Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Oct. 31, 2013 | Nov. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Ocean Power Technologies, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--04-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 12,160,045 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001378140 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Oct-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $10,032,284 | $6,372,788 |
Marketable securities | 6,498,171 | 13,996,705 |
Accounts receivable, net | 212,018 | 796,332 |
Unbilled receivables | 178,083 | 127,598 |
Other current assets | 274,812 | 152,962 |
Total current assets | 16,983,350 | 21,446,385 |
Property and equipment, net | 612,612 | 700,968 |
Patents, net | 938,402 | 1,044,902 |
Accounts receivable | 212,018 | ' |
Restricted cash | 2,159,856 | 1,366,256 |
Other noncurrent assets | 418,551 | 272,548 |
Total assets | 21,324,789 | 24,831,059 |
Current liabilities | ' | ' |
Accounts payable | 502,439 | 510,031 |
Accrued expenses | 4,328,550 | 3,900,623 |
Unearned revenues | 783,062 | 1,117,115 |
Current portion of long-term debt | 100,000 | 100,000 |
Total current liabilities | 5,714,051 | 5,627,769 |
Long-term debt | 200,000 | 250,000 |
Long-term unearned revenues | 51,276 | 232,033 |
Deferred credits | 600,000 | 600,000 |
Total liabilities | 6,565,327 | 6,709,802 |
Commitments and contingencies (note 8) | ' | ' |
Ocean Power Technologies, Inc. stockholders’ equity: | ' | ' |
Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding | 0 | 0 |
Common stock, $0.001 par value; authorized 105,000,000 shares, issued 11,726,883 and 10,403,215 shares, respectively | 11,727 | 10,403 |
Treasury stock, at cost; 37,852 and 33,771 shares, respectively | -130,707 | -123,893 |
Additional paid-in capital | 162,961,343 | 159,155,365 |
Accumulated deficit | -147,691,838 | -140,671,311 |
Accumulated other comprehensive loss | -151,476 | -79,786 |
Total Ocean Power Technologies, Inc. stockholders’ equity | 14,999,049 | 18,290,778 |
Noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd | -239,587 | -169,521 |
Total equity | 14,759,462 | 18,121,257 |
Total liabilities and stockholders’ equity | $21,324,789 | $24,831,059 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in Shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in Shares) | 0 | 0 |
Preferred stock, shares outstanding (in Shares) | 0 | 0 |
Common stock par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in Shares) | 105,000,000 | 105,000,000 |
Common stock, shares issued (in Shares) | 11,726,883 | 10,403,215 |
Treasury stock, shares (in Shares) | 37,852 | 33,771 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Revenues | $463,608 | $1,360,299 | $924,535 | $2,342,695 |
Cost of revenues | 462,336 | 1,246,277 | 922,712 | 2,226,137 |
Gross profit | 1,272 | 114,022 | 1,823 | 116,558 |
Operating expenses: | ' | ' | ' | ' |
Product development costs | 1,610,089 | 2,937,567 | 2,881,034 | 4,864,994 |
Selling, general and administrative costs | 1,808,892 | 2,104,628 | 4,356,651 | 4,488,966 |
Total operating expenses | 3,418,981 | 5,042,195 | 7,237,685 | 9,353,960 |
Operating loss | -3,417,709 | -4,928,173 | -7,235,862 | -9,237,402 |
Interest income, net | 2,879 | 34,888 | 3,237 | 90,312 |
Foreign exchange gain (loss) | 107,357 | 102,741 | 129,127 | -5,582 |
Net loss | -3,307,473 | -4,790,544 | -7,103,498 | -9,152,672 |
Less: Net loss attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd. | 36,916 | 39,004 | 82,971 | 65,079 |
Net loss attributable to Ocean Power Technologies, Inc. | ($3,270,557) | ($4,751,540) | ($7,020,527) | ($9,087,593) |
Basic and diluted net loss per share (in Dollars per share) | ($0.31) | ($0.46) | ($0.67) | ($0.88) |
Weighted average shares used to compute basic and diluted net loss per share (in Shares) | 10,510,214 | 10,301,601 | 10,416,021 | 10,298,800 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Net loss | ($3,307,473) | ($4,790,544) | ($7,103,498) | ($9,152,672) |
Foreign currency translation adjustment | -52,900 | -13,476 | -71,690 | -23,960 |
Total comprehensive loss | -3,360,373 | -4,804,020 | -7,175,188 | -9,176,632 |
Comprehensive loss attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd. | -9,214 | 38,416 | 12,905 | 65,552 |
Comprehensive loss attributable to Ocean Power Technologies, Inc. | ($3,369,587) | ($4,765,604) | ($7,162,283) | ($9,111,080) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($7,103,498) | ($9,152,672) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Foreign exchange (gain) loss | -129,127 | 5,582 |
Depreciation and amortization | 217,079 | 245,382 |
Treasury note premium amortization | 5,391 | 26,023 |
Compensation expense related to stock option grants and restricted stock | 369,503 | 617,200 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 357,244 | 482,671 |
Long-term receivables | 212,018 | ' |
Unbilled receivables | -50,484 | -434,090 |
Other current assets | -122,169 | 387,395 |
Other noncurrent assets | -138,734 | -14,121 |
Accounts payable | -7,040 | 82,601 |
Accrued expenses | 421,744 | 910,155 |
Net cash used in operating activities | -6,483,460 | -6,300,881 |
Cash flows from investing activities: | ' | ' |
Purchases of marketable securities | -9,497,707 | -10,041,162 |
Maturities of marketable securities | 16,990,850 | 20,753,357 |
Restricted cash | -745,000 | 75,000 |
Purchases of equipment | -21,191 | -340,248 |
Net cash provided by investing activities | 6,726,952 | 10,446,947 |
Cash flows from financing activities: | ' | ' |
Proceeds from the sale of common stock, net of issuance costs | 3,429,799 | ' |
Proceeds from the exercise of stock options | 8,000 | ' |
Repayment of debt | -50,000 | -50,000 |
Acquisition of treasury stock | -6,814 | -9,122 |
Net cash provided by (used in) financing activities | 3,380,985 | -59,122 |
Effect of exchange rate changes on cash and cash equivalents | 35,019 | 6,127 |
Net increase in cash and cash equivalents | 3,659,496 | 4,093,071 |
Cash and cash equivalents, beginning of period | 6,372,788 | 9,353,460 |
Cash and cash equivalents, end of period | 10,032,284 | 13,446,531 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' |
Capitalized purchases of equipment financed through accounts payable and accrued expenses | ' | 3,336 |
Short-Term [Member] | ' | ' |
Changes in operating assets and liabilities: | ' | ' |
Unearned revenues | -334,630 | 542,993 |
Long-Term [Member] | ' | ' |
Changes in operating assets and liabilities: | ' | ' |
Unearned revenues | ($180,757) | ' |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Total |
Balance at Apr. 30, 2012 | $10,407 | ($102,388) | $158,296,458 | ($125,989,474) | ($78,990) | ($28,632) | $32,107,381 |
Balance (in Shares) at Apr. 30, 2012 | 10,407,389 | -23,544 | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | -9,087,593 | ' | -65,079 | -9,152,672 |
Stock based compensation | ' | ' | 590,344 | ' | ' | ' | 590,344 |
Issuance (forfeiture) of restricted stock, net | 9 | ' | 26,849 | ' | ' | ' | 26,858 |
Issuance (forfeiture) of restricted stock, net (in Shares) | 8,159 | ' | ' | ' | ' | ' | ' |
Acquisition of treasury stock | ' | -9,122 | ' | ' | ' | ' | -9,122 |
Acquisition of treasury stock (in Shares) | ' | -4,274 | ' | ' | ' | ' | -4,274 |
Other comprehensive loss | ' | ' | ' | ' | -23,487 | -473 | -23,960 |
Balance at Oct. 31, 2012 | 10,416 | -111,510 | 158,913,651 | -135,077,067 | -102,477 | -94,184 | 23,538,829 |
Balance (in Shares) at Oct. 31, 2012 | 10,415,548 | -27,818 | ' | ' | ' | ' | ' |
Balance at Apr. 30, 2013 | 10,403 | -123,893 | 159,155,365 | -140,671,311 | -79,786 | -169,521 | 18,121,257 |
Balance (in Shares) at Apr. 30, 2013 | 10,403,215 | -33,771 | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | -7,020,527 | ' | -82,971 | -7,103,498 |
Stock based compensation | ' | ' | 348,016 | ' | ' | ' | 348,016 |
Issuance (forfeiture) of restricted stock, net | 20 | ' | 21,467 | ' | ' | ' | 21,487 |
Issuance (forfeiture) of restricted stock, net (in Shares) | 19,822 | ' | ' | ' | ' | ' | ' |
Stock issued upon exercise of stock options | 4 | ' | 7,996 | ' | ' | ' | 8,000 |
Stock issued upon exercise of stock options (in Shares) | 4,000 | ' | ' | ' | ' | ' | -4,000 |
Acquisition of treasury stock | ' | -6,814 | ' | ' | ' | ' | -6,814 |
Acquisition of treasury stock (in Shares) | ' | -4,081 | ' | ' | ' | ' | -4,081 |
Sale of stock, net | 1,300 | ' | 3,428,499 | ' | ' | ' | 3,429,799 |
Sale of stock, net (in Shares) | 1,299,846 | ' | ' | ' | ' | ' | ' |
Other comprehensive loss | ' | ' | ' | ' | -71,690 | 12,905 | -58,785 |
Balance at Oct. 31, 2013 | $11,727 | ($130,707) | $162,961,343 | ($147,691,838) | ($151,476) | ($239,587) | $14,759,462 |
Balance (in Shares) at Oct. 31, 2013 | 11,726,883 | -37,852 | ' | ' | ' | ' | ' |
Note_1_Background_and_Liquidit
Note 1 - Background and Liquidity | 6 Months Ended | |
Oct. 31, 2013 | ||
Disclosure Text Block [Abstract] | ' | |
Business Description and Basis of Presentation [Text Block] | ' | |
(1) Background, Basis of Presentation and Liquidity | ||
a) | Background | |
Ocean Power Technologies, Inc. (the “Company”) was incorporated in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated in Delaware in 2007. The Company develops and is seeking to commercialize proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The Company markets its products in the United States and internationally. Since fiscal 2002, the US Navy and other government agencies have accounted for a significant portion of the Company’s revenues. These revenues were largely for the support of product development efforts. The Company’s goal is that an increased portion of its revenues be from the sale of products and maintenance services, as compared to revenue to support its product development efforts. As the Company continues to advance its proprietary technologies, it expects to continue to have a net decrease in cash from operating activities unless and until it achieves positive cash flow from the planned commercialization of its products and services. | ||
b) | Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The interim operating results are not necessarily indicative of the results for a full year or for any other interim period. Further information on potential factors that could affect the Company's financial results can be found in the Company's Annual Report on Form 10-K for the year ended April 30, 2013 filed with the Securities and Exchange Commission (“SEC”) and elsewhere in this Form 10-Q. | ||
c) | Liquidity | |
The Company has incurred net losses and negative operating cash flows since inception. As of October 31, 2013, the Company had an accumulated deficit of $147.7 million. As of October 31, 2013, the Company’s cash and cash equivalents, marketable securities and restricted cash balance was approximately $18.7 million. Based upon the Company’s cash and cash equivalents and marketable securities balance as of October 31, 2013, the Company believes that it will be able to finance its capital requirements and operations into the first calendar quarter of 2015. | ||
During fiscal 2014 and 2013, the Company has continued to make investments in ongoing product development efforts in anticipation of future growth. The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, risks from competition, new products, technological change, recent economic activity and dependence on key personnel. In order to complete its future growth strategy, the Company will require additional equity and/or debt financing. There is no assurance that additional equity and/or debt financing will be available to the Company as needed. If financing is not achieved, the Company may be required to further curtail or limit certain product development costs, and/or selling, general and administrative, activities in order to reduce its cash expenditures. | ||
In January 2013, the Company filed with the SEC a shelf registration statement on Form S-3 registering the sale of up to $40,000,000 of debt, equity and other securities (the “S-3 Shelf”). The S-3 Shelf was declared effective in February 2013. On June 6, 2013, the Company entered into an At the Market Offering Agreement (the “Offering Agreement”) with Ascendiant Capital Markets, LLC (the “Manager”). Pursuant to the Offering Agreement, the Company may offer and sell shares of its common stock having an aggregate offering price of up to $10,000,000 from time to time over the three-year term of the Offering Agreement, through or to the Manager, acting as sales agent and/or principal. Subject to certain limited exceptions, these sales will be made in ordinary brokerage transactions at prevailing market prices. | ||
During the six months ended October 31, 2013, the Company sold approximately 1,300,000 shares pursuant to the Offering Agreement for net proceeds of approximately $3,429,800 and subsequently sold approximately 471,000 shares in November 2013 for net proceeds of approximately $1,236,900. Sales of shares under the Offering Agreement are made pursuant to the Company’s instructions (including any price, time or size limits or other customary conditions or parameters that it may impose) and are registered on the S-3 Shelf in reliance on, and subject to the limitations of, General Instruction I.B.6 of Form S-3 and other applicable law and regulations. In particular, Form S-3 limits the aggregate market value of securities that the Company is permitted to offer in any 12-month period under Form S-3, whether under the Offering Agreement or otherwise, to one third of the Company’s public float. The Company is under no obligation to sell, and the Manager is under no obligation to purchase or place, securities under the Offering Agreement, and there can be no assurance that the Company will continue to do so or will be able to do so on favorable terms or at all. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||||||
(2) Summary of Significant Accounting Policies | |||||||||||||||||
(a) Consolidation and Cost Method Investment | |||||||||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Participation of stockholders other than the Company in the net assets and in the earnings or losses of a consolidated subsidiary is reflected as a noncontrolling interest in the Company's Consolidated Balance Sheets and Statements of Operations, which adjusts the Company's consolidated results of operations to reflect only the Company's share of the earnings or losses of the consolidated subsidiary. As of October 31, 2013, there was one noncontrolling interest, consisting of 11.8% of the Company's Australian subsidiary, Ocean Power Technologies (Australasia) Pty. Ltd. | |||||||||||||||||
In addition, the Company evaluates its relationships with other entities to identify whether they are variable interest entities, and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. As of October 31, 2013, there were no such entities. | |||||||||||||||||
The Company has a 10% investment in Iberdrola Energias Marinas de Cantabria, S.A. (“Iberdrola Cantabria”) and certain outstanding receivables from Iberdrola Cantabria. The investment in Iberdrola Cantabria and net accounts receivable and unbilled receivables from Iberdrola Cantabria were $0 as of April 30, 2012. See Note 8. | |||||||||||||||||
(b) Use of Estimates | |||||||||||||||||
The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the recoverability of the carrying amount of property and equipment and patents; valuation allowances for receivables and deferred income tax assets; and percentage of completion of customer contracts for purposes of revenue recognition. Actual results could differ from those estimates. The current economic environment, particularly the macroeconomic pressures in certain European countries, has increased the degree of uncertainty inherent in those estimates and assumptions. | |||||||||||||||||
(c) Revenue Recognition | |||||||||||||||||
The Company’s contracts are either cost plus or fixed price contracts. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee. Currently, the Company has two types of fixed price contracts, firm fixed price and cost-sharing. Under firm fixed price contracts, the Company receives an agreed-upon amount for providing products and services specified in the contract. Under cost-sharing contracts, the fixed amount agreed upon with the customer is only intended to fund a portion of the costs on a specific project. | |||||||||||||||||
Generally, the Company recognizes revenue using the percentage-of-completion method based on the ratio of costs incurred to total estimated costs at completion. In certain circumstances, revenue under contracts that have specified milestones or other performance criteria may be recognized only when the customer acknowledges that such criteria have been satisfied. In addition, recognition of revenue (and the related costs) may be deferred for fixed-price contracts until contract completion if the Company is unable to reasonably estimate the total costs of the project prior to completion. Because the Company has a small number of contracts, revisions to the percentage-of-completion determination or delays in meeting performance criteria or in completing projects may have a significant effect on revenue for the periods involved. Upon anticipating a loss on a contract, the Company recognizes the full amount of the anticipated loss in the current period. | |||||||||||||||||
Under cost plus and firm fixed price contracts, a profit or loss on a project is recognized depending on whether actual costs are more or less than the agreed upon amount. Under cost sharing contracts, an amount corresponding to the revenue is recorded in cost of revenues, resulting in gross profit on these contracts of zero. The Company’s share of the costs is recorded as product development expense. | |||||||||||||||||
Unbilled receivables represent expenditures on contracts, plus applicable profit margin (if applicable), not yet billed. Unbilled receivables are normally billed and collected within one year. Billings made on contracts are recorded as a reduction of unbilled receivables, and to the extent that such billings and cash collections exceed costs incurred plus applicable profit margin, they are recorded as unearned revenues. | |||||||||||||||||
(d) Cash and Cash Equivalents | |||||||||||||||||
Cash equivalents consist of investments in short-term financial instruments with initial maturities of three months or less from the date of purchase. Cash and cash equivalents include the following: | |||||||||||||||||
31-Oct-13 | 30-Apr-13 | ||||||||||||||||
Checking and savings accounts | $ | 5,344,339 | 2,184,322 | ||||||||||||||
Money market funds | 1,688,000 | 4,188,466 | |||||||||||||||
Treasury bills | 2,999,945 | ― | |||||||||||||||
$ | 10,032,284 | 6,372,788 | |||||||||||||||
(e) Marketable Securities | |||||||||||||||||
Marketable securities with original maturities longer than three months but that mature in less than one year from the balance sheet date are classified as current assets. Marketable securities that the Company has the intent and ability to hold to maturity are classified as investments held-to-maturity and are reported at amortized cost. The difference between the acquisition cost and face values of held-to-maturity investments is amortized over the remaining term of the investments and added to or subtracted from the acquisition cost and interest income. As of October 31, 2013 and April 30, 2013, all of the Company’s investments were classified as held-to-maturity. | |||||||||||||||||
(f) Restricted Cash and Credit Facility | |||||||||||||||||
A portion of the Company’s cash is restricted under the terms of three security agreements. | |||||||||||||||||
One agreement is between Ocean Power Technologies, Inc. and Barclays Bank. Under this agreement, the cash is on deposit at Barclays Bank and serves as security for letters of credit that are expected to be issued by Barclays Bank on behalf of Ocean Power Technologies Ltd., one of the Company's subsidiaries, under a €800,000 ($989,856) credit facility established by Barclays Bank for Ocean Power Technologies Ltd. The credit facility is for the issuance of letters of credit and bank guarantees and carries a fee of 1% per annum of the amount of any such obligations issued by Barclays Bank. As of October 31, 2013, there were €544,828 ($749,551) in letters of credit outstanding under this agreement. The credit facility does not have an expiration date, but is cancelable at the discretion of the bank. | |||||||||||||||||
The second agreement is between Ocean Power Technologies, Inc. and the New Jersey Board of Public Utilities (NJBPU). The Company received a $500,000 recoverable grant award from the NJBPU. Under this agreement, the Company annually assigns to the NJBPU a certificate of deposit in an amount equal to the outstanding grant balance. See Note 5. | |||||||||||||||||
The third agreement concerns two letters of credit issued by Ocean Power Technologies, Inc. for the benefit of Oregon Department of State Lands. The two letters of credit relate to the removal of certain of the Company’s anchoring and mooring equipment from the seabed off the coast of Oregon. These letters of credit are secured by two certificates of deposit with PNC Bank. The first letter of credit for $375,000 has a term through August 31, 2014 and the second letter of credit for $470,000 has a term through October 16, 2014. | |||||||||||||||||
Cash restricted under security agreements is as follows: | |||||||||||||||||
31-Oct-13 | 30-Apr-13 | ||||||||||||||||
Barclays Bank agreement | $ | 989,856 | 941,256 | ||||||||||||||
NJBPU agreement | 325,000 | 425,000 | |||||||||||||||
Oregon Department of State Lands | 845,000 | ― | |||||||||||||||
$ | 2,159,856 | 1,366,256 | |||||||||||||||
(g) Foreign Exchange Gains and Losses | |||||||||||||||||
The Company has invested in certain certificates of deposit and has maintained cash accounts that are denominated in British pounds sterling, Euros and Australian dollars. These amounts are included in cash, cash equivalents, restricted cash and marketable securities on the accompanying consolidated balance sheets. Such positions may result in realized and unrealized foreign exchange gains or losses from exchange rate fluctuations, which gains and losses are included in foreign exchange loss in the accompanying consolidated statements of operations. | |||||||||||||||||
Three Months Ended October 31, | Six Months Ended October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Foreign exchange gain (loss) | $ | 107,357 | 102,741 | 129,127 | (5,582 | ) | |||||||||||
31-Oct-13 | 30-Apr-13 | ||||||||||||||||
Foreign currency denominated certificates of deposit and cash accounts: | |||||||||||||||||
Restricted | $ | 989,856 | 941,256 | ||||||||||||||
Unrestricted | 1,078,961 | 1,550,458 | |||||||||||||||
$ | 2,068,817 | 2,491,714 | |||||||||||||||
(h) Long-Lived Assets | |||||||||||||||||
Long-lived assets, such as property and equipment and patents subject to amortization, are 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. The Company reviewed its long-lived assets for impairment and determined there was no impairment for the six months ended October 31, 2013. | |||||||||||||||||
(i) Concentration of Credit Risk | |||||||||||||||||
Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash balances, bank certificates of deposit and trade receivables. The Company invests its excess cash in highly liquid investments (principally, short-term bank deposits, Treasury bills, Treasury notes and money market funds) and does not believe that it is exposed to any significant risks related to its cash accounts, money market funds or certificates of deposit. | |||||||||||||||||
The table below shows the percentage of the Company's revenues derived from customers whose revenues accounted for at least 10% of the Company's consolidated revenues for at least one of the periods indicated: | |||||||||||||||||
Three months ended October 31, | Six months ended October 31, | ||||||||||||||||
Customer | 2013 | 2012 | 2013 | 2012 | |||||||||||||
European Union (WavePort project) | 61 | % | 13 | % | 46 | % | 15 | % | |||||||||
US Department of Energy | 22 | % | 49 | % | 24 | % | 55 | % | |||||||||
UK Government's Technology Strategy Board | ― | 1 | % | 19 | % | 3 | % | ||||||||||
Mitsui Engineering & Ship Building | 15 | % | 31 | % | 8 | % | 20 | % | |||||||||
98 | % | 94 | % | 97 | % | 93 | % | ||||||||||
The loss of, or a significant reduction in revenues from, any of the current customers could significantly impact the Company's financial position or results of operations. The Company does not require its customers to maintain collateral. | |||||||||||||||||
(j) Net Loss per Common Share | |||||||||||||||||
Basic and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Due to the Company's net losses, potentially dilutive securities, consisting of outstanding stock options and non-vested performance-based shares, were excluded from the diluted loss per share calculation due to their anti-dilutive effect. | |||||||||||||||||
In computing diluted net loss per share, outstanding options to purchase shares of common stock and non-vested restricted stock held by employees and non-employee directors, totaling 1,493,353 during the three and six months ended October 31, 2013 and 1,618,371 during the three and six months ended October 31, 2012, were excluded from the computations as the effect would be anti-dilutive due to the Company's losses. | |||||||||||||||||
(k) Recently Issued Accounting Standards | |||||||||||||||||
There were no Accounting Standards issued during the quarter ended October 31, 2013 for the Company’s consideration. |
Note_3_Marketable_Securities
Note 3 - Marketable Securities | 6 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||
(3) Marketable Securities | |||||||||
Marketable securities with initial maturities longer than three months but that mature within one year from the balance sheet date are classified as current assets and are summarized as follows: | |||||||||
October 31, | April 30, | ||||||||
2013 | 2013 | ||||||||
US Treasury obligations | $ | 6,498,171 | 13,996,705 | ||||||
Note_4_Balance_Sheet_Detail
Note 4 - Balance Sheet Detail | 6 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Supplemental Balance Sheet Disclosures [Text Block] | ' | ||||||||
(4) Balance Sheet Detail | |||||||||
31-Oct-13 | 30-Apr-13 | ||||||||
Accounts Receivable, net | |||||||||
Accounts receivable | $ | 528,230 | 1,086,847 | ||||||
Allowance for doubtful accounts | (316,212 | ) | (290,515 | ) | |||||
$ | 212,018 | 796,332 | |||||||
Property and Equipment | |||||||||
Property and Equipment | $ | 2,236,605 | 2,212,991 | ||||||
Accumulated depreciation | (1,623,993 | ) | (1,512,023 | ) | |||||
$ | 612,612 | 700,968 | |||||||
Patents | |||||||||
Patents | $ | 1,560,250 | 1,558,630 | ||||||
Accumulated amortization | (621,848 | ) | (513,728 | ) | |||||
$ | 938,402 | 1,044,902 | |||||||
Accrued Expenses | |||||||||
Project costs | $ | 2,379,701 | 1,698,959 | ||||||
Contract loss reserves | 785,000 | 785,000 | |||||||
Employee incentive payments | 100,416 | 249,469 | |||||||
Accrued salary and benefits | 405,686 | 547,404 | |||||||
Investment in joint venture | 182,821 | 173,842 | |||||||
Legal and accounting fees | 303,941 | 214,891 | |||||||
Other | 170,985 | 231,058 | |||||||
$ | 4,328,550 | 3,900,623 | |||||||
Note_5_Debt
Note 5 - Debt | 6 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
(5) Debt | |||||||||
The Company was awarded a recoverable grant totaling $500,000 from the NJBPU under the Renewable Energy Business Venture Assistance Program. Under the terms of this agreement, the amount to be repaid is a fixed monthly amount of principal only, repayable over a five-year period beginning in November 2011. The terms also required the Company to assign to the NJBPU a certificate of deposit in an amount equal to the outstanding grant balance. The Company updates the certificate of deposit outstanding balance annually. See Note 2(f). | |||||||||
31-Oct-13 | 30-Apr-13 | ||||||||
Total debt | $ | 300,000 | 350,000 | ||||||
Current portion of long-term debt | (100,000 | ) | (100,000 | ) | |||||
Long-term debt | $ | 200,000 | 250,000 | ||||||
Note_6_Deferred_Credits_Payabl
Note 6 - Deferred Credits Payable | 6 Months Ended |
Oct. 31, 2013 | |
Customer Advances And Deposits Disclosure [Abstract] | ' |
Customer Advances And Deposits Disclosure [Text Block] | ' |
(6) Deferred Credits Payable | |
During the year ended April 30, 2001, in connection with the sale of common stock to an investor, the Company received $600,000 from the investor in exchange for an option to purchase up to 500,000 metric tons of carbon emissions credits generated by the Company during the years 2008 through 2012, at a 30% discount from the then-prevailing market rate. If the Company received emission credits under applicable laws and failed to sell to the investor the credits up to the full amount of emission credits covered by the option, the investor was entitled to liquidated damages equal to 30% of the aggregate market value of the shortfall in emission credits (subject to a limit on the market price of emission credits). Under the terms of the agreement, if the Company did not become entitled under applicable laws to the full amount of emission credits covered by the option by December 31, 2012, the Company was obligated to return the option fee of $600,000, less the aggregate discount on any emission credits sold to the investor prior to such date. In December 2012, the Company and the investor agreed to extend the period for the sale of emission credits until December 31, 2017. As of October 31, 2013, the Company has not generated any emissions credits eligible for purchase under the agreement. The $600,000 has been classified as a noncurrent liability as of October 31, 2013. |
Note_7_StockBased_Compensation
Note 7 - Stock-Based Compensation | 6 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||
(7) Stock-Based Compensation | |||||||||||||
Costs resulting from all stock-based payment transactions are recognized in the consolidated financial statements at their fair values. Compensation cost for the portion of the awards for which the requisite service had not been rendered that were outstanding as of May 1, 2006 is being recognized in the consolidated statements of operations over the remaining service period after such date based on the award's original estimated fair value. The aggregate stock-based compensation expense related to all stock-based transactions recorded in the consolidated statements of operations was approximately $370,000 and $617,000 for the six months ended October 31, 2013 and 2012, respectively. | |||||||||||||
(a) Stock Options | |||||||||||||
Valuation Assumptions for Options Granted During the Six Months Ended October 31, 2013 and 2012 | |||||||||||||
The fair value of each stock option granted, for both service-based and performance-based vesting requirements, during the six months ended October 31, 2013 and 2012 was estimated at the date of grant using the Black-Scholes option pricing model, assuming no dividends and using the weighted average valuation assumptions noted in the following table. The risk-free rate is based on the US Treasury yield curve in effect at the time of grant. The expected life (estimated period of time outstanding) of the stock options granted was estimated using the "simplified" method as permitted by the SEC's Staff Accounting Bulletin No. 107, Share-Based Payment. Expected volatility was based on the Company’s historical volatility for the six months ended October 31, 2013 and historical volatility for a peer group of companies for the six months ended October 31, 2012 for a period equal to the stock option's expected life, calculated on a daily basis. | |||||||||||||
Six Months Ended October 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Risk-free interest rate | 1.6 | % | 0.9 | % | |||||||||
Expected dividend yield | 0.0 | % | 0.0 | % | |||||||||
Expected life (years) | 6.0 | 6.1 | |||||||||||
Expected volatility | 74.61 | % | 86.15 | % | |||||||||
The above assumptions were used to determine the weighted average per share fair value of $1.11 and $1.60 for stock options granted during the six months ended October 31, 2013 and 2012, respectively. | |||||||||||||
A summary of stock options under the plans is as follows: | |||||||||||||
Weighted | |||||||||||||
Average | |||||||||||||
Weighted | Remaining | ||||||||||||
Shares | Average | Contractual | |||||||||||
Underlying | Exercise | Term | |||||||||||
Options | Price | (In Years) | |||||||||||
Outstanding as of April 30, 2013 | 1,305,988 | $ | 7.43 | ||||||||||
Forfeited | (195,716 | ) | 5.87 | ||||||||||
Exercised | (4,000 | ) | 2 | ||||||||||
Granted | 334,471 | 1.53 | |||||||||||
Outstanding as of October 31, 2013 | 1,440,743 | 6.29 | 6.2 | ||||||||||
Exercisable as of October 31, 2013 | 915,839 | 8.53 | 4.7 | ||||||||||
As of October 31, 2013, the total intrinsic value of outstanding options was approximately $246,000 and the total intrinsic value of exercisable options was approximately $55,000. As of October 31, 2013, approximately 916,000 additional options are expected to vest in the future, which options had approximately $191,000 of intrinsic value and a weighted average remaining contractual term of 8.9 years. There was approximately $348,000 and $590,000 of total recognized compensation cost related to stock options for the six months ended October 31, 2013 and 2012, respectively. As of October 31, 2013, there was approximately $614,000 of total unrecognized compensation cost related to non-vested stock options granted under the plans. This cost is expected to be recognized over a weighted-average period of 2.5 years. The Company normally issues new shares to satisfy option exercises under these plans. During the six months ended October 31, 2013, stock options granted included 30,520 stock options which are subject to performance-based vesting requirements. Stock options outstanding as of October 31, 2013 included 50,092 stock options subject to performance-based vesting requirements. | |||||||||||||
(b) Restricted Stock | |||||||||||||
Compensation expense for non-vested restricted stock was historically recorded based on its market value on the date of grant and recognized over the associated service and performance period. During the six months ended October 31, 2013, there were 7,000 shares of non-vested restricted stock granted to employees with performance-based vesting requirements. During the six months ended October 31, 2013, 16,417 shares of non-vested restricted stock subject to performance-based vesting requirements were forfeited in accordance with performance objectives. Restricted stock issued and unvested at October 31, 2013 included 12,331 shares of non-vested restricted stock subject to performance-based vesting requirements. | |||||||||||||
A summary of non-vested restricted stock under the plans is as follows: | |||||||||||||
Weighted | |||||||||||||
Average | |||||||||||||
Number | Price per | ||||||||||||
of Shares | Share | ||||||||||||
Issued and unvested at April 30, 2013 | 54,802 | $ | 4.52 | ||||||||||
Granted | 36,239 | 1.7 | |||||||||||
Forfeited | (16,417 | ) | 5.75 | ||||||||||
Vested | (22,014 | ) | 4.96 | ||||||||||
Issued and unvested at October 31, 2013 | 52,610 | 2.01 | |||||||||||
There was approximately $21,000 and $27,000 of total recognized compensation cost related to restricted stock for the six months ended October 31, 2013 and 2012, respectively. As of October 31, 2013, there was approximately $71,000 of total unrecognized compensation cost related to non-vested restricted stock granted under the plans. This cost is expected to be recognized over a weighted average period of 2.5 years. | |||||||||||||
(c)Treasury Stock | |||||||||||||
During the six months ended October 31, 2013 and 2012, 4,081 and 4,274 shares, respectively, of common stock were purchased by the Company from employees to pay taxes related to the vesting of restricted stock. |
Note_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
(8) Commitments and Contingencies | |
(a) Litigation | |
The Company is involved from time to time in certain legal actions arising in the ordinary course of business. Management believes that the outcome of such actions will not have a material adverse effect on the Company's financial position or results of operations. | |
(b) Spain Construction Agreement | |
The Company is currently engaged with Iberdrola Cantabria in discussions regarding modifications to its agreement for the first phase of the construction of a wave power project off the coast of Spain. This first phase was due to be completed by December 31, 2009. If no modification is agreed to by the parties, the customer may, subject to certain conditions in the agreement, terminate the agreement and would not be obligated to make any more milestone payments. The agreement also provides that the customer may seek reimbursement for direct damages only, limited to amounts specified in the agreement, if the Company is in default of its obligations under the agreement. As of October 31, 2013, the Company does not believe that the outcome of this matter will have a material adverse effect on the Company's financial position or results of operations. | |
(c) Spain IVA (sales tax) | |
The Company received notice that the Spanish tax authorities are inquiring into its 2010 IVA (value-added tax) filing for which the Company benefitted from the offset of approximately $250,000 of input tax. The Company believes that the inquiry will find that the tax credit was properly claimed and, therefore, no liability has been recorded. The Company issued two letters of credit under the credit facility with Barclays Bank in the amount of €278,828 ($383,333) at the request of the Spanish tax authorities. This is a customary request during the inquiry period. | |
(d) Commercial Dispute | |
The Company is subject to certain claims filed by a contractor and subcontractor in connection with a dispute over a contract to perform certain work for the Company related to the deployment of an anchor/mooring system off the Oregon coast. The Company has claimed that the contractor and subcontractor were responsible for damage to the system during the deployment process. The parties are currently involved in ongoing settlement discussions. As of October 31, 2013 and April 30, 2013, the Company has accounted for the outcome of this matter in its financial statements. |
Note_9_Income_Taxes
Note 9 - Income Taxes | 6 Months Ended |
Oct. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
(9) Income Taxes | |
The Company did not recognize any consolidated income tax benefit (expense) for the six month periods ended October 31, 2013 and 2012. The Company has recorded a valuation allowance to reduce its net deferred tax asset to an amount that is more likely than not to be realized in future years. Accordingly, the benefit of the net operating loss that would have been recognized was offset by changes in the valuation allowance. | |
During the six months ended October 31, 2013, the Company had no material changes in uncertain tax positions. |
Note_10_Operating_Segments_and
Note 10 - Operating Segments and Geographic Information | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
(10) Operating Segments and Geographic Information | |||||||||||||||||
The Company views its business as one segment, which is the development and sale of its PowerBuoy product for wave energy applications. The Company operates on a worldwide basis with one operating company in the US, one operating subsidiary in the UK and one operating subsidiary in Australia, which are categorized below as North America, Europe, and Asia and Australia, respectively. Revenues are generally attributed to the operating unit that bills the customers. | |||||||||||||||||
Geographic information is as follows: | |||||||||||||||||
North | Europe | Asia and | Total | ||||||||||||||
America | Australia | ||||||||||||||||
Three months ended October 31, 2013 | |||||||||||||||||
Revenues from external customers | $ | 460,837 | 2,771 | — | 463,608 | ||||||||||||
Operating loss | (2,714,747 | ) | (396,523 | ) | (306,439 | ) | (3,417,709 | ) | |||||||||
Three months ended October 31, 2012 | |||||||||||||||||
Revenues from external customers | 1,353,928 | 6,371 | — | 1,360,299 | |||||||||||||
Operating loss | (4,337,988 | ) | (266,004 | ) | (324,181 | ) | (4,928,173 | ) | |||||||||
31-Oct-13 | |||||||||||||||||
Long-lived assets | 595,341 | 16,499 | 772 | 612,612 | |||||||||||||
Total assets | 20,002,947 | 1,247,749 | 74,093 | 21,324,789 | |||||||||||||
30-Apr-13 | |||||||||||||||||
Long-lived assets | 675,354 | 24,128 | 1,486 | 700,968 | |||||||||||||
Total assets | $ | 23,097,183 | 1,518,496 | 215,380 | 24,831,059 | ||||||||||||
Six months ended October 31, 2013 | |||||||||||||||||
Revenues from external customers | 748,589 | 175,946 | — | 924,535 | |||||||||||||
Operating loss | (5,837,346 | ) | (711,925 | ) | (686,591 | ) | (7,235,862 | ) | |||||||||
Six months ended October 31, 2012 | |||||||||||||||||
Revenues from external customers | $ | 2,284,831 | 57,864 | — | 2,342,695 | ||||||||||||
Operating loss | (8,189,708 | ) | (500,978 | ) | (546,716 | ) | (9,237,402 | ) | |||||||||
Note_11_Subsequent_Event
Note 11 - Subsequent Event | 6 Months Ended |
Oct. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
(11) Subsequent Event | |
On November 5, 2013, the Company sold an additional 471,000 shares of common stock pursuant to the Offering Agreement for total net proceeds of approximately $1,236,900. | |
On December 12, 2013, Mark A. Featherstone, age 52, commenced employment as Chief Financial Officer, Secretary and Treasurer of the Company. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The interim operating results are not necessarily indicative of the results for a full year or for any other interim period. Further information on potential factors that could affect the Company's financial results can be found in the Company's Annual Report on Form 10-K for the year ended April 30, 2013 filed with the Securities and Exchange Commission (“SEC”) and elsewhere in this Form 10-Q. | |||||||||||||||||
Liquidity Disclosure [Policy Text Block] | ' | ||||||||||||||||
Liquidity | |||||||||||||||||
The Company has incurred net losses and negative operating cash flows since inception. As of October 31, 2013, the Company had an accumulated deficit of $147.7 million. As of October 31, 2013, the Company’s cash and cash equivalents, marketable securities and restricted cash balance was approximately $18.7 million. Based upon the Company’s cash and cash equivalents and marketable securities balance as of October 31, 2013, the Company believes that it will be able to finance its capital requirements and operations into the first calendar quarter of 2015. | |||||||||||||||||
During fiscal 2014 and 2013, the Company has continued to make investments in ongoing product development efforts in anticipation of future growth. The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, risks from competition, new products, technological change, recent economic activity and dependence on key personnel. In order to complete its future growth strategy, the Company will require additional equity and/or debt financing. There is no assurance that additional equity and/or debt financing will be available to the Company as needed. If financing is not achieved, the Company may be required to further curtail or limit certain product development costs, and/or selling, general and administrative, activities in order to reduce its cash expenditures. | |||||||||||||||||
In January 2013, the Company filed with the SEC a shelf registration statement on Form S-3 registering the sale of up to $40,000,000 of debt, equity and other securities (the “S-3 Shelf”). The S-3 Shelf was declared effective in February 2013. On June 6, 2013, the Company entered into an At the Market Offering Agreement (the “Offering Agreement”) with Ascendiant Capital Markets, LLC (the “Manager”). Pursuant to the Offering Agreement, the Company may offer and sell shares of its common stock having an aggregate offering price of up to $10,000,000 from time to time over the three-year term of the Offering Agreement, through or to the Manager, acting as sales agent and/or principal. Subject to certain limited exceptions, these sales will be made in ordinary brokerage transactions at prevailing market prices. | |||||||||||||||||
During the six months ended October 31, 2013, the Company sold approximately 1,300,000 shares pursuant to the Offering Agreement for net proceeds of approximately $3,429,800 and subsequently sold approximately 471,000 shares in November 2013 for net proceeds of approximately $1,236,900. Sales of shares under the Offering Agreement are made pursuant to the Company’s instructions (including any price, time or size limits or other customary conditions or parameters that it may impose) and are registered on the S-3 Shelf in reliance on, and subject to the limitations of, General Instruction I.B.6 of Form S-3 and other applicable law and regulations. In particular, Form S-3 limits the aggregate market value of securities that the Company is permitted to offer in any 12-month period under Form S-3, whether under the Offering Agreement or otherwise, to one third of the Company’s public float. The Company is under no obligation to sell, and the Manager is under no obligation to purchase or place, securities under the Offering Agreement, and there can be no assurance that the Company will continue to do so or will be able to do so on favorable terms or at all. | |||||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||||||
Consolidation and Cost Method Investment | |||||||||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Participation of stockholders other than the Company in the net assets and in the earnings or losses of a consolidated subsidiary is reflected as a noncontrolling interest in the Company's Consolidated Balance Sheets and Statements of Operations, which adjusts the Company's consolidated results of operations to reflect only the Company's share of the earnings or losses of the consolidated subsidiary. As of October 31, 2013, there was one noncontrolling interest, consisting of 11.8% of the Company's Australian subsidiary, Ocean Power Technologies (Australasia) Pty. Ltd. | |||||||||||||||||
In addition, the Company evaluates its relationships with other entities to identify whether they are variable interest entities, and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. As of October 31, 2013, there were no such entities. | |||||||||||||||||
The Company has a 10% investment in Iberdrola Energias Marinas de Cantabria, S.A. (“Iberdrola Cantabria”) and certain outstanding receivables from Iberdrola Cantabria. The investment in Iberdrola Cantabria and net accounts receivable and unbilled receivables from Iberdrola Cantabria were $0 as of April 30, 2012. | |||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the recoverability of the carrying amount of property and equipment and patents; valuation allowances for receivables and deferred income tax assets; and percentage of completion of customer contracts for purposes of revenue recognition. Actual results could differ from those estimates. The current economic environment, particularly the macroeconomic pressures in certain European countries, has increased the degree of uncertainty inherent in those estimates and assumptions. | |||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||||||
Revenue Recognition | |||||||||||||||||
The Company’s contracts are either cost plus or fixed price contracts. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee. Currently, the Company has two types of fixed price contracts, firm fixed price and cost-sharing. Under firm fixed price contracts, the Company receives an agreed-upon amount for providing products and services specified in the contract. Under cost-sharing contracts, the fixed amount agreed upon with the customer is only intended to fund a portion of the costs on a specific project. | |||||||||||||||||
Generally, the Company recognizes revenue using the percentage-of-completion method based on the ratio of costs incurred to total estimated costs at completion. In certain circumstances, revenue under contracts that have specified milestones or other performance criteria may be recognized only when the customer acknowledges that such criteria have been satisfied. In addition, recognition of revenue (and the related costs) may be deferred for fixed-price contracts until contract completion if the Company is unable to reasonably estimate the total costs of the project prior to completion. Because the Company has a small number of contracts, revisions to the percentage-of-completion determination or delays in meeting performance criteria or in completing projects may have a significant effect on revenue for the periods involved. Upon anticipating a loss on a contract, the Company recognizes the full amount of the anticipated loss in the current period. | |||||||||||||||||
Under cost plus and firm fixed price contracts, a profit or loss on a project is recognized depending on whether actual costs are more or less than the agreed upon amount. Under cost sharing contracts, an amount corresponding to the revenue is recorded in cost of revenues, resulting in gross profit on these contracts of zero. The Company’s share of the costs is recorded as product development expense. | |||||||||||||||||
Unbilled receivables represent expenditures on contracts, plus applicable profit margin (if applicable), not yet billed. Unbilled receivables are normally billed and collected within one year. Billings made on contracts are recorded as a reduction of unbilled receivables, and to the extent that such billings and cash collections exceed costs incurred plus applicable profit margin, they are recorded as unearned revenues. | |||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Cash equivalents consist of investments in short-term financial instruments with initial maturities of three months or less from the date of purchase. | |||||||||||||||||
Marketable Securities, Policy [Policy Text Block] | ' | ||||||||||||||||
Marketable Securities | |||||||||||||||||
Marketable securities with original maturities longer than three months but that mature in less than one year from the balance sheet date are classified as current assets. Marketable securities that the Company has the intent and ability to hold to maturity are classified as investments held-to-maturity and are reported at amortized cost. The difference between the acquisition cost and face values of held-to-maturity investments is amortized over the remaining term of the investments and added to or subtracted from the acquisition cost and interest income. As of October 31, 2013 and April 30, 2013, all of the Company’s investments were classified as held-to-maturity. | |||||||||||||||||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||||||
Restricted Cash and Credit Facility | |||||||||||||||||
A portion of the Company’s cash is restricted under the terms of three security agreements. | |||||||||||||||||
One agreement is between Ocean Power Technologies, Inc. and Barclays Bank. Under this agreement, the cash is on deposit at Barclays Bank and serves as security for letters of credit that are expected to be issued by Barclays Bank on behalf of Ocean Power Technologies Ltd., one of the Company's subsidiaries, under a €800,000 ($989,856) credit facility established by Barclays Bank for Ocean Power Technologies Ltd. The credit facility is for the issuance of letters of credit and bank guarantees and carries a fee of 1% per annum of the amount of any such obligations issued by Barclays Bank. As of October 31, 2013, there were €544,828 ($749,551) in letters of credit outstanding under this agreement. The credit facility does not have an expiration date, but is cancelable at the discretion of the bank. | |||||||||||||||||
The second agreement is between Ocean Power Technologies, Inc. and the New Jersey Board of Public Utilities (NJBPU). The Company received a $500,000 recoverable grant award from the NJBPU. Under this agreement, the Company annually assigns to the NJBPU a certificate of deposit in an amount equal to the outstanding grant balance. See Note 5. | |||||||||||||||||
The third agreement concerns two letters of credit issued by Ocean Power Technologies, Inc. for the benefit of Oregon Department of State Lands. The two letters of credit relate to the removal of certain of the Company’s anchoring and mooring equipment from the seabed off the coast of Oregon. These letters of credit are secured by two certificates of deposit with PNC Bank. The first letter of credit for $375,000 has a term through August 31, 2014 and the second letter of credit for $470,000 has a term through October 16, 2014. | |||||||||||||||||
Cash restricted under security agreements is as follows: | |||||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||||||||
Foreign Exchange Gains and Losses | |||||||||||||||||
The Company has invested in certain certificates of deposit and has maintained cash accounts that are denominated in British pounds sterling, Euros and Australian dollars. These amounts are included in cash, cash equivalents, restricted cash and marketable securities on the accompanying consolidated balance sheets. Such positions may result in realized and unrealized foreign exchange gains or losses from exchange rate fluctuations, which gains and losses are included in foreign exchange loss in the accompanying consolidated statements of operations. | |||||||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||||||||||||||
Long-Lived Assets | |||||||||||||||||
Long-lived assets, such as property and equipment and patents subject to amortization, are 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. The Company reviewed its long-lived assets for impairment and determined there was no impairment for the six months ended October 31, 2013. | |||||||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash balances, bank certificates of deposit and trade receivables. The Company invests its excess cash in highly liquid investments (principally, short-term bank deposits, Treasury bills, Treasury notes and money market funds) and does not believe that it is exposed to any significant risks related to its cash accounts, money market funds or certificates of deposit. | |||||||||||||||||
The table below shows the percentage of the Company's revenues derived from customers whose revenues accounted for at least 10% of the Company's consolidated revenues for at least one of the periods indicated: | |||||||||||||||||
Three months ended October 31, | Six months ended October 31, | ||||||||||||||||
Customer | 2013 | 2012 | 2013 | 2012 | |||||||||||||
European Union (WavePort project) | 61 | % | 13 | % | 46 | % | 15 | % | |||||||||
US Department of Energy | 22 | % | 49 | % | 24 | % | 55 | % | |||||||||
UK Government's Technology Strategy Board | ― | 1 | % | 19 | % | 3 | % | ||||||||||
Mitsui Engineering & Ship Building | 15 | % | 31 | % | 8 | % | 20 | % | |||||||||
98 | % | 94 | % | 97 | % | 93 | % | ||||||||||
The loss of, or a significant reduction in revenues from, any of the current customers could significantly impact the Company's financial position or results of operations. The Company does not require its customers to maintain collateral. | |||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||||||
Net Loss per Common Share | |||||||||||||||||
Basic and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Due to the Company's net losses, potentially dilutive securities, consisting of outstanding stock options and non-vested performance-based shares, were excluded from the diluted loss per share calculation due to their anti-dilutive effect. | |||||||||||||||||
In computing diluted net loss per share, outstanding options to purchase shares of common stock and non-vested restricted stock held by employees and non-employee directors, totaling 1,493,353 during the three and six months ended October 31, 2013 and 1,618,371 during the three and six months ended October 31, 2012, were excluded from the computations as the effect would be anti-dilutive due to the Company's losses. | |||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||||||
Recently Issued Accounting Standards | |||||||||||||||||
There were no Accounting Standards issued during the quarter ended October 31, 2013 for the Company’s consideration. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Cash and Cash Equivalents [Table Text Block] | ' | ||||||||||||||||
31-Oct-13 | 30-Apr-13 | ||||||||||||||||
Checking and savings accounts | $ | 5,344,339 | 2,184,322 | ||||||||||||||
Money market funds | 1,688,000 | 4,188,466 | |||||||||||||||
Treasury bills | 2,999,945 | ― | |||||||||||||||
$ | 10,032,284 | 6,372,788 | |||||||||||||||
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | ' | ||||||||||||||||
31-Oct-13 | 30-Apr-13 | ||||||||||||||||
Barclays Bank agreement | $ | 989,856 | 941,256 | ||||||||||||||
NJBPU agreement | 325,000 | 425,000 | |||||||||||||||
Oregon Department of State Lands | 845,000 | ― | |||||||||||||||
$ | 2,159,856 | 1,366,256 | |||||||||||||||
' | |||||||||||||||||
Three Months Ended October 31, | Six Months Ended October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Foreign exchange gain (loss) | $ | 107,357 | 102,741 | 129,127 | (5,582 | ) | |||||||||||
Schedule Of Foreign Currency Denominated Certificates of Deposit and Cash Accounts | ' | ||||||||||||||||
31-Oct-13 | 30-Apr-13 | ||||||||||||||||
Foreign currency denominated certificates of deposit and cash accounts: | |||||||||||||||||
Restricted | $ | 989,856 | 941,256 | ||||||||||||||
Unrestricted | 1,078,961 | 1,550,458 | |||||||||||||||
$ | 2,068,817 | 2,491,714 | |||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | ||||||||||||||||
Three months ended October 31, | Six months ended October 31, | ||||||||||||||||
Customer | 2013 | 2012 | 2013 | 2012 | |||||||||||||
European Union (WavePort project) | 61 | % | 13 | % | 46 | % | 15 | % | |||||||||
US Department of Energy | 22 | % | 49 | % | 24 | % | 55 | % | |||||||||
UK Government's Technology Strategy Board | ― | 1 | % | 19 | % | 3 | % | ||||||||||
Mitsui Engineering & Ship Building | 15 | % | 31 | % | 8 | % | 20 | % | |||||||||
98 | % | 94 | % | 97 | % | 93 | % |
Note_3_Marketable_Securities_T
Note 3 - Marketable Securities (Tables) (Current [Member]) | 6 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Current [Member] | ' | ||||||||
Note 3 - Marketable Securities (Tables) [Line Items] | ' | ||||||||
Marketable Securities [Table Text Block] | ' | ||||||||
October 31, | April 30, | ||||||||
2013 | 2013 | ||||||||
US Treasury obligations | $ | 6,498,171 | 13,996,705 |
Note_4_Balance_Sheet_Detail_Ta
Note 4 - Balance Sheet Detail (Tables) | 6 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | ' | ||||||||
31-Oct-13 | 30-Apr-13 | ||||||||
Accounts Receivable, net | |||||||||
Accounts receivable | $ | 528,230 | 1,086,847 | ||||||
Allowance for doubtful accounts | (316,212 | ) | (290,515 | ) | |||||
$ | 212,018 | 796,332 | |||||||
Property and Equipment | |||||||||
Property and Equipment | $ | 2,236,605 | 2,212,991 | ||||||
Accumulated depreciation | (1,623,993 | ) | (1,512,023 | ) | |||||
$ | 612,612 | 700,968 | |||||||
Patents | |||||||||
Patents | $ | 1,560,250 | 1,558,630 | ||||||
Accumulated amortization | (621,848 | ) | (513,728 | ) | |||||
$ | 938,402 | 1,044,902 | |||||||
Accrued Expenses | |||||||||
Project costs | $ | 2,379,701 | 1,698,959 | ||||||
Contract loss reserves | 785,000 | 785,000 | |||||||
Employee incentive payments | 100,416 | 249,469 | |||||||
Accrued salary and benefits | 405,686 | 547,404 | |||||||
Investment in joint venture | 182,821 | 173,842 | |||||||
Legal and accounting fees | 303,941 | 214,891 | |||||||
Other | 170,985 | 231,058 | |||||||
$ | 4,328,550 | 3,900,623 |
Note_5_Debt_Tables
Note 5 - Debt (Tables) | 6 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
31-Oct-13 | 30-Apr-13 | ||||||||
Total debt | $ | 300,000 | 350,000 | ||||||
Current portion of long-term debt | (100,000 | ) | (100,000 | ) | |||||
Long-term debt | $ | 200,000 | 250,000 |
Note_7_StockBased_Compensation1
Note 7 - Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
Six Months Ended October 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Risk-free interest rate | 1.6 | % | 0.9 | % | |||||||||
Expected dividend yield | 0.0 | % | 0.0 | % | |||||||||
Expected life (years) | 6.0 | 6.1 | |||||||||||
Expected volatility | 74.61 | % | 86.15 | % | |||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||
Weighted | |||||||||||||
Average | |||||||||||||
Weighted | Remaining | ||||||||||||
Shares | Average | Contractual | |||||||||||
Underlying | Exercise | Term | |||||||||||
Options | Price | (In Years) | |||||||||||
Outstanding as of April 30, 2013 | 1,305,988 | $ | 7.43 | ||||||||||
Forfeited | (195,716 | ) | 5.87 | ||||||||||
Exercised | (4,000 | ) | 2 | ||||||||||
Granted | 334,471 | 1.53 | |||||||||||
Outstanding as of October 31, 2013 | 1,440,743 | 6.29 | 6.2 | ||||||||||
Exercisable as of October 31, 2013 | 915,839 | 8.53 | 4.7 | ||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||
Weighted | |||||||||||||
Average | |||||||||||||
Number | Price per | ||||||||||||
of Shares | Share | ||||||||||||
Issued and unvested at April 30, 2013 | 54,802 | $ | 4.52 | ||||||||||
Granted | 36,239 | 1.7 | |||||||||||
Forfeited | (16,417 | ) | 5.75 | ||||||||||
Vested | (22,014 | ) | 4.96 | ||||||||||
Issued and unvested at October 31, 2013 | 52,610 | 2.01 |
Note_10_Operating_Segments_and1
Note 10 - Operating Segments and Geographic Information (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||||||
North | Europe | Asia and | Total | ||||||||||||||
America | Australia | ||||||||||||||||
Three months ended October 31, 2013 | |||||||||||||||||
Revenues from external customers | $ | 460,837 | 2,771 | — | 463,608 | ||||||||||||
Operating loss | (2,714,747 | ) | (396,523 | ) | (306,439 | ) | (3,417,709 | ) | |||||||||
Three months ended October 31, 2012 | |||||||||||||||||
Revenues from external customers | 1,353,928 | 6,371 | — | 1,360,299 | |||||||||||||
Operating loss | (4,337,988 | ) | (266,004 | ) | (324,181 | ) | (4,928,173 | ) | |||||||||
31-Oct-13 | |||||||||||||||||
Long-lived assets | 595,341 | 16,499 | 772 | 612,612 | |||||||||||||
Total assets | 20,002,947 | 1,247,749 | 74,093 | 21,324,789 | |||||||||||||
30-Apr-13 | |||||||||||||||||
Long-lived assets | 675,354 | 24,128 | 1,486 | 700,968 | |||||||||||||
Total assets | $ | 23,097,183 | 1,518,496 | 215,380 | 24,831,059 | ||||||||||||
Six months ended October 31, 2013 | |||||||||||||||||
Revenues from external customers | 748,589 | 175,946 | — | 924,535 | |||||||||||||
Operating loss | (5,837,346 | ) | (711,925 | ) | (686,591 | ) | (7,235,862 | ) | |||||||||
Six months ended October 31, 2012 | |||||||||||||||||
Revenues from external customers | $ | 2,284,831 | 57,864 | — | 2,342,695 | ||||||||||||
Operating loss | (8,189,708 | ) | (500,978 | ) | (546,716 | ) | (9,237,402 | ) |
Note_1_Background_and_Liquidit1
Note 1 - Background and Liquidity (Details) (USD $) | 1 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2013 | Oct. 31, 2013 | Apr. 30, 2013 | Nov. 05, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | Offering Agreement [Member] | ||||
Offering Agreement [Member] | Offering Agreement [Member] | |||||
Note 1 - Background and Liquidity (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Retained Earnings (Accumulated Deficit) | ' | ($147,691,838) | ($140,671,311) | ' | ' | ' |
Cash and Cash Equivalents, Marketable Securities and Restricted Cash | ' | 18,700,000 | ' | ' | ' | ' |
Debt, equity and other securities under shelf registration | 40,000,000 | ' | ' | ' | ' | ' |
Maximum amount of common stock offered available for sale | 10,000,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | 471,000 | 471,000 | 1,300,000 |
Proceeds from Issuance of Common Stock (in Dollars) | ' | $3,429,799 | ' | $1,236,900 | $1,236,900 | $3,429,800 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) | 3 Months Ended | 6 Months Ended | ||||||||||
Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Apr. 30, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | New Jersey Board of Public Utilities [Member] | Iberdrola Cantabria [Member] | Iberdrola Cantabria [Member] | Through August 31 2014 [Member] | Through October 16 2014 [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | |||||||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 11.80% | 11.80% | ' | 11.80% | 11.80% | ' | ' | ' | ' | ' | ' | ' |
Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' |
Accounts Receivable, Net (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Euro) | 989,856 | 800,000 | ' | 989,856 | 800,000 | ' | ' | ' | ' | ' | 375,000 | 470,000 |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 989,856 | 800,000 | ' | 989,856 | 800,000 | ' | ' | ' | ' | ' | 375,000 | 470,000 |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding (in Euro) | 749,551 | 544,828 | ' | 749,551 | 544,828 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding (in Dollars) | 749,551 | 544,828 | ' | 749,551 | 544,828 | ' | ' | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents (in Dollars) | $2,159,856 | ' | ' | $2,159,856 | ' | ' | $1,366,256 | $500,000 | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 1,493,353 | 1,493,353 | 1,618,371 | 1,493,353 | 1,493,353 | 1,618,371 | ' | ' | ' | ' | ' | ' |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Cash and Cash Equivalents (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2012 | Apr. 30, 2012 |
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $10,032,284 | $6,372,788 | $13,446,531 | $9,353,460 |
Checking and savings accounts [Member] | ' | ' | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 5,344,339 | 2,184,322 | ' | ' |
Money Market Funds [Member] | ' | ' | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 1,688,000 | 4,188,466 | ' | ' |
Treasury Bills [Member] | ' | ' | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $2,999,945 | ' | ' | ' |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Cash Restricted Under Security Agreements (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash | $2,159,856 | $1,366,256 |
Barclays Bank Agreement [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash | 989,856 | 941,256 |
NJBPU Agreement [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash | 325,000 | 425,000 |
Oregon Department of State Lands [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash | $845,000 | ' |
Note_2_Summary_of_Significant_5
Note 2 - Summary of Significant Accounting Policies (Details) - Foreign Exchange Gain (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Foreign Exchange Gain (Loss) [Abstract] | ' | ' | ' | ' |
Foreign exchange gain (loss) | $107,357 | $102,741 | $129,127 | ($5,582) |
Note_2_Summary_of_Significant_6
Note 2 - Summary of Significant Accounting Policies (Details) - Foreign Currency Denominated Certificates Of Deposit And Cash Accounts (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
Foreign currency denominated certificates of deposit and cash accounts: | ' | ' |
Foreign currency denominated certificates of deposit and cash accounts | $2,068,817 | $2,491,714 |
Restricted [Member] | ' | ' |
Foreign currency denominated certificates of deposit and cash accounts: | ' | ' |
Foreign currency denominated certificates of deposit and cash accounts | 989,856 | 941,256 |
Unrestricted [Member] | ' | ' |
Foreign currency denominated certificates of deposit and cash accounts: | ' | ' |
Foreign currency denominated certificates of deposit and cash accounts | $1,078,961 | $1,550,458 |
Note_2_Summary_of_Significant_7
Note 2 - Summary of Significant Accounting Policies (Details) - Percentage of the Companybs Revenues Derived From Major Customers (Sales [Member]) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Customer | 98.00% | 94.00% | 97.00% | 93.00% |
European Union (WaverPort Project) [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Customer | 61.00% | 13.00% | 46.00% | 15.00% |
US Department of Energy [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Customer | 22.00% | 49.00% | 24.00% | 55.00% |
UK Government's Technology Strategy Board [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Customer | ' | 1.00% | 19.00% | 3.00% |
Mitsui Engineering And Ship Building [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Customer | 15.00% | 31.00% | 8.00% | 20.00% |
Note_3_Marketable_Securities_D
Note 3 - Marketable Securities (Details) - Marketable Securities That Mature Within One Year (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
Note 3 - Marketable Securities (Details) - Marketable Securities That Mature Within One Year [Line Items] | ' | ' |
US Treasury obligations | $6,498,171 | $13,996,705 |
US Treasury obligations [Member] | ' | ' |
Note 3 - Marketable Securities (Details) - Marketable Securities That Mature Within One Year [Line Items] | ' | ' |
US Treasury obligations | $6,498,171 | $13,996,705 |
Note_4_Balance_Sheet_Detail_De
Note 4 - Balance Sheet Detail (Details) - Balance Sheet Detail (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
Accounts Receivable, net | ' | ' |
Accounts receivable | $528,230 | $1,086,847 |
Allowance for doubtful accounts | -316,212 | -290,515 |
212,018 | 796,332 | |
Property and Equipment | ' | ' |
Property and Equipment | 2,236,605 | 2,212,991 |
Accumulated depreciation | -1,623,993 | -1,512,023 |
612,612 | 700,968 | |
Patents | ' | ' |
Patents | 1,560,250 | 1,558,630 |
Accumulated amortization | -621,848 | -513,728 |
938,402 | 1,044,902 | |
Accrued Expenses | ' | ' |
Project costs | 2,379,701 | 1,698,959 |
Contract loss reserves | 785,000 | 785,000 |
Employee incentive payments | 100,416 | 249,469 |
Accrued salary and benefits | 405,686 | 547,404 |
Investment in joint venture | 182,821 | 173,842 |
Legal and accounting fees | 303,941 | 214,891 |
Other | 170,985 | 231,058 |
$4,328,550 | $3,900,623 |
Note_5_Debt_Details
Note 5 - Debt (Details) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Nov. 30, 2011 |
New Jersey Board of Public Utilities [Member] | |||
Note 5 - Debt (Details) [Line Items] | ' | ' | ' |
Long-term Debt (in Dollars) | $300,000 | $350,000 | $500,000 |
Long Term Debt Payment Terms | ' | ' | '5 years |
Note_5_Debt_Details_Longterm_D
Note 5 - Debt (Details) - Long-term Debt (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
Long-term Debt [Abstract] | ' | ' |
Total debt | $300,000 | $350,000 |
Current portion of long-term debt | -100,000 | -100,000 |
Long-term debt | $200,000 | $250,000 |
Note_6_Deferred_Credits_Payabl1
Note 6 - Deferred Credits Payable (Details) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Apr. 30, 2001 |
T | |||
Customer Advances And Deposits Disclosure [Abstract] | ' | ' | ' |
Customer Advances and Deposits (in Dollars) | ' | ' | $600,000 |
Deferred Credits Payable Option Details (in US Ton) | ' | ' | 500,000 |
Deferred Credits Payable Market Discount Rate | ' | ' | 30.00% |
Deferred Credits Payable Market Liquidated Damages Rate | 30.00% | ' | ' |
Customer Advances or Deposits, Noncurrent (in Dollars) | $600,000 | $600,000 | ' |
Note_7_StockBased_Compensation2
Note 7 - Stock-Based Compensation (Details) (USD $) | 6 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Note 7 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $1.11 | $1.60 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $246,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 55,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 191,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '4 years 255 days | ' |
Share-based Compensation | 369,503 | 617,200 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 614,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 6 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 334,471 | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 12,331 | ' |
Treasury Stock, Shares, Acquired (in Shares) | 4,081 | 4,274 |
Expected to Vest [Member] | ' | ' |
Note 7 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in Shares) | 916,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '8 years 328 days | ' |
Employee Stock Option [Member] | ' | ' |
Note 7 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation | 348,000 | 590,000 |
Performance-based vesting [Member] | ' | ' |
Note 7 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 30,520 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures (in Shares) | 50,092 | ' |
Restricted Stock [Member] | ' | ' |
Note 7 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | 21,000 | 27,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 6 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 7,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures (in Shares) | 16,417 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 71,000 | ' |
Stock Incentive Plan 2006 (Member) | ' | ' |
Note 7 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | $370,000 | $617,000 |
Note_7_StockBased_Compensation3
Note 7 - Stock-Based Compensation (Details) - Weighted Average Fair Value Assumptions for Stock-Based Compensation | 6 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Weighted Average Fair Value Assumptions for Stock-Based Compensation [Abstract] | ' | ' |
Risk-free interest rate | 1.60% | 0.90% |
Expected dividend yield | 0.00% | 0.00% |
Expected life (years) | '6 years | '6 years 36 days |
Expected volatility | 74.61% | 86.15% |
Note_7_StockBased_Compensation4
Note 7 - Stock-Based Compensation (Details) - Stock Options Under the Plans (USD $) | 6 Months Ended | |
Oct. 31, 2013 | Apr. 30, 2013 | |
Stock Options Under the Plans [Abstract] | ' | ' |
Shares Under Options, Outstanding | 1,440,743 | 1,305,988 |
Weighted Average Exercise Price, Outstanding (in Dollars per share) | $6.29 | $7.43 |
Weighted Average Remaining Contractual Term, Outstanding | '6 years 73 days | ' |
Exercisable as of October 31, 2013 | 915,839 | ' |
Exercisable as of October 31, 2013 (in Dollars per share) | $8.53 | ' |
Exercisable as of October 31, 2013 | '4 years 255 days | ' |
Forfeited | -195,716 | ' |
Forfeited (in Dollars per share) | $5.87 | ' |
Exercised | -4,000 | ' |
Exercised (in Dollars per share) | $2 | ' |
Granted | 334,471 | ' |
Granted (in Dollars per share) | $1.53 | ' |
Note_7_StockBased_Compensation5
Note 7 - Stock-Based Compensation (Details) - Non-Vested Restricted Stock Under the Plans (Non-vested Restricted Stock [Member], USD $) | 6 Months Ended | |
Oct. 31, 2013 | Apr. 29, 2013 | |
Non-vested Restricted Stock [Member] | ' | ' |
Note 7 - Stock-Based Compensation (Details) - Non-Vested Restricted Stock Under the Plans [Line Items] | ' | ' |
Number of Shares, Issued and Unvested | ' | 54,802 |
Weighted Average Price Per Share, Issued and Unvested (in Dollars per share) | ' | $4.52 |
Granted | 36,239 | ' |
Granted (in Dollars per share) | $1.70 | ' |
Forfeited | -16,417 | ' |
Forfeited (in Dollars per share) | $5.75 | ' |
Vested | -22,014 | ' |
Vested (in Dollars per share) | $4.96 | ' |
Number of Shares, Issued and Unvested | 52,610 | 54,802 |
Weighted Average Price Per Share, Issued and Unvested (in Dollars per share) | $2.01 | $4.52 |
Note_8_Commitments_and_Conting1
Note 8 - Commitments and Contingencies (Details) | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | Spanish Tax Authorities [Member] | |
USD ($) | EUR (€) | USD ($) | |
Note 8 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Input Tax | ' | ' | $250,000 |
Letters of Credit Outstanding, Amount (in Euro) | 383,333 | 278,828 | ' |
Letters of Credit Outstanding, Amount | $383,333 | € 278,828 | ' |
Note_9_Income_Taxes_Details
Note 9 - Income Taxes (Details) (USD $) | 6 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Income Tax Expense (Benefit) | $0 | $0 |
Unrecognized Tax Benefits, Period Increase (Decrease) | $0 | ' |
Note_10_Operating_Segments_and2
Note 10 - Operating Segments and Geographic Information (Details) | 6 Months Ended |
Oct. 31, 2013 | |
Note 10 - Operating Segments and Geographic Information (Details) [Line Items] | ' |
Number of Operating Segments | 1 |
United States [Member] | ' |
Note 10 - Operating Segments and Geographic Information (Details) [Line Items] | ' |
Number of Reportable Segments | 1 |
United Kingdom [Member] | ' |
Note 10 - Operating Segments and Geographic Information (Details) [Line Items] | ' |
Number of Reportable Segments | 1 |
Australia [Member] | ' |
Note 10 - Operating Segments and Geographic Information (Details) [Line Items] | ' |
Number of Reportable Segments | 1 |
Note_10_Operating_Segments_and3
Note 10 - Operating Segments and Geographic Information (Details) - Geographic Segment Information (USD $) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | $463,608 | $1,360,299 | $924,535 | $2,342,695 | ' |
Operating loss | -3,417,709 | -4,928,173 | -7,235,862 | -9,237,402 | ' |
31-Oct-13 | ' | ' | ' | ' | ' |
Long-lived assets | 612,612 | ' | 612,612 | ' | 700,968 |
Total assets | 21,324,789 | ' | 21,324,789 | ' | 24,831,059 |
North America [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 460,837 | 1,353,928 | 748,589 | 2,284,831 | ' |
Operating loss | -2,714,747 | -4,337,988 | -5,837,346 | -8,189,708 | ' |
31-Oct-13 | ' | ' | ' | ' | ' |
Long-lived assets | 595,341 | ' | 595,341 | ' | 675,354 |
Total assets | 20,002,947 | ' | 20,002,947 | ' | 23,097,183 |
Europe [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 2,771 | 6,371 | 175,946 | 57,864 | ' |
Operating loss | -396,523 | -266,004 | -711,925 | -500,978 | ' |
31-Oct-13 | ' | ' | ' | ' | ' |
Long-lived assets | 16,499 | ' | 16,499 | ' | 24,128 |
Total assets | 1,247,749 | ' | 1,247,749 | ' | 1,518,496 |
Asia and Australia [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 0 | 0 | 0 | 0 | ' |
Operating loss | -306,439 | -324,181 | -686,591 | -546,716 | ' |
31-Oct-13 | ' | ' | ' | ' | ' |
Long-lived assets | 772 | ' | 772 | ' | 1,486 |
Total assets | $74,093 | ' | $74,093 | ' | $215,380 |
Note_11_Subsequent_Event_Detai
Note 11 - Subsequent Event (Details) (USD $) | 6 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended |
Oct. 31, 2013 | Nov. 05, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | Offering Agreement [Member] | ||
Offering Agreement [Member] | Offering Agreement [Member] | |||
Note 11 - Subsequent Event (Details) [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | 471,000 | 471,000 | 1,300,000 |
Proceeds from Issuance of Common Stock (in Dollars) | $3,429,799 | $1,236,900 | $1,236,900 | $3,429,800 |