0001493152-21-031413 | 10-Q | XBRL Viewer | Ocean Power Technologies INC

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Cover - shares	6 Months Ended
Cover - shares	Oct. 31, 2021	Dec. 14, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 31, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--04-30
Entity File Number	001-33417
Entity Registrant Name	OCEAN POWER TECHNOLOGIES, INC.
Entity Central Index Key	0001378140
Entity Tax Identification Number	22-2535818
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	28 ENGELHARD DRIVE
Entity Address, Address Line Two	SUITE B
Entity Address, City or Town	MONROE TOWNSHIP
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08831
City Area Code	(609)
Local Phone Number	730-0400
Title of 12(b) Security	Common Stock $0.001 par value
Trading Symbol	OPTT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,873,173

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Current assets:
Cash and cash equivalents	$ 72,630	$ 83,028
Restricted cash, short-term	384	384
Accounts receivable	180	350
Contract assets	325	190
Other current assets	560	487
Total current assets	74,079	84,439
Property and equipment, net	360	406
Intangibles, net	262	274
Right-of-use asset, net	897	1,036
Restricted cash, long-term	222	222
Total assets	75,820	86,377
Current liabilities:
Accounts payable	277	687
Accrued expenses	1,576	1,881
Contract liabilities	117
Right-of-use liability, current portion	327	347
Litigation payable		1,224
Liability classified stock awards	60	60
Paycheck protection program loan- current		495
Total current liabilities	2,357	4,694
Paycheck protection program loan, less current portion		396
Right-of-use liability, less current portion	690	819
Total liabilities	3,047	5,909
Commitments and contingencies (Note 16)
Shareholders’ Equity:
Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding
Common stock, $0.001 par value; authorized 100,000,000 shares, issued 52,499,051 and 52,458,011 shares, respectively	52	52
Treasury stock, at cost; 21,040 shares	(338)	(338)
Additional paid-in capital	316,389	315,821
Accumulated deficit	(243,191)	(234,896)
Accumulated other comprehensive loss	(139)	(171)
Total shareholders’ equity	72,773	80,468
Total liabilities and shareholders’ equity	$ 75,820	$ 86,377

Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2021	Apr. 30, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	52,499,051	52,458,011
Treasury stock, shares	21,040	21,040

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Income Statement [Abstract]
Revenues	$ 247	$ 118	$ 519	$ 287
Cost of revenues	300	216	723	550
Gross loss	(53)	(98)	(204)	(263)
Operating expenses:
Engineering and product development costs	3,082	1,063	5,053	2,315
Selling, general and administrative costs	2,050	1,841	4,958	3,828
Total operating expenses	5,132	2,904	10,011	6,143
Operating loss	(5,185)	(3,002)	(10,215)	(6,406)
Interest income, net	19	8	38	20
Other expense, net		(33)		(33)
Gain on extinguishment of PPP loan			891
Foreign exchange (loss) gain	(5)	3	(5)	10
Loss before income taxes	(5,171)	(3,024)	(9,291)	(6,409)
Income tax benefit			1,041
Net loss	$ (5,171)	$ (3,024)	$ (8,250)	$ (6,409)
Basic and diluted net loss per share	$ (0.10)	$ (0.15)	$ (0.16)	$ (0.36)
Weighted average shares used to compute basic and diluted net loss per share	52,460,233	20,090,000	52,459,122	17,883,666

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Income Statement [Abstract]
Net loss	$ (5,171)	$ (3,024)	$ (8,250)	$ (6,409)
Foreign currency translation adjustment	1	(7)	(13)	8
Total comprehensive loss	$ (5,170)	$ (3,031)	$ (8,263)	$ (6,401)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance at Apr. 30, 2020	$ 13	$ (302)	$ 231,101	$ (220,136)	$ (183)	$ 10,492
Beginning balance, shares at Apr. 30, 2020	12,939,420	(4,251)
Net loss				(6,409)		(6,409)
Share-based compensation			223			223
Issuance of common stock- Aspire financing, net of issuance costs	$ 5		3,236			3,241
Issuance of common stock- Aspire financing, net of issuance costs, shares	5,525,000
Issuance of common stock- AGP At The Market offering, net of issuance costs	$ 6		6,088			6,094
Issuance of common stock- AGP At The Market offering, net of issuance costs, shares	5,689,134
Other comprehensive gain/(loss)					8	8
Ending balance at Oct. 31, 2020	$ 24	$ (302)	240,648	(226,545)	(175)	13,650
Ending balance, shares at Oct. 31, 2020	24,153,554	(4,251)
Beginning balance at Apr. 30, 2020	$ 13	$ (302)	231,101	(220,136)	(183)	10,492
Beginning balance, shares at Apr. 30, 2020	12,939,420	(4,251)
Net loss						(14,800)
Ending balance at Apr. 30, 2021	$ 52	$ (338)	315,821	(234,896)	(171)	80,468
Ending balance, shares at Apr. 30, 2021	52,479,051	(21,040)
Beginning balance at Jul. 31, 2020	$ 19	$ (302)	234,089	(223,521)	(168)	10,117
Beginning balance, shares at Jul. 31, 2020	18,624,816	(4,251)
Net loss				(3,024)		(3,024)
Share-based compensation			107			107
Issuance of common stock- Aspire financing, net of issuance costs			606			606
Issuance of common stock- Aspire financing, net of issuance costs, shares	500,000
Issuance of common stock- AGP At The Market offering, net of issuance costs	$ 5		5,846			5,851
Issuance of common stock- AGP At The Market offering, net of issuance costs, shares	5,028,738
Other comprehensive gain/(loss)					(7)	(7)
Ending balance at Oct. 31, 2020	$ 24	$ (302)	240,648	(226,545)	(175)	13,650
Ending balance, shares at Oct. 31, 2020	24,153,554	(4,251)
Beginning balance at Apr. 30, 2021	$ 52	$ (338)	315,821	(234,896)	(171)	80,468
Beginning balance, shares at Apr. 30, 2021	52,479,051	(21,040)
Net loss				(8,250)		(8,250)
Share-based compensation			547			547
Proceeds from stock options exercises			21			21
Proceeds from stock options exercises, shares	20,000
Other comprehensive gain/(loss)				(45)	32	(13)
Ending balance at Oct. 31, 2021	$ 52	$ (338)	316,389	(243,191)	(139)	72,773
Ending balance, shares at Oct. 31, 2021	52,499,051	(21,040)
Beginning balance at Jul. 31, 2021	$ 52	$ (338)	316,211	(237,975)	(185)	77,765
Beginning balance, shares at Jul. 31, 2021	52,479,051	(21,040)
Net loss				(5,171)		(5,171)
Share-based compensation			157			157
Proceeds from stock options exercises	$ 20		21			21
Proceeds from stock options exercises, shares	20,000
Other comprehensive gain/(loss)				(45)	46	1
Ending balance at Oct. 31, 2021	$ 52	$ (338)	$ 316,389	$ (243,191)	$ (139)	$ 72,773
Ending balance, shares at Oct. 31, 2021	52,499,051	(21,040)

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020	Apr. 30, 2021
Cash flows from operating activities:
Net loss	$ (5,171)	$ (3,024)	$ (8,250)	$ (6,409)	$ (14,800)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange loss (gain)	5	(3)	5	(10)
Depreciation of fixed assets			70	73
Amortization of intangible assets			12
Amortization of right of use asset			139	105
Loss on disposal of property, plant and equipment				2
Gain on extinguishment of PPP Loan			(891)
Stock-based compensation	157	107	547	223
Changes in operating assets and liabilities:
Accounts receivable			170	105
Contract assets			(135)	154
Other assets			(73)	(499)
Accounts payable			(410)	(72)
Accrued expenses			(305)	812
Change in lease liability			(147)	(110)
Contract liabilities			117	(56)
Litigation payable			(1,224)
Net cash used in operating activities			(10,375)	(5,682)	(11,700)
Cash flows from investing activities:
Purchase of property, plant and equipment			(24)
Net cash used in investing activities			(24)
Cash flows from financing activities:
Proceeds from Paycheck Protection Program Loan				890
Proceeds from loan payable				467
Payments of loan payable				(117)
Proceeds from stock option exercises			21
Proceeds from issuance of common stock- Aspire financing net of issuance costs				3,241
Proceeds from issuance of common stock- AGP At The Market offering, net of issuance costs				6,094
Net cash provided by financing activities			21	10,575
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(20)	27
Net (decrease) / increase in cash, cash equivalents and restricted cash			(10,398)	4,920
Cash, cash equivalents and restricted cash, beginning of period			83,634	10,930	10,930
Cash, cash equivalents and restricted cash, end of period	$ 73,236	$ 15,850	73,236	15,850	$ 83,634
Supplemental disclosure of noncash operating activities:
Prepaid financing costs reported in accrued expenses				$ 49

Background, Basis of Presentation and Liquidity

6 Months Ended

Oct. 31, 2021

Accounting Policies [Abstract]

Background, Basis of Presentation and Liquidity

(1) Background, Basis of Presentation and Liquidity

(a) Background

Ocean Power Technologies, Inc. (the “Company”) was founded in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated in Delaware in 2007. We are a complete solutions provider, controlling the design, manufacturing, sales, installation, operations and maintenance of our products while working closely with partners that provide payloads, integration services, and marine installation capabilities. Our solutions provide distributed offshore power 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 our goal is to generate the majority of our revenue from the sale or lease of products and solutions, and sales of services to support our business operations. As we continue to develop and commercialize our products and services, we expect to have a net decrease in cash due to the use of cash from operating activities unless and until we achieve positive cash flow from the commercialization of products, solutions and services.

(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 10 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, 2021, 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, 2021, and the fiscal year ended April 30, 2021, the Company incurred net losses of approximately $8.3 million and $14.8 million, respectively, and used cash in operations of approximately $10.4 million and $11.7 million, respectively. The Company has continued to make investments in ongoing product development efforts in anticipation of future growth, including its recent acquisition of Marine Advanced Robotics, Inc., as described in Note 19. The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, performance of its products, its ability to market and commercialize its products and new products that it may develop, technology development, scalability of technology and production, dependence on skills of key personnel, concentration of customers and suppliers, deployment risks and integration of acquisitions, pending or threatened litigation, and the impact of COVID-19 and any variants on its business. 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, 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. For fiscal year 2022 to date, management has not obtained any additional capital financing. Management believes the Company’s current cash balance of $72.6 million is sufficient to fund its planned expenditures through at least December 2022.

On January 7, 2019, the Company entered into an At the Market Offering Agreement with AGP (the “2019 ATM Facility”), under which 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 $25.0 million. From inception of the program through its termination on December 8, 2020, under the 2019 ATM Facility, the Company sold and issued an aggregate of 17,595,472 shares of its common stock with an aggregate market value of $23.4 million at an average price of $1.33 per share, including 12,342,506 shares in fiscal year 2021 with an aggregate market value of $18.7 million at an average price of $1.51 per share and paid AGP a sales commission of approximately $0.8 million related to those shares. The agreement was fully utilized and terminated on December 8, 2020.

On November 20, 2020, the Company entered into another At the Market Offering Agreement with AGP (the “2020 ATM Facility”), having capacity up to $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 $50.0 million. From inception of the 2020 ATM Facility through October 31, 2021, the Company had sold and issued an aggregate of 17,179,883 shares of its common stock with an aggregate market value of $50.0 million at an average price of $2.91 per share and paid AGP a sales commission of approximately $1.6 million related to those shares. A prospectus supplement would need to be filed for the Company to sell an additional amount under the 2020 ATM Facility.

Equity Line Common Stock Purchase Agreements

On October 24, 2019, 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 $10.0 million shares of the Company’s common stock over a 30-month period. Through September 18, 2020, the Company had sold an aggregate of 6,424,205 shares of common stock with an aggregate market value of $4.0 million at an average price of $0.63 per share pursuant to this common stock purchase agreement, including 5,025,000 shares in fiscal year 2021 with an aggregate market value of $2.9 million at an average price of $0.57 per share. The agreement was fully utilized and terminated on September 18, 2020.

On September 18, 2020, the Company entered into a new 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 $12.5 million shares of the Company’s common stock over a 30-month period subject to a limit of 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 19.99% limit was 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 9,864,706 additional shares of common stock which exceeds the 19.99% limit of the outstanding common stock on the date of the agreement. Through October 31, 2021, the Company had sold an aggregate of 3,722,251 shares of common stock with an aggregate market value of $11.8 million at an average price of $3.17 per share pursuant to this common stock purchase agreement with approximately $1.0 million remaining on the facility as of October 31, 2021.

Summary of Significant Accounting Policies

6 Months Ended

Oct. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

(a) Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

(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, estimated costs to complete projects and percentage of completion of customer contracts for purposes of revenue recognition. Actual results could differ from those estimates.

(c) Cash, Cash Equivalents, Restricted Cash and Security Agreements

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. The following table summarizes cash and cash equivalents as of October 31, 2021 and April 30, 2021:

Schedule of Cash and Cash Equivalents

	October 31, 2021		April 30, 2021
	(in thousands)
Checking and savings accounts	$	713	$	1,850
Money market account		71,917		81,178
	$	72,630	$	83,028

Restricted Cash and Security Agreements

The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $157,000 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 cancellable at the discretion of Santander.

Santander also issued two letters of credit to subsidiaries of Enel Green Power (“EGP”) pursuant to the Company’s contracts with EGP. The first letter of credit was issued in the amount of $126,000 that will be released 12 months after the PB3 PowerBuoy^®(“PB3”) is fully deployed. The second letter of credit was issued in the amount of $645,000 and was reduced to $323,000 in August 2020. The second letter of credit will be reduced by $64,000 once the PB3 is fully deployed and passes final acceptance testing. The remaining restricted amount of $258,000 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.

	October 31, 2021		April 30, 2021
	(in thousands)
Cash and cash equivalents	$	72,630	$	83,028
Restricted cash- short term		384		384
Restricted cash- long term		222		222
	$	73,236	$	83,634

(d) Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist principally of accounts receivable and cash and cash equivalents. The Company believes that its current contracts do not represent a risk of collectability on its receivables. The Company invests its excess cash in a money market account and does not believe that it is exposed to any significant risks related to its cash and money market accounts. Cash and cash equivalents are also maintained at foreign financial institutions. Cash and cash equivalents in foreign financial institutions as of October 31, 2021 was $32,000.

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

	2021		2020		2021		2020
	Three months ended October 31,				Six months ended October 31,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Eni S.p.A.	$	14	$	72	$	14	$	99
Department of Energy		81		—		81		—
EGP		14		42		163		157
Clark Hill		30		—		37		—
Matthews		30		—		30		—
Valaris		47		—		135		—
Other (no customer over 10%)		31		4		59		31
Revenues		247		118		519		287

(e) Share-Based Compensation

Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The following table summarizes share-based compensation related to the Company’s share-based plans by expense category for the three and six months ended October 31, 2021 and 2020:

2021 2020 2021 2020

Three months ended October 31, Six months ended October 31,

2021 2020 2021 2020

(in thousands)

Engineering and product development $ 125 $ 22 $ 342 $ 59

Selling, general and administrative 32 85 205 164

Total share-based compensation expense $ 157 $ 107 $ 547 $ 223

(f) Revenue Recognition

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 reflects 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 and 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, 2021 and 2020. The Company presents shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs rather than evaluating whether the shipping and handling activities are promised services to the customer.

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 or time elapsed 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 time elapsed 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, incentive awards, 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 or fixed price contracts. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee. Under cost plus contracts, a profit or loss on a project is recognized depending on whether actual costs are more or less than the agreed upon amount.

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 revenue by contract type since this method best represents the Company’s business. For the six-month periods ended October 31, 2021 and 2020, all of the Company’s contracts were classified as firm fixed price.

As of October 31, 2021, the Company’s total remaining performance obligations, also referred to as backlog, totaled $0.3 million. The Company expects to recognize 100%, or $0.3 million, of the remaining performance obligations as revenue over the next twelve months.

The Company also enters into lease arrangements for its PB3 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 PB3 and components, while non-lease elements generally include engineering, monitoring and support services. In the lease arrangement, the customer is provided an option to extend the lease term or purchase the leased PB3 at some point during and/or at the end of the lease term.

Products and Solutions Leasing

The Company enters into lease arrangements with certain customers for their products and solutions. As of October 31, 2021, the Company had one lease arrangement with a remaining operating lease term of less than 7 months. 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 PB3 and components, while non-lease elements generally include engineering, monitoring and support services. In the lease arrangement, the customer is provided an option to extend the lease term or purchase the leased PB3 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 Statements of Operations. The lease income for the six months ended October 31, 2021 and 2020 was immaterial.

(g) Net Loss per Common Share

Basic and diluted net loss per common 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 periods. The pre-funded warrants were determined to be common stock equivalents and have been included in the weighted average number of shares outstanding for calculation of the basic earnings per share number. Due to the Company’s net losses, potentially dilutive securities, consisting of options to purchase shares of common stock, warrants on common stock and unvested restricted stock issued to employees and non-employee directors, were excluded from the diluted loss per common share calculation due to their anti-dilutive effect.

In computing diluted net loss per common share on the Consolidated Statements of Operations, warrants exercisable for common stock, options to purchase shares of common stock and non-vested restricted stock issued to employees and non-employee directors, totaling 4,928,474 and 5,540,469 for the six months ended October 31, 2021 and 2020, respectively, were excluded from each of the computations as the effect would be anti-dilutive due to the Company’s net losses.

(h) 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.

Account Receivable and Contract Assets

6 Months Ended

Oct. 31, 2021

Account Receivable And Contract Assets

Account Receivable and Contract Assets

(3) Account Receivable and Contract Assets

The following provides further details on the balance sheet accounts of accounts receivable and contract assets from contracts with customers:

	October 31, 2021		April 30, 2021
	(in thousands)
Accounts receivable	$	180	$	350
Contract assets		325		190
Contract liabilities	$	117	$	—

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

Significant changes in the contract assets balances during the period were as follows:

	Six months ended October 31, 2021
	(in thousands)
Transferred to receivables from contract assets recognized at the beginning of the period	$	(190	)
Revenue recognized and not billed as of the end of the period		325
Net change in contract assets	$	135

Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditioned on completing additional tasks or services for a performance obligation.

Other Current Assets

6 Months Ended

Oct. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Current Assets

(4) Other Current Assets

Other current assets consisted of the following at October 31, 2021 and April 30, 2021:

Schedule of Other Current Assets

	October 31, 2021		April 30, 2021
	(in thousands)
Deposits	$	37	$	68
Other receivables		17		21
Prepaid insurance		130		194
Prepaid recruiting		135		12
Prepaid expenses- other		241		192
Other current assets	$	560	$	487

Property and Equipment, net

6 Months Ended

Oct. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, net

(5) Property and Equipment, net

The components of property and equipment, net as of October 31, 2021 and April 30, 2021 consisted of the following:

October 31, 2021 April 30, 2021

(in thousands)

Equipment $ 313 $ 291

Computer equipment & software 501 498

Office furniture & equipment 339 341

Leasehold improvements 474 474

Construction in process 15 15

Property and equipment, gross 1,642 1,619

Less: accumulated depreciation (1,282 ) (1,213 )

Property and equipment, net $ 360 $ 406

Depreciation expense was approximately $70,000 and $73,000 for the six month periods ended October 31, 2021 and 2020, respectively.

Leases

6 Months Ended

Oct. 31, 2021

Leases

Leases

(6) Leases

Lessor Information

As of October 31, 2021, the Company has one lease which has been classified as an operating lease per accounting guidance contained within ASC Topic 842,” Leases”. The Company’s remaining term on this operating lease is less than 10 months. The maturity of lease payments remaining on this lease is immaterial.

Lessee Information

The Company has one 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. The initial lease term is for seven years which expires in November of 2024 with an option to extend the lease for another five years. The lease is classified as an operating lease. The operating lease 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 one lease located in Houston, Texas that was acquired as part of the 3Dent acquisition (see Note 18) that is used as office space. The lease term is for 3 years and is set to expire in January of 2023. The lease is classified as an operating lease and included in the right-of-use assets, lease liabilities- current and lease liabilities- long-term on the Company’s Consolidated Balance Sheets.

The Company has one lease for additional office space also located in Houston, Texas. The lease was renewed for a 12-month term ending on June 30, 2022. In accordance with ASC 842-20-5-2, since the lease term is 12 months, the asset was recognized directly to the profit and loss statement on a straight-line basis and was not recognized as a right-of-use asset.

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. 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. Variable lease expenses, if any, are recorded as incurred.

The operating lease cash flow payments for the three months ended October 31, 2021 and 2020 were $102,000 and $85,000, respectively. The operating lease cash flow payments for the six months ended October 31, 2021 and 2020 were $204,000 and $168,000, respectively.

The components of lease expense in the Consolidated Statements of Operations for the three and six months ended October 31, 2021 and 2020 were as follows:

Schedule of Operating Lease Costs

2021 2020 2021 2020

Three months ended October 31, Six months ended October 31,

2021 2020 2021 2020

(in thousands)

Operating lease cost $ 92 $ 80 $ 184 $ 159

Short-term lease cost 5 3 10 5

Total lease cost $ 97 $ 83 $ 194 $ 164

Information related to the Company’s right-of use assets and lease liabilities as of October 31, 2021 was as follows:

	October 31, 2021
		(in thousands)

Operating lease:
Operating right-of-use asset, net	$	897

Right-of-use liability- current	$	327
Right-of-use liability- long term		690
Total lease liability	$	1,017

Weighted average remaining lease term- operating leases		2.86 years
Weighted average discount rate- operating leases		8.2	%

Total remaining lease payments under the Company’s operating leases are as follows:

October 31, 2021

(in thousands)

Remainder of fiscal year 2022 $ 199

2023 391

2024 362

2025 182

Total future minimum lease payments $ 1,134

Less imputed interest (117 )

Total $ 1,017

Accrued Expenses

6 Months Ended

Oct. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses

(7) Accrued Expenses

Accrued expenses consisted of the following at October 31, 2021 and April 30, 2021:

Schedule of Accrued Expenses

October 31, 2021 April 30, 2021

(in thousands)

Project costs $ 257 $ 368

Contract loss reserve 328 328

Employee incentive payments 275 283

Accrued salary and benefits 426 631

Professional fees 241 200

Other 49 71

Accrued expenses total $ 1,576 $ 1,881

Warrants

6 Months Ended

Oct. 31, 2021

Warrants

Warrants

(8) Warrants

Liability Classified Warrants

On June 2, 2016, the Company entered into a securities purchase agreement, which was amended on June 7, 2016 (as amended, the “June Purchase Agreement”) with certain institutional purchasers (the “June Purchasers”). Pursuant to the terms of the June Purchase Agreement, the Company sold an aggregate of 20,850 shares of Common Stock together with warrants to purchase up to an aggregate of 7,298 shares of Common Stock. Each share of common stock was sold together with a warrant to purchase 0.35 of a share of common stock at a combined purchase price of $92.00. The warrants have an exercise price of $121.60 per share, became exercisable on December 3, 2016 (“Initial Exercise Date”), and will expire on December 3, 2021, five years following the Initial Exercise Date. As of October 31, 2021, none of the warrants had been exercised.

On July 22, 2016, the Company entered into a Second Amendment to the Purchase Agreement (the “Second Amended Purchase Agreement”) with certain institutional purchasers (the “July Purchasers”). Pursuant to the terms of the Second Amended Purchase Agreement, the Company sold an aggregate of 29,750 shares of Common Stock together with warrants to purchase up to an aggregate of 8,925 shares of Common Stock. Each share of common stock was sold together with a warrant to purchase 0.30 of a share of common stock at a combined purchase price of $135.00. The warrants were exercisable immediately at an exercise price of $187.20 per share. The warrants will expire on the fifth (5th) anniversary of the initial exercise date of January 23, 2017. As of October 31, 2021, none of the warrants had been exercised.

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 3,385,680 shares of common stock and common warrants to purchase up to 4,927,680 shares of our 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, 2021, all of the pre-funded warrants had been exercised. The common stock warrants have an exercise price of $3.85 per share and expire five years from the issuance date. As of October 31, 2021, all of the common warrants had been exercised.

The Company accounts for warrants issued in connection with its June 2016 and July 2016 public offerings in accordance with the guidance on “Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity” in Topic 480 which provides that the Company classify the warrant instruments as a liability at its fair value. The warrant liabilities are subject to re-measurement at each balance sheet date using the Black-Scholes option pricing model. The June 2016 and July 2016 warrants contain a feature whereby they could require the transfer of assets and therefore are classified as a liability award in accordance with the guidance in Topic 480. The warrants had a value near zero at October 31, 2021 and April 30, 2021. 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.

Paycheck Protection Program Loan

6 Months Ended

Oct. 31, 2021

Debt Disclosure [Abstract]

Paycheck Protection Program Loan

(9) 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 approximately $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 as the lender and governed by a Loan Agreement with Santander. The loan contained an interest rate of 1% and was repayable over two years. The loan contained customary events of defaults relating to, among other things, payment defaults or breaches of the terms of the loan. Upon the occurrence of an event of default, the lender could have required immediate repayment of all outstanding amounts under the loan. Interest and principal payments were deferred for the first 6 months from the date of the loan. Principal and interest were payable monthly commencing 6 months after the disbursement date and were allowed to be repaid by the Company at any time prior to maturity with no prepayment penalties. 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 is now fully forgiven. The Company recognized a gain on extinguishment of PPP loan of approximately $891,000 during the six months ended October 31, 2021 as reflected on the Consolidated Statement of Operations.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
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+ Details

Preferred Stock

6 Months Ended

Oct. 31, 2021

Equity [Abstract]

Preferred Stock

(10) Preferred Stock

The Company has authorized 5,000,000 shares of undesignated preferred stock with a par value of $0.001 per share. As of October 31, 2021, no shares of preferred stock had been issued.

Common Stock

6 Months Ended

Oct. 31, 2021

Equity [Abstract]

Common Stock

(11) Common Stock

The Company has authorized 100,000,000 shares of common stock with a par value of $0.001 per share. As of October 31, 2021, 52,499,051 shares had been issued and are outstanding.

- Definition

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

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+ Details

Treasury Shares

6 Months Ended

Oct. 31, 2021

Equity [Abstract]

Treasury Shares

(12) Treasury Shares

During each of the six months ended October 31, 2021 and 2020, no shares of common stock were purchased by the Company from employees to pay taxes related to the vesting of restricted stock.

Share-Based Compensation

6 Months Ended

Oct. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

(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 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, 2021, the Company has 193,928 shares available for future issuance under the 2015 Plan which reflects adjustments made for the departure of our former CEO as well as other departures.

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 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. As of October 31, 2021, there were 11,487 shares available for grant under the 2018 Inducement Plan.

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 the weighted average valuation assumptions noted in the following table. The risk-free rate is based on the US Treasury yield curve in effect at the time of grant. The expected life (estimated period of time outstanding) of the stock options granted is 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, 2021 and 2020. A summary of stock options under our stock incentive plans is detailed in the following table.

Schedule of Stock Option Activity

	Shares Underlying Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)
Outstanding as of April 30, 2021		516,827		$	3.89		9.0
Granted		—		$	—
Exercised		(6,666	)	$	1.05
Expired		(1,806	)	$	32.62
Cancelled/forfeited		(110,382	)	$	2.58
Outstanding as of October 31, 2021		397,973		$	4.16		8.4
Exercisable as of October 31, 2021		239,780		$	4.98		7.8

As of October 31, 2021, the total intrinsic value of outstanding and exercisable options was approximately $0.2 million. As of October 31, 2021, approximately 158,000 additional options were unvested, which had an intrinsic value of zero and a weighted average remaining contractual term of 9.2 years. There was approximately $115,000 and $188,000 of total recognized compensation cost related to stock options during each of the six months ended October 31, 2021 and 2020, respectively. As of October 31, 2021, there was approximately $0.2 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 1.0 year.

The Company’s acquisition of 3Dent (See Note 18) was valued at the fair value of the stock on the acquisition date of $1,451,584 (361,991 shares at $4.01). Since the shares will be restricted for one year and lack marketability, the Company applied a 20% discount to the purchase price making the adjusted fair value $1,161,267. Additionally, as the sellers must be employed for 12 months from the date of acquisition to retain all of their shares, the difference between the calculated fair value and the net assets acquired represents the value of the compensation expense to be recognized over the period of the agreed upon employment.


Fair Value of Purchase	$	1,161,267
Total Acquired Assets	$	(593,571	)
Total Acquired Liabilities	$	117,106
Compensation Expense	$	684,802
Quarterly Compensation Expense	$	171,201

The Company will recognize approximately $171,000 of compensation expense on a quarterly basis for the consideration paid until 12 months from the acquisition date of February 2, 2022.

Performance Stock Options

In January of 2020, the Company issued 81,337 performance-based stock options to two of its executives. There were 40,668 shares that were unvested and outstanding at October 31, 2021 which expire on December 15, 2021, 40,000 of which were exercised in December 2021.

In January of 2021, the Company issued 344,723 performance-based stock options to employees and executives. The awards vest over 2 years provided there is positive total shareholder return (e.g. share price increase) as measured by the closing share price on January 14, 2022 and January 14, 2023. There were 257,356 shares unvested and outstanding at October 31, 2021. None of the shares granted to our former President and CEO under this issuance vested and lapsed as of June 18, 2021. A summary of performance stock options under our stock incentive plans is detailed in the following table.

Schedule of Stock Option Activity

Shares

Underlying

Options
Weighted
Average
Exercise
Price
Weighted

Average

Remaining

Contractual

Term

(In Years)

Outstanding as of April 30, 2021 424,790 $ 2.57 9.5

Granted 66,667 $ 0.62

Exercised (13,334 ) $ 1.05

Cancelled/forfeited (193,433 ) $ 2.80

Outstanding as of October 31, 2021 284,690 $ 2.03 9.1

Exercisable as of October 31, 2021 27,334 $ 1.05 8.2

As of October 31, 2021, the total intrinsic value of both outstanding and exercisable options was approximately $30,000 and zero, respectively. As of October 31, 2021, approximately 257,000 additional options were unvested, which had an intrinsic value of $30,000 and a weighted average remaining contractual term of 9.1 years. There was approximately $61,000 and $187,000 of total recognized compensation cost related to stock options during each of the six months ended October 31, 2021 and 2020, respectively. As of October 31, 2021, there was approximately $0.3 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 1.3 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, 2021 and 2020, the Company granted 33,333 shares that were subject to service-based vesting requirements.

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

	Number of Shares		Weighted Average Price per Share
Issued and unvested at April 30, 2021		10,000	$	2.93
Granted		33,333	$	2.37
Vested		—	$	—
Cancelled/forfeited		—	$	—
Issued and unvested at October 31, 2021		43,333	$	2.50

There was approximately $29,000 and $10,000 of total recognized compensation cost related to restricted stock for the six months ended October 31, 2021 and 2020, respectively. As of October 31, 2021, there is approximately $70,000 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 1.5 years.

In December 2019, the Company granted 51,547 shares to an employee, subject to service-based vesting requirements, that were outside the Company stock incentive plans. There was approximately zero and $12,000 of total recognized compensation cost related to this award for the three months ended October 31, 2021 and 2020, respectively. As of October 31, 2021, there was no unrecognized compensation cost remaining related to this award.

Fair Value Measurements

6 Months Ended

Oct. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

(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.

Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2	Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly.

Level 3	Inputs that are unobservable for the asset or liability.

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 carrying values of these financial instruments approximate their fair values and are viewed as Level 1 items. The Company’s warrant liabilities represent the only asset or liability classified financial instrument that is measured at fair value on a recurring basis.

The fair value of the Company’s warrant liabilities (refer to Note 8) is based on the Black-Scholes pricing model which is based on Level 3 unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The assumptions used by the Company are the quoted price of the Company’s common stock in an active market, risk-free interest rate, volatility and expected life, and assumes no dividends. Volatility is based on the actual market activity of the Company’s stock. The expected life is based on the remaining contractual term of the warrants and the risk-free interest rate is based on the implied yield available on U.S. Treasury Securities with a maturity equivalent to the warrants’ expected life. The fair value on a recurring basis as of October 31, 2021 and April 30, 2021 was near zero.

There were no unrealized gains or losses for the three and six months ended October 31, 2021 and 2020. When incurred, gains and losses are included within “Gain (loss) due to change in fair value of warrant liabilities” in the Consolidated Statements of Operations. The Company determined the fair value using the Black-Scholes pricing model with the following assumptions:

	October 31, 2021			October 31, 2020

Dividend rate		0.0	%		0.0	%
Risk-free rate		0.06% - 0.08	%		0.12% - 0.13	%
Expected life (years)		0.1			0.8 - 1.1
Expected volatility		122.2	%		139.1	%

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, 2021 and 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

6 Months Ended

Oct. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(15) Commitments and Contingencies

Employment Litigation

On August 28, 2018, counsel for Charles Dunleavy, the Company’s former President & Chief Executive Officer who was terminated for cause effective June 9, 2014, filed a demand for arbitration, captioned Charles F. Dunleavy v. Ocean Power Technologies, Inc., Case No. 01-18-0003-2374, before the American Arbitration Association in New Jersey. The demand alleged various claims relating to Mr. Dunleavy’s termination. After the hearings in the proceeding were conducted, on December 11, 2020, the arbitration panel issued an interim award finding, among other things, that the termination for cause of Mr. Dunleavy was in breach of his employment contract and awarded him compensatory damages in the amount of $438,254.54. On May 3, 2021, the panel issued a second interim award and therein awarded Mr. Dunleavy attorneys’ fees, costs and pre-judgment interest. The Company agreed, on May 24, 2021, to pay Mr. Dunleavy $1,223,963.14, representing the total compensatory damages, attorneys’ fees, costs and pre-judgment interest, which is the full amount awarded by the arbitration panel. The Company made the required payment on May 26, 2021, and the matter is now closed.

Spain Income Tax Audit

The Company underwent an income tax audit in Spain for the period from 2011 to 2014, when our 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 six months ended October 31, 2020, the Company received notice from the Spanish Central Economic and Administrative Tribunal that it agreed with the inspector and ruled that the Company owes the full amount of the penalty in the amount of €279,870 or approximately $331,000. On January 25, 2021, the Company paid to the Spanish Tax Administration €279,870. Notwithstanding that payment, on April 30, 2021, the Company filed its appeal of the decision of the Central Court to the Spanish National Court. There is no schedule for a ruling from the Spanish National Court.

Income Taxes

6 Months Ended

Oct. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

(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. At October 31, 2021, the Company had no unrecognized tax positions. The Company does not expect any material increase or decrease in its income tax expense in the next twelve months, related to examinations or uncertain tax positions. U.S. federal and state income tax returns were audited through fiscal 2014 and fiscal 2010 respectively. 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.

Income Tax Benefit

The Company sold New Jersey State net operating losses and research development credits (“NJ NOL”) under the NJEDA Tax Transfer program in the amount of approximately $12 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Operating Segments and Geographic Information

6 Months Ended

Oct. 31, 2021

Segment Reporting [Abstract]

Operating Segments and Geographic Information

(17) Operating Segments and Geographic Information

The Company’s business consists of one segment as this represents how our Chief Operating Decision Maker views the Company’s operations and financial position. The Company operates on a worldwide basis with one operating company in the U.S. and subsidiaries in the UK and in Australia. Revenues and expenses are generally attributed to the operating company that bills the customers. During each of the six months ended October 31, 2021 and 2020, the Company’s primary business operations were in North America.

- Definition

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

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisition of 3dent Technologies, LLC

6 Months Ended

Oct. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisition of 3dent Technologies, LLC

(18) Acquisition of 3dent Technologies, LLC

On February 1, 2021, the Company acquired all of the outstanding equity interest of 3dent Technologies, LLC (“3Dent”), a Houston, Texas based company that offers offshore energy engineering and design services that are complementary to the Company’s technology and products. As consideration for the purchase, the Company issued 361,991 shares of its common stock to the sellers, subject to a 12-month post acquisition employment condition. In addition, the former owners of 3Dent will be eligible for awards of performance stock with a potential value of $360,000 if certain revenue targets are achieved over the 12 month-period post acquisition. There were no changes during the three and six months ended October 31, 2021 that would affect this valuation.

The Company accounted for the transaction as a business combination under ASC 805, “Business Combinations.” Accordingly, the assets and liabilities acquired were recorded at their estimated fair value on the date of acquisition. Under ASC 805, acquisition-related transaction costs (such as advisory, legal, valuation, other professional fees) were expensed in the Consolidated Statement of Operations in the period incurred.

Subsequent Events

6 Months Ended

Oct. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

(19) Subsequent Events

On November 15, 2021, the Company acquired all of the outstanding equity interest of Marine Advanced Robotics, Inc. (“MAR”), a Richmond (San Francisco Bay Area), California-based developer and manufacturer of autonomous surface vehicles (ASVs).

The Company paid $11.0 million at closing, consisting of $4.0 million in cash and $7.0 million in common stock (3,330,162 shares). Additional earn-out opportunities for the selling shareholders of MAR exist based on revenue performance through April 2023. The MAR management team and employees have joined the Company and MAR continues to operate under its current brand name as a wholly owned subsidiary of the Company.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Oct. 31, 2021

Accounting Policies [Abstract]

Consolidation

(a) Consolidation

Use of Estimates

(b) Use of Estimates

Cash, Cash Equivalents, Restricted Cash and Security Agreements

(c) Cash, Cash Equivalents, Restricted Cash and Security Agreements

Cash and Cash Equivalents

Schedule of Cash and Cash Equivalents

	October 31, 2021		April 30, 2021
	(in thousands)
Checking and savings accounts	$	713	$	1,850
Money market account		71,917		81,178
	$	72,630	$	83,028

Restricted Cash and Security Agreements

	October 31, 2021		April 30, 2021
	(in thousands)
Cash and cash equivalents	$	72,630	$	83,028
Restricted cash- short term		384		384
Restricted cash- long term		222		222
	$	73,236	$	83,634

Concentration of Credit Risk

(d) Concentration of Credit Risk

	2021		2020		2021		2020
	Three months ended October 31,				Six months ended October 31,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Eni S.p.A.	$	14	$	72	$	14	$	99
Department of Energy		81		—		81		—
EGP		14		42		163		157
Clark Hill		30		—		37		—
Matthews		30		—		30		—
Valaris		47		—		135		—
Other (no customer over 10%)		31		4		59		31
Revenues		247		118		519		287

Share-Based Compensation

(e) Share-Based Compensation

Revenue Recognition

(f) Revenue Recognition

Products and Solutions Leasing

Net Loss per Common Share

(g) Net Loss per Common Share

Recently Issued Accounting Standards

(h) Recently Issued Accounting Standards

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Oct. 31, 2021

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

	October 31, 2021		April 30, 2021
	(in thousands)
Checking and savings accounts	$	713	$	1,850
Money market account		71,917		81,178
	$	72,630	$	83,028

Schedule of Cash and Cash Equivalents and Restricted Cash

	October 31, 2021		April 30, 2021
	(in thousands)
Cash and cash equivalents	$	72,630	$	83,028
Restricted cash- short term		384		384
Restricted cash- long term		222		222
	$	73,236	$	83,634

Schedule of Revenue by Major Customers by Reporting Segments

	2021		2020		2021		2020
	Three months ended October 31,				Six months ended October 31,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Eni S.p.A.	$	14	$	72	$	14	$	99
Department of Energy		81		—		81		—
EGP		14		42		163		157
Clark Hill		30		—		37		—
Matthews		30		—		30		—
Valaris		47		—		135		—
Other (no customer over 10%)		31		4		59		31
Revenues		247		118		519		287

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Account Receivable and Contract Assets (Tables)

6 Months Ended

Oct. 31, 2021

Account Receivable And Contract Assets

Schedule of Accounts Receivable, Contract Assets and Contract Liabilities

The following provides further details on the balance sheet accounts of accounts receivable and contract assets from contracts with customers:

	October 31, 2021		April 30, 2021
	(in thousands)
Accounts receivable	$	180	$	350
Contract assets		325		190
Contract liabilities	$	117	$	—

Schedule of Significant Changes in Contract Assets and Contract Liabilities

Significant changes in the contract assets balances during the period were as follows:

	Six months ended October 31, 2021
	(in thousands)
Transferred to receivables from contract assets recognized at the beginning of the period	$	(190	)
Revenue recognized and not billed as of the end of the period		325
Net change in contract assets	$	135

Other Current Assets (Tables)

6 Months Ended

Oct. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following at October 31, 2021 and April 30, 2021:

Schedule of Other Current Assets

	October 31, 2021		April 30, 2021
	(in thousands)
Deposits	$	37	$	68
Other receivables		17		21
Prepaid insurance		130		194
Prepaid recruiting		135		12
Prepaid expenses- other		241		192
Other current assets	$	560	$	487

Property and Equipment, net (Tables)

6 Months Ended

Oct. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment

The components of property and equipment, net as of October 31, 2021 and April 30, 2021 consisted of the following:

Leases (Tables)

6 Months Ended

Oct. 31, 2021

Leases

Schedule of Operating Lease Costs

The components of lease expense in the Consolidated Statements of Operations for the three and six months ended October 31, 2021 and 2020 were as follows:

Schedule of Operating Lease Costs

Schedule of Right-of Use Assets and Lease Liabilities

Information related to the Company’s right-of use assets and lease liabilities as of October 31, 2021 was as follows:

	October 31, 2021
		(in thousands)

Operating lease:
Operating right-of-use asset, net	$	897

Right-of-use liability- current	$	327
Right-of-use liability- long term		690
Total lease liability	$	1,017

Weighted average remaining lease term- operating leases		2.86 years
Weighted average discount rate- operating leases		8.2	%

Schedule of Future Minimum Lease Payments Under Operating Lease

Total remaining lease payments under the Company’s operating leases are as follows:

October 31, 2021

(in thousands)

Remainder of fiscal year 2022 $ 199

2023 391

2024 362

2025 182

Total future minimum lease payments $ 1,134

Less imputed interest (117 )

Total $ 1,017

Accrued Expenses (Tables)

6 Months Ended

Oct. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following at October 31, 2021 and April 30, 2021:

Schedule of Accrued Expenses

Share-Based Compensation (Tables)

6 Months Ended

Oct. 31, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Option Activity

	Shares Underlying Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)
Outstanding as of April 30, 2021		516,827		$	3.89		9.0
Granted		—		$	—
Exercised		(6,666	)	$	1.05
Expired		(1,806	)	$	32.62
Cancelled/forfeited		(110,382	)	$	2.58
Outstanding as of October 31, 2021		397,973		$	4.16		8.4
Exercisable as of October 31, 2021		239,780		$	4.98		7.8

Schedule of Business Acquisition and Fair Value of Net Assets, Compensation Expense Recognized


Fair Value of Purchase	$	1,161,267
Total Acquired Assets	$	(593,571	)
Total Acquired Liabilities	$	117,106
Compensation Expense	$	684,802
Quarterly Compensation Expense	$	171,201

Schedule of Non-vested Restricted Stock Activity

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

	Number of Shares		Weighted Average Price per Share
Issued and unvested at April 30, 2021		10,000	$	2.93
Granted		33,333	$	2.37
Vested		—	$	—
Cancelled/forfeited		—	$	—
Issued and unvested at October 31, 2021		43,333	$	2.50

Performance Stock Options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Option Activity

Fair Value Measurements (Tables)

6 Months Ended

Oct. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumption

	October 31, 2021			October 31, 2020

Dividend rate		0.0	%		0.0	%
Risk-free rate		0.06% - 0.08	%		0.12% - 0.13	%
Expected life (years)		0.1			0.8 - 1.1
Expected volatility		122.2	%		139.1	%

Background, Basis of Presentation and Liquidity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands									3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2021	Jul. 31, 2021	Dec. 23, 2020	Nov. 20, 2020	Sep. 18, 2020	Oct. 24, 2019	Apr. 08, 2019	Jan. 07, 2019	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020	Apr. 30, 2021	Jul. 01, 2019
Product Information [Line Items]
Net Income (Loss) Attributable to Parent									$ 5,171	$ 3,024	$ 8,250	$ 6,409	$ 14,800
Net Cash Provided by (Used in) Operating Activities											10,375	$ 5,682	$ 11,700
Cash	$ 72,600								$ 72,600		$ 72,600
Number of common stock shares sold							1,542,000
Deferred Offering Costs				$ 100,000
A.G.P Alliance Global Partners [Member]
Product Information [Line Items]
Number of common stock shares sold								12,342,506
Proceeds from issuance or sale of equity, net of issuance costs								$ 18,700
Combined purchase price per share														$ 1.51
2019 ATM Facility [Member] \| A.G.P Alliance Global Partners [Member]
Product Information [Line Items]
Proceeds from initial public offering								$ 25,000
Number of common stock shares sold								17,595,472
Proceeds from issuance or sale of equity, net of issuance costs								$ 23,400
Combined purchase price per share								$ 1.33
[custom:PaymentOfSalesCommission]								$ 800
2020 ATM Facility [Member] \| A.G.P Alliance Global Partners [Member]
Product Information [Line Items]
Proceeds from initial public offering				$ 50,000
Number of common stock shares sold											17,179,883
Proceeds from issuance or sale of equity, net of issuance costs											$ 50,000
Combined purchase price per share	$ 2.91								$ 2.91		$ 2.91
[custom:PaymentOfSalesCommission]											$ 1,600
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member]
Product Information [Line Items]
Number of common stock shares sold		3,722,251			6,424,205
Proceeds from issuance or sale of equity, net of issuance costs	$ 1,000	$ 11,800			$ 4,000
Combined purchase price per share		$ 3.17			$ 0.63
Aggregate purchase of common stock					$ 12,500
Percentage of outstanding common stock			19.99%		19.99%
Shares can be issued based upon outstanding percentage					3,722,251
Additional sales of common stock shares sold			9,864,706
Stock Purchase Agreement [Member] \| Aspire Capital Fund, LLC [Member] \| Maximum [Member]
Product Information [Line Items]
Aggregate purchase of common stock						$ 10,000
Stock Purchase Agreement One [Member] \| Aspire Capital Fund, LLC [Member]
Product Information [Line Items]
Number of common stock shares sold													5,025,000
Proceeds from issuance or sale of equity, net of issuance costs													$ 2,900
Combined purchase price per share													$ 0.57

Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 72,630	$ 83,028
Checking and Savings Accounts [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	713	1,850
Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 71,917	$ 81,178

Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 72,630	$ 83,028
Restricted cash- short term	384	384
Restricted cash- long term	222	222
Cash, cash equivalents and restricted cash	$ 73,236	$ 83,634

Schedule of Revenue by Major Customers by Reporting Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Product Information [Line Items]
Revenues	$ 247	$ 118	$ 519	$ 287
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Eni S.p.A [Member]
Product Information [Line Items]
Revenues	14	72	14	99
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Department of Energy [Member]
Product Information [Line Items]
Revenues	81		81
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| EGP [Member]
Product Information [Line Items]
Revenues	14	42	163	157
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Clark Hill [Member]
Product Information [Line Items]
Revenues	30		37
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Matthews [Member]
Product Information [Line Items]
Revenues	30		30
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Valaris [Member]
Product Information [Line Items]
Revenues	47		135
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Other [Member]
Product Information [Line Items]
Revenues	31	4	59	31
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer [Member]
Product Information [Line Items]
Revenues	$ 247	$ 118	$ 519	$ 287

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Total share-based compensation expense	$ 157	$ 107	$ 547	$ 223
Engineering and Product Development [Member]
Total share-based compensation expense	125	22	342	59
Selling, General and Administrative Expenses [Member]
Total share-based compensation expense	$ 32	$ 85	$ 205	$ 164

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Apr. 30, 2021	Aug. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 72,630,000		$ 83,028,000
Revenue remaining performance obligation	$ 300,000
Revenue remaining performance obligation, percentage	100.00%
Performance obligation revenue of next twelve months	$ 300,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,928,474	5,540,469
Santander Bank [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Letters of credit issued amount	$ 258,000
Santander Bank [Member] \| Letter 2 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Letters of credit issued amount	64,000
Santander Bank [Member] \| Letter 2 [Member] \| August 2020 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Letters of credit outstanding, amount				$ 323,000
Foreign Financial Institutions [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and Cash Equivalents, at Carrying Value	32,000
Restricted Cash and Security Agreements [Member] \| Santander Bank [Member] \| Letter of Credit [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deposits	157,000
Restricted Cash and Security Agreements [Member] \| Santander Bank [Member] \| Letter 1 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Letters of credit outstanding, amount	126,000
Restricted Cash and Security Agreements [Member] \| Santander Bank [Member] \| Letter 2 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Letters of credit outstanding, amount	$ 645,000

Schedule of Accounts Receivable, Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Account Receivable And Contract Assets
Accounts receivable	$ 180	$ 350
Contract assets	325	190
Contract liabilities	$ 117

Schedule of Significant Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Account Receivable And Contract Assets
Transferred to receivables from contract assets recognized at the beginning of the period	$ (190)
Revenue recognized and not billed as of the end of the period	325
Net change in contract assets	$ 135	$ (154)

Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deposits	$ 37	$ 68
Other receivables	17	21
Prepaid insurance	130	194
Prepaid recruiting	135	12
Prepaid expenses- other	241	192
Other current assets	$ 560	$ 487

Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,642	$ 1,619
Less: accumulated depreciation	(1,282)	(1,213)
Property and equipment, net	360	406
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	313	291
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	501	498
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	339	341
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	474	474
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 15	$ 15

Property and Equipment, net (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 70,000	$ 73,000

Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Leases
Operating lease cost	$ 92	$ 80	$ 184	$ 159
Short-term lease cost	5	3	10	5
Total lease cost	$ 97	$ 83	$ 194	$ 164

Schedule of Right-of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Leases
Operating right-of-use asset, net	$ 897	$ 1,036
Right-of-use liability- current	327	347
Right-of-use liability- long term	690	$ 819
Total lease liability	$ 1,017
Weighted average remaining lease term- operating leases	2 years 10 months 9 days
Weighted average discount rate- operating leases	8.20%

Schedule of Future Minimum Lease Payments Under Operating Lease (Details) $ in Thousands	Oct. 31, 2021 USD ($)
Leases
Remainder of fiscal year 2022	$ 199
2023	391
2024	362
2025	182
Total future minimum lease payments	1,134
Less imputed interest	(117)
Total	$ 1,017

Leases (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
Leases (Details Narrative) - USD ($)	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Operating lease payments	$ 102,000	$ 85,000	$ 204,000	$ 168,000
3Dent Acquisition [Member]
Lessee, Operating Lease, Option to Extend			expire in January of 2023
Lessee, Operating Lease, Term of Contract	3 years		3 years
Lease expiration date			Jun. 30, 2022
Monroe Township [Member]
Lessee, Operating Lease, Option to Extend			The initial lease term is for seven years which expires in November of 2024 with an option to extend the lease for another five years.
Lessee, Operating Lease, Term of Contract	7 years		7 years

Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Payables and Accruals [Abstract]
Project costs	$ 257	$ 368
Contract loss reserve	328	328
Employee incentive payments	275	283
Accrued salary and benefits	426	631
Professional fees	241	200
Other	49	71
Accrued expenses total	$ 1,576	$ 1,881

Warrants (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Apr. 08, 2019	Jul. 22, 2016	Jun. 02, 2016	Oct. 31, 2021	Apr. 30, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of common stock shares sold	1,542,000
Derivative liability, current				$ 0	$ 0
Pre-funded Warrants [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purchase of warrants	3,385,680
Exercise price of warrants	$ 0.01
Common Warrants [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purchase of warrants	4,927,680
Exercise price of warrants	$ 3.85
Warrants and rights outstanding, term	5 years
June Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of common stock shares sold			20,850
Purchase of warrants			7,298
Purchase of common stock warrants			0.35
Common stock combined purchase price per share			$ 92.00
Exercise price of warrants			$ 121.60
Warrants and rights outstanding, term			5 years
Number of exercised warrants				0
Second Amended Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of common stock shares sold		29,750
Purchase of warrants		8,925
Purchase of common stock warrants		0.30
Common stock combined purchase price per share		$ 135.00
Exercise price of warrants		$ 187.20
Warrants and rights outstanding, term		5 years
Number of exercised warrants				0

Paycheck Protection Program Loan (Details Narrative) - Paycheck Protection Program [Member] - USD ($)			6 Months Ended
	May 03, 2020	May 03, 2020	Oct. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from loan originations		$ 891,000
Debt interest rate	1.00%	1.00%
Debt forgiveness, description	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 is now fully forgiven. The Company recognized a gain on extinguishment of PPP loan of approximately $891,000 during the six months ended October 31, 2021 as reflected on the Consolidated Statement of Operations.
Repayments of long-term debt			$ 891,000

Preferred Stock (Details Narrative) - $ / shares	Oct. 31, 2021	Apr. 30, 2021
Equity [Abstract]
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0

Common Stock (Details Narrative) - $ / shares	Oct. 31, 2021	Apr. 30, 2021
Equity [Abstract]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	52,499,051	52,458,011
Common stock, shares outstanding	52,499,051

Treasury Shares (Details Narrative) - shares	6 Months Ended
Treasury Shares (Details Narrative) - shares	Oct. 31, 2021	Oct. 31, 2020
Equity [Abstract]
Treasury stock, shares, acquired	0	0

Schedule of Stock Option Activity (Details) - $ / shares	6 Months Ended
	Oct. 31, 2021
Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Underlying Options Outstanding, Beginning	516,827
Weighted Average Exercise Price, Beginning Balance	$ 3.89
Weighted Average Remaining Contractual Term (In Years), Beginning	9 years
Shares Underlying Options Outstanding, Granted
Weighted Average Exercise Price, Granted
Shares Underlying Options Outstanding, Exercised	(6,666)
Weighted Average Exercise Price, Exercised	$ 1.05
Shares Underlying Options Outstanding, Expired	(1,806)
Weighted Average Exercise Price, Expired	$ 32.62
Shares Underlying Options Outstanding, Cancelled/forfeited	(110,382)
Weighted Average Exercise Price, Cancelled/forfeited	$ 2.58
Shares Underlying Options Outstanding, Ending	397,973
Weighted Average Exercise Price, Ending Balance	$ 4.16
Weighted Average Remaining Contractual Term (In Years), Ending	8 years 4 months 24 days
Shares Underlying Options Outstanding, Exercisable at Ending	239,780
Weighted Average Exercise Price, Exercisable at Ending	$ 4.98
Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending	7 years 9 months 18 days
Performance Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Underlying Options Outstanding, Beginning	424,790
Weighted Average Exercise Price, Beginning Balance	$ 2.57
Weighted Average Remaining Contractual Term (In Years), Beginning	9 years 6 months
Shares Underlying Options Outstanding, Granted	66,667
Weighted Average Exercise Price, Granted	$ 0.62
Shares Underlying Options Outstanding, Exercised	(13,334)
Weighted Average Exercise Price, Exercised	$ 1.05
Shares Underlying Options Outstanding, Cancelled/forfeited	(193,433)
Weighted Average Exercise Price, Cancelled/forfeited	$ 2.80
Shares Underlying Options Outstanding, Ending	284,690
Weighted Average Exercise Price, Ending Balance	$ 2.03
Weighted Average Remaining Contractual Term (In Years), Ending	9 years 1 month 6 days
Shares Underlying Options Outstanding, Exercisable at Ending	27,334
Weighted Average Exercise Price, Exercisable at Ending	$ 1.05
Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending	8 years 2 months 12 days

Schedule of Business Acquisition and Fair Value of Net Assets, Compensation Expense Recognized (Details) - 3Dent Acquisition [Member]	Feb. 01, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Fair Value of Purchase	$ 1,161,267
Total Acquired Assets	(593,571)
Total Acquired Liabilities	117,106
Compensation Expense	684,802
Quarterly Compensation Expense	$ 171,201

Schedule of Non-vested Restricted Stock Activity (Details) - $ / shares	6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted	33,333	33,333
Non-vested Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Issued and unvested, Beginning	10,000
Weighted Average Price per Share, Issued and Unvested, Beginning	$ 2.93
Number of Shares, Granted	33,333
Weighted Average Price per Share, Granted	$ 2.37
Number of Shares, Vested
Weighted Average Price per Share, Vested
Number of Shares, Cancelled/forfeited
Weighted Average Price per Share, Cancelled/forfeited
Number of Shares, Issued and Unvested, Ending	43,333
Weighted Average Price per Share, Issued and Unvested, Ending	$ 2.50

Share-Based Compensation (Details Narrative) - USD ($)		1 Months Ended			6 Months Ended
Share-Based Compensation (Details Narrative) - USD ($)	Feb. 01, 2021	Dec. 31, 2021	Jan. 31, 2021	Jan. 31, 2020	Oct. 31, 2021	Oct. 31, 2020	Jan. 18, 2018	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock option granted					33,333	33,333
Performance-based Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Debt expire date					Dec. 15, 2021
Stock options exercised		40,000
3Dent Acquisition [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of base purchase price	$ 1,451,584
Stock Issued During Period, Shares, New Issues	361,991
Business Acquisition, Share Price	$ 4.01
Fair Value of Purchase	$ 1,161,267
Business combination quarterly compensation expenses consideration paid	$ 171,000
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value					$ 200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares					158,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term					9 years 2 months 12 days
Share-based payment arrangement, expense					$ 115,000	$ 188,000
Share-based Payment Arrangement, Option [Member] \| Performance-based Stock Options [Member] \| Two Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation options, grants in period, gross				81,337	40,668
Share-based Payment Arrangement, Option [Member] \| Performance-based Stock Options [Member] \| Employees and Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation options, grants in period, gross			344,723		257,356
Stock options vesting period description			The awards vest over 2 years provided there is positive total shareholder return (e.g. share price increase) as measured by the closing share price on January 14, 2022 and January 14, 2023.
Share-based Payment Arrangement, Option [Member] \| Subject to Service- Based Vesting Requirements [Member] \| Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested stock					$ 0
Restricted stock option granted					51,547
Employee Stock Option One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value					$ 0
Non-vested Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested stock					$ 200,000
Share-based compensation of weighted-average period					1 year
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value					$ 30,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares					257,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term					9 years 1 month 6 days
Share-based payment arrangement, expense					$ 61,000	187,000
Unrecognized compensation cost related to non-vested stock					$ 300,000
Share-based compensation of weighted-average period					1 year 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value					$ 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense					$ 29,000	10,000
Share-based compensation of weighted-average period					1 year 6 months
Unrecognized compensation cost					$ 70,000
Equity Option [Member] \| Subject to Service- Based Vesting Requirements [Member] \| Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense					$ 0	$ 12,000
2015 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement shares authorized								1,332,036
Capital shares reserved for future issuance					193,928
2018 Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capital shares reserved for future issuance					11,487		25,000

Schedule of Share-based Payment Award, Stock Options, Valuation Assumption (Details)	6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Dividend rate	0.00%	0.00%
Expected life (in years)	1 month 6 days
Expected volatility	122.20%	139.10%
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk-free interest rate	0.06%	0.12%
Expected life (in years)		9 months 18 days
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk-free interest rate	0.08%	0.13%
Expected life (in years)		1 year 1 month 6 days

Commitments and Contingencies (Details Narrative)	May 24, 2021 USD ($)	Aug. 28, 2018 USD ($)	Jan. 25, 2021 EUR (€)	Oct. 31, 2020 USD ($)	Oct. 31, 2020 EUR (€)
Selling, General and Administrative Expenses [Member] \| Tax Authority, Spain [Member]
Loss Contingencies [Line Items]
Income Tax Examination, Penalties and Interest Accrued			€ 279,870	$ 331,000	€ 279,870
Charles F. Dunleavy [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 1,223,963	$ 438,254

Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Income Taxes (Details Narrative) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020	Apr. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax examination description			The Company sold New Jersey State net operating losses and research development credits (“NJ NOL”) under the NJEDA Tax Transfer program in the amount of approximately $12 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.
Net operating loses and research and development credits	$ (5,185)	$ (3,002)	$ (10,215)	$ (6,406)
NJNOL [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net operating loses and research and development credits					$ 12,000
Net proceeds					$ 1,000

Operating Segments and Geographic Information (Details Narrative)	6 Months Ended
	Oct. 31, 2021 Integer
Segment Reporting [Abstract]
Number of Operating Segments	1

Acquisition of 3dent Technologies, LLC (Details Narrative) - 3Dent Acquisition [Member] $ in Thousands	Feb. 01, 2021 USD ($) shares
Business Acquisition [Line Items]
Stock Issued During Period, Shares, New Issues \| shares	361,991
Stock Issued During Period, Value, New Issues \| $	$ 360,000

Subsequent Events (Details Narrative) - Subsequent Event [Member] - Subsidiaries [Member] - Marine Advanced Robotics, Inc. [Member] $ in Millions	Nov. 15, 2021 USD ($) shares
Subsequent Event [Line Items]
Payments to acquire businesses and interest in affiliates	$ 11.0
Payments to acquire businesses gross in cash	4.0
Business acquisition equity interest issued value assigned	$ 7.0
Business acquisition, equity interest issued or issuable, number of shares \| shares	3,330,162