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Business Description and Basis of Presentation [Text Block]

(1)	Background and Liquidity

(a)	Background

Ocean Power Technologies, Inc. (the “Company”) was incorporated in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated in Delaware in 2007. The Company is developing and is seeking to commercialize proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The Company markets its PowerBuoys in the United States and internationally. Since fiscal 2002, government agencies have accounted for a significant portion of the Company’s revenues. These revenues were largely for the support of product development efforts. The Company’s goal is that an increased portion of its revenues be from the sale of products and maintenance services, as compared to revenue to support its product development efforts. As the Company continues to advance its proprietary technologies, it expects to continue to have a net decrease in cash from operating activities unless and until it achieves positive cash flow from the planned commercialization of its products and services.

(b)

Liquidity

The Company has incurred net losses and negative operating cash flows since inception. As of April 30, 2015, the Company had an accumulated deficit of $164.8 million. As of April 30, 2015, the Company’s cash and cash equivalents and marketable securities balance was approximately $17.4 million. Based upon the Company’s cash and cash equivalents and marketable securities balance as of April 30, 2015, the Company believes that it will be able to finance its capital requirements and operations through at least July 31, 2016. In addition, as of April 30, 2015, the Company’s restricted cash balance was approximately $0.5 million.

During fiscal 2015 and 2014, the Company has continued to make investments in ongoing product development efforts in anticipation of future growth. The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s futer operating results and cause actual results to vary materially from expectations include, but are not limited to, risks from insufficiencies of capital, technology development, scalability of technology and production, dependence on skills of key personnel, concentration of customers and suppliers, performance of PowerBuoys, deployment risks and laws, regulations and permitting. In order to complete our future growth strategy, the Company requires additional equity and/or debt financing. There is no assurance that additional equity and/or debt financing will be available to the Company as needed. Historically, the Company has raised proceeds through public capital markets. If our common stock is delisted from NASDAQ, our ability to raise capital through such markets could be adversely affected. If sufficient financing is not obtained, the Company may be required to further curtail or limit certain product development costs, and/or selling, general and administrative activities in order to reduce our cash expenditures.

In January 2013, the Company filed a shelf registration statement on Form S-3 (the “S-3” or the “S-3 Shelf”). The S-3 Shelf was declared effective in February 2013. Under the S-3 Shelf in June 2013, the Company established an at the market offering facility (the “ATM” Facility) with Ascendiant Capital Markets, LLC via an at the market offering agreement (the “ATM” Agreement) Under the ATM Agreement, the Company offered and sold shares of our common stock from time to time through the Manager, acting as sales agent, in ordinary brokerage transactions at prevailing market prices. Under the ATM Facility, during fiscal 2014, the Company issued 3,306,334 shares of our common stock at an average price to the public of $3.02 per share, receiving net proceeds from the ATM Facility of approximately $9,698,000.

Also in fiscal 2014, the Company entered into an Underwriting Agreement with Roth Capital Partners, LLC on April 4, 2014, with respect to the issuance and sale in an underwritten Public Offering of an aggregate of 3,800,000 shares of our common stock at a price of $3.10 per share. The Underwriting Agreement contained customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations, and a 90 day lock-up period that limited transactions in our common stock by the Company. Net proceeds from the Public Offering, which was completed in early April 2014, were approximately $10,828,000.

Form S-3 limits the aggregate market value of securities that we are permitted to offer in any 12-month period under Form S-3, whether under the ATM Agreement, the Underwriting Agreement or otherwise, to one third of the Company public float. After the 2014 share sales, we fully utilized the ATM Agreement. However, we regained the ability to utilize Form S-3 as we entered fiscal 2016. Of the $40 million authorized under the S-3 Shelf, approximately $18.2 million remains available for issuance. During fiscal 2015, there were no proceeds from the sale of stock under the S-3 Shelf.

The sale of additional equity or convertible securities could result in dilution to our stockholders. If additional funds are raised through the issuance of debt securities, these securities could have rights senior to those associated with our common stock and could contain covenants that would restrict our operations. Financing may not be available in amounts or on terms acceptable to us, or at all. If we are unable to obtain required financing, we may be required to reduce the scope of our current projects, planned product development and marketing efforts, which could harm our financial condition and operating results.

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Apr. 30, 2015

Significant Accounting Policies [Text Block]

(2)

Summary of Significant Accounting Policies

(a)

Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. 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 non-controlling 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 April 30, 2015, there was one noncontrolling interest, consisting of 11.8% of the Company's Australian subsidiary, Ocean Power Technologies (Australasia) Pty. Ltd. (“OPTA”). OPTA owns 100% of Victorian Wave Partners Pty. Ltd. (“VWP”), which is also organized under the laws of Australia.

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 April 30, 2015, there were no such entities.

(b)

Use of Estimates

The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the recoverability of the carrying amount of property and equipment; 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, particularly the macroeconomic pressures in certain European countries, has increased the degree of uncertainty inherent in those estimates and assumptions.

(c)

Revenue Recognition

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. 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 product development and services specified in the contract. 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.

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. Some revenue contracts may contain complex criteria or uncertainty surrounding the terms of performance and customer acceptance. These contracts are subject to interpretation and management may make a judgment as to the amount of revenue earned and recorded. Because the Company has a small number of contracts, revisions to the percentage-of-completion determination, management interpretation or delays in meeting performance and contractual 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.

Under cost plus and firm fixed price contracts, there is a profit or loss on the project depending on whether actual costs are more or less than the agreed upon amount. Under cost-sharing contracts, an amount corresponding to the revenue is recorded in cost of revenues, resulting in gross profit on these contracts of zero. The Company’s share of the costs is recorded as product development expense.

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 in unbilled receivables, and to the extent that those billings exceed costs incurred plus applicable profit margin, they are recorded as unearned revenues.

Some of the Company’s projects in fiscal year 2015 were under cost-sharing contracts.

(d)

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company invests excess cash in an overnight U.S. government securities repurchase bank account and a money market account. In accordance with the terms of the repurchase agreement, the Company does not take possession of the related securities. The agreement contains provisions to ensure that the market value of the underlying assets remain sufficient to protect the Company in the event of default by the bank by requiring that the underlying securities have a total market value of at least 100% of the bank’s total obligations under the agreement.

	April 30, 2015		April 30, 2014

Checking and savings accounts	$	4,614,400	$	2,358,891
Overnight repurchase account		12,721,334	―
Certificates of deposits and US Treasury obligations	―			11,499,768
	$	17,335,734	$	13,858,659

(e)

Marketable Securities

Marketable securities with original maturities longer than three months but that mature in less than one year from the balance sheet date are classified as current assets. Marketable securities that the Company has the intent and ability to hold to maturity are classified as investments held-to-maturity and are reported at amortized cost. The difference between the acquisition cost and face values of held-to-maturity investments is amortized over the remaining term of the investments and added to or subtracted from the acquisition cost and interest income. As of April 30, 2015 and April 30, 2014, all of the Company’s investments were classified as held-to-maturity.

(f)

Restricted Cash and Credit Facility

A portion of the Company’s cash is restricted under the terms of three 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 and bank guarantees that are expected to be issued by Barclays Bank on behalf of OPT LTD, one of the Company's subsidiaries, under a credit facility established by Barclays Bank for OPT LTD. The credit facility carries a fee of 1% per annum of the amount of any such obligations issued by Barclays Bank. The credit facility does not have an expiration date, but is cancelable at the discretion of the bank. During fiscal 2015, the Company reduced the credit facility from €800,000 ($964,656) to approximately €307,000 ($338,561). As of April 30, 2015, there was €278,828 ($307,492) in letters of credit outstanding under this agreement.

The second 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 of which $150,000 is outstanding at April 30, 2015. Under this arrangement, the Company annually assigns to the NJBPU a certificate of deposit in an amount equal

to the outstanding grant balance. See Note 7.

In addition, the Company previously had a letter of credit outstanding for the benefit of the Oregon Department of State Lands for the removal of certain of the Company’s anchoring and mooring equipment from the seabed off the coast of Oregon. During fiscal 2015, the Company completed the removal activity and reduced the letters of credit from $1,200,000 to $0.

The Company had classified the initial grant funding received from the Australian Renewable Energy Agency (“ARENA”) of A$5,595,723 ($5,179,960), which includes an amount required to be submitted as goods and services tax (GST), as restricted cash as of April 30, 2014.

During fiscal 2015, the Company remitted the GST in the amount of A$508,702 ($470,905) to the Australian Tax Office (ATO) in accordance with local tax laws and also reclaimed this amount from the ATO during the fiscal period. The Company also returned the initial grant funding received of A$5,595,723 ($5,179,960) and interest of A$109,051 ($102,061) to ARENA in accordance with the Deed of Variation and Termination of Funding Deed executed between the parties in August 2014. The Company had accrued this amount in accrued expenses and recorded this amount as restricted cash at April 30, 2014.

Restricted cash includes the following:

	April 30, 2015		April 30, 2014

Australian Renewable Energy Agency (ARENA)	―		$	5,179,960
NJBPU agreement		100,000		100,000
Oregon Department of State Lands	―			845,000
Barclay's Bank Agreement		338,561	―
	$	438,561	$	6,124,960

	April 30, 2015		April 30, 2014
Long Term:
Barclay's Bank Agreement	―		$	996,696
NJBPU agreement		50,000		225,000
	$	50,000	$	1,221,696

(g)

Property and Equipment

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

(h)

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. These amounts are included in cash, cash equivalents, restricted cash and marketable securities on the accompanying consolidated 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 in the accompanying consolidated statements of operations.

		Year Ended April 30,
	2015			2014
Foreign exchange (loss) gain	$	(462,777	)	$	183,704

Foreign currency denominated certificates of deposit and cash accounts:

	April 30,
	2015		2014
Restricted	$	338,561	$	6,176,656
Unrestricted		1,100,371		1,232,111
	$	1,438,932	$	7,408,767

(i)

Patents

External costs related to the filing of patents, including legal and filing fees, are capitalized if expenses related to the filing of a patent are significant. The Company continually re-assesses the remaining useful lives of its long-lived assets and costs are expensed when it is no longer probable that such technology will be utilized. Patents are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the patent may not be recoverable. Amortization expense was approximately $828,000 and $215,000 for the years ended April 30, 2015 and 2014, respectively. The increase in amortization during fiscal 2015 is reflective of the company’s decision to reduce the estimated remaining useful lives, for the purpose of amortizing capitalized external patent costs, from approximately five years to one year, effective for fiscal 2015.

(

)

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 related to its cash accounts, money market funds or certificates of deposit.

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:

	Years Ended April 30,
	2015			2014

Mitsui Shipbuilding & Engineering		40	%		38	%
US Department of Energy		37	%		34	%
European Union		23	%		15	%
UK Government's Technology Strategy Board	―				12	%

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 its customers to post collateral.

(

)

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 because of 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 1,924,793 and 1,569,902 for the years ended April 30, 2015 and 2014, respectively, were excluded from the computations as the effect would be anti-dilutive due to the Company's losses.

(

)

Stock-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 years ended April 30, 2015 and 2014 was approximately $333,000 and $772,000, respectively.

Valuation Assumptions for Restricted Stock and Options Granted During the Years Ended April 30, 2015 and 2014

Restricted Stock

Compensation expense for non-vested restricted stock can be recorded based on its market value on the date of grant and recognized over the associated service and performance period. If the vesting requirement of performance-based grants is tied to the Company's total shareholder return (TSR) relative to the total shareholder return of alternative energy Exchange Traded Funds as measured over a specific performance period then the compensation expense for these awards with market-based vesting is calculated based on the estimated fair value as of the grant date utilizing a Monte Carlo simulation model and is recognized over the service period on a straight-line basis.

Options

The fair value of each stock option granted during the years ended April 30, 2015 and 2014 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 Securities and Exchange Commission's Staff Accounting Bulletin No. 107,

Share-Based Payment.

Expected volatility was based on the Company’s historical volatility for fiscal 2015 and for fiscal 2014.

	Years Ended April 30,
	2015			2014
Risk-free interest rate		1.6	%		1.66	%
Expected dividend yield		0.0	%		0.0	%
Expected life (in years)		5.5			5.91
Expected volatility		85.49	%		76.40	%

The above assumptions were used to determine the weighted average per share fair value of $0.72 and $1.27 for stock options granted during the years ended April 30, 2015 and 2014, respectively.

(

)

Income Taxes

Income taxes are accounted for under 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 carryforwards. 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 carryforwards are expected to be recovered, settled or utilized. 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.

(n)	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 US 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 stockholders' equity.

(o)	Recent Accounting Pronouncements

On May 28, 2014, the FASB issued ASU No. 2014-09,

Revenue from Contracts with Customers

, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

In August 2014, the FASB issued ASU 2014-15,

Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

, which describes how an entity should assess its ability to meet obligations and sets rules for how this information should be disclosed in the financial statements. The standard provides accounting guidance that will be used along with existing auditing standards. The new standard applies to all entities for the first annual period ending after December 15, 2016, and interim periods thereafter. Early application is permitted. The Company is evaluating the effect ASU 2014-15 will have on its consolidated financial statements and disclosures and have not yet determined the effect of the standard on its ongoing financial reporting at this time.

Note 3 - Marketable Securities

12 Months Ended

Apr. 30, 2015

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

(3)	Marketable Securities

		April 30, 2015				April 30, 2014
Certificates of Deposit and US Treasury obligations		$	75,000			$	14,493,881

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Note 4 - Property and Equipment

12 Months Ended

Apr. 30, 2015

Property, Plant and Equipment Disclosure [Text Block]

(4)	Property and Equipment

The components of property and equipment are as follows:

		April 30,
	Life (in years)	2015			2014

Computers and software	3	$	527,070		$	527,244
Equipment	3 to 7		725,555			845,424
Office furniture and equipment	3 to 7		249,960			283,346
Leasehold improvements	2		182,285			182,285
			1,684,870			1,838,299
Less accumulated depreciation and amortization			(1,420,972	)		(1,520,786	)

		$	263,898		$	317,513

Depreciation expense was $136,858 and $206,945 for the years ended April 30, 2015 and 2014, respectively.

Note 5 - Balance Sheet Detail

12 Months Ended

Apr. 30, 2015

Condensed Balance Sheet [Table Text Block]

(5)	Balance Sheet Detail

	April 30,
	2015			2014

Patents
Patents	$	1,536,029		1,536,029
Accumulated amortization		(1,536,029	)		(707,731	)
	―			$	828,298


Accrued expenses
Project costs	$	867,771		1,263,293
Contract loss reserve		198,819		―
Employee incentive payments		529,274			310,370
Accrued salary and benefits		468,366			455,909
Legal and accounting fees		274,656			168,402
Goods and services tax (GST) due to Australian Tax Office	―				470,905
Other		168,233			262,360
	$	2,507,119		2,931,239

Note 6 - Related Party Transactions

12 Months Ended

Apr. 30, 2015

(6)	Related Party Transactions

	Year Ended April 30,
	2015		2014
Related party consulting expense	$	494,188	$	―

In April 2014, the Company entered into an Executive Transition Agreement with George W. Taylor, who was formerly employed by the Company as Executive Vice Chairman and served on the Company’s Board of Directors prior to that date. Under this agreement, Dr. Taylor will receive up to fifteen months of consulting fees at a monthly rate of $20,000. During fiscal 2015, the Company recorded $240,000 in expense relating to this agreement.

In June 2014

the Company entered into an agreement with David L. Keller, who had served as a non-executive director of the Company since October 2013. Under this agreement, Mr. Keller served as Interim Chief Executive Officer effective with the June 9, 2014 termination of the Company’s former Chief Executive Officer, Charles F. Dunleavy and received a consulting fee of $1,500 per day of services provided. Effective January 20, 2015, Mr. George H. Kirby was appointed President, Chief Executive Officer and Director of the Company and Mr. Keller resigned as Interim CEO. Mr. Keller continues to serve as a non-executive director of the Company. During fiscal 2015, the Company recorded $254,188 in expense relating to Mr. Keller’s agreement.

The entire disclosure for related party transactions. 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 + Details

Note 7 - Debt

12 Months Ended

Apr. 30, 2015

Debt Disclosure [Text Block]

(7)

Debt

The Company was awarded a recoverable grant totaling $500,000, between April 2009 and June 2010, 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. The terms also required the Company to assign to the NJBPU a certificate of deposit in an amount equal to the outstanding grant balance. See Note 2(f).

	April 30,
	2015			2014
Total debt	$	150,000		$	250,000
Current portion of long-term debt		(100,000	)		(100,000	)
Long-term debt	$	50,000		$	150,000

Note 8 - Deferred Credits Payable

12 Months Ended

Apr. 30, 2015

Customer Advances and Deposits Disclosure [Text Block]

(8)	Deferred Credits Payable

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. If the Company received emission credits under applicable laws and failed to sell to the investor the credits up to the full amount of emission credits covered by the option, the investor was 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). Under the terms of the agreement, if the Company did not become entitled under applicable laws to the full amount of emission credits covered by the option by December 31, 2012, the Company was 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. In December 2012, the Company and the investor agreed to extend the period for the sale of emission credits until December 31, 2017. As of April 30, 2015, the Company has not generated any emissions credits eligible for purchase under the agreement. The $600,000 has been classified as a noncurrent liability as of April 30, 2015 and 2014.

Note 9 - Common Stock

12 Months Ended

Apr. 30, 2015

Stockholders' Equity Note Disclosure [Text Block]

(9)	Common Stock

During the year ended April 30, 2014, the Company issued 3,306,334 shares of common stock under its ATM Facility for an average purchase price of $3.02 per share, resulting in net proceeds to the Company of approximately $9,698,000, and issued 3,800,000 shares of common stock under the Underwriting Agreement at a price of $3.10 per share, resulting in net proceeds to the Company of approximately $10,828,000. These transactions were registered under the Company’s S-3 Shelf.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Note 10 - Preferred Stock

12 Months Ended

Apr. 30, 2015

Preferred Stock [Text Block]

(10)	Preferred Stock

The Company has authorized 5,000,000 shares of undesignated preferred stock with a par value of $0.001 per share. As of April 30, 2015, and 2014, no shares of preferred stock had been issued.

Note 11 - Stock-Based Compensation Plans

12 Months Ended

Apr. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

(11)	Share-Based Compensation Plans

In 2001, the Company approved the 2001 Stock Plan, which provides for the grant of incentive stock options and nonqualified stock options. A total of 1,000,000 shares were authorized for issuance under the 2001 Stock Plan. As of April 30, 2015, the Company had issued or reserved for issuance 40,200 shares under the 2001 Stock Plan. No further options or other awards have been or will be granted under the 2001 Stock Plan.

In 2007, the Company's 2006 Stock Incentive Plan became effective. A total of 803,215 shares were authorized for issuance under the 2006 Stock Incentive Plan. In 2009, an amendment to the 2006 Stock Incentive Plan was approved by the Company’s stockholders, increasing the aggregate number of shares authorized for issuance by 850,000 shares to 1,653,215. On October 2, 2013, a further amendment to the 2006 Stock Incentive Plan was approved by the Company’s stockholders, increasing the aggregate number of shares authorized for issuance by an additional 800,000 shares to 2,453,215. As of April 30, 2015, the Company had issued share-based awards for 1,043,752 shares of common stock and had reserved an additional 338,382 shares of common stock for future issuance under the 2006 Stock Incentive Plan. The Company's employees, officers, directors, consultants and advisors are eligible to receive awards under the 2006 Stock Incentive Plan; however, incentive stock options may only be granted to employees. The maximum number of shares of common stock with respect to which awards may be granted to any participant under the 2006 Stock Incentive Plan is 200,000 per calendar year. Vesting provisions of stock options are determined by the board of directors. The contractual term of these stock options is up to ten years. The 2006 Stock Incentive Plan is administered by the Company's board of directors, who may delegate authority to one or more committees or subcommittees of the board of directors or to the Company's officers. If the board of directors delegates authority to an officer, the officer has the power to make awards to any of the Company's employees, other than executive officers. The board of directors will fix the terms of the awards to be granted by such officer. No award may be granted under the 2006 Stock Incentive Plan after December 7, 2016, but the vesting and effectiveness of awards granted before that date may extend beyond that date.

(a)	Stock Options

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

	Shares Under Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
						(In Years)

Outstanding April 30, 2013		1,305,988		$	7.43		5.9
Exercised		(4,266	)		2.00
Forfeited		(320,932	)		6.84
Granted		491,502			1.32

Outstanding April 30, 2014		1,472,292			5.53		5.9
Forfeited		(504,253	)		7.11
Granted		115,913			1.02

Outstanding April 30, 2015		1,083,952			4.32		5.7

Exercisable April 30, 2015		785,983		$	5.45		4.7

As of April 30, 2015, the total intrinsic value of outstanding and exercisable options was $0. As of April 30, 2015, approximately 289,000 additional options were unvested, which options had no intrinsic value and a weighted-average remaining contractual term of 8.3 years. There was approximately $74,000 and $587,000 of total recognized compensation cost related to employees for stock options during the years ended April 30, 2015 and 2014, respectively. As of April 30, 2015, there was approximately $158,000 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 2.1 years. The Company typically issues new shares to satisfy option exercises under these plans.

Certain options were granted to non-employee directors and consultants during the years ended April 30, 2015 and 2014. The Company has charged compensation expense of approximately $106,000 and $91,000 related to these option grants, the majority of which relates to non-employee directors. These expenses have been included in selling, general and administrative costs in the accompanying consolidated statements of operations for the years ended April 30, 2015 and 2014, respectively.

During fiscal year 2015, the Company terminated the employment of Chief Executive Officer Charles F. Dunleavy. At the time of Mr. Dunleavy’s termination, he held 427,357 outstanding options, 304,895 of which were exercisable, at a weighted average per share exercise price of $7.02 and $8.65, respectively. These options were forfeited upon termination.

(b)	Restricted Stock

Compensation expense for non- restricted stock is generally recorded based on its market value on the date of grant and recognized ratably

over the associated service and performance period. During fiscal 2015, the Company granted 438,012 shares subject to service-based vesting requirements and 371,000 shares subject to performance-based vesting requirements. The service-based vesting grants include a grant to a non-executive director of the Company for 104,000 shares. This grant was issued pursuant to the Company’s Amended and Restricted 2006 Stock Incentive Plan and will vest immediately upon the approval by the shareholders at the 2015 Annual Meeting of additional shares to be authorized under the 2006 Stock Incentive Plan. In the event that the shareholder approval referred to above is not obtained or is otherwise deemed unnecessary, the Board will determine such other vesting schedule or other form(s) of equivalent compensation as may be necessary or appropriate. The achievement or vesting requirement of the performance-based grants is tied to the Company’s total shareholder return (TSR) relative to the total shareholder return of three alternative energy Exchange Traded Funds as measured over a specific performance period. No vesting of the relevant shares will occur in instances where the Company’s TSR for the relevant period is below 80% of the peer group. However, additional opportunities to vest some or all of a portion of the shares in a subsequent period may occur. Compensation expense for these awards with market-based vesting is calculated based on the estimated fair value as of the grant date utilizing a Monte Carlo simulation model and is recognized over the service period on a straight-line basis. During fiscal 2015, 9,380 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 April 30, 2015 included 404,662 shares of non-vested restricted stock subjected 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, 2013		54,802		$	4.52

Granted		96,239			2.19
Forfeited		(16,417	)		5.75
Vested		(37,014	)		3.96

Issued and unvested at April 30, 2014		97,610			2.23

Granted		809,012			0.65
Forfeited		(14,880	)		1.71
Vested		(50,901	)		2.13
Issued and unvested at April 30, 2015		840,841		$	0.73

There was approximately $57,000 and $60,000 of total recognized compensation cost relating to restricted stock granted to employees during the years ended April 30, 2015 and 2014, respectively. Certain shares of restricted stock were granted to non-employee directors during the years ended April 30, 2015 and 2014, with respect to which the Company recorded compensation expenses of approximately $96,000 and $34,000 in 2015 and 2014, respectively. As of April 30, 2015, there was approximately $338,000 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 2.3 years.

(c)	Treasury Stock

During the years ended April 30, 2015 and 2014, 806 and 4,081 shares of common stock, respectively, were purchased by the Company from employees to pay taxes related to the vesting of restricted stock.

Note 12 - Income Taxes

12 Months Ended

Apr. 30, 2015

Income Tax Disclosure [Text Block]

(12)	Income Taxes

Loss before income taxes for the years ended April 30, 2015 and 2014 consisted of the following components:

	April 30,
	2015			2014

Domestic	$	(12,403,155	)	$	(9,532,725	)
Foreign		(1,958,384	)		(3,404,224	)
Total loss before income taxes	$	(14,361,539	)	$	(12,936,949	)

The components of income taxes (benefit) for the years ended April 30, 2015 and 2014 were as follows:

	April 30,
	2015			2014

Current:
Federal	$	−		$	−
State		(1,137,872	)		(1,745,895	)
Foreign		−			−
Total current		(1,137,872	)		(1,745,895	)

Deferred:
Federal		−			−
State		−			−
Foreign		−			−
Total deferred		-			-
Total income tax benefit	$	(1,137,872	)	$	(1,745,895	)

Tax Rate Reconciliation

The effective income tax rate differed from the percentages computed by applying the US federal income tax rate of 34% to loss before income taxes as a result of the following:

		April 30,
		2015			2014

Computed "expected" tax benefit		(34	) %		(34	)%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		(5	)		(6	)
Stock-based compensation expense	―				1
Federal research and development tax credits		(1	)		(1	)
Foreign rate differential		1			2
Other non-deductible expenses		3			4
Expiration of net operating losses and tax credit carryforwards	―			―
Expiration in compensatory options	―			―
Proceeds of sale of New Jersey tax benefits		(8	)		(13	)
Other		8			10
Increase in valuation allowance		28			24
Income tax benefit		(8	) %		(13	)%

Significant Components of Deferred Taxes

The tax effects of temporary differences and carryforwards that give rise to the Company's deferred tax assets and deferred tax liabilities are presented below.

	April 30,
	2015			2014

Deferred tax assets:
Federal net operating loss carryforwards	$	37,135,000		$	29,724,000
Foreign net operating loss carryforwards		5,952,000			6,021,000
State operating loss carryforwards		2,175,000			1,411,000
Federal and New Jersey research and development tax credits		2,392,000			2,178,000
Stock compensation		799,000			730,000
Capitalized research and development costs, net of amortization		—			4,901,000
Unrealized foreign exchange loss		518,000			258,000
Accrued expenses		730,000			652,000
Other		1,087,000			881,000

Gross deferred tax assets		50,788,000			46,756,000

Valuation allowance		(50,788,000	)		(46,756,000	)

Net deferred tax assets	$	-		$	-

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences and carryforwards become deductible or are utilized. As of April 30, 2015 and 2014, based upon the level of historical taxable losses, valuation allowances of $50,788,000 and $46,756,000, respectively, were recorded to fully offset deferred tax assets. The valuation allowance increased $4,032,000 and $3,031,000 during the years ended April 30, 2015 and 2014, respectively.

As of April 30, 2015, the Company had net operating loss carryforwards for federal income tax purposes of approximately $109,220,000, which begin to expire in fiscal 2019. The Company also had federal research and development tax credit carryforwards of approximately $2,320,000 as of April 30, 2015, which begin to expire in 2019. The Tax Reform Act of 1986 contains provisions that limit the utilization of net operating loss and tax credit carryforwards if there has been an ownership change, as defined. The Company has determined that such an ownership change, as described in Section 382 of the Internal Revenue Code, occurred in conjunction with the Company's US initial public offering in April 2007. The Company's annual Section 382 limitation is approximately $3,300,000. The Section 382 limitation is cumulative from year to year, and thus, to the extent net operating loss or other credit carryforwards are not utilized up to the amount of the available annual limitation, the limitation is carried forward and added to the following year's available limitation. Such limitation only applies to net operating losses incurred in periods prior to the ownership change. The Company has not performed additional analysis on ownership changes that may have occurred subsequently to further limit the ability to utilize net tax attributes. As of April 30, 2015, the Company had state net operating loss carryforwards of approximately $37,520,000 which begin to expire in 2026, which also may be limited to utilization limitations. As of April 30, 2015, the Company had foreign net operating loss carryforwards of approximately $25,407,000, which begin to expire in 2024. The ability to utilize these carryforwards may also be limited in the event of a significant change to ownership.

During the years ended April 30, 2015 and 2014, the Company sold New Jersey State net operating losses in the amount of $14,004,000 and $15,347,000, respectively, resulting in the recognition of income tax benefits of $1,138,000 and $1,746,000, respectively, recorded in the Company’s Statement of Operations.

The Company applies the guidance issued by the FASB for the accounting and reporting of uncertain tax positions. The guidance requires the Company to recognize in its consolidated financial statements the impact of a tax position if that position is more likely than not to be sustained upon examination, based on the technical merits of the position. At April 30, 2015 and 2014, the Company had no unrecognized tax positions. The Company does not expect any material increase or decrease in its income tax expense in the next twelve months, related to examinations or uncertain tax positions. US federal and state income tax returns were audited through fiscal 2007 and fiscal 2010, respectively and fiscal 2014 is currently under US federal examination. Net operating loss and credit carryforwards since inception remain open to examination by taxing authorities, and will continue to remain open for a period of time after utilization.

Initial grant funding, net of GST, of approximately A$5,087,000 ($4,709,000) received from ARENA was estimated by the Company to be non-taxable in fiscal 2014, the year of receipt, due to claw-back provisions in the grant that apply if certain contractual requirements, including performance criteria, are not satisfied. During fiscal 2015, the Company returned the initial grant funding to ARENA in accordance with the Deed of Variation and Termination of Funding Deed executed between the parties in August 2014.

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

Note 13 - Commitments and Contingencies

12 Months Ended

Apr. 30, 2015

Commitments and Contingencies Disclosure [Text Block]

(13)	Commitments and Contingencies

(a)	Operating Lease Commitments

The Company leases office, laboratory, manufacturing and other space in Pennington, New Jersey under an operating lease that expires on December 31, 2017. Rent expense under operating leases was approximately $295,000 and $299,000 for the years ended April 30, 2015 and 2014, respectively. Future minimum lease payments under this operating lease as of April 30, 2015 are as follows:

Year ending April 30,
2016	$	244,000
2017		244,000
2018		163,000
	$	651,000

(b)	Litigation

Shareholder Litigation:

The Company and its former Chief Executive Officer Charles Dunleavy are defendants in consolidated securities class action lawsuits pending in the United States District Court for the District of New Jersey captioned In Re:

Ocean Power Technologies, Inc. Securities Litigation,

Civil Action No. 14-3799 (FLW) (LHG). The consolidated actions are

Roby v. Ocean Power Technologies, Inc., et al.,

Case No.

3:14-cv-03799-FLW-LHG;

Chew, et al. v. Ocean Power Technologies, Inc. et. al.,

Case No 3:14-cv-03815;

Konstantinidis v. Ocean Power Technologies, Inc., et al.,

Case No. 3:14-cv-04015

; and Turner v. Ocean Power Technologies, Inc., et al.,

Case No. 3:14-cv-04592. On March 17, 2015, the court entered an order appointing Five More Special Situation Fund Ltd. as the lead plaintiff. On May 18, 2015, the lead plaintiff filed an amended class action complaint. The amended class action complaint alleges claims for violations of sections 12(a) (2) and 15 of the Securities Act of 1933 and for violations of §10(b) and §20(a) of the Securities Exchange Act of 1934 arising out of public statements relating to a now terminated agreement between Victorian Wave Partners Pty. Ltd. (VWP) and the Australian Renewable Energy Agency (ARENA) for the development of a wave power station (the "VWP Project"). The amended complaint seeks unspecified monetary damages and other relief. The case is still in its preliminary stage and defendants have not yet responded to the amended complaint.

On July 10, 2014, the Company received a demand letter ("Demand Letter") from an attorney claiming to represent a shareholder demanding that the Company's Board of Directors establish an independent committee to investigate and remedy alleged breaches of fiduciary duties by the Board of Directors and management relating to the VWP Project. The Company is continuing to evaluate the Demand Letter but also invited the attorney to participate in the Section 220 Demand process discussed below. On February 6, 2015, the Company produced documents to the attorney pursuant to a confidentiality agreement in connection with the Section 220 Demand

process.

The Company also received a letter, dated August 19, 2014, (the "Section 220 Demand") from another attorney claiming to represent a shareholder demanding, pursuant to 8 Del. C. §220, to inspect certain books and records of the Company relating to the VWP Project and the termination of Charles Dunleavy as the Company's Chief Executive Officer. The Company has received two additional Section 220 Demands relating to the same subject matter from attorneys claiming to represent two different shareholders. The Company has responded in writing to the three Section 220 Demands and on February 6, 2015 produced documents to each of the attorneys pursuant to confidentiality agreements.

The Company and certain of its current and former directors and officers are defendants in a derivative lawsuit filed on March 18, 2015 in the United States District Court for the District of New Jersey captioned

Labare v. Dunleavy, et. al.,

Case No. 3:15-cv-01980-FLW-LHG. The derivative complaint alleges claims for breach of fiduciary duty, abuse of control, gross mismanagement and unjust enrichment relating to the now terminated agreement between VWP and ARENA referred to above. The derivative complaint seeks unspecified monetary damages and other relief. On May 18, 2015, the plaintiff and all the defendants agreed to stay the derivative lawsuit pending action in the consolidated class action securities litigation discussed above (namely, a court order denying any motions to dismiss the commencement of discovery, a joint request to lift the stay, or further order of the court.)

Employment Litigation:

On June 10, 2014, the Company announced that it had terminated Charles Dunleavy as Chief Executive Officer and as an employee of the Company for cause, effective June 9, 2014, and that Mr. Dunleavy had also been removed from his position as Chairman of the Board of Directors. On June 17, 2014, Mr. Dunleavy wrote to the Company stating that he had retained counsel to represent him in connection with an alleged wrongful termination of his employment. On July 28, 2014, Mr. Dunleavy resigned from the Board and the boards of directors of the Company's subsidiaries. The Company and Mr. Dunleavy have agreed to toll his alleged employment claims pending resolution of the shareholder litigation.

(c)	Regulatory Matters:

SEC Subpoena

On February 4, 2015, the Company received a subpoena from the Securities and Exchange Commission “SEC” requesting information related to the VWP Project. The Company has provided information to the SEC in response to that subpoena, and continues to cooperate with the SEC.

Spain IVA (sales tax)

In June 2012, the Company received notice that the Spanish tax authorities are inquiring into its 2010 IVA (value-added tax) filing for which the Company benefitted from the offset of approximately $250,000 of input tax. The Company believes that the inquiry will find that the tax credit was properly claimed and, therefore, no liability has been recorded. The Company issued two letters of credit in the amount of €278,828 ($307,492) at the request of the Spanish tax authorities. This is a customary request during the inquiry period. In November 2014 and March 2015 the Company received partial refunds of the amount under dispute and continues to expect that this matter will be resolved in the Company’s favor.

Note 14 - Operating Segments and Geographic Information

12 Months Ended

Apr. 30, 2015

Segment Reporting Disclosure [Text Block]

(14)	Operating Segments and Geographic Information

The Company's business consists of one segment as this represents management's view of the Company's operations. The Company operates on a worldwide basis with one operating company in the US and operating subsidiaries in the UK and in Australia. Revenues and expenses are generally attributed to the operating unit that bills the customers.

Geographic information is as follows:

	Year Ended April 30, 2015
	North America			Europe			Asia and Australia			Total
Revenues from external customers	$	4,105,424		$	—		$	—		$	4,105,424
Operating loss		(12,294,263	)		(1,126,109	)		(866,188	)		(14,286,560	)
Long-lived assets		262,985			913			—			263,898
Total assets	$	17,899,273		$	597,796		$	373,817		$	18,870,886

	Year Ended April 30, 2014
	North America			Europe			Asia and Australia			Total
Revenues from external customers	$	1,317,823		$	181,069		$	—		$	1,498,892
Operating loss		(10,102,605	)		(1,180,334	)		(1,867,370	)		(13,150,309	)
Long-lived assets		305,314			12,024			175			317,513
Total assets	$	31,313,240		$	1,003,205		$	5,768,390		$	38,084,835

Liquidity Disclosure [Policy Text Block]

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 40
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2015

Accounting Policies [Abstract]

(b)

Liquidity

Consolidation, Policy [Policy Text Block]

(a)

Consolidation

Use of Estimates, Policy [Policy Text Block]

(b)

Use of Estimates

Revenue Recognition Leases [Policy Text Block]

(c)

Revenue Recognition

Some of the Company’s projects in fiscal year 2015 were under cost-sharing contracts.

Cash and Cash Equivalents, Policy [Policy Text Block]

(d)

Cash and Cash Equivalents

	April 30, 2015		April 30, 2014

Checking and savings accounts	$	4,614,400	$	2,358,891
Overnight repurchase account		12,721,334	?
Certificates of deposits and US Treasury obligations	?			11,499,768
	$	17,335,734	$	13,858,659

Marketable Securities, Policy [Policy Text Block]

(e)

Marketable Securities

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

(f)

Restricted Cash and Credit Facility

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

to the outstanding grant balance. See Note 7.

Restricted cash includes the following:

	April 30, 2015		April 30, 2014

Australian Renewable Energy Agency (ARENA)	?		$	5,179,960
NJBPU agreement		100,000		100,000
Oregon Department of State Lands	?			845,000
Barclay's Bank Agreement		338,561	?
	$	438,561	$	6,124,960

	April 30, 2015		April 30, 2014
Long Term:
Barclay's Bank Agreement	?		$	996,696
NJBPU agreement		50,000		225,000
	$	50,000	$	1,221,696

Property, Plant and Equipment, Policy [Policy Text Block]

(g)

Property and Equipment

Foreign Currency Transactions and Translations Policy [Policy Text Block]

(h)

Foreign Exchange Gains and Losses

		Year Ended April 30,
	2015			2014
Foreign exchange (loss) gain	$	(462,777	)	$	183,704

Foreign currency denominated certificates of deposit and cash accounts:

	April 30,
	2015		2014
Restricted	$	338,561	$	6,176,656
Unrestricted		1,100,371		1,232,111
	$	1,438,932	$	7,408,767

Intangible Assets, Finite-Lived, Policy [Policy Text Block]

(i)

Patents

Concentration Risk, Credit Risk, Policy [Policy Text Block]

(

)

Concentration of Credit Risk

	Years Ended April 30,
	2015			2014

Mitsui Shipbuilding & Engineering		40	%		38	%
US Department of Energy		37	%		34	%
European Union		23	%		15	%
UK Government's Technology Strategy Board	?				12	%

Earnings Per Share, Policy [Policy Text Block]

(

)

Net Loss per Common Share

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

(

)

Stock-Based Compensation

Valuation Assumptions for Restricted Stock and Options Granted During the Years Ended April 30, 2015 and 2014

Restricted Stock

Options

Share-Based Payment.

Expected volatility was based on the Company’s historical volatility for fiscal 2015 and for fiscal 2014.

	Years Ended April 30,
	2015			2014
Risk-free interest rate		1.6	%		1.66	%
Expected dividend yield		0.0	%		0.0	%
Expected life (in years)		5.5			5.91
Expected volatility		85.49	%		76.40	%

The above assumptions were used to determine the weighted average per share fair value of $0.72 and $1.27 for stock options granted during the years ended April 30, 2015 and 2014, respectively.

Income Tax, Policy [Policy Text Block]

(

)

Income Taxes

Comprehensive Income, Policy [Policy Text Block]

(n)	Accumulated Other Comprehensive Loss

New Accounting Pronouncements, Policy [Policy Text Block]

(o)	Recent Accounting Pronouncements

On May 28, 2014, the FASB issued ASU No. 2014-09,

Revenue from Contracts with Customers

In August 2014, the FASB issued ASU 2014-15,

Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

Note 2 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2015

Schedule of Cash and Cash Equivalents [Table Text Block]

	April 30, 2015		April 30, 2014

Checking and savings accounts	$	4,614,400	$	2,358,891
Overnight repurchase account		12,721,334	―
Certificates of deposits and US Treasury obligations	―			11,499,768
	$	17,335,734	$	13,858,659

Schedule of Restricted Cash and Cash Equivalents [Table Text Block]

	April 30, 2015		April 30, 2014

Australian Renewable Energy Agency (ARENA)	―		$	5,179,960
NJBPU agreement		100,000		100,000
Oregon Department of State Lands	―			845,000
Barclay's Bank Agreement		338,561	―
	$	438,561	$	6,124,960

	April 30, 2015		April 30, 2014
Long Term:
Barclay's Bank Agreement	―		$	996,696
NJBPU agreement		50,000		225,000
	$	50,000	$	1,221,696

Schedule of Foreign Exchange Gain Loss [Table Text Block]

		Year Ended April 30,
	2015			2014
Foreign exchange (loss) gain	$	(462,777	)	$	183,704

Schedule of Foreign Currency Denominated Certificates of Deposit and Cash Accounts [Table Text Block]

	April 30,
	2015		2014
Restricted	$	338,561	$	6,176,656
Unrestricted		1,100,371		1,232,111
	$	1,438,932	$	7,408,767

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

	Years Ended April 30,
	2015			2014

Mitsui Shipbuilding & Engineering		40	%		38	%
US Department of Energy		37	%		34	%
European Union		23	%		15	%
UK Government's Technology Strategy Board	―				12	%

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Years Ended April 30,
	2015			2014
Risk-free interest rate		1.6	%		1.66	%
Expected dividend yield		0.0	%		0.0	%
Expected life (in years)		5.5			5.91
Expected volatility		85.49	%		76.40	%

Note 3 - Marketable Securities (Tables)

12 Months Ended

Apr. 30, 2015

Current [Member]

Marketable Securities [Table Text Block]

		April 30, 2015				April 30, 2014
Certificates of Deposit and US Treasury obligations		$	75,000			$	14,493,881

Note 4 - Property and Equipment (Tables)

12 Months Ended

Apr. 30, 2015

Property, Plant and Equipment [Table Text Block]

		April 30,
	Life (in years)	2015			2014

Computers and software	3	$	527,070		$	527,244
Equipment	3 to 7		725,555			845,424
Office furniture and equipment	3 to 7		249,960			283,346
Leasehold improvements	2		182,285			182,285
			1,684,870			1,838,299
Less accumulated depreciation and amortization			(1,420,972	)		(1,520,786	)

		$	263,898		$	317,513

Note 5 - Balance Sheet Detail (Tables)

12 Months Ended

Apr. 30, 2015

Schedule of Other Assets and Other Liabilities [Table Text Block]

	April 30,
	2015			2014

Patents
Patents	$	1,536,029		1,536,029
Accumulated amortization		(1,536,029	)		(707,731	)
	―			$	828,298


Accrued expenses
Project costs	$	867,771		1,263,293
Contract loss reserve		198,819		―
Employee incentive payments		529,274			310,370
Accrued salary and benefits		468,366			455,909
Legal and accounting fees		274,656			168,402
Goods and services tax (GST) due to Australian Tax Office	―				470,905
Other		168,233			262,360
	$	2,507,119		2,931,239

Note 6 - Related Party Transactions (Tables)

12 Months Ended

Apr. 30, 2015

	Year Ended April 30,
	2015		2014
Related party consulting expense	$	494,188	$	―

Note 7 - Debt (Tables)

12 Months Ended

Apr. 30, 2015

Schedule of Debt [Table Text Block]

	April 30,
	2015			2014
Total debt	$	150,000		$	250,000
Current portion of long-term debt		(100,000	)		(100,000	)
Long-term debt	$	50,000		$	150,000

Note 11 - Stock-Based Compensation Plans (Tables)

12 Months Ended

Apr. 30, 2015

Schedule of Share-based Compensation, Activity [Table Text Block]

	Shares Under Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
						(In Years)

Outstanding April 30, 2013		1,305,988		$	7.43		5.9
Exercised		(4,266	)		2.00
Forfeited		(320,932	)		6.84
Granted		491,502			1.32

Outstanding April 30, 2014		1,472,292			5.53		5.9
Forfeited		(504,253	)		7.11
Granted		115,913			1.02

Outstanding April 30, 2015		1,083,952			4.32		5.7

Exercisable April 30, 2015		785,983		$	5.45		4.7

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]

				Weighted
				Average
	Number			Price per
	of Shares			Share
Issued and unvested at April 30, 2013		54,802		$	4.52

Granted		96,239			2.19
Forfeited		(16,417	)		5.75
Vested		(37,014	)		3.96

Issued and unvested at April 30, 2014		97,610			2.23

Granted		809,012			0.65
Forfeited		(14,880	)		1.71
Vested		(50,901	)		2.13
Issued and unvested at April 30, 2015		840,841		$	0.73

Note 12 - Income Taxes (Tables)

12 Months Ended

Apr. 30, 2015

Schedule of Components of Loss Before Income Taxes [Table Text Block]

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 85%; MARGIN-LEFT: 7.5%; MARGIN-RIGHT: 7.5%; TEXT-INDENT: 0px;; width: 700px;" border="0" cellpadding="0" cellspacing="0"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 18%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="6"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">April 30,</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="2"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2015</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="2"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2014</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr> <td style="WIDTH: 66%"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 14%"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 14%"> </td> <td style="WIDTH: 1%"> </td> </tr> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Domestic</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(12,403,155</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(9,532,725</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> </tr> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Foreign</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(1,958,384</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(3,404,224</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td> </tr> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total loss before income taxes</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(14,361,539</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(12,936,949</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> </tr> </table></div>

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	April 30,
	2015			2014

Current:
Federal	$	−		$	−
State		(1,137,872	)		(1,745,895	)
Foreign		−			−
Total current		(1,137,872	)		(1,745,895	)

Deferred:
Federal		−			−
State		−			−
Foreign		−			−
Total deferred		-			-
Total income tax benefit	$	(1,137,872	)	$	(1,745,895	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		April 30,
		2015			2014

Computed "expected" tax benefit		(34	) %		(34	)%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		(5	)		(6	)
Stock-based compensation expense	―				1
Federal research and development tax credits		(1	)		(1	)
Foreign rate differential		1			2
Other non-deductible expenses		3			4
Expiration of net operating losses and tax credit carryforwards	―			―
Expiration in compensatory options	―			―
Proceeds of sale of New Jersey tax benefits		(8	)		(13	)
Other		8			10
Increase in valuation allowance		28			24
Income tax benefit		(8	) %		(13	)%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	April 30,
	2015			2014

Deferred tax assets:
Federal net operating loss carryforwards	$	37,135,000		$	29,724,000
Foreign net operating loss carryforwards		5,952,000			6,021,000
State operating loss carryforwards		2,175,000			1,411,000
Federal and New Jersey research and development tax credits		2,392,000			2,178,000
Stock compensation		799,000			730,000
Capitalized research and development costs, net of amortization		—			4,901,000
Unrealized foreign exchange loss		518,000			258,000
Accrued expenses		730,000			652,000
Other		1,087,000			881,000

Gross deferred tax assets		50,788,000			46,756,000

Valuation allowance		(50,788,000	)		(46,756,000	)

Net deferred tax assets	$	-		$	-

Note 13 - Commitments and Contingencies (Tables)

12 Months Ended

Apr. 30, 2015

Operating Leases of Lessee Disclosure [Table Text Block]

Year ending April 30,
2016	$	244,000
2017		244,000
2018		163,000
	$	651,000

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References + Details

Note 14 - Operating Segments and Geographic Information (Tables)

12 Months Ended

Apr. 30, 2015