Ocean Power (OPTT) 10-Q 12 Sep 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2018	Sep. 06, 2018
Document And Entity Information
Entity Registrant Name	Ocean Power Technologies, Inc.
Entity Central Index Key	1,378,140
Document Type	10-Q
Document Period End Date	Jul. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		18,796,856
Trading Symbol	OPTT
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,019

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2018	Apr. 30, 2018
Current assets:
Cash and cash equivalents	$ 7,644	$ 11,499
Marketable securities	25	25
Restricted cash- short-term	563	572
Accounts receivable	102	171
Unbilled receivables		71
Contract assets	8
Litigation receivable		350
Other current assets	581	567
Total current assets	8,923	13,255
Property and equipment, net	706	712
Restricted cash- long-term	155	154
Total assets	9,784	14,121
Current liabilities:
Accounts payable	354	290
Accrued expenses	1,851	2,261
Litigation payable		350
Unearned revenue		18
Contract liabilities	24
Warrant liabilities	116	201
Current portion of capital lease obligations	14	23
Deferred credits payable current	200	600
Total current liabilities	2,559	3,743
Deferred rent	145	142
Total liabilities	2,704	3,885
Commitments and contingencies
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 18,442,298 and 18,424,939 shares, respectively	18	18
Treasury stock, at cost; 74,012 and 74,012 shares, respectively	(300)	(300)
Additional paid-in capital	208,296	208,216
Accumulated deficit	(200,778)	(197,538)
Accumulated other comprehensive loss	(156)	(160)
Total stockholders' equity	7,080	10,236
Total liabilities and stockholders' equity	$ 9,784	$ 14,121

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2018	Apr. 30, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	18,442,298	18,424,939
Treasury stock, shares	74,012	74,012

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Income Statement [Abstract]
Revenues	$ 31	$ 195
Cost of revenues	142	217
Gross loss	(111)	(22)
Operating expenses:
Engineering and product development costs	1,149	1,102
Selling, general and administrative costs	2,052	1,641
Total operating expenses	3,201	2,743
Operating loss	(3,312)	(2,765)
Gain due to the change in fair value of warrant liabilities	85	37
Interest income, net	13	3
Foreign exchange gain/(loss)	(26)	62
Net loss	$ (3,240)	$ (2,663)
Basic and diluted net loss per share	$ (0.18)	$ (0.22)
Weighted average shares used to compute basic and diluted net loss per share	18,153,863	12,268,683

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,240)	$ (2,663)
Foreign currency translation adjustment	4	22
Total comprehensive loss	$ (3,236)	$ (2,641)

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) - 3 months ended Jul. 31, 2018 - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Apr. 30, 2018	$ 18	$ (300)	$ 208,216	$ (197,538)	$ (160)	$ 10,236
Balance, shares at Apr. 30, 2018	18,424,939	(74,012)
Net loss				(3,240)		(3,240)
Stock based compensation			80			80
Issuance of restricted stock, net
Issuance of restricted stock, net, shares	17,359
Other comprehensive loss					4	4
Balance at Jul. 31, 2018	$ 18	$ (300)	$ 208,296	$ (200,778)	$ (156)	$ 7,080
Balance, shares at Jul. 31, 2018	18,442,298	(74,012)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Cash flows from operating activities:
Net loss	$ (3,240)	$ (2,663)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange loss/(gain)	26	(62)
Depreciation	45	31
Loss on disposal of property, plant and equipment		4
Compensation expense related to stock option grants and restricted stock	80	91
Gain due to the change in fair value of warrant liabilities	(85)	(37)
Changes in operating assets and liabilities:
Accounts receivable	69	(38)
Unbilled receivables	71	133
Contract assets	(8)
Other assets	(13)	239
Accounts payable	65	(405)
Accrued expenses	(411)	(1,531)
Deferred rent	2
Deferred credit payable	(400)
Unearned revenue	(18)
Contract liabilities	24
Net cash used in operating activities	(3,793)	(4,238)
Cash flows from investing activities:
Purchases of marketable securities	(25)
Maturities of marketable securities	25
Leasehold improvements and purchase of equipment	(30)	(12)
Net cash used in investing activities	(30)	(12)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of costs		7,221
Payment of capital lease obligations	(9)	(9)
Acquisition of treasury stock		(32)
Net cash (used in) provided by financing activities	(9)	7,180
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(31)	90
Net (decrease)/increase in cash, cash equivalents and restricted cash	(3,863)	3,020
Cash, cash equivalents and restricted cash, beginning of period	12,225	8,909
Cash, cash equivalents and restricted cash, end of period	8,362	11,929
Supplemental schedule of cash flows information:
Cash paid for interest		1
Supplemental disclosure of noncash investing activities:
Acquisition of leasehold improvements and equipment through accrued expenses	$ 10

Background, Basis of Presentati

Background, Basis of Presentation and Liquidity	3 Months Ended
	Jul. 31, 2018
Accounting Policies [Abstract]
Background, Basis of Presentation and Liquidity	(1) Background, Basis of Presentation and Liquidity a) Background Ocean Power Technologies, Inc. (the “Company”) was founded in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated in Delaware in 2007. The Company is developing and commercializing its proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The Company uses proprietary technologies that convert the mechanical energy created by the heaving motion of ocean waves into electricity. The Company has designed and continues to develop the PowerBuoy™ product line which is based on modular, ocean-going buoys, which the Company has been periodically ocean testing since 1997. 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 relating to our technology. Today our goal is to generate the majority our revenue from the sale or lease of products, and sales of services to support our business operations. As we continue to develop and commercialize our products and services, we expect to have a net loss of cash from operating activities unless and until we achieve positive cash flow from the 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 (“GAAP”) 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, 2018 filed with the Securities and Exchange Commission (“SEC”) and elsewhere in this Form 10-Q. 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 $200.8 million as of July 31, 2018. As of July 31, 2018, the Company had approximately $8.4 million in cash, cash equivalents, restricted cash and marketable securities on hand. The Company generated revenues of $31,000 and $0.2 million during each of the three months ended July 31, 2018 and 2017. Based on the Company’s cash, cash equivalents, restricted cash and marketable securities as of July 31, 2018, the Company believes that it will be able to finance its capital requirements and operations into at least the quarter ending April 30, 2019. The Company will require additional equity and/or debt financing to continue its operations. The Company cannot provide assurances that it will be able to secure additional funding when needed or at all, or, if secured, that such funding would be on favorable terms. These factors raise substantial doubt about the Company’s ability to continue as a going concern. 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 include, but are not limited to, continued pursuit of business opportunities, additional funding from current or new investors, officers and directors; borrowings of debt; a public offering of the Company’s equity or debt securities; partnerships and/or collaborations. There can be no assurance that any of these future-funding efforts will be successful. In fiscal 2018 and the three months ended July 31, 2018, the Company has continued to make investments in ongoing product development efforts in anticipation of future growth. The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, risks from lack of available financing and insufficient capital, performance of PowerBuoys™, its inability to market and commercialize its PowerBuoys™, technology development, scalability of technology and production, dependence on skills of key personnel, concentration of customers and suppliers, deployment risks and laws, regulations and permitting. In order to continue to implement its business strategy, the Company requires additional equity and/or debt financing. The Company closed five equity financing arrangements during the 27-month period ended July 31, 2018. The Company does currently have committed sources of equity financing, but the Company cannot assure that additional equity and/or debt financing will be available to the Company as needed on acceptable terms, 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 its cash expenditures. This could cause the Company to be unable to execute its business plan, take advantage of future opportunities and may cause it to scale back, delay or eliminate some or all of its product development activities and/or reduce the scope of or cease its operations. On June 2, 2016, the Company entered into a securities purchase agreement, which was amended on June 7, 2016 (as amended, the “Purchase Agreement”) with certain institutional purchasers (the “June Purchasers”). Pursuant to the terms of the June Purchase Agreement, the Company sold an aggregate of 417,000 shares of Common Stock together with warrants to purchase up to an aggregate of 145,952 shares of Common Stock. Each share of Common Stock was sold together with a warrant to purchase 0.35 of a share of Common Stock at a combined purchase price of $4.60. The net proceeds to the Company from the offering were approximately $1.7 million, after deducting placement agent fees and estimated offering expenses payable by the Company, but excluding the proceeds, if any, from the exercise of the warrants issued in the offering. The warrants have an exercise price of $6.08 per share, became exercisable on December 3, 2016 (“Initial Exercise Date”), and will expire five years following the Initial Exercise Date. The Company paid the placement agents approximately $0.1 million as placement agent fees in connection with the sale of securities in the offering. The Company also reimbursed the placement agents $35,000 for their out of pocket and legal expenses in connection with the offering. On July 22, 2016, the Company entered into the Second Amendment to the Purchase Agreement (the “Second Amended Purchase Agreement”) with certain purchasers (the “July Purchasers”). Pursuant to the terms of the Second Amended Purchase Agreement, the Company sold an aggregate of 595,000 shares of Common Stock together with warrants to purchase up to an aggregate of 178,500 shares of Common Stock. Each share of Common Stock was sold together with a warrant to purchase 0.30 of a share of Common Stock at a combined purchase price of $6.75. The net proceeds to the Company from the offering were approximately $3.6 million, after deducting placement agent fees and estimated offering expenses payable by the Company, but excluding the proceeds, if any, from the exercise of the warrants issued in the offering. The Warrants were exercisable immediately at an exercise price of $9.36 per share. The Warrants will expire on the fifth (5th) anniversary of the initial date of issuance. On October 19, 2016, the Company sold 2,760,000 shares of common stock at a price of $2.75 per share, which includes the sale of 360,000 shares of the Company’s common stock sold by the Company pursuant to the exercise, in full, of the over-allotment option by the underwriters in a public offering. The net proceeds to the Company from the offering were approximately $6.9 million, after deducting underwriter fees and offering expenses payable by the Company. On May 2, 2017, the Company sold 6,192,750 shares of common stock at a price of $1.30 per share, which includes the sale of 807,750 shares of the Company’s common stock sold by the Company pursuant to the exercise, in full, of the over-allotment option by the underwriters in a public offering. The net proceeds to the Company from the offering were approximately $7.2 million, after deducting underwriter fees and offering expenses payable by the Company. On October 23, 2017, the Company sold 5,739,437 shares of common stock at a price of $1.42 per share in a best efforts public offering. The net proceeds to the Company from the offering were approximately $7.4 million, after deducting placement fees and offering expenses payable by the Company. 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 not be available in amounts or on terms acceptable to the Company, or at all. If the Company is unable to obtain required financing, it may be required to reduce the scope of its operations, including its planned product development and marketing efforts, which could materially and adversely harm its financial condition and operating results. If the Company is unable to secure additional financing, it may be forced to cease operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jul. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(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. (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 fair value of warrant liabilities, 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) Cash, Cash Equivalents, Restricted Cash and Security Agreements 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 a money market account. July 31, 2018 April 30, 2018 (in thousands) Checking and savings accounts $ 965 $ 1,332 Money market account 6,679 10,167 $ 7,644 $ 11,499 Restricted Cash and Security Agreements A portion of the Company’s cash is restricted under the terms of three security agreements. 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 of the Company’s subsidiaries, under a credit facility established by Barclays Bank for OPT LTD. The credit facility is approximately €0.3 million ($0.4 million) and 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, 2018, there was €0.3 million ($0.4 million) in letters of credit outstanding under this agreement. The other two agreements are between the Company and Santander Bank. Under the first agreement, the cash is on deposit at Santander Bank and serves as security for letter of credit issued by Santander Bank for the lease of new warehouse/office space in Monroe Township, New Jersey. The agreement cannot be extended beyond January 31, 2025 and is cancelable at the discretion of the bank. Under the second agreement, the cash is on deposit at Santander Bank and serves as security for a performance bond issued by Santander Bank as a requirement of the Eni contract. Restricted cash includes the following: July 31, 2018 April 30, 2018 (in thousands) Barclay’s Bank Agreement $ 362 $ 372 Santander Bank 356 354 $ 718 $ 726 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. July 31, 2018 April 30, 2018 (in thousands) Cash and cash equivalents $ 7,644 $ 11,499 Restricted cash- short term 563 572 Restricted cash- long term 155 154 $ 8,362 $ 12,225 (d) 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, 2018, and April 30, 2018, all of the Company’s investments were classified as held-to-maturity. (e) 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 are included in “Foreign exchange gain/(loss)” in the accompanying consolidated statements of operations. (f) 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. (g) 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, 2018 2017 Eni S.p.A. 16 % 0 % Mitsui Engineering & Shipbuilding 0 % 67 % Premier Oil UK Limited 84 % 0 % U.S. Department of Defense Office of Naval Research 0 % 33 % 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. (h) 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 “Gain due to the change in 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. (i) 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 898,829 for the three months ended July 31, 2018 and 701,977 for the three months ended July 31, 2017, were excluded from each of the computations as the effect would be anti-dilutive due to the Company’s losses. (j) Share-Based Compensation Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The following table summarizes share-based compensation related to the Company’s share-based plans by expense category for the three months ended July 31, 2018 and 2017: Three months ended July 31, 2018 2017 (in thousands) Product development $ 11 $ 13 Selling, general and administrative 69 78 Total share-based compensation expense $ 80 $ 91 (k) Deferred Rent On March 31, 2017, the Company signed a new 7-year lease for approximately 56,000 square feet in Monroe Township, New Jersey that will be used as warehouse/production space and the Company’s principal offices and corporate headquarters. The lease was classified as an operating lease. Rent payments relating to the Monroe premises are subject to annual increases. The minimum monthly payments will vary over the 7-year term of the lease. The Company will record rent expense on a straight-line basis over the 7-year term of the lease. The difference between rent expense and the monthly lease payment will go to a deferred rent/prepaid rent account. The Landlord has provided the Company a tenant improvement allowance in an amount up to, but not exceeding, $137,563 to be applied to the cost of tenant improvement work. The Company recorded lease incentive liability to deferred rent. The Company will release the lease incentive liability on a straight-line basis over the 7-year term to rent expense. (l) Revenue Recognition A performance obligation is the unit of account for revenue recognition. The Company assesses the goods or services promised in a contract with a customer and identifies as a performance obligation either: a) a good or service (or a bundle of goods or services) that is distinct; or b) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer. A contract may contain a single or multiple performance obligations. For contracts with multiple performance obligations, the Company allocates the contracted transaction price to each performance obligation based upon the relative standalone selling price, which represents the price the Company would sell a promised good or service separately to a customer. The Company determines the standalone selling price based upon the facts and circumstances of each obligated good or service. The majority of the Company’s contracts have no observable standalone selling price since the associated products and services are customized to customer specifications. As such, the standalone selling price generally reflects the Company’s forecast of the total cost to satisfy the performance obligation plus an appropriate profit margin. The Company recognizes revenue when or as it satisfies a performance obligation by transferring a good or service to a customer, either (1) at a point in time or (2) over time. A good or service is transferred when or as the customer obtains control of it. The evaluation of whether control of each performance obligation is transferred at a point in time or over time is made at contract inception. Input measures such as costs incurred or time elapsed are utilized to assess progress against specific contractual performance obligations for the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For the Company, the input method using costs incurred or time elapsed best represents the measure of progress against the performance obligations incorporated within the contractual agreements. When the Company’s estimate of total costs to be incurred to satisfy the performance obligations exceed revenue, the Company recognizes the loss immediately. The Company classifies leases as either operating or capital lease arrangements in accordance with the authoritative accounting guidance contained within Accounting Standards Codification (“ASC”) Topic 840, “Leases”. 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 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, a profit or loss is recognized depending on whether actual costs are more or less than the agreed upon amount. Under cost-sharing contracts, the fixed amount agreed upon with the customer is only intended to fund a portion of the costs on a specific project. Under cost sharing contracts, an amount corresponding to the revenue is recorded in cost of revenues, resulting in gross profit on these contracts of zero. The Company’s share of the costs is recorded as product development expense. The following are percentages of revenues by contract type; Three months ended July 31, 2018 2017 (in thousands) Fixed price 100 % 100 % Firm fixed price 100 % 100 % Cost sharing 0 % 0 % Cost plus 0 % 0 % 100 % 100 % As of July 31, 2018, the Company’s total remaining performance obligations, also referred to as backlog, totaled $1.0 million. The Company expects to recognize approximately 63%, or $0.6 million, of the remaining performance obligations as revenue over the next twelve months, an additional 37% the following twelve months. (m) Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “ Revenue from Contracts with Customers (Topic 606).” In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842 “Leases (Topic 842 Targeted Improvements.” In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”,

Account Receivable, Contract As

Account Receivable, Contract Assets, and Contract Liabilities	3 Months Ended
	Jul. 31, 2018
Account Receivable Contract Assets And Contract Liabilities
Account Receivable, Contract Assets, and Contract Liabilities	(3) Account Receivable, Contract Assets, and Contract Liabilities The following provides further details on the balance sheet accounts of accounts receivable, contract assets, and contract liabilities. Accounts Receivable The Company grants credit to its customers, generally without collateral, under normal payment terms (typically 30 to 60 days after invoicing). Generally, invoicing occurs after the related services are performed or control of good has transferred to the customer. Accounts receivable represents an unconditional right to consideration arising from the Company’s performance under contracts with customers. The carrying value of such receivables represent their estimated realizable value. Accounts receivable consisted of the following at July 31, 2018 and April 30, 2018. July 31, 2018 April 30, 2018 (in thousands) Opening balance $ 171 $ 48 Amount invoiced to customer 100 754 Collections (169 ) (631 ) Ending balance $ 102 $ 171 Contract Assets and Contract Liabilities Contract assets (previously referred to as unbilled receivables). Contract liabilities (previously referred to as unearned revenue). A summary of the contract assets and contract liabilities is as follows: July 31, 2018 April 30, 2018 (in thousands) Contract assets $ 8 $ - Contract liabilities 24 - Contract (liability)/assets, net $ (16 ) $ - The decrease in contract assets is primarily a result of services performed during the three months ended July 31, 2018 and billed under the related contracts. The increase in contract liabilities is primarily a result of an additional amount invoiced to customers in excess of revenue recognized during the three months ended July 31, 2018. During the three months ended July 31, 2018, the Company recognized $18,000 of revenue that was included in contract liabilities at May 1, 2018. During the three months ended July 31, 2018, the Company recognized revenue of $31,000 related to performance obligations that were partially satisfied in previous periods.

Marketable Securities

Marketable Securities	3 Months Ended
	Jul. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	(4) Marketable Securities Marketable securities with initial maturities greater than three months but that mature within one year from the balance sheet date are classified as current assets. For the periods ended July 31, 2018 and April 30, 2018 the Company had $25,000 in certificates of deposit.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Jul. 31, 2018
Payables and Accruals [Abstract]
Accrued Expenses	(5) Accrued Expenses Accrued expenses consist of the following at July 31, 2018 and April 30, 2018. July 31, 2018 April 30, 2018 (in thousands) Project costs $ 17 $ 57 Contract loss reserve 410 395 Employee incentive payments 276 761 Accrued salary and benefits 467 442 Legal and accounting fees 341 246 Accrued taxes payable 177 179 Other 163 181 $ 1,851 $ 2,261

Deferred Credits Payable

Deferred Credits Payable	3 Months Ended
	Jul. 31, 2018
Deferred Credits Payable
Deferred Credits Payable	(6) Deferred Credits Payable During the year ended April 30, 2001, in connection with the sale of common stock to an investor, the Company received $0.6 million 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 $0.6 million, 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, 2018, the Company did not generate any emissions credits eligible for purchase under the agreement. It has been agreed by the investor and the Company that the Company will return the option fee of $0.6 million. As of July 31, 2018, the Company has made payments of $0.4 million of the $0.6 million option fee. Therefore, $0.2 million and $0.6 million is reflected in the consolidated balance sheets within “Deferred credits payable current” as of July 31, 2018 and April 30, 2018, respectively. The Company made the final payment and has completely paid the balance on August 23, 2018. As a result, this matter is completely resolved and no additional amounts are owed by the Company to the investor.

Warrants

Warrants	3 Months Ended
	Jul. 31, 2018
Warrants
Warrants	(7) Warrants On June 2, 2016, the Company entered into a securities purchase agreement, which was amended on June 7, 2016 (as amended, the “June Purchase Agreement”) with certain institutional purchasers (the “June Purchasers”). Pursuant to the terms of the June Purchase Agreement, the Company sold an aggregate of 417,000 shares of Common Stock together with warrants to purchase up to an aggregate of 145,952 shares of Common Stock. Each share of Common Stock was sold together with a warrant to purchase 0.35 of a share of Common Stock at a combined purchase price of $4.60. The warrants have an exercise price of $6.08 per share, became exercisable on December 3, 2016 (“Initial Exercise Date”), and will expire five years following the Initial Exercise Date. On July 22, 2016, the Company entered into a Second Amendment to the Purchase Agreement (the “Second Amended Purchase Agreement”) with certain institutional purchasers (the “July Purchasers”). Pursuant to the terms of the Second Amended Purchase Agreement, the Company sold an aggregate of 595,000 shares of Common Stock together with warrants to purchase up to an aggregate of 178,500 shares of Common Stock. Each share of Common Stock was sold together with a warrant to purchase 0.30 of a share of Common Stock at a combined purchase price of $6.75. The Warrants were exercisable immediately at an exercise price of $9.36 per share. The Warrants will expire on the fifth (5th) anniversary of the initial date of issuance. Both sets of warrants contain a feature whereby they could require the transfer of assets and therefore are classified as a liability in accordance with ASC 480. As such, the warrants had a value of $0.1 million and $0.2 million at July 31, 2018 and April 30, 2018, respectively, as reflected within “Warrant liabilities” in the unaudited consolidated balance sheets. An unrealized gain of approximately $85,000 and $37,000 for the three months ended July 31, 2018 and 2017, respectively, was included within “Gain due to change in fair value of warrant liability” in the consolidated statements of operations. The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions: July 31, 2018 July 31, 2017 Dividend rate 0.0 % 0.0 % Risk-free rate 2.77 % 1.7 % Expected life (years) 3.0 - 3.4 4.0 - 4.4 Expected volatility 140.5 % 140.3 %

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jul. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	(8) Stock-Based Compensation In 2007, the Company’s 2006 Stock Incentive Plan (the “2006 Plan”) became effective. A total of 80,321 shares were authorized for issuance under the 2006 Plan. In 2009, an amendment to the 2006 Plan was approved by the Company’s stockholders, increasing the aggregate number of shares authorized for issuance by 85,000 shares to 165,321. On October 2, 2013, a further amendment to the 2006 Plan was approved by the Company’s stockholders, increasing the aggregate number of shares authorized for issuance by an additional 80,000 shares to 245,321. The Company’s employees, officers, directors, consultants and advisors were eligible to receive awards under the 2006 Plan. The 2006 Plan was administered by the Company’s board of directors, who were authorized to delegate authority to one or more committees or subcommittees of the board of directors or to the Company’s officers. The 2006 Plan was terminated in December 2015 and unused shares in that plan were transferred to the 2015 Omnibus Incentive Plan. In 2015, upon approval by the Company’s stockholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of 240,703 shares were authorized for issuance under the 2015 Omnibus Incentive Plan, including shares available for awards under the 2006 Stock Incentive Plan remaining at the time that plan terminated, or that were subject to awards under the 2006 Stock Incentive Plan that thereafter terminated by reason of expiration, forfeiture, cancellation or otherwise. On October 21, 2016 upon approval by the Company’s stockholders the Company increased the number of shares authorized for issuance to 640,703. If any award under the 2006 Stock Incentive Plan or 2015 Plan expires, is cancelled, terminates unexercised or is forfeited, those shares become again available for grant under the 2015 Plan. The 2015 Plan will terminate ten years after its effective date, in October 2025, but is subject to earlier termination as provided in the 2015 Plan. As of July 31, 2018, the Company has 119,606 shares available for future issuance under the 2015 Plan. On January 18, 2018, the Company’s Board of Directors adopted the Company’s Employment Inducement Incentive Award Plan (the “2018 Inducement Plan”) pursuant to which the Company reserved 500,000 shares of common stock for issuance under the Inducement Plan. In accordance with Rule 5635(c)(4) and Rule 5635(c)(3) of the Nasdaq Listing Rules, awards under the Inducement Plan may only be made to individuals not previously employees of the Company (or following such individuals’ bona fide period of non-employment with the Company), as an inducement material to the individuals’ entry into employment with the Company. An award is any right to receive the Company’s common stock pursuant to the 2018 Inducement Plan, consisting of a performance share award, restricted stock award, a restricted stock unit award or a stock payment award. As of July 31, 2018, there were 116,156 shares outstanding and 383,844 shares available for grant under the 2018 Inducement Plan. (a) Stock Options The Company estimates the fair value of each stock option granted, for both service-based and performance-based vesting requirements, 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. 110, Share-Based Payment. 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, 2018 388,529 $ 6.15 7.4 Granted - $ - Exercised - $ - Cancelled/forfeited (28,575 ) $ 43.06 Outstanding as of July 31, 2018 359,954 $ 3.22 7.8 Exercisable as of July 31, 2018 189,224 $ 4.91 6.5 As of July 31, 2018, the total intrinsic value of both outstanding and exercisable options was approximately zero. As of July 31, 2018, approximately 145,121 additional options were unvested, which had no intrinsic value and a weighted average remaining contractual term of 9.2 years. There was approximately $51,000 and $69,000 of total recognized compensation cost related to stock options during each of the three months ended July 31, 2018 and 2017, respectively. As of July 31, 2018, there was approximately $45,000 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 0.23 years. The Company typically issues newly authorized but unissued shares to satisfy option exercises under these plans. (b) Restricted Stock Compensation expense for non-vested 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 three months ended July 31, 2018, the Company granted 18,859 shares subject to service-based vesting requirements. 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, 2018 197,064 $ 1.35 Granted 18,859 $ 1.14 Vested - $ - Cancelled/forfeited (1,500 ) $ 1.40 Issued and unvested at July 31, 2018 214,423 $ 1.33 There was approximately $29,000 and $22,000 of total recognized compensation cost related to restricted stock for the three months ended July 31, 2018 and 2017, respectively. As of July 31, 2018, there was approximately $177,000 of total unrecognized compensation cost related to unvested restricted stock granted under our plans. This cost is expected to be recognized over a weighted average period of 1.9 years. (c)Treasury Stock During the three months ended July 31, 2018 and 2017, zero and 22,016 shares, respectively, of common stock was purchased by the Company from employees to pay taxes related to the vesting of restricted stock.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jul. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	(9) Fair Value Measurements 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-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels. 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 each of the three months ended July 31, 2018 and 2017. 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 7) recorded in the Company’s financial statements is determined using the Black-Scholes option pricing model and the quoted price of the Company’s common stock in an active market, volatility and expected life, is a Level 3 measurement. Volatility is based on the actual market activity of the Company’s stock. The expected life is based on the remaining contractual term of the warrants and the risk-free interest rate is based on the implied yield available on U.S. Treasury Securities with a maturity equivalent to the warrants’ expected life. The following table presents financial assets and liabilities measured at fair value on a recurring basis as of July 31, 2018. Total Carrying Value in Consolidated Balance Sheet Quoted prices in active markets for identical assets or liabilities Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (in thousands) Warrant liabilities $ 116 $ - $ - $ 116 The following table presents financial assets and liabilities measured at fair value on a recurring basis as of April 30, 2018. Total Carrying Value in Consolidated Balance Sheet Quoted prices in active markets for identical assets or liabilities (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (in thousands) Warrant liabilities $ 201 $ - $ - $ 201 The following table provides a summary of changes in fair value of the Company’s warrant liabilities held at July 31, 2018. Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Total Warrant Liability (in thousands) Fair value – April 30, 2017 $ 323 Change in fair value (122 ) Fair value – April 30, 2018 $ 201 Change in fair value (85 ) Fair value – July 31, 2018 $ 116 There were no re-measured assets or liabilities at fair value on a non-recurring basis during the three months ended July 31, 2018 and 2017, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(10) Commitments and Contingencies (a) Litigation Shareholder Litigation and Demands 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., On July 10, 2015, a second derivative lawsuit, captioned Rywolt v. Dunleavy, et al., Rywolt Labare Rywolt On April 21, 2016, a third derivative lawsuit, captioned LaCalamito v. Dunleavy, et al., LaCalamito On June 9, 2016, a fourth derivative lawsuit, captioned Pucillo v. Dunleavy, et al., Pucillo Pucillo Pucillo Pucillo Pucillo Labar Rywolt Pucillo On October 25, 2016, the Court approved and entered a Stipulation and Order that, among other things, (i) consolidated the four derivative actions; (ii) identified plaintiff Pucillo On October 23, 2017, the parties entered into a Stipulation and Agreement of Settlement to resolve the four consolidated derivative lawsuits. If approved by the Court, the settlement provides for, among other things, the Company to implement certain corporate governance changes, a $350,000 payment to the plaintiffs’ attorneys for attorneys’ fees and costs that will be made by the Company’s insurance carrier, dismissal of the derivative lawsuits, and certain releases. On November 21, 2017, the plaintiffs filed an unopposed motion seeking preliminary approval of the settlement, which the Court granted on March 9, 2018. On May 14, 2018, the Court held a final settlement approval hearing at which the Court stated that it was approving the settlement. On June 13, 2018, the Court issued a Final Order and Judgement, approving the Stipulation and Agreement Settlement. The Company has accrued $350,000 related to this matter as a probable and reasonably estimable loss contingency during the three months ended July 31, 2018. The Company also recorded a receivable of $350,000 from its insurance carrier with the offset to the statement of operations. The Company’s insurance carrier made payment of $350,000 to the plaintiffs’ attorneys on May 3, 2018. As a result, the consolidated derivatives lawsuits are now completely resolved, the releases are operative and the matter is closed. On May 26, 2017, an attorney claiming to represent two stockholders sent the Company’s Board of Directors a Stockholder Litigation Demand letter (“Stockholder Demand”). The Stockholder Demand alleges that the voting of shares for the 1-for-10 reverse stock split at the 2015 annual meeting of stockholders held on October 22, 2015 was not properly counted, and further alleges that, although the Company reported the reverse stock split as having been passed, if the vote was properly counted the reverse stock split would not have been approved. The Stockholder Demand requests the Board of Directors either to deem the reverse stock split as ineffective and disclose the same or to seek a proper and effective stockholder ratification of the reverse stock split. In addition, the Stockholder Demand requests the Board of Directors to adopt and implement adequate internal controls and systems to prevent the alleged improper voting from recurring. On June 23, 2017, the Company responded to the Stockholder Demand, explained the procedures that were followed for the 2015 annual meeting of stockholders and provided the Oath of the Inspector of Elections and the Certificate of the Inspector of Elections that certified as accurate the results of the voting at the meeting including voting on the reverse stock split proposal. On June 26, 2017, the attorney representing the alleged stockholders replied to the Company’s response, further alleged that the proxy statement underlying the 2015 annual meeting provided voting instructions that allegedly misled the stockholders regarding whether their brokers could vote on the reverse stock split proposal and renewed their requests of the Board. On July 24, 2017, the Company provided an additional response to the Stockholders Demand, denied the allegations, and declined to take any of the actions requested. 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. In 2014, the Company and Mr. Dunleavy entered into a tolling agreement with respect to his alleged employment claims pending resolution of a securities class action and shareholder derivative litigation. The securities class action was resolved in November 2017 and the derivatives litigation was resolved in June 2018. On August 28, 2018, counsel for Mr. Dunleavy filed a demand for arbitration, captioned Charles F. Dunleavy v. Ocean Power Technologies, Inc., Tide Runner Marine, Inc. On June 13, 2018, Tide Runner Marine, Inc. (“Tide Runner”) filed a lawsuit in the United States District Court for the District of New Jersey captioned Tide Runner Marine, Inc. v. Ocean Power Technologies, Inc. Except for the pending settlement 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. Spain Income Tax Audit The Company is currently undergoing an income tax audit in Spain for the period from 2008 to 2014, when our Spanish branch was closed. The branch reported net operating losses for each of the years reported that the Spanish tax inspector claims should have been capitalized on the balance sheet instead of charged as an expense in the Statement of Operations. As of April 30, 2017, the Company had recorded a penalty of $132,000 to Selling, general and administrative costs in the Statement of Operations. The Spanish tax inspector has recently closed its discussion relating to the capitalization of expenses and as of April 30, 2018 the Company reversed the penalty. However, the Spanish tax inspector has now raised questions with respect to the Company’s recognition of funds received in 2011 to 2014 from a governmental grant from the European Commission in connection with the Waveport project. It is anticipated that the Company will be assessed a penalty relating to these tax year. The Company has estimated this penalty to be $177,000 for the period ended July 31, 2018. The Company has recorded the penalty to Selling, general and administrative costs in the Statement of Operations.

Income Taxes

Income Taxes	3 Months Ended
	Jul. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	(11) Income Taxes The Company did not recognize any consolidated income tax benefit (expense) during the three months ended July 31, 2018 and 2017. 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. Uncertain Tax Positions The Company applies the guidance issued by the FASB for the accounting and reporting of uncertain tax positions. The guidance requires the Company to recognize in its consolidated financial statements the impact of a tax position if that position is more likely than not to be sustained upon examination, based on the technical merits of the position. We are currently undergoing an income tax audit in Spain for the period from 2008 to 2014, when our Spanish branch was closed. The branch reported net operating losses for each of the years reported. It is anticipated that we will be assessed a penalty relating to these tax years for these losses. We have estimated this penalty to be $177,000, and as such, for the period ended July 31, 2018 and April 30, 2018, we have recorded $177,000 for this penalty to Accrued expenses in the Balance Sheet. At July 31, 2018 the Company had no other unrecognized tax positions. The Company does not expect any material increase or decrease in its income tax expense in the next twelve months, related to examinations or uncertain tax positions. U.S. federal and state income tax returns were audited through fiscal 2014 and fiscal 2010 respectively. Net operating loss and credit carry forwards since inception remain open to examination by taxing authorities and will continue to remain open for a period of time after utilization.

Operating Segments and Geograph

Operating Segments and Geographic Information	3 Months Ended
	Jul. 31, 2018
Segment Reporting [Abstract]
Operating Segments and Geographic Information	(12) 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. During the three months ended July 31, 2018 and 2017, the Company’s primary business operations were in North America.

Adoption of Revenue Recognition

Adoption of Revenue Recognition Guidance	3 Months Ended
	Jul. 31, 2018
Adoption Of Revenue Recognition Guidance
Adoption of Revenue Recognition Guidance	(13) Adoption of Revenue Recognition Guidance The Company adopted the new revenue recognition guidance effective May 1, 2018, using the modified retrospective method. The primary impact of the new guidance was a change in the timing of revenue recognition on certain long-term contracts. The new guidance does not change the total sales or operating income on the related customer contracts, only the timing of when sales and operating income are recognized. The Company uses the expected cost plus a margin approach and lease accounting literature for revenue recognition on customer contracts. The impact of the adoption for the three months ended July 31, 2018 was an increase of $28,000 to net loss. Further, as the Company’s adoption of the guidance decelerated the timing of revenue recognition on the Company’s contracts, the adoption resulted in a $28,000 increase in the Company’s remaining performance obligations, also referred to as backlog, as of July 31, 2018. The following tables summarize the effect of adoption of the new revenue recognition standard on the Company’s unaudited condensed consolidated financial statements as of and for the three months ended July 31, 2018. Select Statements of Operations Data (in thousands, except per share data) (Unaudited) Three months ended July 31, 2018 Amounts Excluding As Reported Effect of Adoption Effect of Adoption Revenues $ 31 $ (28 ) $ 59 Operating loss (3,312 ) (28 ) (3,284 ) Net loss $ (3,240 ) $ (28 ) $ (3,212 ) Basic and diluted net loss per share $ (0.18 ) $ (0.00 ) $ (0.18 ) Weighted average shares used to compute basic and diluted net loss per share 18,153,863 18,153,863 18,153,863 Consolidated Statements of Comprehensive Loss (in thousands) (Unaudited) Three months ended July 31, 2018 Amounts Excluding As Reported Effect of Adoption Effect of Adoption Net loss $ (3,240 ) $ (28 ) $ (3,212 ) Foreign currency translation adjustment 4 - 4 Total comprehensive loss $ (3,236 ) $ (28 ) $ (3,208 ) Select Consolidated Balance Sheet Data (in thousands) (Unaudited) As of July 31, 2018 Amounts Excluding As Reported Effect of Adoption Effect of Adoption ASSETS Contract assets $ 8 $ (4 ) $ 12 Total assets $ 9,784 $ (4 ) $ 9,788 LIABILITIES AND STOCKHOLDERS’ EQUITY Contract liability $ 24 $ 24 $ - Accumulated deficit (200,778 ) (28 ) (200,750 ) Total stockholders’ equity $ 7,080 $ (4 ) $ 7,084 Total liabilities and stockholders’ equity $ 9,784 $ (4 ) $ 9,788 Select Consolidated Statements of Cash Flows Data (in thousands) (Unaudited) Three months ended July 31, 2018 Amounts Excluding As Reported Effect of Adoption Effect of Adoption Net loss $ (3,240 ) $ (28 ) $ (3,212 ) Contract assets (8 ) 4 (12 ) Contract liability 24 24 - Net cash used in operating activities $ (3,793 ) $ - $ (3,793 ) Net increase in cash, cash equivalents and restricted cash $ (3,863 ) $ - $ (3,863 ) Cash, cash equivalents and restricted cash, end of period $ 8,362 $ - $ 8,362

Subsequent Events

Subsequent Events	3 Months Ended
	Jul. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	(14) Subsequent Events NASDAQ Delisting Notification On August 9, 2018, the Company received a notification from the NASDAQ Stock Market (the “NASDAQ”) indicating that the minimum bid price of the Company’s common stock has been below $1.00 per share for 30 consecutive business days and as a result, the Company is not in compliance with the minimum bid price requirement for continued listing. The NASDAQ notice has no immediate effect on the listing or trading of the Company’s common stock. Under the NASDAQ Listing Rules, the Company has a grace period of 180 calendar days, or until February 5, 2019, in which to regain compliance with the minimum bid price rule. To regain compliance, the closing bid price of the Company’s common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during this grace period. Aspire Purchase Agreement On August 10, 2018, the Company entered into a common stock purchase agreement (the “Purchase Agreement”) with Aspire Capital Fund, LLC, an Illinois limited liability company (“Aspire Capital”) which provides that, upon the terms and subject to the conditions and limitations set forth therein, Aspire Capital is committed to purchase up to an aggregate of $10.0 million of shares of the Company’s common stock over the 30-month term of the Purchase Agreement. Concurrently with entering into the Purchase Agreement, the Company also entered into a Registration Rights Agreement with Aspire Capital in which the Company agreed to file one or more registration statements, as permissible and necessary to register under the Securities Act of 1933, as amended, registering the sale of the shares of the Company’s common stock that have been and may be issued to Aspire Capital under the Purchase Agreement. On August 23, 2018 such registration statement was declared effective by the Securities and Exchange Commission.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 31, 2018
Accounting Policies [Abstract]
Consolidation	(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.
Use of Estimates	(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 fair value of warrant liabilities, 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.
Cash, Cash Equivalents, Restricted Cash and Security Agreements	(c) Cash, Cash Equivalents, Restricted Cash and Security Agreements 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 a money market account. July 31, 2018 April 30, 2018 (in thousands) Checking and savings accounts $ 965 $ 1,332 Money market account 6,679 10,167 $ 7,644 $ 11,499 Restricted Cash and Security Agreements A portion of the Company’s cash is restricted under the terms of three security agreements. 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 of the Company’s subsidiaries, under a credit facility established by Barclays Bank for OPT LTD. The credit facility is approximately €0.3 million ($0.4 million) and 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, 2018, there was €0.3 million ($0.4 million) in letters of credit outstanding under this agreement. The other two agreements are between the Company and Santander Bank. Under the first agreement, the cash is on deposit at Santander Bank and serves as security for letter of credit issued by Santander Bank for the lease of new warehouse/office space in Monroe Township, New Jersey. The agreement cannot be extended beyond January 31, 2025 and is cancelable at the discretion of the bank. Under the second agreement, the cash is on deposit at Santander Bank and serves as security for a performance bond issued by Santander Bank as a requirement of the Eni contract. Restricted cash includes the following: July 31, 2018 April 30, 2018 (in thousands) Barclay’s Bank Agreement $ 362 $ 372 Santander Bank 356 354 $ 718 $ 726 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. July 31, 2018 April 30, 2018 (in thousands) Cash and cash equivalents $ 7,644 $ 11,499 Restricted cash- short term 563 572 Restricted cash- long term 155 154 $ 8,362 $ 12,225
Marketable Securities	(d) 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, 2018, and April 30, 2018, all of the Company’s investments were classified as held-to-maturity.
Foreign Exchange Gains and Losses	(e) 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 are included in “Foreign exchange gain/(loss)” in the accompanying consolidated statements of operations.
Property and Equipment	(f) 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 of Credit Risk	(g) 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, 2018 2017 Eni S.p.A. 16 % 0 % Mitsui Engineering & Shipbuilding 0 % 67 % Premier Oil UK Limited 84 % 0 % U.S. Department of Defense Office of Naval Research 0 % 33 % 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 Liabilities	(h) 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 “Gain due to the change in 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.
Net Loss Per Common Share	(i) 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 898,829 for the three months ended July 31, 2018 and 701,977 for the three months ended July 31, 2017, were excluded from each of the computations as the effect would be anti-dilutive due to the Company’s losses.
Share-Based Compensation	(j) Share-Based Compensation Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The following table summarizes share-based compensation related to the Company’s share-based plans by expense category for the three months ended July 31, 2018 and 2017: Three months ended July 31, 2018 2017 (in thousands) Product development $ 11 $ 13 Selling, general and administrative 69 78 Total share-based compensation expense $ 80 $ 91
Deferred Rent	(k) Deferred Rent On March 31, 2017, the Company signed a new 7-year lease for approximately 56,000 square feet in Monroe Township, New Jersey that will be used as warehouse/production space and the Company’s principal offices and corporate headquarters. The lease was classified as an operating lease. Rent payments relating to the Monroe premises are subject to annual increases. The minimum monthly payments will vary over the 7-year term of the lease. The Company will record rent expense on a straight-line basis over the 7-year term of the lease. The difference between rent expense and the monthly lease payment will go to a deferred rent/prepaid rent account. The Landlord has provided the Company a tenant improvement allowance in an amount up to, but not exceeding, $137,563 to be applied to the cost of tenant improvement work. The Company recorded lease incentive liability to deferred rent. The Company will release the lease incentive liability on a straight-line basis over the 7-year term to rent expense.
Revenue Recognition	(l) Revenue Recognition A performance obligation is the unit of account for revenue recognition. The Company assesses the goods or services promised in a contract with a customer and identifies as a performance obligation either: a) a good or service (or a bundle of goods or services) that is distinct; or b) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer. A contract may contain a single or multiple performance obligations. For contracts with multiple performance obligations, the Company allocates the contracted transaction price to each performance obligation based upon the relative standalone selling price, which represents the price the Company would sell a promised good or service separately to a customer. The Company determines the standalone selling price based upon the facts and circumstances of each obligated good or service. The majority of the Company’s contracts have no observable standalone selling price since the associated products and services are customized to customer specifications. As such, the standalone selling price generally reflects the Company’s forecast of the total cost to satisfy the performance obligation plus an appropriate profit margin. The Company recognizes revenue when or as it satisfies a performance obligation by transferring a good or service to a customer, either (1) at a point in time or (2) over time. A good or service is transferred when or as the customer obtains control of it. The evaluation of whether control of each performance obligation is transferred at a point in time or over time is made at contract inception. Input measures such as costs incurred or time elapsed are utilized to assess progress against specific contractual performance obligations for the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For the Company, the input method using costs incurred or time elapsed best represents the measure of progress against the performance obligations incorporated within the contractual agreements. When the Company’s estimate of total costs to be incurred to satisfy the performance obligations exceed revenue, the Company recognizes the loss immediately. The Company classifies leases as either operating or capital lease arrangements in accordance with the authoritative accounting guidance contained within Accounting Standards Codification (“ASC”) Topic 840, “Leases”. 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 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, a profit or loss is recognized depending on whether actual costs are more or less than the agreed upon amount. Under cost-sharing contracts, the fixed amount agreed upon with the customer is only intended to fund a portion of the costs on a specific project. Under cost sharing contracts, an amount corresponding to the revenue is recorded in cost of revenues, resulting in gross profit on these contracts of zero. The Company’s share of the costs is recorded as product development expense. The following are percentages of revenues by contract type; Three months ended July 31, 2018 2017 (in thousands) Fixed price 100 % 100 % Firm fixed price 100 % 100 % Cost sharing 0 % 0 % Cost plus 0 % 0 % 100 % 100 % As of July 31, 2018, the Company’s total remaining performance obligations, also referred to as backlog, totaled $1.0 million. The Company expects to recognize approximately 63%, or $0.6 million, of the remaining performance obligations as revenue over the next twelve months, an additional 37% the following twelve months.
Recently Issued Accounting Standards	(m) Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “ Revenue from Contracts with Customers (Topic 606).” In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842 “Leases (Topic 842 Targeted Improvements.” In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”,

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jul. 31, 2018
Schedule of Cash and Cash Equivalents	The Company invests excess cash in a money market account. July 31, 2018 April 30, 2018 (in thousands) Checking and savings accounts $ 965 $ 1,332 Money market account 6,679 10,167 $ 7,644 $ 11,499
Schedule of Cash and Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. July 31, 2018 April 30, 2018 (in thousands) Cash and cash equivalents $ 7,644 $ 11,499 Restricted cash- short term 563 572 Restricted cash- long term 155 154 $ 8,362 $ 12,225
Schedule of Revenue by Major Customers by Reporting Segments	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, 2018 2017 Eni S.p.A. 16 % 0 % Mitsui Engineering & Shipbuilding 0 % 67 % Premier Oil UK Limited 84 % 0 % U.S. Department of Defense Office of Naval Research 0 % 33 % 100 % 100 %
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	The following table summarizes share-based compensation related to the Company’s share-based plans by expense category for the three months ended July 31, 2018 and 2017: Three months ended July 31, 2018 2017 (in thousands) Product development $ 11 $ 13 Selling, general and administrative 69 78 Total share-based compensation expense $ 80 $ 91
Schedule of Percentages of Revenues by Contract	The following are percentages of revenues by contract type; Three months ended July 31, 2018 2017 (in thousands) Fixed price 100 % 100 % Firm fixed price 100 % 100 % Cost sharing 0 % 0 % Cost plus 0 % 0 % 100 % 100 %
Restricted Cash [Member]
Schedule of Cash and Cash Equivalents and Restricted Cash	Restricted cash includes the following: July 31, 2018 April 30, 2018 (in thousands) Barclay’s Bank Agreement $ 362 $ 372 Santander Bank 356 354 $ 718 $ 726

Account Receivable, Contract 24

Account Receivable, Contract Assets, and Contract Liabilities (Tables)	3 Months Ended
	Jul. 31, 2018
Account Receivable Contract Assets And Contract Liabilities
Schedule of Accounts Receivable	Accounts receivable consisted of the following at July 31, 2018 and April 30, 2018. July 31, 2018 April 30, 2018 (in thousands) Opening balance $ 171 $ 48 Amount invoiced to customer 100 754 Collections (169 ) (631 ) Ending balance $ 102 $ 171
Schedule of Contract Assets and Contract Liabilities	A summary of the contract assets and contract liabilities is as follows: July 31, 2018 April 30, 2018 (in thousands) Contract assets $ 8 $ - Contract liabilities 24 - Contract (liability)/assets, net $ (16 ) $ -

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Jul. 31, 2018
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following at July 31, 2018 and April 30, 2018. July 31, 2018 April 30, 2018 (in thousands) Project costs $ 17 $ 57 Contract loss reserve 410 395 Employee incentive payments 276 761 Accrued salary and benefits 467 442 Legal and accounting fees 341 246 Accrued taxes payable 177 179 Other 163 181 $ 1,851 $ 2,261

Warrants (Tables)

Warrants (Tables)	3 Months Ended
	Jul. 31, 2018
Warrants
Schedule of Fair Value Assumptions Used	The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions: July 31, 2018 July 31, 2017 Dividend rate 0.0 % 0.0 % Risk-free rate 2.77 % 1.7 % Expected life (years) 3.0 - 3.4 4.0 - 4.4 Expected volatility 140.5 % 140.3 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jul. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock Option Activity	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, 2018 388,529 $ 6.15 7.4 Granted - $ - Exercised - $ - Cancelled/forfeited (28,575 ) $ 43.06 Outstanding as of July 31, 2018 359,954 $ 3.22 7.8 Exercisable as of July 31, 2018 189,224 $ 4.91 6.5
Schedule of Non-vested Restricted Stock Activity	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, 2018 197,064 $ 1.35 Granted 18,859 $ 1.14 Vested - $ - Cancelled/forfeited (1,500 ) $ 1.40 Issued and unvested at July 31, 2018 214,423 $ 1.33

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jul. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents financial assets and liabilities measured at fair value on a recurring basis as of July 31, 2018. Total Carrying Value in Consolidated Balance Sheet Quoted prices in active markets for identical assets or liabilities Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (in thousands) Warrant liabilities $ 116 $ - $ - $ 116 The following table presents financial assets and liabilities measured at fair value on a recurring basis as of April 30, 2018. Total Carrying Value in Consolidated Balance Sheet Quoted prices in active markets for identical assets or liabilities (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (in thousands) Warrant liabilities $ 201 $ - $ - $ 201
Summary of Changes on Value of Warrant Liability	The following table provides a summary of changes in fair value of the Company’s warrant liabilities held at July 31, 2018. Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Total Warrant Liability (in thousands) Fair value – April 30, 2017 $ 323 Change in fair value (122 ) Fair value – April 30, 2018 $ 201 Change in fair value (85 ) Fair value – July 31, 2018 $ 116

Adoption of Revenue Recogniti29

Adoption of Revenue Recognition Guidance (Tables)	3 Months Ended
	Jul. 31, 2018
Adoption Of Revenue Recognition Guidance
Schedule of Condensed Consolidated Financial Statements	The following tables summarize the effect of adoption of the new revenue recognition standard on the Company’s unaudited condensed consolidated financial statements as of and for the three months ended July 31, 2018. Select Statements of Operations Data (in thousands, except per share data) (Unaudited) Three months ended July 31, 2018 Amounts Excluding As Reported Effect of Adoption Effect of Adoption Revenues $ 31 $ (28 ) $ 59 Operating loss (3,312 ) (28 ) (3,284 ) Net loss $ (3,240 ) $ (28 ) $ (3,212 ) Basic and diluted net loss per share $ (0.18 ) $ (0.00 ) $ (0.18 ) Weighted average shares used to compute basic and diluted net loss per share 18,153,863 18,153,863 18,153,863 Consolidated Statements of Comprehensive Loss (in thousands) (Unaudited) Three months ended July 31, 2018 Amounts Excluding As Reported Effect of Adoption Effect of Adoption Net loss $ (3,240 ) $ (28 ) $ (3,212 ) Foreign currency translation adjustment 4 - 4 Total comprehensive loss $ (3,236 ) $ (28 ) $ (3,208 ) Select Consolidated Balance Sheet Data (in thousands) (Unaudited) As of July 31, 2018 Amounts Excluding As Reported Effect of Adoption Effect of Adoption ASSETS Contract assets $ 8 $ (4 ) $ 12 Total assets $ 9,784 $ (4 ) $ 9,788 LIABILITIES AND STOCKHOLDERS’ EQUITY Contract liability $ 24 $ 24 $ - Accumulated deficit (200,778 ) (28 ) (200,750 ) Total stockholders’ equity $ 7,080 $ (4 ) $ 7,084 Total liabilities and stockholders’ equity $ 9,784 $ (4 ) $ 9,788 Select Consolidated Statements of Cash Flows Data (in thousands) (Unaudited) Three months ended July 31, 2018 Amounts Excluding As Reported Effect of Adoption Effect of Adoption Net loss $ (3,240 ) $ (28 ) $ (3,212 ) Contract assets (8 ) 4 (12 ) Contract liability 24 24 - Net cash used in operating activities $ (3,793 ) $ - $ (3,793 ) Net increase in cash, cash equivalents and restricted cash $ (3,863 ) $ - $ (3,863 ) Cash, cash equivalents and restricted cash, end of period $ 8,362 $ - $ 8,362

Background, Basis of Presenta30

Background, Basis of Presentation and Liquidity (Details Narrative) $ / shares in Units, $ in Thousands	Oct. 23, 2017USD ($)$ / sharesshares	May 02, 2017USD ($)$ / sharesshares	Oct. 19, 2016USD ($)$ / sharesshares	Jul. 22, 2016USD ($)$ / sharesshares	Jun. 02, 2016USD ($)$ / sharesshares	Jul. 31, 2018USD ($)Integer	Jul. 31, 2017USD ($)	Apr. 30, 2018USD ($)
Accumulated deficit | $						$ 200,778		$ 197,538
Cash and cash equivalents, restricted cash and marketable securities, at carrying value | $						8,400
Revenues | $						$ 31	$ 195
Number of financing agreements closed | Integer						5
Number of common stock shares sold | shares	5,739,437	6,192,750	2,760,000
Combined purchase price per share | $ / shares	$ 1.42	$ 1.30	$ 2.75
Proceeds from issuance or sale of equity | $	$ 7,400	$ 7,200	$ 6,900				$ 7,221
Common Stock [Member]
Number of common stock shares sold | shares		807,750	360,000
Securities Purchase Agreement [Member]
Number of common stock shares sold | shares					417,000
Warrant to purchase shares common stock | shares					145,952
Class of warrant or right, number of securities called by each warrant or right | shares					0.35
Combined purchase price per share | $ / shares					$ 4.60
Proceeds from issuance or sale of equity | $					$ 1,700
Class of warrant or right, exercise price of warrants or rights | $ / shares					$ 6.08
Class of warrant or right, expiration period					5 years
Securities Purchase Agreement [Member] | Placement Agents [Member] | Placement Agent Fees [Member]
Payments of stock issuance costs | $					$ 100
Securities Purchase Agreement [Member] | Placement Agents [Member] | Pocket and Legal Expenses [Member]
Payments of stock issuance costs | $					$ 35
Second Amended Purchase Agreement [Member]
Number of common stock shares sold | shares				595,000
Warrant to purchase shares common stock | shares				178,500
Class of warrant or right, number of securities called by each warrant or right | shares				0.30
Combined purchase price per share | $ / shares				$ 6.75
Proceeds from issuance or sale of equity | $				$ 3,600
Class of warrant or right, exercise price of warrants or rights | $ / shares				$ 9.36
Class of warrant or right, expiration period				5 years

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details Narrative) € in Thousands, $ in Thousands	Mar. 31, 2017USD ($)ft²	Jul. 31, 2018USD ($)shares	Jul. 31, 2017shares	Jul. 31, 2018EUR (€)
Concentration risk percentage		100.00%	100.00%
Antidilutive securities excluded from computation of earnings per share, shares | shares		898,829	701,977
Revenue remaining performance obligation		$ 1,000
Revenue remaining performance obligation, percentage		63.00%		63.00%
Performance obligation revenue of next twelve months		$ 600
Additional performance obligation revenue of next twelve months		37.00%		37.00%
Monore Township [Member]
Term of lease	7 years
Area of land | ft²	56,000
Tenant improvement work	$ 137,563
Minimum [Member]
Estimated useful life of asset		3 years
Concentration risk percentage		10.00%
Maximum [Member]
Estimated useful life of asset		7 years
One Agreement [Member] | Barclays Bank [Member]
Long-term line of credit		$ 400
Line of credit facility, commitment fee percentage		1.00%
Letters of credit outstanding, amount		$ 400
One Agreement [Member] | Barclays Bank [Member] | Euro [Member]
Long-term line of credit | €				€ 300
Letters of credit outstanding, amount | €				€ 300

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jul. 31, 2018	Apr. 30, 2018
Cash and cash equivalents	$ 7,644	$ 11,499
Checking and Savings Accounts [Member]
Cash and cash equivalents	965	1,332
Money Market Account [Member]
Cash and cash equivalents	$ 6,679	$ 10,167

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 31, 2018	Apr. 30, 2018	Jul. 31, 2017	Apr. 30, 2017
Restricted Cash	$ 718	$ 726
Cash and Cash Equivalents	7,644	11,499
Restricted cash- short term	563	572
Restricted cash- long term	155	154
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	8,362	12,225	$ 11,929	$ 8,909
Barclays Bank Agreement [Member]
Restricted Cash	362	372
Santander Bank [Member]
Restricted Cash	$ 356	$ 354

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Schedule of Revenue by Major Customers by Reporting Segments (Details)	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Revenues, percentage	100.00%	100.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Revenues, percentage	100.00%	100.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Eni S.p.A [Member]
Revenues, percentage	16.00%	0.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Mitsui Engineering & Shipbuilding [Member]
Revenues, percentage	0.00%	67.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Premier Oil UK Limited [Member]
Revenues, percentage	84.00%	0.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | U.S. Department of Defense Office of Naval Research [Member]
Revenues, percentage	0.00%	33.00%

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Total share-based compensation expense	$ 80	$ 91
Product Development [Member]
Total share-based compensation expense	11	13
Selling, General and Administrative [Member]
Total share-based compensation expense	$ 69	$ 78

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Schedule of Percentages of Revenues by Contract (Details)	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Percentages of revenues by contract	100.00%	100.00%
Fixed Price [Member]
Percentages of revenues by contract	100.00%	100.00%
Firm Fixed Price [Member]
Percentages of revenues by contract	100.00%	100.00%
Cost Sharing [Member]
Percentages of revenues by contract	0.00%	0.00%
Cost Plus [Member]
Percentages of revenues by contract	0.00%	0.00%

Account Receivable, Contract 37

Account Receivable, Contract Assets, and Contract Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2018	May 02, 2018	Apr. 30, 2018
Account Receivable Contract Assets And Contract Liabilities
Contract assets	$ 8	$ 71
Contract liabilities	24	$ 18
Revenue related to performance obligations	$ 31

Account Receivable, Contract 38

Account Receivable, Contract Assets, and Contract Liabilities - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2018	Apr. 30, 2018
Account Receivable Contract Assets And Contract Liabilities
Opening balance	$ 171	$ 48
Amount invoiced to customer	100	754
Collections	(169)	(631)
Ending balance	$ 102	$ 171

Account Receivable, Contract 39

Account Receivable, Contract Assets, and Contract Liabilities - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2018	May 02, 2018	Apr. 30, 2018
Account Receivable Contract Assets And Contract Liabilities
Contract assets	$ 8	$ 71
Contract liabilities	24	$ 18
Contract (liability)/assets, net	$ (16)

Marketable Securities (Details

Marketable Securities (Details Narrative) - USD ($) $ in Thousands	Jul. 31, 2018	Apr. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Certificate of Deposit	$ 25	$ 25

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 31, 2018	Apr. 30, 2018
Payables and Accruals [Abstract]
Project costs	$ 17	$ 57
Contract loss reserve	410	395
Employee incentive payments	276	761
Accrued salary and benefits	467	442
Legal and accounting fees	341	246
Accrued taxes payable	177	179
Other	163	181
Accrued expenses total	$ 1,851	$ 2,261

Deferred Credits Payable (Detai

Deferred Credits Payable (Details Narrative) $ in Thousands	3 Months Ended
	Jul. 31, 2018USD ($)	Apr. 30, 2018USD ($)	Apr. 30, 2001USD ($)t
Deferred Credits Payable
Customer advances or deposits, noncurrent			$ 600
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%
Option fee amount	$ 600
Payments on deferred credits	400
Customer advances and deposits, current	$ 200	$ 600

Warrants (Details Narrative)

Warrants (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Oct. 23, 2017	May 02, 2017	Oct. 19, 2016	Jul. 22, 2016	Jun. 02, 2016	Jul. 31, 2018	Jul. 31, 2017	Apr. 30, 2018
Number of common stock shares sold	5,739,437	6,192,750	2,760,000
Combined purchase price per share	$ 1.42	$ 1.30	$ 2.75
Warrant liabilities						$ 116		$ 201
Fair value adjustment of warrants						$ 85	$ 37
Securities Purchase Agreement [Member]
Number of common stock shares sold					417,000
Warrant to purchase shares common stock					145,952
Class of warrant or right, number of securities called by each warrant or right					0.35
Combined purchase price per share					$ 4.60
Warrant exercise price per share					$ 6.08
Class of warrant or right, expiration period					5 years
Second Amended Purchase Agreement [Member]
Number of common stock shares sold				595,000
Warrant to purchase shares common stock				178,500
Class of warrant or right, number of securities called by each warrant or right				0.30
Combined purchase price per share				$ 6.75
Warrant exercise price per share				$ 9.36
Class of warrant or right, expiration period				5 years

Warrants - Schedule of Fair Val

Warrants - Schedule of Fair Value Assumptions Used (Details) - Warrant [Member]	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Dividend Rate [Member]
Fair value measurement percent	0.00%	0.00%
Risk Free Interest Rate [Member]
Fair value measurement percent	2.77%	1.70%
Expected Life (Years) [Member] | Minimum [Member]
Fair value measurement expected life	3 years	4 years
Expected Life (Years) [Member] | Maximum [Member]
Fair value measurement expected life	3 years 4 months 24 days	4 years 4 months 24 days
Expected Volatility [Member]
Fair value measurement percent	140.50%	140.30%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($) $ in Thousands	Oct. 02, 2013	Jul. 31, 2018	Jul. 31, 2017	Dec. 31, 2009	Jan. 18, 2018	Oct. 21, 2016	Dec. 31, 2015	Dec. 31, 2007
Treasury stock, shares, acquired		0	22,016
Employee Stock Option [Member]
Share-based compensation intrinsic value of outstanding		$ 0
Share-based compensation options, exercisable intrinsic value		$ 0
Share-based compensation unvested shares of stock options		145,121
Share-based compensation weighted average remaining contractual term		9 years 2 months 12 days
Share-based compensation expense		$ 51	$ 69
Unrecognized compensation cost related to non-vested stock options		$ 45
Share-based compensation cost expected to recognize weighted-average term		2 months 23 days
Restricted Stock [Member]
Number of restricted shares granted		18,859
Share-based compensation expense		$ 29	$ 22
Share-based compensation cost expected to recognize weighted-average term		1 year 10 months 25 days
Unrecognized compensation cost related to unvested restricted stock		$ 177
Stock Incentive Plan 2006 [Member]
Share-based compensation arrangement by share-based payment award, number of shares authorized	245,321			165,321				80,321
Share-based compensation arrangement by share-based payment award, number of additional shares authorized	80,000			85,000
2015 Omnibus Incentive Plan [Member]
Share-based compensation arrangement by share-based payment award, number of shares authorized						640,703	240,703
Stock based compensation shares, available for grant		119,606
2018 Inducement Plan [Member]
Share-based compensation arrangement by share-based payment award, number of shares authorized					500,000
Stock based compensation shares, available for grant		383,844
Number of restricted shares granted		116,156

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Employee Stock Option [Member]	3 Months Ended
	Jul. 31, 2018$ / sharesshares
Shares Underlying Options Outstanding, Beginning | shares	388,529
Shares Underlying Options Outstanding, Granted | shares
Shares Underlying Options Outstanding, Exercised | shares
Shares Underlying Options Outstanding, Cancelled/forfeited | shares	(28,575)
Shares Underlying Options Outstanding, Ending | shares	359,954
Shares Underlying Options Outstanding, Exercisable | shares	189,224
Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 6.15
Weighted Average Exercise Price, Granted | $ / shares
Weighted Average Exercise Price, Exercised | $ / shares
Weighted Average Exercise Price, Cancelled/forfeited | $ / shares	43.06
Weighted Average Exercise Price, Ending Balance | $ / shares	3.22
Weighted Average Exercise Price, Exercisable | $ / shares	$ 4.91
Weighted Average Remaining Contractual Term (In Years), Beginning	7 years 4 months 24 days
Weighted Average Remaining Contractual Term (In Years), Ending	7 years 9 months 18 days
Weighted Average Remaining Contractual Term (In Years), Exercisable	6 years 6 months

Stock-Based Compensation - Sc47

Stock-Based Compensation - Schedule of Non-vested Restricted Stock Activity (Details) - Non-Vested Restricted Stock [Member]	3 Months Ended
	Jul. 31, 2018$ / sharesshares
Number of Shares, Issued and unvested, Beginning | shares	197,064
Number of Shares, Granted | shares	18,859
Number of Shares, Vested | shares
Number of Shares, Cancelled/forfeited | shares	(1,500)
Number of Shares, Issued and Unvested, Ending | shares	214,423
Weighted Average Price per Share, Issued and Unvested, Beginning | $ / shares	$ 1.35
Weighted Average Price per Share, Granted | $ / shares	1.14
Weighted Average Price per Share, Vested | $ / shares
Weighted Average Price per Share, Cancelled/forfeited | $ / shares	1.40
Weighted Average Price per Share, Issued and Unvested, Ending | $ / shares	$ 1.33

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jul. 31, 2018	Apr. 30, 2018
Warrant liabilities	$ 116	$ 201
Fair Value, Inputs, Level 1 [Member]
Warrant liabilities
Fair Value, Inputs, Level 2 [Member]
Warrant liabilities
Fair Value, Inputs, Level 3 [Member]
Warrant liabilities	$ 116	$ 201

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes on Value of Warrant Liability (Details) - Warrant Liability [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2018	Apr. 30, 2018
Fair value, beginning	$ 201	$ 323
Change in fair value	(85)	(122)
Fair value, ending	$ 116	$ 201

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($)	Jul. 27, 2018	Jun. 13, 2018	May 03, 2018	Oct. 23, 2017	Oct. 22, 2015	Jul. 31, 2018	Apr. 30, 2018	Apr. 30, 2017
Litigation settlement, amount awarded to other party			$ 350,000
Loss Contingency Accrual						$ 350,000
Loss contingency, receivable						350,000
Damages sought value		$ 2,825,130
Income tax examination, penalties and interest accrued						177,000	$ 177,000
Selling, General and Administrative [Member] | Tax Authority, Spain [Member]
Income tax examination, penalties and interest accrued						177,000		$ 132,000
Tide Runner Marine, Inc.
Damages sought value	$ 15,000
August 28, 2018 [Member] | Charles F. Dunleavy [Member]
Damages sought value						$ 5,000,000
Reverse Stock Split [Member]
Reverse stock split					The Stockholder Demand alleges that the voting of shares for the 1-for-10 reverse stock split
Stipulation [Member]
Litigation settlement, amount awarded to other party				$ 350,000

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Apr. 30, 2018
Income Tax Disclosure [Abstract]
Income tax benefit (expense)
Income tax examination, penalties and interest accrued	$ 177		$ 177

Operating Segments and Geogra52

Operating Segments and Geographic Information (Details Narrative)	3 Months Ended
	Jul. 31, 2018segments
Segment Reporting [Abstract]
Number of reportable segments	1

Adoption of Revenue Recogniti53

Adoption of Revenue Recognition Guidance (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Net loss	$ (3,240)	$ (2,663)
Effect of Adoption [Member]
Net loss	$ (28)

Adoption of Revenue Recogniti54

Adoption of Revenue Recognition Guidance - Schedule of Condensed Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	May 02, 2018	Apr. 30, 2018	Apr. 30, 2017
Revenues	$ 31	$ 195
Operating loss	(3,312)	(2,765)
Net loss	$ (3,240)	$ (2,663)
Basic and diluted net loss per share	$ (0.18)	$ (0.22)
Weighted average shares used to compute basic and diluted net loss per share	18,153,863	12,268,683
Foreign currency translation adjustment	$ 4	$ 22
Total comprehensive loss	(3,236)	(2,641)
Contract assets	8		$ 71
Total assets	9,784			14,121
Contract liability	24		$ 18
Accumulated deficit	(200,778)			(197,538)
Stockholders' equity	7,080			10,236
Total liabilities and stockholders' equity	9,784			14,121
Contract assets	(8)
Contract liability	24
Net cash used in operating activities	(3,793)	(4,238)
Net increase in cash, cash equivalents and restricted cash	(3,863)	3,020
Cash, cash equivalents and restricted cash, end of period	8,362	$ 11,929		$ 12,225	$ 8,909
Effect of Adoption [Member]
Revenues	(28)
Operating loss	(28)
Net loss	$ (28)
Basic and diluted net loss per share	$ 0
Weighted average shares used to compute basic and diluted net loss per share	18,153,863
Foreign currency translation adjustment
Total comprehensive loss	(28)
Contract assets	(4)
Total assets	(4)
Contract liability	24
Accumulated deficit	(28)
Stockholders' equity	(4)
Total liabilities and stockholders' equity	(4)
Contract assets	4
Contract liability	24
Net cash used in operating activities
Net increase in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, end of period
Amounts Excluding Effect of Adoption [Member]
Revenues	59
Operating loss	(3,284)
Net loss	$ (3,212)
Basic and diluted net loss per share	$ (0.18)
Weighted average shares used to compute basic and diluted net loss per share	18,153,863
Foreign currency translation adjustment	$ 4
Total comprehensive loss	(3,208)
Contract assets	12
Total assets	9,788
Contract liability
Accumulated deficit	(200,750)
Stockholders' equity	7,084
Total liabilities and stockholders' equity	9,788
Contract assets	(12)
Contract liability
Net cash used in operating activities	(3,793)
Net increase in cash, cash equivalents and restricted cash	(3,863)
Cash, cash equivalents and restricted cash, end of period	$ 8,362

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Thousands	Aug. 10, 2018	Aug. 09, 2018
Common stock bid price, description		To regain compliance, the closing bid price of the Company's common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during this grace period.
Maximum [Member]
Common stock, price per share		$ 1
Maximum [Member] | Aspire Capital Fund, LLC [Member] | Purchase Agreement [Member]
Purchase of common stock	$ 10,000