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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Jan. 31, 2016	Feb. 29, 2016
Entity Registrant Name	Ocean Power Technologies, Inc.
Entity Central Index Key	0001378140
Trading Symbol	optt
Current Fiscal Year End Date	--04-30
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		1,936,801
Document Type	10-Q
Document Period End Date	Jan. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jan. 31, 2016	Apr. 30, 2015
ASSETS
Cash and cash equivalents	$ 9,413,258	$ 17,335,734
Certificate of Deposit and US Treasury obligations	50,000	75,000
Restricted cash	377,101	438,561
Accounts receivable	14,534	103,470
Unbilled receivables	37,465	81,658
Other current assets	214,828	186,641
Total current assets	10,107,186	18,221,064
Property and equipment, net	206,580	263,898
Restricted cash		50,000
Other noncurrent assets	295,912	335,924
Total assets	10,609,678	18,870,886
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	451,446	352,827
Accrued expenses	2,718,518	2,507,119
Current portion of long-term debt	75,000	100,000
Total current liabilities	3,244,964	2,959,946
Long-term debt		50,000
Deferred credits	600,000	600,000
Total liabilities	3,844,964	3,609,946
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; 50,000,000 shares authorized as of January 31, 2016, and 105,000,000 shares authorized as of April 30, 2015; issued 1,924,234 and 1,838,720 shares, respectively	1,924	1,839
Treasury stock, at cost; 5,705 and 3,866 shares, respectively	(135,938)	(132,016)
Additional paid-in capital	180,951,755	180,803,339
Retained Earnings (Accumulated Deficit)	(173,901,826)	(164,755,055)
Accumulated other comprehensive loss	(151,201)	(229,915)
Total Ocean Power Technologies, Inc. stockholders’ equity	6,764,714	15,688,192
Noncontrolling interest in Ocean Power Technologies (Australasia) Pty. Ltd.	0	(427,252)
Total equity	6,764,714	15,260,940
Total liabilities and stockholders’ equity	$ 10,609,678	$ 18,870,886

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jan. 31, 2016	Apr. 30, 2015
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	105,000,000
Common stock, shares issued (in shares)	1,924,234	1,838,720
Treasury stock (in shares)	5,705	3,866

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Revenues	$ 5,203	$ 328,511	$ 605,281	$ 3,616,827
Cost of revenues	5,203	379,106	605,281	4,344,346
Gross loss		(50,595)		(727,519)
Operating expenses:
Product development costs	1,752,001	1,082,628	5,412,445	2,227,060
Selling, general and administrative costs	1,690,420	1,956,702	5,419,358	7,788,552
Total operating expenses	3,442,421	3,039,330	10,831,803	10,015,612
Operating loss	(3,442,421)	(3,089,925)	(10,831,803)	(10,743,131)
Interest income (expense), net	1,128	6,793	9,963	(48,403)
Other income (expense), net	(3,114)		239,813	185,000
Foreign exchange loss	(188,424)	(246,002)	(194,266)	(467,909)
Loss before income taxes	(3,632,831)	(3,329,134)	(10,776,293)	(11,074,443)
Income tax benefit	1,674,862	1,137,872	1,674,862	1,137,872
Net loss	(1,957,969)	(2,191,262)	(9,101,431)	(9,936,571)
Less: Net (profit) loss attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd.		5,291	(45,340)	98,154
Net loss attributable to Ocean Power Technologies, Inc.	$ (1,957,969)	$ (2,185,971)	$ (9,146,771)	$ (9,838,417)
Basic and diluted net loss per share (in dollars per share)	$ (1.05)	$ (1.25)	$ (5.07)	$ (5.63)
Weighted average shares used to compute basic and diluted net loss per share (in shares)	1,865,464	1,750,827	1,803,559	1,748,484

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Net loss	$ (1,957,969)	$ (2,191,262)	$ (9,101,431)	$ (9,936,571)
Foreign currency translation adjustment	151,496	64,414	106,038	130,426
Total comprehensive loss	(1,806,473)	(2,126,848)	(8,995,393)	(9,806,145)
Comprehensive (income) loss attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd.		(44,564)	(72,664)	25,490
Comprehensive loss attributable to Ocean Power Technologies, Inc.	$ (1,806,473)	$ (2,171,412)	$ (9,068,057)	$ (9,780,655)

Consolidated Statements of Stockholders' Equity (Unaudited) - 9 months ended Jan. 31, 2016 - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Apr. 30, 2015	18,387,769	(38,658)
Balance at Apr. 30, 2015	$ 18,388	$ (132,016)	$ 180,786,790	$ (164,755,055)	$ (229,915)	$ (427,252)	$ 15,260,940
Reverse stock split (in shares)	(16,549,049)	34,792
Reverse stock split	$ (16,549)		16,549
Net loss				(9,146,771)		45,340	(9,101,431)
Other comprehensive income (loss)					78,714	27,324	106,038
Stock based compensation			127,243				127,243
Sale of Common Stock,net (in shares)	96,524
Sale of Common Stock,net	$ 97		204,826				204,923
Issuance (forfeiture) of restricted stock, net (in shares)	(11,010)
Issuance (forfeiture) of restricted stock, net	$ (12)		170,935				$ 170,923
Acquisition of treasury stock (in shares)		(1,839)					(1,839)
Acquisition of treasury stock		$ (3,922)					$ (3,922)
Additional investment in subsidiary			(354,588)			354,588
Balance (in shares) at Jan. 31, 2016	1,924,234	(5,705)
Balance at Jan. 31, 2016	$ 1,924	$ (135,938)	$ 180,951,755	$ (173,901,826)	$ (151,201)		$ 6,764,714

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
Cash flows from operating activities:
Net loss	$ (9,101,431)	$ (9,936,571)
Adjustments to reconcile net loss to net cash used in operating activities
Foreign exchange loss	194,266	467,909
Depreciation and amortization	83,874	727,188
Loss on disposals of property, plant and equipment		3,771
Compensation expense related to stock option grants & restricted stock	298,169	238,657
Changes in operating assets and liabilities:
Accounts receivable	88,936	289,740
Unbilled receivables	44,193	(151,855)
Other current assets	(29,704)	229,910
Other noncurrent assets	26,560	(134,126)
Accounts payable	97,743	(348,795)
Accrued expenses	221,373	(435,950)
Return of advanced payment to ARENA		(4,709,055)
Unearned revenues		(992,447)
Net cash used in operating activities	(8,076,021)	(14,751,624)
Cash flows from investing activities:
Purchases of marketable securities		(13,796,959)
Maturities of marketable securities	25,000	28,240,840
Restricted cash	111,460	6,787,329
Purchases of equipment	(23,524)	(54,466)
Net cash provided by investing activities	112,936	21,176,744
Cash flows from financing activities:
Proceeds from the sale of common stock,net of issuance costs	204,923	650
Repayment of debt	(75,000)	(75,000)
Acquisition of treasury stock	(3,922)	(1,309)
Net cash provided by (used in) financing activities	126,001	(75,659)
Effect of exchange rate changes on cash and cash equivalents	(85,392)	(339,214)
Net change in cash and cash equivalents	(7,922,476)	6,010,247
Cash and cash equivalents, beginning of period	17,335,734	13,858,659
Cash and cash equivalents, end of period	9,413,258	19,868,906
Supplemental disclosure of noncash investing and financing activities:
Capitalized purchases of equipment financed through accounts payable and accrued expenses	$ 3,039	$ 1,110

Note 1 - Background, Basis of Presentation and Liquidity

9 Months Ended

Jan. 31, 2016

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

(1) Background, Basis of Presentation 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 to develop a commercially viable product and to generate revenues 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 products and services.

b)	Basis of Presentation

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, 2015 filed with the Securities and Exchange Commission (“SEC”) and elsewhere in this Form 10-Q.

Liquidity

The Company has incurred net losses and negative operating cash flows since inception. As of January 31, 2016, the Company had an accumulated deficit of $173.9 million. As of January 31, 2016, the Company’s cash and cash equivalents and marketable securities balance was approximately $9.5 million. Based upon the Company’s cash and cash equivalents and marketable securities balance as of January 31, 2016, the Company believes that it will be able to finance its capital requirements and operations into the quarter ending October 31, 2016. In addition, as of January 31, 2016, the Company’s restricted cash balance was approximately $0.4 million.

The Company will require additional equity and/or debt financing to continue its operations as a going concern. If the Company is unable to raise additional funds when needed, its ability to operate and grow its business could be impaired. The Company cannot assure that it will be able to secure additional funding when needed or at all, or, if secured, that such funding on favorable terms.

The Company continues to make investments in ongoing product development efforts in anticipation of future growth. The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, risks from lack of available financing and insufficient capital, performance of PowerBuoys, its inability to market and commercialize its PowerBuoys, technology development, scalability of technology and production, dependence on skills of key personnel, concentration of customers and suppliers, deployment risks and laws, regulations and permitting. In order to continue to implement its business strategy, the Company requires additional equity and/or debt financing. The Company does not currently have any committed sources of debt or equity financing, and the Company cannot assure that additional equity and/or debt financing will be available to the Company as needed on acceptable terms, or at all. Historically, the Company has raised capital through securities sales in the public capital markets. If sufficient additional financing is not obtained when needed, the Company may be required to further curtail or limit operations, product development costs, and/or selling, general and administrative activities in order to reduce its cash expenditures. This could cause the Company to be unable to execute its business plan, take advantage of future opportunities and may cause it to scale back, delay or eliminate some or all of its product development activities and/or reduce the scope of its operations.

In January 2013, the Company filed a shelf registration statement on Form S-3 (the “2013 Form S-3” or the “2013 Form S-3 Shelf”). The 2013 Form S-3 Shelf was declared effective by the SEC in February 2013. Under the 2013 Form S-3 Shelf in June 2013, the Company established an At the Market Offering Facility (the “ATM Facility”) with Ascendiant Capital Markets, LLC (“Ascendiant”) via an At the Market Offering Agreement (the “ATM Agreement”). Under the ATM Agreement, the Company offered and sold shares of its common stock, par value $0.001 per share (the “Common Stock”) from time to time through Ascendiant, acting as sales agent, in ordinary brokerage transactions at prevailing market prices. Under the ATM Facility, during fiscal 2014, the Company issued 330,633 shares of its Common Stock at an average price to the public of $30.20 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, (the “Underwriting Agreement”) with respect to the issuance and sale in an underwritten public offering of an aggregate of 380,000 shares of its Common Stock at a price of $31.00 per share (the “Public Offering”) under the 2013 Form S-3. 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 its Common Stock by the Company. Net proceeds from the Public Offering, which was completed in early April 2014, were approximately $10,828,000.

During fiscal 2015, we did not sell any securities under or receive any proceeds from the sale of securities under the 2013 Form S-3 Shelf.

In October 2015, the Company entered into an At the Market Offering Agreement (the “Offering Agreement”) with Rodman & Renshaw, a unit of H. C. Wainwright & Co., LLC (the “Manager”) under which the Company may offer and sell shares of its Common Stock, having an aggregate offering price of up to $2,906,836 from time to time through or to the Manager, acting as sales agent and/or principal, in reliance on and subject to the limitations of General Instruction I.B.6 of Form S-3 and other applicable laws and regulations (the “2015 ATM Offering”).

Under the Offering Agreement, during the quarter ended January 31, 2016, we sold 95,024 shares of Common Stock at an average price of $2.13 per share, for net proceeds to the Company of approximately $199,000 and we paid the Manager a sales commission of approximately $3,000 related to those shares. The Company has no obligation to sell shares of Common Stock under the Offering Agreement and may at any time upon notice terminate the Offering Agreement.

Form S-3 limits the aggregate market value of securities that the Company is permitted to offer in any 12-month period under its 2013 Form S-3 Shelf, whether under the ATM Agreement, the Underwriting Agreement or otherwise, to one-third of its public float. In 2014, the Company fully utilized its available transaction capacity to sell securities using the 2013 Form S-3 Shelf in the ATM offering. However, the Company regained the ability to utilize the 2013 Form S-3 Shelf as we entered fiscal 2016. Under the SEC’s regulations, the securities registered under its 2013 Form S-3 Shelf may only be offered and sold if not more than three years have elapsed from the initial effective date of the Form S-3, except that if a new shelf registration statement is filed then the Company is permitted to continue to offer and sell securities under the Form S-3 until the earlier of the effective date of the new shelf registration statement or 180 days after the third anniversary of the initial effective date. On February 12, 2016, the Company filed a new Form S-3 shelf registration statement (the “2016 Form S-3” or the “2016 Form S-3 Shelf”) to register the offering and sale of up to $15 million in securities. The 2016 Form S-3 registration statement has not yet been declared effective by the SEC. Subject to compliance with applicable laws and regulations, the Company may continue to offer and sell shares of its Common Stock in the 2015 ATM offering with the Manager under the Offering Agreement until the earlier of August 10, 2016 or the date on which the SEC declares effective the 2016 Form S-3.

Under the terms of the Offering Agreement with the Manager, the Company may offer and sell up to $2,906,836 of its Common Stock in the 2015 ATM Offering. However, pursuant to General Instruction I.B.6 of Form S-3, at the time of filing the 2016 Form S-3, the Company was able to offer and sell only $1,597,102 of its common stock under the 2016 Form S-3, and, as of the date of that filing, the Company had already offered and sold $251,603 in value of its common stock under the Offering Agreement. Thus, under the 2016 Form S-3, the Company is seeking to register the offering and sale of up to $1,345,499 in value of its Common Stock for sale in the 2015 ATM Offering pursuant to the Offering Agreement, which securities are included in the $15 million of securities the Company is seeking to register for offer and sale on the 2016 Form S-3.

The sale of additional equity or convertible securities could result in dilution to the Company’s stockholders. If additional funds are raised through the issuance of debt securities or preferred stock, these securities could have rights senior to those associated with the Company’s Common Stock and could contain covenants that would restrict its operations. Financing may not be available in amounts or on terms acceptable to it, or at all. If the Company is unable to obtain financing when required, it may be required to reduce the scope of its operations, current projects, planned product development and marketing efforts, and/or selling, general and administrative activities which could materially and adversely affect the Company’s future opportunities, financial condition and operating results.

(d)	Reverse Stock Split

At the annual meeting of stockholders on October 22, 2015, the Company’s stockholders approved a proposal to amend the Certificate of Incorporation of the Company to effect a reverse split of its Common Stock, at a ratio to be determined by the Company’s Board of Directors within a specific range and a reduction in the authorized number of shares of its Common Stock. On October 27, 2015, the Company filed a Certificate of Amendment to its Certificate of Incorporation to effect a one-for-10 reverse stock split of its Common Stock and to decrease the number of authorized shares of its Common Stock to 50,000,000 shares (the “Reverse Stock Split”). As a result of the Reverse Stock Split, as of the effective date of the Reverse Stock Split, every 10 shares of issued and outstanding Common Stock were combined into one issued and outstanding share of Common Stock, without any change in the par value per share. No fractional shares were issued in connection with the

Reverse Stock Split. Total cash payments made by the Company to stockholders in lieu of fractional shares were not material. The Common Stock began trading on a reverse stock split-adjusted basis on the NASDAQ Stock Market (“NASDAQ”) on October 29, 2015. On November 12, 2015, NASDAQ notified the Company that its Common Stock had regained compliance with the NASDAQ listed company closing bid price requirement.

All share and per share data included in this report has been retroactively restated to reflect the Reverse Stock Split.

Note 2 - Summary of Significant Accounting Policies

9 Months Ended

Jan. 31, 2016

Notes to Financial Statements

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 January 31, 2016, there were no non-controlling interests.

In September 2015, the Company re-purchased the non-controlling interest (consisting of 11.8%) of the Company's Australian subsidiary, Ocean Power Technologies (Australasia) Pty. Ltd. (“OPTA”) for nominal consideration and now has 100% ownership of OPTA. OPTA owns 100% of Victorian Wave Partners Pty. Ltd. (“VWP”), which is also organized under the laws of Australia. The Company also periodically 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 January 31, 2016, 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 legal costs associated with shareholder litigation and SEC subpoena; recoverability of the carrying amount of property and equipment; valuation allowances for receivables and deferred income tax assets; estimated costs to complete projects; and percentage of completion of customer contracts for purposes of revenue recognition. Actual results may differ from those estimates.

(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 products 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. 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, a profit or loss on a project is recognized 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 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.

Some of the Company’s projects are 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 remains 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.

	January 31, 2016		April 30, 2015

Checking and money market accounts	$	4,697,646	$	4,614,400
Overnight repurchase account		4,715,612		12,721,334
	$	9,413,258	$	17,335,734

(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 January 31, 2016 and April 30, 2015, 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 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 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. As of January 31, 2016, there was €278,828 ($301,915) 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 $75,000 is outstanding at January 31, 2016. 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 6.

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.

Restricted cash includes the following:

	January 31, 2016		April 30, 2015
Current:
NJBPU agreement	$	75,000	$	100,000
Barclay's Bank Agreement		302,101		338,561
	$	377,101	$	438,561

	January 31, 2016		April 30, 2015
Long Term:
NJBPU agreement	$	―	$	50,000
	$	―	$	50,000

(g)	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.

	Three Months Ended January 31,						Nine Months Ended January 31,
	2016			2015			2016			2015
Foreign exchange loss	$	(188,424	)	$	(246,002	)	$	(194,266	)	$	(467,909	)

Foreign currency denominated certificates of deposit and cash accounts:

	January 31, 2016		April 30, 2015

Restricted	$	302,101	$	338,561
Unrestricted		1,037,590		1,100,371
	$	1,339,691	$	1,438,932

(h)	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.

(i)	Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash balances, overnight repurchase accounts, bank certificates of deposit and trade receivables. The Company invests its excess cash in highly liquid investments (typically, 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:

	Three months ended January 31,						Nine months ended January 31,
Customer	2016			2015			2016			2015

US Department of Energy		100	%		25	%		33	%		37	%
European Union (WavePort project)		―			―			67	%		26	%
Mitsui Engineering & Shipbuilding		―			75	%		―			37	%
		100	%		100	%		100	%		100	%

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 maintain collateral.

(j)	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 restricted stock, 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 154,537 for the three and nine months ended January 31, 2016, and 193,701 for the three and nine months ended January 31, 2015, were excluded from the computations as the effect would be anti-dilutive due to the Company's losses.

(k)	Recently Issued Accounting Standards

In May 2014, the Financial Accounting Standards Board (FASB) issued a new revenue recognition standard entitled

“Revenue from Contracts with Customers.”

The objective of the standard is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows from a contract with a customer. The standard is effective for annual reporting periods beginning after December 15, 2017. Earlier application as of the original date is optional; however, the Company will adopt the standard beginning May 1, 2018. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently assessing which method it will choose for adoption, and is evaluating the impact of the adoption of this new accounting standard on its consolidated results of operations and financial position.

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 has not yet determined the effect of the standard on its ongoing financial reporting at this time.

In April 2015, the FASB issued ASU 2015-03,

Simplifying the Presentation of Debt Issuance Costs,

which intends to simplify the presentation of debt issuance costs. This ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Currently, ASU 2015-03, would not have an effect on the Company’s consolidated financial statements and disclosures. The Company will evaluate the effect of ASU 2015-03 for future periods, as applicable.

In November 2015, the FASB issued ASU 2015-17,

Income Taxes (ASC 740): Balance Sheet Classification of Deferred Taxes

, which requires that all deferred taxes are presented as non-current in a classified statement of financial position. The standard may be adopted on a retrospective or prospective basis. The standard is effective for annual periods beginning after December 15, 2015. Early adoption is available. The Company is currently assessing which method it will choose for adoption, and is evaluating the effect the new standard will have on its consolidated financial statements and disclosures.

In January 2016, the FASB issued ASU No. 2016-01,

Recognition and Measurement of Financial Assets and Financial Liabilities

, which makes limited amendments to the guidance in U.S. GAAP on the classification and measurement of financial instruments. The update significantly revises an entity's accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. The update will take effect for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company will evaluate the effect of ASU 2016-01 for future periods as applicable.

In February 2016, the FASB issued ASU No. 2016-02,

Leases

(Topic 842) (“ASU 2016-02”). The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact that the standard will have on the financial statements.

Note 3 - Marketable Securities

9 Months Ended

Jan. 31, 2016

Notes to Financial Statements

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

(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:

		January 31, 2016				April 30, 2015
Certificate of Deposit and US Treasury obligations		$	50,000			$	75,000

- Definition

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

+ References + Details

Note 4 - Balance Sheet Detail

9 Months Ended

Jan. 31, 2016

Notes to Financial Statements

Supplemental Balance Sheet Disclosures [Text Block]

(4)	Balance Sheet Detail

	January 31, 2016		April 30, 2015

Accrued expenses
Project costs	$	1,121,267	$	867,771
Contract loss reserve		198,819		198,819
Employee incentive payments		245,569		529,274
Accrued salary and benefits		498,465		468,366
Legal and accounting fees		384,618		274,656
Other		269,780		168,233
	$	2,718,518	$	2,507,119

Note 5 - Related Party Transactions

9 Months Ended

Jan. 31, 2016

Notes to Financial Statements

(5)	Related Party Transactions

	Three Months Ended January 31,				Nine Months Ended January 31,
	2016		2015		2016		2015
Related party consulting expense	$	-	$	168,500	$	52,667	$	434,188

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 received 15 months of consulting fees at a monthly rate of $20,000 (this period terminated on July 18, 2015). For the three and nine months ended January 31, 2016, the Company recorded $0 and $52,667 in expense relating to this agreement. For the three and nine months ended January 31, 2015, the Company recorded $60,000 and $180,000, respectively in expense relating to this agreement.

In June 2014, the Company entered into an agreement with David L. Keller, a non-executive director of the Company, under which Mr. Keller served as our Interim Chief Executive Officer effective as of the June 9, 2014 termination of our former Chief Executive Officer, Charles F. Dunleavy, through January 20, 2015. Under this agreement, Mr. Keller received a consulting fee of $1,500 per day of services provided to the Company. Effective January 20, 2015, Mr. George H. Kirby was appointed our President, Chief Executive Officer and a Director of the Company and Mr. Keller resigned as Interim CEO. Mr. Keller continued to serve as a non-executive director of the Company until October 22, 2015. For the three and nine months ended January 31, 2016, the Company recorded $0 in expense relating to Mr. Keller’s agreement. For the three and nine months ended January 31, 2015, the Company recorded $108,500 and $254,188, respectively in expense relating to this agreement.

- Definition

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 6 - Debt

9 Months Ended

Jan. 31, 2016

Notes to Financial Statements

Debt Disclosure [Text Block]

(6)

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).

	January 31, 2015			April 30, 2015

Total debt	$	75,000		$	150,000
Current portion of long-term debt		(75,000	)		(100,000	)
Long-term debt	$	―		$	50,000

Note 7 - Deferred Credits Payable

9 Months Ended

Jan. 31, 2016

Notes to Financial Statements

Customer Advances and Deposits Disclosure [Text Block]

(7)	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 January 31, 2016, 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 January 31, 2016.

Note 8 - Stock-Based Compensation

9 Months Ended

Jan. 31, 2016

Notes to Financial Statements

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

(8)	Stock-Based Compensation

The aggregate stock-based compensation expense related to all stock-based transactions recorded in the consolidated statements of operations was approximately $298,000 and $239,000 for the nine months ended January 31, 2016 and 2015, respectively. The nine months ended January 31, 2015, reflected lower stock-based compensation costs primarily because of the termination for cause of Charles F. Dunleavy, Chief Executive Officer, on June 9, 2014. In accordance with the Company’s 2001 Stock Plan and the 2006 Stock Incentive Plan, all vested and unvested equity compensation grants were forfeited by Mr. Dunleavy because of his termination for cause by the Company.

(a)	Stock Options

Valuation Assumptions for Options Granted During the Nine Months Ended

January 31, 2016

and 2015

The fair value of each stock option granted, for both service-based and performance-based vesting requirements, during the nine months ended January 31, 2016, 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 the Company’s historical volatility for the nine months ended January 31, 2016.

	Nine Months Ended January 31,
	2016			2015
Risk-free interest rate		1.6	%		1.6	%
Expected dividend yield		0.0	%		0.0	%
Expected life (in years)		5.5			5.5
Expected volatility		85.74	%		85.49	%

The above assumptions were used to determine the weighted average per share fair value of $4.05 and $7.20 for stock options granted during the nine months ended January 31, 2016 and 2015, respectively.

A summary of stock options under our stock incentive plans is as follows:

	Shares Underlying Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)
Outstanding as of April 30, 2015		108,376		$	43.20		5.7
Forfeited		(12,363	)		48.16
Exercised		—			—
Granted		5,138			5.80
Outstanding as of January 31, 2016		101,151			40.69		4.5
Exercisable as of January 31, 2016		86,725			45.58		4.0

As of January 31, 2016, the total intrinsic value of outstanding and exercisable options was $0. As of January 31, 2016, approximately 14,000 additional options are expected to vest in the future, which options had no intrinsic value and a weighted average remaining contractual term of 8.0 years. There was approximately $127,000 and $130,000 of total recognized compensation cost related to stock options for the nine months ended January 31, 2016 and 2015, respectively. As of January 31, 2016, there was approximately $62,000 of total unrecognized compensation cost related to non-vested stock options granted under the plans. This cost is expected to be recognized over a weighted-average period of 1.8 years. The Company normally issues new shares to satisfy option exercises under these plans. Stock options outstanding, as of January 31, 2016, included 10,078 stock options subject to performance-based vesting requirements.

(b)	Restricted Stock

Compensation expense for unvested restricted stock is generally recorded based on the market value of the restricted stock on the date of grant and recognized ratably over the associated service and performance period. Of the 44,191 unvested shares of restricted stock, there are different vesting criteria and compensation expense methods. There are 32,191 unvested restricted shares that vest based on service criteria. The compensation expense is recorded based on the market value on the date of grant and is recognized ratably over the associated service period. As of January 31, 2016, there are 12,000 unvested restricted shares where the achievement of vesting requirement for 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 designated funds’ 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.

In January 2016, the Board of Directors authorized a modification to certain outstanding restricted stock grants, which converted certain grants with performance based vesting criteria and the achievement of vesting requirement for performance-based grants to service based grants. The modification of the restricted stock grants did not have a material impact on the Company’s statement of operations for the three months ended January 31, 2015.

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

	Number of Shares			Weighted Average Price per Share

Issued and unvested at April 30, 2015		84,062		$	7.30
Granted		3,300			2.17
Forfeited		(12,130	)		8.86
Vested		(31,041	)		7.14
Issued and unvested at January 31, 2016		44,191		$	6.60

There was approximately $171,000 and $109,000 of total recognized compensation cost related to restricted stock for the nine months ended January 31, 2016 and 2015, respectively. As of January 31, 2016, there was approximately $138,000 of total unrecognized compensation cost related to unvested restricted stock granted under our plans. This cost is expected to be recognized over a weighted average period of 1.2 years.

(c)	Treasury Stock

During the nine months ended January 31, 2016 and 2015, 1,839 and 80 shares, respectively, of common stock were purchased by the Company from employees to pay taxes related to the vesting of restricted stock.

Note 9 - Commitments and Contingencies

9 Months Ended

Jan. 31, 2016

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

(9)	Commitments and Contingencies

(a)	Litigation

Shareholder Litigation

The Company and its former Chief Executive Officer Charles Dunleavy are defendants in consolidated securities class action lawsuits, and 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 (filed June 13, 2014); Chew, et al. v. Ocean Power Technologies, Inc. et. al., Case No 3:14-cv-03815 (filed June 13, 2014); Konstantinidis v. Ocean Power Technologies, Inc., et al., Case No. 3:14-cv-04015 (filed June 23, 2014); and Turner v. Ocean Power Technologies, Inc., et al., Case No. 3:14-cv-04592 (filed July 22, 2014). On March 17, 2015, the court entered an order appointing Five More Special Situation Fund Ltd. as the lead plaintiff.

On October 9, 2015, the lead plaintiff filed a third amended class action complaint which 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 the Company’s technology and 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 third amended class action complaint seeks unspecified monetary damages and other relief. On November 5, 2015, defendants filed a motion to dismiss the third amended class action complaint. The lead plaintiff filed a brief in opposition to the motion on December 7, 2015, and defendants filed a reply in support of the motion on December 21, 2015. The Court has not yet ruled on the motion.

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 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).

On July 10, 2015, a second derivative lawsuit, captioned Rywolt v. Dunleavy

, et al.,

Case No. 3:15-cv-05469, was filed by another shareholder against the same defendants in the United States District Court for the District of New Jersey alleging similar claims for breach of fiduciary duty, gross mismanagement, abuse of control, and unjust enrichment relating to the now terminated agreement between VWP and ARENA. The

Rywolt

complaint also seeks unspecified monetary damages and other relief. On September 2, 2015, the plaintiff and all the defendants agreed to stay the

Rywolt

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). In addition, on September 2, 2015, the plaintiffs in the

Labare

and

Rywolt

derivative lawsuits filed an unopposed motion to consolidate the two actions. On February 8, 2016, the Court entered an order (i) consolidating the

Labare

and

Rywolt

actions; (ii) appointing Labare and Rywolt as co-lead plaintiffs; (iii) appointing The Rosen Law Firm P.C. as lead counsel; and (iv) directing the co-lead plaintiffs to file a consolidated amended complaint within 30 days of the order.

The Company and its current directors are defendants in a lawsuit filed by an alleged shareholder in the Superior Court of New Jersey, Mercer County Chancery Division on January 25, 2016, captioned

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

, Civil Action No. C-5-16. The complaint alleges that certain provisions of the Company’s Articles of Incorporation and Bylaws providing that the Company’s directors may be removed only for cause and only by an affirmative vote of at least 75% of the votes which all the stockholders would be entitled to cast in any annual election of directors are invalid under Section 141(k) of the Delaware General Corporation Law. The Complaint asserts a breach of fiduciary claim against the director defendants and a declaratory judgment claim against all defendants seeking, among other things, to invalidate the current provisions and declare that the Company’s directors may be removed and replaced without cause and by a simple majority vote. The Complaint seeks declaratory and injunctive relief as well as unspecified costs and attorneys’ fees. Defendants have not yet responded to the Complaint

Employment Litigation

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

Company's subsidiaries. The Company and Mr. Dunleavy have agreed to suspend his alleged employment claims pending resolution of the shareholder litigation.

We have not established any provision for losses relating to these claims and pending litigation. Due to the stages of these proceedings, and considering the inherent uncertainty of these claims and litigation, at this time we are not able to predict or reasonably estimate whether we have any possible loss exposure or the ultimate outcome of these claims.

(b)	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. The SEC investigation is ongoing and the Company continues to cooperate with the SEC in its investigation. We are unable to predict what action, if any, might be taken by the SEC or its staff as a result of this investigation or what impact, if any, the cost of responding to the SEC’s investigation or its ultimate outcome might have on our financial position, results of operations or liquidity. We have not established any provision for losses relating to this matter.

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 ($301,915) at the request of the Spanish tax authorities. This is a customary request during the inquiry period. In November 2014, March 2015 and September 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 10 - Income Taxes

9 Months Ended

Jan. 31, 2016

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(10)	Income Taxes

During the three and nine months ended January 31, 2016, the Company recorded an income tax benefit of $1,674,862, representing the proceeds from the sale of $19,705,000 of New Jersey net operating loss carryforwards and research and development tax credits. During the three and nine months ended January 31, 2015, the Company recorded an income tax benefit of $1,137,872, representing the proceeds from the sale of $14,004,000 of New Jersey net operating loss carryforwards and research and development tax credits.

Other than as a result of the sale of New Jersey net operating loss carryforwards, the Company did not recognize any consolidated income tax benefit (expense) for the three and nine month periods ended January 31, 2016 and 2015. 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 and nine months ended January 31, 2016, the Company had no material changes in uncertain tax positions.

Note 11 - Operating Segments and Geographic Information

9 Months Ended

Jan. 31, 2016

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(11)	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:

	North America			Europe			Asia and Australia			Total
Three months ended January 31, 2016
Revenues from external customers	$	5,203		$	—		$	—		$	5,203
Operating loss		(3,359,582	)		(62,450	)		(20,389	)		(3,442,421	)

Three months ended January 31, 2015
Revenues from external customers	$	328,511		$	—		$	—		$	328,511
Operating loss		(2,784,095	)		(258,636	)		(47,194	)		(3,089,925	)

Nine months ended January 31, 2016
Revenues from external customers	$	605,281		$	—		$	—		$	605,281
Operating loss		(10,456,460	)		(228,432	)		(146,911	)		(10,831,803	)

Nine months ended January 31, 2015
Revenues from external customers	$	3,616,827		$	—		$	—		$	3,616,827
Operating loss		(8,981,672	)		(993,308	)		(768,151	)		(10,743,131	)

January 31, 2016
Long-lived assets	$	206,580		$	—		$	—		$	206,580
Total assets		9,786,752			438,283			384,643			10,609,678

April 30, 2015
Long-lived assets	$	262,985		$	913		$	—		$	263,898
Total assets		17,899,273			597,796			373,817			18,870,886

- 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
-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
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 42
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Significant Accounting Policies (Policies)

9 Months Ended

Jan. 31, 2016

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

b)	Basis of Presentation

Liquidity Disclosure [Policy Text Block]

Liquidity

The Company continues to make investments in ongoing product development efforts in anticipation of future growth. The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, risks from lack of available financing and insufficient capital, performance of PowerBuoys, its inability to market and commercialize its PowerBuoys, technology development, scalability of technology and production, dependence on skills of key personnel, concentration of customers and suppliers, deployment risks and laws, regulations and permitting. In order to continue to implement its business strategy, the Company requires additional equity and/or debt financing. The Company does not currently have any committed sources of debt or equity financing, and the Company cannot assure you that additional equity and/or debt financing will be available to the Company as needed on acceptable terms, or at all. Historically, the Company has raised capital through securities sales in the public capital markets. If sufficient additional financing is not obtained when needed, the Company may be required to further curtail or limit operations, product development costs, and/or selling, general and administrative activities in order to reduce its cash expenditures to a sustainable level. This could cause the Company to be unable to execute its business plan, take advantage of future opportunities and may cause it to scale back, delay or eliminate some or all of its product development activities and/or reduce the scope of its operations.

During fiscal 2015, we did not sell any securities under or receive any proceeds from the sale of securities under the 2013 Form S-3 Shelf.

Under the Offering Agreement, during the quarter ended January 31, 2016, we sold 95,024 shares of Common Stock under the Offering Agreement at an average price of $2.13 per share, for net proceeds to the Company of approximately $199,000 and we paid the Manager a sales commission of approximately $3,000 related to those shares. The Company has no obligation to sell shares of Common Stock under the Offering Agreement and may at any time upon notice terminate the Offering Agreement.

Common Stock Disclosure [Policy Text Block]

(d)	Reverse Stock Split

All share and per share data included in this report has been retroactively restated to reflect the Reverse Stock Split.

Consolidation, Policy [Policy Text Block]

(a)	Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All

Use of Estimates, Policy [Policy Text Block]

(b)	Use of Estimates

Revenue Recognition, Policy [Policy Text Block]

(c)	Revenue Recognition

Unbilled receivables represent expenditures on contracts, plus applicable profit margin, not yet billed. Unbilled receivables are normally

Some of the Company’s projects are under cost-sharing contracts.

Cash and Cash Equivalents, Policy [Policy Text Block]

(d)	Cash and Cash Equivalents

	January 31, 2016		April 30, 2015

Checking and money market accounts	$	4,697,646	$	4,614,400
Overnight repurchase account		4,715,612		12,721,334
	$	9,413,258	$	17,335,734

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 two security agreements.

to the outstanding grant balance. See Note 6.

Restricted cash includes the following:

	January 31, 2016		April 30, 2015
Current:
NJBPU agreement	$	75,000	$	100,000
Barclay's Bank Agreement		302,101		338,561
	$	377,101	$	438,561

	January 31, 2016		April 30, 2015
Long Term:
NJBPU agreement	$	?	$	50,000
	$	?	$	50,000

Foreign Currency Transactions and Translations Policy [Policy Text Block]

(g)	Foreign Exchange Gains and Losses

	Three Months Ended January 31,						Nine Months Ended January 31,
	2016			2015			2016			2015
Foreign exchange loss	$	(188,424	)	$	(246,002	)	$	(194,266	)	$	(467,909	)

Foreign currency denominated certificates of deposit and cash accounts:

	January 31, 2016		April 30, 2015

Restricted	$	302,101	$	338,561
Unrestricted		1,037,590		1,100,371
	$	1,339,691	$	1,438,932

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

(h)	Property and Equipment

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

(i)	Concentration of Credit Risk

	Three months ended January 31,						Nine months ended January 31,
Customer	2016			2015			2016			2015

US Department of Energy		100	%		25	%		33	%		37	%
European Union (WavePort project)		?			?			67	%		26	%
Mitsui Engineering & Shipbuilding		?			75	%		?			37	%
		100	%		100	%		100	%		100	%

Earnings Per Share, Policy [Policy Text Block]

(j)	Net Loss per Common Share

New Accounting Pronouncements, Policy [Policy Text Block]

(k)	Recently Issued Accounting Standards

In May 2014, the Financial Accounting Standards Board (FASB) issued a new revenue recognition standard entitled

“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

In April 2015, the FASB issued ASU 2015-03,

Simplifying the Presentation of Debt Issuance Costs,

In November 2015, the FASB issued ASU 2015-17,

Income Taxes (ASC 740): Balance Sheet Classification of Deferred Taxes

In January 2016, the FASB issued ASU No. 2016-01,

Recognition and Measurement of Financial Assets and Financial Liabilities

In February 2016, the FASB issued ASU No. 2016-02,

Leases

Note 2 - Summary of Significant Accounting Policies (Tables)

9 Months Ended

Jan. 31, 2016

Notes Tables

Schedule of Cash and Cash Equivalents [Table Text Block]

	January 31, 2016		April 30, 2015

Checking and money market accounts	$	4,697,646	$	4,614,400
Overnight repurchase account		4,715,612		12,721,334
	$	9,413,258	$	17,335,734

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

	January 31, 2016		April 30, 2015
Current:
NJBPU agreement	$	75,000	$	100,000
Barclay's Bank Agreement		302,101		338,561
	$	377,101	$	438,561

	January 31, 2016		April 30, 2015
Long Term:
NJBPU agreement	$	―	$	50,000
	$	―	$	50,000

Schedule of Foreign Exchange Gain Loss [Table Text Block]

	Three Months Ended January 31,						Nine Months Ended January 31,
	2016			2015			2016			2015
Foreign exchange loss	$	(188,424	)	$	(246,002	)	$	(194,266	)	$	(467,909	)

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

	January 31, 2016		April 30, 2015

Restricted	$	302,101	$	338,561
Unrestricted		1,037,590		1,100,371
	$	1,339,691	$	1,438,932

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

	Three months ended January 31,						Nine months ended January 31,
Customer	2016			2015			2016			2015

US Department of Energy		100	%		25	%		33	%		37	%
European Union (WavePort project)		―			―			67	%		26	%
Mitsui Engineering & Shipbuilding		―			75	%		―			37	%
		100	%		100	%		100	%		100	%

Note 3 - Marketable Securities (Tables)

9 Months Ended

Jan. 31, 2016

Current [Member]

Notes Tables

Marketable Securities [Table Text Block]

		January 31, 2016				April 30, 2015
Certificate of Deposit and US Treasury obligations		$	50,000			$	75,000

Note 4 - Balance Sheet Detail (Tables)

9 Months Ended

Jan. 31, 2016

Notes Tables

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

	January 31, 2016		April 30, 2015

Accrued expenses
Project costs	$	1,121,267	$	867,771
Contract loss reserve		198,819		198,819
Employee incentive payments		245,569		529,274
Accrued salary and benefits		498,465		468,366
Legal and accounting fees		384,618		274,656
Other		269,780		168,233
	$	2,718,518	$	2,507,119

Note 5 - Related Party Transactions (Tables)

9 Months Ended

Jan. 31, 2016

Notes Tables

	Three Months Ended January 31,				Nine Months Ended January 31,
	2016		2015		2016		2015
Related party consulting expense	$	-	$	168,500	$	52,667	$	434,188

Note 6 - Debt (Tables)

9 Months Ended

Jan. 31, 2016

Notes Tables

Schedule of Debt [Table Text Block]

	January 31, 2015			April 30, 2015

Total debt	$	75,000		$	150,000
Current portion of long-term debt		(75,000	)		(100,000	)
Long-term debt	$	―		$	50,000

Note 8 - Stock-Based Compensation (Tables)

9 Months Ended

Jan. 31, 2016

Notes Tables

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

	Nine Months Ended January 31,
	2016			2015
Risk-free interest rate		1.6	%		1.6	%
Expected dividend yield		0.0	%		0.0	%
Expected life (in years)		5.5			5.5
Expected volatility		85.74	%		85.49	%

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

	Shares Underlying Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)
Outstanding as of April 30, 2015		108,376		$	43.20		5.7
Forfeited		(12,363	)		48.16
Exercised		—			—
Granted		5,138			5.80
Outstanding as of January 31, 2016		101,151			40.69		4.5
Exercisable as of January 31, 2016		86,725			45.58		4.0

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

	Number of Shares			Weighted Average Price per Share

Issued and unvested at April 30, 2015		84,062		$	7.30
Granted		3,300			2.17
Forfeited		(12,130	)		8.86
Vested		(31,041	)		7.14
Issued and unvested at January 31, 2016		44,191		$	6.60

Note 11 - Operating Segments and Geographic Information (Tables)

9 Months Ended

Jan. 31, 2016

Notes Tables

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	North America			Europe			Asia and Australia			Total
Three months ended January 31, 2016
Revenues from external customers	$	5,203		$	—		$	—		$	5,203
Operating loss		(3,359,582	)		(62,450	)		(20,389	)		(3,442,421	)

Three months ended January 31, 2015
Revenues from external customers	$	328,511		$	—		$	—		$	328,511
Operating loss		(2,784,095	)		(258,636	)		(47,194	)		(3,089,925	)

Nine months ended January 31, 2016
Revenues from external customers	$	605,281		$	—		$	—		$	605,281
Operating loss		(10,456,460	)		(228,432	)		(146,911	)		(10,831,803	)

Nine months ended January 31, 2015
Revenues from external customers	$	3,616,827		$	—		$	—		$	3,616,827
Operating loss		(8,981,672	)		(993,308	)		(768,151	)		(10,743,131	)

January 31, 2016
Long-lived assets	$	206,580		$	—		$	—		$	206,580
Total assets		9,786,752			438,283			384,643			10,609,678

April 30, 2015
Long-lived assets	$	262,985		$	913		$	—		$	263,898
Total assets		17,899,273			597,796			373,817			18,870,886

Note 1 - Background, Basis of Presentation and Liquidity (Details Textual)			3 Months Ended	4 Months Ended	9 Months Ended		12 Months Ended
	Feb. 12, 2016 USD ($)	Oct. 27, 2015 shares	Jan. 31, 2016 USD ($) $ / shares shares	Jan. 31, 2016 USD ($) $ / shares shares	Jan. 31, 2016 USD ($) $ / shares shares	Jan. 31, 2015 USD ($)	Apr. 30, 2015 USD ($) $ / shares shares	Apr. 30, 2014 USD ($) $ / shares shares	Feb. 13, 2016 USD ($)	Oct. 31, 2015 USD ($)	Jan. 31, 2013 $ / shares
Proceeds from S-3 Shelf for Period [Member]
Proceeds from Issuance of Common Stock							$ 0
ATM Facility [Member]
Proceeds from Issuance of Common Stock								$ 9,698,000
Stock Issued During Period, Shares, New Issues \| shares								330,633
Share Price \| $ / shares								$ 30.20
Underwriting Agreement [Member]
Proceeds from Issuance of Common Stock								$ 10,828,000
Stock Issued During Period, Shares, New Issues \| shares								380,000
Share Price \| $ / shares								$ 31
Offering Agreement [Member] \| Subsequent Event [Member]
Aggregate Offering Price, Common Stock, Maximum									$ 1,345,499
Shelf Registration Amount Of Securities To Offer And Sale	$ 15,000,000
Offering Agreement [Member]
Proceeds from Issuance of Common Stock			$ 199,000	$ 251,603
Stock Issued During Period, Shares, New Issues \| shares			95,024
Share Price \| $ / shares			$ 2.13	$ 2.13	$ 2.13
Aggregate Offering Price, Common Stock, Maximum										$ 2,906,836
Payments of Stock Issuance Costs			$ 3,000
Form S-3 Shelf [Member] \| Subsequent Event [Member]
Proceeds from Issuance of Common Stock	$ 1,597,102
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		10
Proceeds from Issuance of Common Stock					$ 204,923	$ 650
Retained Earnings (Accumulated Deficit)			(173,901,826)	$ (173,901,826)	(173,901,826)		$ (164,755,055)
Cash and Cash Equivalents Marketable Securities and Restricted Cash			9,500,000	9,500,000	9,500,000
Restricted Cash and Cash Equivalents			$ 400,000	$ 400,000	$ 400,000
Common Stock, Par or Stated Value Per Share \| $ / shares			$ 0.001	$ 0.001	$ 0.001		$ 0.001				$ 0.001
Common Stock, Shares Authorized \| shares		50,000,000	50,000,000	50,000,000	50,000,000		105,000,000

Note 2 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended		9 Months Ended
	Jan. 31, 2016 EUR (€) shares	Jan. 31, 2015 shares	Jan. 31, 2016 EUR (€) shares	Jan. 31, 2015 shares	Jan. 31, 2016 USD ($)	Sep. 30, 2015	Apr. 30, 2015 USD ($)
Barclays Bank [Member]
Line of Credit Facility, Commitment Fee Percentage			1.00%
Long-term Line of Credit	€ 278,828		€ 278,828		$ 301,915
New Jersey Board of Public Utilities 1 [Member]
Long-term Line of Credit					75,000
Restricted Cash and Cash Equivalents					500,000
Oregon Department of State Lands [Member] \| Line of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 1,200,000		$ 0
Minimum [Member]
Property, Plant and Equipment, Useful Life			3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life			7 years
OPTA [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners						11.80%
Ownership Percentage						100.00%
Victorian Wave Partners Pty. Ltd. [Member] \| OPTA [Member]
Ownership Percentage						100.00%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares	154,537	193,701	154,537	193,701
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	0.00%		0.00%		0.00%
Restricted Cash and Cash Equivalents					$ 400,000

Note 2 - Cash and Cash Equivalents (Details) - USD ($)	Jan. 31, 2016	Apr. 30, 2015
Checking and Savings Accounts [Member]
Cash and cash equivalents	$ 4,697,646	$ 4,614,400
Overnight Repurchase Account [Member]
Cash and cash equivalents	4,715,612	12,721,334
Cash and cash equivalents	$ 9,413,258	$ 17,335,734

Note 2 - Cash Restricted Under Security Agreements (Details) - USD ($)	Jan. 31, 2016	Apr. 30, 2015
NJBPU Agreement [Member]
Restricted cash, current	$ 75,000	$ 100,000
Restricted cash, noncurrent		50,000
Barclays Bank Agreement [Member]
Restricted cash, current	302,101	338,561
Restricted cash, current	377,101	438,561
Restricted cash, noncurrent		$ 50,000

Note 2 - Foreign Exchange Gain (Loss) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Foreign exchange loss	$ (188,424)	$ (246,002)	$ (194,266)	$ (467,909)

Note 2 - Foreign Currency Denominated Certificates of Deposit and Cash Accounts (Details) - USD ($)	Jan. 31, 2016	Apr. 30, 2015
Restricted [Member]
Foreign currency denominated certificates of deposit and cash accounts	$ 302,101	$ 338,561
Unrestricted [Member]
Foreign currency denominated certificates of deposit and cash accounts	1,037,590	1,100,371
Foreign currency denominated certificates of deposit and cash accounts	$ 1,339,691	$ 1,438,932

Note 2 - Revenues by Major Customers (Details)	3 Months Ended		9 Months Ended
Note 2 - Revenues by Major Customers (Details)	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
US Department of Energy [Member]
Revenues, percentage	100.00%	25.00%	33.00%	37.00%
European Union Waver Port Project [Member]
Revenues, percentage			67.00%	26.00%
Mitsui Engineering and Ship Building [Member]
Revenues, percentage		75.00%		37.00%
Revenues, percentage	100.00%	100.00%	100.00%	100.00%

Note 3 - Marketable Securities That Mature Within One Year (Details) - USD ($)	Jan. 31, 2016	Apr. 30, 2015
US Treasury Obligations [Member]
Certificate of Deposit and US Treasury obligations	$ 50,000	$ 75,000
Certificate of Deposit and US Treasury obligations	$ 50,000	$ 75,000

Note 4 - Balance Sheet Details (Details) - USD ($)	Jan. 31, 2016	Apr. 30, 2015
Accrued expenses
Project costs	$ 1,121,267	$ 867,771
Contract loss reserve	198,819	198,819
Employee incentive payments	245,569	529,274
Accrued salary and benefits	498,465	468,366
Legal and accounting fees	384,618	274,656
Other	269,780	168,233
Accrued expenses total	$ 2,718,518	$ 2,507,119

Note 5 - Related Party Transactions (Details Textual) - USD ($)	1 Months Ended	3 Months Ended			9 Months Ended
	Apr. 30, 2014	Jan. 31, 2016	Jan. 31, 2015	Jul. 31, 2014	Jan. 31, 2016	Jan. 31, 2015
Interim Chief Executive Officer [Member]
Related Party Transaction, Expenses from Transactions with Related Party		$ 0	$ 108,500		$ 0	$ 254,188
Related Party Transaction Daily Consulting Fee				$ 1,500
Former Executive Vice Chairman [Member]
Related Party Transaction, Expenses from Transactions with Related Party		$ 0	$ 60,000		$ 52,667	$ 180,000
Related Party Transaction Term of Agreement	15 years
Related Party Transaction Monthly Consulting Fee	$ 20,000

Note 5 - Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
Note 5 - Related Party Transactions (Details) - USD ($)	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Related party consulting expense		$ 168,500	$ 52,667	$ 434,188

Note 6 - Debt (Details Textual) - USD ($)	1 Months Ended
Note 6 - Debt (Details Textual) - USD ($)	Nov. 30, 2011	Jan. 31, 2016	Apr. 30, 2015
Corporation [Member]
Long-term Debt	$ 500,000
New Jersey Board of Public Utilities 1 [Member]
Long-term Debt Payment Terms	5 years
Long-term Debt		$ 75,000	$ 150,000

Note 6 - Long-term Debt (Details) - USD ($)	Jan. 31, 2016	Apr. 30, 2015
Long-term Debt	$ 75,000	$ 150,000
Current portion of long-term debt	(75,000)	(100,000)
Long-term debt		$ 50,000

Note 7 - Deferred Credits Payable (Details Textual)	Jan. 31, 2016 USD ($)	Apr. 30, 2015 USD ($)	Apr. 30, 2001 USD ($) T Rate
Customer Advances and Deposits \| $			$ 600,000
Deferred Credits Payable Option Details \| T			500,000
Deferred Credits Payable Market Discount Rate \| Rate			30.00%
Deferred Credits Payable Market Liquidated Damages Rate \| Rate			30.00%
Customer Advances or Deposits, Noncurrent \| $	$ 600,000	$ 600,000

Note 8 - Stock-Based Compensation (Details Textual) - USD ($)	9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Apr. 30, 2015
Employee Stock Option [Member]
Allocated Share-based Compensation Expense	$ 127,000	$ 130,000
Restricted Stock [Member] \| Including Non-employee Compensation [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 138,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 73 days
Restricted Stock [Member]
Allocated Share-based Compensation Expense	$ 171,000	109,000
Including Non-employee Compensation [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 62,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 292 days
Associated Service Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	32,191
Performance based vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	12,000
Performance based vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	10,078
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 0
Allocated Share-based Compensation Expense	$ 298,000	$ 239,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 4.05	$ 7.20
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	14,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	8 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	101,151		108,376
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	44,191
Treasury Stock, Shares, Acquired	1,839	80

Note 8 - Weighted Average Fair Value Assumptions for Stock-Based Compensation (Details)	9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
Risk-free interest rate	1.60%	1.60%
Expected dividend yield	0.00%	0.00%
Expected life (in years)	5 years 182 days	5 years 182 days
Expected volatility	85.74%	85.49%

Note 8 - Stock-Based Compensation - Stock Options Under the Plans (Details) - $ / shares	9 Months Ended	12 Months Ended
	Jan. 31, 2016	Apr. 30, 2015
Balance, shares underlying options (in shares)	101,151	108,376
Balance, weighted average exercise price (in dollars per share)	$ 40.69	$ 43.20
Balance, weighted average remaining contractual term	4 years 182 days	5 years 255 days
Forfeited (in shares)	(12,363)
Forfeited. (in dollars per share)	$ 48.16
Exercised (in shares)
Exercised. (in dollars per share)
Granted (in shares)	5,138
Granted. (in dollars per share)	$ 5.80
Exerciser, shares underlying options (in shares)	86,725
Exercisable, weighted average exercise price (in dollars per share)	$ 45.58
Exercisable, weighted average remaining contractual term	4 years

Note 8 - Non-vested Restricted Stock Under the Plans (Details)	9 Months Ended
	Jan. 31, 2016 $ / shares shares
Non-vested Restricted Stock [Member]
Balance, issued and unvested (in shares) \| shares	84,062
Balance, issued and unvested (in dollars per share) \| $ / shares	$ 7.30
Granted (in shares) \| shares	3,300
Granted (in dollars per share) \| $ / shares	$ 2.17
Forfeited (in shares) \| shares	(12,130)
Forfeited (in dollars per share) \| $ / shares	$ 8.86
Vested (in shares) \| shares	(31,041)
Vested (in dollars per share) \| $ / shares	$ 7.14
Balance, issued and unvested (in shares) \| shares	44,191
Balance, issued and unvested (in dollars per share) \| $ / shares	$ 6.60

Note 9 - Commitments and Contingencies (Details Textual)	1 Months Ended
	Jun. 30, 2012 USD ($)	Jan. 25, 2016	Jun. 30, 2012 EUR (€)	Jun. 30, 2012 USD ($)
Stern Lawsuit [Member]
Affirmative Vote Percentage By Stockholders		75.00%
Spanish Tax Authorities [Member]
Input Tax	$ 250,000
Letters of Credit Outstanding, Amount			€ 278,828	$ 301,915

Note 10 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Note 10 - Income Taxes (Details Textual) - USD ($)	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
New Jersey Division of Taxation [Member]
Proceed from Sale of Loss Carryforwards and Tax Credits			$ 19,705,000	$ 14,004,000
Unrecognized Tax Benefits	$ 0	$ 0	0	0
Unrecognized Tax Benefits, Period Increase (Decrease)	0		0
Income Tax Expense (Benefit)	$ (1,674,862)	$ (1,137,872)	$ (1,674,862)	$ (1,137,872)

Note 11 - Operating Segments and Geographic Information (Details Textual)	9 Months Ended
	Jan. 31, 2016
Number of Operating Segments	1

Note 11 - Geographic Segment Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Apr. 30, 2015
North America [Member]
Revenues from external customers	$ 5,203	$ 328,511	$ 605,281	$ 3,616,827
Operating loss	(3,359,582)	(2,784,095)	(10,456,460)	(8,981,672)
Long-lived assets	206,580		206,580		$ 262,985
Total assets	9,786,752		9,786,752		17,899,273
Europe [Member]
Revenues from external customers
Operating loss	(62,450)	(258,636)	(228,432)	(993,308)
Long-lived assets					913
Total assets	438,283		438,283		597,796
Asia and Australia [Member]
Revenues from external customers
Operating loss	(20,389)	(47,194)	(146,911)	(768,151)
Long-lived assets
Total assets	384,643		384,643		373,817
Revenues from external customers	5,203	328,511	605,281	3,616,827
Operating loss	(3,442,421)	$ (3,089,925)	(10,831,803)	$ (10,743,131)
Long-lived assets	206,580		206,580		263,898
Total assets	$ 10,609,678		$ 10,609,678		$ 18,870,886