0001493152-24-029074 | 10-K | XBRL Viewer | Ocean Power Technologies INC

Summary of Significant Accounting Policies

12 Months Ended

Apr. 30, 2024

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

(a) Basis of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries, Marine Advanced Robotics Inc. (CA), referred to herein as MAR, 3dent Technologies LLC (3Dent), Oregon Wave Energy Partners I LLC (DE), ReedSport OPT WavePark, LLC (OR) and Ocean Power Technologies Ltd. in the United Kingdom. ReedSport OPT WavePark, LLC (OR) and Oregon Wave Energy Partners I, LLC (DE) were dissolved during the first quarter of fiscal 2024. 3dent was sold in November 2023 and the consolidated financial statements include 3dent’s results of operations through the date of sale. 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 several 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 revenue and expenses during the period. Significant items subject to such estimates and assumptions include, among other items, stock-based compensation based on actual and projected revenues, over time revenue recognition, valuation consideration related to business combinations, including contingent consideration based on actual and projected revenues, including discount rates and present values, and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets. Actual results could differ from those estimates.

(c) Business Combinations

The Company accounts for business combinations in accordance with Financial Accounting and Standards Board (“FASB”) Business Combinations (Topic 805). The Company allocates the fair value of consideration transferred in a business combination to the estimated fair value at the acquisition date of the tangible and intangible assets acquired as well as the liabilities assumed. Acquisition costs are expensed as incurred. Any excess consideration transferred is recorded as goodwill and in instances where the fair value of consideration transferred is less than the estimated fair value of tangible and intangible assets acquired less liabilities assumed, such amounts are recorded as a gain on the bargain purchase.

(d) Revenue Recognition

The Company accounts for revenue in accordance with Accounting Standards Codification 606 (ASC 606) for contracts with customers and Accounting Standards Codification 842 (ASC 842) for leasing arrangements. In relation to ASC 606, which states that a performance obligation is the unit of account for revenue recognition, the Company assesses the goods or services promised in a contract with a customer and identifies as a performance obligation as 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 performance obligation 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. When no observable standalone selling price is available, the standalone selling price is generally estimated based upon the Company’s forecast of the total cost to satisfy the performance obligation plus an appropriate profit margin.

The nature of the Company’s contracts may give rise to several types of variable consideration, including unpriced change orders, liquidated damages and penalties. Variable consideration can also arise from modifications to the scope of services. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on the 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 April 30, 2024 or 2023. The Company presents shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs in costs of goods sold and regular shipping and handling activities charged to operating expenses.

The Company recognizes revenue when or as it satisfies a performance obligation by transferring a good or service to a customer, either (1) at a point in time or (2) over time. A good or service is transferred when or as the customer obtains control. The evaluation of whether control of each performance obligation is transferred at a point in time or over time is made at contract inception. Input measures such as costs incurred are utilized to assess progress against specific contractual performance obligations for the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For the Company, the input method using costs or labor hours incurred best represents the measure of progress against the performance obligations incorporated within the contractual agreements. If estimated total costs on any contract project a loss, the Company charges the entire estimated loss to operations in the period the loss becomes known. The cumulative effect of revisions to revenue, estimated costs to complete contracts, including penalties, change orders, claims, anticipated losses, and others are recorded in the accounting period in which the events indicating a loss are known and the loss can be reasonably estimated. These loss projections are reassessed for each subsequent reporting period until the project is complete. Such revisions could occur at any time and the effects may be material. During the fiscal year ended April 30, 2024 the Company recognized approximately $3.7 million in revenue related to performance obligations satisfied at a point in time and approximately $1.9 million in revenue related to performance obligations satisfied over time.

The Company’s contracts are either cost-plus contracts, fixed-price contracts, time and material agreements, lease or service agreements. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee.

The Company has two types of fixed-price contracts, firm fixed-price and cost-sharing. Under firm fixed-price contracts, the Company receives an agreed-upon amount for providing products and services specified in the contract, and a profit or loss is recognized depending on whether actual costs are more or less than the agreed-upon amount. Under cost-sharing contracts, the fixed amount agreed upon with the customer is only intended to fund a portion of the costs on a specific project. Under cost sharing contracts, an amount corresponding to the revenue is recorded in cost of revenue, resulting in gross profit on these contracts of zero. For the fiscal years ended April 30, 2024 and 2023, the majority of the Company’s contracts were classified as firm fixed-price and the remainder were cost-sharing.

The Company’s contract assets and liabilities primarily relate to the timing differences between cash received from a customer in connection with contractual rights to invoicing and the timing of revenue recognition following completion of performance obligations. The Company’s accounts receivable balance is made up entirely of customer contract-related balances.

The Company’s revenue also includes revenue from certain contracts which do not fall within the scope of ASC 606, but under the scope of ASC 842. At inception of a contract for those classified under ASC 842, the Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC Topic 842, “Leases”. 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, or as agreed upon in-use days are utilized, which is presented in Revenue in the Consolidated Statement of Operations. The Company also enters into lease arrangements for its PowerBuoys® and Wave Adaptive Modular Vessels (“WAM-V®”) with certain customers. Revenue related to multiple-element arrangements is allocated to lease and non-lease elements based on their relative standalone selling prices or expected cost plus a margin approach. Lease elements generally include a PowerBuoy®, WAM-V®, and components, while non-lease elements, which the Company expects to become more prevalent, generally include engineering, monitoring and support services. In the lease arrangement, the customer may be provided with an option to extend the lease term or purchase the leased buoy or WAM-V® at some point during and/or at the end of the lease term.

As of April 30, 2024, the Company’s remaining performance obligations, also called contracted backlog, totaled $4.9 million.

The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue.

The below table represents the total revenue recognized under ASC 606 and ASC 842 fiscal years ended April 30, 2024 and 2023:

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Fiscal year ended April 30, 2024						Fiscal year ended April 30, 2023
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	1,912	$	1,392	$	3,304	$	919	$	667	$	1,586
Buoy		1,739		—		1,739		269		—		269
Services		482		—		482		877		—		877
Total	$	4,133	$	1,392	$	5,525	$	2,065	$	667	$	2,732

Region:
North and South America	$	4,101	$	1,177	$	5,278	$	1,722	$	667	$	2,389
Europe		32		215		247		90		-		90
Asia and Australia		—		—		—		253		—		253
Total	$	4,133	$	1,392	$	5,525	$	2,065	$	667	$	2,732
Revenue	$	4,133	$	1,392	$	5,525	$	2,065	$	667	$	2,732

(e) Cash and Cash Equivalents, Restricted Cash, Security Agreements and Investments

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased, to be cash equivalents. The Company invests excess cash in a money market account or in short term investments that are held-to-maturity. The Company had cash and cash equivalents of approximately $3.3 million and $7.1 million as of April 30, 2024 and 2023, respectively.

Restricted Cash and Security Agreements

The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $154,000 is on deposit at Santander and serves as security for a letter of credit issued by Santander for the lease of warehouse/office space in Monroe Township, New Jersey.

In the prior year Santander also issued one letter of credit to subsidiaries of Enel Green Power (“EGP”) pursuant to the Company’s contracts with EGP. A letter of credit was issued in the amount of $645,000 and was reduced to $323,000 in August 2020. The letter of credit was further reduced by an additional $258,000 in January of 2023, when the PB3 and its accompanying systems passed final acceptance testing. The remaining restricted amount of $65,000 was released in January of 2024.

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.

	April 30, 2024		April 30, 2023
	(in thousands)
Cash and cash equivalents	$	3,151	$	6,883
Restricted cash- short term		—		65
Restricted cash- long term		154		155
	$	3,305	$	7,103

Short Term Investments

As of April 30, 2024 and 2023, their carrying value was approximately zero and $27.8 million, respectively. All short-term investments consist of corporate bonds, government agency bonds, or U.S. Treasury Notes and Bonds, are investment grade rated or better, and mature within 12 months. The Company has the ability and the intention to hold all investments to maturity, and as such are classified as held-to-maturity investments and carried at amortized cost. As of April 30, 2024, as all short term investments have matured.

The total accretion of discounts recognized for the years ended April 30, 2024 and 2023 is approximately $290,000 and $122,000, respectively. Additionally, there has been no impairment on these investments.

The following table summarizes the Company’s short-term investments as of April 30, 2024 and 2023:

	April 30, 2024						April 30, 2023
Category	Amortized Cost		Unrealized Gains (Losses)		Market Value		Amortized Cost		Unrealized Gains (Losses)		Market Value
	(in thousands)
Corporate Bonds	$	—	$	—	$	—	$	14,776	$	100	$	14,876
Government Bonds & Notes		—		—		—		9,188		33		9,221
Government Agency		—		—		—		3,826		25		3,851
Total Short Term Investments	$	—	$	—	$	—	$	27,790	$	158	$	27,948

(f) Inventory

In accordance with Accounting Standards Codification 330 (ASC 330), inventory is stated at the lower of costs or net realizable value applicable to goods on hand. Items remain in inventory until they are shipped to the customer, at which time the costs are transferred on a FIFO basis to cost of revenue, or moved to leased assets as applicable, following the matching principle where costs and revenue are recognized in the same period. The Company has three classes of inventory; raw materials, work in process, and finished goods.

(g) Accounts Receivable

Accounts receivable are stated at the net amount expected to be collected. Amounts are usually due between 30 and 90 days after the invoice issuance. The Company is exposed to credit losses primarily on accounts receivable and contract assets related to sales to customers. If applicable, an allowance for credit losses is established to provide for the expected lifetime credit losses by evaluating factors such as customer creditworthiness, historical payment and loss experiences, current economic conditions (including geographic and political risk), and the age and status of outstanding receivables. Based on these factors, management has determined the allowance for credit losses was immaterial. Expected credit losses are written off in the period in which the financial asset is no longer collectible.

The Company grants credit to its customers, generally, without collateral, under normal payment terms (typically 30 to 90 days after invoicing). Generally, invoicing occurs after the services are performed or control of the product has transferred to the customer. Accounts receivable represent an unconditional right to consideration arising from the Company’s performance under contracts with customers.

(h) Property and Equipment, net

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

Description		Estimated useful life

Equipment		5-7 years
Computer equipment & software		3 years
Office furniture & fixtures		3-7 years
Leasehold improvements		Shorter of the estimated useful life or lease term
Leased Power Buoy assets		10 years
Leased WAM-V assets		10 years

(i) Foreign Exchange Gains and Losses

Transactions denominated in a foreign currency may result in realized and unrealized foreign exchange gains or losses from exchange rate fluctuations, which are included in “Foreign exchange (loss)/gain” in the accompanying Consolidated Statements of Operations.

(j) Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable, short-term investments and cash equivalents. The Company believes that its credit risk is limited because the Company’s current contracts are with entities with a reliable payment history. The Company invests its excess cash in a money market fund and short-term held-to maturity investments and does not believe that it is exposed to any significant risks related to its cash accounts, money market fund, or held-to maturity investments.

As of the year ended April 30, 2024 and 2023, the Company had four and two customers whose revenue accounted for at least 10% of the Company’s consolidated revenue, respectively. These customers accounted for approximately 52% and 32% of the Company’s total revenue for the respective periods.

(k) Net Loss per Common Share

Basic and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents outstanding during the period. 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 units (“RSU”) issued to employees and non-employee directors, were excluded from the diluted loss per share calculation due to their anti-dilutive effect.

In computing diluted net loss per share on the Consolidated Statement of Operations, warrants on common stock, options to purchase shares of common stock and unvested restricted stock units issued to employees and non-employee directors, totaling 5,859,072 and 7,777,026 for the years ended April 30, 2024 and 2023, respectively, were excluded from each of the computations as the effect would have been anti-dilutive due to the net loss for the period. Share purchase rights, which include a contingency, are not included in the calculation until the contingency is resolved.

(l) Share-Based Compensation

Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The aggregate share-based compensation expense recorded in the Consolidated Statements of Operations for the years ended April 30, 2024 and 2023 was approximately $1.2 million and $1.5 million, respectively. The Company’s policy is to account for forfeitures of share-based compensation as they occur.

Additionally, upon vesting of an RSU granted to an employee, the employee is given the option to either pay the taxes themselves, or have enough shares of their RSU award withheld by the Company to cover the taxes incurred by the employee. In the event the employee elects to surrender shares to cover the tax implication, the Company maintains those shares in the Company’s treasury stock account.

(m) Intangibles, net

Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date (which is regarded as their cost). Intangible assets, including patents, are amortized over the estimated useful life of the asset on a basis that approximates the pattern of economic benefit. The patents, trade name and customer relationship intangibles are being amortized over 20, 12 and 10 years respectively, which is consistent with the estimated pattern of economic benefit of the assets. The trademark is not subject to amortization.

Intangible assets are reviewed for impairment if indicators of potential impairment exist. There was no indication of impairment of intangible assets for the fiscal years ended April 30, 2024 and April 30, 2023. However, in connection with the sale of 3Dent in November of 2023, the trade-name and customer relationships were both expensed fully during the year ended April 30, 2024 under Loss on disposition of assets on the Consolidated Statements of Operations.

(n) Goodwill

Goodwill is assessed for impairment using a qualitative or quantitative approach. The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests. There were no indications of potential impairment of goodwill identified for the year ended April 30, 2024 and 2023. Where the Company uses a qualitative analysis, it considers factors that include historical financial performance, macroeconomic and industry conditions, and the legal and regulatory environment. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is also performed. The quantitative assessment requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates and the selection of assumptions underlying a discount rate (weighted average cost of capital) based on market data available at the time to determine fair value of the Company. If the fair value is less than the carrying amounts, an impairment charge for the difference is recorded. The Company acquired goodwill as part of its purchase of MAR. Management performed its annual qualitative assessment in fiscal year 2024 and 2023 and determined that it is more likely than not that no goodwill impairment existed as of April 30, 2024 and 2023.

(o) Income Taxes

Income taxes are accounted for under ACS 740 utilizing the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and operating loss and tax credit carry forwards are expected to be recovered, settled or utilized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. If such event occurs, a valuation allowance is recorded. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses, to the extent incurred. Refer to Note 14 for additional disclosure.

(p) Accumulated Other Comprehensive Loss

The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The unrealized gains or losses resulting from such translation are included in Accumulated Other Comprehensive Loss within Shareholders’ Equity. For the year ended April 30, 2024 and 2023, there were no amounts recorded to other comprehensive (income) loss due to limited foreign operations.

(q) Warranty

The Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. Warranty expense incurred to date has not been material.

(r) Product development

Costs related to research and development activities by the Company are expensed as incurred. The Company had approximately $7.7 million and $10.0 million in product development expense for the year ended April 30, 2024 and 2023, respectively.

(s) Recently Issued Accounting Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which improves the transparency of income tax disclosures by requiring companies to (1) disclose consistent categories and greater disaggregation of information in the effective rate reconciliation and (2) provide information on income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, although early adoption is permitted. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of adopting this ASU 2023-09 on our consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU improves financial reporting by requiring disclosure of incremental segment information. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of adopting this ASU 2023-07 on our consolidated financial statements and disclosures.

(t) Reclassifications

Certain amounts may have been reclassified to conform to current period presentation. This reclassification had no impact on the previously reported net loss or comprehensive loss.

Warrants	12 Months Ended
Apr. 30, 2024
Warrants
Warrants	(11) Warrants Equity Classified Warrants The underwritten public offering from April 2019 included the issuance of common stock warrants to purchase up to 4,927,680 shares of common stock that have an exercise price of $3.85 per share and expire five years from the issuance date. As of April 30, 2024, common warrants to purchase 732,500 shares of the common stock had been exercised. The remaining warrants expired prior to April 30, 2024.

Warrants

12 Months Ended

Apr. 30, 2024

Warrants

Warrants

(11) Warrants

Equity Classified Warrants

The underwritten public offering from April 2019 included the issuance of common stock warrants to purchase up to 4,927,680 shares of common stock that have an exercise price of $3.85 per share and expire five years from the issuance date. As of April 30, 2024, common warrants to purchase 732,500 shares of the common stock had been exercised. The remaining warrants expired prior to April 30, 2024.

Warrants (Details Narrative) - $ / shares	Apr. 30, 2024	Apr. 30, 2019
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase common stock exercised	732,500
Underwritten Public Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase common stock exercised		4,927,680
Exercise price of warrants		$ 3.85
Warrants and rights outstanding, term		5 years

Schedule of Property, Plant and Equipment, Useful Life (Details)	Apr. 30, 2024
Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	5 years
Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	7 years
Computer Equipment & Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	3 years
Office Furniture & Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	3 years
Office Furniture & Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	7 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Useful Life, Lease Term [Member]
Leased Power Buoys Assets [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	10 years
Leased WAM-V Assets [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (Year)	10 years

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Current assets:
Cash and cash equivalents	$ 3,151	$ 6,883
Short-term investments		27,790
Restricted cash, short-term		65
Accounts receivable	796	745
Contract assets	18	152
Inventory	4,831	1,044
Other current assets	1,747	994
Total current assets	10,543	37,673
Property and equipment, net	3,443	1,280
Intangibles, net	3,622	3,978
Right-of-use assets, net	2,405	1,751
Restricted cash, long-term	154	155
Goodwill	8,537	8,537
Total assets	28,704	53,374
Current liabilities:
Accounts payable	3,366	952
Earn out payable	1,130	1,500
Accrued expenses	1,787	2,346
Contract liabilities	302	1,378
Right-of-use liabilities, current portion	774	529
Contingent liabilities, current portion		1,202
Total current liabilities	7,359	7,907
Deferred tax liability	203	203
Right-of-use liabilities, less current portion	1,798	1,311
Total liabilities	9,360	9,421
Commitments and contingencies (Note 15)
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 61,352,731 and 56,304,642 shares, respectively, and outstanding 61,264,714 and 56,263,728 shares, respectively	61	56
Treasury stock, at cost; 88,017 and 40,914 shares, respectively	(369)	(355)
Additional paid-in capital	327,276	324,393
Accumulated deficit	(307,579)	(280,096)
Accumulated other comprehensive loss	(45)	(45)
Total shareholders’ equity	19,344	43,953
Total liabilities and shareholders’ equity	$ 28,704	$ 53,374

Schedule of Non-vested Restricted Stock Activity (Details) - Non-vested Restricted Stock [Member]	12 Months Ended
	Apr. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested, Beginning \| shares	1,985,994
Weighted Average Price per Share, Unvested, Beginning \| $ / shares	$ 0.91
Number of Shares, Unvested, Granted \| shares	4,439,257
Weighted Average Price per Share, Unvested, Granted \| $ / shares	$ 0.30
Number of Shares, Unvested, Vested and issued \| shares	(787,498)
Weighted Average Price per Share, Unvested, Vested \| $ / shares	$ 0.86
Number of Shares, Cancelled/forfeited \| shares	(513,224)
Weighted Average Price per Share, Cancelled/forfeited \| $ / shares	$ 0.90
Number of Shares, Unvested, Ending \| shares	5,124,529
Weighted Average Price per Share, Unvested, Ending \| $ / shares	$ 0.38

Fair Value Measurements

12 Months Ended

Apr. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

(13) 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, other assets, contract assets and liabilities, deposits, accounts payable, and accrued expenses. The carrying value is equal to their fair value due to the short term nature of these accounts.

Additionally, there was a Level 3 contingent liability related to earnout payable as part of the MAR acquisition in the amount of $1.2 million as of April 30, 2023. The fair value of this contingent liability was remeasured to its fair value and reclassified to Earn Out Payable at the end of the second earn out period on April 30, 2024. The change in fair value upon remeasurement of approximately $0.1 million and $1.1 million was recognized in the consolidated statement of operations for the fiscal years ended April 30, 2024 and 2023, respectively.

Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Income Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details Narrative) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Operating Loss Carryforwards [Line Items]
Income tax benefit	$ (1,254)	$ (278)
Deferred tax assets, valuation allowance	60,322	54,644
Valuation allowance, deferred tax asset, increase (decrease), amount	5,700	7,000
Net operating loss carry forwards	$ 231,400
Operating loss carryforwards, expiration description	begin to expire in fiscal 2024
Operating loss carryforwards subject to no expiration	$ 97,900
Operating loss carryforwards, expiration description	the deductibility of such federal net operating losses may be limited to 80% of our taxable income in future years.
Maximum [Member]
Operating Loss Carryforwards [Line Items]
Income tax benefit, research and development expense	$ 20,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards	$ 27,700
Operating loss carryforwards, expiration description	begin to expire in 2042, which also may be limited to utilization limitations.
Foreign Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards	$ 10,800
Research and Development Expense [Member]
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	4,300
New Jersey Division of Taxation [Member]
Operating Loss Carryforwards [Line Items]
Income tax benefit	$ 1,300	$ 300

Account Receivable, Contract Assets, and Contract Liabilities

12 Months Ended

Apr. 30, 2024

Account Receivable Contract Assets And Contract Liabilities

Account Receivable, Contract Assets, and Contract Liabilities

(3) Account Receivable, Contract Assets, and Contract Liabilities

Accounts Receivable

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

	2024		2023		2022
	Fiscal year ended April 30,
	2024		2023		2022
	(in thousands)

Accounts receivable	$	796	$	745	$	482
Contract assets		18		152		386
Contract liabilities		302		1,378		129

Contract Assets

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

	2024			2023
	Fiscal year ended April 30,
	2024			2023
	(in thousands)

Transferred to receivables from contract assets recognized during the period	$	(1,879	)	$	(1,768	)
Revenue recognized and not billed during the period		1,745			1,534
Net change in contract assets	$	(134	)	$	(234	)

Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditional on completing additional tasks or services for a performance obligation. The decrease in contract assets from year end is primarily a result of consulting services projects for which revenue was recognized in the prior year yet billed in the current year. No impairments to contract assets were incurred during the fiscal years ended April 30, 2024 and 2023, respectively.

Contract Liabilities

Significant changes in the contract liabilities balances during the period are as follows:

	2024			2023
	Fiscal year ended April 30,
	2024			2023
	(in thousands)

Revenue recognized	$	(2,424	)	$	(574	)
Payments collected for which revenue has not been recognized		1,348			1,823
Net change in contract liabilities	$	(1,076	)	$	1,249

Contract liabilities consist of amounts invoiced to and collected from customers in excess of revenue recognized. The decrease in contract liabilities from year end is primarily due to recognizing revenue on the DOE Phase II contract for which the Company was paid in prior periods.

Commitments and Contingencies

12 Months Ended

Apr. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(15) Commitments and Contingencies

Spain Income Tax Audit

The Company underwent an income tax audit in Spain for the period from 2011 to 2014, when its Spanish branch was closed. On July 30, 2018, the Spanish tax inspector concluded that although there was no tax owed in light of losses reported, the Company’s Spanish branch owed penalties for failure to properly account for the income associated with the funding grant. During the year ended April 30, 2022, the Company received notice from the Spanish Central Economic and Administrative Tribunal (“Spanish Tax Administration”) that it agreed with the inspector and ruled that the Company owes the full amount of the penalty in the amount of €279,870 or approximately $331,000. On January 25, 2021, the Company paid the Spanish Tax Administration €279,870. Notwithstanding that payment, on April 30, 2022, the Company filed its appeal of the decision of the Central Court to the Spanish National Court. The Company expects results of the appeal.to conclude during fiscal year 2025.

Litigation with Paragon Technologies, Inc.

On June 16, 2023, Paragon Technologies, Inc., a Delaware corporation that is an activist investor and a stockholder of the Company (“Paragon”), informed the Company that Paragon was planning a proxy contest against the Company and intended to nominate candidates for election to the Company Board of Directors (the “OPT Board”) at the Company’s 2023 Annual Meeting (the “2023 Annual Meeting”). Subsequently, Paragon disclosed its intention to replace a majority of the six-member OPT Board with initially five purported nominees, including three members of the Paragon Board of Directors, and, thereby, seek control of the Company. In furtherance of Paragon’s threatened agenda, Paragon brought three litigation matters against the Company in the Delaware Court of Chancery.

(a)

(Del. Code §220 Complaint) On July 27, 2023, Paragon filed a complaint in the Court of Chancery of the State of Delaware against the Company seeking to compel the inspection of certain books and records of the Company pursuant to 8 Del. Code § 220. On January 31, 2024, the Court issued a ruling for the Company to deliver certain books and records to Paragon, and the books and records that were subject to the Court’s final order were produced to Paragon on April 8, 2024. No additional activity has occurred.

(b)

(Breach of Fiduciary Duties Complaint) On October 10, 2023, Paragon filed an additional complaint in the Court of Chancery of the State of Delaware against the Company, and the members of its Board of Directors, claiming certain breaches of their fiduciary duties. The complaint sought only injunctive relief against the Company, and not monetary damages, and therefore the financial exposure derived therein was limited to applicable legal fee and costs at that stage, which was material to FY’ 24. On November 2, 2023, Paragon sought leave to amend its complaint to add additional claims. The Court granted this motion for leave to amend, provided that the Court would not delay the hearing on the matters raised in the initial complaint, which was set for November 28, 2023. This hearing on the initial complaint was held and on November 30, 2023, the Court ruled in favor of the Company and denied Paragon’s motion for injunctive relief. The status of the in the amended complaint is still pending. On February 28, 2024, the Company successfully finalized its 2023 annual meeting of stockholders in spite of Paragon’s repeated attempts to contest the meeting. On July 10, 2024, the Company requested Paragon’s counsel to dismiss this litigation, given there has been no activity for 6 months. We are awaiting a response.

(Del. Code §225 Complaint) On April 11, 2024, Paragon filed an action in the Delaware Court of Chancery against the Company, and the members of its Board of Directors, challenging the results of the 2023 Annual Meeting (concluded on February 28, 2024), alleging that a quorum was not present for the meeting. On May 7, 2024, the Company filed its answer, including that the Final Report of the Inspector of Election (which Paragon selected) confirmed that a quorum was present. On June 20, 2024, Paragon filed a Motion to Dismiss the case “without prejudice.” On June 28, 2024, the Company responded to Paragon’s Motion to Dismiss, claiming that the case should be dismissed: (a) “with prejudice”; or (b) “without prejudice,” but in such event Paragon should reimburse OPT’s fees and costs for defending the case.

As clearly evidenced by the above, Paragon has filed three lawsuits against the OPT Board and the Company in an effort to seek control of the Company, without following appropriate governance standards and without offering fair value to the stockholders.

In addition, Sham Gad, the CEO of Paragon has also maintained in public that the nature of Paragon’s proposed investment in the Company was “non-dilutive.” To that point, on April 24, 2024, Paragon made the following “non-dilutive $3MM preferred stock” offer to the Company: “...The preferred would have the option to be convertible to common stock, at $0.05 a share, or 25% of the 30-day average trading price, whichever is higher...”. After the Board correctly rejected the $3MM preferred stock offer, on June 7, 2024, Paragon issued a press release that proclaimed its offer was non-dilutive. In fact, Paragon’s offer was highly dilutive because the offer stipulated that the proposed OPT preferred stock to be issued to Paragon would be convertible to OPT common stock at a 75% discount to the fair market value of the common stock. The Paragon offer thus essentially amounted to a change in control of the Company at 25% of its fair market value.

In order to defend the best interests of the Company’s shareholders against Paragon’s lawsuits and public statements, the Company has spent approximately $3.9 million in fees and costs.

General Legal Matters

From time to time, the Company is involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements.

Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Federal net operating loss carryforwards	$ 48,745	$ 43,788
Foreign net operating loss carryforwards	2,059	2,059
State operating loss carryforwards	1,934	1,578
Federal and New Jersey research and development tax credits	5,404	5,143
Stock compensation	470	662
Accrued expenses	312	474
Other	2,578	1,977
Net deferred tax assets before valuation allowance	61,502	55,681
Valuation allowance	(60,322)	(54,644)
Deferred tax assets	1,180	1,037
Intangibles	793	792
Lease liabilities	590	448
Net deferred tax liabilities	$ (203)	$ (203)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Apr. 30, 2024	Apr. 30, 2023
Cash flows from operating activities:
Net loss	$ (27,483,000)	$ (26,326,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange gain	(2,000)	(1,000)
Depreciation of fixed assets	420,000	183,000
Amortization of intangible assets	148,000	158,000
Amortization of right-of-use assets	593,000	296,000
(Accretion of discount)/amortization of premium on investments	(290,000)	113,000
Change in contingent consideration liability	(72,000)	1,112,000
Loss on disposal of assets	210,000
Stock based compensation	1,155,000	1,461,000
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(51,000)	(262,000)
Contract assets	134,000	234,000
Inventory	(3,787,000)	(602,000)
Other assets	(753,000)	(527,000)
Accounts payable	2,414,000	47,000
Accrued expenses	(309,000)	1,469,000
Earn out payable	(500,000)
Right-of-use liabilities	(514,000)	(311,000)
Contract liabilities	(1,076,000)	1,249,000
Net cash used in operating activities	(29,763,000)	(21,707,000)
Cash flows from investing activities:
Redemptions of short term investments	35,975,000	64,923,000
Purchases of short term investments	(7,894,000)	(43,442,000)
Purchases of property and equipment	(2,585,000)	(648,000)
Leased WAM-Vs built and capitalized		(371,000)
Net cash provided by investing activities	25,496,000	20,462,000
Cash flows from financing activities:
Proceeds from issuance of common stock - Cantor At The Market offering, net of issuance costs	29,000
Proceeds from issuance of common stock - AGP At The Market offering, net of issuance costs	454,000
Cash paid for tax withholding related to shares withheld	(14,000)	(14,000)
Net cash provided by/(used in) financing activities	469,000	(14,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
Net decrease in cash, cash equivalents and restricted cash	(3,798,000)	(1,259,000)
Cash, cash equivalents and restricted cash, beginning of year	7,103,000	8,362,000
Cash, cash equivalents and restricted cash, end of year	3,305,000	7,103,000
Supplemental disclosure of noncash investing and financing activities:
Common stock issued related to bonus and earnout payments	1,250,000
Operating right of use asset obtained in exchange for operating lease liability	$ 1,247,000	$ 1,296,000

Schedule of Right-of use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Leases
Operating right-of-use assets, net	$ 2,405	$ 1,751
Right-of-use liabilities- current	774	529
Right-of-use liabilities- long term	1,798	$ 1,311
Total lease liabilities	$ 2,572
Weighted average remaining lease term- operating leases	2 years 11 months 23 days
Weighted average discount rate- operating leases	8.40%

Other Current Assets

12 Months Ended

Apr. 30, 2024

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

Other Current Assets

(5) Other Current Assets

Other current assets consist of the following at April 30, 2024 and 2023:

Schedule of Other Current Assets

	April 30, 2024		April 30, 2023
	(in thousands)
Prepaid insurance	$	202	$	358
Prepaid software & licenses		224		190
Prepaid sales & marketing		124		122
Prepaid project costs		578		46
Prepaid inventory materials		414		58
Prepaid expenses- other		205		220
Total other current assets	$	1,747	$	994

Schedule of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Share-Based Payment Arrangement [Abstract]
Shares Underlying Options Outstanding, beginning	1,529,185
Weighted Average Exercise Price, Beginning balance	$ 1.75
Weighted Average Remaining Contractual Term (In Years), Ending	7 years 7 months 6 days	8 years 9 months 18 days
Shares underlying Options Outstanding, Granted
Weighted Average Exercise Price, Granted
Shares Underlying Options ,Exercised
Weighted Average Exercise Price, Exercised
Shares Underlying Options, Cancelled/forfeited	(794,369)
Weighted Average Exercise Price, Cancelled/forfeited	$ 1.29
Shares underlying options outstanding, expired	(273)
Weighted average exercise price, expired	$ 341.08
Shares Underlying Options, ending	734,543	1,529,185
Weighted average exercise price, ending balance	$ 2.12	$ 1.75
Shares Underlying Options, Exercisable at Ending	462,150
Weighted Average Exercise Price, Exercisable at ending	$ 2.85
Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending	7 years 1 month 6 days

Property and Equipment (Details Narrative) - USD ($)	12 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Apr. 30, 2024	Apr. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 420,000	$ 183,000

Share-Based Compensation Plans (Details Narrative) - USD ($)		12 Months Ended
	Feb. 09, 2022	Apr. 30, 2024	Apr. 30, 2023	Jan. 18, 2018	Dec. 31, 2015
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares underlying options outstanding, granted
Total unrecognized compensation		$ 200,000
Share-based compensation of weighted-average period		1 year 4 months 24 days
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares underlying options outstanding, granted		0	601,089
Options, outstanding, intrinsic value		$ 0
Options unvested		272,000
Weighted average remaining contractual term		8 years 6 months
Share-based payment arrangement, expense		$ 100,000	$ 300,000
Employee Stock Option One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, outstanding, intrinsic value		0
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options unvested			66,667
Share-based payment arrangement, expense		43,000	$ 108,000
Total unrecognized compensation		0
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense		$ 1,000,000.0	$ 1,100,000
Share-based compensation of weighted-average period		1 year 6 months
Number of restricted shares, granted		4,439,257	1,608,681
Unrecognized compensation cost		$ 1,400,000
2015 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement shares authorized		7,282,036			1,332,036
Share-based compensation arrangement shares aggregate increase		$ 2,900,000
2018 Inducement Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement shares authorized	275,000
Capital shares reserved for future issuance				25,000
Share-based compensation arrangement additional shares authorized	250,000

Intangible Assets

12 Months Ended

Apr. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

(7) Intangible Assets

The components of intangible assets, net as of April 30, 2024 and 2023 consisted of the following:

	April 30, 2024			April 30, 2023
	(in thousands)
Patents	$	2,729		$	2,729
Trademarks		2,769			2,769
Tradename		—			130
Customer Relationships		—			150
Intangible assets, gross		5,498			5,778
Accumulated amortization		(1,876	)		(1,800	)
Intangible assets, net	$	3,622		$	3,978

Amortization expense was approximately $148,000 and $158,000 for the years ended April 30, 2024 and 2023, respectively. Trademarks are not subject to amortization.

Additionally, in connection with the sale of 3Dent in November of 2023, the trade-name and customer relationships were both expensed fully during the fiscal year ended April 30, 2024 under Loss on disposition of assets on the Consolidated Statements of Operations.

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Apr. 30, 2024	Jul. 22, 2024	Oct. 31, 2023
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Apr. 30, 2024
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
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
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 17.6
Entity Common Stock, Shares Outstanding		92,708,981
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	274
Auditor Opinion [Text Block]	We have audited the accompanying consolidated balance sheets of Ocean Power Technologies, Inc. and Subsidiaries (the “Company”) as of April 30, 2024 and 2023, and the related consolidated statements of operations, comprehensive loss, shareholders’ equity, and cash flows for each of the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company as of April 30, 2024 and 2023, and the consolidated results of their operations and their cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Auditor Name	EISNERAMPER LLP
Auditor Location	Iselin, New Jersey
Common Stock, par value $0.001
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	OPTT
Security Exchange Name	NYSE
Series A Preferred Stock Purchase Rights
Title of 12(b) Security	Series A Preferred Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NYSE

Schedule of Inventory (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Inventory Disclosure [Abstract]
Raw Materials	$ 4,298	$ 1,044
Work in Process	397
Finished Goods	136
Inventory, net	$ 4,831	$ 1,044

Goodwill (Details Narrative) - USD ($)	12 Months Ended
Goodwill (Details Narrative) - USD ($)	Apr. 30, 2024	Apr. 30, 2023	Nov. 30, 2021
Goodwill	$ 8,537,000	$ 8,537,000
Impairment of goodwill	$ 0	$ 0
Marine Advanced Robotics, Inc. [Member]
Goodwill			$ 8,500,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating (loss) income	$ (29,331)	$ (29,216)
Right of use assets	2,405	1,751
Total assets	28,704	53,374
Operating Segment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from external customers	5,525	2,732
Operating (loss) income	(29,331)	(29,216)
Right of use assets	2,405	1,751
Long-lived assets	3,443	1,280
Total assets	28,704	53,374
North America [Member] \| Operating Segment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from external customers	5,278	2,389
Operating (loss) income	(29,548)	(29,271)
Right of use assets	2,405	1,751
Long-lived assets	3,443	1,280
Total assets	28,704	53,374
Europe [Member] \| Operating Segment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from external customers	247	90
Operating (loss) income	217	6
Right of use assets
Long-lived assets
Total assets
Asia and Australia [Member] \| Operating Segment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from external customers		253
Operating (loss) income		49
Right of use assets
Long-lived assets
Total assets

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Income Statement [Abstract]
Net loss	$ (27,483)	$ (26,326)
Foreign currency translation adjustment
Total comprehensive loss	$ (27,483)	$ (26,326)

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Computed expected tax benefit	(21.00%)	(21.00%)
State income taxes, net of federal benefit	(3.50%)	4.00%
Federal research and development tax credits	(1.10%)	1.90%
Foreign rate differential
Other non-deductible expenses	0.40%	(1.10%)
Proceeds of sale of New Jersey tax benefits	(3.40%)	(7.00%)
Other	4.50%	1.30%
Increase in valuation allowance	19.80%	22.90%
Income tax (benefit)	(4.30%)	1.00%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Schedule of Revenue Recognizes From Operating Lease Arrangements

The below table represents the total revenue recognized under ASC 606 and ASC 842 fiscal years ended April 30, 2024 and 2023:

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Fiscal year ended April 30, 2024						Fiscal year ended April 30, 2023
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	1,912	$	1,392	$	3,304	$	919	$	667	$	1,586
Buoy		1,739		—		1,739		269		—		269
Services		482		—		482		877		—		877
Total	$	4,133	$	1,392	$	5,525	$	2,065	$	667	$	2,732

Region:
North and South America	$	4,101	$	1,177	$	5,278	$	1,722	$	667	$	2,389
Europe		32		215		247		90		-		90
Asia and Australia		—		—		—		253		—		253
Total	$	4,133	$	1,392	$	5,525	$	2,065	$	667	$	2,732
Revenue	$	4,133	$	1,392	$	5,525	$	2,065	$	667	$	2,732

Schedule of Cash and Cash Equivalents and Restricted Cash

	April 30, 2024		April 30, 2023
	(in thousands)
Cash and cash equivalents	$	3,151	$	6,883
Restricted cash- short term		—		65
Restricted cash- long term		154		155
	$	3,305	$	7,103

Schedule of Investments and Unrealized Gains/Losses

The following table summarizes the Company’s short-term investments as of April 30, 2024 and 2023:

	April 30, 2024						April 30, 2023
Category	Amortized Cost		Unrealized Gains (Losses)		Market Value		Amortized Cost		Unrealized Gains (Losses)		Market Value
	(in thousands)
Corporate Bonds	$	—	$	—	$	—	$	14,776	$	100	$	14,876
Government Bonds & Notes		—		—		—		9,188		33		9,221
Government Agency		—		—		—		3,826		25		3,851
Total Short Term Investments	$	—	$	—	$	—	$	27,790	$	158	$	27,948

Schedule of Property, Plant and Equipment, Useful Life

Description		Estimated useful life

Equipment		5-7 years
Computer equipment & software		3 years
Office furniture & fixtures		3-7 years
Leasehold improvements		Shorter of the estimated useful life or lease term
Leased Power Buoy assets		10 years
Leased WAM-V assets		10 years

Share-Based Compensation Plans

12 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation Plans

(12) Share-Based Compensation Plans

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. At subsequent shareholder meetings, including most recently in February 2024, the shareholders approved an aggregate increase to the 2015 Plan of 2,900,000 shares resulting in total shares authorized for issuance of 7,282,036 as of April 30, 2024.

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. On February 9, 2022, the 2018 Inducement Plan was amended to increase the authorized shares by 250,000 to 275,000.

Stock Options

The Company estimates the fair value of each stock option award granted with service-based vesting requirements, using the Black-Scholes option pricing model, assuming no dividends, and using weighted average valuation assumptions. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant commensurate with the expected life of the award. The expected life (estimated period of time outstanding) of the stock options granted was estimated using the “simplified” method as permitted by the SEC’s Staff Accounting Bulletin No. 110, Share-Based Payment. Expected volatility is based on the Company’s historical volatility over the expected life of the stock option granted. There were zero and 601,089 shares granted for the periods ended April 30, 2024 and 2023, respectively.

	Fiscal year ended April 30,
	2024		2023
Risk-free interest rate		N/A		3.5	%
Expected dividend yield		N/A		0.0	%
Expected life (in years)		N/A		5.5
Expected volatility		N/A		109.0	%

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, 2023		1,529,185		$	1.75		8.8
Granted		—		$	—
Exercised		—		$	—
Cancelled/forfeited		(794,369	)	$	1.29
Expired		(273	)	$	341.08
Outstanding as of April 30, 2024		734,543		$	2.12		7.6
Exercisable as of April 30, 2024		462,150		$	2.85		7.1

As of April 30, 2024, the total intrinsic value of outstanding and exercisable options was approximately zero. As of April 30, 2024, approximately 272,000 additional options were unvested, which had an intrinsic value of zero and a weighted average remaining contractual term of 8.5 years. There was approximately $0.1 million and $0.3 million of total recognized compensation cost related to stock options during each of the fiscal year ended April 30, 2024 and 2023, respectively. As of April 30, 2024, 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 1.4 years.

Performance Stock Options

As of April 30, 2024, there were no performance stock units outstanding. As of April 30, 2023 there were 66,667 performance stock units outstanding which were all cancelled during the quarter ended July 31, 2023. There was approximately $43,000 and $108,000 of total recognized compensation cost related to performance stock options during each of the fiscal year ended April 30, 2024 and 2023, respectively. As of April 30, 2024, there was no unrecognized compensation cost related to non-vested stock options granted under the plans.

Restricted Stock Units

Compensation expense for restricted stock units (“RSUs”) is generally recorded based on the market value on the date of grant and recognized ratably over the associated service and performance period. During the years ended April 30, 2024 and 2023, the Company granted 4,439,257 and 1,608,681 shares, respectively, subject to service-based, performance, and market condition vesting requirements.

A summary of unvested restricted stock units under our stock incentive plans is as follows:

	Number of Shares			Weighted Average Price per Share
Issued and unvested at April 30, 2023		1,985,994		$	0.91
Granted		4,439,257		$	0.30
Vested and issued		(787,498	)	$	0.86
Cancelled/forfeited		(513,224	)	$	0.90
Issued and unvested at April 30, 2024		5,124,529		$	0.38

There was approximately $1.0 million and $1.1 million of total recognized compensation cost related to restricted stock units for the years ended April 30, 2024 and 2023, respectively. As of April 30, 2024, there was $1.4 million 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.

Property and Equipment (Tables)

12 Months Ended

Apr. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment

The components of property and equipment as of April 30, 2024 and 2023 consisted of the following:

	April 30, 2024			April 30, 2023
	(in thousands)
Equipment	$	1,530		$	783
Computer equipment & software		790			700
Office furniture & equipment		422			386
Leasehold improvements		683			611
Leased WAM-V’s		1,547			371
Leased Buoys		444			—
Property and equipment, gross		5,416			2,851
Less: accumulated depreciation		(1,973	)		(1,571	)
Property and equipment, net	$	3,443		$	1,280

Commitments and Contingencies (Details Narrative)	Jun. 16, 2023 USD ($)	Jan. 25, 2021 EUR (€)	Apr. 30, 2022 USD ($)	Apr. 30, 2022 EUR (€)
Operating Loss Carryforwards [Line Items]
Description of litigation and allegations and claim	on April 24, 2024, Paragon made the following “non-dilutive $3MM preferred stock” offer to the Company: “...The preferred would have the option to be convertible to common stock, at $0.05 a share, or 25% of the 30-day average trading price, whichever is higher...”. After the Board correctly rejected the $3MM preferred stock offer, on June 7, 2024, Paragon issued a press release that proclaimed its offer was non-dilutive. In fact, Paragon’s offer was highly dilutive because the offer stipulated that the proposed OPT preferred stock to be issued to Paragon would be convertible to OPT common stock at a 75% discount to the fair market value of the common stock. The Paragon offer thus essentially amounted to a change in control of the Company at 25% of its fair market value.
Legal fees and costs \| $	$ 3,900,000
Tax Authority, Spain [Member]
Operating Loss Carryforwards [Line Items]
Income tax penalties			$ 331,000	€ 279,870
Payment of tax on damages \| €		€ 279,870

Account Receivable, Contract Assets, and Contract Liabilities (Tables)

12 Months Ended

Apr. 30, 2024

Account Receivable Contract Assets And Contract Liabilities

Schedule of Accounts Receivable, Contract Assets and Contract Liabilities

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

	2024		2023		2022
	Fiscal year ended April 30,
	2024		2023		2022
	(in thousands)

Accounts receivable	$	796	$	745	$	482
Contract assets		18		152		386
Contract liabilities		302		1,378		129

Schedule of Significant Changes in Contract Assets

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

	2024			2023
	Fiscal year ended April 30,
	2024			2023
	(in thousands)

Transferred to receivables from contract assets recognized during the period	$	(1,879	)	$	(1,768	)
Revenue recognized and not billed during the period		1,745			1,534
Net change in contract assets	$	(134	)	$	(234	)

Schedule of Significant Changes in Contract Liabilities

Significant changes in the contract liabilities balances during the period are as follows:

	2024			2023
	Fiscal year ended April 30,
	2024			2023
	(in thousands)

Revenue recognized	$	(2,424	)	$	(574	)
Payments collected for which revenue has not been recognized		1,348			1,823
Net change in contract liabilities	$	(1,076	)	$	1,249

Background and Going Concern Uncertainty (Details Narrative) - USD ($)		3 Months Ended	12 Months Ended
	Mar. 21, 2024	Jul. 26, 2024	Apr. 30, 2024	Apr. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net loss			$ 27,483,000	$ 26,326,000
Cash in operations			29,763,000	$ 21,707,000
Incurred expenses			3,900,000
2023 ATM Facility [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate offering price	$ 7,000,000
Proceeds from issuance			$ 500,000
2023 ATM Facility [Member] \| Subsequent Event [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Capital financing		$ 6,200,000

- Definition

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

+ References

+ Details

Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 3,151	$ 6,883
Restricted cash- short term		65
Restricted cash- long term	154	155
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 3,305	$ 7,103

Leases (Tables)

12 Months Ended

Apr. 30, 2024

Leases

Schedule of Operating Lease Costs

The components of lease expense in the Consolidated Statement of Operations for the fiscal year ended April 30, 2024 and 2023 was as follows:

Schedule of Operating Lease Costs

	2024		2023
	Fiscal year ended April 30,
	2024		2023
Operating lease cost	$	640	$	382
Short-term lease cost		68		44
Total lease cost	$	708	$	426

Schedule of Right-of use Assets and Lease Liabilities

Information related to the Company’s right-of use assets and lease liabilities as of April 30, 2024 is as follows:

	April 30, 2024
		(in thousands)

Operating lease:
Operating right-of-use assets, net	$	2,405

Right-of-use liabilities- current		774
Right-of-use liabilities- long term		1,798
Total lease liabilities	$	2,572

Weighted average remaining lease term- operating leases		2.98 years
Weighted average discount rate- operating leases		8.4	%

Schedule of Future Minimum Lease payments Under Operating Lease

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

	April 30, 2024
		(in thousands)

2025	$	1,410
2026		1,847
2027		329
2028		333
2029		28
Thereafter		-
Total future minimum lease payments		3,947
Less imputed interest		(1,375	)
Total	$	2,572

Operating Segments and Geographic Information (Details Narrative)	12 Months Ended
	Apr. 30, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

Leases

12 Months Ended

Apr. 30, 2024

Leases

Leases

(9) Leases

Lessor Information

As of April 30, 2024 and 2023, the Company had five and three WAM-V’s, respectively, leased to customers which have been classified as operating leases per accounting guidance contained within ASC Topic 842, “Leases”, respectively. The remaining term on these operating leases is less than 2 years.

Lessee Information

Right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. When the implicit rate of the lease is not provided or cannot be determined, the Company uses the incremental borrowing rate based on the information available at the effective date to determine the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The renewal options have not been included in the lease term as they are not reasonably certain of exercise. The Company’s operating leases consist of leases for office facilities and warehouse space. Lease expense for minimum lease payments is recognized on a straight- line basis over the lease term and consists of interest on the lease liability and the amortization of the right of use asset.

The Company has a lease for its facility located in Monroe Township, New Jersey that is used as warehouse/production space and the Company’s principal offices and corporate headquarters. In February 2024, the Company extended the lease for its main headquarters in Monroe, NJ to April 30, 2026 and it was executed and recorded as an additional right of use asset and liability. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities – current, and right-of-use liabilities- long-term on the Company’s Consolidated Balance Sheets.

The Company also has a lease for office space located in Richmond, California. This lease commenced in April of 2023 and will continue for 62 months. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities- current and right-of-use liabilities- long-term on the Company’s Consolidated Balance Sheets.

Variable lease expenses, if any, are recorded as incurred. The operating lease expense in the Consolidated Statement of Operations was $0.7 million and $0.4 million for the fiscal year ended April 30, 2024 and 2023, respectively.

The components of lease expense in the Consolidated Statement of Operations for the fiscal year ended April 30, 2024 and 2023 was as follows:

Schedule of Operating Lease Costs

	2024		2023
	Fiscal year ended April 30,
	2024		2023
Operating lease cost	$	640	$	382
Short-term lease cost		68		44
Total lease cost	$	708	$	426

Information related to the Company’s right-of use assets and lease liabilities as of April 30, 2024 is as follows:

	April 30, 2024
		(in thousands)

Operating lease:
Operating right-of-use assets, net	$	2,405

Right-of-use liabilities- current		774
Right-of-use liabilities- long term		1,798
Total lease liabilities	$	2,572

Weighted average remaining lease term- operating leases		2.98 years
Weighted average discount rate- operating leases		8.4	%

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

	April 30, 2024
		(in thousands)

2025	$	1,410
2026		1,847
2027		329
2028		333
2029		28
Thereafter		-
Total future minimum lease payments		3,947
Less imputed interest		(1,375	)
Total	$	2,572

Schedule of Future Minimum Lease payments Under Operating Lease (Details) $ in Thousands	Apr. 30, 2024 USD ($)
Leases
2025	$ 1,410
2026	1,847
2027	329
2028	333
2029	28
Thereafter
Total future minimum lease payments	3,947
Less imputed interest	(1,375)
Total	$ 2,572

Operating Segments and Geographic Information

12 Months Ended

Apr. 30, 2024

Segment Reporting [Abstract]

Operating Segments and Geographic Information

(16) Operating Segments and Geographic Information

The Company’s business consists of one segment as the revenue associated with its different business lines are not material enough to justify segment reporting or to make it meaningful to investors, and our chief operating decision maker does not view the Company’s operations on a segment basis. The Company operates on a worldwide basis with one operating company in the U.S. and one operating subsidiary in the UK. Revenue and expenses are generally attributed to the operating unit that bills the customers. Geographic information is as follows:

	Year Ended April 30, 2024
	North & South America			Europe		Asia and Australia		Total
	(in thousands)
Revenue from external customers	$	5,278		$	247	$	—	$	5,525
Operating (loss) income		(29,548	)		217		—		(29,331	)
Right-of-use assets, net		2,405			—		—		2,405
Long-lived assets		3,443			—		—		3,443
Total assets		28,704			—		—		28,704

	Year Ended April 30, 2023
	North & South America			Europe		Asia and Australia		Total
	(in thousands)
Revenue from external customers	$	2,389		$	90	$	253	$	2,732
Operating (loss) income		(29,271	)		6		49		(29,216	)
Right-of-use assets, net		1,751			—		—		1,751
Long-lived assets		1,280			—		—		1,280
Total assets		53,374			—		—		53,374

- 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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+ Details

Schedule of Significant Changes in Contract Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Account Receivable Contract Assets And Contract Liabilities
Transferred to receivables from contract assets recognized during the period	$ (1,879)	$ (1,768)
Revenue recognized and not billed during the period	1,745	1,534
Net change in contract assets	$ (134)	$ (234)

Employee Benefits

12 Months Ended

Apr. 30, 2024

Retirement Benefits [Abstract]

Employee Benefits

(17) Employee Benefits

401(k) Savings & Retirement Plan

The Company offers a 401(k) Savings & Retirement Plan to eligible employees meeting certain age and service requirements. This plan permits participants to contribute 100% of their salary, up to the maximum allowable by the Internal Revenue Service regulations. Participants are immediately vested in their voluntary contributions plus actual earnings or less actual losses thereon. Participants are eligible to participate in the Company match after one year of service and are fully vested in the Company match after two years of service.

The Company matches employee contributions dollar for dollar up to the first 3% and fifty cents on the dollar for each additional 1% up to 9% for a maximum match contribution of 6%. The aggregate employer 401(k) match expense recorded in the Consolidated Statements of Operations for the years ended April 30, 2024 and 2023 was approximately $0.3 million and $0.3 million, respectively.

The Company may also provide for a voluntary contribution to the plan which is approved by the Company’s Board of Directors on an annual basis. All participants immediately vest on the date of distribution.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Leases (Details Narrative) - USD ($) $ in Millions	12 Months Ended
Leases (Details Narrative) - USD ($) $ in Millions	Apr. 30, 2024	Apr. 30, 2023
Leases
Lessee operating lease remaining term	2 years
Operating lease expense	$ 0.7	$ 0.4

Schedule of Revenue Recognizes From Operating Lease Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Product Information [Line Items]
Revenue	$ 5,525	$ 2,732
North And South America [Member]
Product Information [Line Items]
Revenue	5,278	2,389
Europe [Member]
Product Information [Line Items]
Revenue	247	90
Asia and Australia [Member]
Product Information [Line Items]
Revenue		253
Region [Member]
Product Information [Line Items]
Revenue	5,525	2,732
WAMV [Member]
Product Information [Line Items]
Revenue	3,304	1,586
Buoy [Member]
Product Information [Line Items]
Revenue	1,739	269
Service [Member]
Product Information [Line Items]
Revenue	482	877
Product [Member]
Product Information [Line Items]
Revenue	5,525	2,732
Accounting Standards Update 2014-09 [Member] \| North And South America [Member]
Product Information [Line Items]
Revenue	4,101	1,722
Accounting Standards Update 2014-09 [Member] \| Europe [Member]
Product Information [Line Items]
Revenue	32	90
Accounting Standards Update 2014-09 [Member] \| Asia and Australia [Member]
Product Information [Line Items]
Revenue		253
Accounting Standards Update 2014-09 [Member] \| Region [Member]
Product Information [Line Items]
Revenue	4,133	2,065
Accounting Standards Update 2014-09 [Member] \| WAMV [Member]
Product Information [Line Items]
Revenue	1,912	919
Accounting Standards Update 2014-09 [Member] \| Buoy [Member]
Product Information [Line Items]
Revenue	1,739	269
Accounting Standards Update 2014-09 [Member] \| Service [Member]
Product Information [Line Items]
Revenue	482	877
Accounting Standards Update 2014-09 [Member] \| Product [Member]
Product Information [Line Items]
Revenue	4,133	2,065
Accounting Standards Update 2016-02 [Member] \| North And South America [Member]
Product Information [Line Items]
Revenue	1,177	667
Accounting Standards Update 2016-02 [Member] \| Europe [Member]
Product Information [Line Items]
Revenue	215
Accounting Standards Update 2016-02 [Member] \| Asia and Australia [Member]
Product Information [Line Items]
Revenue
Accounting Standards Update 2016-02 [Member] \| Region [Member]
Product Information [Line Items]
Revenue	1,392	667
Accounting Standards Update 2016-02 [Member] \| WAMV [Member]
Product Information [Line Items]
Revenue	1,392	667
Accounting Standards Update 2016-02 [Member] \| Buoy [Member]
Product Information [Line Items]
Revenue
Accounting Standards Update 2016-02 [Member] \| Service [Member]
Product Information [Line Items]
Revenue
Accounting Standards Update 2016-02 [Member] \| Product [Member]
Product Information [Line Items]
Revenue	$ 1,392	$ 667

Property and Equipment

12 Months Ended

Apr. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

(6) Property and Equipment

The components of property and equipment as of April 30, 2024 and 2023 consisted of the following:

	April 30, 2024			April 30, 2023
	(in thousands)
Equipment	$	1,530		$	783
Computer equipment & software		790			700
Office furniture & equipment		422			386
Leasehold improvements		683			611
Leased WAM-V’s		1,547			371
Leased Buoys		444			—
Property and equipment, gross		5,416			2,851
Less: accumulated depreciation		(1,973	)		(1,571	)
Property and equipment, net	$	3,443		$	1,280

Leased WAM-V’s represent fixed assets that are associated with underlying operating leases with customers as discussed in revenue recognition section related to ASC 842.

Depreciation expense was approximately $420,000 and $183,000 for years ended April 30, 2024 and 2023, respectively.

Operating Segments and Geographic Information (Tables)

12 Months Ended

Apr. 30, 2024

Segment Reporting [Abstract]

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

	Year Ended April 30, 2024
	North & South America			Europe		Asia and Australia		Total
	(in thousands)
Revenue from external customers	$	5,278		$	247	$	—	$	5,525
Operating (loss) income		(29,548	)		217		—		(29,331	)
Right-of-use assets, net		2,405			—		—		2,405
Long-lived assets		3,443			—		—		3,443
Total assets		28,704			—		—		28,704

	Year Ended April 30, 2023
	North & South America			Europe		Asia and Australia		Total
	(in thousands)
Revenue from external customers	$	2,389		$	90	$	253	$	2,732
Operating (loss) income		(29,271	)		6		49		(29,216	)
Right-of-use assets, net		1,751			—		—		1,751
Long-lived assets		1,280			—		—		1,280
Total assets		53,374			—		—		53,374

Employee Benefits (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Contribution percentage	100.00%
Employee contribution percentage	3.00%
Employee contribution percentage maximum	6.00%
Employee benefits and share-based compensation	$ 1.2	$ 1.5
Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employee benefits and share-based compensation	$ 0.3	$ 0.3
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Employee contribution percentage	1.00%
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Employee contribution percentage	9.00%

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

Loss before income taxes for the years ended April 30, 2024 and 2023 consisted of the following components:

	April 30, 2024			April 30, 2023
	(in thousands)
Domestic	$	(28,737	)	$	(26,578	)
Foreign		-			(26	)
Total loss before income taxes	$	(28,737	)	$	(26,604	)

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differed from the percentages computed by applying the U.S. federal income tax rate for the periods ended April 30, 2024 and 2023 to loss before income taxes as a result of the following:

	April 30, 2024			April 30, 2023
Computed expected tax benefit		(21.0	)%		(21.0	)%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		(3.5	)%		4.0	%
Federal research and development tax credits		(1.1	)%		1.9	%
Foreign rate differential		—	%		—	%
Other non-deductible expenses		0.4	%		(1.1	)%
Proceeds of sale of New Jersey tax benefits		(3.4	)%		(7.0	)%
Other		4.5	%		1.3	%
Increase in valuation allowance		19.8	%		22.9	%
Income tax (benefit)		(4.3	)%		1.0	%

Schedule of Deferred Tax Assets and Liabilities

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

	April 30, 2024			April 30, 2023
	(in thousands)
Deferred tax assets:
Federal net operating loss carryforwards	$	48,745		$	43,788
Foreign net operating loss carryforwards		2,059			2,059
State operating loss carryforwards		1,934			1,578
Federal and New Jersey research and development tax credits		5,404			5,143
Stock compensation		470			662
Accrued expenses		312			474
Other		2,578			1,977
Net deferred tax assets before valuation allowance	$	61,502		$	55,681
Valuation allowance	$	(60,322	)	$	(54,644	)
Deferred tax assets	$	1,180		$	1,037
Deferred tax liabilities:
Intangibles	$	793		$	792
Lease liabilities		590			448
Net deferred tax liabilities	$	(203	)	$	(203	)

Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 202	$ 358
Prepaid software & licenses	224	190
Prepaid sales & marketing	124	122
Prepaid project costs	578	46
Prepaid inventory materials	414	58
Prepaid expenses- other	205	220
Total other current assets	$ 1,747	$ 994

Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 30, 2024	Apr. 30, 2023
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 value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	61,352,731	56,304,642
Common stock, shares outstanding	61,264,714	56,263,728
Treasury stock, shares	88,017	40,914

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Apr. 30, 2022	$ 56	$ (341)	$ 322,932	$ (253,770)	$ (46)	$ 68,831
Balance, shares at Apr. 30, 2022	55,905,213	(23,352)
Net loss				(26,326)		(26,326)
Share-based compensation			1,461			1,461
Common stock issued upon vesting of restricted stock units
Common stock issued upon vesting of restricted stock, shares	399,429
Shares withheld for tax withholdings		$ (14)				(14)
Shares withheld for tax withholdings, shares		(17,562)
Other comprehensive gain/(loss)					1	1
Balance at Apr. 30, 2023	$ 56	$ (355)	324,393	(280,096)	(45)	43,953
Balance, shares at Apr. 30, 2023	56,304,642	(40,914)
Net loss				(27,483)		(27,483)
Share-based compensation			1,155			1,155
Common stock issued upon vesting of restricted stock units
Common stock issued upon vesting of restricted stock, shares	787,498
Shares withheld for tax withholdings		$ (14)				(14)
Shares withheld for tax withholdings, shares		(47,103)
Common stock issued related to bonus and earnout payments	$ 3		1,247			1,250
Common stock issued related to bonus and earnout payments, shares	2,403,846
Issuance of common stock - Cantor At The Market offering, net of issuance costs			29			29
Issuance of common stock - Cantor At The Market offering, net of issuance costs, shares	55,604
Issuance of common stock - AGP At The Market offering, net of issuance costs	$ 2		452			454
Issuance of common stock - AGP At The Market offering, net of issuance costs, shares	1,801,141
Balance at Apr. 30, 2024	$ 61	$ (369)	$ 327,276	$ (307,579)	$ (45)	$ 19,344
Balance, shares at Apr. 30, 2024	61,352,731	(88,017)

Inventory

12 Months Ended

Apr. 30, 2024

Inventory Disclosure [Abstract]

Inventory

(4) Inventory

The Company holds inventory related to the production of our products.

Schedule of Inventory

	April 30, 2024		April 30, 2023
	(in thousands)
Raw Materials	$	4,298	$	1,044
Work in Process		397		—
Finished Goods		136		—
Inventory, net	$	4,831	$	1,044

The Company’s raw materials balance represents the majority of the inventory as the Company orders parts in quantity to fill orders. Work in process and finished products typically represent smaller portions of inventory as the Company does not historically hold finished products with the exception of assets transitioning to the lease fleet or to be shipped to a customer. The Company typically ships finished products as they are completed.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Basis of Consolidation

(a) Basis of Consolidation

Use of Estimates

(b) Use of Estimates

Business Combinations

(c) Business Combinations

Revenue Recognition

(d) Revenue Recognition

As of April 30, 2024, the Company’s remaining performance obligations, also called contracted backlog, totaled $4.9 million.

The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue.

The below table represents the total revenue recognized under ASC 606 and ASC 842 fiscal years ended April 30, 2024 and 2023:

	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	Fiscal year ended April 30, 2024						Fiscal year ended April 30, 2023
	ASC 606		ASC 842		Total		ASC 606		ASC 842		Total
	(in thousands)						(in thousands)
Product Line:
WAM-V	$	1,912	$	1,392	$	3,304	$	919	$	667	$	1,586
Buoy		1,739		—		1,739		269		—		269
Services		482		—		482		877		—		877
Total	$	4,133	$	1,392	$	5,525	$	2,065	$	667	$	2,732

Region:
North and South America	$	4,101	$	1,177	$	5,278	$	1,722	$	667	$	2,389
Europe		32		215		247		90		-		90
Asia and Australia		—		—		—		253		—		253
Total	$	4,133	$	1,392	$	5,525	$	2,065	$	667	$	2,732
Revenue	$	4,133	$	1,392	$	5,525	$	2,065	$	667	$	2,732

Cash and Cash Equivalents, Restricted Cash, Security Agreements and Investments

(e) Cash and Cash Equivalents, Restricted Cash, Security Agreements and Investments

Cash and Cash Equivalents

Restricted Cash and Security Agreements

	April 30, 2024		April 30, 2023
	(in thousands)
Cash and cash equivalents	$	3,151	$	6,883
Restricted cash- short term		—		65
Restricted cash- long term		154		155
	$	3,305	$	7,103

Short Term Investments

The following table summarizes the Company’s short-term investments as of April 30, 2024 and 2023:

	April 30, 2024						April 30, 2023
Category	Amortized Cost		Unrealized Gains (Losses)		Market Value		Amortized Cost		Unrealized Gains (Losses)		Market Value
	(in thousands)
Corporate Bonds	$	—	$	—	$	—	$	14,776	$	100	$	14,876
Government Bonds & Notes		—		—		—		9,188		33		9,221
Government Agency		—		—		—		3,826		25		3,851
Total Short Term Investments	$	—	$	—	$	—	$	27,790	$	158	$	27,948

Inventory

(f) Inventory

Accounts Receivable

(g) Accounts Receivable

Property and Equipment, net

(h) Property and Equipment, net

Description		Estimated useful life

Equipment		5-7 years
Computer equipment & software		3 years
Office furniture & fixtures		3-7 years
Leasehold improvements		Shorter of the estimated useful life or lease term
Leased Power Buoy assets		10 years
Leased WAM-V assets		10 years

Foreign Exchange Gains and Losses

(i) Foreign Exchange Gains and Losses

Concentration of Credit Risk

(j) Concentration of Credit Risk

Net Loss per Common Share

(k) Net Loss per Common Share

Share-Based Compensation

(l) Share-Based Compensation

Intangibles, net

(m) Intangibles, net

Goodwill

(n) Goodwill

Income Taxes

(o) Income Taxes

Accumulated Other Comprehensive Loss

(p) Accumulated Other Comprehensive Loss

Warranty

(q) Warranty

Product development

(r) Product development

Recently Issued Accounting Standards

(s) Recently Issued Accounting Standards

Reclassifications

(t) Reclassifications

Certain amounts may have been reclassified to conform to current period presentation. This reclassification had no impact on the previously reported net loss or comprehensive loss.

Accrued Expenses (Tables)

12 Months Ended

Apr. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following at April 30, 2024 and 2023:

Schedule of Accrued Expenses

	April 30, 2024		April 30, 2023
	(in thousands)
Employee incentive payments	$	1,271	$	1,948
Accrued salary and benefits		369		52
Project costs		—		181
Other		147		165
Accrued expenses total	$	1,787	$	2,346

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Jan. 31, 2024	Jan. 31, 2023	Aug. 31, 2020
Product Information [Line Items]
Revenue remaining performance obligation	$ 4,900,000
Cash and cash equivalents	3,300,000	$ 7,100,000
Short term investments		27,790,000
Accretion of discount and amortization of premium on investments	$ 290,000	$ 122,000
Antidilutive securities excluded from computation of earnings per share, amount	5,859,072	7,777,026
Employee benefits and share based compensation	$ 1,200,000	$ 1,500,000
Product development expense	$ 7,700,000	$ 10,000,000.0
Patents [Member]
Product Information [Line Items]
Intangible asset estimated lives	20 years
Trade Names [Member]
Product Information [Line Items]
Intangible asset estimated lives	12 years
Customer Relationships [Member]
Product Information [Line Items]
Intangible asset estimated lives	10 years
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Two Customers [Member]
Product Information [Line Items]
Concentration risk percentage	52.00%	32.00%
Santander Bank [Member]
Product Information [Line Items]
Deposits	$ 154,000
Santander Bank [Member] \| Letter Two [Member]
Product Information [Line Items]
Letters of credit issued amount			$ 65,000	$ 258,000
Santander Bank [Member] \| Letter Two [Member] \| August 2020 [Member]
Product Information [Line Items]
Letters of credit outstanding					$ 323,000
Santander Bank [Member] \| Restricted Cash and Security Agreements [Member] \| Letter One [Member]
Product Information [Line Items]
Letters of credit outstanding					$ 645,000
Transferred over Time [Member]
Product Information [Line Items]
Revenue related to performance obligations satisfied over-time	3,700,000
Transferred at Point in Time [Member]
Product Information [Line Items]
Revenue related to performance obligations satisfied over-time	$ 1,900,000

Goodwill

12 Months Ended

Apr. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

(8) Goodwill

Goodwill in the amount of $8.5 million was recognized in November 2021 related to the acquisition of MAR. There have been no additions to or impairment of goodwill during the years ended April 30, 2024 and 2023.

Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Payables and Accruals [Abstract]
Employee incentive payments	$ 1,271	$ 1,948
Accrued salary and benefits	369	52
Project costs		181
Other	147	165
Accrued expenses total	$ 1,787	$ 2,346

Income Taxes

12 Months Ended

Apr. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

(14) Income Taxes

Loss before income taxes for the years ended April 30, 2024 and 2023 consisted of the following components:

	April 30, 2024			April 30, 2023
	(in thousands)
Domestic	$	(28,737	)	$	(26,578	)
Foreign		-			(26	)
Total loss before income taxes	$	(28,737	)	$	(26,604	)

The income tax benefit for the years ended April 30, 2024 and 2023 consisted of $1.3 million and $0.3 million, respectively, from the sale of New Jersey net operating losses and research and development credits.

Tax Rate Reconciliation

	April 30, 2024			April 30, 2023
Computed expected tax benefit		(21.0	)%		(21.0	)%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		(3.5	)%		4.0	%
Federal research and development tax credits		(1.1	)%		1.9	%
Foreign rate differential		—	%		—	%
Other non-deductible expenses		0.4	%		(1.1	)%
Proceeds of sale of New Jersey tax benefits		(3.4	)%		(7.0	)%
Other		4.5	%		1.3	%
Increase in valuation allowance		19.8	%		22.9	%
Income tax (benefit)		(4.3	)%		1.0	%

Significant Components of Deferred Taxes

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

	April 30, 2024			April 30, 2023
	(in thousands)
Deferred tax assets:
Federal net operating loss carryforwards	$	48,745		$	43,788
Foreign net operating loss carryforwards		2,059			2,059
State operating loss carryforwards		1,934			1,578
Federal and New Jersey research and development tax credits		5,404			5,143
Stock compensation		470			662
Accrued expenses		312			474
Other		2,578			1,977
Net deferred tax assets before valuation allowance	$	61,502		$	55,681
Valuation allowance	$	(60,322	)	$	(54,644	)
Deferred tax assets	$	1,180		$	1,037
Deferred tax liabilities:
Intangibles	$	793		$	792
Lease liabilities		590			448
Net deferred tax liabilities	$	(203	)	$	(203	)

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences and carry forwards become deductible or are utilized. As of April 30, 2024 and 2023, based upon the level of historical taxable losses, valuation allowances of $60.3 million and $54.6 million, respectively, were recorded to fully offset deferred tax assets. The valuation allowance increased $5.7 million during the year ended April 30, 2024 and increased $7.0 million during the year ended 2023 respectively, due to continuing net operating losses.

As of April 30, 2024, the Company had net operating loss carry forwards for federal income tax purposes of approximately $231.4 million, which begin to expire in fiscal 2024; $97.9 million of the federal carryforward has no expiration, but the deductibility of such federal net operating losses may be limited to 80% of our taxable income in future years. The Company also had federal research and development tax credit carry forwards of approximately $4.3 million as of April 30, 2024, which begins to expire in 2024. The Tax Reform Act of 1986 contains provisions that limit the utilization of net operating loss and tax credit carry forwards if there has been an ownership change, as defined. The Company has determined that as a result of multiple ownership changes, as described in Section 382 of the Internal Revenue Code, its ability to utilize these NOL’s and research and development tax credit have been significantly limited.

In addition, as of April 30, 2024, the Company had state net operating loss carry forwards of approximately $27.7 million which begin to expire in 2042, which also may be limited to utilization limitations. Further, as of April 30, 2024, the Company had foreign net operating loss carry forwards of approximately $10.8 million. The ability to utilize these carry forwards may also be limited due to ownership changes.

Income Tax Benefit

The Company has sold New Jersey State net operating losses and research development credits under the New Jersey Economic Development Authority Tax Transfer programs, which has resulted in $1.3 million and $0.3 million of tax benefit related to the fiscal year ended April 30, 2024 and 2023, respectively, from the sale of New Jersey net operating losses and research and development credits. New Jersey-based technology or biotechnology companies with fewer than 225 US employees may be eligible to sell net operating losses and research and development tax credits to unaffiliated corporations, up to a maximum lifetime benefit of $20.0 million per business.

Uncertain Tax Positions

The Company applies the guidance issued by the FASB for the accounting and reporting of uncertain tax positions. The guidance requires the Company to recognize in its consolidated financial statements the impact of a tax position if that position is more likely than not to be sustained upon examination, based on the technical merits of the position. The Company is currently undergoing an income tax audit in Spain for the period from 2011 to 2014, when the Company’s Spanish branch was closed. At April 30, 2024 and 2023, the Company had no other unrecognized tax positions. The Company does not expect any material increase or decrease in its income tax expense in the next fiscal year, related to examinations or uncertain tax positions. Net operating loss and credit carry forwards since inception remain open to examination by taxing authorities and will continue to remain open for a period after utilization.

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

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Intangible Assets (Details Narrative) - USD ($)	12 Months Ended
Intangible Assets (Details Narrative) - USD ($)	Apr. 30, 2024	Apr. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 148,000	$ 158,000

Intangible Assets (Tables)

12 Months Ended

Apr. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Components of Intangible Assets

The components of intangible assets, net as of April 30, 2024 and 2023 consisted of the following:

	April 30, 2024			April 30, 2023
	(in thousands)
Patents	$	2,729		$	2,729
Trademarks		2,769			2,769
Tradename		—			130
Customer Relationships		—			150
Intangible assets, gross		5,498			5,778
Accumulated amortization		(1,876	)		(1,800	)
Intangible assets, net	$	3,622		$	3,978

Schedule of Accounts Receivable, Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Account Receivable Contract Assets And Contract Liabilities
Accounts receivable	$ 796	$ 745	$ 482
Contract assets	18	152	386
Contract liabilities	$ 302	$ 1,378	$ 129

Other Current Assets (Tables)

12 Months Ended

Apr. 30, 2024

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

Schedule of Other Current Assets

Other current assets consist of the following at April 30, 2024 and 2023:

Schedule of Other Current Assets

	April 30, 2024		April 30, 2023
	(in thousands)
Prepaid insurance	$	202	$	358
Prepaid software & licenses		224		190
Prepaid sales & marketing		124		122
Prepaid project costs		578		46
Prepaid inventory materials		414		58
Prepaid expenses- other		205		220
Total other current assets	$	1,747	$	994

Background and Going Concern Uncertainty

12 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Background and Going Concern Uncertainty

(1) Background and Going Concern Uncertainty

(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. The Company provides ocean data collection and reporting, marine power, offshore communications and Domain Awareness Systems (“MDA” or “MDAS”) products, integrated solutions, and consulting services. The Company’s solutions focus on three major service areas: Data as a Service (“DaaS”), which includes data collected by Wave Adaptive Modular Vessel (WAM-V®) autonomous vehicles or PowerBuoy® product lines; Robotics as a Service (“RaaS”), which provides a lower cost subscription model for customers to access use of WAM-V’s®; and Power as a Service (“PaaS”), which includes PowerBuoy® products. The Company offers products and services to a wide-range of customers, including those in government and offshore energy, oil and gas, construction, wind power and other industries. The Company is involved in the entire life cycle of product development, from product design through assembly, testing, deployment, maintenance and upgrades, while working closely with partners across the supply chain. The Company’s solutions are based on technologies that enable autonomous, zero or low carbon emitting, and cost effective data collection, analysis, transportation, cooperation with other assets such as aerial drones, and communication. The Company’s solutions are primarily suited to ocean and other offshore environments, and support generation of actionable intelligence on a standalone basis or working with other data sources. The Company then channels the information it collects, and other communications, through control equipment linked to edge computing and cloud hosting environments. The Company’s goal is to generate most revenue from the sale or lease of products and solutions. The Company expects to continue having net cash outflows until it can generate positive cash flow from the commercialization of products.

(b) Going Concern Uncertainty

For the fiscal year ended April 30, 2024, and the fiscal year ended April 30, 2023, the Company incurred net losses of approximately $27.5 million and $26.3 million, respectively, and used cash in operating activities of approximately $29.8 million and $21.7 million, respectively. In addition, the Company has continued to make investments towards building inventory, supporting order backlog and future growth.

The Company has incurred expenses of approximately $3.9million for the fiscal year ended April 30, 2024, related to litigation with Paragon Technologies, Inc. (see Note 15) and preparation for its 2023 Annual Meeting of Stockholders which took place on February 28, 2024. These expenses are a direct result of the Paragon litigation and were not incurred in the prior year. These expenses could continue into the fiscal year 2025 as this litigation continues.

The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s future operating results and could cause actual results to vary materially from expectations include, but are not limited to, performance of its products, its ability to market and commercialize its products and new products that it may develop, access to capital, technology development, scalability of technology and production, ability to attract and retain key personnel, concentration of customers and suppliers, pending or threatened litigation (including recent litigation noted above), and deployment risks and integration of acquisitions.

On March 21, 2024, the Company entered into an At-the-Market Offering Agreement with AGP with an aggregate offering price of up to $7,000,000 (the “2023 ATM Facility”). As of April 30, 2024, the Company had received proceeds of approximately $0.5 million under the 2023 ATM Facility.

Subsequent to fiscal year end 2024 and through the date of filing management obtained additional capital financing of approximately $6.2 million under the 2023 ATM Facility. The Company’s current cash balance may not be sufficient to fund its planned expenditures through twelve months from the filing date of the Form 10-K. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company’s operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. The accompanying consolidated financial statements have been prepared on a basis which assumes the Company is a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from any uncertainty related to the Company’s ability to continue as a going concern. Such adjustments could be material.

Share-Based Compensation Plans (Tables)

12 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Valuation Assumptions

	Fiscal year ended April 30,
	2024		2023
Risk-free interest rate		N/A		3.5	%
Expected dividend yield		N/A		0.0	%
Expected life (in years)		N/A		5.5
Expected volatility		N/A		109.0	%

Schedule of Stock Option Activity

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, 2023		1,529,185		$	1.75		8.8
Granted		—		$	—
Exercised		—		$	—
Cancelled/forfeited		(794,369	)	$	1.29
Expired		(273	)	$	341.08
Outstanding as of April 30, 2024		734,543		$	2.12		7.6
Exercisable as of April 30, 2024		462,150		$	2.85		7.1

Schedule of Non-vested Restricted Stock Activity

A summary of unvested restricted stock units under our stock incentive plans is as follows:

	Number of Shares			Weighted Average Price per Share
Issued and unvested at April 30, 2023		1,985,994		$	0.91
Granted		4,439,257		$	0.30
Vested and issued		(787,498	)	$	0.86
Cancelled/forfeited		(513,224	)	$	0.90
Issued and unvested at April 30, 2024		5,124,529		$	0.38

Accrued Expenses

12 Months Ended

Apr. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

(10) Accrued Expenses

Accrued expenses consisted of the following at April 30, 2024 and 2023:

Schedule of Accrued Expenses

	April 30, 2024		April 30, 2023
	(in thousands)
Employee incentive payments	$	1,271	$	1,948
Accrued salary and benefits		369		52
Project costs		—		181
Other		147		165
Accrued expenses total	$	1,787	$	2,346

Schedule of Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (28,737)	$ (26,578)
Foreign		(26)
Loss before income taxes	$ (28,737)	$ (26,604)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Schedule of Stock Option Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	12 Months Ended
	Apr. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.50%
Expected dividend yield	0.00%
Expected life (in years)	5 years 6 months
Expected volatility	109.00%

- Definition

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+ Details

Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,416	$ 2,851
Less: accumulated depreciation	(1,973)	(1,571)
Property and equipment, net	3,443	1,280
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,530	783
Computer Equipment & Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	790	700
Office Furniture & Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	422	386
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	683	611
Leased WAM-V's [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,547	371
Leased Buoys [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 444

Schedule of Investments and Unrealized Gains/Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Schedule of Investments [Line Items]
Amortized Cost		$ 27,790
Unrealized Gains (Losses)		158
Market Value		27,948
Corporate Bonds [Member]
Schedule of Investments [Line Items]
Amortized Cost		14,776
Unrealized Gains (Losses)		100
Market Value		14,876
Government Bonds and Notes [Member]
Schedule of Investments [Line Items]
Amortized Cost		9,188
Unrealized Gains (Losses)		33
Market Value		9,221
Government Agency [Member]
Schedule of Investments [Line Items]
Amortized Cost		3,826
Unrealized Gains (Losses)		25
Market Value		$ 3,851

- Definition

Cost of the investment.

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+ Details

Inventory (Tables)

12 Months Ended

Apr. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

The Company holds inventory related to the production of our products.

Schedule of Inventory

	April 30, 2024		April 30, 2023
	(in thousands)
Raw Materials	$	4,298	$	1,044
Work in Process		397		—
Finished Goods		136		—
Inventory, net	$	4,831	$	1,044

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Income Statement [Abstract]
Revenue	$ 5,525	$ 2,732
Cost of revenue	2,699	2,496
Gross profit	2,826	236
Loss/(Gain) from change in fair value of consideration	(72)	1,112
Operating expenses	32,229	28,340
Total operating expenses	32,157	29,452
Operating loss	(29,331)	(29,216)
Interest income, net	800	902
Other income, employee retention credit		1,251
Other income, proceeds from insurance claim		458
Other income	2
Loss on disposition of assets (Note 7)	(210)
Foreign exchange gain	2	1
Loss before income taxes	(28,737)	(26,604)
Income tax benefit	1,254	278
Net loss	$ (27,483)	$ (26,326)
Earnings per share, basic	$ (0.47)	$ (0.47)
Earnings per share, diluted	$ (0.47)	$ (0.47)
Weighted average number of shares outstanding, basic	59,031,736	55,998,543
Weighted average number of shares outstanding, diluted	59,031,736	55,998,543

Schedule of Significant Changes in Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Account Receivable Contract Assets And Contract Liabilities
Revenue recognized	$ (2,424)	$ (574)
Payments collected for which revenue has not been recognized	1,348	1,823
Net change in contract liabilities	$ (1,076)	$ 1,249

Fair Value Measurements (Details Narrative) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent liability MAR acquisition amount		$ 1.2
Changes in contingent liability	$ 0.1	$ 1.1

Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Leases
Operating lease cost	$ 640	$ 382
Short-term lease cost	68	44
Total lease cost	$ 708	$ 426

Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 2,729	$ 2,729
Trademarks	2,769	2,769
Tradename		130
Customer Relationships		150
Intangible assets, gross	5,498	5,778
Accumulated amortization	(1,876)	(1,800)
Intangible assets, net	$ 3,622	$ 3,978