Ocean Power (OPTT) 10-Q 8 Sep 15 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2015	Aug. 31, 2015
Entity Registrant Name	Ocean Power Technologies, Inc.
Entity Central Index Key	1,378,140
Current Fiscal Year End Date	--04-30
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		18,345,437
Document Type	10-Q
Document Period End Date	Jul. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jul. 31, 2015	Apr. 30, 2015
ASSETS
Cash and cash equivalents	$ 14,237,253	$ 17,335,734
Marketable securities		75,000
Restricted cash	$ 436,227	438,561
Accounts receivable	123,881	103,470
Unbilled receivables	63,444	81,658
Other current assets	422,518	186,641
Total current assets	15,283,323	18,221,064
Property and equipment, net	244,587	263,898
Restricted cash	25,000	50,000
Other noncurrent assets	348,010	335,924
Total assets	15,900,920	18,870,886
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	321,675	352,827
Accrued expenses	3,625,947	2,507,119
Current portion of long-term debt	100,000	100,000
Total current liabilities	4,047,622	2,959,946
Long-term debt	25,000	50,000
Deferred credits	600,000	600,000
Total liabilities	$ 4,672,622	$ 3,609,946
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
Common stock, $0.001 par value; authorized 105,000,000 shares, issued 18,387,270 and 18,387,769 shares, respectively	$ 18,387	$ 18,388
Treasury stock, at cost; 39,333 and 38,658 shares, respectively	(132,371)	(132,016)
Additional paid-in capital	180,932,216	180,786,790
Accumulated deficit	(168,917,096)	(164,755,055)
Accumulated other comprehensive loss	(315,312)	(229,915)
Total Ocean Power Technologies, Inc. stockholders’ equity	11,585,824	15,688,192
Noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd.	(357,526)	(427,252)
Total equity	11,228,298	15,260,940
Total liabilities and stockholders’ equity	$ 15,900,920	$ 18,870,886

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jul. 31, 2015	Apr. 30, 2015
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	105,000,000	105,000,000
Common stock, shares issued (in shares)	18,387,270	18,387,769
Treasury stock (in shares)	39,333	37,852

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Revenues	$ 105,666	$ 1,540,528
Cost of revenues	$ 105,666	1,967,164
Gross (loss) profit		(426,636)
Operating expenses:
Product development (recoveries) costs	$ 2,482,788	(80,055)
Selling, general and administrative costs	1,906,945	3,122,972
Total operating expenses	4,389,733	3,042,917
Operating loss	(4,389,733)	(3,469,553)
Interest income (expense), net	5,123	(58,620)
Other income	251,007	185,000
Foreign exchange gain (loss)	18,959	(5,658)
Net loss	(4,114,644)	(3,348,831)
Less: Net (profit) loss attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd.	(47,397)	66,079
Net loss attributable to Ocean Power Technologies, Inc.	$ (4,162,041)	$ (3,282,752)
Basic and diluted net loss per share (in dollars per share)	$ (0.24)	$ (0.19)
Weighted average shares used to compute basic and diluted net loss per share (in shares)	17,516,316	17,464,683

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Net loss	$ (4,114,644)	$ (3,348,831)
Foreign currency translation adjustment	(63,068)	(6,152)
Total comprehensive loss	(4,177,712)	(3,354,983)
Comprehensive (income) loss attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd.	(69,726)	70,253
Comprehensive loss attributable to Ocean Power Technologies, Inc.	$ (4,247,438)	$ (3,284,730)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - 3 months ended Jul. 31, 2015 - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Apr. 30, 2015	18,387,769	(38,658)
Balance at Apr. 30, 2015	$ 18,388	$ (132,016)	$ 180,786,790	$ (164,755,055)	$ (229,915)	$ (427,252)	$ 15,260,940
Net loss				$ (4,162,041)		$ 47,397	(4,114,644)
Stock based compensation			$ 71,308				71,308
Issuance (forfeiture) of restricted stock, net (in shares)	(499)
Issuance (forfeiture) of restricted stock, net	$ (1)		$ 74,118				$ 74,117
Acquisition of treasury stock (in shares)		(675)					675
Acquisition of treasury stock		$ (355)					$ (355)
Other comprehensive income (loss)					$ (85,397)	$ 22,329	(63,068)
Balance (in shares) at Jul. 31, 2015	18,387,270	(39,333)
Balance at Jul. 31, 2015	$ 18,387	$ (132,371)	$ 180,932,216	$ (168,917,096)	$ (315,312)	$ (357,526)	$ 11,228,298

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Cash flows from operating activities:
Net loss	$ (4,114,644)	$ (3,348,831)
Adjustments to reconcile net loss to net cash used in operating activities
Foreign exchange (gain) loss	(18,959)	5,658
Depreciation and amortization	28,545	243,672
Compensation expense related to stock option grants & restricted stock	145,426	12,639
Changes in operating assets and liabilities:
Accounts receivable	(20,411)	308,731
Unbilled receivables	18,214	(454,222)
Other current assets	(236,828)	(378,606)
Other noncurrent assets	(9,060)	(46,816)
Accounts payable	(29,212)	153,812
Accrued expenses	$ 1,118,561	800,888
Advanced payment from ARENA		527,982
Unearned revenues		(992,447)
Net cash used in operating activities	$ (3,118,368)	(3,167,540)
Cash flows from investing activities:
Purchases of marketable securities		(11,747,042)
Maturities of marketable securities	$ 75,000	8,996,566
Restricted cash	27,334	(255,000)
Purchases of equipment	(9,223)	(1,041)
Net cash provided by (used in) investing activities	$ 93,111	(3,006,517)
Cash flows from financing activities:
Common stock issuance costs		641
Repayment of debt	$ (25,000)	(25,000)
Acquisition of treasury stock	(355)	(1,309)
Net cash used in financing activities	(25,355)	(25,668)
Effect of exchange rate changes on cash and cash equivalents	(47,869)	(31,284)
Net decrease in cash and cash equivalents	(3,098,481)	(6,231,009)
Cash and cash equivalents, beginning of period	17,335,734	13,858,659
Cash and cash equivalents, end of period	$ 14,237,253	7,627,650
Supplemental disclosure of noncash investing and financing activities:
Capitalized purchases of equipment financed through accounts payable and accrued expenses		$ 3,413

Note 1 - Background, Basis of P

Note 1 - Background, Basis of Presentation and Liquidity	3 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
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 is developing and is seeking to commercialize proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The Company markets its PowerBuoys 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 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, 2015 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 July 31, 2015, the Company had an accumulated deficit of $168.9 million. As of July 31, 2015, the Company’s cash and cash equivalents and marketable securities balance was approximately $14.2 million. Based upon the Company’s cash and cash equivalents and marketable securities balance as of July 31, 2015, the Company believes that it will be able to finance its capital requirements and operations into the quarter ending October 31, 2016. In addition, as of July 31, 2015, the Company’s restricted cash balance was approximately $0.5 million. On January 14, 2015, we received a deficiency letter from the Listing Qualifications Department (the “Staff”) of The NASDAQ Stock Market notifying us that, for the last 30 consecutive business days, the bid price of our common stock had closed below the minimum $1.00 per share requirement for continued inclusion on The NASDAQ Global Market pursuant to NASDAQ Listing Rule 5450(a) (1) (the “Rule”). In accordance with Nasdaq Listing Rule 5810(c) (3) (A), the Company was provided an initial period of 180 calendar days, or until July 13, 2015, to regain compliance with the Rule. On July 14, 2015, we were granted an additional 180 day, or until January 11, 2016, compliance period and, as required, transferred the listing of our common stock from The NASDAQ Global Market to The NASDAQ Capital Market. If, at any time before January 11, 2016, the bid price of our common stock closes at $1.00 or more for a minimum of 10 consecutive business days as required under Listing Rule 5810(c) (3) (A), the Staff will provide written notification to us that it complies with the Rule, unless the Staff exercises its discretion to extend this 10 day period pursuant to Listing Rule 5810(c) (3) (F). If our common stock is delisted from NASDAQ, our ability to raise capital through public offerings of our securities and to finance our operations could be adversely affected. See additional risk factors under “Item 1A – Risk Factors” in our Annual Report on Form 10-K for the year ended April 30, 2015. We also believe that delisting would likely result in decreased liquidity and/or increased volatility in our common stock, and could harm our business and future prospects. In addition, we believe that, if our common stock is delisted, our stockholders would likely find it more difficult to obtain accurate quotations as to the price of the common stock and it may be more difficult for stockholders to buy or sell our common stock at competitive market prices, or at all. Our Board of Directors has approved and we are seeking stockholder approval of a proposed reverse stock split of our common stock in the range of 1:5 to 1:12 (but subject to the discretion of our Board of Directors to effectuate the reverse stock split or not) at our upcoming Annual Meeting of Stockholders, scheduled to be held October 22, 2015, which we believe would permit us to regain compliance with the bid price rule. However, we cannot provide you with any assurance that the proposed reverse stock split will be approved by our stockholders and be effectuated, or that we will be able to regain compliance with NASDAQ’s continued listing requirements. If we fail to regain compliance with the minimum bid price rule or otherwise maintain the standards required now or in the future by NASDAQ, our common stock will likely be delisted from NASDAQ. The Company continues 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 continue to implement our business strategy, the Company requires additional equity and/or debt financing. We do not currently have any committed sources of debt or equity financing, and we cannot assure you that additional equity and/or debt financing will be available to the Company as needed on terms acceptable to us, or at all. Historically, the Company has raised capital through securities sales in the public capital markets. If sufficient additional financing is not obtained when needed, the Company may be required to further curtail or limit operations, product development costs, and/or selling, general and administrative activities in order to reduce our cash expenditures to a sustainable level. This could cause us to be unable to execute our business plan, take advantage of future opportunities and may cause us to scale back, delay or eliminate some or all of our product development activities. In January 2013, the Company 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, the Company established an at the market offering facility (the “ATM Facility”) with Ascendiant Capital Markets, LLC (“Ascendiant”) via an at the market offering agreement (the “ATM Agreement”) Under the ATM Agreement, the Company offered and sold shares of our common stock from time to time through Ascendiant, acting as sales agent, in ordinary brokerage transactions at prevailing market prices. Under the ATM Facility, during fiscal 2014, the Company 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, the Company entered into an Underwriting Agreement with Roth Capital Partners, LLC on April 4, 2014, with respect to the issuance and sale in an underwritten Public Offering of an aggregate of 3,800,000 shares of our common stock at a price of $3.10 per share. The Underwriting Agreement contained customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations, and a 90 day lock-up period that limited transactions in our common stock by the Company. 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 our S-3 Shelf, whether under the ATM Agreement, the Underwriting Agreement or otherwise, to one third of our public float. In 2014, we fully utilized our available transaction capacity to sell securities using the S-3 Shelf in the ATM offering. However, we regained the ability to utilize the S-3 Shelf as we entered fiscal 2016. Of the $40 million of securities registered under the S-3 Shelf, approximately $18.2 million of securities remains available for issuance and sale under the S-3 Shelf. However, based on our market capitalization of $9.9 million at July 31, 2015, we would be further limited in our ability to sell securities under the S-3 Shelf during a 12-month period to approximately $3.3 million. During fiscal 2015 and the three months ended July 31, 2015, we did not sell any securities under or receive any proceeds from the sale of securities under the S-3 Shelf. The sale of additional equity or convertible securities could result in dilution to our stockholders. If additional funds are raised through the issuance of debt securities or preferred stock, these securities could have rights senior to those associated with our common stock and could contain covenants that would restrict our operations. Financing may not be available in amounts or on terms acceptable to us, or at all. If we are unable to obtain financing when required, we may be required to reduce the scope of our operations, current projects, planned product development and marketing efforts, and/or selling, general and administrative activities which could harm our future opportunities, financial condition and operating results.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	3 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	(2) Summary of Significant Accounting Policies (a) Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. 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 July 31, 2015, there was one noncontrolling interest, consisting of 11.8% of the Company's Australian subsidiary, Ocean Power Technologies (Australasia) Pty. Ltd. (“OPTA”). On September 7, 2015, the Company repurchased the non-controlling interest in OPTA for nominal consideration and now has 100% ownership of 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 July 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; valuation allowances for receivables and deferred income tax assets; estimated costs to complete 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. Some 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 and a money market 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. July 31, 2015 April 30, 2015 Checking and savings accounts $ 4,687,411 $ 4,614,400 Overnight repurchase account 9,549,842 12,721,334 $ 14,237,253 $ 17,335,734 (e) Marketable Securities Marketable securities with original maturities longer than three months but that mature in less than one year from the balance sheet date are classified as current assets. Marketable securities that the Company has the intent and ability to hold to maturity are classified as investments held-to-maturity and are reported at amortized cost. The difference between the acquisition cost and face values of held-to-maturity investments is amortized over the remaining term of the investments and added to or subtracted from the acquisition cost and interest income. As of July 31, 2015 and April 30, 2015, 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 two 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. As of July 31, 2015, there was €278,828 ($305,372) 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 $125,000 is outstanding at July 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. In addition, the Company previously had a letter of credit outstanding 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 fiscal 2015, the Company completed the removal activity and reduced the letters of credit from $1,200,000 to $0. Restricted cash includes the following: July 31, 2015 April 30, 2015 Current: NJBPU agreement $ 100,000 $ 100,000 Barclay's Bank Agreement 336,227 338,561 $ 436,227 $ 438,561 July 31, 2015 April 30, 2015 Long Term: NJBPU agreement $ 25,000 $ 50,000 $ 25,000 $ 50,000 (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 July 31, 2015 2014 Foreign exchange gain (loss) $ 18,959 $ (5,658 ) Foreign currency denominated certificates of deposit and cash accounts: July 31, 2015 April 30, 2015 Restricted $ 336,227 $ 338,561 Unrestricted 1,100,424 1,100,371 $ 1,436,651 $ 1,438,932 (h) Property and Equipment Property and equipment is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives (three to seven years) of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the remaining lease term. Expenses for maintenance and repairs are charged to operations as incurred. Property and equipment is also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. (i) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash balances, bank certificates of deposit and trade receivables. The Company invests its excess cash in highly liquid investments (principally, short-term bank deposits, Treasury bills, Treasury notes and money market funds) and does not believe that it is exposed to any significant risks related to its cash accounts, money market funds or certificates of deposit. The table below shows the percentage of the Company's revenues derived from customers whose revenues accounted for at least 10% of the Company's consolidated revenues for at least one of the periods indicated: Three months ended July 31, Customer 2015 2014 US Department of Energy 100 % 7 % European Union (WavePort project) ― 62 % Mitsui Engineering & Shipbuilding ― 31 % 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 1,885,614 for the three months ended July 31, 2015, and 1,087,649 for the three months ended July 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 In May 2014, the Financial Accounting Standards Board (FASB) issued a new revenue recognition standard entitled “Revenue from Contracts with Customers.” In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs,

Note 3 - Marketable Securities

Note 3 - Marketable Securities	3 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
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: July 31, 2015 April 30, 2015 Certificate of Deposit and US Treasury obligations $ — $ 75,000

Note 4 - Balance Sheet Detail

Note 4 - Balance Sheet Detail	3 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	(4) Balance Sheet Detail July 31, 2015 April 30, 2015 Accrued expenses Project costs $ 1,620,794 $ 867,771 Contract loss reserve 198,819 198,819 Employee incentive payments 748,032 529,274 Accrued salary and benefits 472,270 468,366 Legal and accounting fees 367,854 274,656 Other 218,178 168,233 $ 3,625,947 $ 2,507,119

Note 5 - Related Party Transact

Note 5 - Related Party Transactions	3 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	(5) Related Party Transactions Three Months Ended July 31, 2015 2014 Related party consulting expense $ 52,667 $ 113,813 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 received fifteen months of consulting fees at a monthly rate of $20,000 (this period terminated on July 18, 2015). For the three months ended July 31, 2015 and 2014, the Company recorded $52,667 and $60,000, respectively, in expense relating to this agreement. In June 2014 , the Company entered into an agreement with David L. Keller, a non-executive director of the Company , under which Mr. Keller served as our Interim Chief Executive Officer effective as of the June 9, 2014 termination of our former Chief Executive Officer, Charles F. Dunleavy through January 20, 2015. Under this agreement, Mr. Keller received a consulting fee of $1,500 per day of services provided to the Company. Effective January 20, 2015, Mr. George H. Kirby was appointed our President, Chief Executive Officer and a Director of the Company and Mr. Keller resigned as Interim CEO. Mr. Keller has continued to serve as a non-executive director of the Company. For the three months ended July 31, 2015 and 2014, the Company recorded $0 and $53,813, respectively, in expense relating to Mr. Keller’s agreement.

Note 6 - Debt

Note 6 - Debt	3 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
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). July 31, 2015 April 30, 2015 Total debt $ 125,000 $ 150,000 Current portion of long-term debt (100,000 ) (100,000 ) Long-term debt $ 25,000 $ 50,000

Note 7 - Deferred Credits Payab

Note 7 - Deferred Credits Payable	3 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Customer Advances and Deposits Disclosure [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 July 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 July 31, 2015.

Note 8 - Stock-Based Compensati

Note 8 - Stock-Based Compensation Plans	3 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	(8) Stock-Based Compensation The aggregate stock-based compensation expense related to all stock-based transactions recorded in the consolidated statements of operations was approximately $145,000 and $13,000 for the three months ended July 31, 2015 and 2014, respectively. The three months ended July 31, 2014, reflected lower stock-based compensation costs relating primarily to the termination for cause of Charles F. Dunleavy, 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 equity compensation grants were forfeited by Mr. Dunleavy because of his termination for cause by the Company. (a) Stock Options Valuation Assumptions for Options Granted During the Three Months Ended July 31, 2015 and 201 4 The fair value of each stock option granted, for both service-based and performance-based vesting requirements, during the three months ended July 31, 2015, 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. Three Months Ended July 31, 2015 2014 Risk-free interest rate 1.6 % — Expected dividend yield 0.0 % — Expected life (in years) 5.5 — Expected volatility 85.74 % — The above assumptions were used to determine the weighted average per share fair value of $0.41 for stock options granted during the three months ended July 31, 2015. There were no stock options granted during the three months ended July 31, 2014. A summary of stock options under our stock incentive plans is as follows: Weighted Average Weighted Remaining Shares Average Contractual Underlying Exercise Term Options Price (In Years) Outstanding as of April 30, 2015 1,083,952 $ 4.32 5.7 Forfeited (72,737 ) 6.34 Exercised — — Granted 51,388 0.58 Outstanding as of July 31, 2015 1,062,603 4.00 5.6 Exercisable as of July 31, 2015 819,481 4.86 4.7 As of July 31, 2015, the total intrinsic value of outstanding and exercisable options was $0. As of July 31, 2015, approximately 243,000 additional options are expected to vest in the future, which options had no intrinsic value and a weighted average remaining contractual term of 8.6 years. There was approximately $71,000 and $1,000 of total recognized compensation cost related to stock options for the three months ended July 31, 2015 and 2014, respectively. As of July 31, 2015, there was approximately $110,000 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 1.9 years. The Company normally issues new shares to satisfy option exercises under these plans. Stock options outstanding as of July 31, 2015 included 115,786 stock options subject to performance-based vesting requirements. (b) Restricted Stock Compensation expense for unvested restricted stock is generally recorded based on the market value of the restricted stock on the date of grant and recognized ratably over the associated service and performance period. Of the 823,011 unvested shares of restricted stock, there are different vesting criteria and compensation expense methods. There are 342,012 unvested restricted shares that vest based on service criteria. The compensation expense is recorded based on the market value on the date of grant and is recognized ratably over the associated service period. There are 15,999 unvested restricted shares that vest based on personal and Company performance goals and the compensation expense is recorded based on the market value on the date of grant and is recognized ratably over the associated performance period. There are 104,000 unvested restricted shares for a non-executive director of the Company. This grant was issued pursuant to the Company’s Amended and Restated 2006 Stock Incentive Plan and will vest immediately upon the approval of the Ocean Power Technologies, Inc. 2015 Omnibus Incentive Plan by our stockholders at the 2015 Annual Meeting. In the event that the stockholder approval is not obtained or is otherwise deemed unnecessary, the Board will determine such other vesting schedule or other form(s) of equivalent compensation as may be necessary or appropriate. There are 361,000 unvested restricted shares where the achievement of vesting requirement for 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 designated funds’ 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. A summary of non-vested restricted stock under our stock incentive plans is as follows: Weighted Number Average Price per of Shares Share Issued and unvested at April 30, 2015 840,841 $ 0.73 Granted 13,000 0.55 Forfeited (13,499 ) 1.02 Vested (17,331 ) 2.41 Issued and unvested at July 31, 2015 823,011 $ 0.69 There was approximately $74,000 and $12,000 of total recognized compensation cost related to restricted stock for the three months ended July 31, 2015 and 2014, respectively. As of July 31, 2015, there was approximately $289,000 of total unrecognized compensation cost related to un-vested restricted stock granted under our plans. This cost is expected to be recognized over a weighted average period of 2.1 years. (c)Treasury Stock During the three months ended July 31, 2015 and 2014, 675 and 806 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 Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	(9) Commitments and Contingencies (a) Litigation Shareholder Litigation : The Company and its former Chief Executive Officer Charles Dunleavy are defendants in consolidated securities class action lawsuits pending in the United States District Court for the District of New Jersey captioned In Re: Ocean Power Technologies, Inc. Securities Litigation, Civil Action No. 14-3799 (FLW) (LHG). The consolidated actions are 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; Konstantinidis v. Ocean Power Technologies, Inc., et al., Case No. 3:14-cv-04015; and Turner v. Ocean Power Technologies, Inc., et al., Case No. 3:14-cv-04592. On March 17, 2015, the court entered an order appointing Five More Special Situation Fund Ltd. as the lead plaintiff. On May 18, 2015, the lead plaintiff filed an amended class action complaint. The amended class action complaint alleges claims for violations of sections 12(a) (2) and 15 of the Securities Act of 1933 and 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. (VWP) and the Australian Renewable Energy Agency (ARENA) for the development of a wave power station (the "VWP Project"). The amended complaint seeks unspecified monetary damages and other relief. On July 17, 2015, defendants filed a motion to dismiss the amended class action complaint. Lead plaintiff filed a response to the motion on August 31, 2015. 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. The Company and certain of its current and former directors and officers are defendants in a derivative lawsuit filed on March 18, 2015 in the United States District Court for the District of New Jersey captioned Labare v. Dunleavy, et. al., Case No. 3:15-cv-01980-FLW-LHG. The derivative complaint alleges claims for breach of fiduciary duty, abuse of control, gross mismanagement and unjust enrichment relating to the now terminated agreement between VWP and ARENA referred to above. The derivative complaint seeks unspecified monetary damages and other relief. On May 18, 2015, the plaintiff and all the defendants agreed to stay the derivative lawsuit pending action in the consolidated class action securities litigation discussed above (namely, a court order denying any motions to dismiss the commencement of discovery, a joint request to lift the stay, or further order of the court). On July 10, 2015, a second derivative lawsuit, captioned Rywolt v. Dunleavy , et al., Rywolt Employment Litigation : On June 10, 2014, the Company announced that it had terminated Charles Dunleavy as its 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 suspend his alleged employment claims pending resolution of the shareholder litigation. We have not established any provision for losses relating to these claims and pending litigation. Due to the stages of these proceedings, and considering the inherent uncertainty of these claims and litigation, at this time we are not able to predict or reasonably estimate whether we have any possible loss exposure or the ultimate outcome of these claims. (b) Regulatory Matters: SEC Subpoena On February 4, 2015, the Company received a subpoena from the Securities and Exchange Commission (“SEC”) requesting information related to the VWP Project. The Company has provided information to the SEC in response to that subpoena and continues to cooperate with the SEC. We are unable to predict what action, if any, might be taken by the SEC or its staff as a result of this investigation or what impact, if any, the cost of responding to the SEC’s investigation or its ultimate outcome might have on our financial position, results of operations or liquidity. We have not established any provision for losses relating to this matter. Spain IVA (sales tax) In June 2012, 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 ($305,372) at the request of the Spanish tax authorities. This is a customary request during the inquiry period. In November 2014 and March 2015, the Company received partial refunds 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	3 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	(10) Income Taxes The Company did not recognize any consolidated income tax benefit (expense) for the three month periods ended July 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 three months ended July 31, 2015, the Company had no material changes in uncertain tax positions.

Note 11 - Operating Segments an

Note 11 - Operating Segments and Geographic Information	3 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	(11) Operating Segments and Geographic Information The Company's business consists of one segment as this represents management's view of the Company's operations. The Company operates on a worldwide basis with one operating company in the US and operating subsidiaries in the UK and in Australia. Revenues and expenses are generally attributed to the operating unit that bills the customers. Geographic information is as follows: North America Europe Asia and Australia Total Three months ended July 31, 2015 Revenues from external customers $ 105,666 $ — $ — $ 105,666 Operating loss (4,216,214 ) (87,723 ) (85,796 ) (4,389,733 ) Three months ended July 31, 2014 Revenues from external customers 1,540,528 $ — $ — $ 1,540,528 Operating loss (2,582,613 ) (392,868 ) (494,072 ) (3,469,553 ) July 31, 2015 Long-lived assets 244,113 474 — 244,587 Total assets 14,920,672 494,158 486,090 15,900,920 April 30, 2015 Long-lived assets 262,895 913 — 263,898 Total assets $ 17,899,273 $ 597,796 $ 373,817 $ 18,870,886

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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, 2015 filed with the Securities and Exchange Commission (“SEC”) and elsewhere in this Form 10-Q.
Liquidity Disclosure [Policy Text Block]	c) Liquidity The Company has incurred net losses and negative operating cash flows since inception. As of July 31, 2015, the Company had an accumulated deficit of $168.9 million. As of July 31, 2015, the Company’s cash and cash equivalents and marketable securities balance was approximately $14.2 million. Based upon the Company’s cash and cash equivalents and marketable securities balance as of July 31, 2015, the Company believes that it will be able to finance its capital requirements and operations into the quarter ending October 31, 2016. In addition, as of July 31, 2015, the Company’s restricted cash balance was approximately $0.5 million. On January 14, 2015, we received a deficiency letter from the Listing Qualifications Department (the “Staff”) of The NASDAQ Stock Market notifying us that, for the last 30 consecutive business days, the bid price of our common stock had closed below the minimum $1.00 per share requirement for continued inclusion on The NASDAQ Global Market pursuant to NASDAQ Listing Rule 5450(a) (1) (the “Rule”). In accordance with Nasdaq Listing Rule 5810(c) (3) (A), the Company was provided an initial period of 180 calendar days, or until July 13, 2015, to regain compliance with the Rule. On July 14, 2015, we were granted an additional 180 day, or until January 11, 2016, compliance period and, as required, transferred the listing of our common stock from The NASDAQ Global Market to The NASDAQ Capital Market. If, at any time before January 11, 2016, the bid price of our common stock closes at $1.00 or more for a minimum of 10 consecutive business days as required under Listing Rule 5810(c) (3) (A), the Staff will provide written notification to us that it complies with the Rule, unless the Staff exercises its discretion to extend this 10 day period pursuant to Listing Rule 5810(c) (3) (F). If our common stock is delisted from NASDAQ, our ability to raise capital through public offerings of our securities and to finance our operations could be adversely affected. See additional risk factors under “Item 1A – Risk Factors” in our Annual Report on Form 10-K for the year ended April 30, 2015. We also believe that delisting would likely result in decreased liquidity and/or increased volatility in our common stock, and could harm our business and future prospects. In addition, we believe that, if our common stock is delisted, our stockholders would likely find it more difficult to obtain accurate quotations as to the price of the common stock and it may be more difficult for stockholders to buy or sell our common stock at competitive market prices, or at all. Our Board of Directors has approved and we are seeking stockholder approval of a proposed reverse stock split of our common stock in the range of 1:5 to 1:12 (but subject to the discretion of our Board of Directors to effectuate the reverse stock split or not) at our upcoming Annual Meeting of Stockholders, scheduled to be held October 22, 2015, which we believe would permit us to regain compliance with the bid price rule. However, we cannot provide you with any assurance that the proposed reverse stock split will be approved by our stockholders and be effectuated, or that we will be able to regain compliance with NASDAQ’s continued listing requirements. If we fail to regain compliance with the minimum bid price rule or otherwise maintain the standards required now or in the future by NASDAQ, our common stock will likely be delisted from NASDAQ. The Company continues 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 continue to implement our business strategy, the Company requires additional equity and/or debt financing. We do not currently have any committed sources of debt or equity financing, and we cannot assure you that additional equity and/or debt financing will be available to the Company as needed on terms acceptable to us, or at all. Historically, the Company has raised capital through securities sales in the public capital markets. If sufficient additional financing is not obtained when needed, the Company may be required to further curtail or limit operations, product development costs, and/or selling, general and administrative activities in order to reduce our cash expenditures to a sustainable level. This could cause us to be unable to execute our business plan, take advantage of future opportunities and may cause us to scale back, delay or eliminate some or all of our product development activities. In January 2013, the Company 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, the Company established an at the market offering facility (the “ATM Facility”) with Ascendiant Capital Markets, LLC (“Ascendiant”) via an at the market offering agreement (the “ATM Agreement”) Under the ATM Agreement, the Company offered and sold shares of our common stock from time to time through Ascendiant, acting as sales agent, in ordinary brokerage transactions at prevailing market prices. Under the ATM Facility, during fiscal 2014, the Company 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, the Company entered into an Underwriting Agreement with Roth Capital Partners, LLC on April 4, 2014, with respect to the issuance and sale in an underwritten Public Offering of an aggregate of 3,800,000 shares of our common stock at a price of $3.10 per share. The Underwriting Agreement contained customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations, and a 90 day lock-up period that limited transactions in our common stock by the Company. 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 our S-3 Shelf, whether under the ATM Agreement, the Underwriting Agreement or otherwise, to one third of our public float. In 2014, we fully utilized our available transaction capacity to sell securities using the S-3 Shelf in the ATM offering. However, we regained the ability to utilize the S-3 Shelf as we entered fiscal 2016. Of the $40 million of securities registered under the S-3 Shelf, approximately $18.2 million of securities remains available for issuance and sale under the S-3 Shelf. However, given our market capitalization of $9.9 million at July 31, 2015, we would be further limited in our ability to sell securities under the S-3 Shelf to approximately $3 million. During fiscal 2015 and the three months ended July 31, 2015, we did not sell any securities under or receive any proceeds from the sale of securities under the S-3 Shelf. The sale of additional equity or convertible securities could result in dilution to our stockholders. If additional funds are raised through the issuance of debt securities or preferred stock, these securities could have rights senior to those associated with our common stock and could contain covenants that would restrict our operations. Financing may not be available in amounts or on terms acceptable to us, or at all. If we are unable to obtain financing when required, we may be required to reduce the scope of our operations, current projects, planned product development and marketing efforts, and/or selling, general and administrative activities which could harm our future opportunities, financial condition and operating results.
Consolidation, Policy [Policy Text Block]	(a) Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. 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 July 31, 2015, there was one noncontrolling interest, consisting of 11.8% of the Company's Australian subsidiary, Ocean Power Technologies (Australasia) Pty. Ltd. (“OPTA”). On September 7, 2015, the Company repurchased the non-controlling interest in OPTA for nominal consideration and now has 100% ownership of 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 July 31, 2015, there were no such entities.
Use of Estimates, Policy [Policy Text Block]	(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; valuation allowances for receivables and deferred income tax assets; estimated costs to complete 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]	(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. Some of the Company’s projects are under cost-sharing contracts.
Cash and Cash Equivalents, Policy [Policy Text Block]	(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 and a money market 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. July 31, 2015 April 30, 2015 Checking and savings accounts $ 4,687,411 $ 4,614,400 Overnight repurchase account 9,549,842 12,721,334 $ 14,237,253 $ 17,335,734
Marketable Securities, Policy [Policy Text Block]	(e) Marketable Securities Marketable securities with original maturities longer than three months but that mature in less than one year from the balance sheet date are classified as current assets. Marketable securities that the Company has the intent and ability to hold to maturity are classified as investments held-to-maturity and are reported at amortized cost. The difference between the acquisition cost and face values of held-to-maturity investments is amortized over the remaining term of the investments and added to or subtracted from the acquisition cost and interest income. As of July 31, 2015 and April 30, 2015, 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]	(f) Restricted Cash and Credit Facility A portion of the Company’s cash is restricted under the terms of two 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. As of July 31, 2015, there was €278,828 ($305,372) 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 $125,000 is outstanding at July 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. In addition, the Company previously had a letter of credit outstanding 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 fiscal 2015, the Company completed the removal activity and reduced the letters of credit from $1,200,000 to $0. Restricted cash includes the following: July 31, 2015 April 30, 2015 Current: NJBPU agreement $ 100,000 $ 100,000 Barclay's Bank Agreement 336,227 338,561 $ 436,227 $ 438,561 July 31, 2015 April 30, 2015 Long Term: NJBPU agreement $ 25,000 $ 50,000 $ 25,000 $ 50,000
Foreign Currency Transactions and Translations Policy [Policy Text Block]	(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 July 31, 2015 2014 Foreign exchange gain (loss) $ 18,959 $ (5,658 ) Foreign currency denominated certificates of deposit and cash accounts: July 31, 2015 April 30, 2015 Restricted $ 336,227 $ 338,561 Unrestricted 1,100,424 1,100,371 $ 1,436,651 $ 1,438,932
Property, Plant and Equipment, Policy [Policy Text Block]	(h) Property and Equipment Property and equipment is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives (three to seven years) of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the remaining lease term. Expenses for maintenance and repairs are charged to operations as incurred. Property and equipment is also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	(i) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash balances, bank certificates of deposit and trade receivables. The Company invests its excess cash in highly liquid investments (principally, short-term bank deposits, Treasury bills, Treasury notes and money market funds) and does not believe that it is exposed to any significant risks related to its cash accounts, money market funds or certificates of deposit. The table below shows the percentage of the Company's revenues derived from customers whose revenues accounted for at least 10% of the Company's consolidated revenues for at least one of the periods indicated: Three months ended July 31, Customer 2015 2014 US Department of Energy 100 % 7 % European Union (WavePort project) ? 62 % Mitsui Engineering & Shipbuilding ? 31 % 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]	(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 1,885,614 for the three months ended July 31, 2015, and 1,087,649 for the three months ended July 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]	( k ) Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued a new revenue recognition standard entitled “Revenue from Contracts with Customers.” In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs,

Note 2 - Summary of Significa20

Note 2 - Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jul. 31, 2015
Notes Tables
Schedule of Cash and Cash Equivalents [Table Text Block]	July 31, 2015 April 30, 2015 Checking and savings accounts $ 4,687,411 $ 4,614,400 Overnight repurchase account 9,549,842 12,721,334 $ 14,237,253 $ 17,335,734
Schedule of Restricted Cash and Cash Equivalents [Table Text Block]	July 31, 2015 April 30, 2015 Current: NJBPU agreement $ 100,000 $ 100,000 Barclay's Bank Agreement 336,227 338,561 $ 436,227 $ 438,561 July 31, 2015 April 30, 2015 Long Term: NJBPU agreement $ 25,000 $ 50,000 $ 25,000 $ 50,000
Schedule of Foreign Exchange Gain Loss [Table Text Block]	Three Months Ended July 31, 2015 2014 Foreign exchange gain (loss) $ 18,959 $ (5,658 )
Schedule of Foreign Currency Denominated Certificates of Deposit and Cash Accounts [Table Text Block]	Foreign currency denominated certificates of deposit and cash accounts: July 31, 2015 April 30, 2015 Restricted $ 336,227 $ 338,561 Unrestricted 1,100,424 1,100,371 $ 1,436,651 $ 1,438,932
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]	Three months ended July 31, Customer 2015 2014 US Department of Energy 100 % 7 % European Union (WavePort project) ― 62 % Mitsui Engineering & Shipbuilding ― 31 % 100 % 100 %

Note 3 - Marketable Securities

Note 3 - Marketable Securities (Tables)	3 Months Ended
	Jul. 31, 2015
Current [Member]
Notes Tables
Marketable Securities [Table Text Block]	July 31, 2015 April 30, 2015 Certificate of Deposit and US Treasury obligations $ — $ 75,000

Note 4 - Balance Sheet Detail (

Note 4 - Balance Sheet Detail (Tables)	3 Months Ended
	Jul. 31, 2015
Notes Tables
Schedule of Other Assets and Other Liabilities [Table Text Block]	July 31, 2015 April 30, 2015 Accrued expenses Project costs $ 1,620,794 $ 867,771 Contract loss reserve 198,819 198,819 Employee incentive payments 748,032 529,274 Accrued salary and benefits 472,270 468,366 Legal and accounting fees 367,854 274,656 Other 218,178 168,233 $ 3,625,947 $ 2,507,119

Note 5 - Related Party Transa23

Note 5 - Related Party Transactions (Tables)	3 Months Ended
	Jul. 31, 2015
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	Three Months Ended July 31, 2015 2014 Related party consulting expense $ 52,667 $ 113,813

Note 6 - Debt (Tables)

Note 6 - Debt (Tables)	3 Months Ended
	Jul. 31, 2015
Notes Tables
Schedule of Debt [Table Text Block]	July 31, 2015 April 30, 2015 Total debt $ 125,000 $ 150,000 Current portion of long-term debt (100,000 ) (100,000 ) Long-term debt $ 25,000 $ 50,000

Note 8 - Stock-Based Compensa25

Note 8 - Stock-Based Compensation Plans (Tables)	3 Months Ended
	Jul. 31, 2015
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended July 31, 2015 2014 Risk-free interest rate 1.6 % — Expected dividend yield 0.0 % — Expected life (in years) 5.5 — Expected volatility 85.74 % —
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, 2015 1,083,952 $ 4.32 5.7 Forfeited (72,737 ) 6.34 Exercised — — Granted 51,388 0.58 Outstanding as of July 31, 2015 1,062,603 4.00 5.6 Exercisable as of July 31, 2015 819,481 4.86 4.7
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, 2015 840,841 $ 0.73 Granted 13,000 0.55 Forfeited (13,499 ) 1.02 Vested (17,331 ) 2.41 Issued and unvested at July 31, 2015 823,011 $ 0.69

Note 11 - Operating Segments 26

Note 11 - Operating Segments and Geographic Information (Tables)	3 Months Ended
	Jul. 31, 2015
Notes Tables
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	North America Europe Asia and Australia Total Three months ended July 31, 2015 Revenues from external customers $ 105,666 $ — $ — $ 105,666 Operating loss (4,216,214 ) (87,723 ) (85,796 ) (4,389,733 ) Three months ended July 31, 2014 Revenues from external customers 1,540,528 $ — $ — $ 1,540,528 Operating loss (2,582,613 ) (392,868 ) (494,072 ) (3,469,553 ) July 31, 2015 Long-lived assets 244,113 474 — 244,587 Total assets 14,920,672 494,158 486,090 15,900,920 April 30, 2015 Long-lived assets 262,895 913 — 263,898 Total assets $ 17,899,273 $ 597,796 $ 373,817 $ 18,870,886

Note 1 - Background, Basis of27

Note 1 - Background, Basis of Presentation and Liquidity (Details Textual)	Oct. 22, 2015	Jul. 31, 2015USD ($)	Apr. 30, 2015USD ($)	Apr. 30, 2014USD ($)$ / sharesshares	Jul. 14, 2015$ / shares	Jan. 14, 2015$ / shares
Proceeds from S-3 Shelf for Period [Member]
Proceeds from Issuance of Common Stock		$ 0	$ 0
Minimum [Member]
Share Price | $ / shares					$ 1	$ 1
Scenario, Forecast [Member]
Debt Instrument, Convertible, Conversion Ratio	12
ATM Facility [Member]
Proceeds from Issuance of Common Stock				$ 9,698,000
Share Price | $ / shares				$ 3.02
Stock Issued During Period, Shares, New Issues | shares				3,306,334
Underwriting Agreement [Member]
Proceeds from Issuance of Common Stock				$ 10,828,000
Share Price | $ / shares				$ 3.10
Stock Issued During Period, Shares, New Issues | shares				3,800,000
Shelf Registration Amount Remaining of Offering Amount		3,300,000
Retained Earnings (Accumulated Deficit)		(168,917,096)	$ (164,755,055)
Cash Cash Equivalents and Marketable Securities		14,200,000
Restricted Cash and Cash Equivalents		$ 500,000
Debt Instrument, Convertible, Conversion Ratio		5
Shelf Registration Authorized Amount		$ 40,000,000
Shelf Registration Amount Remaining of Offering Amount		18,200,000
Shelf Registration Market Capitalization		9,900,000
Shelf Registration Limited Amount to Sell Securities		$ 12,000,000

Note 2 - Summary of Significa28

Note 2 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Jul. 31, 2015EUR (€)shares	Jul. 31, 2014shares	Jul. 31, 2015USD ($)	Apr. 30, 2015USD ($)
OPTA [Member]
Ownership Percentage	100.00%		100.00%
Victorian Wave Partners Pty. Ltd. [Member] | OPTA [Member]
Ownership Percentage	100.00%		100.00%
Barclays Bank [Member]
Long-term Line of Credit	€ 278,828		$ 305,372
New Jersey Board of Public Utilities 1 [Member]
Long-term Line of Credit			125,000
Restricted Cash and Cash Equivalents			500,000
Oregon Department of State Lands [Member] | Line of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 1,200,000	$ 0
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	11.80%		11.80%
Restricted Cash and Cash Equivalents			$ 500,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares	1,885,614	1,087,649

Note 2 - Summary of Significa29

Note 2 - Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)	Jul. 31, 2015	Apr. 30, 2015
Checking and Savings Accounts [Member]
Cash and cash equivalents	$ 4,687,411	$ 4,614,400
Overnight Repurchase Account [Member]
Cash and cash equivalents	9,549,842	12,721,334
Cash and cash equivalents	$ 14,237,253	$ 17,335,734

Note 2 - Summary of Significa30

Note 2 - Summary of Significant Accounting Policies - Cash Restricted Under Security Agreements (Details) - USD ($)	Jul. 31, 2015	Apr. 30, 2015
NJBPU Agreement [Member]
Current:
Restricted cash	$ 100,000	$ 100,000
Long Term:
Restricted cash	25,000	50,000
Barclays Bank Agreement [Member]
Current:
Restricted cash	336,227	338,561
Restricted cash	436,227	438,561
Long Term:
Restricted cash	$ 25,000	$ 50,000

Note 2 - Summary of Significa31

Note 2 - Summary of Significant Accounting Policies - Foreign Exchange Gain (Loss) (Details) - USD ($)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Foreign exchange gain (loss)	$ 18,959	$ (5,658)

Note 2 - Summary of Significa32

Note 2 - Summary of Significant Accounting Policies - Foreign Currency Denominated Certificates of Deposit and Cash Accounts (Details) - USD ($)	Jul. 31, 2015	Apr. 30, 2015
Restricted [Member]
Restricted	$ 336,227	$ 338,561
Unrestricted [Member]
Restricted	1,100,424	1,100,371
Restricted	$ 1,436,651	$ 1,438,932

Note 2 - Summary of Significa33

Note 2 - Summary of Significant Accounting Policies - Revenues by Major Customers (Details)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
US Department of Energy [Member]
Revenues, percentage	100.00%	7.00%
European Union Waver Port Project [Member]
Revenues, percentage		62.00%
Mitsui Engineering and Ship Building [Member]
Revenues, percentage		31.00%
Revenues, percentage	100.00%	100.00%

Note 3 - Marketable Securitie34

Note 3 - Marketable Securities - Marketable Securities That Mature Within One Year (Details) - USD ($)	Jul. 31, 2015	Apr. 30, 2015
US Treasury Obligations [Member]
Certificate of Deposit and US Treasury obligations		$ 75,000
Certificate of Deposit and US Treasury obligations		$ 75,000

Note 4 - Balance Sheet Detail -

Note 4 - Balance Sheet Detail - Balance Sheet Details (Details) - USD ($)	Jul. 31, 2015	Apr. 30, 2015
Accrued expenses
Project costs	$ 1,620,794	$ 867,771
Contract loss reserve	198,819	198,819
Employee incentive payments	748,032	529,274
Accrued salary and benefits	472,270	468,366
Legal and accounting fees	367,854	274,656
Other	218,178	168,233
Accrued expenses total	$ 3,625,947	$ 2,507,119

Note 5 - Related Party Transa36

Note 5 - Related Party Transactions (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2014	Jul. 31, 2015	Jul. 31, 2014
Former Executive Vice Chairman [Member]
Related Party Transaction Term of Agreement	1 year 90 days
Related Party Transaction Monthly Consulting Fee	$ 20,000
Related Party Transaction, Expenses from Transactions with Related Party		$ 52,667	$ 60,000
Interim Chief Executive Officer [Member]
Related Party Transaction Daily Consulting Fee			1,500
Related Party Transaction, Expenses from Transactions with Related Party		$ 0	$ 53,813

Note 5 - Related Party Transa37

Note 5 - Related Party Transactions - Related Party Transactions (Details) - USD ($)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Related party consulting expense	$ 52,667	$ 113,813

Note 6 - Debt (Details Textual)

Note 6 - Debt (Details Textual) - USD ($)	1 Months Ended
	Nov. 30, 2011	Jul. 31, 2015	Apr. 30, 2014
Corporation [Member]
Long-term Debt	$ 500,000
New Jersey Board of Public Utilities 1 [Member]
Long-term Debt Payment Terms	5 years
Long-term Debt		$ 125,000	$ 150,000

Note 6 - Debt - Long-term Debt

Note 6 - Debt - Long-term Debt (Details) - USD ($)	Jul. 31, 2015	Apr. 30, 2015	Apr. 30, 2014
Long-term Debt	$ 125,000		$ 150,000
Current portion of long-term debt	(100,000)	$ (100,000)	(100,000)
Long-term debt	$ 25,000	$ 50,000	$ 50,000

Note 7 - Deferred Credits Pay40

Note 7 - Deferred Credits Payable (Details Textual)	Jul. 31, 2015USD ($)	Apr. 30, 2015USD ($)	Apr. 30, 2001USD ($)TRate
Customer Advances and Deposits | $			$ 600,000
Deferred Credits Payable Option Details | T			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 - Stock-Based Compensa41

Note 8 - Stock-Based Compensation Plans (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Apr. 30, 2015
Employee Stock Option [Member]
Allocated Share-based Compensation Expense	$ 71,000	$ 1,000
Restricted Stock [Member] | Including Non-employee Compensation [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 289,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 36 days
Restricted Stock [Member] | Associated Service Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	342,012
Restricted Stock [Member] | Company Performance Goals and Compensation Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	15,999
Restricted Stock [Member] | Performance based vesting [Member] | Non Executive Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			104,000
Restricted Stock [Member] | Performance based vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	361,000
Restricted Stock [Member]
Allocated Share-based Compensation Expense	$ 74,000	12,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	823,011
Including Non-employee Compensation [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 110,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 328 days
Performance based vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	115,786
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	0
Allocated Share-based Compensation Expense	$ 145,000	$ 13,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.41
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	243,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	8 years 219 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	1,062,603		1,083,952
Treasury Stock, Shares, Acquired	675	806

Note 8 - Weighted Average Fair

Note 8 - Weighted Average Fair Value Assumptions for Stock-Based Compensation (Details)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Risk-free interest rate	1.60%
Expected dividend yield	0.00%
Expected life (in years)	5 years 182 days
Expected volatility	85.74%

Note 8 - Stock-Based Compensa43

Note 8 - Stock-Based Compensation - Stock Options Under the Plans (Details) - $ / shares	3 Months Ended	12 Months Ended
	Jul. 31, 2015	Apr. 30, 2015
Outstanding as of April 30, 2015 (in shares)	1,062,603	1,083,952
Outstanding April 30, 2013. (in dollars per share)	$ 4	$ 4.32
Outstanding as of April 30, 2015	5 years 219 days	5 years 255 days
Forfeited (in shares)	(72,737)
Forfeited. (in dollars per share)	$ 6.34
Exercised (in shares)
Exercised. (in dollars per share)
Granted (in shares)	51,388
Granted. (in dollars per share)	$ 0.58
Exercisable as of July 31, 2015 (in shares)	819,481
Exercisable as of July 31, 2015 (in dollars per share)	$ 4.86
Exercisable as of July 31, 2015	4 years 255 days

Note 8 - Stock-Based Compensa44

Note 8 - Stock-Based Compensation - Non-vested Restricted Stock Under the Plans (Details) - Non-vested Restricted Stock [Member] - Scenario, Unspecified [Domain] - $ / shares	3 Months Ended
	Jul. 31, 2015	Apr. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	823,011	840,841
Issued and unvested at April 30, 2015 (in dollars per share)	$ 0.69	$ 0.73
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	13,000
Granted (in dollars per share)	$ 0.55
Forfeited (in shares)	(13,499)
Forfeited (in dollars per share)	$ 1.02
Vested (in shares)	(17,331)
Vested (in dollars per share)	$ 2.41

Note 9 - Commitments and Cont45

Note 9 - Commitments and Contingencies (Details Textual)	1 Months Ended
	Jun. 30, 2012USD ($)	Jul. 31, 2015EUR (€)	Jul. 31, 2015USD ($)
Spanish Tax Authorities [Member]
Input Tax	$ 250,000
Letters of Credit Outstanding, Amount		€ 278,828	$ 305,372

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Unrecognized Tax Benefits	$ 0	$ 0
Unrecognized Tax Benefits, Period Increase (Decrease)	$ 0

Note 11 - Operating Segments 47

Note 11 - Operating Segments and Geographic Information (Details Textual)	3 Months Ended
	Jul. 31, 2015
Number of Operating Segments	1

Note 11 - Operating Segments 48

Note 11 - Operating Segments and Geographic Information - Geographic Segment Information (Details) - USD ($)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Apr. 30, 2015
North America [Member]
Revenues	$ 105,666	$ 1,540,528
Operating loss	(4,216,214)	$ (2,582,613)
Long-lived assets	244,113		$ 262,895
Total assets	$ 14,920,672		17,899,273
Europe [Member]
Revenues
Operating loss	$ (87,723)	$ (392,868)
Long-lived assets	474		913
Total assets	$ 494,158		$ 597,796
Asia and Australia [Member]
Revenues
Operating loss	$ (85,796)	$ (494,072)
Long-lived assets
Total assets	$ 486,090		$ 373,817
Revenues	105,666	1,540,528
Operating loss	(4,389,733)	$ (3,469,553)
Long-lived assets	244,587		263,898
Total assets	$ 15,900,920		$ 18,870,886