Equity Components [Axis]
Common Shares [Member]
Treasury Shares [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Loss [Member]
Type of Arrangement and Non-arrangement Transactions [Axis]
Securities Purchase Agreement [Member]
Second Amended Purchase Agreement [Member]
Cash and Cash Equivalents [Axis]
Checking and Savings Accounts [Member]
Money Market Account [Member]
Restricted Cash and Cash Equivalents [Axis]
Barclay's Bank Agreement [Member]
Financial Instrument [Axis]
Warrant Liability [Member]
Geographical [Axis]
Monroe Township [Member]
Plan Name [Axis]
2018 Inducement Plan [Member]
Restricted Cash [Member]
Santander Bank [Member]
2015 Omnibus Incentive Plan [Member]
Award Type [Axis]
Employee Stock Option [Member]
Non-vested Restricted Stock [Member]
Measurement Frequency [Axis]
Fair Value, Measurements, Recurring [Member]
Fair Value, Hierarchy [Axis]
Fair Value, Inputs, Level 1 [Member]
Fair Value, Inputs, Level 2 [Member]
Fair Value, Inputs, Level 3 [Member]
Income Statement Location [Axis]
Selling, General and Administrative [Member]
Income Tax Authority, Name [Axis]
Tax Authority, Spain [Member]
Stock Purchase Agreement [Member]
Legal Entity [Axis]
Aspire Capital Fund, LLC [Member]
Related Party [Axis]
Charles F. Dunleavy [Member]
2019 ATM Facility [Member]
AGP [Member]
Sale of Stock [Axis]
Over-Allotment Option [Member]
Pre-funded Warrants [Member]
Property, Plant and Equipment, Type [Axis]
Computer Equipment & Software [Member]
Equipment [Member]
Office Furniture & Equipment [Member]
Leasehold Improvements [Member]
Equipment Under Capitalized Lease [Member]
Construction in Process [Member]
Range [Axis]
Maximum [Member]
Warrant [Member]
One Agreement [Member]
Legal Entity of Counterparty, Type [Axis]
Barclays Bank [Member]
Euro [Member]
Minimum [Member]
PB 3 PowerBuoy [Member]
Concentration Risk Benchmark [Axis]
Sales Revenue, Net [Member]
Concentration Risk Type [Axis]
Customer Concentration Risk [Member]
Customer [Axis]
Eni S.P.A [Member]
Premier Oil UK Limited [Member]
US Navy [Member]
Other [Member]
Product Development [Member]
Measurement Input Type [Axis]
Dividend Rate [Member]
Risk Free Interest Rate [Member]
Expected Life (Years) [Member]
Expected Volatility [Member]
Restricted Stock [Member]
Award Date [Axis]
December 20, 2019 [Member]
Other Agreement [Member]
Short-term Debt, Type [Axis]
Letter 1 [Member]
Letter 2 [Member]
March 2020 [Member]
May 2020 [Member]
Foreign Financial Institutions [Member]
EGP [Member]
Adjustments for New Accounting Pronouncements [Axis]
ASU 2016-02 [Member]
Document And Entity Information
Entity Registrant Name
Entity Central Index Key
Document Type
Document Period End Date
Amendment Flag
Current Fiscal Year End Date
Entity's Reporting Status Current
Entity Interactive Data Current
Entity Filer Category
Entity Small Business Flag
Entity Emerging Growth Company
Entity Ex Transition Period
Entity Shell Company
Entity Common Stock, Shares Outstanding
Document Fiscal Period Focus
Document Fiscal Year Focus
Statement of Financial Position [Abstract]
ASSETS
Current assets:
Cash and cash equivalents
Restricted cash- short-term
Accounts receivable
Contract assets
Other current assets
Total current assets
Property and equipment, net
Right-of-use asset, net
Restricted cash- long-term
Total assets
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
Accrued expenses
Contract liabilities
Warrant liabilities
Right-of-use liability- current
Total current liabilities
Right-of-use liability
Deferred rent
Total liabilities
Commitments and contingencies
Ocean Power Technologies, Inc. stockholders' equity:
Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding
Common stock, $0.001 par value; authorized 100,000,000 shares, issued 6,489,668 and 5,425,517 shares, respectively
Treasury stock, at cost; 4,251 and 3,770 shares, respectively
Additional paid-in capital
Accumulated deficit
Accumulated other comprehensive loss
Total stockholders' equity
Total liabilities and stockholders' equity
Preferred stock, par value
Preferred stock, shares authorized
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value
Common stock, shares authorized
Common stock, shares issued
Treasury stock, shares
Income Statement [Abstract]
Revenues
Cost of revenues
Gross loss
Operating expenses:
Engineering and product development costs
Selling, general and administrative costs
Total operating expenses
Operating loss
Gain due to the change in fair value of warrant liabilities
Interest income, net
Foreign exchange gain/(loss)
Net loss
Basic and diluted net loss per share
Weighted average shares used to compute basic and diluted net loss per share
Statement of Comprehensive Income [Abstract]
Net loss
Foreign currency translation adjustment
Total comprehensive loss
Statement [Table]
Statement [Line Items]
Balance
Balance, shares
Stock based compensation
Issuance/(forfeiture) of restricted stock, net
Issuance/(forfeiture) of restricted stock, net, shares
Other comprehensive loss
Common stock issued for commitment fee
Common stock issued for commitment fee, shares
Issuance of common stock- Aspire financing, net of issuance costs
Issuance of common stock- Aspire financing, net of issuance costs, shares
Acquisition of treasury stock
Acquisition of treasury stock, shares
Exercise of pre-funded warrants
Exercise of pre-funded warrants, shares
Issuance of common stock- AGP At The Market offering, net of issuance costs
Issuance of common stock- AGP At The Market offering, net of issuance costs, shares
Balance
Balance, shares
Statement of Cash Flows [Abstract]
Cash flows from operating activities:
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange loss
Depreciation and amortization
Compensation expense related to stock option grants and restricted stock
Gain due to the change in fair value of warrant liabilities
Changes in operating assets and liabilities:
Accounts receivable
Unbilled receivables
Contract assets
Other assets
Accounts payable
Accrued expenses
Deferred rent
Deferred credit payable
Unearned revenue
Change in lease liability
Contract liabilities
Net cash used in operating activities
Cash flows from investing activities:
Purchases of marketable securities
Maturities of marketable securities
Purchase of computers, equipment and furniture
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs
Proceeds from issuance of common stock- AGP At The Market offering, net of issuance costs
Costs associated with exercise of pre-funded warrants
Payment of capital lease obligations
Acquisition of treasury stock
Net cash provided by financing activities
Effect of exchange rate changes on cash, cash equivalents and restricted cash
Net decrease in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, beginning of period
Cash, cash equivalents and restricted cash, end of period
Supplemental schedule of cash flows information:
Cash paid for interest
Supplemental disclosure of noncash operating activities:
Prepaid financing costs reported in accrued expenses
Supplemental disclosure of noncash investing activities:
Acquisition of computers, equipment and furniture through accounts payable
Supplemental disclosure of noncash financing activities:
Common stock issued for payment of commitment fee
Accounting Policies [Abstract]
Background, Basis of Presentation and Liquidity
Summary of Significant Accounting Policies
Account Receivable Contract Assets And Contract Liabilities
Account Receivable, Contract Assets, and Contract Liabilities
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets
Property, Plant and Equipment [Abstract]
Property and Equipment, Net
Leases [Abstract]
Leases
Payables and Accruals [Abstract]
Accrued Expenses
Warrants and Rights Note Disclosure [Abstract]
Warrants
Equity [Abstract]
Preferred Stock
Common Stock
Treasury Shares
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation
Fair Value Disclosures [Abstract]
Fair Value Measurements
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies
Income Tax Disclosure [Abstract]
Income Taxes
Segment Reporting [Abstract]
Operating Segments and Geographic Information
Consolidation
Use of Estimates
Cash, Cash Equivalents, Restricted Cash and Security Agreements
Foreign Exchange Gains and Losses
Property and Equipment
Concentration of Credit Risk
Warrant Accounting
Net Loss Per Common Share
Share-Based Compensation
Deferred Rent
Revenue Recognition
Recently Issued Accounting Standards
Schedule of Cash and Cash Equivalents
Schedule of Cash and Cash Equivalents and Restricted Cash
Schedule of Revenue by Major Customers by Reporting Segments
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Schedule of Accounts Receivable
Schedule of Other Current Assets
Schedule of Components of Property and Equipment, Net
Schedule of Right-of Use Assets and Lease Liabilities
Schedule of Remaining Lease Payments Under Operating Lease
Schedule of Future Minimum Lease Payments Under Operating Lease
Schedule of Accrued Expenses
Schedule of Fair Value Assumptions Used
Schedule of Stock Option Activity
Schedule of Non-vested Restricted Stock Activity
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Summary of Changes on Value of Warrant Liability Using Significant Unobservable Inputs
Collaborative Arrangement and Arrangement Other than Collaborative [Axis]
Statistical Measurement [Axis]
Cash, cash equivalents and restricted cash, at carrying value
Aggregate purchase of common stock
Percentage of outstanding common stock limit for shareholder approval
Number of shares can be issued based upon outstanding percentage
Common stock issued for commitment fee
Number of common stock shares sold
Combined purchase price per share
Proceeds from issuance or sale of equity, net of issuance costs
Stock issued for new issue, shares
Aggregate offering price
Payment of sales commission
Warrant to purchase shares common stock
Reverse Stock-Split
Long-term line of credit
Line of credit facility, commitment fee percentage
Letters of credit outstanding, amount
Line of credit expiration period
Property and equipment, useful life
Cash
Concentration risk percentage
Antidilutive securities excluded from computation of earnings per share, shares
Term of lease
Area of land
Tenant improvement work
Revenue remaining performance obligation
Revenue remaining performance obligation, percentage
Performance obligation revenue of next twelve months
Number of active lease arrangement
Lease income
Right-of-use asset
Lease liability
Deferred rent
Unamortized lease incentive receivable
Restricted Cash
Cash and Cash Equivalents
Restricted cash- short term
Restricted cash- long term
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Revenues, percentage
Total share-based compensation expense
Account Receivable Contract Assets And Contract Liabilities - Schedule Of Accounts Receivable
Opening balance
Amount invoiced to customer
Collections
Ending balance
Assets [Abstract]
Deposits
Other receivables
Prepaid insurance
Prepaid offering costs
Prepaid expenses- other
Other current assets
Depreciation expense
Property and equipment, gross
Less: accumulated depreciation
Property and equipment, net
Option to extend lease
Operating lease straight-line expense
Operating leases cash payments
Operating right-of-use asset, net
Right-of-use liability- long term
Total lease liability
Weighted average remaining lease term- operating leases
Weighted average discount rate- operating leases
2020 (November- April)
2021
2022
2023
2024
Thereafter
Total future minimum lease payments
Less imputed interest
Total
2020
2021
2022
2023
2024
Thereafter
Future lease payments
Project costs
Contract loss reserve
Employee incentive payments
Accrued salary and benefits
Legal and accounting fees
Accrued taxes payable
Other
Accrued expenses total
Class of warrant or right, number of securities called by each warrant or right
Combined purchase price per share
Warrant exercise price per share
Class of warrant or right, expiration period
Number of exercised warrants
Unrealized gain on warrants
Fair value measurement input, percentage
Fair value measurement expected life
Percentage of outstanding common stock limit for shareholder approval
Sale of stock, price per share
Value of common stock shares sold, net of issuance costs
Treasury stock, shares, acquired
Share-based compensation arrangement by share-based payment award, number of shares authorized
Termination period
Termination date
Stock based compensation shares, available for grant
Number of shares granted during the period
Share-based compensation intrinsic value of outstanding
Share-based compensation options, exercisable intrinsic value
Share-based compensation unvested shares of stock options
Share-based compensation weighted average remaining contractual term
Share-based compensation expense
Unrecognized compensation cost related to non-vested stock options
Share-based compensation cost expected to recognize weighted-average term
Shares Underlying Options Outstanding, Beginning
Shares Underlying Options Outstanding, Granted
Shares Underlying Options Outstanding, Exercised
Shares Underlying Options Outstanding, Cancelled/forfeited
Shares Underlying Options Outstanding, Ending
Shares Underlying Options Outstanding, Exercisable at Ending
Weighted Average Exercise Price, Beginning Balance
Weighted Average Exercise Price, Granted
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Cancelled/forfeited
Weighted Average Exercise Price, Ending Balance
Weighted Average Exercise Price, Exercisable at Ending
Weighted Average Remaining Contractual Term (In Years), Beginning
Weighted Average Remaining Contractual Term (In Years), Ending
Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending
Number of Shares, Issued and unvested, Beginning
Number of Shares, Granted
Number of Shares, Vested
Number of Shares, Cancelled/forfeited
Number of Shares, Issued and Unvested, Ending
Weighted Average Price per Share, Issued and Unvested, Beginning
Weighted Average Price per Share, Granted
Weighted Average Price per Share, Vested
Weighted Average Price per Share, Cancelled/forfeited
Weighted Average Price per Share, Issued and Unvested, Ending
Assets, fair value
Liabilities, fair value
Fair Value Hierarchy and NAV [Axis]
Fair value, beginning
Change in fair value
Fair value, ending
Litigation Case [Axis]
Damages sought value
Stock price per share
Debt description
Aggregate offering price
Income tax examination, penalties and interest accrued
Unrecognized tax positions
Income tax description
Number of reportable segments
Account Receivable, Contract Assets, and Contract Liabilities [Text Block]
Alliance Global Partners [Member]
Amounts Excluding Effect of Adoption [Member]
Asia and australia [member]
Aspire Capital Fund, LLC [Member]
August 30, 2018 [Member]
Barclays bank agreement [member]
Barclays Bank [Member]
Charles F. Dunleavy [Member]
Checking and Savings Accounts [Member]
Computer Equipment & Software [Member]
Cost Plus [Member]
Cost Sharing [Member]
Effect of Adoption [Member]
Enel Green Power [Member]
Eni S.p.A [Member]
Equipment Under Capitalized Lease [Member]
Firm Fixed Price [Member]
Fixed Price [Member]
George W. Taylor [Member]
Income Tax Reforms [Member]
Market Offering Agreement [Member]
May 01, 2019 [Member]
Related to the customer Mitsui Engineering and Ship Building.
Money Market Account [Member]
Monroe Lease [Member]
Naval Research [Member]
New Jersey Board of Public Utilities 1 [Member]
Non-vested Restricted Stock [Member]
OPTA [Member]
Offering Agreement [Member]
Represents office furniture and equipment.
Office Furniture & Fixtures [Member]
Office of Naval Research [Member]
One Agreement [Member]
Overnight Repurchase Account [Member]
Performance-based Vesting [Member]
Placement Agent Fees [Member]
Placement Agents [Member]
Pocket and Legal Expenses [Member]
Premier Oil UK Limited [Member]
Primary financial statement caption encompassing product development.
Restricted Cash [Member]
Reverse Stock Split [Member]
Cash on deposit at Santander Bank which serves as security for letter of credit.
Second Amended Purchase Agreement [Member]
Securities Purchase Agreement [Member]
September 11th, 2018 [Member]
Service-based Vesting [Member]
Settlement [Member]
Stern Lawsuit [Member]
Stipulation [Member]
Stock Incentive Plan 2015 [Member]
Stock Incentive Plan 2006 [Member]
Stock Purchase Agreement [Member]
Tide Runner Marine, Inc. [Member]
2018 Inducement Plan [Member]
2015 Omnibus Incentive Plan [Member]
2019 ATM Facility [Member]
Related to the customer U.S. Department of Defense Office of Naval Research.
Warrants [Text Block]
Warrant Liability[Member]
Wittich [Member]
Exercise of pre-funded warrants.
Exercise of pre-funded warrants, shares.
Warrant Accounting [Policy Text Block]
The increase (decrease) during the reporting period of the amount of revenue for work performed for which billing has not occurred, net of uncollectible accounts.
Pre-funded Warrants [Member]
Undesignated Preferred Shares [Member]
At the Market Offering Agreement [Member]
A.G.P Alliance Global Partners [Member]
Euro [Member]
Other [Member]
Construction in Process [Member]
Undesignated Preferred Stock [Member]
Change in lease liability.
Leases, disclosure text block.
Aggregate purchase of common stock.
Percentage of outstanding common stock.
Number of shares can be issued based upon outstanding percentage.
Common stock issued for commitment fee.
The cash inflow associated with the amount received from entity's first offering of stock to the public.
Payment of sales commission.
PB 3 PowerBuoy [Member]
Percentage of remaining performance obligation to total remaining performance obligation not recognized as revenue.
Number of active lease arrangement.
US Navy [Member]
Amount of asset related to consideration paid in advance for offering costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.
Common stock combined purchase price per share.
Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
Number of exercised warrants.
Monroe Township [Member]
Schedule of Right-of Use Assets and Lease Liabilities [Table Text Block]
The cash inflow associated with the amount received from entity's first offering of stock to the public.
Percentage of outstanding common stock limit for shareholder approval.
Common stock issued for commitment fee.
Common stock issued for commitment fee, shares.
Issuance of common stock at the market offering, net of issuance costs.
Issuance of common stock at the market offering, net of issuance costs, shares.
Acquisition of computers, equipment and furniture through accounts payable.
December 20, 2019 [Member]
AGP [Member]
Other Agreement [Member]
Letter 1 [Member]
Letter 2 [Member]
March 2020 [Member]
May 2020 [Member]
Foreign Financial Institutions [Member]
EGP [Member]
Supplemental disclosure of noncash operating activities [Abstract]
Prepaid financing costs reported in accrued expenses.
Assets, Current
Assets
Liabilities, Current
Liabilities
Treasury Stock, Value
Stockholders' Equity Attributable to Parent
Liabilities and Equity
Gross Profit
Operating Expenses
Operating Income (Loss)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
Shares, Outstanding
Treasury Stock, Value, Acquired, Cost Method
Increase (Decrease) in Accounts Receivable
IncreaseDecreaseInUnbilledReceivable
Increase (Decrease) in Contract with Customer, Asset
Increase (Decrease) in Other Operating Assets
Increase (Decrease) in Accounts Payable
Increase (Decrease) in Accrued Liabilities
Increase (Decrease) in Deferred Liabilities
Increase (Decrease) in Contract with Customer, Liability
Net Cash Provided by (Used in) Operating Activities
Payments to Acquire Marketable Securities
Payments to Acquire Productive Assets
Net Cash Provided by (Used in) Investing Activities
Payments for Repurchase of Warrants
Repayments of Long-term Capital Lease Obligations
Payments for Repurchase of Common Stock
Net Cash Provided by (Used in) Financing Activities
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations
StockIssuedDuringPeriodSharesIssuedForCommitmentFees
Deferred Rent Credit, Current
Proceeds from Sale and Collection of Receivables
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment
Lessee, Operating Lease, Liability, Payments, Due
Lessee, Operating Lease, Liability, Undiscounted Excess Amount
Operating Leases, Future Minimum Payments, Due in Two Years
Operating Leases, Future Minimum Payments, Due in Three Years
Operating Leases, Future Minimum Payments, Due in Four Years
Operating Leases, Future Minimum Payments, Due in Five Years
Operating Leases, Future Minimum Payments, Due Thereafter
Operating Leases, Future Minimum Payments Due
optt_DeferredCreditsPayableOptionDetails
PercentageOfOutstandingCommonStock
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value
ProceedsFromAggregateInitialPublicOffering