Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Jan. 31, 2015 | Feb. 28, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Ocean Power Technologies, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -26 | |
Entity Common Stock, Shares Outstanding | 18,354,611 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1378140 | |
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-Jan-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $19,868,906 | $13,858,659 |
Marketable securities | 50,000 | 14,493,881 |
Restricted cash | 469,525 | 6,124,960 |
Accounts receivable | 18,991 | 308,731 |
Unbilled receivables | 189,265 | 37,410 |
Other current assets | 330,010 | 568,377 |
Total current assets | 20,926,697 | 35,392,018 |
Property and equipment, net | 262,850 | 317,513 |
Patents, net | 207,077 | 828,298 |
Restricted cash | 75,000 | 1,221,696 |
Other noncurrent assets | 426,677 | 325,310 |
Total assets | 21,898,301 | 38,084,835 |
Current liabilities: | ||
Accounts payable | 141,896 | 501,397 |
Accrued expenses | 2,448,855 | 2,931,239 |
Advance payment received from customer | 4,709,055 | |
Unearned revenues | 992,447 | |
Current portion of long-term debt | 100,000 | 100,000 |
Total current liabilities | 2,690,751 | 9,234,138 |
Long-term debt | 75,000 | 150,000 |
Deferred credits | 600,000 | 600,000 |
Total liabilities | 3,365,751 | 9,984,138 |
Commitments and contingencies (note 9) | ||
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 18,393,269 and 17,593,637 shares, respectively Treasury stock, at cost; 38,658 and 37,852 shares, respectively | -132,016 | -130,707 |
Additional paid-in capital | 180,692,849 | 180,454,341 |
Accumulated deficit | -161,478,920 | -151,640,503 |
Accumulated other comprehensive loss | -167,971 | -225,733 |
Total Ocean Power Technologies, Inc. stockholders’ equity | 18,932,335 | 28,474,992 |
Noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd. | -399,785 | -374,295 |
Total equity | 18,532,550 | 28,100,697 |
Total liabilities and stockholders’ equity | $21,898,301 | $38,084,835 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 |
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 (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 105,000,000 | 105,000,000 |
Common stock, shares issued | 18,393,269 | 17,593,637 |
Treasury stock | 38,658 | 37,852 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | |
Revenues | $328,511 | $199,622 | $3,616,827 | $1,124,157 |
Cost of revenues | 379,106 | 193,213 | 4,344,346 | 1,115,925 |
Gross (loss) profit | -50,595 | 6,409 | -727,519 | 8,232 |
Operating expenses: | ||||
Product development costs | 1,082,628 | 785,946 | 2,227,060 | 3,666,980 |
Selling, general and administrative costs | 1,956,702 | 1,771,560 | 7,788,552 | 6,128,211 |
Total operating expenses | 3,039,330 | 2,557,506 | 10,015,612 | 9,795,191 |
Operating loss | -3,089,925 | -2,551,097 | -10,743,131 | -9,786,959 |
Interest income (expense), net | 6,793 | 3,336 | -48,403 | 6,573 |
Other income | 185,000 | |||
Foreign exchange (loss) gain | -246,002 | 23,448 | -467,909 | 152,575 |
Loss before income taxes | -3,329,134 | -2,524,313 | -11,074,443 | -9,627,811 |
Income tax benefit | 1,137,872 | 1,745,895 | 1,137,872 | 1,745,895 |
Net loss | -2,191,262 | -778,418 | -9,936,571 | -7,881,916 |
Less: Net loss attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd. | 5,291 | 38,628 | 98,154 | 121,599 |
Net loss attributable to Ocean Power Technologies, Inc. | ($2,185,971) | ($739,790) | ($9,838,417) | ($7,760,317) |
Basic and diluted net loss per share (in Dollars per share) | ($0.12) | ($0.06) | ($0.56) | ($0.71) |
Weighted average shares used to compute basic and diluted net loss per share (in Shares) | 17,508,270 | 12,163,239 | 17,484,839 | 10,995,525 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | |
Net loss | ($2,191,262) | ($778,418) | ($9,936,571) | ($7,881,916) |
Foreign currency translation adjustment | 64,414 | -42,395 | 130,426 | -101,180 |
Total comprehensive loss | -2,126,848 | -820,813 | -9,806,145 | -7,983,096 |
Comprehensive (income) loss attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd. | -44,564 | 18,802 | 25,490 | 88,868 |
Comprehensive loss attributable to Ocean Power Technologies, | ($2,171,412) | ($802,011) | ($9,780,655) | ($7,894,228) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Unaudited) (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, 2014 | $17,594 | ($130,707) | $180,454,341 | ($151,640,503) | ($225,733) | ($374,295) | $28,100,697 |
Balance (in Shares) at Apr. 30, 2014 | 17,593,637 | -37,852 | |||||
Net loss | -9,838,417 | -98,154 | -9,936,571 | ||||
Stock based compensation | 129,774 | 129,774 | |||||
Issuance (forfeiture) of restricted stock, net | 799 | 108,084 | 108,883 | ||||
Issuance (forfeiture) of restricted stock, net (in Shares) | 799,632 | ||||||
Acquisition of treasury stock | -1,309 | -1,309 | |||||
Acquisition of treasury stock (in Shares) | -806 | -806 | |||||
Sale of stock | 650 | 650 | |||||
Other comprehensive income | 57,762 | 72,664 | 130,426 | ||||
Balance at Jan. 31, 2015 | $18,393 | ($132,016) | $180,692,849 | ($161,478,920) | ($167,971) | ($399,785) | $18,532,550 |
Balance (in Shares) at Jan. 31, 2015 | 18,393,269 | -38,658 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | ($9,936,571) | ($7,881,916) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Foreign exchange loss (gain) | 467,909 | -152,575 |
Depreciation and amortization | 727,188 | 321,237 |
Loss on disposals of property, plant and equipment | 3,771 | |
Treasury note premium amortization | 5,391 | |
Compensation expense related to stock option grants & restricted stock | 238,657 | 569,540 |
Allowance for doubtful accounts receivable | -296,174 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 289,740 | 664,225 |
Long-term receivables | 209,906 | |
Unbilled receivables | -151,855 | -205,541 |
Other current assets | 229,910 | -176,254 |
Other noncurrent assets | -134,126 | -141,788 |
Accounts payable | -348,795 | -229,680 |
Accrued expenses | -435,950 | -305,655 |
Return of advanced payment to customer | -4,709,055 | |
Cash flows from investing activities: | ||
Purchases of marketable securities | -13,796,959 | -18,494,272 |
Maturities of marketable securities | 28,240,840 | 20,989,422 |
Restricted cash | 6,787,329 | -745,000 |
Purchases of equipment | -54,466 | -21,191 |
Net cashed provided by investing activities | 21,176,744 | 1,728,959 |
Cash flows from financing activities: | ||
Proceeds from the sale of common stock, net of issuance costs | 650 | 5,933,259 |
Exercise of stock options | 8,000 | |
Repayment of debt | -75,000 | -75,000 |
Acquisition of treasury stock | -1,309 | -6,814 |
Net cash (used in) provided by financing activities | -75,659 | 5,859,445 |
Effect of exchange rate changes on cash and cash equivalents | -339,214 | 7,463 |
Net increase (decrease) in cash and cash equivalents | 6,010,247 | -456,150 |
Cash and cash equivalents, beginning of period | 13,858,659 | 6,372,788 |
Cash and cash equivalents, end of period | 19,868,906 | 5,916,638 |
Supplemental disclosure of noncash investing and financing activities: | ||
Capitalized purchases of equipment financed through accounts payable and accrued expenses | 1,110 | |
Short-Term [Member] | ||
Changes in operating assets and liabilities: | ||
Unearned Revenues | -992,447 | -452,864 |
Long-Term [Member] | ||
Changes in operating assets and liabilities: | ||
Unearned Revenues | 20,131 | |
Net cash used in operating activities | ($14,751,624) | ($8,052,017) |
Note_1_Background_Basis_of_Pre
Note 1 - Background, Basis of Presentation and Liquidity | 9 Months Ended | |
Jan. 31, 2015 | ||
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, 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, 2014 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 January 31, 2015, the Company had an accumulated deficit of $161.5 million. As of January 31, 2015, the Company’s cash and cash equivalents and marketable securities balance was approximately $19.9 million as compared to $28.4 million at April 30, 2014. Based upon the Company’s cash and cash equivalents and marketable securities balance as of January 31, 2015, the Company believes that it will be able to finance its capital requirements and operations through at least the first calendar quarter of 2016. In addition, as of January 31, 2015, the Company’s restricted cash balance was approximately $0.6 million, which reflects a significant decrease from the Company’s restricted cash balance of approximately $7.3 million as of April 30, 2014. See Note 2(f). | ||
During 2014 and 2013, the Company 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 insufficiencies of capital, technology development, scalability of technology and production, dependence on skills of key personnel, concentration of customers and suppliers, performance of PowerBuoys, deployment risks and laws, regulations and permitting. 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 sufficient financing is not obtained by the Company, we may be required to further curtail or limit certain product development costs, and/or selling, general and administrative activities in order to reduce our cash expenditures. | ||
In January 2013, we filed a shelf registration statement on Form S-3 (the “S-3” or the “S-3 Shelf”). The S-3 Shelf was declared effective in February 2013. Under the S-3 Shelf, in June 2013, we established an at the market offering facility (the “ATM Facility”) with Ascendiant Capital Markets, LLC (the “Manager”) via an At the Market Offering Agreement (the “ATM Agreement”). Under the ATM Agreement, we offered and sold shares of our common stock from time to time through the Manager, acting as sales agent, in ordinary brokerage transactions at prevailing market prices. Under the ATM Facility, during fiscal 2014, we issued 3,306,334 shares of our common stock at an average price to the public of $3.02 per share, receiving net proceeds from the ATM Facility of approximately $9,698,000. | ||
Also in fiscal 2014, we entered into an underwriting agreement (the “Underwriting Agreement”) with Roth Capital Partners, LLC (the “Underwriter”) on April 4, 2014, with respect to the issuance and sale in an underwritten public offering (the “Public Offering”) of an aggregate of 3,800,000 shares of our common stock at a price to the public of $3.10 per share. The Underwriting Agreement contained customary representations, warranties and agreements by us, customary conditions to closing and indemnification obligations, and a 90 day lock-up period that limited transactions in our common stock by us. Net proceeds from the Public Offering, which was completed in early April 2014, were approximately $10,828,000. | ||
Form S-3 limits the aggregate market value of securities that we are permitted to offer in any 12-month period under Form S-3, whether under the ATM Agreement, the Underwriting Agreement or otherwise, to one third of our public float. After the February 2014 share sales, we fully utilized the ATM Agreement and reached the applicable limit under Form S-3. Of the $40 million authorized under the S-3 Shelf, approximately $18.2 million remains available for issuance. During the nine months ended January 31, 2015, there were no proceeds from the sale of stock under the S-3 Shelf. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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 January 31, 2015, there was one noncontrolling interest, consisting of 11.8% of the Company's Australian subsidiary, Ocean Power Technologies (Australasia) Pty. Ltd. (“OPTA”). OPTA owns 100% of Victorian Wave Partners Pty. Ltd. (“VWP”), which is also organized under the laws of Australia. | |||||||||||||||||
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 January 31, 2015, there were no such entities. | |||||||||||||||||
(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; estimated costs to complete for projects; 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. These contracts are subject to interpretation and management may make a judgment as to the amount of revenue earned and recorded. Because the Company has a small number of contracts, revisions to the percentage-of-completion determination, management interpretation or delays in meeting performance and contractual 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, 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. | |||||||||||||||||
Most of the Company’s projects are under cost-sharing contracts. | |||||||||||||||||
(d) Cash and Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company invests excess cash in an overnight U.S. government securities repurchase bank account. In accordance with the terms of the repurchase agreement, the Company does not take possession of the related securities. The agreement contains provisions to ensure that the market value of the underlying assets remain sufficient to protect the Company in the event of default by the bank by requiring that the underlying securities have a total market value of at least 100% of the bank’s total obligations under the agreement. | |||||||||||||||||
31-Jan-15 | 30-Apr-14 | ||||||||||||||||
Checking and savings accounts | $ | 3,435,554 | $ | 1,917,176 | |||||||||||||
Overnight repurchase account | 13,926,933 | ― | |||||||||||||||
Certificates of deposits and US Treasury obligations | ― | 11,499,768 | |||||||||||||||
Money market funds | 2,506,419 | 441,715 | |||||||||||||||
$ | 19,868,906 | $ | 13,858,659 | ||||||||||||||
(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 mature more than one year from the balance sheet date are classified as noncurrent 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 January 31, 2015 and April 30, 2014, 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 and bank guarantees that are expected to be issued by Barclays Bank on behalf of OPT LTD, one of the Company's subsidiaries, under a credit facility established by Barclays Bank for OPT LTD. The credit facility carries a fee of 1% per annum of the amount of any such obligations issued by Barclays Bank. The credit facility does not have an expiration date, but is cancelable at the discretion of the bank. During the nine months ended January 31, 2015, the Company reduced the credit facility from €800,000 ($964,656) to approximately €307,000 ($347,525). As of January 31, 2015, there was €278,828 ($315,633) in letters of credit outstanding under this agreement. | |||||||||||||||||
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 of which $175,000 is outstanding at January 31, 2015. Under this arrangement, the Company annually assigns to the NJBPU a certificate of deposit in an amount equal to the outstanding grant balance. See Note 6. | |||||||||||||||||
The third agreement concerns letters of credit issued by PNC Bank for the benefit of the Oregon Department of State Lands for the removal of certain of the Company’s anchoring and mooring equipment from the seabed off the coast of Oregon. During the nine months ended January 31, 2015, the Company substantially completed the removal activity and reduced the letters of credit from $1,200,000 to one letter of credit of $22,000. This letter of credit is secured by a certificate of deposit with PNC Bank. | |||||||||||||||||
The Company had classified the initial grant funding received from the Australian Renewable Energy Agency (“ARENA”) of A$5,595,723 ($5,179,960), which includes an amount required to be submitted as goods and services tax (GST), as restricted cash as of April 30, 2014. | |||||||||||||||||
During the nine months ended January 31, 2015, the Company remitted the GST in the amount of A$508,702 ($470,905) to the Australian Tax Office (ATO) in accordance with local tax laws and also reclaimed this amount from the ATO during such nine month period. The Company also returned the initial grant funding received of A$5,595,723 ($5,179,960) and interest of A$109,051 ($102,061) to ARENA in accordance with the Deed of Variation and Termination of Funding Deed executed between the parties in August 2014. The Company had accrued this amount in accrued expenses and recorded this amount as restricted cash at April 30, 2014. Restricted cash includes the following: | |||||||||||||||||
31-Jan-15 | 30-Apr-14 | ||||||||||||||||
Current: | |||||||||||||||||
Australian Renewable Energy Agency (ARENA) | $ | ― | $ | 5,179,960 | |||||||||||||
NJBPU agreement | 100,000 | 100,000 | |||||||||||||||
Oregon Department of State Lands | 22,000 | 845,000 | |||||||||||||||
Barclay's Bank Agreement | 347,525 | ― | |||||||||||||||
$ | 469,525 | $ | 6,124,960 | ||||||||||||||
31-Jan-15 | 30-Apr-14 | ||||||||||||||||
Long Term: | |||||||||||||||||
Barclay's Bank Agreement | $ | ― | $ | 996,696 | |||||||||||||
NJBPU agreement | 75,000 | 225,000 | |||||||||||||||
$ | 75,000 | $ | 1,221,696 | ||||||||||||||
(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 January 31, | Nine Months Ended January 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Foreign exchange (loss) gain | $ | (246,002 | ) | $ | 23,448 | $ | (467,909 | ) | $ | 152,575 | |||||||
Foreign currency denominated certificates of deposit and cash accounts: | |||||||||||||||||
31-Jan-15 | 30-Apr-14 | ||||||||||||||||
Restricted | $ | 347,525 | $ | 6,176,656 | |||||||||||||
Unrestricted | 822,862 | 1,232,111 | |||||||||||||||
$ | 1,170,387 | $ | 7,408,767 | ||||||||||||||
(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. During the nine months ended January 31, 2015, the Company reviewed its long-lived assets for impairment and estimated that the remaining useful lives, for purposes of amortizing capitalized external patent costs, should be reduced from approximately five years to one year. | |||||||||||||||||
(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 an overnight U.S. government securities repurchase bank account and does not believe that it is exposed to any significant risks related to its cash accounts, money market funds, certificates of deposit or overnight repurchase account. | |||||||||||||||||
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 January 31, | Nine months ended January 31, | ||||||||||||||||
Customer | 2015 | 2014 | 2015 | 2014 | |||||||||||||
US Department of Energy | 25 | % | 50 | % | 37 | % | 37 | % | |||||||||
Mitsui Engineering & Shipbuilding | 75 | % | 100 | % | 37 | % | 18 | % | |||||||||
European Union (WavePort project) | ― | (50 | %) | 26 | % | 27 | % | ||||||||||
UK Government's Technology Strategy Board | ― | ― | ― | 18 | % | ||||||||||||
100 | % | 100 | % | 100 | % | 100 | % | ||||||||||
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, options to purchase shares of common stock and non-vested restricted stock issued to employees and non-employee directors, totaling 1,937,013 for the three and nine months ended January 31, 2015, and 1,581,016 for the three and nine months ended January 31, 2014, were excluded from the computations as the effect would be anti-dilutive due to the Company's losses. | |||||||||||||||||
(k)Recently Issued Accounting Standards | |||||||||||||||||
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. Generally Accepted Accounting Principles (“GAAP”) when it becomes effective. The new standard is effective for us on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or the cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |||||||||||||||||
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which describes how an entity should assess its ability to meet obligations and sets rules for how this information should be disclosed in the financial statements. The standard provides accounting guidance that will be used along with existing auditing standards. The new standard applies to all entities for the first annual period ending after December 15, 2016, and interim periods thereafter. Early application is permitted. We are evaluating the effect ASU 2014-15 will have on our consolidated financial statements and disclosures and have not yet determined the effect of the standard on our ongoing financial reporting at this time. |
Note_3_Marketable_Securities
Note 3 - Marketable Securities | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
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: | |||||||||
31-Jan-15 | 30-Apr-14 | ||||||||
Certificates of Deposit and US Treasury obligations | $ | 50,000 | $ | 14,493,881 | |||||
Note_4_Balance_Sheet_Detail
Note 4 - Balance Sheet Detail | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Supplemental Balance Sheet Disclosures [Text Block] | (4) Balance Sheet Detail | ||||||||
31-Jan-15 | 30-Apr-14 | ||||||||
Accounts receivable | |||||||||
Accounts receivable | $ | 18,991 | $ | 308,731 | |||||
Patents | |||||||||
Patents | $ | 1,536,029 | $ | 1,536,029 | |||||
Accumulated amortization | (1,328,952 | ) | (707,731 | ) | |||||
$ | 207,077 | $ | 828,298 | ||||||
Accrued expenses | |||||||||
Project costs | $ | 735,859 | $ | 1,263,293 | |||||
Contract loss reserve | 263,469 | ― | |||||||
Employee incentive payments | 491,925 | 310,370 | |||||||
Accrued salary and benefits | 504,233 | 455,909 | |||||||
Legal and accounting fees | 258,642 | 168,402 | |||||||
Goods and services tax (GST) due to Australian Tax Office | ― | 470,905 | |||||||
Other | 194,727 | 262,360 | |||||||
$ | 2,448,855 | $ | 2,931,239 | ||||||
Note_5_Related_Party_Transacti
Note 5 - Related Party Transactions | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Related Party Transactions Disclosure [Text Block] | (5) Related Party Transactions | ||||||||
Three Months Ended January 31, | |||||||||
2015 | 2014 | ||||||||
Related party consulting expense | $ | 168,500 | $ | ― | |||||
Nine Months Ended January 31, | |||||||||
2015 | 2014 | ||||||||
Related party consulting expense | $ | 434,188 | $ | ― | |||||
In April 2014, the Company entered into an Executive Transition Agreement with George W. Taylor, who was formerly employed by the Company as Executive Vice Chairman and served on the Company’s Board of Directors prior to that date. Under this agreement, Dr. Taylor will receive up to fifteen months of consulting fees at a monthly rate of $20,000. For the three and nine months ended January 31, 2015, the Company recorded $60,000 and $180,000 respectively in expense relating to this agreement. | |||||||||
In June 2014, the Company entered into an agreement with David L. Keller, who had served as a non-executive director of the Company since October 2013. Under this agreement, Mr. Keller served as Interim Chief Executive Officer effective with the June 9, 2014 termination of the Company’s former Chief Executive Officer, Charles F. Dunleavy and received a consulting fee of $1,500 per day of services provided. Effective January 20, 2015, Mr. George H. Kirby was appointed President, Chief Executive Officer and Director of the Company and Mr. Keller resigned as Interim CEO. Mr. Keller continues to serve as a non-executive director of the Company. For the three and nine months ended January 31, 2015, the Company recorded $108,500 and $254,188 respectively in expense relating Mr. Keller’s agreement. |
Note_6_Debt
Note 6 - Debt | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | (6) Debt | ||||||||
The Company was awarded a recoverable grant totaling $500,000, between April 2009 and June 2010, 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. See Note 2(f). | |||||||||
31-Jan-15 | 30-Apr-14 | ||||||||
Total debt | $ | 175,000 | $ | 250,000 | |||||
Current portion of long-term debt | (100,000 | ) | (100,000 | ) | |||||
Long-term debt | $ | 75,000 | $ | 150,000 | |||||
Note_7_Deferred_Credits_Payabl
Note 7 - Deferred Credits Payable | 9 Months Ended |
Jan. 31, 2015 | |
Customer Advances And Deposits [Abstract] | |
Customer Advances And Deposits [Text Block] | (7) 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 January 31, 2015, 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 January 31, 2015. |
Note_8_StockBased_Compensation
Note 8 - Stock-Based Compensation | 9 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (8) Stock-Based Compensation | ||||||||||||
Stock-based compensation costs decreased for the three and nine month periods ended January 31, 2015 versus January 31, 2014 due primarily to the termination for cause of Charles F. Dunleavy, former Chief Executive Officer, on June 9, 2014. In accordance with the Company’s 2001 Stock Plan and the 2006 Stock Incentive Plan, all vested and unvested grants are forfeited upon termination for cause. In addition, the Company issued stock-based awards during the period of October 2014 to December 2014, where for the prior year stock-based awards were issued during the month of June 2013. The aggregate stock-based compensation expense related to all stock-based transactions recorded in the consolidated statements of operations was approximately $239,000 and $570,000 for the nine months ended January 31, 2015 and 2014, respectively. | |||||||||||||
(a) Stock Options | |||||||||||||
Valuation Assumptions for Options Granted During the Nine Months Ended January 31, 2015 and 2014 | |||||||||||||
The fair value of each stock option granted, for both service-based and performance-based vesting requirements, during the nine months ended January 31, 2015 and 2014 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 nine months ended January 31, 2015 and 2014. | |||||||||||||
Nine Months Ended January 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Risk-free interest rate | 1.6 | % | 1.7 | % | |||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||
Expected life (years) | 5.5 | 5.9 | |||||||||||
Expected volatility | 85.49 | % | 76.29 | % | |||||||||
The above assumptions were used to determine the weighted average per share fair value of $0.72 and $1.26 for stock options granted during the nine months ended January 31, 2015 and 2014, 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, 2014 | 1,472,292 | $ | 5.53 | 5.9 | |||||||||
Forfeited | (497,533 | ) | 7.17 | ||||||||||
Exercised | — | — | |||||||||||
Granted | 115,913 | 1.02 | |||||||||||
Outstanding as of January 31, 2015 | 1,090,672 | 4.31 | 6 | ||||||||||
Exercisable as of January 31, 2015 | 749,670 | 5.66 | 4.8 | ||||||||||
As of January 31, 2015, the total intrinsic value of outstanding and exercisable options was $0. As of January 31, 2015, approximately 332,000 additional options are expected to vest in the future, which options had no intrinsic value and a weighted average remaining contractual term of 8.7 years. There was approximately $130,000 and $500,000 of total recognized compensation cost related to stock options for the nine months ended January 31, 2015 and 2014, respectively. As of January 31, 2015, there was approximately $209,000 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 2.1 years. The Company normally issues new shares to satisfy option exercises under these plans. Stock options outstanding as of January 31, 2015 included 115,786 stock options subject to performance-based vesting requirements. | |||||||||||||
(b) Restricted Stock | |||||||||||||
Compensation expense for non-vested restricted stock is historically recorded based on its market value on the date of grant and recognized over the associated service and performance period. During the nine months ended January 31, 2015, the Company granted 438,012 shares subject to service-based vesting requirements and 371,000 shares subject to performance-based vesting requirements. The service-based vesting grants include a grant to a non-executive director of the Company for 104,000 shares. This grant was issued pursuant to the 2006 Stock Incentive Plan and shall vest immediately upon the approval by the shareholders at the 2015 Annual Meeting (tentatively planned for early October 2015) of additional shares to be authorized under the Company's 2006 Stock Incentive Plan as amended. In the event that the shareholder approval referred to above is not obtained or is otherwise deemed unnecessary, the Board shall determine such other vesting schedule or other form(s) of equivalent compensation as may be necessary or appropriate. The achievement or vesting requirement of the performance-based grants is tied to the Company's total shareholder return (TSR) relative to the total shareholder return of three alternative energy Exchange Traded Funds as measured over a specific performance period. No vesting of the relevant shares will occur in instances where the Company’s TSR for the relevant period is below 80% of the peer group. However, additional opportunities to vest some or all of a portion of the shares in a subsequent period may occur. Compensation expense for these awards with market-based vesting is calculated based on the estimated fair value as of the grant date utilizing a Monte Carlo simulation model and is recognized over the service period on a straight-line basis. During the nine months ended January 31, 2015, 9,380 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 January 31, 2015 included 408,329 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 | |||||||||||||
Number | Average Price per | ||||||||||||
of Shares | Share | ||||||||||||
Issued and unvested at April 30, 2014 | 97,610 | $ | 2.23 | ||||||||||
Granted | 809,012 | 0.65 | |||||||||||
Forfeited | (9,380 | ) | 2.3 | ||||||||||
Vested | (50,901 | ) | 2.13 | ||||||||||
Issued and unvested at January 31, 2015 | 846,321 | 0.73 | |||||||||||
There was approximately $109,000 and $70,000 of total recognized compensation cost related to restricted stock for the nine months ended January 31, 2015 and 2014, respectively. As of January 31, 2015, there was approximately $438,000 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 2.7 years. | |||||||||||||
(c)Treasury Stock | |||||||||||||
During the nine months ended January 31, 2015 and 2014, 806 and 4,081 shares, respectively, of common stock were purchased by the Company from employees to pay taxes related to the vesting of restricted stock. |
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 9 Months Ended |
Jan. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | (9) Commitments and Contingencies |
(a) Litigation | |
Shareholder Litigation: | |
The Company is a defendant in four putative securities class actions pending in the United States District Court for the District of New Jersey. See Roby v. Ocean Power Technologies, Inc., et al., Case No. 3:14-cv-03799-FLW-LHG; Chew, et al. v. Ocean Power Technologies, Inc. et. al., Case No 3:14-cv-03815-MAS-DEA; Konstantinidis v. Ocean Power Technologies, Inc., et al., Case No. 3:14-cv-04015-FLW-DEA; Turner v. Ocean Power Technologies, Inc., et al., Case No. 3:14-cv-04592. The Company's former Chief Executive Officer is named as a defendant in each of the lawsuits and the Company's Chief Financial Officer is named as a defendant in two of the lawsuits. The complaints allege claims for violations of §10(b) and §20(a) of the Securities Exchange Act of 1934 arising out of public statements relating to a now terminated agreement between Victorian Wave Partners Pty. Ltd. and the Australian Renewable Energy Agency for the development of a wave power station (the "VWP Project"). All four complaints seek unspecified monetary damages and other relief. | |
On August 12, 2014, five motions for appointment of lead plaintiff were filed. The motions also seek to consolidate the actions. The Court has not ruled on the motions. The cases are still in their preliminary stages and defendants have not yet responded to the complaints. | |
On July 10, 2014, the Company received a demand letter ("Demand Letter") from an attorney claiming to represent a shareholder demanding that the Company's Board of Directors establish an independent committee to investigate and remedy alleged breaches of fiduciary duties by the Board of Directors and management relating to the VWP Project. The Company is continuing to evaluate the Demand Letter but also invited the attorney to participate in the Section 220 Demand process discussed below. On February 6, 2015, the Company produced documents to the attorney pursuant to a confidentiality agreement in connection with the Section 220 Demand process. | |
The Company also received a letter, dated August 19, 2014, (the "Section 220 Demand") from another attorney claiming to represent a shareholder demanding, pursuant to 8 Del. C. § 220, to inspect certain books and records of the Company relating to the VWP Project and the termination of Charles Dunleavy as the Company's Chief Executive Officer. The Company has received two additional Section 220 Demands relating to the same subject matter from attorneys claiming to represent two different shareholders. The Company has responded in writing to the three Section 220 Demands and on February 6, 2015 produced documents to each of the attorneys pursuant to confidentiality agreements. | |
Employment Litigation: | |
On June 10, 2014, the Company announced that it had terminated Charles Dunleavy as Chief Executive Officer and as an employee of the Company for cause, effective June 9, 2014, and that Mr. Dunleavy had also been removed from his position as Chairman of the Board of Directors. On June 17, 2014, Mr. Dunleavy wrote to the Company stating that he had retained counsel to represent him in connection with an alleged wrongful termination of his employment. On July 28, 2014, Mr. Dunleavy resigned from the Board and the boards of directors of the Company's subsidiaries. The Company and Mr. Dunleavy have agreed to toll his alleged employment claims pending resolution of the shareholder litigation. | |
In addition, the Company is involved from time to time in certain legal actions arising in the ordinary course of business. | |
(b) 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 in the amount of €278,828 ($315,633) at the request of the Spanish tax authorities. This is a customary request during the inquiry period. In November 2014, the Company received a partial refund of the amount under dispute and continues to expect that this matter will be resolved in the Company’s favor. |
Note_10_Income_Taxes
Note 10 - Income Taxes | 9 Months Ended |
Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | (10) Income Taxes |
During the three and nine months ended January 31, 2015, the Company recorded an income tax benefit of $1,137,872, representing the proceeds from the sale of $14,004,000 of New Jersey net operating loss carryforwards and research and development tax credits. During the three and nine months ended January 31, 2014, the Company recorded an income tax benefit of $1,745,895, representing the proceeds from the sale of $15,347,000 of New Jersey net operating loss carryforwards and research and development tax credits. | |
Other than as a result of the sale of New Jersey net operating loss carryforwards, the Company did not recognize any consolidated income tax benefit (expense) for the three and nine month periods ended January 31, 2015 and 2014. 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 nine months ended January 31, 2015, the Company had no material changes in uncertain tax positions. |
Note_11_Operating_Segments_and
Note 11 - Operating Segments and Geographic Information | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | (11) Operating Segments and Geographic Information | ||||||||||||||||
The Company views its business as one segment, which is the development of its PowerBuoy prototype 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 January 31, 2015 | |||||||||||||||||
Revenues from external customers | $ | 328,511 | $ | — | $ | — | $ | 328,511 | |||||||||
Operating loss | (2,784,095 | ) | (258,636 | ) | (47,194 | ) | (3,089,925 | ) | |||||||||
Three months ended January 31, 2014 | |||||||||||||||||
Revenues from external customers | 196,783 | 2,839 | — | 199,622 | |||||||||||||
Operating loss | (2,062,915 | ) | (165,977 | ) | (322,205 | ) | (2,551,097 | ) | |||||||||
Nine months ended January 31, 2015 | |||||||||||||||||
Revenues from external customers | 3,616,827 | — | — | 3,616,827 | |||||||||||||
Operating loss | (8,981,672 | ) | (993,308 | ) | (768,151 | ) | (10,743,131 | ) | |||||||||
Nine months ended January 31, 2014 | |||||||||||||||||
Revenues from external customers | 945,372 | 178,785 | — | 1,124,157 | |||||||||||||
Operating loss | (7,900,261 | ) | (877,902 | ) | (1,008,796 | ) | (9,786,959 | ) | |||||||||
31-Jan-15 | |||||||||||||||||
Long-lived assets | 261,519 | 1,331 | — | 262,850 | |||||||||||||
Total assets | 21,118,642 | 640,859 | 138,800 | 21,898,301 | |||||||||||||
30-Apr-14 | |||||||||||||||||
Long-lived assets | 305,314 | 12,024 | 175 | 317,513 | |||||||||||||
Total assets | $ | 31,313,240 | $ | 1,003,205 | $ | 5,768,390 | $ | 38,084,835 | |||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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, 2014 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 January 31, 2015, the Company had an accumulated deficit of $161.5 million. As of January 31, 2015, the Company’s cash and cash equivalents and marketable securities balance was approximately $19.9 million as compared to $28.4 million at April 30, 2014. Based upon the Company’s cash and cash equivalents and marketable securities balance as of January 31, 2015, the Company believes that it will be able to finance its capital requirements and operations through at least the first calendar quarter of 2016. In addition, as of January 31, 2015, the Company’s restricted cash balance was approximately $0.6 million, which reflects a significant decrease from the Company’s restricted cash balance of approximately $7.3 million as of April 30, 2014. See Note 2(f). | |||||||||||||||||
During 2014 and 2013, the Company 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 insufficiencies of capital, technology development, scalability of technology and production, dependence on skills of key personnel, concentration of customers and suppliers, performance of PowerBuoys, deployment risks and laws, regulations and permitting. 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 sufficient financing is not obtained by the Company, we may be required to further curtail or limit certain product development costs, and/or selling, general and administrative activities in order to reduce our cash expenditures. | |||||||||||||||||
In January 2013, we filed a shelf registration statement on Form S-3 (the “S-3” or the “S-3 Shelf”). The S-3 Shelf was declared effective in February 2013. Under the S-3 Shelf, in June 2013, we established an at the market offering facility (the “ATM Facility”) with Ascendiant Capital Markets, LLC (the “Manager”) via an At the Market Offering Agreement (the “ATM Agreement”). Under the ATM Agreement, we offered and sold shares of our common stock from time to time through the Manager, acting as sales agent, in ordinary brokerage transactions at prevailing market prices. Under the ATM Facility, during fiscal 2014, we issued 3,306,334 shares of our common stock at an average price to the public of $3.02 per share, receiving net proceeds from the ATM Facility of approximately $9,698,000. | |||||||||||||||||
Also in fiscal 2014, we entered into an underwriting agreement (the “Underwriting Agreement”) with Roth Capital Partners, LLC (the “Underwriter”) on April 4, 2014, with respect to the issuance and sale in an underwritten public offering (the “Public Offering”) of an aggregate of 3,800,000 shares of our common stock at a price to the public of $3.10 per share. The Underwriting Agreement contained customary representations, warranties and agreements by us, customary conditions to closing and indemnification obligations, and a 90 day lock-up period that limited transactions in our common stock by us. Net proceeds from the Public Offering, which was completed in early April 2014, were approximately $10,828,000. | |||||||||||||||||
Form S-3 limits the aggregate market value of securities that we are permitted to offer in any 12-month period under Form S-3, whether under the ATM Agreement, the Underwriting Agreement or otherwise, to one third of our public float. After the February 2014 share sales, we fully utilized the ATM Agreement and reached the applicable limit under Form S-3. Of the $40 million authorized under the S-3 Shelf, approximately $18.2 million remains available for issuance. During the nine months ended January 31, 2015, there were no proceeds from the sale of stock under the S-3 Shelf. | |||||||||||||||||
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 January 31, 2015, there was one noncontrolling interest, consisting of 11.8% of the Company's Australian subsidiary, Ocean Power Technologies (Australasia) Pty. Ltd. (“OPTA”). OPTA owns 100% of Victorian Wave Partners Pty. Ltd. (“VWP”), which is also organized under the laws of Australia. | |||||||||||||||||
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 January 31, 2015, there were no such entities. | |||||||||||||||||
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; estimated costs to complete for projects; 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. These contracts are subject to interpretation and management may make a judgment as to the amount of revenue earned and recorded. Because the Company has a small number of contracts, revisions to the percentage-of-completion determination, management interpretation or delays in meeting performance and contractual 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, 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. | |||||||||||||||||
Most of the Company’s projects are under cost-sharing contracts. | |||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | ||||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company invests excess cash in an overnight U.S. government securities repurchase bank account. In accordance with the terms of the repurchase agreement, the Company does not take possession of the related securities. The agreement contains provisions to ensure that the market value of the underlying assets remain sufficient to protect the Company in the event of default by the bank by requiring that the underlying securities have a total market value of at least 100% of the bank’s total obligations under the agreement. | |||||||||||||||||
31-Jan-15 | 30-Apr-14 | ||||||||||||||||
Checking and savings accounts | $ | 3,435,554 | $ | 1,917,176 | |||||||||||||
Overnight repurchase account | 13,926,933 | ― | |||||||||||||||
Certificates of deposits and US Treasury obligations | ― | 11,499,768 | |||||||||||||||
Money market funds | 2,506,419 | 441,715 | |||||||||||||||
$ | 19,868,906 | $ | 13,858,659 | ||||||||||||||
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 mature more than one year from the balance sheet date are classified as noncurrent 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 January 31, 2015 and April 30, 2014, 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 and bank guarantees that are expected to be issued by Barclays Bank on behalf of OPT LTD, one of the Company's subsidiaries, under a credit facility established by Barclays Bank for OPT LTD. The credit facility carries a fee of 1% per annum of the amount of any such obligations issued by Barclays Bank. The credit facility does not have an expiration date, but is cancelable at the discretion of the bank. During the nine months ended January 31, 2015, the Company reduced the credit facility from €800,000 ($964,656) to approximately €307,000 ($347,525). As of January 31, 2015, there was €278,828 ($315,633) in letters of credit outstanding under this agreement. | |||||||||||||||||
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 of which $175,000 is outstanding at January 31, 2015. Under this arrangement, the Company annually assigns to the NJBPU a certificate of deposit in an amount equal to the outstanding grant balance. See Note 6. | |||||||||||||||||
The third agreement concerns letters of credit issued by PNC Bank for the benefit of the Oregon Department of State Lands for the removal of certain of the Company’s anchoring and mooring equipment from the seabed off the coast of Oregon. During the nine months ended January 31, 2015, the Company substantially completed the removal activity and reduced the letters of credit from $1,200,000 to one letter of credit of $22,000. This letter of credit is secured by a certificate of deposit with PNC Bank. | |||||||||||||||||
The Company had classified the initial grant funding received from the Australian Renewable Energy Agency (“ARENA”) of A$5,595,723 ($5,179,960), which includes an amount required to be submitted as goods and services tax (GST), as restricted cash as of April 30, 2014. | |||||||||||||||||
During the nine months ended January 31, 2015, the Company remitted the GST in the amount of A$508,702 ($470,905) to the Australian Tax Office (ATO) in accordance with local tax laws and also reclaimed this amount from the ATO during such nine month period. The Company also returned the initial grant funding received of A$5,595,723 ($5,179,960) and interest of A$109,051 ($102,061) to ARENA in accordance with the Deed of Variation and Termination of Funding Deed executed between the parties in August 2014. The Company had accrued this amount in accrued expenses and recorded this amount as restricted cash at April 30, 2014. Restricted cash includes the following: | |||||||||||||||||
31-Jan-15 | 30-Apr-14 | ||||||||||||||||
Current: | |||||||||||||||||
Australian Renewable Energy Agency (ARENA) | $ | ― | $ | 5,179,960 | |||||||||||||
NJBPU agreement | 100,000 | 100,000 | |||||||||||||||
Oregon Department of State Lands | 22,000 | 845,000 | |||||||||||||||
Barclay's Bank Agreement | 347,525 | ― | |||||||||||||||
$ | 469,525 | $ | 6,124,960 | ||||||||||||||
31-Jan-15 | 30-Apr-14 | ||||||||||||||||
Long Term: | |||||||||||||||||
Barclay's Bank Agreement | $ | ― | $ | 996,696 | |||||||||||||
NJBPU agreement | 75,000 | 225,000 | |||||||||||||||
$ | 75,000 | $ | 1,221,696 | ||||||||||||||
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. | |||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Foreign exchange (loss) gain | $ | (246,002 | ) | $ | 23,448 | $ | (467,909 | ) | $ | 152,575 | |||||||
Foreign currency denominated certificates of deposit and cash accounts: | |||||||||||||||||
31-Jan-15 | 30-Apr-14 | ||||||||||||||||
Restricted | $ | 347,525 | $ | 6,176,656 | |||||||||||||
Unrestricted | 822,862 | 1,232,111 | |||||||||||||||
$ | 1,170,387 | $ | 7,408,767 | ||||||||||||||
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. During the nine months ended January 31, 2015, the Company reviewed its long-lived assets for impairment and estimated that the remaining useful lives, for purposes of amortizing capitalized external patent costs, should be reduced from approximately five years to one year. | |||||||||||||||||
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 an overnight U.S. government securities repurchase bank account and does not believe that it is exposed to any significant risks related to its cash accounts, money market funds, certificates of deposit or overnight repurchase account. | |||||||||||||||||
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 January 31, | Nine months ended January 31, | ||||||||||||||||
Customer | 2015 | 2014 | 2015 | 2014 | |||||||||||||
US Department of Energy | 25 | % | 50 | % | 37 | % | 37 | % | |||||||||
Mitsui Engineering & Shipbuilding | 75 | % | 100 | % | 37 | % | 18 | % | |||||||||
European Union (WavePort project) | ― | (50 | %) | 26 | % | 27 | % | ||||||||||
UK Government's Technology Strategy Board | ― | ― | ― | 18 | % | ||||||||||||
100 | % | 100 | % | 100 | % | 100 | % | ||||||||||
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, options to purchase shares of common stock and non-vested restricted stock issued to employees and non-employee directors, totaling 1,937,013 for the three and nine months ended January 31, 2015, and 1,581,016 for the three and nine months ended January 31, 2014, 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 | ||||||||||||||||
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. Generally Accepted Accounting Principles (“GAAP”) when it becomes effective. The new standard is effective for us on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or the cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |||||||||||||||||
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which describes how an entity should assess its ability to meet obligations and sets rules for how this information should be disclosed in the financial statements. The standard provides accounting guidance that will be used along with existing auditing standards. The new standard applies to all entities for the first annual period ending after December 15, 2016, and interim periods thereafter. Early application is permitted. We are evaluating the effect ASU 2014-15 will have on our consolidated financial statements and disclosures and have not yet determined the effect of the standard on our ongoing financial reporting at this time. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Schedule of Cash and Cash Equivalents [Table Text Block] | 31-Jan-15 | 30-Apr-14 | |||||||||||||||
Checking and savings accounts | $ | 3,435,554 | $ | 1,917,176 | |||||||||||||
Overnight repurchase account | 13,926,933 | ― | |||||||||||||||
Certificates of deposits and US Treasury obligations | ― | 11,499,768 | |||||||||||||||
Money market funds | 2,506,419 | 441,715 | |||||||||||||||
$ | 19,868,906 | $ | 13,858,659 | ||||||||||||||
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | 31-Jan-15 | 30-Apr-14 | |||||||||||||||
Current: | |||||||||||||||||
Australian Renewable Energy Agency (ARENA) | $ | ― | $ | 5,179,960 | |||||||||||||
NJBPU agreement | 100,000 | 100,000 | |||||||||||||||
Oregon Department of State Lands | 22,000 | 845,000 | |||||||||||||||
Barclay's Bank Agreement | 347,525 | ― | |||||||||||||||
$ | 469,525 | $ | 6,124,960 | ||||||||||||||
31-Jan-15 | 30-Apr-14 | ||||||||||||||||
Long Term: | |||||||||||||||||
Barclay's Bank Agreement | $ | ― | $ | 996,696 | |||||||||||||
NJBPU agreement | 75,000 | 225,000 | |||||||||||||||
$ | 75,000 | $ | 1,221,696 | ||||||||||||||
Schedule of Foreign Exchange Gain (Loss) [Table Text Block] | Three Months Ended January 31, | Nine Months Ended January 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Foreign exchange (loss) gain | $ | (246,002 | ) | $ | 23,448 | $ | (467,909 | ) | $ | 152,575 | |||||||
Schedule of Foreign Currency Denominated Certificates of Deposit and Cash Accounts [Table Text Block] | 31-Jan-15 | 30-Apr-14 | |||||||||||||||
Restricted | $ | 347,525 | $ | 6,176,656 | |||||||||||||
Unrestricted | 822,862 | 1,232,111 | |||||||||||||||
$ | 1,170,387 | $ | 7,408,767 | ||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three months ended January 31, | Nine months ended January 31, | |||||||||||||||
Customer | 2015 | 2014 | 2015 | 2014 | |||||||||||||
US Department of Energy | 25 | % | 50 | % | 37 | % | 37 | % | |||||||||
Mitsui Engineering & Shipbuilding | 75 | % | 100 | % | 37 | % | 18 | % | |||||||||
European Union (WavePort project) | ― | (50 | %) | 26 | % | 27 | % | ||||||||||
UK Government's Technology Strategy Board | ― | ― | ― | 18 | % | ||||||||||||
100 | % | 100 | % | 100 | % | 100 | % |
Note_3_Marketable_Securities_T
Note 3 - Marketable Securities (Tables) (Current [Member]) | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Current [Member] | |||||||||
Note 3 - Marketable Securities (Tables) [Line Items] | |||||||||
Marketable Securities [Table Text Block] | 31-Jan-15 | 30-Apr-14 | |||||||
Certificates of Deposit and US Treasury obligations | $ | 50,000 | $ | 14,493,881 |
Note_4_Balance_Sheet_Detail_Ta
Note 4 - Balance Sheet Detail (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | 31-Jan-15 | 30-Apr-14 | |||||||
Accounts receivable | |||||||||
Accounts receivable | $ | 18,991 | $ | 308,731 | |||||
Patents | |||||||||
Patents | $ | 1,536,029 | $ | 1,536,029 | |||||
Accumulated amortization | (1,328,952 | ) | (707,731 | ) | |||||
$ | 207,077 | $ | 828,298 | ||||||
Accrued expenses | |||||||||
Project costs | $ | 735,859 | $ | 1,263,293 | |||||
Contract loss reserve | 263,469 | ― | |||||||
Employee incentive payments | 491,925 | 310,370 | |||||||
Accrued salary and benefits | 504,233 | 455,909 | |||||||
Legal and accounting fees | 258,642 | 168,402 | |||||||
Goods and services tax (GST) due to Australian Tax Office | ― | 470,905 | |||||||
Other | 194,727 | 262,360 | |||||||
$ | 2,448,855 | $ | 2,931,239 |
Note_5_Related_Party_Transacti1
Note 5 - Related Party Transactions (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Schedule of Related Party Transactions [Table Text Block] | Three Months Ended January 31, | ||||||||
2015 | 2014 | ||||||||
Related party consulting expense | $ | 168,500 | $ | ― | |||||
Nine Months Ended January 31, | |||||||||
2015 | 2014 | ||||||||
Related party consulting expense | $ | 434,188 | $ | ― |
Note_6_Debt_Tables
Note 6 - Debt (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Debt [Table Text Block] | 31-Jan-15 | 30-Apr-14 | |||||||
Total debt | $ | 175,000 | $ | 250,000 | |||||
Current portion of long-term debt | (100,000 | ) | (100,000 | ) | |||||
Long-term debt | $ | 75,000 | $ | 150,000 |
Note_8_StockBased_Compensation1
Note 8 - Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended January 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Risk-free interest rate | 1.6 | % | 1.7 | % | |||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||
Expected life (years) | 5.5 | 5.9 | |||||||||||
Expected volatility | 85.49 | % | 76.29 | % | |||||||||
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, 2014 | 1,472,292 | $ | 5.53 | 5.9 | |||||||||
Forfeited | (497,533 | ) | 7.17 | ||||||||||
Exercised | — | — | |||||||||||
Granted | 115,913 | 1.02 | |||||||||||
Outstanding as of January 31, 2015 | 1,090,672 | 4.31 | 6 | ||||||||||
Exercisable as of January 31, 2015 | 749,670 | 5.66 | 4.8 | ||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Weighted | ||||||||||||
Number | Average Price per | ||||||||||||
of Shares | Share | ||||||||||||
Issued and unvested at April 30, 2014 | 97,610 | $ | 2.23 | ||||||||||
Granted | 809,012 | 0.65 | |||||||||||
Forfeited | (9,380 | ) | 2.3 | ||||||||||
Vested | (50,901 | ) | 2.13 | ||||||||||
Issued and unvested at January 31, 2015 | 846,321 | 0.73 |
Note_11_Operating_Segments_and1
Note 11 - Operating Segments and Geographic Information (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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 January 31, 2015 | |||||||||||||||||
Revenues from external customers | $ | 328,511 | $ | — | $ | — | $ | 328,511 | |||||||||
Operating loss | (2,784,095 | ) | (258,636 | ) | (47,194 | ) | (3,089,925 | ) | |||||||||
Three months ended January 31, 2014 | |||||||||||||||||
Revenues from external customers | 196,783 | 2,839 | — | 199,622 | |||||||||||||
Operating loss | (2,062,915 | ) | (165,977 | ) | (322,205 | ) | (2,551,097 | ) | |||||||||
Nine months ended January 31, 2015 | |||||||||||||||||
Revenues from external customers | 3,616,827 | — | — | 3,616,827 | |||||||||||||
Operating loss | (8,981,672 | ) | (993,308 | ) | (768,151 | ) | (10,743,131 | ) | |||||||||
Nine months ended January 31, 2014 | |||||||||||||||||
Revenues from external customers | 945,372 | 178,785 | — | 1,124,157 | |||||||||||||
Operating loss | (7,900,261 | ) | (877,902 | ) | (1,008,796 | ) | (9,786,959 | ) | |||||||||
31-Jan-15 | |||||||||||||||||
Long-lived assets | 261,519 | 1,331 | — | 262,850 | |||||||||||||
Total assets | 21,118,642 | 640,859 | 138,800 | 21,898,301 | |||||||||||||
30-Apr-14 | |||||||||||||||||
Long-lived assets | 305,314 | 12,024 | 175 | 317,513 | |||||||||||||
Total assets | $ | 31,313,240 | $ | 1,003,205 | $ | 5,768,390 | $ | 38,084,835 |
Note_1_Background_Basis_of_Pre1
Note 1 - Background, Basis of Presentation and Liquidity (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 | |
Note 1 - Background, Basis of Presentation and Liquidity (Details) [Line Items] | |||
Retained Earnings (Accumulated Deficit) | ($161,478,920) | ($151,640,503) | |
Cash, Cash Equivalents, And Marketable Securities | 19,900,000 | 28,400,000 | |
Restricted Cash and Cash Equivalents | 600,000 | 7,300,000 | |
Proceeds from Issuance of Common Stock | 650 | 5,933,259 | |
Shelf Registration Authorized Amount | 40,000,000 | ||
Shelf Registration Amount Remaining of Offering Amount | 18,200,000 | ||
Proceeds From S-3 Shelf For Period [Member] | |||
Note 1 - Background, Basis of Presentation and Liquidity (Details) [Line Items] | |||
Proceeds from Issuance of Common Stock | 0 | ||
ATM Facility [Member] | |||
Note 1 - Background, Basis of Presentation and Liquidity (Details) [Line Items] | |||
Stock Issued During Period, Shares, New Issues (in Shares) | 3,306,334 | ||
Share Price (in Dollars per share) | $3.02 | ||
Proceeds from Issuance of Common Stock | 9,698,000 | ||
Underwriting Agreement [Member] | |||
Note 1 - Background, Basis of Presentation and Liquidity (Details) [Line Items] | |||
Stock Issued During Period, Shares, New Issues (in Shares) | 3,800,000 | ||
Share Price (in Dollars per share) | $3.10 | ||
Proceeds from Issuance of Common Stock | $10,828,000 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||
Aug. 31, 2014 | Aug. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | |
USD ($) | AUD | USD ($) | EUR (€) | USD ($) | AUD | USD ($) | Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | Grant Funding [Member] | Grant Funding [Member] | Prior to Impairment Review [Member] | Revised Estimate [Member] | Line of Credit [Member] | Line of Credit [Member] | Barclays Bank [Member] | Barclays Bank [Member] | Barclays Bank [Member] | Barclays Bank [Member] | New Jersey Board of Public Utilities [Member] | OPTA [Member] | |||
Australian Taxation Office [Member] | Australian Taxation Office [Member] | USD ($) | AUD | Intangible Assets, Amortization Period [Member] | Intangible Assets, Amortization Period [Member] | Oregon Department of State Lands [Member] | Oregon Department of State Lands [Member] | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | Victorian Wave Partners Pty. Ltd. [Member] | ||||||||||
USD ($) | AUD | 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 | 100.00% | ||||||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 1.00% | 1.00% | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | € 307,000 | $22,000 | $1,200,000 | $347,525 | $964,656 | € 800,000 | |||||||||||||||||
Long-term Line of Credit | 315,633 | 278,828 | 175,000 | ||||||||||||||||||||
Restricted Cash and Cash Equivalents | 600,000 | 600,000 | 7,300,000 | 5,179,960 | 5,595,723 | 500,000 | |||||||||||||||||
Goods and Services Tax Due to Foreign Office | 470,905 | 470,905 | 508,702 | ||||||||||||||||||||
Repayments of Grant Funding | 5,179,960 | 5,595,723 | |||||||||||||||||||||
Interest Paid | $102,061 | 109,051 | |||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | 1 year | |||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 1,937,013 | 1,937,013 | 1,581,016 | 1,937,013 | 1,937,013 | 1,581,016 |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Cash and Cash Equivalents (USD $) | Jan. 31, 2015 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents | $19,868,906 | $13,858,659 | $5,916,638 | $6,372,788 |
Checking and Savings Accounts [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents | 3,435,554 | 1,917,176 | ||
Overnight Repurchase Account [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents | 13,926,933 | |||
Certificates of Deposits and US Treasury Obligations [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents | 11,499,768 | |||
Money Market Funds [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents | $2,506,419 | $441,715 |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Cash Restricted Under Security Agreements (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash carrying value | $469,525 | $6,124,960 |
Restricted cash noncurrent | 75,000 | 1,221,696 |
Australian Renewable Energy Agency [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash carrying value | 5,179,960 | |
NJBPU Agreement [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash carrying value | 100,000 | 100,000 |
Restricted cash noncurrent | 75,000 | 225,000 |
Oregon Department of State Lands [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash carrying value | 22,000 | 845,000 |
Barclays Bank Agreement [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash carrying value | 347,525 | |
Restricted cash noncurrent | $996,696 |
Note_2_Summary_of_Significant_5
Note 2 - Summary of Significant Accounting Policies (Details) - Foreign Exchange Gain (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | |
Foreign Exchange Gain (Loss) [Abstract] | ||||
Foreign exchange (loss) gain | ($246,002) | $23,448 | ($467,909) | $152,575 |
Note_2_Summary_of_Significant_6
Note 2 - Summary of Significant Accounting Policies (Details) - Foreign Currency Denominated Certificates of Deposit and Cash Accounts (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
Note 2 - Summary of Significant Accounting Policies (Details) - Foreign Currency Denominated Certificates of Deposit and Cash Accounts [Line Items] | ||
Foreign currency denominated certificates of deposit and cash accounts | $1,170,387 | $7,408,767 |
Restricted [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) - Foreign Currency Denominated Certificates of Deposit and Cash Accounts [Line Items] | ||
Foreign currency denominated certificates of deposit and cash accounts | 347,525 | 6,176,656 |
Unrestricted [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) - Foreign Currency Denominated Certificates of Deposit and Cash Accounts [Line Items] | ||
Foreign currency denominated certificates of deposit and cash accounts | $822,862 | $1,232,111 |
Note_2_Summary_of_Significant_7
Note 2 - Summary of Significant Accounting Policies (Details) - Revenues by Major Customers | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | |
Revenue, Major Customer [Line Items] | ||||
Revenue | 100.00% | 100.00% | 100.00% | 100.00% |
US Department of Energy [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue | 25.00% | 50.00% | 37.00% | 37.00% |
Mitsui Engineering And Ship Building [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue | 75.00% | 100.00% | 37.00% | 18.00% |
European Union (WaverPort Project) [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue | -50.00% | 26.00% | 27.00% | |
UK Government's Technology Strategy Board [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue | 18.00% |
Note_3_Marketable_Securities_D
Note 3 - Marketable Securities (Details) - Marketable Securities That Mature Within One Year (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
Note 3 - Marketable Securities (Details) - Marketable Securities That Mature Within One Year [Line Items] | ||
Certificates of Deposit and US Treasury obligations | $50,000 | $14,493,881 |
US Treasury obligations [Member] | ||
Note 3 - Marketable Securities (Details) - Marketable Securities That Mature Within One Year [Line Items] | ||
Certificates of Deposit and US Treasury obligations | $50,000 | $14,493,881 |
Note_4_Balance_Sheet_Detail_De
Note 4 - Balance Sheet Detail (Details) - Balance Sheet Detail (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
Accounts receivable | ||
Accounts receivable | $18,991 | $308,731 |
Patents | ||
Patents | 1,536,029 | 1,536,029 |
Accumulated amortization | -1,328,952 | -707,731 |
207,077 | 828,298 | |
Accrued expenses | ||
Project costs | 735,859 | 1,263,293 |
Contract loss reserve | 263,469 | |
Employee incentive payments | 491,925 | 310,370 |
Accrued salary and benefits | 504,233 | 455,909 |
Legal and accounting fees | 258,642 | 168,402 |
Goods and services tax (GST) due to Australian Tax Office | 470,905 | |
Other | 194,727 | 262,360 |
$2,448,855 | $2,931,239 |
Note_5_Related_Party_Transacti2
Note 5 - Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended |
Jan. 31, 2015 | Jan. 31, 2015 | Apr. 30, 2014 | |
Former Executive Vice Chairman [Member] | Consulting Fees [Member] | |||
Note 5 - Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $60,000 | $180,000 | |
Former Executive Vice Chairman [Member] | |||
Note 5 - Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Term of Agreement | 15 months | ||
Related Party Transaction, Monthly Consulting Fee | 20,000 | ||
Interim Chief Executive Officer [Member] | Consulting Fees [Member] | |||
Note 5 - Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 108,500 | 254,188 | |
Interim Chief Executive Officer [Member] | |||
Note 5 - Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Daily Consulting Fee | $1,500 |
Note_5_Related_Party_Transacti3
Note 5 - Related Party Transactions (Details) - Related Party Transactions (USD $) | 3 Months Ended | 9 Months Ended |
Jan. 31, 2015 | Jan. 31, 2015 | |
Related Party Transactions [Abstract] | ||
Related party consulting expense | $168,500 | $434,188 |
Note_6_Debt_Details
Note 6 - Debt (Details) (USD $) | 1 Months Ended | ||
Nov. 30, 2011 | Jan. 31, 2015 | Apr. 30, 2014 | |
Note 6 - Debt (Details) [Line Items] | |||
Long-term Debt | $175,000 | $250,000 | |
New Jersey Board of Public Utilities [Member] | |||
Note 6 - Debt (Details) [Line Items] | |||
Long-term Debt | $500,000 | ||
Long Term Debt, Payment Terms | 5 years |
Note_6_Debt_Details_Longterm_D
Note 6 - Debt (Details) - Long-term Debt (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
Long-term Debt, Unclassified [Abstract] | ||
Total debt | $175,000 | $250,000 |
Current portion of long-term debt | -100,000 | -100,000 |
Long-term debt | $75,000 | $150,000 |
Note_7_Deferred_Credits_Payabl1
Note 7 - Deferred Credits Payable (Details) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 | Apr. 30, 2001 |
T | |||
Customer Advances And Deposits [Abstract] | |||
Customer Advances and Deposits | $600,000 | ||
Deferred Credits Payable, Option Details | 500,000 | ||
Deferred Credits Payable, Market Discount Rate | 30.00% | ||
Deferred Credits Payable, Market Liquidated Damages Rate | 30.00% | ||
Customer Advances or Deposits, Noncurrent | $600,000 | $600,000 |
Note_8_StockBased_Compensation2
Note 8 - Stock-Based Compensation (Details) (USD $) | 9 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Apr. 29, 2014 | |
Note 8 - Stock-Based Compensation (Details) [Line Items] | |||
Allocated Share-based Compensation Expense | $239,000 | $570,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $0.72 | $1.26 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 332,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 8 years 255 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 255 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,090,672 | 1,472,292 | |
Treasury Stock, Shares, Acquired | 806 | 4,081 | |
Employee Stock Option [Member] | |||
Note 8 - Stock-Based Compensation (Details) [Line Items] | |||
Allocated Share-based Compensation Expense | 130,000 | 500,000 | |
Restricted Stock [Member] | Including Non-employee Compensation [Member] | |||
Note 8 - Stock-Based Compensation (Details) [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 438,000 | ||
Restricted Stock [Member] | Performance-based vesting [Member] | |||
Note 8 - Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 371,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures | 9,380 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 408,329 | ||
Restricted Stock [Member] | Service Based Vesting [Member] | Non Executive Director [Member] | |||
Note 8 - Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 104,000 | ||
Restricted Stock [Member] | Service Based Vesting [Member] | |||
Note 8 - Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 438,012 | ||
Restricted Stock [Member] | |||
Note 8 - Stock-Based Compensation (Details) [Line Items] | |||
Allocated Share-based Compensation Expense | 109,000 | 70,000 | |
Including Non-employee Compensation [Member] | |||
Note 8 - Stock-Based Compensation (Details) [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $209,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 36 days | ||
Performance-based vesting [Member] | |||
Note 8 - Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 115,786 |
Note_8_StockBased_Compensation3
Note 8 - Stock-Based Compensation (Details) - Weighted Average Fair Value Assumptions for Stock-Based Compensation | 3 Months Ended | 9 Months Ended |
Jan. 31, 2014 | Jan. 31, 2015 | |
Weighted Average Fair Value Assumptions for Stock-Based Compensation [Abstract] | ||
Risk-free interest rate | 1.70% | 1.60% |
Expected dividend yield | 0.00% | 0.00% |
Expected life (years) | 5 years 328 days | 5 years 6 months |
Expected volatility | 76.29% | 85.49% |
Note_8_StockBased_Compensation4
Note 8 - Stock-Based Compensation (Details) - Stock Options Under the Plans (USD $) | 0 Months Ended | 9 Months Ended |
Apr. 30, 2014 | Jan. 31, 2015 | |
Stock Options Under the Plans [Abstract] | ||
Shares Under Options | 1,472,292 | |
Weighted Average Exercise Price | $5.53 | |
Weighted Average Remaining Contractual Term | 5 years 328 days | 6 years |
Exercisable as of January 31, 2015 | 749,670 | |
Exercisable as of January 31, 2015 | $5.66 | |
Exercisable as of January 31, 2015 | 4 years 292 days | |
Forfeited | -497,533 | |
Forfeited | $7.17 | |
Granted | 115,913 | |
Granted | $1.02 | |
Shares Under Options | 1,090,672 | |
Weighted Average Exercise Price | $4.31 |
Note_8_StockBased_Compensation5
Note 8 - Stock-Based Compensation (Details) - Non-Vested Restricted Stock Under the Plans (Non-vested Restricted Stock [Member], USD $) | 9 Months Ended |
Jan. 31, 2015 | |
Non-vested Restricted Stock [Member] | |
Note 8 - Stock-Based Compensation (Details) - Non-Vested Restricted Stock Under the Plans [Line Items] | |
Number of Shares | 97,610 |
Weighted Average Price Per Share | $2.23 |
Granted | 809,012 |
Granted | $0.65 |
Forfeited | -9,380 |
Forfeited | $2.30 |
Vested | -50,901 |
Vested | $2.13 |
Number of Shares | 846,321 |
Weighted Average Price Per Share | $0.73 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Details) | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 |
USD ($) | EUR (€) | Spanish Tax Authorities [Member] | Securities Class Actions [Member] | |
USD ($) | ||||
Note 9 - Commitments and Contingencies (Details) [Line Items] | ||||
Loss Contingency, Pending Claims, Number | 4 | |||
Input Tax | $250,000 | |||
Letters of Credit Outstanding, Amount | $315,633 | € 278,828 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | |
Note 10 - Income Taxes (Details) [Line Items] | ||||
Income Tax Expense (Benefit) | ($1,137,872) | ($1,745,895) | ($1,137,872) | ($1,745,895) |
Unrecognized Tax Benefits, Period Increase (Decrease) | 0 | |||
New Jersey Division of Taxation [Member] | ||||
Note 10 - Income Taxes (Details) [Line Items] | ||||
Proceed from Sale of Loss Carryforwards and Tax Credits | $14,004,000 | $15,347,000 |
Note_11_Operating_Segments_and2
Note 11 - Operating Segments and Geographic Information (Details) | 9 Months Ended |
Jan. 31, 2015 | |
Note 11 - Operating Segments and Geographic Information (Details) [Line Items] | |
Number of Operating Segments | 1 |
UNITED STATES | |
Note 11 - Operating Segments and Geographic Information (Details) [Line Items] | |
Number of Operating Segments | 1 |
UNITED KINGDOM | |
Note 11 - Operating Segments and Geographic Information (Details) [Line Items] | |
Number of Operating Segments | 1 |
AUSTRALIA | |
Note 11 - Operating Segments and Geographic Information (Details) [Line Items] | |
Number of Operating Segments | 1 |
Note_11_Operating_Segments_and3
Note 11 - Operating Segments and Geographic Information (Details) - Geographic Segment Information (USD $) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues from external customers | $328,511 | $199,622 | $3,616,827 | $1,124,157 | |
Operating loss | -3,089,925 | -2,551,097 | -10,743,131 | -9,786,959 | |
31-Jan-15 | |||||
Long-lived assets | 262,850 | 262,850 | 317,513 | ||
Total assets | 21,898,301 | 21,898,301 | 38,084,835 | ||
North America [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues from external customers | 328,511 | 196,783 | 3,616,827 | 945,372 | |
Operating loss | -2,784,095 | -2,062,915 | -8,981,672 | -7,900,261 | |
31-Jan-15 | |||||
Long-lived assets | 261,519 | 261,519 | 305,314 | ||
Total assets | 21,118,642 | 21,118,642 | 31,313,240 | ||
Europe [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues from external customers | 2,839 | 178,785 | |||
Operating loss | -258,636 | -165,977 | -993,308 | -877,902 | |
31-Jan-15 | |||||
Long-lived assets | 1,331 | 1,331 | 12,024 | ||
Total assets | 640,859 | 640,859 | 1,003,205 | ||
Asia and Australia [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Operating loss | -47,194 | -322,205 | -768,151 | -1,008,796 | |
31-Jan-15 | |||||
Long-lived assets | 175 | ||||
Total assets | $138,800 | $138,800 | $5,768,390 |