Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 31, 2017 | Feb. 28, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Ocean Power Technologies, Inc. | |
Entity Central Index Key | 1,378,140 | |
Trading Symbol | optt | |
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) | 6,313,996 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 11,110 | $ 6,730 |
Marketable securities | 25 | 75 |
Restricted cash | 299 | 300 |
Unbilled receivables | 324 | 37 |
Litigation receivable | 2,500 | |
Other current assets | 337 | 117 |
Total current assets | 12,095 | 9,759 |
Property and equipment, net | 195 | 273 |
Other noncurrent assets | 131 | 319 |
Total assets | 12,421 | 10,351 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 189 | 373 |
Accrued expenses | 3,121 | 2,675 |
Litigation payable | 3,000 | |
Unearned revenue | 39 | |
Warrant liabilities | 653 | |
Current portion of long-term debt and capital lease obligations | 34 | 81 |
Deferred credits payable current | 600 | |
Total current liabilities | 4,597 | 6,168 |
Long-term debt and capital lease obligations | 32 | 55 |
Deferred credits payable non-current | 600 | |
Total liabilities | 4,629 | 6,823 |
Commitments and contingencies (note 11) | ||
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 50,000,000 shares, issued 6,313,996 and 2,352,100 shares, respectively | 6 | 2 |
Treasury stock, at cost; 46,776 and 6,894 shares, respectively | (260) | (138) |
Additional paid-in capital | 193,000 | 181,670 |
Retained Earnings (Accumulated Deficit) | (184,794) | (177,884) |
Accumulated other comprehensive loss | (160) | (122) |
Total stockholders' equity | 7,792 | 3,528 |
Total liabilities and stockholders’ equity | $ 12,421 | $ 10,351 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jan. 31, 2017 | Apr. 30, 2016 |
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) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 6,313,996 | 2,352,100 |
Treasury stock (in shares) | 46,776 | 6,894 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | ||
Revenues | $ 221 | $ 5 | $ 593 | $ 605 | |
Cost of revenues | 363 | 5 | 615 | 605 | |
Gross profit (loss) | (142) | (22) | |||
Operating expenses: | |||||
Product development costs | 950 | 1,752 | 3,894 | 5,412 | |
Selling, general and administrative costs | 1,617 | 1,690 | 4,859 | 5,419 | |
Total operating expenses | 2,567 | 3,442 | 8,753 | 10,831 | |
Operating loss | (2,709) | (3,442) | (8,775) | (10,831) | |
(Loss) gain on fair value of warrant liabilities | (104) | 1,161 | |||
Interest income, net | 24 | 1 | 26 | 10 | |
Other (expense) income, net | (3) | 240 | |||
Foreign exchange loss | (26) | (188) | (20) | (194) | |
Loss before income taxes | (2,815) | (3,632) | (7,608) | (10,775) | |
Income tax benefit | 698 | 1,674 | 698 | 1,674 | |
Net loss | (2,117) | (1,958) | (6,910) | (9,101) | |
Less: Net profit attributable to the non-controlling interest in Ocean Power | |||||
Technologies (Australasia) Pty Ltd. | (45) | ||||
Net loss attributable to Ocean Power Technologies, Inc. | $ (2,117) | $ (1,958) | $ (6,910) | $ (9,146) | |
Basic and diluted net loss per share (in dollars per share) | $ (0.37) | $ (1.05) | $ (1.84) | $ (5.07) | |
Weighted average shares used to compute basic and diluted net loss per share (in shares) | [1] | 5,783,494 | 1,865,464 | ||
[1] | Common Stock and share data at October 31, 2015 has been adjusted retroactively to reflect a 1-for-10 reverse stock split effective October 27, 2015. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Net loss | $ (2,117) | $ (1,958) | $ (6,910) | $ (9,101) |
Foreign currency translation adjustment | 3 | 151 | (38) | 106 |
Total comprehensive loss | (2,114) | (1,807) | (6,948) | (8,995) |
Comprehensive income attributable to the non-controlling interest in Ocean Power Technologies (Australasia) Pty Ltd. | (73) | |||
Comprehensive loss attributable to Ocean Power Technologies, Inc. | $ (2,114) | $ (1,807) | $ (6,948) | $ (9,068) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - 9 months ended Jan. 31, 2017 - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Apr. 30, 2016 | 2,352,100 | (6,894) | ||||
Balance at Apr. 30, 2016 | $ 2 | $ (138) | $ 181,670 | $ (177,884) | $ (122) | $ 3,528 |
Net loss | (6,910) | (6,910) | ||||
Stock based compensation | 224 | 224 | ||||
Issuance of restricted stock, net (in shares) | 189,896 | |||||
Issuance of restricted stock, net | 774 | 774 | ||||
Sale of stock | $ 4 | 10,332 | $ 10,336 | |||
Acquisition of treasury stock (in shares) | (39,882) | (39,882) | ||||
Acquisition of treasury stock | $ (122) | $ (122) | ||||
Other comprehensive loss | (38) | (38) | ||||
Balance (in shares) at Jan. 31, 2017 | 6,313,996 | (46,776) | ||||
Balance at Jan. 31, 2017 | $ 6 | $ (260) | $ 193,000 | $ (184,794) | $ (160) | $ 7,792 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (6,910) | $ (9,101) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Foreign exchange gain | 20 | 194 |
Depreciation and amortization | 104 | 84 |
Compensation expense related to stock option grants & restricted stock | 998 | 298 |
Gain on fair value of warrant liabilities | (1,161) | 0 |
Payment for litigation settlements | (500) | |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 89 | |
(Increase) decrease in unbilled receivables | (286) | 44 |
Increase in other current assets | (222) | (30) |
Decrease in other noncurrent assets | 169 | 27 |
(Decrease) increase in accounts payable | (186) | 98 |
Increase in accrued expenses | 461 | 221 |
Decrease in unearned revenues | (39) | |
Net cash used in operating activities | (7,552) | (8,076) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (25) | |
Maturities of marketable securities | 75 | 25 |
Restricted cash | 1 | 111 |
Purchases of equipment | (22) | (24) |
Net cash provided by investing activities | 29 | 112 |
Cash flows from financing activities: | ||
Proceeds from sale of common stock, net of issuance costs | 205 | |
Proceeds from issuance of common stock and related warrants, net of costs | 12,150 | |
Repayment of debt | (70) | (75) |
Acquisition of treasury stock | (122) | (4) |
Net cash provided by financing activities | 11,958 | 126 |
Effect of exchange rate changes on cash and cash equivalents | (55) | (85) |
Net increase (decrease) in cash and cash equivalents | 4,380 | (7,923) |
Cash and cash equivalents, beginning of period | 6,730 | 17,336 |
Cash and cash equivalents, end of period | $ 11,110 | $ 9,413 |
Note 1 - Background, Basis of P
Note 1 - Background, Basis of Presentation and Liquidity | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | (1) a) Background Ocean Power Technologies, Inc. (the “Company”) was incorporated in 1984 1994 2007. 1997. 2002, b) Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10 10 10 April 30, 2016 10 c) Liquidity/Going Concern The consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has experienced substantial and recurring losses from operations, which have contributed to an accumulated deficit of $184.8 January 31, 2017. January 31, 2017, $11.1 $0.6 nine January 31, 2017 2016. January 31, 2017, January 31, 2018. The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Management is evaluating different strategies to obtain the required additional funding for future operations. These strategies may In fiscal 2017 2016, three nine January 31, 2017. may may On June 2, 2016, June 7, 2016 “June June 417,000 145,952 0.35 $4.60. $1.7 $6.08 December 3, 2016 five On July 22, 2016, “July 595,000 178,500 0.30 $6.75. $3.6 $9.36 fifth (5th) On October 19, 2016, 2,760,000 $2.75 360,000 $6.9 The sale of additional equity or convertible securities could result in dilution to stockholders. If additional funds are raised through the issuance of debt securities, these securities could have rights senior to those associated with the Company’s Common Stock and could contain covenants that would restrict its operations. Financing may may may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | (2) (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 non-controlling 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, 2017, In September 2015, 11.8%) 100% January 31, 2017, no (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; fair value of warrant liabilities, 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. (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. Under cost plus contracts, a profit or loss on a project is recognized depending on whether actual costs are more or less than the agreed upon amount. The Company has two zero. Generally, revenue under fixed price or cost plus contracts is recognized using the percentage-of-completion method, measured by 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 In addition, recognition of revenue (and the related costs) may may may Unbilled receivables represent expenditures on contracts, plus applicable profit margin, not yet billed. Unbilled receivables are normally billed and collected within one A portion of the Company’s projects have been under cost-sharing contracts. (d) Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three 100% January 31, 2017 April 30, 2016 (in thousands) Checking and savings accounts $ 8,587 $ 4,535 Overnight repurchase account 2,523 2,195 $ 11,110 $ 6,730 (e) Marketable Securities Marketable securities with original maturities longer than three one January 31, 2017 April 30, 2016, (f) Restricted Cash and Credit Facility A portion of the Company’s cash is restricted under the terms of two One agreement is between the Company 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 1% January 31, 2017, €0.3 ($0.3 The second $0.5 five November 2011. January 31, 2017, (6) January 31, 2017 April 30, 2016 (in thousands) NJBPU agreement $ - $ 50 Barclay's Bank Agreement 299 250 $ 299 $ 300 (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 (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 seven may (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% one Three months ended January 31, Nine months ended January 31, 2017 2016 2017 2016 Mitsui Engineering & Shipbuilding 56 % - 83 % - U.S. Department of Defense Office of Naval Research 44 % - 17 % - US Department of Energy - 100 % - 33 % European Union (WavePort project) - - - 67 % 100 % 100 % 100 % 100 % The loss of, or a significant reduction in revenues from a current customer could significantly impact the Company's financial position or results of operations. The Company does not require its customers to maintain collateral. (j) Warrant Liabilities The Company's warrants to purchase shares of its common stock are classified as warrant liabilities and are recorded at fair value. The warrant liabilities are subject to re-measurement at each balance sheet date and the Company recognizes any change in fair value in its consolidated statements of operations within “(loss) gain on fair value of warrant liabilities”. The Company will continue to adjust the carrying value of the warrants for changes in the estimated fair value until such time as these instruments are exercised or expire. At that time, the liabilities will be reclassified to “additional paid-in capital”, a component of “stockholders' equity” on the consolidated balance sheets. (k) Net Loss per Common Share Basic and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock 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, warrants on common stock and non-vested restricted stock issued to employees and non-employee directors, totaling 680,429 three nine January 31, 2017 154,537 three nine January 31, 2016, (l) Recently Issued Accounting Standards In May 2014, 2014 09, ● Contracts with customers—including revenue and impairments recognized, disaggregation of revenue and information about contract balances and performance obligations (including the transaction price allocated to the remaining performance obligations). ● Significant judgments and changes in judgments—determining the timing of satisfaction of performance obligations (over time or at a point in time), and determining the transaction price and amounts allocated to performance obligations. ● Certain assets—assets recognized from the costs to obtain or fulfill a contract. In August 2015, March April 2016, December 15, 2017. In August 2014, 2014 15, first December 15, 2016, 2014 15 (1) In January 2016, 2016 01, December 15, 2017, 2016 01 In February 2016, 2016 02, 842)”. 12 2016 02 December 15, 2018, 2016 02 In March 2016, 2016 09, 718)”, 2016 09. 2016 09 may 2016 09 December 15, 2016, 2016 09 In June 2016, 2016 13, 326): December 15, 2019. 2016 13 In August 2016, 2016 15, 230): eight fiscal years beginning after December 15, 2017, 2016 13 In November 2016, 2016 18, 230): fiscal years beginning after December 15, 2017, 2016 18 |
Note 3 - Marketable Securities
Note 3 - Marketable Securities | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | (3) Marketable securities with initial maturities greater than three one January 31, 2017 April 30, 2016 (in thousands) Certificate of Deposit $ 25 $ 75 |
Note 4 - Balance Sheet Detail
Note 4 - Balance Sheet Detail | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | (4) Accrued expenses January 31, 2017 April 30, 2016 (in thousands) Project costs (a) $ 1,239 $ 818 Contract loss reserve 199 199 Employee incentive payments 463 688 Accrued salary and benefits 593 456 Legal and accounting fees 329 240 Other 298 274 $ 3,121 $ 2,675 (a) Project costs at January 31, 2017 $0.8 $0.5 PB40 first 2018. PB40 |
Note 5 - Related Party Transact
Note 5 - Related Party Transactions | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | (5) In April 2014, fifteen $20 July 18, 2015). nine January 31, 2016 $53 no three nine January 31, 2017. |
Note 6 - Debt
Note 6 - Debt | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | (6) The Company was awarded a recoverable grant totaling $0.5 April 2009 June 2010 five November 2011. April 30, 2016 $50 $50 January 31, 2017, no no 2(f). |
Note 7 - Deferred Credits Payab
Note 7 - Deferred Credits Payable | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Customer Advances and Deposits Disclosure [Text Block] | (7) During the year ended April 30, 2001, $0.6 500,000 2008 2012, 30% 30% December 31, 2012, $0.6 December 2012, December 31, 2017. January 31, 2017, $0.6 January 31, 2017 April 30, 2016, |
Note 8 - Warrants
Note 8 - Warrants | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Warrant Disclosure [Text Block] | (8) On June 2, 2016, June 7, 2016 “June “June June 417,000 145,952 0.35 $4.60. $6.08 December 3, 2016 five On July 22, 2016, “July 595,000 178,500 0.30 $6.75. $9.36 fifth (5th) The warrants contain a feature whereby they could require the transfer of assets and therefore are classified as a liability in accordance with ASC 480. $0.7 January 31, 2017 no April 30, 2016. An unrealized loss and unrealized gain of $0.1 $1.2 three nine January 31, 2017, no three nine January 31, 2016. January 31, 2017 Dividend rate 0.0% Risk-free rate 1.9% Expected life (years) 4.5 - 4.9 Expected volatility 129.0% - 138.2% |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (9) The aggregate stock-based compensation expense related to all stock-based transactions recorded in the consolidated statements of operations was approximately $1.0 $0.3 nine January 31, 2017 2016, (a) Stock Options Valuation Assumptions for Options Granted during the nine January 31, 2017 2016 The fair value of each stock option granted, for both service-based and performance-based vesting requirements during the nine January 31, 2017, 110, Share-Based Payment. nine January 31, 2017. $1.89 $4.05 nine January 31, 2017 2016, Nine months ended January 31, 2017 2016 Risk-free interest rate 1.3 % 1.6 % Expected dividend yield 0.0 % 0.0 % Expected life (in years) 5.50 5.5 Expected volatility 96.2 % 85.7 % A summary of stock options under our stock incentive plans is detailed in the following table. Weighted Average Weighted Remaining Shares Average Contractual Underlying Exercise Term Options Price (In Years) Outstanding as of April 30, 2016 89,303 $ 42.90 3.6 Forfeited (987 ) $ 46.45 Exercised - $ - Granted 171,749 $ 2.12 Outstanding as of January 31, 2017 260,065 $ 15.96 7.2 Exercisable as of January 31, 2017 157,066 $ 24.44 5.6 As of January 31, 2017, $107 $95 January 31, 2017, 101,392 $10 9.6 $0.2 $0.1 nine January 31, 2017 2016, January 31, 2017, $0.2 0.8 (b) Restricted Stock Compensation expense for non-restricted stock is generally recorded based on its market value on the date of grant and recognized ratably over the associated service and performance period. During the nine January 31, 2017, 223,662 no three 80% may In January 2016, nine January 31, 2017. January 31, 2017 4,000 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, 2016 40,008 $ 6.70 Granted 223,662 $ 3.94 Forfeited (28,266 ) $ 3.98 Vested (139,492 ) $ 4.70 Issued and unvested at January 31, 2017 95,912 $ 3.99 There was approximately $0.8 $0.2 nine January 31, 2017 2016, January 31, 2017, $0.2 0.4 (c)Treasury Stock During the nine January 31, 2017 2016, 39,882 1,839 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (10) The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP specifies a three three Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in inactive markets. Level 3 Unobservable inputs are not corroborated by market data. This category is comprised of financial and non-financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies using significant inputs that are generally less readily observable from objective sources. Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no transfers between any levels during the three nine January 31, 2017 2016. The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments, other than investment in affiliates. Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized. Warrant Liabilities The fair value of the Company's warrant liabilities (refer to Note 8) 3 The following table presents financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2017. Total Carrying Value in Consolidated Balance Sheet Quoted prices in active markets for identical assts or liabilities (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of January 31, 2017: (in thousands) Warrant liabilities $ 653 $ - $ - $ 653 The changes in the value of the warrant liabilities during the nine January 31, 2017 Fair value – April 30, 2016 $ - Issuance 1,814 Transfers - Change in fair value (1,161 ) Fair value – January 31, 2017 $ 653 There were no nine January 31, 2017 2016, |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | (11) (a) Litigation Shareholder Litigation and Demands The Company and its former Chief Executive Officer Charles Dunleavy were named as defendants in consolidated securities class action lawsuits that were 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 On May 5, 2016, $3.0 $0.5 $2.5 380,000 $0.6 April 30, 2016. July 2016, $0.5 $2.5 August 2016. November 14, 2016, November 15, 2016, The 380,000 November 22, 2016. The Company and certain of its current and former directors and officers are defendants in a derivative lawsuit filed on March 18, 2015 3:15 01980 On July 10, 2015, second 3:15 05469, On April 21, 2016, third 3:16 02249, On June 9, 2016, fourth On October 25, 2016, four November 14, 2016 The Company and certain of its current directors are defendants in a lawsuit filed by an alleged shareholder in the Superior Court of New Jersey, Mercer County Chancery Division on January 25, 2016, 5 16. may 75% 141(k) may June 17, 2016, June 22, 2016, (1) (2) (3) June 30, 2016. September 2, 2016, October 21, 2016, 75% . The parties have agreed that the case shall remain stayed until further steps, if any, can be agreed to and taken as needed. Employment Litigation On June 10, 2014, June 9, 2014, June 17, 2014, July 28, 2014, Except for the Stipulation noted previously, 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 Investigation On February 4, 2015, July 12, 2016, second April 4, 2014 Spain IVA (sales tax) In June 2012, 2010 $0.3 two €0.3 ($0.3 January 31, 2017 $0.2 February 2017, two Spain Income Tax Audit We are currently undergoing an income tax audit in Spain for the period from 2008 2014, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (12) During the three nine January 31, 2017, $0.7 $7.8 three nine January 31, 2016, $1.7 $19.7 Other than as a result of the sale of New Jersey net operating loss carryforwards, the Company did not three nine January 31, 2017 2016. During the three nine January 31, 2017, no |
Note 13 - Operating Segments an
Note 13 - Operating Segments and Geographic Information | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (13) The Company's business consists of one one three nine January 31, 2017 2016, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2017 | |
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 (“GAAP”) for interim financial information and with the instructions to Form 10 10 10 April 30, 2016 10 |
Liquidity, Policy [Policy Text Block] | c) Liquidity/Going Concern The consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has experienced substantial and recurring losses from operations, which have contributed to an accumulated deficit of $184.8 January 31, 2017. January 31, 2017, $11.1 $0.6 nine January 31, 2017 2016. January 31, 2017, January 31, 2018. The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Management is evaluating different strategies to obtain the required additional funding for future operations. These strategies may In fiscal 2017 2016, three nine January 31, 2017. may may On June 2, 2016, June 7, 2016 “June June 417,000 145,952 0.35 $4.60. $1.7 $6.08 December 3, 2016 five On July 22, 2016, “July 595,000 178,500 0.30 $6.75. $3.6 $9.36 fifth (5th) On October 19, 2016, 2,760,000 $2.75 360,000 $6.9 The sale of additional equity or convertible securities could result in dilution to stockholders. If additional funds are raised through the issuance of debt securities, these securities could have rights senior to those associated with the Company’s Common Stock and could contain covenants that would restrict its operations. Financing may may may |
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 non-controlling 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, 2017, In September 2015, 11.8%) 100% January 31, 2017, |
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; fair value of warrant liabilities, 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. |
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. Under cost plus contracts, a profit or loss on a project is recognized depending on whether actual costs are more or less than the agreed upon amount. The Company has two zero. Generally, revenue under fixed price or cost plus contracts is recognized using the percentage-of-completion method, measured by 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 In addition, recognition of revenue (and the related costs) may may may Unbilled receivables represent expenditures on contracts, plus applicable profit margin, not yet billed. Unbilled receivables are normally billed and collected within one A portion of the Company’s projects have been 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 100% January 31, 2017 April 30, 2016 (in thousands) Checking and savings accounts $ 8,587 $ 4,535 Overnight repurchase account 2,523 2,195 $ 11,110 $ 6,730 |
Marketable Securities, Policy [Policy Text Block] | (e) Marketable Securities Marketable securities with original maturities longer than three one January 31, 2017 April 30, 2016, |
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 One agreement is between the Company 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 1% January 31, 2017, €0.3 ($0.3 The second $0.5 five November 2011. January 31, 2017, (6) January 31, 2017 April 30, 2016 (in thousands) NJBPU agreement $ - $ 50 Barclay's Bank Agreement 299 250 $ 299 $ 300 |
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 |
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 seven may |
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% one Three months ended January 31, Nine months ended January 31, 2017 2016 2017 2016 Mitsui Engineering & Shipbuilding 56 % - 83 % - U.S. Department of Defense Office of Naval Research 44 % - 17 % - US Department of Energy - 100 % - 33 % European Union (WavePort project) - - - 67 % 100 % 100 % 100 % 100 % The loss of, or a significant reduction in revenues from a current customer could significantly impact the Company's financial position or results of operations. The Company does not require its customers to maintain collateral. |
Warrant Liability, Policy [Policy Text Block] | (j) Warrant Liabilities The Company's warrants to purchase shares of its common stock are classified as warrant liabilities and are recorded at fair value. The warrant liabilities are subject to re-measurement at each balance sheet date and the Company recognizes any change in fair value in its consolidated statements of operations within “(loss) gain on fair value of warrant liabilities”. The Company will continue to adjust the carrying value of the warrants for changes in the estimated fair value until such time as these instruments are exercised or expire. At that time, the liabilities will be reclassified to “additional paid-in capital”, a component of “stockholders' equity” on the consolidated balance sheets. |
Earnings Per Share, Policy [Policy Text Block] | (k) Net Loss per Common Share Basic and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock 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, warrants on common stock and non-vested restricted stock issued to employees and non-employee directors, totaling 680,429 three nine January 31, 2017 154,537 three nine January 31, 2016, |
New Accounting Pronouncements, Policy [Policy Text Block] | (l) Recently Issued Accounting Standards In May 2014, 2014 09, ● Contracts with customers—including revenue and impairments recognized, disaggregation of revenue and information about contract balances and performance obligations (including the transaction price allocated to the remaining performance obligations). ● Significant judgments and changes in judgments—determining the timing of satisfaction of performance obligations (over time or at a point in time), and determining the transaction price and amounts allocated to performance obligations. ● Certain assets—assets recognized from the costs to obtain or fulfill a contract. In August 2015, March April 2016, December 15, 2017. In August 2014, 2014 15, first December 15, 2016, 2014 15 (1) In January 2016, 2016 01, December 15, 2017, 2016 01 In February 2016, 2016 02, 842)”. 12 2016 02 December 15, 2018, 2016 02 In March 2016, 2016 09, 718)”, 2016 09. 2016 09 may 2016 09 December 15, 2016, 2016 09 In June 2016, 2016 13, 326): December 15, 2019. 2016 13 In August 2016, 2016 15, 230): eight fiscal years beginning after December 15, 2017, 2016 13 In November 2016, 2016 18, 230): fiscal years beginning after December 15, 2017, 2016 18 |
Note 2 - Summary of Significa22
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | January 31, 2017 April 30, 2016 (in thousands) Checking and savings accounts $ 8,587 $ 4,535 Overnight repurchase account 2,523 2,195 $ 11,110 $ 6,730 |
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | January 31, 2017 April 30, 2016 (in thousands) NJBPU agreement $ - $ 50 Barclay's Bank Agreement 299 250 $ 299 $ 300 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three months ended January 31, Nine months ended January 31, 2017 2016 2017 2016 Mitsui Engineering & Shipbuilding 56 % - 83 % - U.S. Department of Defense Office of Naval Research 44 % - 17 % - US Department of Energy - 100 % - 33 % European Union (WavePort project) - - - 67 % 100 % 100 % 100 % 100 % |
Note 3 - Marketable Securities
Note 3 - Marketable Securities (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Current [Member] | |
Notes Tables | |
Marketable Securities [Table Text Block] | January 31, 2017 April 30, 2016 (in thousands) Certificate of Deposit $ 25 $ 75 |
Note 4 - Balance Sheet Detail (
Note 4 - Balance Sheet Detail (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Notes Tables | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Accrued expenses January 31, 2017 April 30, 2016 (in thousands) Project costs (a) $ 1,239 $ 818 Contract loss reserve 199 199 Employee incentive payments 463 688 Accrued salary and benefits 593 456 Legal and accounting fees 329 240 Other 298 274 $ 3,121 $ 2,675 |
Note 8 - Warrants (Tables)
Note 8 - Warrants (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | January 31, 2017 Dividend rate 0.0% Risk-free rate 1.9% Expected life (years) 4.5 - 4.9 Expected volatility 129.0% - 138.2% |
Note 9 - Share-based Compensa26
Note 9 - Share-based Compensation (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine months ended January 31, 2017 2016 Risk-free interest rate 1.3 % 1.6 % Expected dividend yield 0.0 % 0.0 % Expected life (in years) 5.50 5.5 Expected volatility 96.2 % 85.7 % |
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, 2016 89,303 $ 42.90 3.6 Forfeited (987 ) $ 46.45 Exercised - $ - Granted 171,749 $ 2.12 Outstanding as of January 31, 2017 260,065 $ 15.96 7.2 Exercisable as of January 31, 2017 157,066 $ 24.44 5.6 |
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, 2016 40,008 $ 6.70 Granted 223,662 $ 3.94 Forfeited (28,266 ) $ 3.98 Vested (139,492 ) $ 4.70 Issued and unvested at January 31, 2017 95,912 $ 3.99 |
Note 10 - Fair Value Measurem27
Note 10 - Fair Value Measurements (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Total Carrying Value in Consolidated Balance Sheet Quoted prices in active markets for identical assts or liabilities (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of January 31, 2017: (in thousands) Warrant liabilities $ 653 $ - $ - $ 653 |
Changes on Value of Warrant Liability [Table Text Block] | Fair value – April 30, 2016 $ - Issuance 1,814 Transfers - Change in fair value (1,161 ) Fair value – January 31, 2017 $ 653 |
Note 1 - Background, Basis of28
Note 1 - Background, Basis of Presentation and Liquidity (Details Textual) $ / shares in Units, $ in Thousands | Oct. 19, 2016USD ($)$ / sharesshares | Jul. 22, 2016USD ($)$ / sharesshares | Jun. 02, 2016USD ($)$ / sharesshares | Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Apr. 30, 2015USD ($) |
Retained Earnings (Accumulated Deficit) | $ | $ (184,794) | $ (184,794) | $ (177,884) | ||||||
Cash and Cash Equivalents, at Carrying Value | $ | 11,110 | $ 9,413 | 11,110 | $ 9,413 | $ 6,730 | $ 17,336 | |||
Revenues | $ | $ 221 | $ 5 | $ 593 | 605 | |||||
Number of Financing Agreements Closed | 3 | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 2,760,000 | ||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 6,900 | $ 12,150 | |||||||
Share Price | $ / shares | $ 2.75 | ||||||||
Purchase Agreement [Member] | |||||||||
Stock Issued During Period, Shares, New Issues | shares | 595,000 | 417,000 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 178,500 | 145,952 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 0.3 | 0.35 | |||||||
Price Per Common Stock and Warrant | $ / shares | $ 6.75 | $ 4.60 | |||||||
Proceeds from Issuance or Sale of Equity | $ | $ 3,600 | $ 1,700 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 9.36 | $ 6.08 | |||||||
Class of Warrant or Right, Expiration Period | 5 years | ||||||||
Over-Allotment Option [Member] | |||||||||
Stock Issued During Period, Shares, New Issues | shares | 360,000 |
Note 2 - Summary of Significa29
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands, € in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Jan. 31, 2017USD ($)shares | Jan. 31, 2016shares | Oct. 31, 2016 | Jan. 31, 2017USD ($)shares | Jan. 31, 2016shares | Jan. 31, 2017EUR (€) | Sep. 30, 2015 | Nov. 30, 2011USD ($) | |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 0 | $ 0 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 680,429 | 154,537 | 680,429 | 154,537 | ||||
Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||
Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||||
Barclays Bank [Member] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 1.00% | |||||||
Long-term Line of Credit | $ 300 | $ 300 | € 0.3 | |||||
New Jersey Board of Public Utilities 1 [Member] | ||||||||
Restricted Cash and Cash Equivalents | $ 500 | |||||||
OPTA [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 11.80% | |||||||
Ownership Percentage | 100.00% |
Note 2 - Summary of Significa30
Note 2 - Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 | Jan. 31, 2016 | Apr. 30, 2015 |
Cash and cash equivalents | $ 11,110 | $ 6,730 | $ 9,413 | $ 17,336 |
Checking and Savings Accounts [Member] | ||||
Cash and cash equivalents | 8,587 | 4,535 | ||
Overnight Repurchase Account [Member] | ||||
Cash and cash equivalents | $ 2,523 | $ 2,195 |
Note 2 - Summary of Significa31
Note 2 - Summary of Significant Accounting Policies - Cash Restricted Under Security Agreements (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
Restricted cash, current | $ 299 | $ 300 |
NJBPU Agreement [Member] | ||
Restricted cash, current | 50 | |
Barclays Bank Agreement [Member] | ||
Restricted cash, current | $ 299 | $ 250 |
Note 2 - Summary of Significa32
Note 2 - Summary of Significant Accounting Policies - Revenues by Major Customers (Details) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member] | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Revenues, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Mitsui Engineering and Ship Building [Member] | ||||
Revenues, percentage | 56.00% | 83.00% | ||
U.S. Department of Defense Office of Naval Research [Member] | ||||
Revenues, percentage | 44.00% | 17.00% | ||
US Department of Energy [Member] | ||||
Revenues, percentage | 100.00% | 33.00% | ||
European Union Waver Port Project [Member] | ||||
Revenues, percentage | 67.00% |
Note 3 - Marketable Securitie33
Note 3 - Marketable Securities - Marketable Securities That Mature Within One Year (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
Marketable securities | $ 25 | $ 75 |
Note 4 - Balance Sheet Detail34
Note 4 - Balance Sheet Detail (Details Textual) $ in Millions | Jan. 31, 2017USD ($) |
Reedsport Project [Member] | |
Environmental Exit Costs, Costs Accrued to Date | $ 0.8 |
PB40 Projects [Member] | |
Environmental Exit Costs, Costs Accrued to Date | $ 0.5 |
Note 4 - Balance Sheet Detail -
Note 4 - Balance Sheet Detail - Balance Sheet Details (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 | |
Project costs (a) | [1] | $ 1,239 | $ 818 |
Contract loss reserve | 199 | 199 | |
Employee incentive payments | 463 | 688 | |
Accrued salary and benefits | 593 | 456 | |
Legal and accounting fees | 329 | 240 | |
Other | 298 | 274 | |
Accrued expenses total | $ 3,121 | $ 2,675 | |
[1] | Project costs at January 31, 2017 include accruals of $0.8 milliion and $0.5 million for the disposition of the legacy Reedsport project anchors and site remediation for the legacy PB40 projects, respectively. Both efforts are anticipated to be completed in the first quarter of fiscal 2018. |
Note 5 - Related Party Transa36
Note 5 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Apr. 30, 2014 | Jan. 31, 2017 | Jan. 31, 2017 | Jan. 31, 2016 | |
Related Party Transaction Term of Agreement | 1 year 90 days | |||
Related Party Transaction Monthly Consulting Fee | $ 20 | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | $ 0 | $ 53 |
Note 6 - Debt (Details Textual)
Note 6 - Debt (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |||
Nov. 30, 2011 | Jan. 31, 2017 | Apr. 30, 2016 | Jun. 30, 2010 | |
Other Assets, Current | $ 337 | $ 117 | ||
New Jersey Board of Public Utilities 1 [Member] | ||||
Long-term Debt | 0 | 50 | ||
Long-term Debt Payment Terms | 5 years | |||
New Jersey Board of Public Utilities 1 [Member] | Certificates of Deposit [Member] | ||||
Other Assets, Current | $ 0 | $ 50 | ||
Corporation [Member] | ||||
Long-term Debt | $ 500 |
Note 7 - Deferred Credits Pay38
Note 7 - Deferred Credits Payable (Details Textual) $ in Millions | Jan. 31, 2017USD ($) | Apr. 30, 2016USD ($) | Apr. 30, 2001USD ($)TRate |
Customer Advances or Deposits, Noncurrent | $ | $ 0.6 | $ 0.6 | |
Deferred Credits Payable Option Details | T | 500,000 | ||
Deferred Credits Payable Market Discount Rate | Rate | 30.00% | ||
Deferred Credits Payable Market Liquidated Damages Rate | Rate | 30.00% | ||
Customer Advances and Deposits, Current | $ | $ 0.6 |
Note 8 - Warrants (Details Text
Note 8 - Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 19, 2016 | Jul. 22, 2016 | Jun. 02, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | Apr. 30, 2016 |
Stock Issued During Period, Shares, New Issues | 2,760,000 | |||||||
Fair Value Adjustment of Warrants | $ 100 | $ 0 | $ (1,161) | $ 0 | ||||
Warrant [Member] | ||||||||
Derivative Liability, Current | $ 700 | $ 700 | $ 0 | |||||
Purchase Agreement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 595,000 | 417,000 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 178,500 | 145,952 | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.3 | 0.35 | ||||||
Price Per Common Stock and Warrant | $ 6.75 | $ 4.60 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.36 | $ 6.08 | ||||||
Class of Warrant or Right, Expiration Period | 5 years |
Note 8 - Warrants - Fair Value
Note 8 - Warrants - Fair Value Assumptions for Warrants (Details) - Warrant [Member] | 9 Months Ended |
Jan. 31, 2017 | |
Dividend rate | 0.00% |
Risk-free rate | 1.90% |
Expected volatility | |
Minimum [Member] | |
Expected life (years) (Year) | 4 years 182 days |
Expected volatility | 129.00% |
Maximum [Member] | |
Expected life (years) (Year) | 4 years 328 days |
Expected volatility | 138.20% |
Note 9 - Share-based Compensa41
Note 9 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Allocated Share-based Compensation Expense | $ 1,000 | $ 300 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.89 | $ 4.05 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 107 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 95 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 101,392 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 10 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 9 years 219 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 95,912 | |
Treasury Stock, Shares, Acquired | 39,882 | 1,839 |
Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense | $ 200 | $ 100 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 200 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 292 days | |
Restricted Stock [Member] | ||
Allocated Share-based Compensation Expense | $ 800 | $ 200 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 146 days | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 200 | |
Restricted Stock [Member] | Service-based Vesting [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 223,662 | |
Restricted Stock [Member] | Performance based vesting [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 4,000 |
Note 9 - Share-based Compensa42
Note 9 - Share-based Compensation - Fair Value Assumptions for Options (Details) - Employee Stock Option [Member] | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Risk-free interest rate | 1.30% | 1.60% |
Expected dividend yield | 0.00% | 0.00% |
Expected life (in years) (Year) | 5 years 182 days | 5 years 182 days |
Expected volatility | 96.20% | 85.70% |
Note 9 - Share-based Compensa43
Note 9 - Share-based Compensation - Stock Options Under the Plans (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Jan. 31, 2017 | Apr. 30, 2016 | |
Beginning Balance, shares underlying options (in shares) | 89,303 | |
Beginning Balance, weighted average exercise price (in dollars per share) | $ 42.90 | |
Balance, weighted average remaining contractual term (Year) | 7 years 73 days | 3 years 219 days |
Forfeited (in shares) | (987) | |
Forfeited. (in dollars per share) | $ 46.45 | |
Exercised (in shares) | ||
Exercised. (in dollars per share) | ||
Granted (in shares) | 171,749 | |
Granted. (in dollars per share) | $ 2.12 | |
Ending Balance, shares underlying options (in shares) | 260,065 | 89,303 |
Ending Balance, weighted average exercise price (in dollars per share) | $ 15.96 | $ 42.90 |
Exercisable, shares underlying options (in shares) | 157,066 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 24.44 | |
Exercisable, weighted average remaining contractual term (Year) | 5 years 219 days |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation - Non-vested Restricted Stock Under the Plans (Details) | 9 Months Ended |
Jan. 31, 2017$ / sharesshares | |
Ending Balance, issued and unvested (in shares) | shares | 95,912 |
Ending Balance, issued and unvested (in dollars per share) | $ / shares | $ 3.99 |
Non-vested Restricted Stock [Member] | |
Beginning Balance, issued and unvested (in shares) | shares | 40,008 |
Beginning Balance, issued and unvested (in dollars per share) | $ / shares | $ 6.70 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 223,662 |
Granted (in dollars per share) | $ / shares | $ 3.94 |
Forfeited (in shares) | shares | (28,266) |
Forfeited (in dollars per share) | $ / shares | $ 3.98 |
Vested (in shares) | shares | (139,492) |
Vested (in dollars per share) | $ / shares | $ 4.70 |
Note 10 - Fair Value Measurem45
Note 10 - Fair Value Measurements (Details Textual) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Assets, Fair Value Adjustment | $ 0 | $ 0 |
Liabilities, Fair Value Adjustment | $ 0 | $ 0 |
Note 10 - Fair Value Measurem46
Note 10 - Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
Warrant liabilities | $ 653 | |
Warrant [Member] | Fair Value, Measurements, Recurring [Member] | Reported Value Measurement [Member] | ||
Warrant liabilities | 653 | |
Warrant [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Warrant liabilities | ||
Warrant [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Warrant liabilities | ||
Warrant [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Warrant liabilities | $ 653 |
Note 10 - Fair Value Measurem47
Note 10 - Fair Value Measurements - Changes on Value of Warrant Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Fair value – April 30, 2016 | ||||
Issuance | 1,814 | |||
Transfers | ||||
Fair Value Adjustment of Warrants | $ 100 | $ 0 | (1,161) | $ 0 |
Fair value – January 31, 2017 | $ 653 | $ 653 |
Note 11 - Commitments and Con48
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Nov. 14, 2016 | Dec. 15, 2016 | Aug. 31, 2016 | Jul. 31, 2016 | Jun. 30, 2012 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 25, 2016 |
Payments for Legal Settlements | $ 500 | |||||||
Tax Authority, Spain [Member] | ||||||||
Input Tax | $ 300 | |||||||
Letters of Credit Outstanding, Amount | $ 300 | |||||||
Foreign Tax Examination Refund | $ (200) | |||||||
Stipulation [Member] | ||||||||
Litigation Settlement, Amount | $ 3,000 | |||||||
Payments for Legal Settlements | $ 500 | |||||||
Litigation Settlement, Amount Paid by Insurer | $ 2,500 | |||||||
Stock Issued During Period, Shares, Litigation Settlement | 380,000 | |||||||
Stock Issued During Period, Value, Litigation Settlement | $ 600 | |||||||
Stern Lawsuit [Member] | ||||||||
Affirmative Vote Percentage By Stockholders | 75.00% |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 0 | $ 0 | ||
Income Tax Expense (Benefit) | (698) | $ (1,674) | (698) | $ (1,674) |
New Jersey Division of Taxation [Member] | ||||
Unrecognized Tax Benefits, Period Increase (Decrease) | 700 | 1,700 | 700 | 1,700 |
Proceed from Sale of Loss Carryforwards and Tax Credits | 7,800 | 19,700 | 7,800 | 19,700 |
Income Tax Expense (Benefit) | $ 0 | $ 0 | $ 0 | $ 0 |
Note 13 - Operating Segments 50
Note 13 - Operating Segments and Geographic Information (Details Textual) | 9 Months Ended |
Jan. 31, 2017 | |
Number of Operating Segments | 1 |