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(1) Background, Basis of Presentation and Liquidity (a) Background Ocean Power Technologies, Inc. (“OPTI”) was founded in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated in Delaware in 2007. Ocean Power Technologies, Inc. acquired 3dent Technology, LLC (“3Dent”), in February 2021 and Marine Advanced Robotics, Inc. (“MAR”) in November 2021, both of which are now included as part of OPTI. OPTI, along with its subsidiaries, (the “Company”) is a complete solutions provider, controlling the design, manufacturing, sales, installation, operations and maintenance of its products and services. The Company’s solutions provide distributed offshore power and data which is persistent, reliable, and economical along with power and communications for remote surface and subsea applications. Historically, funding from government agencies, such as research and development grants, accounted for a significant portion of the Company’s revenues. Today the Company’s goal is to generate the majority of its revenues from the sale or lease of its products and solutions, and sales of services to support business operations. (b) Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and for interim financial information in accordance with the Securities and Exchange Commission (“SEC”), instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The interim operating results are not necessarily indicative of the results for a full year or for any other interim period. Further information on potential factors that could affect the Company’s financial results can be found in the Company’s Annual Report on Form 10-K for the year ended April 30, 2022, as filed with the SEC and elsewhere in this Form 10-Q. Certain items have been reclassified from prior periods to be consistent with current GAAP presentations. (c) Liquidity For the six months ended October 31, 2022, the Company incurred net losses of approximately $10.7 million, used cash in operations of approximately $11.0 million and had an accumulated deficit of approximately $264.5 million. The Company has continued to make investments in ongoing product development efforts in anticipation of, and to support, future growth. The Company has also made investments to build its inventory in anticipation of this 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 could cause actual results to vary materially from expectations include, but are not limited to, the risks and uncertainties identified under “Special Note Regarding Forward-Looking Statements” in this quarterly report on Form 10-Q. The Company previously obtained equity financing through its At the Market Offering Agreement (“ATM”) with A.G.P/Alliance Global Partners (“AGP”) and through its equity line financing with Aspire Capital Fund, LLC (“Aspire Capital”), but the Company cannot be sure that additional equity and/or debt financing will be available to the Company as needed on acceptable terms, or at all. Management believes the Company’s current cash balance at October 31, 2022 of $10.3 million and marketable securities balance of $35.9 million is sufficient to fund its planned expenditures through at least December 2023. On November 20, 2020, the Company entered into an At the Market Offering Agreement with AGP (the “2020 ATM Facility”), having capacity up to $<span id="xdx_90C_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn6n6_c20201120__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyATMFacilityMember__dei--LegalEntityAxis__custom--AGPAllianceGlobalPartnersMember_zMvh8axe6uh4" title="Offering amount capacity">100.0 million. On December 4, 2020, the Company filed a prospectus with the Securities and Exchange Commission whereby, the Company could issue and sell to or through AGP, acting as agent and/or principal, shares of the Company’s common stock having an aggregate offering price of up to $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20201203__20201204__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyATMFacilityMember__dei--LegalEntityAxis__custom--AGPAllianceGlobalPartnersMember_zVRoDA50eRLg" title="Proceeds from initial public offering">50.0 million. From inception of the 2020 ATM Facility through July 31, 2021, the Company had sold and issued an aggregate of <span id="xdx_90C_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20201120__20210731__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyATMFacilityMember__dei--LegalEntityAxis__custom--AGPAllianceGlobalPartnersMember_z6iHMSO16HUh" title="Number of common stock shares sold">17,179,883 shares of its common stock with an aggregate market value of $<span id="xdx_908_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_pn6n6_c20201120__20210731__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyATMFacilityMember__dei--LegalEntityAxis__custom--AGPAllianceGlobalPartnersMember_zy82EcNlqbwb" title="Proceeds from issuance or sale of equity, net of issuance costs">50.0 million at an average price of $<span id="xdx_90E_eus-gaap--SaleOfStockPricePerShare_iI_c20210731__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyATMFacilityMember__dei--LegalEntityAxis__custom--AGPAllianceGlobalPartnersMember_z3psKZ2R4YU4" title="Combined purchase price per share">2.91 per share and paid AGP a sales commission of approximately $<span id="xdx_90C_ecustom--PaymentOfSalesCommission_pn5n6_c20201120__20210731__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyATMFacilityMember__dei--LegalEntityAxis__custom--AGPAllianceGlobalPartnersMember_zClvuqfDAzyh" title="Payment of sales commission">1.6 million related to those shares. A prospectus supplement was filed on January 10, 2022 to allow the Company to sell an additional $25.0 million (or an aggregate of $<span id="xdx_902_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_pn6n6_c20220109__20220110__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyATMFacilityMember_zpQFKYAg4oG4" title="Proceeds from issuance or sale of equity, net of issuance costs">75.0 million) under the 2020 ATM Facility, none of which has been sold to date. On September 18, 2020, the Company entered into a common stock purchase agreement with Aspire Capital which provided that, subject to certain terms, conditions and limitations, Aspire Capital was committed to purchase up to an aggregate of $<span id="xdx_902_ecustom--StockIssuedDuringPeriodValueIssuedForCommitmentFee_pn5n6_c20200914__20200918__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--AspireCapitalFundLLCMember_zg4MwJ4ca8ib" title="Aggregate purchase of common stock.">12.5 million shares of the Company’s common stock over a 30-month period subject to a limit of <span id="xdx_901_ecustom--PercentageOfOutstandingCommonStockLimitForShareholderApproval_pid_dp_uPure_c20200914__20200918__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--AspireCapitalFundLLCMember_zUAkjD4A5Fr7" title="Percentage of outstanding common stock">19.99% of the outstanding common stock on the date of the agreement if the price did not exceed a specified price in the agreement. The number of shares the Company could issue within the <span id="xdx_90E_ecustom--PercentageOfOutstandingCommonStockLimitForShareholderApproval_pid_dp_uPure_c20200914__20200918__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--AspireCapitalFundLLCMember_z0Vtfqu8Lil4" title="Percentage of outstanding common stock">19.99% limit was <span id="xdx_904_ecustom--StockIssuedDuringPeriodSharesCanBeIssuedBasedUponOutstandingPercentage_pid_c20200914__20200918__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--AspireCapitalFundLLCMember_zo4ZhfHfovY2" title="Shares can be issued based upon outstanding percentage">3,722,251 shares without shareholder approval. Shareholder approval was received at the Company’s annual meeting of shareholders on December 23, 2020 for the sale of <span id="xdx_90B_ecustom--NumberOfAdditionalSharesThatCanBeIssuedUponShareholderApproval_pid_c20201222__20201223__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--AspireCapitalFundLLCMember_zEJL04f00PXd" title="Additional sales of common stock shares sold">9,864,706 additional shares of common stock which exceeded the <span id="xdx_903_ecustom--PercentageOfOutstandingCommonStockLimitForShareholderApproval_pid_dp_uPure_c20201222__20201223__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--AspireCapitalFundLLCMember_zINwGdV9MJ4f" title="Percentage of outstanding common stock">19.99% limit of the outstanding common stock on the date of the agreement. Through October 31, 2022, the Company had sold an aggregate of <span id="xdx_90A_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220501__20221031__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--AspireCapitalFundLLCMember_zucontyiK0Lf" title="Number of common stock shares sold">3,722,251 shares of common stock with an aggregate market value of $<span id="xdx_90A_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_pn5n6_c20220501__20221031__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--AspireCapitalFundLLCMember_zfQeGODtLada" title="Proceeds from issuance or sale of equity, net of issuance costs">11.8 million at an average price of $<span id="xdx_906_eus-gaap--SaleOfStockPricePerShare_iI_c20221031__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--AspireCapitalFundLLCMember_zGJMRj0hTj7a" title="Combined purchase price per share">3.17 per share pursuant to this common stock purchase agreement with approximately $<span id="xdx_906_ecustom--SaleOfStockConsiderationReceivedPerTransactionRemaining_pn5n6_c20220501__20221031__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--AspireCapitalFundLLCMember_zZqPOPCfNuv2" title="Proceeds from issuance or sale of equity, net of issuance costs">0.7 million remaining on the facility as of October 31, 2022.

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700000

(2) Summary of Significant Accounting Policies (a) Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries, Ocean Power Technologies Ltd. in the United Kingdom, and Ocean Power Technologies (Australasia) Pty Ltd. in Australia (“OPT-A”). OPT-A is in the process of being liquidated due to inactivity. All documents have been filed with the Australian Tax Organization and the Company expects this to be completed in the current fiscal year. All significant intercompany accounts and transactions have been eliminated in consolidation. (b) Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include, among other items, stock-based compensation, valuations, purchase price allocations and contingent consideration related to business combinations, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets and the related amortization methods and periods, estimated hours and costs to complete customer contracts for purposes of revenue recognition. Actual results could differ from those estimates. (c) Cash, Cash Equivalents, Restricted Cash and Security Agreements and Marketable Securities 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 a money market account or in short term held-to-maturity marketable securities. The Company had cash and cash equivalents $10.0 million as of October 31, 2022 and $7.9 million as of April 30, 2022. Restricted Cash and Security Agreements The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $<span id="xdx_90B_eus-gaap--Deposits_iI_pn3d_c20221031__us-gaap--TypeOfArrangementAxis__custom--RestrictedCashAndSecurityAgreementsMember__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--SantanderBankMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--LetterOfCreditMember_zLM0bi8diqFj" title="Deposits">154,000 is on deposit at Santander and serves as security for a letter of credit issued by Santander for the lease of warehouse/office space in Monroe Township, New Jersey. This agreement cannot be extended beyond July 31, 2025 and is cancelable at the discretion of the bank. Santander also issued a letter of credit to subsidiaries of Enel Green Power (“EGP”) pursuant to the Company’s contracts with EGP. This letter of credit was originally issued in the amount of $<span id="xdx_906_eus-gaap--LettersOfCreditOutstandingAmount_iI_pn3d_c20200831__us-gaap--TypeOfArrangementAxis__custom--RestrictedCashAndSecurityAgreementsMember__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--SantanderBankMember__us-gaap--ShortTermDebtTypeAxis__custom--LetterOneMember_zAo5l3n7yUBd" title="Letters of credit outstanding, Amount">645,000 and was reduced to $<span id="xdx_90E_eus-gaap--LettersOfCreditOutstandingAmount_iI_pn3d_c20200831__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--SantanderBankMember__us-gaap--ShortTermDebtTypeAxis__custom--LetterTwoMember__us-gaap--AwardDateAxis__custom--AugustTwentyTwentyMember_z1XbKo2zMjp4">323,000 in August 2020. The letter of credit will be reduced by an additional $<span id="xdx_90C_ecustom--LettersOfCreditIssuedAmount_iI_pn3d_c20220731__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--SantanderBankMember__us-gaap--ShortTermDebtTypeAxis__custom--LetterTwoMember_zKIj3xWkNutl">258,000 once the PowerBuoy® (“PB3”) and its accompanying systems pass final acceptance testing which the Company expects to take place during the third quarter of fiscal year 2023. The remaining restricted amount of $<span id="xdx_905_ecustom--LettersOfCreditIssuedAmount_iI_pn3d_c20220731__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--SantanderBankMember_zpRlczyQFnmh" title="Letters of credit issued amount">65,000 will be released 12 months after the buoy is fully deployed. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash and Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20221031_zbgNFdzc3Tid" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20220430_z180HmS9xlje" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40E_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">10,030</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">7,885</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RestrictedCashCurrent_iI_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash- short term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">258</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RestrictedCashNoncurrent_iI_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash- long term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">219</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">219</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iI_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Cash, cash equivalents, restricted cash and restricted cash equivalents</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,507</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,362</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Marketable Securities During fiscal 2022, the Company acquired investment securities through Charles Schwab Bank. As of October 31, 2022 and April 30, 2022, their value was approximately $35.9 million and $49.4 million, respectively. All marketable securities consist of corporate bonds, government agency bonds, or U.S. Treasury Notes and Bonds, are investment grade rated or better, and mature within 12 months. The Company has the ability and the intention to hold all investments to maturity, and as such are classified as held-to-maturity investments and carried at amortized cost. The total recognized interest expense on the premium we paid for the securities as of October 31, 2022 and 2021 is approximately $0.2 million and zero, respectively, on an amortized cost basis of approximately $0.3 million and zero, respectively. Additionally, there has been no impairment on these investments. The following table summarizes the Company’s marketable securities as of October 31, 2022: Schedule of Investments and Unrealized Gains/Losses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Category</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortized Cost</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized Gains (Losses)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Market Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Corporate Bonds</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--CorporateBondsMember_ziaUHbU7gqwj" style="width: 14%; text-align: right" title="Total Cost">27,364</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20220501__20221031__us-gaap--InvestmentTypeAxis__custom--CorporateBondsMember_zyePwcSgqrak" style="width: 14%; text-align: right" title="Unrealized Gains (Losses)">(23</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--CorporateBondsMember_zZIqu5uQwg3k" style="width: 14%; text-align: right">27,341</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Government Bonds & Notes</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentBondsandNotesMember_zj6uZBhVODQ9" style="text-align: right">5,008</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20220501__20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentBondsandNotesMember_zSjIDn3kRwL6" style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentBondsandNotesMember_zhD14qAP2KK1" style="text-align: right">5,008</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Government Agency</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentAgencyMember_zpP41fwBzr9" style="border-bottom: Black 1pt solid; text-align: right">3,496</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20220501__20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentAgencyMember_zy7ySRQ53g1d" style="border-bottom: Black 1pt solid; text-align: right">(5</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentAgencyMember_zsxYXcbXdUJ4" style="border-bottom: Black 1pt solid; text-align: right">3,491</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Marketable Securities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_c20221031_zz7tErmgFrfi" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Cost">35,868</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20220501__20221031_zjXSmUBmVyL" style="border-bottom: Black 2.5pt double; text-align: right" title="Unrealized Gains (Losses)">(28</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_c20221031_znmonLCYPcAg" style="border-bottom: Black 2.5pt double; text-align: right" title="Market Value">35,840</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> (d) Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable, marketable securities and cash. The Company believes that its credit risk is limited because the Company’s current contracts are with companies with a reliable payment history. The Company invests its excess cash in a money market fund and short term held-to maturity investments and does not believe that it is exposed to any significant risks related to its cash accounts, money market fund, or held-to maturity investments. Cash is also maintained at foreign financial institutions. Cash in foreign financial institutions as of October 31, 2022 was approximately $<span id="xdx_906_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3d_c20221031__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--ForeignFinancialInstitutionsMember_zm8BOUnHVcZ9" title="Cash and cash equivalents">5,000. For the six months ended October 31, 2022 and 2021, the Company had four and three customers whose revenues accounted for at least 10% of the Company’s consolidated revenues, respectively. These revenues accounted for approximately <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220501__20221031__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeAndTwoCustomersMember_zeeiGk0SVhF5" title="Concentration risk percentage">69% and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210501__20211031__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeAndTwoCustomersMember_zEzY1bnMWBLl" title="Concentration risk percentage">73% of the Company’s total revenues for the respective periods. For the three months ended October 31, 2022 and 2021, the Company had five and four customers whose revenues accounted for at least 10% of the Company’s consolidated revenues, respectively. These revenues accounted for approximately <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220801__20221031__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeAndTwoCustomersMember_zyR2hWUmqxfi" title="Concentration risk percentage">80% and <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210801__20211031__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeAndTwoCustomersMember_zWcvWycqDCOg" title="Concentration risk percentage">76% of the Company’s total revenues for the respective periods. (e) Share-Based Compensation Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The aggregate share-based compensation expense recorded in the Consolidated Statements of Operations for the six months ended October 31, 2022 and 2021 was approximately $0.6 million and $0.5 million, respectively. For the three months ended October 31, 2022 and 2021, share-based compensation expense was $0.3 million and $0.2 million, respectively. (f) Revenue Recognition The Company accounts for revenues in accordance with Accounting Standards Codification 606 (ASC 606) which states that a performance obligation is the unit of account for revenue recognition. The Company assesses the goods or services promised in a contract with a customer and identifies as a performance obligation either: a) a good or service (or a bundle of goods or services) that is distinct; or b) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer. A contract may contain a single or multiple performance obligations. For contracts with multiple performance obligations, the Company allocates the contracted transaction price to each performance obligation based upon the relative standalone selling price, which represents the price the Company would sell a promised good or service separately to a customer. The Company determines the standalone selling price based upon the facts and circumstances of each obligated good or service. The majority of the Company’s contracts have no observable standalone selling price since the associated products and services are customized to customer specifications. As such, the standalone selling price generally is estimated based upon the Company’s forecast of the total cost to satisfy the performance obligation plus an appropriate profit margin. The nature of the Company’s contracts may give rise to several types of variable consideration, including unpriced change orders, liquidated damages and penalties. Variable consideration can also arise from modifications to the scope of services. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on our assessment of legal enforceability, performance, and any other information (historical, current, and forecasted) that is reasonably available to us. There was no variable consideration as of October 31, 2022 or 2021. The Company presents shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs in costs of goods sold and regular shipping and handling activities charged to operating expenses. The Company recognizes revenue when or as it satisfies a performance obligation by transferring a good or service to a customer, either (1) at a point in time or (2) over time. A good or service is transferred when or as the customer obtains control. The evaluation of whether control of each performance obligation is transferred at a point in time or over time is made at contract inception. Input measures such as costs incurred are utilized to assess progress against specific contractual performance obligations for the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For the Company, the input method using costs incurred or labor hours best represents the measure of progress against the performance obligations incorporated within the contractual agreements. If estimated total costs on any contract project a loss, the Company charges the entire estimated loss to operations in the period the loss becomes known. The cumulative effect of revisions to revenue, estimated costs to complete contracts, including penalties, change orders, claims, anticipated losses, and others are recorded in the accounting period in which the events indicating a loss are known and the loss can be reasonably estimated. These loss projects are re-assessed for each subsequent reporting period until the project is complete. Such revisions could occur at any time and the effects may be material. The Company’s contracts are either cost-plus, fixed-price contracts, time and material agreements, lease or service agreements. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee. The Company has two types of fixed-price contracts, firm fixed-price and cost-sharing. Under firm fixed-price contracts, the Company receives an agreed-upon amount for providing products and services specified in the contract, and a profit or loss is recognized depending on whether actual costs are more or less than the agreed upon amount. Under cost-sharing contracts, the fixed amount agreed upon with the customer is only intended to fund a portion of the costs on a specific project. Under cost sharing contracts, an amount corresponding to the revenue is recorded in cost of revenues, resulting in gross profit on these contracts of zero. The Company’s share of the costs is recorded as product development expense. The Company reports its disaggregation of revenues by contract type since this method best represents the Company’s business. For the six-month periods ended October 31, 2022 and 2021, all of the Company’s contracts were classified as firm fixed-price. The Company at times enters into agreements with government agencies through SBIR contract agreements. These are typically fixed-priced agreements where the Company retains ownership of the data and grants the government a license with unlimited rights to use, disclose, reproduce, prepare derivative works and publicly distribute the data. Time and materials agreements are billed based solely on the cost of time spent working on the contract and the material used. As of October 31, 2022, the Company’s total remaining performance obligations, also referred to as backlog, totaled $2.4 million. The Company expects to recognize approximately 77%, or $1.8 million, for the remaining performance obligations as revenue over the next twelve months. The Company also enters into lease arrangements for its PowerBuoys and Wave Adaptive Modular Vessels (“WAM-V®”) with certain customers. Revenue related to multiple-element arrangements is allocated to lease and non-lease elements based on their relative standalone selling prices or expected cost plus a margin approach. Lease elements generally include a PowerBuoy and components, while non-lease elements, which the Company expects to become more prevalent, generally include engineering, monitoring and support services. In the lease arrangement, the customer may be provided an option to extend the lease term or purchase the leased PB3 or WAM-V® at some point during and/or at the end of the lease term. The Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC Topic 842, “Leases”. At inception of the contract, the Company evaluates the lease against the lease classification criteria within ASC Topic 842. If the direct financing or sales-type classification criteria are met, then the lease is accounted for as a finance lease. All others are treated as operating leases. The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term which is presented in Revenues in the Consolidated Statement of Operations. Lease revenues were de minimus for the three and six months ended October 31, 2022 and 2021. (g) Other Income – Employee Retention Credit The Coronavirus Aid, Relief and Economic Security (“CARES”) Act provides an employee retention credit (“CARES ERC”), which is a refundable tax credit against certain employment taxes of up to $5,000 per employee for eligible employers. The tax credit is equal to <span id="xdx_907_eus-gaap--CreditDerivativeLiquidationProceedsPercentage_pid_dp_uPure_c20201229__20201231__us-gaap--SubsidiarySaleOfStockAxis__custom--EmployeeRetentionCreditMember_zdA5oLSqvWO5" title="Credit derivative liquidation proceeds percentage">50% of qualified wages paid to employees during a quarter, capped at $10,000 of qualified wages per employee through December 31, 2020. Additional relief provisions were passed by the United States government, which extend and slightly expand the qualified wage caps on these credits through December 31, 2021. Based on these additional provisions, the tax credit is now equal to<span id="xdx_905_eus-gaap--CreditDerivativeLiquidationProceedsPercentage_pid_dp_uPure_c20211229__20211231__us-gaap--SubsidiarySaleOfStockAxis__custom--EmployeeRetentionCreditMember_zdvPBPE4ENR7" title="Credit derivative liquidation proceeds percentage"> 70% of qualified wages paid to employees during a quarter, and the limit on qualified wages per employee has been increased to $10,000 of qualified wages per quarter. The Company qualifies for the tax credit under the CARES Act. During the three-month period ended October 31, 2022, the Company claimed CARES ERC’s of approximately $612,000 and $590,000 for the fiscal years ended April 30, 2021 and 2022, respectively, and recognized approximately $1,202,000 as other income in the statement of operations for the three and six-month periods ended October 31, 2022. Claimed CARES ERC’s are expected to be settled during the year ended April 30, 2023 and have been recorded within other current assets in the accompanying balance sheet as of October 31, 2022. In November 2022 the company received approximately $200,000 from the IRS related to the receivable. (h) Net Loss per Common Share Basic and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents outstanding during the period. The pre-funded warrants (Note 11) were determined to be common stock equivalents and were included in the weighted average number of shares outstanding for calculation of the basic earnings per share number before being exercised. Due to the Company’s net losses, potentially dilutive securities, consisting of options to purchase shares of common stock, potential exercises of warrants on common stock and unvested restricted stock issued to employees and non-employee directors, were excluded from the diluted loss per share calculation due to their anti-dilutive effect. In computing diluted net loss per share on the Consolidated Statement of Operations, potential exercises of warrants on common stock, options to purchase shares of common stock and non-vested restricted stock issued to employees and non-employee directors, totaling 6,242,465 and 4,928,474 for the six months ended October 31, 2022 and 2021, respectively, were excluded from each of the computations as the effect would be anti-dilutive. (i) Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables. This update is intended to provide financial statement users with more decision-useful information about the expected credit losses. In November 2019, the FASB issued No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which deferred the effective date of ASU 2016-13 for Smaller Reporting Companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements.

(a) Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries, Ocean Power Technologies Ltd. in the United Kingdom, and Ocean Power Technologies (Australasia) Pty Ltd. in Australia (“OPT-A”). OPT-A is in the process of being liquidated due to inactivity. All documents have been filed with the Australian Tax Organization and the Company expects this to be completed in the current fiscal year. All significant intercompany accounts and transactions have been eliminated in consolidation.

(b) Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include, among other items, stock-based compensation, valuations, purchase price allocations and contingent consideration related to business combinations, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets and the related amortization methods and periods, estimated hours and costs to complete customer contracts for purposes of revenue recognition. Actual results could differ from those estimates.

(c) Cash, Cash Equivalents, Restricted Cash and Security Agreements and Marketable Securities 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 a money market account or in short term held-to-maturity marketable securities. The Company had cash and cash equivalents $10.0 million as of October 31, 2022 and $7.9 million as of April 30, 2022. Restricted Cash and Security Agreements The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $<span id="xdx_90B_eus-gaap--Deposits_iI_pn3d_c20221031__us-gaap--TypeOfArrangementAxis__custom--RestrictedCashAndSecurityAgreementsMember__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--SantanderBankMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--LetterOfCreditMember_zLM0bi8diqFj" title="Deposits">154,000 is on deposit at Santander and serves as security for a letter of credit issued by Santander for the lease of warehouse/office space in Monroe Township, New Jersey. This agreement cannot be extended beyond July 31, 2025 and is cancelable at the discretion of the bank. Santander also issued a letter of credit to subsidiaries of Enel Green Power (“EGP”) pursuant to the Company’s contracts with EGP. This letter of credit was originally issued in the amount of $<span id="xdx_906_eus-gaap--LettersOfCreditOutstandingAmount_iI_pn3d_c20200831__us-gaap--TypeOfArrangementAxis__custom--RestrictedCashAndSecurityAgreementsMember__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--SantanderBankMember__us-gaap--ShortTermDebtTypeAxis__custom--LetterOneMember_zAo5l3n7yUBd" title="Letters of credit outstanding, Amount">645,000 and was reduced to $<span id="xdx_90E_eus-gaap--LettersOfCreditOutstandingAmount_iI_pn3d_c20200831__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--SantanderBankMember__us-gaap--ShortTermDebtTypeAxis__custom--LetterTwoMember__us-gaap--AwardDateAxis__custom--AugustTwentyTwentyMember_z1XbKo2zMjp4">323,000 in August 2020. The letter of credit will be reduced by an additional $<span id="xdx_90C_ecustom--LettersOfCreditIssuedAmount_iI_pn3d_c20220731__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--SantanderBankMember__us-gaap--ShortTermDebtTypeAxis__custom--LetterTwoMember_zKIj3xWkNutl">258,000 once the PowerBuoy® (“PB3”) and its accompanying systems pass final acceptance testing which the Company expects to take place during the third quarter of fiscal year 2023. The remaining restricted amount of $<span id="xdx_905_ecustom--LettersOfCreditIssuedAmount_iI_pn3d_c20220731__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--SantanderBankMember_zpRlczyQFnmh" title="Letters of credit issued amount">65,000 will be released 12 months after the buoy is fully deployed. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash and Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20221031_zbgNFdzc3Tid" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20220430_z180HmS9xlje" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40E_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">10,030</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">7,885</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RestrictedCashCurrent_iI_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash- short term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">258</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RestrictedCashNoncurrent_iI_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash- long term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">219</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">219</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iI_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Cash, cash equivalents, restricted cash and restricted cash equivalents</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,507</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,362</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Marketable Securities During fiscal 2022, the Company acquired investment securities through Charles Schwab Bank. As of October 31, 2022 and April 30, 2022, their value was approximately $35.9 million and $49.4 million, respectively. All marketable securities consist of corporate bonds, government agency bonds, or U.S. Treasury Notes and Bonds, are investment grade rated or better, and mature within 12 months. The Company has the ability and the intention to hold all investments to maturity, and as such are classified as held-to-maturity investments and carried at amortized cost. The total recognized interest expense on the premium we paid for the securities as of October 31, 2022 and 2021 is approximately $0.2 million and zero, respectively, on an amortized cost basis of approximately $0.3 million and zero, respectively. Additionally, there has been no impairment on these investments. The following table summarizes the Company’s marketable securities as of October 31, 2022: Schedule of Investments and Unrealized Gains/Losses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Category</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortized Cost</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized Gains (Losses)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Market Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Corporate Bonds</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--CorporateBondsMember_ziaUHbU7gqwj" style="width: 14%; text-align: right" title="Total Cost">27,364</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20220501__20221031__us-gaap--InvestmentTypeAxis__custom--CorporateBondsMember_zyePwcSgqrak" style="width: 14%; text-align: right" title="Unrealized Gains (Losses)">(23</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--CorporateBondsMember_zZIqu5uQwg3k" style="width: 14%; text-align: right">27,341</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Government Bonds & Notes</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentBondsandNotesMember_zj6uZBhVODQ9" style="text-align: right">5,008</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20220501__20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentBondsandNotesMember_zSjIDn3kRwL6" style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentBondsandNotesMember_zhD14qAP2KK1" style="text-align: right">5,008</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Government Agency</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentAgencyMember_zpP41fwBzr9" style="border-bottom: Black 1pt solid; text-align: right">3,496</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20220501__20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentAgencyMember_zy7ySRQ53g1d" style="border-bottom: Black 1pt solid; text-align: right">(5</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentAgencyMember_zsxYXcbXdUJ4" style="border-bottom: Black 1pt solid; text-align: right">3,491</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Marketable Securities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_c20221031_zz7tErmgFrfi" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Cost">35,868</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20220501__20221031_zjXSmUBmVyL" style="border-bottom: Black 2.5pt double; text-align: right" title="Unrealized Gains (Losses)">(28</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_c20221031_znmonLCYPcAg" style="border-bottom: Black 2.5pt double; text-align: right" title="Market Value">35,840</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

10000000.0

7900000

154000

645000

323000

258000 65000

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash and Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20221031_zbgNFdzc3Tid" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20220430_z180HmS9xlje" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40E_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">10,030</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">7,885</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RestrictedCashCurrent_iI_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash- short term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">258</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RestrictedCashNoncurrent_iI_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash- long term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">219</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">219</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iI_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Cash, cash equivalents, restricted cash and restricted cash equivalents</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,507</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,362</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

10030000

7885000

258000

219000

10507000

8362000

35900000

49400000

200000

300000

The following table summarizes the Company’s marketable securities as of October 31, 2022: Schedule of Investments and Unrealized Gains/Losses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Category</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortized Cost</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized Gains (Losses)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Market Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Corporate Bonds</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--CorporateBondsMember_ziaUHbU7gqwj" style="width: 14%; text-align: right" title="Total Cost">27,364</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20220501__20221031__us-gaap--InvestmentTypeAxis__custom--CorporateBondsMember_zyePwcSgqrak" style="width: 14%; text-align: right" title="Unrealized Gains (Losses)">(23</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--CorporateBondsMember_zZIqu5uQwg3k" style="width: 14%; text-align: right">27,341</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Government Bonds & Notes</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentBondsandNotesMember_zj6uZBhVODQ9" style="text-align: right">5,008</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20220501__20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentBondsandNotesMember_zSjIDn3kRwL6" style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentBondsandNotesMember_zhD14qAP2KK1" style="text-align: right">5,008</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Government Agency</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentAgencyMember_zpP41fwBzr9" style="border-bottom: Black 1pt solid; text-align: right">3,496</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20220501__20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentAgencyMember_zy7ySRQ53g1d" style="border-bottom: Black 1pt solid; text-align: right">(5</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_c20221031__us-gaap--InvestmentTypeAxis__custom--GovernmentAgencyMember_zsxYXcbXdUJ4" style="border-bottom: Black 1pt solid; text-align: right">3,491</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Marketable Securities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_c20221031_zz7tErmgFrfi" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Cost">35,868</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20220501__20221031_zjXSmUBmVyL" style="border-bottom: Black 2.5pt double; text-align: right" title="Unrealized Gains (Losses)">(28</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_c20221031_znmonLCYPcAg" style="border-bottom: Black 2.5pt double; text-align: right" title="Market Value">35,840</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

27364000

-23000

27341000

5008000

3496000

-5000

3491000

35868000

-28000

35840000

(d) Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable, marketable securities and cash. The Company believes that its credit risk is limited because the Company’s current contracts are with companies with a reliable payment history. The Company invests its excess cash in a money market fund and short term held-to maturity investments and does not believe that it is exposed to any significant risks related to its cash accounts, money market fund, or held-to maturity investments. Cash is also maintained at foreign financial institutions. Cash in foreign financial institutions as of October 31, 2022 was approximately $<span id="xdx_906_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3d_c20221031__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--ForeignFinancialInstitutionsMember_zm8BOUnHVcZ9" title="Cash and cash equivalents">5,000. For the six months ended October 31, 2022 and 2021, the Company had four and three customers whose revenues accounted for at least 10% of the Company’s consolidated revenues, respectively. These revenues accounted for approximately <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220501__20221031__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeAndTwoCustomersMember_zeeiGk0SVhF5" title="Concentration risk percentage">69% and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210501__20211031__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeAndTwoCustomersMember_zEzY1bnMWBLl" title="Concentration risk percentage">73% of the Company’s total revenues for the respective periods. For the three months ended October 31, 2022 and 2021, the Company had five and four customers whose revenues accounted for at least 10% of the Company’s consolidated revenues, respectively. These revenues accounted for approximately <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220801__20221031__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeAndTwoCustomersMember_zyR2hWUmqxfi" title="Concentration risk percentage">80% and <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210801__20211031__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeAndTwoCustomersMember_zWcvWycqDCOg" title="Concentration risk percentage">76% of the Company’s total revenues for the respective periods.

5000

0.69

0.73

0.80

0.76

(e) Share-Based Compensation Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The aggregate share-based compensation expense recorded in the Consolidated Statements of Operations for the six months ended October 31, 2022 and 2021 was approximately $0.6 million and $0.5 million, respectively. For the three months ended October 31, 2022 and 2021, share-based compensation expense was $0.3 million and $0.2 million, respectively.

600000

500000

300000

200000

(f) Revenue Recognition The Company accounts for revenues in accordance with Accounting Standards Codification 606 (ASC 606) which states that a performance obligation is the unit of account for revenue recognition. The Company assesses the goods or services promised in a contract with a customer and identifies as a performance obligation either: a) a good or service (or a bundle of goods or services) that is distinct; or b) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer. A contract may contain a single or multiple performance obligations. For contracts with multiple performance obligations, the Company allocates the contracted transaction price to each performance obligation based upon the relative standalone selling price, which represents the price the Company would sell a promised good or service separately to a customer. The Company determines the standalone selling price based upon the facts and circumstances of each obligated good or service. The majority of the Company’s contracts have no observable standalone selling price since the associated products and services are customized to customer specifications. As such, the standalone selling price generally is estimated based upon the Company’s forecast of the total cost to satisfy the performance obligation plus an appropriate profit margin. The nature of the Company’s contracts may give rise to several types of variable consideration, including unpriced change orders, liquidated damages and penalties. Variable consideration can also arise from modifications to the scope of services. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on our assessment of legal enforceability, performance, and any other information (historical, current, and forecasted) that is reasonably available to us. There was no variable consideration as of October 31, 2022 or 2021. The Company presents shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs in costs of goods sold and regular shipping and handling activities charged to operating expenses. The Company recognizes revenue when or as it satisfies a performance obligation by transferring a good or service to a customer, either (1) at a point in time or (2) over time. A good or service is transferred when or as the customer obtains control. The evaluation of whether control of each performance obligation is transferred at a point in time or over time is made at contract inception. Input measures such as costs incurred are utilized to assess progress against specific contractual performance obligations for the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For the Company, the input method using costs incurred or labor hours best represents the measure of progress against the performance obligations incorporated within the contractual agreements. If estimated total costs on any contract project a loss, the Company charges the entire estimated loss to operations in the period the loss becomes known. The cumulative effect of revisions to revenue, estimated costs to complete contracts, including penalties, change orders, claims, anticipated losses, and others are recorded in the accounting period in which the events indicating a loss are known and the loss can be reasonably estimated. These loss projects are re-assessed for each subsequent reporting period until the project is complete. Such revisions could occur at any time and the effects may be material. The Company’s contracts are either cost-plus, fixed-price contracts, time and material agreements, lease or service agreements. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee. The Company has two types of fixed-price contracts, firm fixed-price and cost-sharing. Under firm fixed-price contracts, the Company receives an agreed-upon amount for providing products and services specified in the contract, and a profit or loss is recognized depending on whether actual costs are more or less than the agreed upon amount. Under cost-sharing contracts, the fixed amount agreed upon with the customer is only intended to fund a portion of the costs on a specific project. Under cost sharing contracts, an amount corresponding to the revenue is recorded in cost of revenues, resulting in gross profit on these contracts of zero. The Company’s share of the costs is recorded as product development expense. The Company reports its disaggregation of revenues by contract type since this method best represents the Company’s business. For the six-month periods ended October 31, 2022 and 2021, all of the Company’s contracts were classified as firm fixed-price. The Company at times enters into agreements with government agencies through SBIR contract agreements. These are typically fixed-priced agreements where the Company retains ownership of the data and grants the government a license with unlimited rights to use, disclose, reproduce, prepare derivative works and publicly distribute the data. Time and materials agreements are billed based solely on the cost of time spent working on the contract and the material used. As of October 31, 2022, the Company’s total remaining performance obligations, also referred to as backlog, totaled $2.4 million. The Company expects to recognize approximately 77%, or $1.8 million, for the remaining performance obligations as revenue over the next twelve months. The Company also enters into lease arrangements for its PowerBuoys and Wave Adaptive Modular Vessels (“WAM-V®”) with certain customers. Revenue related to multiple-element arrangements is allocated to lease and non-lease elements based on their relative standalone selling prices or expected cost plus a margin approach. Lease elements generally include a PowerBuoy and components, while non-lease elements, which the Company expects to become more prevalent, generally include engineering, monitoring and support services. In the lease arrangement, the customer may be provided an option to extend the lease term or purchase the leased PB3 or WAM-V® at some point during and/or at the end of the lease term. The Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC Topic 842, “Leases”. At inception of the contract, the Company evaluates the lease against the lease classification criteria within ASC Topic 842. If the direct financing or sales-type classification criteria are met, then the lease is accounted for as a finance lease. All others are treated as operating leases. The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term which is presented in Revenues in the Consolidated Statement of Operations. Lease revenues were de minimus for the three and six months ended October 31, 2022 and 2021.

2400000

0.77

1800000

(g) Other Income – Employee Retention Credit The Coronavirus Aid, Relief and Economic Security (“CARES”) Act provides an employee retention credit (“CARES ERC”), which is a refundable tax credit against certain employment taxes of up to $5,000 per employee for eligible employers. The tax credit is equal to <span id="xdx_907_eus-gaap--CreditDerivativeLiquidationProceedsPercentage_pid_dp_uPure_c20201229__20201231__us-gaap--SubsidiarySaleOfStockAxis__custom--EmployeeRetentionCreditMember_zdA5oLSqvWO5" title="Credit derivative liquidation proceeds percentage">50% of qualified wages paid to employees during a quarter, capped at $10,000 of qualified wages per employee through December 31, 2020. Additional relief provisions were passed by the United States government, which extend and slightly expand the qualified wage caps on these credits through December 31, 2021. Based on these additional provisions, the tax credit is now equal to<span id="xdx_905_eus-gaap--CreditDerivativeLiquidationProceedsPercentage_pid_dp_uPure_c20211229__20211231__us-gaap--SubsidiarySaleOfStockAxis__custom--EmployeeRetentionCreditMember_zdvPBPE4ENR7" title="Credit derivative liquidation proceeds percentage"> 70% of qualified wages paid to employees during a quarter, and the limit on qualified wages per employee has been increased to $10,000 of qualified wages per quarter. The Company qualifies for the tax credit under the CARES Act. During the three-month period ended October 31, 2022, the Company claimed CARES ERC’s of approximately $612,000 and $590,000 for the fiscal years ended April 30, 2021 and 2022, respectively, and recognized approximately $1,202,000 as other income in the statement of operations for the three and six-month periods ended October 31, 2022. Claimed CARES ERC’s are expected to be settled during the year ended April 30, 2023 and have been recorded within other current assets in the accompanying balance sheet as of October 31, 2022. In November 2022 the company received approximately $200,000 from the IRS related to the receivable. 5000

0.50

10000

0.70

10000

612000 590000

1202000

200000

(h) Net Loss per Common Share Basic and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents outstanding during the period. The pre-funded warrants (Note 11) were determined to be common stock equivalents and were included in the weighted average number of shares outstanding for calculation of the basic earnings per share number before being exercised. Due to the Company’s net losses, potentially dilutive securities, consisting of options to purchase shares of common stock, potential exercises of warrants on common stock and unvested restricted stock issued to employees and non-employee directors, were excluded from the diluted loss per share calculation due to their anti-dilutive effect. In computing diluted net loss per share on the Consolidated Statement of Operations, potential exercises of warrants on common stock, options to purchase shares of common stock and non-vested restricted stock issued to employees and non-employee directors, totaling 6,242,465 and 4,928,474 for the six months ended October 31, 2022 and 2021, respectively, were excluded from each of the computations as the effect would be anti-dilutive.

6242465

4928474

(i) Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables. This update is intended to provide financial statement users with more decision-useful information about the expected credit losses. In November 2019, the FASB issued No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which deferred the effective date of ASU 2016-13 for Smaller Reporting Companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements.

(3) Account Receivable, Contract Assets and Contract Liabilities The following provides further details on the balance sheet accounts of accounts receivable, contract assets and contract liabilities from contracts with customers: Schedule of Accounts Receivable, Contract Assets and Contract Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20221031_z3FmGsHAoaKf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20220430_z5N9zjRaiZO9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_401_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">587</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">482</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ContractWithCustomerAssetNetCurrent_iI_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contract assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">301</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">386</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contract liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,462</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129</td><td style="text-align: left"> </td></tr> </table> Accounts Receivable The Company grants credit to its customers, generally without collateral, under normal payment terms (typically 30 to 60 days after invoicing). Generally, invoicing occurs after the related services are performed or control of goods have transferred to the customer. Accounts receivable represent an unconditional right to consideration arising from the Company’s performance under contracts with customers. The carrying value of such receivables represents their estimated realizable value. Contract Assets Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditional on completing additional tasks or services for a performance obligation. The decrease in contract assets is primarily a result of services performed relating to MAR projects for which revenue was recognized in prior periods but was billed during the six months ended October 31, 2022. Significant changes in the contract assets balances during the period were as follows: Schedule of Significant Changes in Contract assets and Contract Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20220501__20221031_zdmumxkYe0ok" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six months ended October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center">(in thousands)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_eus-gaap--ContractWithCustomerAssetNet_iNE_pn3n3_di_zy6eiGSEWSo5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Transferred to receivables from contract assets recognized at the beginning of the period</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(132</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--RevenueRecognizedAndNotBilledAsOfEndOfPeriod_pn3n3_zjac0VLyHC2d" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Revenue recognized and not billed as of the end of the period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">47</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--IncreaseDecreaseInContractWithCustomerAssets_pn3n3_zng02m1tPoR7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in contract assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(85</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> Contract Liabilities Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The increase in contract liabilities is primarily due to payments received for the following: $1.0 million related to future grant revenue and $0.4 million for future sales revenue during the six months ended October 31, 2022 for which we have not recognized revenue. <div id="xdx_C02_gL3CWCAALTTB-R_zxHEfCJVj2Yh"> Significant changes in the contract liabilities balances during the period are as follows: <table cellpadding="0" cellspacing="0" id="xdx_30F_134_zgoXf7juZ681" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Significant Changes in Contract assets and Contract Liabilities (Details)"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20220501__20221031_zy9ZJNFpXuol" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six months ended October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_401_eus-gaap--ContractWithCustomerLiability_iNE_pn3n3_di_zft9SWhhSZNe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Revenue recognized that was included in the contract liabilities balance as of the beginning of the period</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(129</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_400_ecustom--PaymentsCollectedForWhichRevenueHasNotBeenRecognized_pn3n3_zSGckTqsoCy4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Payments collected for which revenue has not been recognized</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,462</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_pn3n3_z6iftiFdAOF3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in contract liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,333</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> </div> The following provides further details on the balance sheet accounts of accounts receivable, contract assets and contract liabilities from contracts with customers: Schedule of Accounts Receivable, Contract Assets and Contract Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20221031_z3FmGsHAoaKf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20220430_z5N9zjRaiZO9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_401_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">587</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">482</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ContractWithCustomerAssetNetCurrent_iI_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contract assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">301</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">386</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contract liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,462</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129</td><td style="text-align: left"> </td></tr> </table>

587000

482000

301000

386000

1462000

129000

Significant changes in the contract assets balances during the period were as follows: Schedule of Significant Changes in Contract assets and Contract Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20220501__20221031_zdmumxkYe0ok" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six months ended October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center">(in thousands)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_eus-gaap--ContractWithCustomerAssetNet_iNE_pn3n3_di_zy6eiGSEWSo5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Transferred to receivables from contract assets recognized at the beginning of the period</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(132</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--RevenueRecognizedAndNotBilledAsOfEndOfPeriod_pn3n3_zjac0VLyHC2d" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Revenue recognized and not billed as of the end of the period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">47</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--IncreaseDecreaseInContractWithCustomerAssets_pn3n3_zng02m1tPoR7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in contract assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(85</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> Significant changes in the contract liabilities balances during the period are as follows: <table cellpadding="0" cellspacing="0" id="xdx_30F_134_zgoXf7juZ681" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Significant Changes in Contract assets and Contract Liabilities (Details)"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20220501__20221031_zy9ZJNFpXuol" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six months ended October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_401_eus-gaap--ContractWithCustomerLiability_iNE_pn3n3_di_zft9SWhhSZNe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Revenue recognized that was included in the contract liabilities balance as of the beginning of the period</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(129</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_400_ecustom--PaymentsCollectedForWhichRevenueHasNotBeenRecognized_pn3n3_zSGckTqsoCy4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Payments collected for which revenue has not been recognized</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,462</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_pn3n3_z6iftiFdAOF3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net change in contract liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,333</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

132000

47000 -85000

1000000.0

400000

129000

1462000

1333000

(4) Inventory The Company holds inventory related to the production of its WAM-V® and PowerBuoy® products. Schedule of Inventory <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20221031_zwdEuzrbi8F8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220430_zeyOnqcD4dHk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40E_eus-gaap--InventoryRawMaterials_iI_pn3n3_zM6Czmavhq4c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Raw Materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">748</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">198</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InventoryWorkInProcess_iI_pn3n3_zKZQ9IVDP1Cd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Work in Process</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">280</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">244</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--InventoryNet_iI_pn3n3_zXVKP9zSCdzf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Inventory, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,028</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">442</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The Company holds inventory related to the production of its WAM-V® and PowerBuoy® products. Schedule of Inventory <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20221031_zwdEuzrbi8F8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220430_zeyOnqcD4dHk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40E_eus-gaap--InventoryRawMaterials_iI_pn3n3_zM6Czmavhq4c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Raw Materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">748</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">198</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InventoryWorkInProcess_iI_pn3n3_zKZQ9IVDP1Cd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Work in Process</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">280</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">244</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--InventoryNet_iI_pn3n3_zXVKP9zSCdzf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Inventory, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,028</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">442</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

748000

198000

280000

244000

1028000

442000

(5) Other Current Assets Other current assets consisted of the following at October 31, 2022 and April 30, 2022: Schedule of Other Current Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20221031_zT1INGPhVGte" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220430_zoyG09kBC6Ki" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_407_eus-gaap--PrepaidInsurance_iI_pn3n3_maOACz300_zNV9xlreqsWd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Prepaid insurance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">660</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">182</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--PrepaidSoftwareAndLicenses_pn3n3_maOACz300_zFAWytVPxOI4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid software & licenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">189</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--PrepaidProjectCosts_iI_pn3n3_maOACz300_zvohoxLuJUr" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid project costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--PrepaidSalesAndMarketing_pn3n3_maOACz300_zFGjzHDKQO08" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid sales & marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">85</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--EmployeeRetentionCreditReceivable_iI_pn3n3_maOACz300_znanVVyYoEKj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Employee retention credit receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,202</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidInterest_iI_pn3n3_maOACz300_z2s3Ton2A2T7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherReceivablesNetCurrent_iI_pn3n3_maOACz300_zxJujboMFT91" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maOACz300_zPb4XMQoO4gl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prepaid expenses- other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">146</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">84</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherAssetsCurrent_iTI_pn3n3_mtOACz300_zhZlWQ9aJ86" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,647</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">467</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Other current assets consisted of the following at October 31, 2022 and April 30, 2022: Schedule of Other Current Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20221031_zT1INGPhVGte" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220430_zoyG09kBC6Ki" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_407_eus-gaap--PrepaidInsurance_iI_pn3n3_maOACz300_zNV9xlreqsWd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Prepaid insurance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">660</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">182</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--PrepaidSoftwareAndLicenses_pn3n3_maOACz300_zFAWytVPxOI4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid software & licenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">189</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--PrepaidProjectCosts_iI_pn3n3_maOACz300_zvohoxLuJUr" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid project costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--PrepaidSalesAndMarketing_pn3n3_maOACz300_zFGjzHDKQO08" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid sales & marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">85</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--EmployeeRetentionCreditReceivable_iI_pn3n3_maOACz300_znanVVyYoEKj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Employee retention credit receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,202</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidInterest_iI_pn3n3_maOACz300_z2s3Ton2A2T7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherReceivablesNetCurrent_iI_pn3n3_maOACz300_zxJujboMFT91" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maOACz300_zPb4XMQoO4gl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prepaid expenses- other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">146</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">84</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherAssetsCurrent_iTI_pn3n3_mtOACz300_zhZlWQ9aJ86" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,647</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">467</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

660000

182000

189000 127000 153000 85000 50000 1202000

195000

17000

24000

146000

84000

2647000

467000

(6) Property and Equipment, net The components of property and equipment, net as of October 31, 2022 and April 30, 2022 consisted of the following: Schedule of Components of Property and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20221031_ztVdp4pBODT4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220430_z7QjZi9af5il" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zFVmyYmzIvCc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">806</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">615</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerEquipmentAndSoftwareMember_ztdXmR3WuD8d" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Computer equipment & software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">596</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">571</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndEquipmentMember_zPLd5XkpSNyi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office furniture & equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">352</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zY0tUAdcyjtc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">503</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">477</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ConstructionInProgressMember_zuHdKOO2lYs5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Construction in process</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzI8F_z4BOdDWpiLo4" style="vertical-align: bottom; background-color: White"> <td>Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,981</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,030</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzI8F_zpku8ifQ7ev8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,475</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,585</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzI8F_zbA0lJS2SbYl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">506</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">445</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Depreciation expenses were approximately $117,000 and $70,000 for the six-month periods ended October 31, 2022 and 2021, respectively. During the six months ended October 31, 2022, the Company had approximately $227,000 of fully depreciated fixed assets that were no longer in use that were written off and purchased approximately $<span id="xdx_909_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn3d_c20220501__20221031__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NewEquipmentMember_zk8pocRVRGHj" title="Payment to purchase new equipment">179,000 of new equipment.

The components of property and equipment, net as of October 31, 2022 and April 30, 2022 consisted of the following: Schedule of Components of Property and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20221031_ztVdp4pBODT4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220430_z7QjZi9af5il" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zFVmyYmzIvCc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">806</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">615</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerEquipmentAndSoftwareMember_ztdXmR3WuD8d" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Computer equipment & software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">596</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">571</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeFurnitureAndEquipmentMember_zPLd5XkpSNyi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office furniture & equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">352</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zY0tUAdcyjtc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">503</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">477</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ConstructionInProgressMember_zuHdKOO2lYs5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Construction in process</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzI8F_z4BOdDWpiLo4" style="vertical-align: bottom; background-color: White"> <td>Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,981</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,030</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzI8F_zpku8ifQ7ev8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,475</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,585</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzI8F_zbA0lJS2SbYl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">506</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">445</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

806000

615000

596000

571000

61000

352000

503000

477000

15000

1981000

2030000

1475000

1585000

506000

445000

117000

70000

227000

179000

(7) Intangible Assets The components of intangible assets, net as of October 31, 2022 and April 30, 2022 consisted of the following: Schedule of Components of Intangible Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20221031_zuTNb5hVrBG" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220430_z5ub1cXzNlD8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_407_eus-gaap--FiniteLivedPatentsGross_iI_maFLIAGzcoU_zwHJTdTznjgf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Patents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,729</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,729</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedTrademarksGross_iI_maFLIAGzcoU_zZnapqInvxbj" style="vertical-align: bottom; background-color: White"> <td>Trademarks</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,769</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,769</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedTradeNamesGross_iI_maFLIAGzcoU_zdOqE9LhlBdg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Tradename</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">130</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">130</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedCustomerRelationshipsGross_iI_maFLIAGzcoU_zHB29DiWLmt" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Customer Relationships</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsGross_iTI_mtFLIAGzcoU_maFLIANzod8_zzEOqNqlS2s1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Intangible assets, gross</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,778</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,778</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_di_msFLIANzod8_z5ozPqnR9Qa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(1,721</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(1,642</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANzod8_zwNc0XGZCDZ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,057</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,136</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Amortization expense was approximately $79,000 and $12,000 for the six-month periods ended October 31, 2022 and 2021, respectively. Amortization expense was approximately $40,000 and $6,000 for the three-month periods ended October 31, 2022 and 2021, respectively.

The components of intangible assets, net as of October 31, 2022 and April 30, 2022 consisted of the following: Schedule of Components of Intangible Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20221031_zuTNb5hVrBG" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220430_z5ub1cXzNlD8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_407_eus-gaap--FiniteLivedPatentsGross_iI_maFLIAGzcoU_zwHJTdTznjgf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Patents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,729</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,729</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedTrademarksGross_iI_maFLIAGzcoU_zZnapqInvxbj" style="vertical-align: bottom; background-color: White"> <td>Trademarks</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,769</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,769</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedTradeNamesGross_iI_maFLIAGzcoU_zdOqE9LhlBdg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Tradename</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">130</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">130</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedCustomerRelationshipsGross_iI_maFLIAGzcoU_zHB29DiWLmt" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Customer Relationships</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsGross_iTI_mtFLIAGzcoU_maFLIANzod8_zzEOqNqlS2s1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Intangible assets, gross</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,778</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,778</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_di_msFLIANzod8_z5ozPqnR9Qa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(1,721</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(1,642</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANzod8_zwNc0XGZCDZ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,057</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,136</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2729

2769

130

150

5778

1721

1642

4057

4136

79000

12000

40000

6000

(8) Goodwill Goodwill in the amount of $8.5 million was recognized in November 2021 related to the acquisition of MAR. There have been no additions to or impairment of goodwill during the six-month period ended October 31, 2022.

8500000

(9) Leases Lessee Information Right-of-use asset and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. When the implicit rate of the lease is not provided or cannot be determined, the Company uses the incremental borrowing rate based on the information available at the effective date to determine the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The renewal options have not been included in the lease term as they are not reasonably certain of exercise. The Company’s operating leases consist of leases for office facilities and warehouse space. Lease expense for minimum lease payments is recognized on a straight- line basis over the lease term and consists of interest on the lease liability and the amortization of the right of use asset. The Company has a lease for its facility located in Monroe Township, New Jersey that is used as warehouse/production space and the Company’s principal offices and corporate headquarters. <span id="xdx_90F_eus-gaap--LesseeOperatingLeaseOptionToExtend_c20220501__20221031__srt--StatementGeographicalAxis__custom--MonroeTownshipMember_zrlcKpceRpna" title="Lessee, operating lease, option to extend">The lease reflects an initial lease term of seven years which is set to expire in November of 2024 and contains an option to extend the lease for another five years. The lease is classified as an operating lease and is included in right-of-use assets, lease liabilities- current and lease liabilities- long-term on the Company’s Consolidated Balance Sheets. The Company also has a lease located in Houston, Texas that was acquired as part of the 3Dent acquisition that is used for office space. The lease term is for <span id="xdx_90C_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtY_c20221031__us-gaap--BusinessAcquisitionAxis__custom--ThreeDentAcquisitionMember_zcPr3O3wTT9j" title="Lessee, operating lease, term of contract">3 years and is set to <span id="xdx_909_eus-gaap--LesseeOperatingLeaseOptionToExtend_c20220501__20221031__us-gaap--BusinessAcquisitionAxis__custom--ThreeDentAcquisitionMember_zCNy82EAv0R" title="Lessee, operating lease, option to extend">expire in January of 2023 and the Company is evaluating its options with respect to the lease. The lease is classified as an operating lease and included in the right-of-use assets and lease liabilities- current on the Company’s Consolidated Balance Sheets. The Company also has a lease with the University of California Berkeley in Richmond, California that was acquired as part of the MAR acquisition. The lease is currently a month-to-month lease in accordance with the lease agreement. In accordance with ASC 842-20-5-2, since the remaining lease term at the time of the acquisition of MAR was less than 12 months, the lease was not recognized as a right-of-use asset. The operating lease cash flow payments for the three months ended October 31, 2022 and 2021 were $108,000 and $102,000, respectively. The operating lease cash flow payments for the six months ended October 31, 2022 and 2021 were $215,000 and $204,000, respectively. The components of lease expense in the Consolidated Statement of Operations for the three and six months ended October 31, 2022 and 2021 were as follows: Schedule of Operating Lease Costs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20220801__20221031_z1BIspcIlYQ9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20210801__20211031_zrTCcLHr50h9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20220501__20221031_zNWpskWK08f4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20210501__20211031_ztziwDUZ4Jl6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended October 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six months ended October 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseCost_pn3n3_maLCzBwM_zjOhZsEyO201" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">92</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">92</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">184</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">184</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ShortTermLeaseCost_pn3n3_maLCzBwM_zWZ9dVW5puB9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Short-term lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LeaseCost_iT_pn3n3_mtLCzBwM_z2N3hcJb8G63" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">100</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">97</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">200</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">184</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Information related to the Company’s right-of use assets and lease liabilities as of October 31, 2022 was as follows: Schedule of Right-of Use Assets and Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20221031_zMxsnxca3EN6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">Operating lease:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="width: 82%; text-align: left; padding-bottom: 2.5pt">Operating right-of-use asset, net</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 14%; text-align: right">600</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maOLLzIil_zppgvTLEfw76" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Right-of-use liability- current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">324</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maOLLzIil_zJBiuZOGE6V3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Right-of-use liability- long term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">367</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_mtOLLzIil_zCP76bLQiyCg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease liability</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">691</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average remaining lease term- operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.92 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average discount rate- operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.4</td><td style="text-align: left">%</td></tr> </table> Total remaining lease payments under the Company’s operating leases are as follows: Schedule of Future Minimum Lease Payments Under Operating Lease <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20221031_zaXUCLP4mpue" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pn3n3_maLOLLPzbOq_zTwQxbiTJGU4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">Remainder of fiscal year 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">196</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzbOq_zxBK3xygkJje" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">362</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzbOq_zY9S8a60G0I3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">184</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzbOq_zZLRmzGWbqM4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total future minimum lease payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">742</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zbvwGnAX0Ug8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(51</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseLiability_iI_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">691</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The lease reflects an initial lease term of seven years which is set to expire in November of 2024 and contains an option to extend the lease for another five years

P7Y

P3Y

expire in January of 2023

108000

102000

215000

204000

The components of lease expense in the Consolidated Statement of Operations for the three and six months ended October 31, 2022 and 2021 were as follows: Schedule of Operating Lease Costs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20220801__20221031_z1BIspcIlYQ9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20210801__20211031_zrTCcLHr50h9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20220501__20221031_zNWpskWK08f4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20210501__20211031_ztziwDUZ4Jl6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended October 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six months ended October 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td><td> </td> <td colspan="6" style="text-align: center">(in thousands)</td><td> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseCost_pn3n3_maLCzBwM_zjOhZsEyO201" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">92</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">92</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">184</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">184</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ShortTermLeaseCost_pn3n3_maLCzBwM_zWZ9dVW5puB9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Short-term lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LeaseCost_iT_pn3n3_mtLCzBwM_z2N3hcJb8G63" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">100</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">97</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">200</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">184</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

92000

184000

8000

5000

16000

100000

97000

200000

184000

Information related to the Company’s right-of use assets and lease liabilities as of October 31, 2022 was as follows: Schedule of Right-of Use Assets and Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20221031_zMxsnxca3EN6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">Operating lease:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="width: 82%; text-align: left; padding-bottom: 2.5pt">Operating right-of-use asset, net</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 14%; text-align: right">600</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maOLLzIil_zppgvTLEfw76" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Right-of-use liability- current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">324</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maOLLzIil_zJBiuZOGE6V3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Right-of-use liability- long term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">367</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_mtOLLzIil_zCP76bLQiyCg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease liability</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">691</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average remaining lease term- operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.92 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average discount rate- operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.4</td><td style="text-align: left">%</td></tr> </table>

600000

324000

367000

691000

P1Y11M1D

0.084

Total remaining lease payments under the Company’s operating leases are as follows: Schedule of Future Minimum Lease Payments Under Operating Lease <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20221031_zaXUCLP4mpue" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center">(in thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pn3n3_maLOLLPzbOq_zTwQxbiTJGU4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">Remainder of fiscal year 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">196</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzbOq_zxBK3xygkJje" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">362</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzbOq_zY9S8a60G0I3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">184</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzbOq_zZLRmzGWbqM4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total future minimum lease payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">742</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zbvwGnAX0Ug8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(51</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseLiability_iI_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">691</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

196000

362000

184000

742000

51000

691000

(10) Accrued Expenses Accrued expenses consisted of the following at October 31, 2022 and April 30, 2022: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20221031_zJ7YBGUfavd9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20220430_zcjXGvjLzHz7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right">(in thousands)</td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_406_eus-gaap--ConstructionPayableCurrent_iI_pn3n3_maCzsTG_zn1bgV0VXVQc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Project costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">238</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">59</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LossContingencyAccrualCarryingValueCurrent_iI_pn3n3_maCzsTG_zGtpLY1wkys9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contract loss reserve</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">435</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">328</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherEmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maCzsTG_zDCleF88iZT5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Employee incentive payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">721</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">266</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedSalariesCurrent_iI_pn3n3_maCzsTG_zpPBrgA9lbYe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued salary and benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maCzsTG_z7VyU0EnOll8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Legal and accounting fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maCzsTG_zMrvdxMFz2Bg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">94</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">134</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtCzsTG_z9NYNG0eiJgl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Accrued expenses total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,557</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">877</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued expenses consisted of the following at October 31, 2022 and April 30, 2022: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20221031_zJ7YBGUfavd9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">October 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20220430_zcjXGvjLzHz7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">April 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right">(in thousands)</td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_406_eus-gaap--ConstructionPayableCurrent_iI_pn3n3_maCzsTG_zn1bgV0VXVQc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Project costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">238</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">59</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LossContingencyAccrualCarryingValueCurrent_iI_pn3n3_maCzsTG_zGtpLY1wkys9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contract loss reserve</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">435</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">328</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherEmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maCzsTG_zDCleF88iZT5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Employee incentive payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">721</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">266</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedSalariesCurrent_iI_pn3n3_maCzsTG_zpPBrgA9lbYe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued salary and benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maCzsTG_z7VyU0EnOll8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Legal and accounting fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maCzsTG_zMrvdxMFz2Bg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">94</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">134</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtCzsTG_z9NYNG0eiJgl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Accrued expenses total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,557</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">877</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

238000

59000

435000

328000

721000

266000

1000

60000

68000

30000

94000

134000

1557000

877000

(11) Warrants Equity Classified Warrants On April 8, 2019, the Company issued and sold 1,542,000 shares of common stock and pre-funded warrants to purchase up to <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20190408__us-gaap--StatementEquityComponentsAxis__custom--PreFundedWarrantsMember_zVgopPhovlU4" title="Purchase of warrants">3,385,680 shares of common stock and common warrants to purchase up to <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20190408__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantsMember_zMidJWmQRUdi" title="Purchase of warrants">4,927,680 shares of common stock in an underwritten public offering. The public offering price for the pre-funded warrants was equal to the public offering price of the common stock, less the $0.01 per share exercise price of each warrant. The pre-funded warrants have no expiration date. As of October 31, 2022, all of the pre-funded warrants had been exercised. The common stock warrants have an exercise price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20221031__us-gaap--StatementEquityComponentsAxis__custom--PreFundedWarrantsMember_zpMRDv7g2gWb" title="Exercise price of warrants">3.85 per share and expire <span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20221031__us-gaap--StatementEquityComponentsAxis__custom--PreFundedWarrantsMember_zcx732honMI" title="Warrants and rights outstanding, term">five years from the issuance date. As of October 31, 2022, warrants to purchase <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20221031__us-gaap--StatementEquityComponentsAxis__custom--PreFundedWarrantsMember_zl8GYPgV2JQk" title="Warrants to purchase common stock exercised">732,500 shares of the common stock had been exercised. The pre-funded and common warrants issued in the Company’s April 8, 2019 public offering did not meet the criteria to be classified as a liability award and therefore were treated as an equity award and recorded as a component of shareholders’ equity in the Consolidated Balance Sheets.

1542000

3385680

4927680

0.01

3.85

P5Y

732500

(12) Paycheck Protection Program Loan On March 27, 2020, the U.S. Government passed into law the Coronavirus Aid, Relief and Economic Security Act, or the (“CARES Act”). On May 3, 2020, the Company signed a Paycheck Protection Program (“PPP”) loan with Santander as the lender for $<span id="xdx_90E_eus-gaap--ProceedsFromLoanOriginations1_pn3d_c20200501__20200503__us-gaap--TypeOfArrangementAxis__custom--PaycheckProtectionProgramMember_zYIfjjrFkFwf" title="Proceeds from loan originations">891,000 in support through the Small Business Association (“SBA”) under the PPP Loan. The PPP Loan was unsecured and evidenced by a note in favor of Santander and governed by a Loan Agreement with Santander. The Company received the proceeds on May 5, 2020. The Company filed its loan forgiveness application at the end of February 2021 asking for 100% forgiveness of the loan. In June 2021, the Company was informed that its application was approved, and that the loan was fully forgiven. The Company recognized a gain on forgiveness of PPP loan of approximately $891,000 during the six months ended October 31, 2021.

891000

The Company filed its loan forgiveness application at the end of February 2021 asking for 100% forgiveness of the loan. In June 2021, the Company was informed that its application was approved, and that the loan was fully forgiven. The Company recognized a gain on forgiveness of PPP loan of approximately $891,000 during the six months ended October 31, 2021

891000

(13) Share-Based Compensation In 2015, upon approval by the Company’s shareholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_c20151231__us-gaap--PlanNameAxis__custom--TwoThousandAndFifteenOmnibusIncentivePlanMember_zXRgNLdh0bDc" title="Share-based compensation arrangement shares authorized">1,332,036 shares were authorized for issuance under the 2015 Omnibus Incentive Plan, including shares available for awards under the 2006 Stock Incentive Plan remaining at the time that plan terminated, or that were subject to awards under the 2006 Stock Incentive Plan that thereafter terminated by reason of expiration, forfeiture, cancellation or otherwise. If any award under the 2006 Stock Incentive Plan or 2015 Plan expires, is cancelled, terminates unexercised or is forfeited, those shares become again available for grant under the 2015 Plan. The 2015 Plan will terminate ten years after its effective date, in October 2025, but is subject to earlier termination as provided in the 2015 Plan. As of October 31, 2022, the Company had approximately <span id="xdx_90B_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20221031__us-gaap--PlanNameAxis__custom--TwoThousandAndFifteenOmnibusIncentivePlanMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zfaQ9IVUtMk2" title="Capital shares reserved for future issuance">830,000 shares available for future issuance under the 2015 Plan. On January 18, 2018, the Company’s Board of Directors adopted the Company’s Employment Inducement Incentive Award Plan (the “2018 Inducement Plan”) pursuant to which the Company reserved <span id="xdx_90B_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20180118__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_z4d4VHBFPzRh" title="Capital shares reserved for future issuance">25,000 shares of common stock for issuance under the Inducement Plan. In accordance with Rule 711(a) of the NYSE American Company Guide, awards under the Inducement Plan may only be made to individuals not previously employees of the Company (or following such individuals’ bona fide period of non-employment with the Company), as an inducement material to the individuals’ entry into employment with the Company. An award is any right to receive the Company’s common stock pursuant to the 2018 Inducement Plan, consisting of a performance share award, restricted stock award, a restricted stock unit award or a stock payment award. On February 9, 2022, the 2018 Inducement Plan was amended to increase the authorized shares by <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20220208__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zm4YBzChHNE" title="Share-based compensation arrangement shares authorized">250,000 to <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20220209__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zW0XQxAVocB7" title="Share-based compensation arrangement shares authorized">275,000. As of October 31, 2022, there were approximately <span id="xdx_903_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20221031__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenInducementPlanMember_zyxjwhlmZLrj" title="Capital shares reserved for future issuance">211,000 shares available for grant under the 2018 Inducement Plan. The 2015 Plan and the 2018 Inducement Plan together comprise the “Stock Incentive Plans”. Stock Options The Company estimates the fair value of each stock option award granted with service-based vesting requirements, using the Black-Scholes option pricing model, assuming no dividends, and using weighted average valuation assumptions. The risk-free rate is based on the US Treasury yield curve in effect at the time of grant commensurate with the expected life of the award. The expected life (estimated period of time outstanding) of the stock options granted was estimated using the “simplified” method as permitted by the SEC’s Staff Accounting Bulletin No. 110, Share-Based Payment. Expected volatility is based on the Company’s historical volatility over the expected life of the stock option granted. The Company did not grant any stock options during the three and six months ended October 31, 2022 or 2021. A summary of stock options under our Stock Incentive Plans is detailed in the following table. Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Shares Underlying Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term (In Years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Outstanding as of April 30, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20220501__20221031_zGtSLgzuYVca" style="width: 12%; text-align: right" title="Shares underlying options outstanding, beginning">1,110,356</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20220501__20221031_z5hbvtdzvbmb" style="width: 12%; text-align: right" title="Weighted average exercise price, beginning balance">2.34</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220501__20221031_zUdpDH2fdtob" title="Weighted Average Remaining Contractual Term (In Years), Beginning">9.2</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220501__20221031_zMw6fp5ug7D6" style="text-align: right" title="Shares underlying options outstanding, granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20220501__20221031_zcHRziy9ahC3" style="text-align: right" title="Weighted Average Exercise Price, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20220501__20221031_zimsDDyG4KP7" style="text-align: right" title="Shares Underlying Options Outstanding, Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20220501__20221031_zbVrgwkrFaUj" style="text-align: right" title="Weighted Average Exercise Price, Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20220501__20221031_zUlLWIl4aI5f" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options Outstanding, Cancelled/forfeited">(122,324</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20220501__20221031_z7hlTosBizVj" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Cancelled/forfeited">1.51</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of October 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20220501__20221031_zhio6i8HrA4j" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares underlying options outstanding, ending">988,032</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20220501__20221031_zzv6RRWCFmTl" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, ending balance">2.39</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20220501__20221031_zkemy8DXxi43" title="Weighted average remaining contractual term (in years), ending">8.6</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable as of October 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20221031_z8Pm2Stqcrxg" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares underlying options outstanding, exercisable at ending">291,541</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20221031_zEXk7hmBH8Zd" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, exercisable at ending">4.53</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220501__20221031_zSjd0ChYRjgd" title="Weighted average remaining contractual term (in years), exercisable at ending">7.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of October 31, 2022, the total intrinsic value of outstanding and exercisable options was approximately <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iI_pp0p0_do_c20221031__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zGBAMD9HUX52" title="Intrinsic value of outstanding and exercisable options">zero. As of October 31, 2022, approximately <span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iI_pid_c20221031__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zd3Blw2CWpq8" title="Options unvested">696,000 options were unvested, which had an intrinsic value of <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iI_pp0p0_do_c20221031__us-gaap--AwardTypeAxis__custom--EmployeeStockOptionOneMember_zE5pqannePE4" title="Share-based Compensation Arrangement by Share-based payment award, options, outstanding, intrinsic value">zero and a weighted average remaining contractual term of <span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220501__20221031__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zTpEgv34ZmJ6" title="Weighted average remaining contractual term">9.2 years. There was approximately $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_pn3d_c20220501__20221031__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLy7OorVixY1" title="Share-based payment arrangement, expense">168,000 and $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pn3d_c20210501__20211031__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMhTg8BNPVCk" title="Share-based payment arrangement, expense">115,000 of total recognized compensation cost related to stock options during each of the six months ended October 31, 2022 and 2021, respectively. There was approximately $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn3d_c20220801__20221031__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zJou9J0wMEPc" title="Share-based payment arrangement, expense">72,000 and $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_pn3d_c20210801__20211031__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zP9ybPzl0ZNk" title="Share-based payment arrangement, expense">5,000 of total recognized compensation cost related to stock options during each of the three months ended October 31, 2022 and 2021, respectively. The three month compensation expense was lower as of October 31, 2021 due to a larger number of forfeitures related to the departure of some of the executive management team in the prior year. As of October 31, 2022, there was approximately $<span id="xdx_909_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn5n6_c20221031__us-gaap--AwardTypeAxis__custom--NonVestedStockMember_z4xPtrposGZ" title="Unrecognized compensation cost related to non-vested stock">0.6 million 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 <span id="xdx_90A_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedStockMember_zplHWaBvRfya" title="Share-based compensation of weighted-average period">2.1 years. Performance Stock Options <p id="xdx_89D_eus-gaap--ScheduleOfShareBasedCompensationActivityTableTextBlock_hus-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zkVqj1gjEhOg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of performance stock options under our Stock Incentive Plans is detailed in the following table. Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Shares Underlying Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term (In Years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Outstanding as of April 30, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zr46DlwDuSA8" style="width: 12%; text-align: right" title="Shares underlying options outstanding, beginning">210,122</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zcYKEWKqk9jc" style="width: 12%; text-align: right" title="Weighted average exercise price, beginning balance">2.20</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_z8xHlYPYtHj4" title="Weighted Average Remaining Contractual Term (In Years), Beginning">8.8</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zZeLnhLpgjWc" style="text-align: right" title="Shares underlying options outstanding, granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zkUHfq71u8D" style="text-align: right" title="Shares underlying options outstanding, granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zJfcsAAwl1Yb" style="text-align: right" title="Shares Underlying Options Outstanding, Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zhSXJZk5Udl3" style="text-align: right" title="Weighted Average Exercise Price, Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zyRWmTf5dLZ" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options Outstanding, Cancelled/forfeited">(8,466</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zKtfnD2vBFb1" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Cancelled/forfeited">2.93</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of October 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zSdEnnCGCiU" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares underlying options outstanding, ending">201,656</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zwpz4KJWML9l" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, ending balance">2.17</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_908_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zhLwtz3OtQ9d" title="Weighted Average Remaining Contractual Term (In Years), Ending">8.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable as of October 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zixq5YLSuvX7" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares Underlying Options Outstanding, Exercisable at Ending">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zTFrohxIK7F3" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, exercisable at ending">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of October 31, 2022, approximately <span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iI_pid_c20221031__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_z2GCPiUgjsBd" title="Options, number of shares unvested">202,000 options were unvested, which had an intrinsic value of <span id="xdx_900_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedOutstandingIntrinsicValue_iI_dc_c20221031__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zVTGHCMKi605" title="Options, outstanding, intrinsic value">zero and a weighted average remaining contractual term of <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220501__20221031__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zpALSw1lL3jg" title="Weighted average remaining contractual term">8.3 years. There was approximately $101,000 and $61,000 of total recognized compensation cost related to stock options during the six months ended October 31, 2022 and 2021, respectively. There was approximately $48,000 and $(34,000) of total recognized compensation cost related to stock options during the three months ended October 31, 2022 and 2021, respectively. The three month compensation expense was negative as of October 31, 2021 due to a larger number of forfeitures related to the departure of some of the executive management team in the prior year. As of October 31, 2022, there was approximately $<span id="xdx_90C_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn5n6_c20221031__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_zXzl4B8mUAv8" title="Unrecognized compensation cost">0.1 million 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 <span id="xdx_90E_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20220501__20221031__us-gaap--AwardTypeAxis__us-gaap--PerformanceSharesMember_z0jWHp4Ql5B8" title="Share-based compensation of weighted-average period">0.4 years. Restricted Stock Compensation expense for non-vested restricted stock is generally recorded based on its market value on the date of grant and recognized ratably over the associated service and performance period. During the six months ended October 31, 2022 and 2021, the Company granted <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20220501__20221031_zGklv7JTXR3l" title="Number of restricted shares, granted">52,500 and <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_dc_c20210501__20211031_zS4HOwSUa1b9" title="Number of restricted shares, granted">33,333 shares, respectively, that were subject to service-based vesting requirements. A summary of non-vested restricted stock under our Stock Incentive Plans is as follows: Schedule of Non-vested Restricted Stock Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Price per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Unvested at April 30, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_z7GycfkOhYC1" style="width: 14%; text-align: right" title="Number of Shares, Unvested, Beginning">827,764</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_z9L4IhtxyYyi" style="width: 14%; text-align: right" title="Weighted Average Price per Share, Unvested, Beginning">1.41</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zsCbkxkKmyMj" style="text-align: right" title="Number of Shares, Unvested, Granted">52,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zN2oaeI6Gjd1" style="text-align: right" title="Weighted Average Price per Share, Unvested, Granted">1.12</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zQOgwDQv3v9d" style="text-align: right" title="Number of Shares, Unvested, Vested and issued">(16,667</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zirLAsDvKGR2" style="text-align: right" title="Weighted Average Price per Share, Unvested, Vested">2.37</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zS8BHRYt2qMc" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Unvested, Cancelled/forfeited">(6,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Unvested at October 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zbj2Ucim0s27" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Unvested, Ending">857,597</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zo6HN64xoQmc" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Price per Share, Unvested, Ending">1.37</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> There was approximately $<span id="xdx_90F_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20220501__20221031__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zOwtNW2H2XE9" title="Share-based payment arrangement, expense">364,000 and $29,000 of total recognized compensation cost related to restricted stock for the six months ended October 31, 2022 and 2021, respectively. There was approximately $<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20220801__20221031__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zAn2lTGonD81" title="Share-based payment arrangement, expense">180,000 and $143,000 of total recognized compensation cost related to restricted stock for the three months ended October 31, 2022 and 2021, respectively. As of October 31, 2022, there was approximately $<span id="xdx_905_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_c20221031__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zTqRfEIeNiT3" title="Unrecognized compensation cost">636,000 of unrecognized compensation cost remaining related to unvested restricted stock granted under our plans. This cost is expected to be recognized over a weighted-average period of <span id="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20220501__20221031__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zaOb6Eq1A4Xf" title="Share-based compensation of weighted-average period">1.7 years.

1332036

830000

25000

250000

275000

211000

A summary of stock options under our Stock Incentive Plans is detailed in the following table. Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Shares Underlying Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term (In Years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Outstanding as of April 30, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20220501__20221031_zGtSLgzuYVca" style="width: 12%; text-align: right" title="Shares underlying options outstanding, beginning">1,110,356</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20220501__20221031_z5hbvtdzvbmb" style="width: 12%; text-align: right" title="Weighted average exercise price, beginning balance">2.34</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220501__20221031_zUdpDH2fdtob" title="Weighted Average Remaining Contractual Term (In Years), Beginning">9.2</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220501__20221031_zMw6fp5ug7D6" style="text-align: right" title="Shares underlying options outstanding, granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20220501__20221031_zcHRziy9ahC3" style="text-align: right" title="Weighted Average Exercise Price, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20220501__20221031_zimsDDyG4KP7" style="text-align: right" title="Shares Underlying Options Outstanding, Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20220501__20221031_zbVrgwkrFaUj" style="text-align: right" title="Weighted Average Exercise Price, Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20220501__20221031_zUlLWIl4aI5f" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options Outstanding, Cancelled/forfeited">(122,324</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20220501__20221031_z7hlTosBizVj" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Cancelled/forfeited">1.51</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of October 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20220501__20221031_zhio6i8HrA4j" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares underlying options outstanding, ending">988,032</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20220501__20221031_zzv6RRWCFmTl" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, ending balance">2.39</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20220501__20221031_zkemy8DXxi43" title="Weighted average remaining contractual term (in years), ending">8.6</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable as of October 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20221031_z8Pm2Stqcrxg" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares underlying options outstanding, exercisable at ending">291,541</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20221031_zEXk7hmBH8Zd" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, exercisable at ending">4.53</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220501__20221031_zSjd0ChYRjgd" title="Weighted average remaining contractual term (in years), exercisable at ending">7.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1110356

2.34

P9Y2M12D

122324

1.51

988032

2.39

P8Y7M6D

291541

4.53

P7Y3M18D

696000

P9Y2M12D

168000

115000

72000

5000

600000

P2Y1M6D

<p id="xdx_89D_eus-gaap--ScheduleOfShareBasedCompensationActivityTableTextBlock_hus-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zkVqj1gjEhOg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of performance stock options under our Stock Incentive Plans is detailed in the following table. Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Shares Underlying Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term (In Years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Outstanding as of April 30, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zr46DlwDuSA8" style="width: 12%; text-align: right" title="Shares underlying options outstanding, beginning">210,122</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zcYKEWKqk9jc" style="width: 12%; text-align: right" title="Weighted average exercise price, beginning balance">2.20</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_z8xHlYPYtHj4" title="Weighted Average Remaining Contractual Term (In Years), Beginning">8.8</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zZeLnhLpgjWc" style="text-align: right" title="Shares underlying options outstanding, granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zkUHfq71u8D" style="text-align: right" title="Shares underlying options outstanding, granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zJfcsAAwl1Yb" style="text-align: right" title="Shares Underlying Options Outstanding, Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zhSXJZk5Udl3" style="text-align: right" title="Weighted Average Exercise Price, Exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zyRWmTf5dLZ" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options Outstanding, Cancelled/forfeited">(8,466</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zKtfnD2vBFb1" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Cancelled/forfeited">2.93</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of October 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zSdEnnCGCiU" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares underlying options outstanding, ending">201,656</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zwpz4KJWML9l" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, ending balance">2.17</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_908_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20220501__20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zhLwtz3OtQ9d" title="Weighted Average Remaining Contractual Term (In Years), Ending">8.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable as of October 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zixq5YLSuvX7" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares Underlying Options Outstanding, Exercisable at Ending">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20221031__us-gaap--AwardTypeAxis__custom--PerformanceStockOptionsMember_zTFrohxIK7F3" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, exercisable at ending">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

210122

2.20

P8Y9M18D

8466

2.93

201656

2.17

P8Y3M18D

202000

P8Y3M18D

101000

61000

48000

-34000

100000

P0Y4M24D

52500

33333

A summary of non-vested restricted stock under our Stock Incentive Plans is as follows: Schedule of Non-vested Restricted Stock Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Price per Share</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Unvested at April 30, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_z7GycfkOhYC1" style="width: 14%; text-align: right" title="Number of Shares, Unvested, Beginning">827,764</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_z9L4IhtxyYyi" style="width: 14%; text-align: right" title="Weighted Average Price per Share, Unvested, Beginning">1.41</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zsCbkxkKmyMj" style="text-align: right" title="Number of Shares, Unvested, Granted">52,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zN2oaeI6Gjd1" style="text-align: right" title="Weighted Average Price per Share, Unvested, Granted">1.12</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zQOgwDQv3v9d" style="text-align: right" title="Number of Shares, Unvested, Vested and issued">(16,667</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zirLAsDvKGR2" style="text-align: right" title="Weighted Average Price per Share, Unvested, Vested">2.37</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cancelled/forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zS8BHRYt2qMc" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Unvested, Cancelled/forfeited">(6,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Unvested at October 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zbj2Ucim0s27" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Unvested, Ending">857,597</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20220501__20221031__us-gaap--AwardTypeAxis__custom--NonVestedRestrictedStockMember_zo6HN64xoQmc" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Price per Share, Unvested, Ending">1.37</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

827764

1.41

52500

1.12

16667

2.37

6000

857597

1.37

364000

29000

180000

143000

636000

P1Y8M12D

(14) Fair Value Measurements ASC Topic 820, “Fair Value Measurements” states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable input and minimizes the use of unobservable inputs. The following is a description of the three hierarchy levels. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.65in">Level 1</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Inputs that are unobservable for the asset or liability.</td></tr> </table> Disclosure of Fair Values The Company’s financial instruments that are not re-measured at fair value include cash, cash equivalents, restricted cash, accounts receivable, contract assets and liabilities, deposits, accounts payable, and accrued expenses. The Company’s contingent consideration liability represents the only asset or liability classified financial instrument that is measured at fair value on a recurring basis. The total carrying value of our marketable securities approximates fair value due to the short term nature of these investments. As of October 31, 2022 and April 30, 2022, the carrying values were $35.9 million and $49.4 million, respectively. Additionally, there is a Level 3 contingent liability related to earnouts as part of the MAR acquisition in the amount of $<span id="xdx_905_eus-gaap--BusinessCombinationContingentConsiderationLiability_iI_pn5n6_c20221031__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z9463nmd5zN7" title="Contingent liability MAR acquisition amount">1.4 million as the inputs are currently unobservable to determine this fair value. As of October 31, 2022, the fair value of this contingent liability from the time that it was acquired has decreased by $<span id="xdx_90F_ecustom--IncreaseDecreaseInContingentLiability_pn5n6_c20220501__20221031__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zCojAOdyGRse" title="Decrease in contingent liability">0.2 million from $<span id="xdx_906_eus-gaap--ContingentConsiderationClassifiedAsEquityFairValueDisclosure_iI_pn5n6_c20221031__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_znz1z8Npy2Lk" title="Fair value of contingent consideration">1.6 million. Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no transfers between any hierarchy levels during each of the three and six months ended October 31, 2022 and 2021.

35900000

49400000

1400000

200000

1600000

<p id="xdx_804_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zNikmgOMQ2E3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify">(15) Commitments and Contingencies Spain Income Tax Audit The Company underwent an income tax audit in Spain for the period from 2011 to 2014, when its Spanish branch was closed. On July 30, 2018, the Spanish tax inspector concluded that although there was no tax owed in light of losses reported, the Company’s Spanish branch owed penalties for failure to properly account for the income associated with the funding grant. During the year ended April 30, 2022, the Company received notice from the Spanish Central Economic and Administrative Tribunal (“Spanish Tax Administration”) that it agreed with the inspector and ruled that the Company owes the full amount of the penalty in the amount of €<span id="xdx_903_eus-gaap--IncomeTaxExaminationPenaltiesAndInterestAccrued_iI_pp0p0_uEuro_c20210125__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingGeneralAndAdministrativeExpensesMember__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--TaxAuthoritySpainMember_zpNDfm3dL4Oc" title="Income tax penalties">279,870 or approximately $<span id="xdx_903_eus-gaap--IncomeTaxExaminationPenaltiesAndInterestAccrued_iI_pn3d_c20220731__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingGeneralAndAdministrativeExpensesMember__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--TaxAuthoritySpainMember_zNcrHyFBdWO4" title="Income tax penalties">331,000. On January 25, 2021, the Company paid the Spanish Tax Administration €<span id="xdx_90F_eus-gaap--LossContingencyDamagesPaidValue_pp0p0_uEuro_c20210124__20210125__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--TaxAuthoritySpainMember_zjqtMBnBhfG8" title="Payment of tax on damages">279,870. Notwithstanding that payment, on April 30, 2022, the Company filed its appeal of the decision of the Central Court to the Spanish National Court. The Company expects a ruling on the appeal prior to the end of fiscal 2023.

279870

331000

279870

(16) Income Taxes Uncertain Tax Positions The Company applies the guidance issued by the FASB for the accounting and reporting of uncertain tax positions. The guidance requires the Company to recognize in its consolidated financial statements the impact of a tax position if that position is more likely than not to be sustained upon examination, based on the technical merits of the position. The Company is currently undergoing an income tax audit in Spain for the period from 2011 to 2014, when the Company’s Spanish branch was closed (see Note 15). At October 31, 2022, the Company had no unrecognized tax positions. The Company does not expect any material increase or decrease in its income tax expense or benefit in the next twelve months, related to examinations or uncertain tax positions. Net operating loss and credit carry forwards since inception remain open to examination by taxing authorities and will continue to remain open for a period of time after utilization. The Company does not have any interest or penalties accrued related to uncertain tax positions as it does not have any unrecognized tax benefits. Income Tax Benefit The Company sold New Jersey State net operating losses and research development credits under the New Jersey Economic Development Authority Tax Transfer program in the amount of approximately $12.0 million for the year ended April 30, 2021, for net proceeds of approximately $1.0 million which was received in May 2021 and recorded in the Company’s Statement of Operations in fiscal year 2022. There was no income tax benefit related to the three and six months ended October 31, 2022.

12000000.0

1000000.0

(17) Operating Segments and Geographic Information The Company’s business consists of one reportable segment as the revenues associated with its different business lines are not material enough to justify segment reporting or to make it meaningful to investors, and our chief operating decision maker does not view the Company’s operations on a segment basis. The Company operates worldwide, with its U.S. operations in New Jersey, California and Texas, one operating subsidiary in the UK and one subsidiary which was discontinued during 2022 in Australia. Revenues and expenses are generally attributed to the operating unit that bills the customers. During each of the three and six months ended October 31, 2022 and 2021, the Company’s primary business operations were in North America.