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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Jul. 31, 2011	Aug. 31, 2011
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2011
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012
Entity Registrant Name	Ocean Power Technologies, Inc.
Entity Central Index Key	0001378140
Current Fiscal Year End Date	--04-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		10,394,720

Consolidated Balance Sheets - USD ($)	Jul. 31, 2011	Apr. 30, 2011
ASSETS
Cash and cash equivalents	$ 8,898,701	$ 4,376,136
Marketable securities	25,092,913	26,018,594
Accounts receivable	982,323	1,285,000
Unbilled receivables	1,321,853	456,316
Other current assets	716,186	832,142
Total current assets	37,011,976	32,968,188
Property and equipment, net	796,059	792,092
Patents, net	1,247,951	1,222,368
Restricted cash	1,591,189	1,624,669
Marketable securities	7,516,214	16,323,016
Other noncurrent assets	627,500	622,245
Total assets	48,790,889	53,552,578
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	826,833	1,224,728
Accrued expenses	3,869,988	4,302,952
Unearned revenues	1,244,562	344,022
Current portion of long-term debt	75,000	139,378
Total current liabilities	6,016,383	6,011,080
Long-term debt	425,000	450,000
Deferred credits	600,000	600,000
Total liabilities	7,041,383	7,061,080
Commitments and contingencies (note 9)
Ocean Power Technologies, Inc. Stockholders' equity:
Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding
Common stock, $0.001 par value; authorized 105,000,000 shares, issued 10,411,295 and 10,419,183 shares, respectively	10,411	10,419
Treasury stock, at cost; 13,485 and 7,685 shares, respectively	(65,877)	(42,734)
Additional paid-in capital	157,545,820	157,174,930
Accumulated deficit	(115,844,036)	(110,848,972)
Accumulated other comprehensive loss	85,835	175,907
Total Ocean Power Technologies, Inc. stockholders' equity	41,732,153	46,469,550
Noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd.	17,353	21,948
Total equity	41,749,506	46,491,498
Total liabilities and stockholders' equity	$ 48,790,889	$ 53,552,578

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2011	Apr. 30, 2011
Consolidated Balance Sheets
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	105,000,000	105,000,000
Common stock, shares issued	10,411,295	10,419,183
Treasury stock, shares	13,485	7,685

Consolidated Statements Of Operations - USD ($)	3 Months Ended
Consolidated Statements Of Operations - USD ($)	Jul. 31, 2011	Jul. 31, 2010
Consolidated Statements Of Operations
Revenues	$ 1,910,852	$ 1,374,407
Cost of revenues	1,901,902	1,588,246
Gross profit (loss)	8,950	(213,839)
Operating expenses:
Product development costs	3,100,587	4,025,786
Selling, general and administrative costs	2,019,742	2,028,910
Total operating expenses	5,120,329	6,054,696
Operating loss	(5,111,379)	(6,268,535)
Interest income, net	120,768	237,465
Foreign exchange loss	(9,041)	(239,002)
Net loss	(4,999,652)	(6,270,072)
Less: Net loss attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd.	4,588	3,479
Net loss attributable to Ocean Power Technologies, Inc.	$ (4,995,064)	$ (6,266,593)
Basic and diluted net loss per share	$ (0.49)	$ (0.61)
Weighted average shares used to compute basic and diluted net loss per share	10,268,155	10,236,466

Consolidated Statements Of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements Of Cash Flows - USD ($)	Jul. 31, 2011	Jul. 31, 2010
Cash flows from operating activities:
Net loss	$ (4,999,652)	$ (6,270,072)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange loss	9,041	239,002
Depreciation and amortization	99,140	92,156
Loss on disposals of property, plant and equipment	356
Treasury note premium amortization	13,914	30,784
Compensation expense related to stock option grants and restricted stock	370,882	410,568
Changes in operating assets and liabilities:
Accounts receivable	282,099	556,320
Unbilled receivables	(865,244)	103,687
Other current assets	112,335	(1,151,380)
Other noncurrent assets	(17,994)	635,565
Accounts payable	(397,069)	(423,257)
Accrued expenses	(373,541)	(637,798)
Unearned revenues	900,540	490,677
Other noncurrent liabilities		(137,438)
Net cash used in operating activities	(4,865,193)	(6,061,186)
Cash flows from investing activities:
Purchases of marketable securities	(271,005)	(6,035,907)
Maturities of marketable securities	10,000,000	11,998,844
Restricted cash		(250,000)
Purchases of equipment	(82,658)	(21,719)
Payments of patent costs	(56,836)	(80,637)
Net cash provided by investing activities	9,589,501	5,610,581
Cash flows from financing activities:
Proceeds from long-term debt		250,000
Repayment of debt	(89,378)	(6,008)
Acquisition of treasury stock	(23,143)
Net cash (used in) provided by financing activities	(112,521)	243,992
Effect of exchange rate changes on cash and cash equivalents	(89,222)	(104,384)
Net increase (decrease) in cash and cash equivalents	4,522,565	(310,997)
Cash and cash equivalents, beginning of period	4,376,136	4,236,597
Cash and cash equivalents, end of period	8,898,701	3,925,600
Supplemental disclosure of noncash investing and financing activities:
Capitalized patent costs financed through accounts payable and accrued expenses	24,332	7,832
Capitalized purchases of equipment financed through accounts payable and accrued expenses	$ 19,795	$ 5,000

Consolidated Statements Of Stockholders' Equity And Comprehensive Loss - USD ($)	Common Shares [Member]	Treasury Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total Ocean Power Technologies, Inc, Stockholders Equity [Member]	Noncontrolling Interest [Member]	Total
Balance at Apr. 30, 2010	$ 10,391	$ (6,443)	$ 155,726,672	$ (90,413,098)	$ (503,322)	$ 64,814,200	$ 40,890	$ 64,855,090
Balance, shares at Apr. 30, 2010	10,390,563	(1,072)
Net loss				(6,266,593)		(6,266,593)	(3,479)	(6,270,072)
Foreign currency translation adjustment					132,920	132,920	(1,285)	131,635
Total comprehensive loss						(6,133,673)		(6,138,437)
Stock based compensation			301,292			410,568		410,568
Issuance (forfeiture) of restricted stock, net	$ 21		109,255
Issuance (forfeiture) of restricted stock net, shares	21,000
Balance at Jul. 31, 2010	$ 10,412	$ (6,443)	156,137,219	(96,679,691)	(370,402)	59,091,095	36,126	59,127,221
Balance, shares at Jul. 31, 2010	10,411,563	(1,072)
Balance at Apr. 30, 2011	$ 10,419	$ (42,734)	157,174,930	(110,848,972)	175,907	46,469,550	21,948	46,491,498
Balance, shares at Apr. 30, 2011	10,419,183	(7,685)
Net loss				(4,995,064)		(4,995,064)	(4,588)	(4,999,652)
Foreign currency translation adjustment					(90,072)	(90,072)	(7)	(90,079)
Total comprehensive loss						(5,085,136)		(5,089,731)
Stock based compensation			316,462			316,462		316,462
Issuance (forfeiture) of restricted stock, net	$ (8)		54,428			54,420		54,420
Issuance (forfeiture) of restricted stock net, shares	(7,888)
Acquisition of treasury stock		$ (23,143)				(23,143)		(23,143)
Acquisition of treasury stock, shares		(5,800)
Balance at Jul. 31, 2011	$ 10,411	$ (65,877)	$ 157,545,820	$ (115,844,036)	$ 85,835	$ 41,732,153	$ 17,353	$ 41,749,506
Balance, shares at Jul. 31, 2011	10,411,295	(13,485)

Background And Basis Of Presentation

3 Months Ended

Jul. 31, 2011

Background And Basis Of Presentation

Background And Basis Of Presentation

(1) Background and Basis of Presentation

Ocean Power Technologies, Inc. (the "Company") was incorporated on April 19, 1984 in New Jersey, commenced commercial operations in 1994 and re-incorporated in Delaware in April 2007. The Company develops and is commercializing proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The Company markets and sells its products in the United States and internationally.

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The interim operating results are not necessarily indicative of the results for a full year or for any other interim period. Further information on potential factors that could affect the Company's financial results can be found in the Company's Annual Report on Form 10-K for the year ended April 30, 2011 filed with the Securities and Exchange Commission ("SEC") and elsewhere in this Form 10-Q.

Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Participation of stockholders other than the Company in the net assets and in the earnings or losses of a consolidated subsidiary is reflected as a noncontrolling interest in the Company's Consolidated Balance Sheets and Statements of Operations, which adjusts the Company's consolidated results of operations to reflect only the Company's share of the earnings or losses of the consolidated subsidiary. As of July 31, 2011, there was one noncontrolling interest, consisting of 11.8% of the Company's Australian subsidiary, Ocean Power Technologies (Australasia) Pty. Ltd.

In addition, the Company evaluates its relationships with other entities to identify whether they are variable interest entities, and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. As of July 31, 2011, there were no such entities.

The Company has a 10% investment in Iberdrola Energias Marinas de Cantabria, S.A. ("Iberdrola Cantabria"). Revenues from Iberdrola Cantabria for the three months ended July 31, 2011 and 2010 were $0 and $(231,000), respectively. Additionally, accounts receivable from Iberdrola Cantabria aggregated $331,000 and $341,000 as of July 31, 2011 and April 30, 2011, respectively. See Note 2(a) and Note 9.

Use of Estimates

The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the recoverability of the carrying amount of property and equipment and patents; valuation allowances for receivables and deferred income tax assets; and percentage of completion of customer contracts for purposes of revenue recognition. Actual results could differ from those estimates. The current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Summary Of Significant Accounting Policies

3 Months Ended

Jul. 31, 2011

Summary Of Significant Accounting Policies

Summary Of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

(a) Revenue Recognition

The Company primarily recognizes revenue under the percentage-of-completion method. The percentage of completion is determined by relating the costs incurred to date to the estimated total costs. The cumulative effects resulting from revisions of estimated total contract costs and revenues are recorded in the period in which the facts requiring revision become known. Upon anticipating a loss on a contract, the Company recognizes the full amount of the anticipated loss in the current period. Accruals related to losses on contracts in the amount of approximately $785,000 are included in accrued expenses in the accompanying consolidated balance sheets as of July 31, 2011 and April 30, 2011. Modifications to contract provisions, such as those currently being discussed in connection with the Company's Spain construction agreement (see Note 9), as well as modifications in contract loss estimates, may require changes in accruals established for anticipated contract losses. During the three months ended July 31, 2010, the Company's revenue was reduced by approximately $231,000 due to a change in estimated revenue to be recognized in connection with the Spain construction agreement.

Generally, the Company recognizes revenue using the percentage-of-completion method based on the ratio of costs incurred to total estimated costs at completion. In certain circumstances, revenue under contracts that have specified milestones or other performance criteria may be recognized only when the customer acknowledges that such criteria have been satisfied. In addition, recognition of revenue (and the related costs) may be deferred for fixed-price contracts until contract completion if the Company is unable to reasonably estimate the total costs of the project prior to completion. Because the Company has a small number of contracts, revisions to the percentage-of-completion determination or delays in meeting performance criteria or in completing projects may have a significant effect on revenue for the periods involved. Upon anticipating a loss on a contract, the Company recognizes the full amount of the anticipated loss in the current period.

Generally the Company's contracts are either cost plus or fixed price contracts. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee. Revenue is typically recorded using the percentage-of-completion method based on the maximum awarded contract amount. In certain cases the Company may choose to incur costs in excess of the maximum awarded contract amount, resulting in a loss on the contract. Currently, 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. Revenue is typically recorded using the percentage-of-completion method based on the contract amount. Depending on whether actual costs are more or less than the agreed-upon amount, there is a profit or loss on the project. 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. The Company funds the remainder of the costs as part of its product development efforts. Revenue is typically recorded using the percentage-of-completion method based on the amount agreed upon with the customer. An amount corresponding to the revenue is recorded in cost of revenues, resulting in gross profit on these contracts of zero. The Company's share of the costs is recorded as product development expense.

Unbilled receivables represent expenditures on contracts, plus applicable profit margin, not yet billed. Unbilled receivables are normally billed and collected within one year. Billings made on contracts are recorded as a reduction of unbilled receivables, and to the extent that such billings and cash collections exceed costs incurred plus applicable profit margin, they are recorded as unearned revenues.

(b) Cash and Cash Equivalents

Cash equivalents consist of investments in short-term financial instruments with initial maturities of three months or less from the date of purchase. Cash and cash equivalents include the following: $2,500,000 and $273,000 of certificates of deposit with an initial term of less than three months at July 31, 2011 and April 30, 2011, respectively and $2,562,000 and $482,000 invested in money market funds as of July 31, 2011 and April 30, 2011, respectively.

(c) Restricted Cash and Credit Facility

The Company had $1,591,189 and $1,624,669 of restricted cash as of July 31, 2011 and April 30, 2011, respectively. The cash is restricted under the terms of two security agreements.

One agreement is between Ocean Power Technologies, Inc. and Barclays Bank. Under this agreement, the cash is on deposit at Barclays Bank and serves as security for letters of credit that are expected to be issued by Barclays Bank on behalf of Ocean Power Technologies Ltd., one of the Company's wholly-owned subsidiaries, under a €800,000 credit facility established by Barclays Bank for Ocean Power Technologies Ltd. The credit facility is for the issuance of letters of credit and bank guarantees, and carries a fee of 1% per annum of the amount of any such obligations issued by Barclays Bank. As of July 31, 2011 there were €266,000 in letters of credit outstanding under this agreement. The credit facility does not have an expiration date, but is cancelable at the discretion of the bank. As of July 31, 2011, approximately €720,000 is included in restricted cash.

The other agreement is between Ocean Power Technologies, Inc. and the New Jersey Board of Public Utilities ("NJBPU"). The Company received a $500,000 recoverable grant award from the NJBPU. Under this agreement, the Company is required to assign to the NJBPU a certificate of deposit in an amount equal to the outstanding grant balance. The Company has assigned to the NJBPU certificates of deposit in the amount of $500,000, which are outstanding as of July 31, 2011. See Note 6.

(d) Foreign Exchange Gains and Losses

The Company has invested in certain certificates of deposit and has maintained cash accounts that are denominated in British pounds sterling, Euros and Australian dollars. Such certificates of deposit and cash accounts had a balance of approximately $5,214,000 and $4,793,000 as of July 31, 2011 and April 30, 2011, respectively. These amounts are included in cash, cash equivalents, restricted cash and marketable securities on the accompanying balance sheets. Such positions may result in realized and unrealized foreign exchange gains or losses from exchange rate fluctuations, which gains and losses are included in foreign exchange (loss) gain in the accompanying consolidated statements of operations. Foreign exchange (loss) was $(9,041) and $(239,002) for the three months ended July 31, 2011and 2010, respectively.

(e) Long-Lived Assets

Long-lived assets, such as property and equipment and purchased intangible assets subject to amortization, are 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. The Company reviewed its long-lived assets for impairment and determined there was no impairment for the three months ended July 31, 2011.

(f) Concentration of Credit Risk

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

The table below shows the percentage of the Company's revenues derived from customers whose revenues accounted for at least 10% of the Company's consolidated revenues for at least one of the periods indicated:

Three months ended July 31,


Customer	2011	2010(1)

US Navy…………………………………………….	60%	79%
US Department of Energy…………………………	25%	24%
UK Government's Technology Strategy Board……..	12%	—
Scottish Government………………………………	—	11%

	97%	114%

(1)Total exceeds 100% due to a negative revenue adjustment made to another customer (see Note 2(a)).

The loss of, or a significant reduction in revenues from, any of the current customers could significantly impact the Company's financial position or results of operations. The Company does not require collateral from its customers.

(g) Net Loss per Common Share

Basic and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Due to the Company's net losses, potentially dilutive securities, consisting of outstanding stock options and non-vested performance-based shares, were excluded from the diluted loss per share calculation due to their anti-dilutive effect.

In computing diluted net loss per share, options to purchase shares of common stock and non-vested restricted stock issued to employees and non-employee directors, totaling 1,560,178 for the three months ended July 31, 2011 and 1,715,520 for the three months ended July 31, 2010, were excluded from the computations as the effect would be anti-dilutive due to the Company's losses.

(h) Recently Issued Accounting Standards

In May 2011, the Financial Accounting Standards Board ("FASB") issued additional authoritative guidance related to fair value measurements and disclosures. The new guidance results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between accounting principles generally accepted in the United States (U.S. GAAP) and International Financial Reporting Standards (IFRS). The guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2011. The Company is currently assessing the impact of the guidance.

In June 2011, the FASB issued amended guidance on the presentation of comprehensive income in financial statements. This amendment provides companies the option to present the components of net income and other comprehensive income either as one continuous statement of comprehensive income or as two separate but consecutive statements. It eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders' equity. The provisions of this new guidance are effective for interim and annual periods beginning after December 15, 2011. The adoption of this new guidance will not impact the Company's financial position, results of operations or cash flows.

Marketable Securities

3 Months Ended

Jul. 31, 2011

Marketable Securities

Marketable Securities

(3) Marketable Securities

Marketable securities with initial maturities longer than three months but that mature within one year from the balance sheet date are classified as current assets and are summarized as follows:


	July 31,		April 30,
	2011		2011
Certificates of deposit denominated in Australian dollars………………………………………….	$	773,326		491,895
Certificate of deposit denominated in US dollars…………………………………………………..		3,806,808		―
US Treasury obligations……………………………………………………………………………		20,512,779		25,526,699

	$	25,092,913		26,018,594

The Company's marketable securities that mature more than one year from the balance sheet date are classified as noncurrent assets. These marketable securities all mature in less than three years, are all classified as held-to-maturity, are carried at amortized cost and are summarized as follows:

			Gross	Gross
		Amortized	unrealized	unrealized	Market
		cost	gains	losses	value
July 31, 2011

US Treasury obligations……………………………	$	7,516,214	92,716	-	7,608,930

	$	7,516,214	92,716	-	7,608,930

April 30, 2011

US Treasury obligations……………………………	$	12,516,208	164,107	-	12,680,315
Certificate of deposit…………………		3,806,808	-	-	3,806,808

	$	16,323,016	164,107	-	16,487,123

Balance Sheet Detail

3 Months Ended

Jul. 31, 2011

Balance Sheet Detail

Balance Sheet Detail

(4) Balance Sheet Detail

			July 31, 2011	April 30, 2011

Property and Equipment
	Property and Equipment	$	2,234,763	2,151,179
	Accumulated depreciation and amortization		(1,438,704)	(1,359,087)
		$	796,059	792,092

Patents
	Patents	$	1,595,723	1,556,277
	Accumulated amortization		(347,772)	(333,909)
		$	1,247,951	1,222,368


Accrued Expenses
Project costs		$	1,545,339	1,505,981
Contract loss reserves			785,000	785,000
Employee incentive payments			190,579	749,464
Other			271,074	282,999
Employee-related costs			417,173	364,799
Payroll tax withholdings			169,043	219,632
Investment in joint venture			191,296	197,318
Legal and accounting fees			234,573	157,616
Value-added tax			65,911	40,143
		$	3,869,988	4,302,952

Related Party Transactions

3 Months Ended

Jul. 31, 2011

Related Party Transactions

Related Party Transactions

(5) Related Party Transactions

In August 1999, the Company entered into a consulting agreement with an individual for the provision of marketing services. Currently, this agreement provides for fees at a rate of $950 per day of services provided. The individual became a member of the board of directors in June 2006. Under this consulting agreement, the Company expensed approximately $21,000 during each of the three month periods ended July 31, 2011 and 2010, respectively. The amount of consulting fees payable to this individual at July 31, 2011 and April 30, 2011 was $7,000. In addition, this individual is also the chief executive officer of a company that provides engineering and technical services to the Company. The Company incurred expenses of approximately $22,000 and $57,000 for such services during the three months ended July 31, 2011 and 2010, respectively. The amount payable to the individual's company was $5,000 and $56,000 at July 31, 2011 and April 30, 2011, respectively. The Company also provides services to the company where this individual is the chief executive officer. The Company recorded revenue of approximately $16,000 for such services during the three months ended July 31, 2011. There was no such revenue recorded during the three months ended July 31, 2010. There were no amounts receivable from the individual's company at July 31, 2011 and July 31, 2010, respectively.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
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-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

+ Details

Debt

3 Months Ended

Jul. 31, 2011

Debt

Debt

(6) Debt

During the year ended April 30, 2000, the Company received an award of $250,000 from the State of New Jersey Commission on Science and Technology for the development of a wave power system that was deployed off the coast of New Jersey. The award contract was assigned to the New Jersey Economic Development Authority in fiscal 2008. Under the terms of this award, the Company must repay the amount funded, without interest, by July 15, 2012. The amounts to be repaid each year are determined as a percentage of revenues (as defined in the loan agreement) the Company receives that year from its customer contracts that meet criteria specified in the loan agreement. The Company has repaid the entire award of $250,000, as of July 31, 2011. The final payment of $89,378 was paid during the three months ended July 31, 2011.

The Company was awarded a recoverable grant totaling $500,000 from the NJBPU under the Renewable Energy Business Venture Assistance Program. Under the terms of this agreement, the amount to be repaid is a fixed monthly amount of principal only, repayable over a five-year period beginning in November 2011. As of July 31, 2011, $75,000 was included in current portion of long-term debt on the accompanying consolidated balance sheet. The terms also required the Company to assign to the NJBPU a certificate of deposit in an amount equal to the outstanding grant balance. The Company received $250,000, representing the first half of the grant, during the year ended April 30, 2010, and the remaining $250,000 was received in June 2010. See Note 2(c).

- Definition

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

+ References + Details

Deferred Credits

3 Months Ended

Jul. 31, 2011

Deferred Credits

Deferred Credits

(7) Deferred Credits

During the year ended April 30, 2001, in connection with the sale of common stock to an investor, the Company received $600,000 from the investor in exchange for an option to purchase up to 500,000 metric tons of carbon emissions credits generated by the Company during the years 2008 through 2012, at a 30% discount from the then-prevailing market rate. This amount has been recorded as deferred credits in the accompanying consolidated balance sheets as of July 31, 2011 and April 30, 2011. If the Company does not become entitled under applicable laws to the full amount of emission credits covered by the option by December 31, 2012, the Company is obligated to return the option fee of $600,000, less the aggregate discount on any emission credits sold to the investor prior to such date. If the Company receives emission credits under applicable laws and fails to sell to the investor the credits up to the full amount of emission credits covered by the option, the investor is entitled to liquidated damages equal to 30% of the aggregate market value of the shortfall in emission credits (subject to a limit on the market price of emission credits).

Stock-Based Compensation

3 Months Ended

Jul. 31, 2011

Stock-Based Compensation

Stock-Based Compensation

(8) Stock-Based Compensation

Costs resulting from all stock-based payment transactions are recognized in the consolidated financial statements at their fair values. Compensation cost for the portion of the awards for which the requisite service had not been rendered that were outstanding as of May 1, 2006 is being recognized in the consolidated statements of operations over the remaining service period after such date based on the award's original estimated fair value. The aggregate stock-based compensation expense related to all stock-based transactions recorded in the consolidated statements of operations was approximately $371,000 and $411,000 for the three months ended July 31, 2011 and 2010, respectively.

(a) Stock Options

Valuation Assumptions for Options Granted During the Three Months Ended July 31, 2011 and 2010

The fair value of each stock option granted during the three months ended July 31, 2011 and 2010 was estimated at the date of grant using the Black-Scholes option pricing model, assuming no dividends and using the weighted average valuation assumptions noted in the following table. The risk-free rate is based on the US Treasury yield curve in effect at the time of grant. The expected life (estimated period of time outstanding) of the stock options granted was estimated using the "simplified" method as permitted by the SEC's Staff Accounting Bulletin No. 107, Share-Based Payment. Expected volatility was based on historical volatility for a peer group of companies for a period equal to the stock option's expected life, calculated on a daily basis.


	Three Months Ended July 31,
	2011			2010
Risk-free interest rate		2.1	%		2.4	%
Expected dividend yield		0.0	%		0.0	%
Expected life		6.3 years			6.4 years
Expected volatility		94.0	%		93.8	%

The above assumptions were used to determine the weighted average per share fair value of $3.15 and $4.21 for stock options granted during the three months ended July 31, 2011 and 2010, respectively.

A summary of stock options under the plans is as follows:

						Weighted
						Average
				Weighted		Remaining
	Shares			Average		Contractual
	Underlying			Exercise		Term
	Options			Price		(In Years)
Outstanding as of April 30, 2011		1,353,935		$	10.30
Forfeited		(144,350	)		11.30
Exercised		—			—
Granted		229,641			4.05

Outstanding as of July 31, 2011		1,439,226			9.20		6.6

Exercisable as of July 31, 2011		777,272			12.23		4.8

There was no intrinsic value of outstanding and exercisable options as of July 31, 2011. As of July 31, 2011, approximately 662,000 additional options are expected to vest, which options have no intrinsic value and a weighted average remaining contractual term of 8.8 years. There was approximately $316,000 of total recognized compensation cost for the three months ended July 31, 2011 related to stock options. As of July 31, 2011, there was approximately $2,232,000 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 3.3 years. The Company normally issues new shares to satisfy option exercises under these plans. During the three months ended July 31, 2011, stock options granted included 16,996 stock options which were subject to performance-based vesting requirements. Stock options outstanding as of July 31, 2011 included 16,996 stock options subject to performance-based vesting requirements.

(b) Restricted Stock

Compensation expense for non-vested restricted stock was historically recorded based on its market value on the date of grant and recognized over the associated service and performance period. During the three months ended July 31, 2011, there were 9,000 shares of non-vested restricted stock granted to employees with performance-based vesting requirements. During the three months ended July 31, 2011, 16,888 shares of non-vested restricted stock subject to performance-based vesting requirements were forfeited in accordance with performance objectives. Restricted stock issued and unvested at July 31, 2011, included 71,999 shares of non-vested restricted stock subject to performance-based vesting requirements.

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


				Weighted
				Average
	Number			Price per
	of Shares			Share

Issued and unvested at April 30, 2011		150,953		$	6.16
Granted		9,000			4.05
Forfeited		(16,888	)		6.13
Vested		(22,113	)		6.06

Issued and unvested at July 31, 2011		120,952			6.03

There was approximately $54,000 of total recognized compensation cost for the three months ended July 31, 2011 related to restricted stock. As of July 31, 2011, there was approximately $314,000 of total unrecognized compensation cost related to non-vested restricted stock granted under the plans. This cost is expected to be recognized over a weighted average period of 2.8 years.

(c)Treasury Stock

During the three months ended July 31, 2011, 5,800 shares of common stock were purchased by the Company.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Commitments And Contingencies	3 Months Ended
Commitments And Contingencies	Jul. 31, 2011
Commitments And Contingencies
Commitments And Contingencies	(9) Commitments and Contingencies *Litigation* The Company is involved from time to time in certain legal actions arising in the ordinary course of business. Management believes that the outcome of such actions will not have a material adverse effect on the Company's financial position or results of operations. *Spain Construction Agreement* The Company is currently engaged with Iberdrola Cantabria in discussions regarding modifications to its agreement for the first phase of the construction of a wave power project off the coast of Spain. This first phase was due to be completed by December 31, 2009. If no modification is agreed to by the parties, the customer may, subject to certain conditions in the agreement, terminate the agreement and would not be obligated to make any more milestone payments. The agreement also provides that the customer may seek reimbursement for direct damages only, limited to amounts specified in the agreement, if the Company is in default of its obligations under the agreement. As of July 31, 2011, the Company does not believe that the outcome of this matter will have a material adverse effect on the Company's financial position or results of operations.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Income Taxes

3 Months Ended

Jul. 31, 2011

Income Taxes

Income Taxes

(10) Income Taxes

The Company did not recognize any consolidated income tax benefit (expense) for the three month periods ended July 31, 2011 and 2010. The Company has recorded a valuation allowance to reduce its net deferred tax asset to an amount that is more likely than not to be realized in future years. Accordingly, the benefit of the net operating loss that would have been recognized was offset by changes in the valuation allowance.

During the three months ended July 31, 2011, the Company had no material changes in uncertain tax positions.

- 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/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Accounting Standards Codification
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+ Details

Operating Segments And Geographic Information

3 Months Ended

Jul. 31, 2011

Operating Segments And Geographic Information

Operating Segments And Geographic Information

(11) Operating Segments and Geographic Information

The Company views its business as one segment, which is the development and sale of its PowerBuoy product for wave energy applications. The Company operates on a worldwide basis with one operating company in the US, one operating subsidiary in the UK and one operating subsidiary in Australia, which are categorized below as North America, Europe and Australia, respectively. Revenues are generally attributed to the operating unit that bills the customers.

Geographic information is as follows:

			North America	Europe		Asia and Australia	Total
Three months ended July 31, 2011
Revenues from external customers……		$	1,688,551	222,301		—	1,910,852
Operating loss	………………...…….		(4,647,691)	(413,622)		(50,066)	(5,111,379)

Three months ended July 31, 2010
Revenues from external customers……			1,452,135	(77,728)	(1)	—	1,374,407
Operating loss	………………...…….		(5,732,219)	(498,672)		(37,644)	(6,268,535)

July 31, 2011
Long-lived assets..…………………			568,436	227,623		—	796,059
Total assets	………………...…….		42,679,671	5,210,906		900,312	48,790,889

April 30, 2011
Long-lived assets..…………………			619,861	172,231		—	792,092
Total assets	………………...…….	$	47,697,028	4,935,922		919,628	53,552,578

(1) See Note 2(a).

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 131
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+ Details