information

As of January 31, 2024 and April 30, 2023, the Company had five and three WAM-V’s leased to customers which have been classified as operating leases per accounting guidance contained within ASC Topic 842, “Leases”, respectively. The remaining term on these operating leases is less than 2 years.

Lessee Information

Right-of-use assets 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’s operating leases consist of 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 Company filed an 8-K subsequent to the end of the quarter on February 8, 2024 discussing the lease extension for its main headquarters in Monroe NJ to April 30, 2026. The Company’s Board of Directors approved the amendment on January 30, 2024 and it was executed and recorded as an additional right of use asset and liability as of January 31, 2024. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities on the Company’s Consolidated Balance Sheets.

The Company also had a lease for office space located in Houston, Texas. The lease term was for 1 year, and expired in January 2024. ASC 842 allows a company an accounting policy election to recognize lease payments within the Consolidated Statement of Operations on a straight-line basis if the lease term is equal to or less than 12 months and not recognize a right-of use asset and lease liability. The accounting policy election was made on the commencement date of the lease. The Company chose this election for the Houston lease and classified it as a short-term lease. Final payment was made in January of 2024 and this lease has been terminated.

The Company also has a lease for office space located in Richmond, California. This lease commenced in April of 2023 and will continue for 62 months. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities- current and right-of-use liabilities- long-term on the Company’s Consolidated Balance Sheets.

Variable lease expenses, if any, are recorded as incurred. The operating lease cash flow payments for the three months ended January 31, 2024 and 2023 were $193,000 and $110,000, respectively. The operating lease cash flow payments for the nine months ended January 31, 2024 and 2023 were $564,000 and $326,000, respectively.

The components of lease expense in the Consolidated Statement of Operations for the three and nine months ended January 31, 2024 and 2023 were as follows:

Schedule of Operating Lease Costs

	2024		2023		2024		2023
	Three months ended January 31,				Nine months ended January 31,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Operating lease cost	$	162	$	92	$	478	$	276
Short-term lease cost		20		8		60		24
Total lease cost	$	182	$	100	$	538	$	300

Information related to the Company’s right-of use assets and lease liabilities as of January 31, 2024 was as follows:

	January 31, 2024
	(in thousands)
Operating lease:
Operating right-of-use assets, net	$	2,610

Right-of-use liabilities- current	$	625
Right-of-use liabilities- long term		2,065
Total lease liabilities	$	2,690

Weighted average remaining lease term- operating leases		3.23 years
Weighted average discount rate- operating leases		8.4	%

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

	January 31, 2024
	(in thousands)
Remainder of fiscal year 2024	$	174
2025		1,410
2026		1,847
2027		329
2028		333
thereafter		28
Total future minimum lease payments	$	4,121
Less imputed interest		(1,431	)
Total	$	2,690

Schedule of Non-vested Restricted Stock Activity (Details) - Non-vested Restricted Stock [Member]	9 Months Ended
	Jan. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested, Beginning \| shares	1,985,995
Weighted Average Price per Share, Unvested, Beginning \| $ / shares	$ 0.89
Number of Shares, Unvested, Granted \| shares	183,500
Weighted Average Price per Share, Unvested, Granted \| $ / shares	$ 0.35
Number of Shares, Unvested, Vested and issued \| shares	(786,998)
Weighted Average Price per Share, Unvested, Vested \| $ / shares	$ 0.86
Number of Shares, Unvested, Cancelled/forfeited \| shares	(326,952)
Weighted Average Price per Share, Cancelled/forfeited \| $ / shares	$ 1.32
Number of Shares, Unvested, Ending \| shares	1,055,545
Weighted Average Price per Share, Unvested, Ending \| $ / shares	$ 0.75

Schedule of Investments and Unrealized Gains/Losses (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2024	Apr. 30, 2023
Schedule of Investments [Line Items]
Amortized Cost	$ 4,377	$ 27,790
Unrealized Gains (Losses)	41	158
Market Value	4,418	27,948
Corporate Bonds [Member]
Schedule of Investments [Line Items]
Amortized Cost	1,767	14,776
Unrealized Gains (Losses)	20	100
Market Value	1,787	14,876
Government Bonds and Notes [Member]
Schedule of Investments [Line Items]
Amortized Cost	2,610	9,188
Unrealized Gains (Losses)	21	33
Market Value	2,631	9,221
Government Agency [Member]
Schedule of Investments [Line Items]
Amortized Cost		3,826
Unrealized Gains (Losses)		25
Market Value		$ 3,851

- Definition

Cost of the investment.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Warrants (Details Narrative) - $ / shares	Jan. 31, 2024	Apr. 30, 2019
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase common stock exercised	732,500
Underwritten Public Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase common stock exercised		4,927,680
Exercise price of warrants		$ 3.85
Warrants and rights outstanding, term		5 years

Operating Segments and Geographic Information

9 Months Ended

Jan. 31, 2024

Segment Reporting [Abstract]

Operating Segments and Geographic Information

(16) 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 the Company’s chief operating decision maker does not view the Company’s operations on a segment basis. The Company operates worldwide, with its U.S. operations in New Jersey and California and one operating subsidiary in the UK. Revenues and expenses are generally attributed to the operating unit that bills the customers. During each of the three and nine months ended January 31, 2024 and 2023, the Company’s primary business operations were in North America and the Middle East.

- 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

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2024	Apr. 30, 2023
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	59,551,090	56,304,642
Common stock, shares outstanding	59,463,073	56,263,728
Treasury stock, shares	88,017	40,914
Series A Preferred Stock [Member]
Preferred stock, shares authorized	100,000	100,000

Cover - shares	9 Months Ended
Cover - shares	Jan. 31, 2024	Mar. 11, 2024
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 31, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
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
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		59,463,573
Common Stock $0.001 par value
Title of 12(b) Security	Common Stock $0.001 par value
Trading Symbol	OPTT
Security Exchange Name	NYSEAMER
Series A Preferred Stock Purchase Rights [Member]
Title of 12(b) Security	Series A Preferred Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NYSEAMER

Schedule of Revenue Recognizes From Operating Lease Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Product Information [Line Items]
Revenue	$ 1,792	$ 734	$ 3,953	$ 1,752
North And South America [Member]
Product Information [Line Items]
Revenue	1,792	715	3,953	1,501
Asia and Australia [Member]
Product Information [Line Items]
Revenue		19		251
Region [Member]
Product Information [Line Items]
Revenue	1,792	734	3,953	1,752
WAMV [Member]
Product Information [Line Items]
Revenue	1,472	446	2,521	881
Buoy [Member]
Product Information [Line Items]
Revenue	320	176	950	227
Service [Member]
Product Information [Line Items]
Revenue		112	482	644
Product [Member]
Product Information [Line Items]
Revenue	1,792	734	3,953	1,752
Accounting Standards Update 2014-09 [Member] \| North And South America [Member]
Product Information [Line Items]
Revenue	1,405	540	3,057	1,311
Accounting Standards Update 2014-09 [Member] \| Asia and Australia [Member]
Product Information [Line Items]
Revenue		19		251
Accounting Standards Update 2014-09 [Member] \| Region [Member]
Product Information [Line Items]
Revenue	1,405	559	3,057	1,562
Accounting Standards Update 2014-09 [Member] \| WAMV [Member]
Product Information [Line Items]
Revenue	1,085	271	1,625	691
Accounting Standards Update 2014-09 [Member] \| Buoy [Member]
Product Information [Line Items]
Revenue	320	176	950	227
Accounting Standards Update 2014-09 [Member] \| Service [Member]
Product Information [Line Items]
Revenue		112	482	644
Accounting Standards Update 2014-09 [Member] \| Product [Member]
Product Information [Line Items]
Revenue	1,405	559	3,057	1,562
Accounting Standards Update 2016-02 [Member] \| North And South America [Member]
Product Information [Line Items]
Revenue	387	175	896	190
Accounting Standards Update 2016-02 [Member] \| Asia and Australia [Member]
Product Information [Line Items]
Revenue
Accounting Standards Update 2016-02 [Member] \| Region [Member]
Product Information [Line Items]
Revenue	387	175	896	190
Accounting Standards Update 2016-02 [Member] \| WAMV [Member]
Product Information [Line Items]
Revenue	387	175	896	190
Accounting Standards Update 2016-02 [Member] \| Buoy [Member]
Product Information [Line Items]
Revenue
Accounting Standards Update 2016-02 [Member] \| Service [Member]
Product Information [Line Items]
Revenue
Accounting Standards Update 2016-02 [Member] \| Product [Member]
Product Information [Line Items]
Revenue	$ 387	$ 175	$ 896	$ 190

Property and Equipment, net

9 Months Ended

Jan. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

(6) Property and Equipment, net

The components of property and equipment, net as of January 31, 2024 and April 30, 2023 consisted of the following:

	January 31, 2024			April 30, 2023
	(in thousands)
Equipment	$	1,491		$	783
Computer equipment & software		711			700
Office furniture & equipment		420			386
Leasehold improvements		683			611
Leased WAM-V’s		640			371
Leased Buoys		111			—
Property and equipment, gross		4,056			2,851
Less: accumulated depreciation		(1,839	)		(1,571	)
Property and equipment, net	$	2,217		$	1,280

Leased WAM-V’s represent fixed assets that are part of underlying operating leases with customers as discussed in the revenue recognition section of ASC 842 policy disclosure. Depreciation expense was approximately $286,000 and $157,000 for the nine-month periods ended January 31, 2024 and 2023, respectively. Depreciation expense was approximately $114,000 and $40,000 for the three-month periods ended January 31, 2024 and 2023, respectively.

Leases (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Leases (Details Narrative) - USD ($)	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Lessee operating lease renewal term	2 years		2 years
Lease commencement date	62 months		62 months
Operating lease cash flow payments	$ 193,000	$ 110,000	$ 564,000	$ 326,000
Monroe Township [Member]
Lessee, operating lease, option to extend			The Company filed an 8-K subsequent to the end of the quarter on February 8, 2024 discussing the lease extension for its main headquarters in Monroe NJ to April 30, 2026. The Company’s Board of Directors approved the amendment on January 30, 2024 and it was executed and recorded as an additional right of use asset and liability as of January 31, 2024. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities on the Company’s Consolidated Balance Sheets.
Houston, Texas [Member]
Lessee, operating lease, option to extend			expired in January 2024
Lease commencement date	1 year		1 year

Other Current Assets (Tables)

9 Months Ended

Jan. 31, 2024

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

Schedule of Other Current Assets

Other current assets consisted of the following at January 31, 2024 and April 30, 2023:

Schedule of Other Current Assets

	January 31, 2024		April 30, 2023
	(in thousands)
Proceeds receivable from sale of New Jersey net operating loss & tax credits	$	1,234	$	—
Prepaid inventory materials		1,088		58
Prepaid insurance		374		358
Prepaid software & licenses		308		190
Prepaid sales & marketing		138		122
Prepaid project costs		617		46
Prepaid expenses- other		168		220
Total other current assets	$	3,927	$	994

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Cash flows from operating activities:
Net loss	$ (6,509,000)	$ (6,090,000)	$ (20,761,000)	$ (16,786,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of fixed assets	114,000	40,000	286,000	157,000
Foreign exchange gain			2,000
Amortization of intangible assets	34,000	40,000	114,000	119,000
Amortization of right of use assets			388,000	230,000
(Accretion of discount)/amortization of premium on investments			(277,000)	198,000
Change in contingent consideration liability	(33,000)	373,000	(117,000)	154,000
Stock based compensation	100,000	300,000	803,000	911,000
Loss on disposition of assets	210,000		210,000
Changes in operating assets and liabilities:
Accounts receivable			120,000	(224,000)
Contract assets			(129,000)	293,000
Inventory			(2,416,000)	(995,000)
Other assets			(2,933,000)	(1,530,000)
Accounts payable			512,000	(314,000)
Earnout payable			(500,000)
Accrued expenses			894,000	747,000
Right-of-use liabilities			(397,000)	(254,000)
Contract liabilities			(510,000)	1,205,000
Net cash used in operating activities			(24,711,000)	(16,089,000)
Cash flows from investing activities:
Redemptions of short term investments			31,625,000	49,584,000
Purchases of short term investments			(7,935,000)	(30,402,000)
Purchases of property and equipment			(1,224,000)	(302,000)
Net cash provided by investing activities			22,466,000	18,880,000
Cash flows from financing activities:
Cash paid for tax withholding related to shares withheld			(13,000)	(14,000)
Proceeds from issuance of common stock - Cantor At The Market offering, net of issuance costs			29,000
Net cash provided by/(used in) financing activities			16,000	(14,000)
Net (decrease) / increase in cash, cash equivalents and restricted cash			(2,229,000)	2,777,000
Cash, cash equivalents and restricted cash, beginning of period			7,103,000	8,362,000
Cash, cash equivalents and restricted cash, end of period	$ 4,874,000	$ 11,139,000	4,874,000	11,139,000
Supplemental disclosure of noncash investing and financing activities:
Common stock issued related to bonus and earnout payments			1,250,000
Operating right of use asset obtained in exchange for operating lease liability			$ 1,247,000

Other Current Assets

9 Months Ended

Jan. 31, 2024

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

Other Current Assets

(5) Other Current Assets

Other current assets consisted of the following at January 31, 2024 and April 30, 2023:

Schedule of Other Current Assets

	January 31, 2024		April 30, 2023
	(in thousands)
Proceeds receivable from sale of New Jersey net operating loss & tax credits	$	1,234	$	—
Prepaid inventory materials		1,088		58
Prepaid insurance		374		358
Prepaid software & licenses		308		190
Prepaid sales & marketing		138		122
Prepaid project costs		617		46
Prepaid expenses- other		168		220
Total other current assets	$	3,927	$	994

Inventory (Tables)

9 Months Ended

Jan. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

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

Schedule of Inventory

	January 31, 2024		April 30, 2023
	(in thousands)
Raw Materials	$	3,119	$	1,044
Work in Process		326		—
Finished Products	$	15	$	—
Inventory, net	$	3,460	$	1,044

Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 2,729	$ 2,729
Trademarks	2,769	2,769
Tradename		130
Customer Relationships		150
Intangible assets, gross	5,498	5,778
Accumulated amortization	(1,842)	(1,800)
Intangible assets, net	$ 3,656	$ 3,978

Property and Equipment, net (Tables)

9 Months Ended

Jan. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment

The components of property and equipment, net as of January 31, 2024 and April 30, 2023 consisted of the following:

	January 31, 2024			April 30, 2023
	(in thousands)
Equipment	$	1,491		$	783
Computer equipment & software		711			700
Office furniture & equipment		420			386
Leasehold improvements		683			611
Leased WAM-V’s		640			371
Leased Buoys		111			—
Property and equipment, gross		4,056			2,851
Less: accumulated depreciation		(1,839	)		(1,571	)
Property and equipment, net	$	2,217		$	1,280

Fair Value Measurements

9 Months Ended

Jan. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

(13) 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, other assets, contract assets and liabilities, deposits, accounts payable, and accrued expenses. The carrying value is equal to their fair value due to the short term nature of these accounts.

Additionally, there is a Level 3 contingent liability related to earnout payable as part of the MAR acquisition in the amount of $1.1 million as of January 31, 2024. The fair value of this contingent liability has decreased by approximately $0.1 million from the fair value of $1.2 million as of April 30, 2023.

In June 2023, the Company paid $500,000 in cash and issued 1,923,077 in shares worth $1.0 million to satisfy the achievement of the first earnout period.

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 and nine months ended January 31, 2024 and 2023.

- 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

Intangible Assets (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Intangible Assets (Details Narrative) - USD ($)	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 34,000	$ 40,000	$ 114,000	$ 119,000

Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Leases
Operating lease cost	$ 162	$ 92	$ 478	$ 276
Short-term lease cost	20	8	60	24
Total lease cost	$ 182	$ 100	$ 538	$ 300

Intangible Assets (Tables)

9 Months Ended

Jan. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Components of Intangible Assets

The components of intangible assets, net as of January 31, 2024 and April 30, 2023 consisted of the following:

	January 31, 2024			April 30, 2023
	(in thousands)
Patents	$	2,729		$	2,729
Trademarks		2,769			2,769
Tradename		—			130
Customer Relationships		—			150
Intangible assets, gross		5,498			5,778
Accumulated amortization		(1,842	)		(1,800	)
Intangible assets, net	$	3,656		$	3,978

Schedule of Significant Changes in Contract Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Accounts Receivable Contract Assets And Contract Liabilities
Transferred to receivables from contract assets recognized	$ (1,469)	$ (1,646)
Revenue recognized and not billed	1,598	1,353
Net change in contract assets	$ 129	$ (293)

Leases (Tables)

9 Months Ended

Jan. 31, 2024

Leases

Schedule of Operating Lease Costs

The components of lease expense in the Consolidated Statement of Operations for the three and nine months ended January 31, 2024 and 2023 were as follows:

Schedule of Operating Lease Costs

	2024		2023		2024		2023
	Three months ended January 31,				Nine months ended January 31,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Operating lease cost	$	162	$	92	$	478	$	276
Short-term lease cost		20		8		60		24
Total lease cost	$	182	$	100	$	538	$	300

Schedule of Right-of use Assets and Lease Liabilities

Information related to the Company’s right-of use assets and lease liabilities as of January 31, 2024 was as follows:

	January 31, 2024
	(in thousands)
Operating lease:
Operating right-of-use assets, net	$	2,610

Right-of-use liabilities- current	$	625
Right-of-use liabilities- long term		2,065
Total lease liabilities	$	2,690

Weighted average remaining lease term- operating leases		3.23 years
Weighted average discount rate- operating leases		8.4	%

Schedule of Future Minimum Lease payments Under Operating Lease

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

	January 31, 2024
	(in thousands)
Remainder of fiscal year 2024	$	174
2025		1,410
2026		1,847
2027		329
2028		333
thereafter		28
Total future minimum lease payments	$	4,121
Less imputed interest		(1,431	)
Total	$	2,690

Goodwill (Details Narrative) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023	Nov. 30, 2021
Goodwill	$ 8,537	$ 8,537
Marine Advanced Robotics, Inc. [Member]
Goodwill			$ 8,500

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Schedule of Accounts Receivable, Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023	Apr. 30, 2022
Accounts Receivable Contract Assets And Contract Liabilities
Accounts receivable	$ 625	$ 745	$ 482
Contract assets	281	152	386
Contract liabilities	$ 868	$ 1,378	$ 129