Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Jun. 23, 2020 | Oct. 31, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | Ocean Power Technologies, Inc. | ||
Entity Central Index Key | 0001378140 | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2020 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --04-30 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9,300,000 | ||
Entity Common Stock, Shares Outstanding | 17,120,565 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 10,002 | $ 16,660 |
Restricted cash- short-term | 707 | 344 |
Accounts receivable | 105 | 63 |
Contract assets | 251 | 15 |
Other current assets | 588 | 537 |
Total current assets | 11,653 | 17,619 |
Property and equipment, net | 499 | 592 |
Right-of-use asset, net | 1,165 | |
Restricted cash- long-term | 221 | 155 |
Total assets | 13,538 | 18,366 |
Current liabilities: | ||
Accounts payable | 220 | 312 |
Accrued expenses | 1,353 | 1,938 |
Current portion of contract liabilities | 100 | 188 |
Warrant liabilities | 6 | |
Right-of-use liability- current | 229 | |
Total current liabilities | 1,902 | 2,444 |
Right-of-use liability | 1,078 | |
Long term portion of contract liabilities | 65 | |
Deferred rent | 147 | |
Total liabilities | 3,045 | 2,591 |
Commitments and contingencies (Note 15) | ||
Stockholders' Equity: | ||
Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding | ||
Common stock, $0.001 par value; authorized 100,000,000 shares, issued 12,939,420 and 5,425,517 shares, respectively | 13 | 5 |
Treasury stock, at cost; 4,251 and 3,770 shares, respectively | (302) | (301) |
Additional paid-in capital | 231,101 | 226,026 |
Accumulated deficit | (220,136) | (209,784) |
Accumulated other comprehensive loss | (183) | (171) |
Total stockholders' equity | 10,493 | 15,775 |
Total liabilities and stockholders' equity | $ 13,538 | $ 18,366 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2020 | Apr. 30, 2019 |
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 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 12,939,420 | 5,425,517 |
Treasury stock, shares | 4,251 | 3,770 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Income Statement [Abstract] | ||
Revenues | $ 1,682 | $ 632 |
Cost of revenues | 1,787 | 1,303 |
Gross loss | (105) | (671) |
Operating expenses: | ||
Engineering and product development costs | 4,344 | 4,984 |
Selling, general and administrative costs | 6,916 | 7,616 |
Total operating expenses | 11,260 | 12,600 |
Operating loss | (11,365) | (13,271) |
Gain due to the change in fair value of warrant liabilities | 6 | 195 |
Interest income, net | 124 | 35 |
Foreign exchange loss | (12) | (55) |
Loss before income taxes | (11,247) | (13,096) |
Income tax benefit | 895 | 850 |
Net loss | $ (10,352) | $ (12,246) |
Basic and diluted net loss per share | $ (1.44) | $ (9.52) |
Weighted average shares used to compute basic and diluted net loss per share | 7,209,732 | 1,286,727 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (10,352) | $ (12,246) |
Foreign currency translation adjustment | (12) | (11) |
Total comprehensive loss | $ (10,364) | $ (12,257) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Shares [Member] | Treasury Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Apr. 30, 2018 | $ 1 | $ (300) | $ 208,233 | $ (197,538) | $ (160) | $ 10,236 |
Balance, shares at Apr. 30, 2018 | 921,247 | (3,701) | ||||
Net loss | (12,246) | (12,246) | ||||
Stock based compensation | 295 | 295 | ||||
Issuance (forfeiture) of restricted stock, net | ||||||
Issuance (forfeiture) of restricted stock, net, shares | (5,090) | |||||
Exercise of prefunded warrants, net of issuance costs | $ 3 | 17 | 20 | |||
Exercise of prefunded warrants, net of issuance costs shares | 2,632,120 | |||||
Common stock issued for commitment fee- Aspire | 295 | 295 | ||||
Common stock issued for commitment fee- Aspire, shares | 21,429 | |||||
Issuance of common stock- Aspire financing, net of issuance costs | 593 | 593 | ||||
Issuance of common stock- Aspire financing, net of issuance costs, shares | 162,162 | |||||
Issuance of common stock- AGP At The Market offering, net of issuance costs | 882 | 882 | ||||
Issuance of common stock- AGP At The Market offering, net of issuance costs, shares | 151,561 | |||||
Issuance of common stock, common and pre-funded warants, net of issuance costs | $ 1 | 15,711 | 15,712 | |||
Issuance of common stock, common and pre-funded warants, net of issuance costs, shares | 1,542,000 | |||||
Acquisition of treasury stock | $ (1) | (1) | ||||
Acquisition of treasury stock, shares | (89) | |||||
Other comprehensive loss | (11) | (11) | ||||
Other | ||||||
Other, shares | 88 | 20 | ||||
Balance at Apr. 30, 2019 | $ 5 | $ (301) | 226,026 | (209,784) | (171) | 15,775 |
Balance, shares at Apr. 30, 2019 | 5,425,517 | (3,770) | ||||
Net loss | (10,352) | (10,352) | ||||
Stock based compensation | 340 | 340 | ||||
Issuance (forfeiture) of restricted stock, net | ||||||
Issuance (forfeiture) of restricted stock, net, shares | 64,928 | |||||
Exercise of prefunded warrants, net of issuance costs | $ 1 | (17) | (16) | |||
Exercise of prefunded warrants, net of issuance costs shares | 753,560 | |||||
Common stock issued for commitment fee- Aspire | $ 1 | 294 | 295 | |||
Common stock issued for commitment fee- Aspire, shares | 194,805 | |||||
Issuance of common stock- Aspire financing, net of issuance costs | $ 1 | 1,020 | 1,021 | |||
Issuance of common stock- Aspire financing, net of issuance costs, shares | 1,399,205 | |||||
Issuance of common stock- AGP At The Market offering, net of issuance costs | $ 5 | 3,438 | 3,443 | |||
Issuance of common stock- AGP At The Market offering, net of issuance costs, shares | 5,101,405 | |||||
Acquisition of treasury stock | $ (1) | (1) | ||||
Acquisition of treasury stock, shares | (481) | |||||
Other comprehensive loss | (12) | (12) | ||||
Balance at Apr. 30, 2020 | $ 13 | $ (302) | $ 231,101 | $ (220,136) | $ (183) | $ 10,493 |
Balance, shares at Apr. 30, 2020 | 12,939,420 | (4,251) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (10,352) | $ (12,246) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Foreign exchange loss | 12 | 55 |
Depreciation of fixed assets | 158 | 180 |
Amortization of right of use asset | 197 | |
Compensation expense related to stock option grants and restricted stock | 340 | 295 |
Gain due to the change in fair value of warrant liabilities | (6) | (195) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (42) | 108 |
Unbilled receivables | 71 | |
Contract assets | (236) | (15) |
Other assets | 251 | 325 |
Accounts payable | (92) | 23 |
Accrued expenses | (585) | (316) |
Deferred rent | 5 | |
Deferred credit payable | (600) | |
Unearned revenue | (18) | |
Change in lease liability | (201) | |
Contract liabilities | (23) | 188 |
Net cash used in operating activities | (10,579) | (12,140) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (25) | |
Maturities of marketable securities | 50 | |
Purchase of computers, equipment and furniture | (65) | (54) |
Net cash used in investing activities | (65) | (29) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, common and pre-funded warrants, net of issuance costs | 15,712 | |
Proceeds from issuance of common stock- Aspire financing net of issuance costs | 1,021 | 593 |
Proceeds from issuance of common stock- AGP At The Market offering, net of issuance costs | 3,443 | 882 |
Proceeds (costs) associated with exercise of pre-funded warrants | (16) | 20 |
Payment of capital lease obligations | (23) | |
Acquisition of treasury stock | (1) | (1) |
Net cash provided by financing activities | 4,447 | 17,183 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (32) | (80) |
Net decrease in cash, cash equivalents and restricted cash | (6,229) | 4,934 |
Cash, cash equivalents and restricted cash, beginning of period | 17,159 | 12,225 |
Cash, cash equivalents and restricted cash, end of period | 10,930 | 17,159 |
Supplemental schedule of cash flows information: | ||
Cash paid for interest | 1 | |
Supplemental disclosure of noncash operating activities: | ||
Prepaid financing costs reported in accrued expenses | 7 | |
Supplemental disclosure of noncash investing activities: | ||
Acquisition of computers, equipment and furniture through accounts payable | 5 | |
Supplemental disclosure of noncash financing activities: | ||
Common stock issued for payment of commitment fee | $ 295 | $ 295 |
Background and Liquidity
Background and Liquidity | 12 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Background and Liquidity | (1) Background 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. We are a complete solutions provider, controlling the design, manufacturing, sales, installation, operations and maintenance of our products while working closely with partners that provide payloads, integration services, and marine installation capabilities. Our solutions provide distributed offshore power which is persistent, reliable, and economical along with power and communications for remote surface and subsea applications. Our mission and purpose is to utilize our proprietary, state-of-the-art technologies to reduce the global carbon footprint by providing renewable energy solutions for reliable electrical power and, in so doing, drive demand for our products and services, thus realizing positive stockholder returns. 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 of our revenue from the sale or lease of products and solutions, 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 decrease in cash due to the use of cash from operating activities unless and until we achieve positive cash flow from the commercialization of solutions, products and services. (b) Liquidity/Going Concern Our 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 $220.1 million at April 30, 2020. At April 30, 2020, the Company had approximately $10.9 million in cash, cash equivalents and restricted cash on hand. On May 5, 2020 the Company received $0.9 million proceeds from the PPP Loan (see Note 17 to these Consolidated Financial Statements for more information). The Company generated revenues of only $1.7 million and $0.6 million during the years ended April 30, 2020 and 2019, respectively. Based on the Company’s cash, cash equivalents and restricted cash balances as of April 30, 2020 plus the subsequent proceeds from the PPP Loan, the Company believes that it will be able to finance its capital requirements and operations into the quarter ending April 30, 2021. 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 and /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 2020 and 2019, 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, the impact of COVID-19 on its business, performance of its products, its inability to market and commercialize its products and new products that it may develop, 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 currently has committed sources of equity financing through its At the Market Offering Agreement with A.G.P/Alliance Global Partners (“AGP”) and the Aspire Capital financing (each discussed further below), but the Company cannot be sure 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 August 13, 2018, the Company entered into a common stock purchase agreement with Aspire Capital Fund, LLC (“Aspire Capital”) which provided that, subject to certain terms, conditions and limitations, Aspire Capital was committed to purchase up to an aggregate of $10.0 million of shares of the Company’s common stock over a 30-month period that did not exceed 19.99% of the outstanding common stock on the date of the agreement. The number of shares the Company could issue within the 19.99% is 183,591 shares. Shareholder approval was not needed since the number of common stock offered for sale in the common stock purchase agreement did not exceed 19.99% of the outstanding common stock on the date of the agreement. In consideration for entering into the agreement, the Company issued to Aspire Capital 21,429 shares of our common stock as a commitment fee. The agreement was cancelled on October 24, 2019, and as of that date, the Company had sold 162,162 shares of common stock with an aggregate market value of $949,259 at an average price of $5.85 per share pursuant to this common stock purchase agreement. On October 24, 2019, the Company entered into a new common stock purchase agreement with Aspire Capital which provides that, subject to certain terms, conditions and limitations, Aspire Capital is committed to purchase up to an aggregate of $10.0 million of shares of the Company’s common stock over a 30-month period that does not exceed 19.99% of the outstanding common stock on the date of the agreement. The number of shares the Company can issue within the 19.99% limit is 1,219,010 shares including shares issued as a commitment fee. At the 2019 annual meeting of stockholders, held on December 20, 2019, the Company’s stockholders approved an additional 5,400,000 shares to be issued pursuant to the common stock purchase agreement in excess of the 19.99% limit. In consideration for entering into the agreement, the Company issued to Aspire Capital 194,805 shares of our common stock as a commitment fee. As of April 30, 2020, the Company has sold 1,399,205 shares of common stock with an aggregate market value of approximately $1.1 million at an average price of $0.82 per share pursuant to this common stock purchase agreement. On April 8, 2019, the Company sold 1,542,000 shares of common stock, which includes the sale of 642,000 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. As part of the public offering, the Company also sold prefunded warrants to purchase up to 3,385,680 shares of common stock and common warrants to purchase up to 4,927,680 shares of our common stock. The net proceeds to the Company from the offering were approximately $15.7 million, after deducting underwriter fees and offering expenses payable by the Company. On January 7, 2019, the Company entered into an At the Market Offering Agreement (“2019 ATM Facility”) with A.G.P./Alliance Global Partners, under which the Company may issue and sell to or through AGP, acting as agent and/or principal, shares of the Company’s common stock having an aggregate offering price of up to $25 million. Through April 30, 2020, under the 2019 ATM Facility, the Company has issued 5,101,405 shares of its common stock with an aggregate market value of approximately $3.8 million at an average price of $0.74 per share and paid AGP a sales commission of $122,530 related to those shares. 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. If our common stock is delisted from Nasdaq (see Note 15 – Commitments and Contingencies for more), our ability to raise capital through public offerings of our securities and to finance our operations could be adversely affected. See additional risk factors under “Part I, Item 1A – Risk Factors”. We also believe that delisting would likely result in decreased liquidity and/or increased volatility in our common stock and could harm our business and future prospects. In addition, we believe that, if our common stock is delisted, our stockholders would likely find it more difficult to obtain accurate quotations as to the price of the common stock and it may be more difficult for stockholders to buy or sell our common stock at competitive market prices, or at all. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2020 | |
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 estimated costs to complete projects and percentage of completion of customer contracts for purposes of revenue recognition. Actual results could differ from those estimates. The current economic environment, particularly the macroeconomic pressures in certain European countries, has increased the degree of uncertainty inherent in those estimates and assumptions. (c) Revenue Recognition 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 nature of the Company’s contracts may give rise to several types of variable considerations, including unpriced change orders and liquidated damages and penalties. Variable consideration can also arise from modifications to the scope of services. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on our assessment of legal enforceability, performance and any other information (historical, current, and forecasted) that is reasonably available to us. ASU 2016-10 provides a practical expedient in ASC 606-10-25-18B that permits presentation of shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs rather than evaluating whether the shipping and handling activities are promised services to the customer. The Company adopted this practical expedient. 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’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 Company reports its disaggregation of revenue by contract type since this method best represents the Company’s business. For the twelve-month periods ended April 30, 2020 and 2019, all of the Company’s contracts were classified as firm fixed price. As of April 30, 2020, the Company’s total remaining performance obligations, also referred to as backlog, totaled $1.0 million. The Company expects to recognize approximately 79%, or $0.8 million, of the remaining performance obligations as revenue over the next twelve months. The Company also enters into lease arrangements for its PB3 with certain customers. As of April 30, 2020, the Company has one lease arrangement with 18 months remaining on its term. Revenue related to multiple-element arrangements is allocated to lease and non-lease elements based on their relative standalone selling prices or expected cost plus a margin approach. Lease elements generally include a PB3 and components, while non-lease elements generally include engineering, monitoring and support services. In the lease arrangement, the customer is provided an option to extend the lease term or purchase the leased PB3 at some point during and/or at the end of the lease term. The Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC Topic 842, “Leases”. The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term and is presented in Revenues in the Consolidated Statement of Operations. The lease income for the twelve months ended April 30, 2020 and 2019 was immaterial. (d) Cash and 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. The following table summarizes cash and cash equivalents for the years ended April 30, 2020 and 2019: April 30, 2020 April 30, 2019 (in thousands) Checking and savings accounts $ 1,551 $ 860 Money market account 8,451 15,800 $ 10,002 $ 16,660 Restricted Cash and Security Agreements A portion of the Company’s cash is restricted under the terms of various 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 April 30, 2020, there were no letters of credit outstanding under this agreement. The other agreements are between the Company and Santander Bank. Cash is on deposit at Santander Bank and serves as security for a letter of credit issued by Santander Bank for the lease of warehouse/office space in Monroe Township, New Jersey. This agreement cannot be extended beyond January 31, 2025 and is cancelable at the discretion of the bank. Santander Bank also issued two letters of credit to subsidiaries of EGP pursuant to the Company’s contracts with EGP. The first letter of credit was issued in the amount of $125,690 that expires in February 2021. The second letter of credit was issued in the amount of $645,467. This second letter of credit will be reduced to $322,734 after achieving certain milestones and to $64,547 after certain additional milestones are achieved. The remaining amount expires in September 2021. The following table summarizes restricted cash for the years ended April 30, 2020 and 2019: April 30, 2020 April 30, 2019 (in thousands) Barclay’s Bank Agreement $ - $ 344 Santander Bank 928 155 $ 928 $ 499 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 for the years ended April 30, 2020 and 2019: April 30, 2020 April 30, 2019 (in thousands) Cash and cash equivalents $ 10,002 $ 16,660 Restricted cash- short term 707 344 Restricted cash- long term 221 155 $ 10,930 $ 17,159 (e) 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. Description Estimated useful life Equipment 5 - 7 years Computer equipment & software 3 years Office furniture & fixtures 3 - 7 years Equipment under capitalized lease Over the life of the lease Leasehold improvements Shorter of the estimated useful life or lease term (f) Foreign Exchange Gains and Losses The Company maintains cash accounts that are denominated in British pound sterling, Euros and Australian dollars. These amounts are included in cash, cash equivalents and restricted cash 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. (g) Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable and cash. The Company believes that its credit risk is limited because the Company’s current contracts are with companies with a reliable payment history. The Company invests its excess cash in a money market fund and does not believe that it is exposed to any significant risks related to its cash accounts and money market fund. Cash is also maintained at foreign financial institutions. Cash in foreign financial institutions as of April 30, 2020 was $0.3 million. 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: Twelve months ended April 30, 2020 2019 Eni S.p.A. 10 % 54 % Premier Oil UK Limited 9 % 33 % EGP 72 % 4 % Other 9 % 9 % 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 Accounting The Company accounts for warrants issued in connection with its public offerings in accordance with the guidance on “Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity” in Topic 480 which provides that warrants meeting the classification of a liability award are recorded as a liability at its fair value. The warrant liabilities are subject to re-measurement at each balance sheet date using the Black-Scholes option pricing model. 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. The warrants issued in connection with the Company’s public offerings in June and July 2016 met the criteria of a liability award and were classified in warrant liabilities. The pre-funded and common warrants issued in the Company’s April 8, 2019 public offering did not meet the criteria to be classified as a liability award and therefore were treated as an equity award. (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 and common stock equivalents outstanding during the period. The pre-funded warrants were determined to be common stock equivalents and have been included in the weighted average number of shares outstanding for calculation of the basic earnings per share number. Due to the Company’s net losses, potentially dilutive securities, consisting of options to purchase shares of common stock, warrants on common stock and unvested restricted stock issued to employees and non-employee directors, were excluded from the diluted loss per share calculation due to their anti-dilutive effect. In computing diluted net loss per share on the Consolidated Statement of Operations, warrants on common stock, options to purchase shares of common stock and unvested restricted stock issued to employees and non-employee directors, totaling 5,564,438 and 5,013,981 for the years ended April 30, 2020 and 2019, respectively, 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 aggregate share-based compensation expense recorded in the consolidated statements of operations for the years ended April 30, 2020 and 2019 was approximately $0.3 million in each of these years. The following table summarizes share-based compensation related to the Company’s share-based plans by expense category for the years ended April 30, 2020 and 2019: Twelve months ended April 30, 2020 2019 Product development $ 89 $ 29 Selling, general and administrative 251 266 Total share-based compensation expense $ 340 $ 295 (k) Deferred Rent On March 31, 2017, the Company signed a 7-year lease for approximately 56,000 square feet in Monroe Township, New Jersey that is being used as warehouse/production space, as well as 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 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. With the Company’s adoption of Accounting Standards Update (“ASU”) No. 2016-02 on May 1, 2019, the balances in lease incentive liability and deferred rent have been included in the value of the right of use asset. (l) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and operating loss and tax credit carry forwards are expected to be recovered, settled or utilized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses, to the extent incurred. (m) Accumulated Other Comprehensive Loss The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The unrealized gains or losses resulting from such translation are included in accumulated other comprehensive loss within stockholders’ equity. (n) Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, “Leases (Topic 842 In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820).” Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-15, “ Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40).” |
Account Receivable, Contract As
Account Receivable, Contract Assets, and Contract Liabilities | 12 Months Ended |
Apr. 30, 2020 | |
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 April 30, 2020 and 2019. April 30, 2020 April 30, 2019 (in thousands) Opening balance $ 63 $ 171 Amount invoiced to customers 1,386 857 Collections (1,344 ) (965 ) Ending balance $ 105 $ 63 Contract Assets and Contract Liabilities Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditioned on completing additional tasks or services for a performance obligation. The increase in contract assets is primarily a result of services performed for EGP but unbilled during the twelve months ended April 30, 2020. Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The decrease in contract liabilities is primarily a result of recognizing more revenue during the twelve months ended April 30, 2020. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Apr. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | (4) Other Current Assets Other current assets consist of the following at April 30, 2020 and 2019: April 30, 2020 April 30, 2019 (in thousands) Deposits $ 60 $ 63 Other receivables 2 44 Prepaid insurance 124 93 Prepaid offering costs 275 144 Prepaid expenses- other 127 193 $ 588 $ 537 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Apr. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (5) Property and Equipment The components of property and equipment as of April 30, 2020 and 2019 consisted of the following: April 30, 2020 April 30, 2019 (in thousands) Equipment $ 342 339 Computer equipment & software 486 558 Office furniture & equipment 339 341 Leasehold improvements 474 474 Equipment under capitalized lease - 103 Construction in process 15 15 $ 1,656 $ 1,830 Less: accumulated depreciation (1,157 ) (1,238 ) $ 499 $ 592 Depreciation expense was approximately $0.2 million and $0.2 million for the years ended April 30, 2020 and 2019, respectively. |
Leases
Leases | 12 Months Ended |
Apr. 30, 2020 | |
Leases [Abstract] | |
Leases | (6) Leases Lessor Information As of April 30, 2020, the Company has one lease which has been classified as an operating lease per accounting guidance contained within ASC Topic 842, “Leases” Lessee Information The Company has one lease for its facility located in Monroe Township, New Jersey that is used as warehouse/production space and the Company’s principal offices and corporate headquarters. The initial lease term is for 7 years with an option to extend the lease for another 5 years. The lease is classified as an operating lease. The operating lease is included in right-of-use assets, lease liabilities- current and lease liabilities- long-term on the Company’s Consolidated Balance Sheets. The Company has elected the package of practical expedients which applies to leases that commenced before the adoption date. By electing the package of practical expedients, the Company did not need to reassess whether any existing contracts are or contain leases, the lease classification for any existing leases and initial direct costs for any existing leases. Right-of-use asset and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. When the implicit rate of the lease is not provided or cannot be determined, the Company used the incremental borrowing rate based on the information available at the effective date to determine the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The renewal options have not been included in the lease term as they are not reasonably certain of exercise. Lease expense for minimum lease payments is recognized on a straight- line basis over the lease term and consists of interest on the lease liability and the amortization of the right of use asset. Variable lease expenses, if any, are recorded as incurred. The operating lease expense in the Consolidated Statement of Operations for the twelve months ended April 30, 2020 was $317,000. The operating cash flows from operating leases cash payments for the twelve months ended April 30, 2020 was $322,000. Information related to the Company’s right-of use assets and lease liabilities as of April 30, 2020 is as follows: April 30, 2020 (in thousands) Operating lease: Operating right-of-use asset, net $ 1,165 Right-of-use liability- current 229 Right-of-use liability- long term 1,078 Total lease liability $ 1,307 Weighted average remaining lease term- operating leases 4.49 years Weighted average discount rate- operating leases 8.5 % Total remaining lease payments under the Company’s operating leases are as follows: April 30, 2020 (in thousands) 2021 331 2022 341 2023 352 2024 362 Thereafter 184 Total future minimum lease payments $ 1,570 Less imputed interest (263 ) Total $ 1,307 ASC 840 Disclosure The Company elected the modified retrospective transition method and is required to present previously disclosed information under the prior accounting standard for leases. Lessee Information Future minimum lease payments under the Company’s operating lease as of April 30, 2019 were as follows: April 30, 2019 (in thousands) 2020 322 2021 331 2022 341 2023 352 2024 362 Thereafter 184 $ 1,892 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Apr. 30, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | (7) Accrued Expenses Accrued expenses consisted of the following at April 30, 2020 and 2019: April 30, 2020 April 30, 2019 (in thousands) Project costs $ 48 $ 9 Contract loss reserve 216 211 Employee incentive payments - 580 Accrued salary and benefits 483 500 Legal and accounting fees 283 273 Accrued taxes payable 177 177 Other 146 188 $ 1,353 $ 1,938 |
Warrants
Warrants | 12 Months Ended |
Apr. 30, 2020 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | (8) Warrants Liability Classified 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 20,850 shares of common stock together with warrants to purchase up to an aggregate of 7,298 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 $92.00. The warrants have an exercise price of $121.60 per share, became exercisable on December 3, 2016 (“Initial Exercise Date”), and will expire five years following the Initial Exercise Date. As of April 30, 2020, none of the warrants have been exercised. 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 29,750 shares of common stock together with warrants to purchase up to an aggregate of 8,925 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 $135.00. The Warrants were exercisable immediately at an exercise price of $187.20 per share. The warrants will expire on the fifth (5th) anniversary of the initial date of issuance. As of April 30, 2020, none of the warrants have been exercised. Equity Classified Warrants On April 8, 2019, the Company issued and sold 1,542,000 shares of common stock and pre-funded warrants to purchase up to 3,385,680 shares of common stock and common warrants to purchase up to 4,927,680 shares of our common stock in an underwritten public offering. The public offering price for the pre-funded warrants was equal to the public offering price of the common stock, less the $0.01 per share exercise price of each warrant. The pre-funded warrants have no expiration date. As of April 30, 2020, all of the pre-funded warrants have been exercised. The common stock warrants have an exercise price of $3.85 per share and expire five years from the issuance date. As of April 30, 2020, none of the common stock warrants have been exercised. The Company accounts for warrants issued in connection with its June and July 2016 public offerings in accordance with the guidance on “ Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity An unrealized gain of $6,000 and $0.2 million, were included within “Gain due to change in fair value of warrant liabilities” in the Consolidated Statements of Operations for the year ended April 30, 2020 and 2019, respectively. The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions for the period ended April 30, 2020 and 2019: April 30, 2020 April 30, 2019 Dividend rate 0.0 % 0.0 % Risk-free rate 0.17% - 0.19 % 2.2% - 2.3 % Expected life (years) 1.2 - 1.6 2.2 - 2.6 Expected volatility 81.8% - 112.7 % 110.0% - 153.4 % |
Preferred Stock
Preferred Stock | 12 Months Ended |
Apr. 30, 2020 | |
Equity [Abstract] | |
Preferred Stock | (9) Preferred Stock The Company has authorized 5,000,000 shares of undesignated preferred stock with a par value of $0.001 per share. As of April 30, 2020, and 2019, no shares of preferred stock had been issued. |
Common Stock
Common Stock | 12 Months Ended |
Apr. 30, 2020 | |
Equity [Abstract] | |
Common Stock | (10) Common Stock As of April 30, 2020, the Company has 100,000,000 shares authorized with a par value of $0.001 per share and 12,939,420 shares issued. On August 13, 2018, the Company entered into a common stock purchase agreement with Aspire Capital which provided that, subject to certain terms, conditions and limitations, Aspire Capital was committed to purchase up to an aggregate of $10.0 million of shares of the Company’s common stock over a 30-month period that did not exceed 19.99% of the outstanding common stock on the date of the agreement. The number of shares the Company could issue within the 19.99% was 183,591 shares. Shareholder approval was not needed since the number of common stock offered for sale in the common stock purchase agreement did not exceed 19.99% of the outstanding common stock on the date of the agreement. In consideration for entering into the agreement, the Company issued to Aspire Capital 21,429 shares of common stock as a commitment fee. The agreement was cancelled on October 24, 2019, and as of that date, the Company had sold 162,162 shares of common stock with an aggregate market value of $949,259 at an average price of $5.85 per share pursuant to this common stock purchase agreement. On October 24, 2019, the Company entered into a new common stock purchase agreement with Aspire Capital which provides that, subject to certain terms, conditions and limitations, Aspire Capital is committed to purchase up to an aggregate of $10.0 million of shares of the Company’s common stock over a 30-month period that does not exceed 19.99% of the outstanding common stock on the date of the agreement. The number of shares the Company can issue within the 19.99% limit is 1,219,010 shares. At the 2019 annual meeting of stockholders, held on December 20, 2019, the Company’s stockholders approved an additional 5,400,000 shares to be issued pursuant to the common stock purchase agreement in excess of the 19.99% limit. In consideration for entering into the agreement, the Company issued to Aspire Capital 194,805 shares of common stock as a commitment fee. As of April 30, 2020, the Company has sold 1,399,205 shares of common stock with an aggregate market value of approximately $1.1 million at an average price of $0.82 per share pursuant to this common stock purchase agreement. On January 7, 2019, the Company entered into the 2019 ATM Facility with A.G.P/Alliance Global Partners, under which the Company may issue and sell to or through A.G.P., acting as agent and/or principal, shares of the Company’s common stock having an aggregate offering price of up to $25 million. As of April 30, 2020, under the 2019 ATM Facility the Company has issued 5,101,405 shares of its common stock with an aggregate market value of approximately $3.8 million at an average price of $0.74 per share and paid AGP a sales commission of approximately $122,530 related to those shares. On April 8, 2019, the Company sold 1,542,000 shares of common stock, which includes the sale of 642,000 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, prefunded warrants to purchase up to 3,385,680 shares of common stock and common warrants to purchase up to 4,927,680 shares of common stock in an underwritten public offering. The net proceeds to the Company from the offering were approximately $15.7 million, after deducting underwriter’s fees and offering expenses payable by the Company. |
Treasury Shares
Treasury Shares | 12 Months Ended |
Apr. 30, 2020 | |
Equity [Abstract] | |
Treasury Shares | (11) Treasury Shares During the years ended April 30, 2020 and 2019, 481 and 89 shares of Common Stock, respectively, were purchased by the Company from employees to pay taxes related to the vesting of restricted stock. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Apr. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Plans | (12) Share-Based Compensation Plans In 2015, upon approval by the Company’s stockholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of 12,036 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 32,036. On December 7, 2018, upon approval by the Company’s stockholders, the Company increased the number of shares authorized for issuance to 132,036. On December 20, 2019, upon approval by the Company’s stockholders, the Company increased the number of shares authorized for issuance to 732,036. 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 April 30, 2020, the Company has 168,808 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 25,000 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 April 30, 2020, there were 11,487 shares available for grant under the 2018 Inducement Plan. Stock Options The Company estimates the fair value of each stock option award granted with service-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. Twelve months ended April 30, 2020 2019 Risk-free interest rate 1.7 % 2.7 % Expected dividend yield 0.0 % 0.0 % Expected life (in years) 5.5- 5.7 5.5 Expected volatility 127.6% - 128.2 % 126.4 % The above assumptions were used to determine the weighted average per share fair value of $0.92 and $7.15 for stock options granted during the years ended April 30, 2020 and 2019, respectively. Performance Stock Options In January of 2020, the Company issued 81,334 performance-based stock options to two of its executives. The awards vest over 2 years if there is positive total shareholder return (e.g. share price increase) as measured to the 5-day (January 11-15, 2021) and (January 10-14, 2022) share price volume weighted average price (“VWAP”). There were 81,334 shares unvested and outstanding for the year ended April 30, 2020. The Company determined these awards contain a market- based condition and estimated the fair value using the Monte Carlo simulation model with the following assumptions: Risk-free interest rate 2.3 % Expected dividend yield 0.0 % Expected life (in years) 10.0 Expected volatility 115.0 % The above assumptions were used to determine the weighted average per share fair value of $0.82 for stock options granted during the year ended April 30, 2020. 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, 2019 65,572 $ 21.08 8.9 Granted 493,000 $ 1.05 Exercised - $ - Cancelled/forfeited (3,097 ) $ 44.32 Outstanding as of April 30, 2020 555,475 $ 3.19 9.5 Exercisable as of April 30, 2020 62,475 $ 20.09 7.9 As of April 30, 2020, the total intrinsic value of both outstanding and exercisable options was zero. As of April 30, 2020, approximately 493,000 options were unvested, which had no intrinsic value and a weighted average remaining contractual term of 9.7 years. There was approximately $0.3 million and $0.2 million of total recognized compensation cost related to stock options during each of the years ended April 30, 2020 and 2019, respectively. As of April 30, 2020, there was approximately $0.3 million of total unrecognized compensation cost related to unvested stock options granted under the plans. This cost is expected to be recognized over a weighted-average period of 1.0 years. The Company typically issues newly authorized but unissued shares to satisfy option exercises under these plans. Restricted Stock Compensation expense for unvested 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 year ended April 30, 2020, the Company granted 13,513 shares subject to service-based vesting requirements. A summary of unvested restricted stock under our stock incentive plans is as follows: Weighted Number Average Price per of Shares Share Issued and unvested at April 30, 2019 4,506 $ 30.08 Granted 13,513 $ 1.48 Vested (4,380 ) $ 30.14 Cancelled/forfeited (126 ) $ 28.00 Issued and unvested at April 30, 2020 13,513 $ 1.48 There was approximately $15,000 and $0.1 million of total recognized compensation cost related to restricted stock for the years ended April 30, 2020 and 2019, respectively. As of April 30, 2020, there is $10,000 of unrecognized compensation cost remaining related to unvested restricted stock granted under our plans. This cost is expected to be recognized over a weighted-average period of 0.6 years. During the year ended April 30, 2020, the Company granted 51,547 shares, subject to service-based vesting requirements, to an employee that were granted outside the Company stock incentive plans. There was approximately $20,000 of total recognized compensation cost, and $30,000 of unrecognized compensation cost, related to this award for the year ended April 30, 2020. This unrecognized cost is expected to be recognized over a weighted-average period of 0.6 years. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Apr. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (13) 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 the year ended April 30, 2020 and 2018. The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments, other than investment in affiliates. Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized. Warrant Liabilities The fair value of the Company’s warrant liabilities (refer to Note 8) 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 April 30, 2020: 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 $ - $ - $ - $ - The following table presents financial assets and liabilities measured at fair value on a recurring basis as of April 30, 2019: 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 $ 6 $ - $ - $ 6 The following table provides a summary of changes in the fair value of the warrant liabilities during the year ended April 30, 2020; Total Warrant Liability (in thousands) Fair value – April 30, 2018 $ 201 Change in fair value (195 ) Fair value – April 30, 2019 6 Change in fair value (6 ) Fair value – April 30, 2020 $ - |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (14) Income Taxes- Loss before income taxes for the years ended April 30, 2020 and 2019 consisted of the following components: April 30, 2020 April 30, 2019 (in thousands) Domestic $ (10,985 ) $ (12,860 ) Foreign (262 ) (236 ) Total loss before income taxes $ (11,247 ) $ (13,096 ) The income tax benefit for the years ended April 30, 2020 and 2019 consist of state income tax benefits of $0.9 million in each year from the sale of New Jersey net operating losses and research and development credits. Tax Rate Reconciliation The effective income tax rate differed from the percentages computed by applying the US federal income tax rate for the periods ended April 30, 2020 and 2019 to loss before income taxes as a result of the following: April 30, 2020 April 30, 2019 Computed expected tax (benefit) (21.0 )% (21.0 )% Increase(reduction) in income taxes resulting from: State income taxes, net of federal (benefit) 2.9 % 0.8 % Federal research and development tax credits (0.5 )% (1.5 )% Foreign rate differential 5.2 % 0.2 % Other non-deductible expenses 0.0 % 0.1 % Proceeds of sale of New Jersey tax (benefits) (8.0 )% (6.5 )% Other 5.2 % 0.6 % Increase in valuation allowance 8.3 % 20.8 % Income tax (benefit) (7.9 )% (6.5 )% Significant Components of Deferred Taxes The tax effects of temporary differences and carry forwards that give rise to the Company’s deferred tax assets and deferred tax liabilities are presented below. April 30, 2020 April 30, 2019 (in thousands) Deferred tax assets: Federal net operating loss carryforwards $ 33,740 $ 32,025 Foreign net operating loss carryforwards 3,307 3,641 State operating loss carryforwards 1,598 1,653 Federal and New Jersey research and development tax credits 3,076 3,315 Stock compensation 311 486 Accrued expenses 131 145 Other 595 443 Net deferred tax assets before valuation allowance 42,758 41,708 Valuation allowance (42,431 ) (41,708 ) Deferred tax assets 327 - Deferred tax liability: Lease liability 327 - Net deferred tax assets $ - $ - In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences and carry forwards become deductible or are utilized. As of April 30, 2020 and 2019, based upon the level of historical taxable losses, valuation allowances of $42.4 million and $41.7 million, respectively, were recorded to fully offset deferred tax assets. The valuation allowance increased $0.7 million during the year ended April 30, 2020 and decreased $2.5 million during the year ended 2019 respectively. As of April 30, 2020, the Company had net operating loss carry forwards for federal income tax purposes of approximately $160.7 million, which begin to expire in fiscal 2021; $22.6 million of the federal carryforward has no expiration, but the deductibility of such federal net operating losses may be limited to 80% of our taxable income in future years. The Company also had federal research and development tax credit carry forwards of approximately $3.0 million as of April 30, 2020, which begins to expire in 2021. The Tax Reform Act of 1986 contains provisions that limit the utilization of net operating loss and tax credit carry forwards if there has been an ownership change, as defined. The Company has determined that such an ownership change, as described in Section 382 of the Internal Revenue Code, occurred in conjunction with the Company’s U.S. initial public offering in April 2007. The Company’s annual Section 382 limitation is approximately $3.3 million. The Section 382 limitation is cumulative from year to year, and thus, to the extent net operating loss or other credit carry forwards are not utilized up to the amount of the available annual limitation, the limitation is carried forward and added to the following year’s available limitation. Such limitation only applies to net operating losses incurred in periods prior to the ownership change. The Company has not performed additional analysis on ownership changes that may have occurred subsequently to further limit the ability to utilize net tax attributes. As of April 30, 2020, the Company had state net operating loss carry forwards of approximately $22.5 million which begin to expire in 2039, which also may be limited to utilization limitations. As of April 30, 2020, the Company had foreign net operating loss carry forwards of approximately $16.3 million. The ability to utilize these carry forwards may also be limited in the event of a significant change to ownership. New Jersey Net Operating Loss During the years ended April 30, 2020 and 2019, the Company sold New Jersey State net operating losses and research and development credits in the amount of $10.0 million and $9.1 million, respectively, resulting in the recognition of income tax benefits of $0.9 million and $0.9 million, respectively, recorded in the Company’s Statement of Operations. 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. The Company is currently undergoing an income tax audit in Spain for the period from 2011 to 2014, when the Company’s Spanish branch was closed (see Note 15 to the Consolidated Financial Statements). At April 30, 2020 and 2019, 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. The Company does not have any interest or penalties accrued related to uncertain tax positions as it does not have any unrecognized tax benefits. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (15) Commitments and Contingencies 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., NASDAQ Delisting Notification On March 3, 2020, 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 August 31, 2020, 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. On April 20, 2020, the Company received a written notice from NASDAQ indicating that, as a result of the tolling of the bid price requirements due to COVID-19, the period within which the Company has to regain compliance was extended from August 31, 2020 to November 13, 2020. Spain Income Tax Audit The Company is currently undergoing an income tax audit in Spain for the period from 2011 to 2014, the Spanish tax inspector has raised questions with respect to the Company’s recognition of funds received during this time period 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 years. The Company has estimated this penalty to be $177,000 and as of April 30, 2020 and 2019 has recorded the penalty in Accrued expenses in the Consolidated Balance Sheet. |
Operating Segments and Geograph
Operating Segments and Geographic Information | 12 Months Ended |
Apr. 30, 2020 | |
Segment Reporting [Abstract] | |
Operating Segments and Geographic Information | (16) Operating Segments and Geographic Information The Company’s business consists of one segment as this represents management’s view of the Company’s operations. The Company operates on a worldwide basis with one operating company in the US and operating subsidiaries in the UK and in Australia. Revenues and expenses are generally attributed to the operating unit that bills the customers. Geographic information is as follows: Year Ended April 30, 2020 North America Europe Asia and Australia Total (in thousands) Revenues from external customers $ 1,682 $ - $ - $ 1,682 Operating loss (11,110 ) (234 ) (21 ) (11,365 ) Long-lived assets 499 - - 499 Total assets 13,251 36 251 13,538 Year Ended April 30, 2019 North America Europe Asia and Australia Total (in thousands) Revenues from external customers $ 632 $ - $ - $ 632 Operating loss (13,045 ) (204 ) (22 ) (13,271 ) Long-lived assets 592 - - 592 Total assets 18,028 49 289 18,366 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Apr. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | (17) Subsequent Event As a result of the COVID-19 pandemic, the U.S. Government passed the CARES Act. On May 3, 2020, the Company signed a PPP loan with Santander as the lender for $890,347 in support through the Small Business Association (“SBA”) under the PPP Loan. The PPP Loan will be unsecured and evidenced by a note in favor of Santander as the lender (the “Note”) and governed by a Loan Agreement with Santander (the “Loan Agreement”). The Company received the proceeds on May 5, 2020. The SBA allows loan forgiveness for costs incurred and paid for a) payroll costs, b) interest on any real or personal property mortgage incurred prior to February 15, 2020, c) rent on any lease in force prior to February 15, 2020, and d) utility payments for which service began before February 15, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2020 | |
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 estimated costs to complete projects and percentage of completion of customer contracts for purposes of revenue recognition. Actual results could differ from those estimates. The current economic environment, particularly the macroeconomic pressures in certain European countries, has increased the degree of uncertainty inherent in those estimates and assumptions. |
Revenue Recognition | (c) 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 nature of the Company’s contracts may give rise to several types of variable considerations, including unpriced change orders and liquidated damages and penalties. Variable consideration can also arise from modifications to the scope of services. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on our assessment of legal enforceability, performance and any other information (historical, current, and forecasted) that is reasonably available to us. ASU 2016-10 provides a practical expedient in ASC 606-10-25-18B that permits presentation of shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs rather than evaluating whether the shipping and handling activities are promised services to the customer. The Company adopted this practical expedient. 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’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 Company reports its disaggregation of revenue by contract type since this method best represents the Company’s business. For the twelve-month periods ended April 30, 2020 and 2019, all of the Company’s contracts were classified as firm fixed price. As of April 30, 2020, the Company’s total remaining performance obligations, also referred to as backlog, totaled $1.0 million. The Company expects to recognize approximately 79%, or $0.8 million, of the remaining performance obligations as revenue over the next twelve months. The Company also enters into lease arrangements for its PB3 with certain customers. As of April 30, 2020, the Company has one lease arrangement with 18 months remaining on its term. Revenue related to multiple-element arrangements is allocated to lease and non-lease elements based on their relative standalone selling prices or expected cost plus a margin approach. Lease elements generally include a PB3 and components, while non-lease elements generally include engineering, monitoring and support services. In the lease arrangement, the customer is provided an option to extend the lease term or purchase the leased PB3 at some point during and/or at the end of the lease term. The Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC Topic 842, “Leases”. The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term and is presented in Revenues in the Consolidated Statement of Operations. The lease income for the twelve months ended April 30, 2020 and 2019 was immaterial. |
Cash and Cash Equivalents, Restricted Cash and Security Agreements | (d) Cash and 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. The following table summarizes cash and cash equivalents for the years ended April 30, 2020 and 2019: April 30, 2020 April 30, 2019 (in thousands) Checking and savings accounts $ 1,551 $ 860 Money market account 8,451 15,800 $ 10,002 $ 16,660 Restricted Cash and Security Agreements A portion of the Company’s cash is restricted under the terms of various 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 April 30, 2020, there were no letters of credit outstanding under this agreement. The other agreements are between the Company and Santander Bank. Cash is on deposit at Santander Bank and serves as security for a letter of credit issued by Santander Bank for the lease of warehouse/office space in Monroe Township, New Jersey. This agreement cannot be extended beyond January 31, 2025 and is cancelable at the discretion of the bank. Santander Bank also issued two letters of credit to subsidiaries of EGP pursuant to the Company’s contracts with EGP. The first letter of credit was issued in the amount of $125,690 that expires in February 2021. The second letter of credit was issued in the amount of $645,467. This second letter of credit will be reduced to $322,734 after achieving certain milestones and to $64,547 after certain additional milestones are achieved. The remaining amount expires in September 2021. The following table summarizes restricted cash for the years ended April 30, 2020 and 2019: April 30, 2020 April 30, 2019 (in thousands) Barclay’s Bank Agreement $ - $ 344 Santander Bank 928 155 $ 928 $ 499 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 for the years ended April 30, 2020 and 2019: April 30, 2020 April 30, 2019 (in thousands) Cash and cash equivalents $ 10,002 $ 16,660 Restricted cash- short term 707 344 Restricted cash- long term 221 155 $ 10,930 $ 17,159 |
Property and Equipment | (e) 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. Description Estimated useful life Equipment 5 - 7 years Computer equipment & software 3 years Office furniture & fixtures 3 - 7 years Equipment under capitalized lease Over the life of the lease Leasehold improvements Shorter of the estimated useful life or lease term |
Foreign Exchange Gains and Losses | (f) Foreign Exchange Gains and Losses The Company maintains cash accounts that are denominated in British pound sterling, Euros and Australian dollars. These amounts are included in cash, cash equivalents and restricted cash 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. |
Concentration of Credit Risk | (g) Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable and cash. The Company believes that its credit risk is limited because the Company’s current contracts are with companies with a reliable payment history. The Company invests its excess cash in a money market fund and does not believe that it is exposed to any significant risks related to its cash accounts and money market fund. Cash is also maintained at foreign financial institutions. Cash in foreign financial institutions as of April 30, 2020 was $0.3 million. 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: Twelve months ended April 30, 2020 2019 Eni S.p.A. 10 % 54 % Premier Oil UK Limited 9 % 33 % EGP 72 % 4 % Other 9 % 9 % 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 Accounting | (h) Warrant Accounting The Company accounts for warrants issued in connection with its public offerings in accordance with the guidance on “Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity” in Topic 480 which provides that warrants meeting the classification of a liability award are recorded as a liability at its fair value. The warrant liabilities are subject to re-measurement at each balance sheet date using the Black-Scholes option pricing model. 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. The warrants issued in connection with the Company’s public offerings in June and July 2016 met the criteria of a liability award and were classified in warrant liabilities. The pre-funded and common warrants issued in the Company’s April 8, 2019 public offering did not meet the criteria to be classified as a liability award and therefore were treated as an equity award. |
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 and common stock equivalents outstanding during the period. The pre-funded warrants were determined to be common stock equivalents and have been included in the weighted average number of shares outstanding for calculation of the basic earnings per share number. Due to the Company’s net losses, potentially dilutive securities, consisting of options to purchase shares of common stock, warrants on common stock and unvested restricted stock issued to employees and non-employee directors, were excluded from the diluted loss per share calculation due to their anti-dilutive effect. In computing diluted net loss per share on the Consolidated Statement of Operations, warrants on common stock, options to purchase shares of common stock and unvested restricted stock issued to employees and non-employee directors, totaling 5,564,438 and 5,013,981 for the years ended April 30, 2020 and 2019, respectively, 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 aggregate share-based compensation expense recorded in the consolidated statements of operations for the years ended April 30, 2020 and 2019 was approximately $0.3 million in each of these years. The following table summarizes share-based compensation related to the Company’s share-based plans by expense category for the years ended April 30, 2020 and 2019: Twelve months ended April 30, 2020 2019 Product development $ 89 $ 29 Selling, general and administrative 251 266 Total share-based compensation expense $ 340 $ 295 |
Deferred Rent | (k) Deferred Rent On March 31, 2017, the Company signed a 7-year lease for approximately 56,000 square feet in Monroe Township, New Jersey that is being used as warehouse/production space, as well as 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 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. With the Company’s adoption of Accounting Standards Update (“ASU”) No. 2016-02 on May 1, 2019, the balances in lease incentive liability and deferred rent have been included in the value of the right of use asset. |
Income Taxes | (l) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and operating loss and tax credit carry forwards are expected to be recovered, settled or utilized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses, to the extent incurred. |
Accumulated Other Comprehensive Loss | (m) Accumulated Other Comprehensive Loss The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The unrealized gains or losses resulting from such translation are included in accumulated other comprehensive loss within stockholders’ equity. |
Recently Issued Accounting Standards | (n) Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, “Leases (Topic 842 In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820).” Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-15, “ Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40).” |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Schedule of Cash and Cash Equivalents | The following table summarizes cash and cash equivalents for the years ended April 30, 2020 and 2019: April 30, 2020 April 30, 2019 (in thousands) Checking and savings accounts $ 1,551 $ 860 Money market account 8,451 15,800 $ 10,002 $ 16,660 |
Schedule of Cash and Cash Equivalents and Restricted Cash | The following table summarizes restricted cash for the years ended April 30, 2020 and 2019: April 30, 2020 April 30, 2019 (in thousands) Barclay’s Bank Agreement $ - $ 344 Santander Bank 928 155 $ 928 $ 499 |
Schedule of Property, Plant and Equipment, Useful Life | Description Estimated useful life Equipment 5 - 7 years Computer equipment & software 3 years Office furniture & fixtures 3 - 7 years Equipment under capitalized lease Over the life of the lease Leasehold improvements Shorter of the estimated useful life or lease term |
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: Twelve months ended April 30, 2020 2019 Eni S.p.A. 10 % 54 % Premier Oil UK Limited 9 % 33 % EGP 72 % 4 % Other 9 % 9 % 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 years ended April 30, 2020 and 2019: Twelve months ended April 30, 2020 2019 Product development $ 89 $ 29 Selling, general and administrative 251 266 Total share-based compensation expense $ 340 $ 295 |
Restricted Cash [Member] | |
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 for the years ended April 30, 2020 and 2019: April 30, 2020 April 30, 2019 (in thousands) Cash and cash equivalents $ 10,002 $ 16,660 Restricted cash- short term 707 344 Restricted cash- long term 221 155 $ 10,930 $ 17,159 |
Account Receivable, Contract _2
Account Receivable, Contract Assets, and Contract Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Account Receivable Contract Assets And Contract Liabilities | |
Schedule of Accounts Receivable | Accounts receivable consisted of the following at April 30, 2020 and 2019. April 30, 2020 April 30, 2019 (in thousands) Opening balance $ 63 $ 171 Amount invoiced to customers 1,386 857 Collections (1,344 ) (965 ) Ending balance $ 105 $ 63 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consist of the following at April 30, 2020 and 2019: April 30, 2020 April 30, 2019 (in thousands) Deposits $ 60 $ 63 Other receivables 2 44 Prepaid insurance 124 93 Prepaid offering costs 275 144 Prepaid expenses- other 127 193 $ 588 $ 537 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Components of Property and Equipment | The components of property and equipment as of April 30, 2020 and 2019 consisted of the following: April 30, 2020 April 30, 2019 (in thousands) Equipment $ 342 339 Computer equipment & software 486 558 Office furniture & equipment 339 341 Leasehold improvements 474 474 Equipment under capitalized lease - 103 Construction in process 15 15 $ 1,656 $ 1,830 Less: accumulated depreciation (1,157 ) (1,238 ) $ 499 $ 592 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Leases [Abstract] | |
Schedule of Right-of Use Assets and Lease Liabilities | Information related to the Company’s right-of use assets and lease liabilities as of April 30, 2020 is as follows: April 30, 2020 (in thousands) Operating lease: Operating right-of-use asset, net $ 1,165 Right-of-use liability- current 229 Right-of-use liability- long term 1,078 Total lease liability $ 1,307 Weighted average remaining lease term- operating leases 4.49 years Weighted average discount rate- operating leases 8.5 % |
Schedule of Remaining Lease Payments Under Operating Lease | Total remaining lease payments under the Company’s operating leases are as follows: April 30, 2020 (in thousands) 2021 331 2022 341 2023 352 2024 362 Thereafter 184 Total future minimum lease payments $ 1,570 Less imputed interest (263 ) Total $ 1,307 |
Schedule of Future Minimum Lease Payments Under Operating Lease | Future minimum lease payments under the Company’s operating lease as of April 30, 2019 were as follows: April 30, 2019 (in thousands) 2020 322 2021 331 2022 341 2023 352 2024 362 Thereafter 184 $ 1,892 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at April 30, 2020 and 2019: April 30, 2020 April 30, 2019 (in thousands) Project costs $ 48 $ 9 Contract loss reserve 216 211 Employee incentive payments - 580 Accrued salary and benefits 483 500 Legal and accounting fees 283 273 Accrued taxes payable 177 177 Other 146 188 $ 1,353 $ 1,938 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Warrant [Member] | |
Schedule of Fair Value Assumptions Used | The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions for the period ended April 30, 2020 and 2019: April 30, 2020 April 30, 2019 Dividend rate 0.0 % 0.0 % Risk-free rate 0.17% - 0.19 % 2.2% - 2.3 % Expected life (years) 1.2 - 1.6 2.2 - 2.6 Expected volatility 81.8% - 112.7 % 110.0% - 153.4 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Twelve months ended April 30, 2020 2019 Risk-free interest rate 1.7 % 2.7 % Expected dividend yield 0.0 % 0.0 % Expected life (in years) 5.5- 5.7 5.5 Expected volatility 127.6% - 128.2 % 126.4 % |
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, 2019 65,572 $ 21.08 8.9 Granted 493,000 $ 1.05 Exercised - $ - Cancelled/forfeited (3,097 ) $ 44.32 Outstanding as of April 30, 2020 555,475 $ 3.19 9.5 Exercisable as of April 30, 2020 62,475 $ 20.09 7.9 |
Schedule of Non-vested Restricted Stock Activity | A summary of unvested restricted stock under our stock incentive plans is as follows: Weighted Number Average Price per of Shares Share Issued and unvested at April 30, 2019 4,506 $ 30.08 Granted 13,513 $ 1.48 Vested (4,380 ) $ 30.14 Cancelled/forfeited (126 ) $ 28.00 Issued and unvested at April 30, 2020 13,513 $ 1.48 |
Performance Stock Options [Member] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The Company determined these awards contain a market- based condition and estimated the fair value using the Monte Carlo simulation model with the following assumptions: Risk-free interest rate 2.3 % Expected dividend yield 0.0 % Expected life (in years) 10.0 Expected volatility 115.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
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 April 30, 2020: 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 $ - $ - $ - $ - The following table presents financial assets and liabilities measured at fair value on a recurring basis as of April 30, 2019: 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 $ 6 $ - $ - $ 6 |
Summary of Changes on Value of Warrant Liability Using Significant Unobservable Inputs | The following table provides a summary of changes in the fair value of the warrant liabilities during the year ended April 30, 2020; Total Warrant Liability (in thousands) Fair value – April 30, 2018 $ 201 Change in fair value (195 ) Fair value – April 30, 2019 6 Change in fair value (6 ) Fair value – April 30, 2020 $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Loss Before Income Taxes | Loss before income taxes for the years ended April 30, 2020 and 2019 consisted of the following components: April 30, 2020 April 30, 2019 (in thousands) Domestic $ (10,985 ) $ (12,860 ) Foreign (262 ) (236 ) Total loss before income taxes $ (11,247 ) $ (13,096 ) |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate differed from the percentages computed by applying the US federal income tax rate for the periods ended April 30, 2020 and 2019 to loss before income taxes as a result of the following: April 30, 2020 April 30, 2019 Computed expected tax (benefit) (21.0 )% (21.0 )% Increase(reduction) in income taxes resulting from: State income taxes, net of federal (benefit) 2.9 % 0.8 % Federal research and development tax credits (0.5 )% (1.5 )% Foreign rate differential 5.2 % 0.2 % Other non-deductible expenses 0.0 % 0.1 % Proceeds of sale of New Jersey tax (benefits) (8.0 )% (6.5 )% Other 5.2 % 0.6 % Increase in valuation allowance 8.3 % 20.8 % Income tax (benefit) (7.9 )% (6.5 )% |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences and carry forwards that give rise to the Company’s deferred tax assets and deferred tax liabilities are presented below. April 30, 2020 April 30, 2019 (in thousands) Deferred tax assets: Federal net operating loss carryforwards $ 33,740 $ 32,025 Foreign net operating loss carryforwards 3,307 3,641 State operating loss carryforwards 1,598 1,653 Federal and New Jersey research and development tax credits 3,076 3,315 Stock compensation 311 486 Accrued expenses 131 145 Other 595 443 Net deferred tax assets before valuation allowance 42,758 41,708 Valuation allowance (42,431 ) (41,708 ) Deferred tax assets 327 - Deferred tax liability: Lease liability 327 - Net deferred tax assets $ - $ - |
Operating Segments and Geogra_2
Operating Segments and Geographic Information (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Year Ended April 30, 2020 North America Europe Asia and Australia Total (in thousands) Revenues from external customers $ 1,682 $ - $ - $ 1,682 Operating loss (11,110 ) (234 ) (21 ) (11,365 ) Long-lived assets 499 - - 499 Total assets 13,251 36 251 13,538 Year Ended April 30, 2019 North America Europe Asia and Australia Total (in thousands) Revenues from external customers $ 632 $ - $ - $ 632 Operating loss (13,045 ) (204 ) (22 ) (13,271 ) Long-lived assets 592 - - 592 Total assets 18,028 49 289 18,366 |
Background and Liquidity (Detai
Background and Liquidity (Details Narrative) - USD ($) | May 05, 2020 | Oct. 24, 2019 | Apr. 08, 2019 | Jan. 07, 2019 | Aug. 13, 2018 | Apr. 30, 2020 | Apr. 30, 2020 | Apr. 30, 2019 |
Accumulated deficit | $ (220,136,000) | $ (220,136,000) | $ (209,784,000) | |||||
Cash, cash equivalents and restricted cash, at carrying value | $ 10,930,000 | 10,930,000 | 17,159,000 | |||||
Revenues | $ 1,700,000 | $ 600,000 | ||||||
Number of common stock shares sold | 1,542,000 | |||||||
Aggregate offering price | $ 15,700,000 | |||||||
Pre-funded Warrants [Member] | ||||||||
Warrant to purchase shares common stock | 3,385,680 | |||||||
Over-Allotment Option [Member] | ||||||||
Number of common stock shares sold | 642,000 | |||||||
Stock Purchase Agreement [Member] | Aspire Capital Fund, LLC [Member] | ||||||||
Aggregate purchase of common stock | $ 10,000,000 | $ 10,000,000 | ||||||
Percentage of outstanding common stock limit for shareholder approval | 19.99% | |||||||
Number of shares can be issued based upon outstanding percentage | 183,591 | |||||||
Common stock issued for commitment fee | 21,429 | |||||||
Number of common stock shares sold | 162,162 | |||||||
Proceeds from issuance or sale of equity, net of issuance costs | $ 949,259 | |||||||
Combined purchase price per share | $ 5.85 | |||||||
Stock Purchase Agreement [Member] | Aspire Capital Fund, LLC [Member] | December 20, 2019 [Member] | ||||||||
Stock issued for new issue, shares | 5,400,000 | |||||||
Stock Purchase Agreement [Member] | Aspire Capital Fund, LLC [Member] | Maximum [Member] | ||||||||
Percentage of outstanding common stock limit for shareholder approval | 19.99% | |||||||
Number of shares can be issued based upon outstanding percentage | 1,219,010 | |||||||
Common stock issued for commitment fee | 194,805 | |||||||
Combined purchase price per share | $ 0.82 | $ 0.82 | ||||||
Stock issued for new issue, shares | 1,399,205 | 1,399,205 | ||||||
Stock issued for new issue, value | $ 1,100,000 | $ 1,100,000 | ||||||
Securities Purchase Agreement [Member] | ||||||||
Warrant to purchase shares common stock | 4,927,680 | |||||||
2019 ATM Facility [Member] | A.G.P./ Alliance Global Partners [Member] | ||||||||
Number of common stock shares sold | 5,101,405 | |||||||
Proceeds from issuance or sale of equity, net of issuance costs | $ 3,800,000 | |||||||
Combined purchase price per share | $ 0.74 | $ 0.74 | ||||||
Aggregate offering price | $ 25,000,000 | |||||||
Payment of sales commission | $ 122,530 | |||||||
Subsequent Event [Member] | Paycheck Protection Program [Member] | ||||||||
Proceeds from loan | $ 900,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | Mar. 31, 2017USD ($)ft² | Apr. 30, 2020USD ($)shares | Apr. 30, 2019USD ($)shares | Apr. 30, 2020EUR (€) | May 02, 2019USD ($) |
Performance obligation revenue of next twelve months | $ 1,000,000 | ||||
Revenue remaining performance obligation, percentage | 79.00% | ||||
Revenue remaining performance obligation | $ 800,000 | ||||
Antidilutive securities excluded from computation of earnings per share, shares | shares | 5,564,438 | 5,013,981 | |||
Share based compensation | $ 300,000 | $ 300,000 | |||
Right-of-use asset | 1,165,000 | ||||
Lease liability | $ 1,307,000 | ||||
ASU 2016-02 [Member] | |||||
Right-of-use asset | $ 1,400,000 | ||||
Lease liability | 1,500,000 | ||||
Deferred rent | 39,000 | ||||
Unamortized lease incentive receivable | $ 108,000 | ||||
Monroe Township [Member] | |||||
Term of lease | 7 years | 7 years | 7 years | ||
Area of land | ft² | 56,000 | ||||
Tenant improvement work | $ 137,563 | ||||
Santander Bank [Member] | Letter 2 [Member] | March 2020 [Member] | |||||
Letters of credit outstanding, amount | $ 322,734 | ||||
Santander Bank [Member] | Letter 2 [Member] | May 2020 [Member] | |||||
Letters of credit outstanding, amount | $ 64,547 | ||||
Line of credit expiration period | Sep. 30, 2021 | ||||
Foreign Financial Institutions [Member] | |||||
Cash | $ 300,000 | ||||
One Agreement [Member] | Barclays Bank [Member] | |||||
Long-term line of credit | $ 400,000 | ||||
Line of credit facility, commitment fee percentage | 1.00% | ||||
Letters of credit outstanding, amount | |||||
One Agreement [Member] | Barclays Bank [Member] | Euro [Member] | |||||
Long-term line of credit | € | € 300,000 | ||||
Letters of credit outstanding, amount | |||||
Other Agreement [Member] | Santander Bank [Member] | Letter 1 [Member] | |||||
Letters of credit outstanding, amount | $ 125,690 | ||||
Line of credit expiration period | Feb. 21, 2021 | ||||
Other Agreement [Member] | Santander Bank [Member] | Letter 2 [Member] | |||||
Letters of credit outstanding, amount | $ 645,467 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Cash and cash equivalents | $ 10,002 | $ 16,660 |
Checking and Savings Accounts [Member] | ||
Cash and cash equivalents | 1,551 | 860 |
Money Market Account [Member] | ||
Cash and cash equivalents | $ 8,451 | $ 15,800 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Restricted Cash | $ 928,000 | $ 499,000 |
Cash and Cash Equivalents | 10,002,000 | 16,660,000 |
Restricted cash- short term | 707,000 | 344,000 |
Restricted cash- long term | 221,000 | 155,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 10,930,000 | 17,159,000 |
Barclay's Bank Agreement [Member] | ||
Restricted Cash | 344,000 | |
Santander Bank [Member] | ||
Restricted Cash | $ 928,000 | $ 155,000 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment, Useful Life (Details) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Computer Equipment & Software [Member] | ||
Property and equipment, useful life (Year) | 3 years | |
Equipment Under Capitalized Lease [Member] | ||
Property and equipment, useful life | Over the life of the lease | |
Leasehold Improvements [Member] | ||
Property and equipment, useful life | Shorter of the estimated useful life or lease term | |
Minimum [Member] | Equipment [Member] | ||
Property and equipment, useful life (Year) | 5 years | |
Minimum [Member] | Office Furniture & Fixtures [Member] | ||
Property and equipment, useful life (Year) | 3 years | |
Maximum [Member] | Equipment [Member] | ||
Property and equipment, useful life (Year) | 7 years | |
Maximum [Member] | Office Furniture & Fixtures [Member] | ||
Property and equipment, useful life (Year) | 7 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Revenue by Major Customers by Reporting Segments (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Revenues, percentage | 100.00% | 100.00% |
Eni S.P.A [Member] | ||
Revenues, percentage | 10.00% | 54.00% |
Premier Oil UK Limited [Member] | ||
Revenues, percentage | 9.00% | 33.00% |
EGP [Member] | ||
Revenues, percentage | 72.00% | 4.00% |
Other [Member] | ||
Revenues, percentage | 9.00% | 9.00% |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Total share-based compensation expense | $ 340 | $ 295 |
Product Development [Member] | ||
Total share-based compensation expense | 89 | 29 |
Selling, General and Administrative [Member] | ||
Total share-based compensation expense | $ 251 | $ 266 |
Account Receivable, Contract _3
Account Receivable, Contract Assets, and Contract Liabilities - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Account Receivable Contract Assets And Contract Liabilities | ||
Opening balance | $ 63 | $ 171 |
Amount invoiced to customer | 1,386 | 857 |
Collections | (1,344) | (965) |
Ending balance | $ 105 | $ 63 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deposits | $ 60 | $ 63 |
Other receivables | 2 | 44 |
Prepaid insurance | 124 | 93 |
Prepaid offering costs | 275 | 144 |
Prepaid expenses- other | 127 | 193 |
Other current assets | $ 588 | $ 537 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 200 | $ 200 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Property and equipment, gross | $ 1,656 | $ 1,830 |
Less: accumulated depreciation | (1,157) | (1,238) |
Property and equipment, net | 499 | 592 |
Equipment [Member] | ||
Property and equipment, gross | 342 | 339 |
Computer Equipment & Software [Member] | ||
Property and equipment, gross | 486 | 558 |
Office Furniture & Equipment [Member] | ||
Property and equipment, gross | 339 | 341 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 474 | 474 |
Equipment Under Capitalized Lease [Member] | ||
Property and equipment, gross | 103 | |
Construction in Process [Member] | ||
Property and equipment, gross | $ 15 | $ 15 |
Leases (Details Narrative)
Leases (Details Narrative) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020USD ($)Integer | Mar. 31, 2017 | |
Number of active lease arrangement | Integer | 1 | |
Operating lease straight-line expense | $ 317 | |
Operating leases cash payments | $ 322 | |
Monroe Township [Member] | ||
Term of lease | 7 years | 7 years |
Option to extend lease | The initial lease term is for 7 years with an option to extend the lease for another 5 years. |
Leases - Schedule of Right-of U
Leases - Schedule of Right-of Use Assets and Lease Liabilities (Details) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Leases [Abstract] | ||
Operating right-of-use asset, net | $ 1,165,000 | |
Right-of-use liability- current | 229,000 | |
Right-of-use liability- long term | 1,078,000 | |
Total lease liability | $ 1,307,000 | |
Weighted average remaining lease term- operating leases | 4 years 5 months 27 days | |
Weighted average discount rate- operating leases | 8.50% |
Leases - Schedule of Remaining
Leases - Schedule of Remaining Lease Payments Under Operating Lease (Details) | Apr. 30, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 331,000 |
2022 | 341,000 |
2023 | 352,000 |
2024 | 362,000 |
Thereafter | 184,000 |
Total future minimum lease payments | 1,570,000 |
Less imputed interest | (263,000) |
Total | $ 1,307,000 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Operating Lease (Details) $ in Thousands | Apr. 30, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 322 |
2021 | 331 |
2022 | 341 |
2023 | 352 |
2024 | 362 |
Thereafter | 184 |
Future lease payments | $ 1,892 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Payables and Accruals [Abstract] | ||
Project costs | $ 48 | $ 9 |
Contract loss reserve | 216 | 211 |
Employee incentive payments | 580 | |
Accrued salary and benefits | 483 | 500 |
Legal and accounting fees | 283 | 273 |
Accrued taxes payable | 177 | 177 |
Other | 146 | 188 |
Accrued expenses total | $ 1,353 | $ 1,938 |
Warrants (Details Narrative)
Warrants (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Apr. 08, 2019 | Jul. 22, 2016 | Jun. 02, 2016 | Apr. 30, 2020 | Apr. 30, 2019 |
Warrant liabilities | $ 6 | ||||
Unrealized gain on warrants | $ 6 | $ 200 | |||
Pre-funded Warrants [Member] | |||||
Warrant to purchase shares common stock | 3,385,680 | ||||
Warrant exercise price per share | $ 0.01 | ||||
Securities Purchase Agreement [Member] | |||||
Stock issued for new issue, shares | 1,542,000 | 20,850 | |||
Warrant to purchase shares common stock | 4,927,680 | 7,298 | |||
Class of warrant or right, number of securities called by each warrant or right | 0.35 | ||||
Combined purchase price per share | $ 92 | ||||
Warrant exercise price per share | $ 3.85 | $ 121.60 | |||
Class of warrant or right, expiration period | 5 years | 5 years | |||
Number of exercised warrants | |||||
Second Amended Purchase Agreement [Member] | |||||
Stock issued for new issue, shares | 29,750 | ||||
Warrant to purchase shares common stock | 8,925 | ||||
Class of warrant or right, number of securities called by each warrant or right | 0.30 | ||||
Combined purchase price per share | $ 135 | ||||
Warrant exercise price per share | $ 187.20 | ||||
Class of warrant or right, expiration period | 5 years |
Warrants - Schedule of Fair Val
Warrants - Schedule of Fair Value Assumptions Used (Details) | Apr. 30, 2020 | Apr. 30, 2019 |
Dividend Rate [Member] | ||
Fair value measurement input, percentage | 0 | 0 |
Risk Free Interest Rate [Member] | Minimum [Member] | ||
Fair value measurement input, percentage | 0.17 | 2.2 |
Risk Free Interest Rate [Member] | Maximum [Member] | ||
Fair value measurement input, percentage | 0.19 | 2.3 |
Expected Life (Years) [Member] | Minimum [Member] | ||
Fair value measurement expected life | 1 year 2 months 12 days | 2 years 2 months 12 days |
Expected Life (Years) [Member] | Maximum [Member] | ||
Fair value measurement expected life | 1 year 7 months 6 days | 2 years 7 months 6 days |
Expected Volatility [Member] | Minimum [Member] | ||
Fair value measurement input, percentage | 81.8 | 110 |
Expected Volatility [Member] | Maximum [Member] | ||
Fair value measurement input, percentage | 112.7 | 153.4 |
Preferred Stock (Details Narrat
Preferred Stock (Details Narrative) - $ / shares | Apr. 30, 2020 | Apr. 30, 2019 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | Oct. 24, 2019 | Apr. 08, 2019 | Jan. 07, 2019 | Aug. 13, 2018 | Apr. 30, 2020 | Apr. 30, 2020 | Apr. 30, 2019 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Common stock, shares issued | 12,939,420 | 12,939,420 | 5,425,517 | ||||
Number of common stock shares sold | 1,542,000 | ||||||
Aggregate offering price | $ 15,700,000 | ||||||
Pre-funded Warrants [Member] | |||||||
Warrant to purchase shares common stock | 3,385,680 | ||||||
Over-Allotment Option [Member] | |||||||
Number of common stock shares sold | 642,000 | ||||||
Stock Purchase Agreement [Member] | Aspire Capital Fund, LLC [Member] | |||||||
Aggregate purchase of common stock | $ 10,000,000 | $ 10,000,000 | |||||
Percentage of outstanding common stock limit for shareholder approval | 19.99% | ||||||
Number of shares can be issued based upon outstanding percentage | 183,591 | ||||||
Common stock issued for commitment fee | 21,429 | ||||||
Number of common stock shares sold | 162,162 | ||||||
Value of common stock shares sold, net of issuance costs | $ 949,259 | ||||||
Sale of stock, price per share | $ 5.85 | ||||||
Stock Purchase Agreement [Member] | Aspire Capital Fund, LLC [Member] | December 20, 2019 [Member] | |||||||
Stock issued for new issue, shares | 5,400,000 | ||||||
Stock Purchase Agreement [Member] | Aspire Capital Fund, LLC [Member] | Maximum [Member] | |||||||
Percentage of outstanding common stock limit for shareholder approval | 19.99% | ||||||
Number of shares can be issued based upon outstanding percentage | 1,219,010 | ||||||
Common stock issued for commitment fee | 194,805 | ||||||
Sale of stock, price per share | $ 0.82 | $ 0.82 | |||||
Stock issued for new issue, shares | 1,399,205 | 1,399,205 | |||||
Stock issued for new issue, value | $ 1,100,000 | $ 1,100,000 | |||||
2019 ATM Facility [Member] | A.G.P./ Alliance Global Partners [Member] | |||||||
Number of common stock shares sold | 5,101,405 | ||||||
Value of common stock shares sold, net of issuance costs | $ 3,800,000 | ||||||
Sale of stock, price per share | $ 0.74 | $ 0.74 | |||||
Aggregate offering price | $ 25,000,000 | ||||||
Payment of sales commission | $ 122,530 | ||||||
Securities Purchase Agreement [Member] | |||||||
Warrant to purchase shares common stock | 4,927,680 |
Treasury Shares (Details Narrat
Treasury Shares (Details Narrative) - shares | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Equity [Abstract] | ||
Treasury stock, shares, acquired | 481 | 89 |
Share-Based Compensation (Detai
Share-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2020 | Apr. 30, 2020 | Apr. 30, 2019 | Dec. 20, 2019 | Dec. 07, 2018 | Jan. 18, 2018 | Oct. 21, 2016 | Dec. 31, 2015 | |
Share-based compensation expense | $ 20 | |||||||
Unrecognized compensation cost related to non-vested stock options | $ 30 | |||||||
Share-based compensation cost expected to recognize weighted-average term | 7 months 6 days | |||||||
Restricted stock options, granted during period | 51,547 | |||||||
Performance-based Stock Options [Member] | ||||||||
Share-based compensation weighted average per share fair value | $ 0.82 | |||||||
Employee Stock Option [Member] | ||||||||
Number of shares granted during the period | 411,666 | 49,750 | ||||||
Share-based compensation weighted average per share fair value | $ 0.92 | $ 7.15 | ||||||
Share-based compensation unvested shares of stock options | 493,000 | |||||||
Share-based compensation intrinsic value of outstanding | $ 0 | |||||||
Share-based compensation options, exercisable intrinsic value | $ 0 | |||||||
Share-based compensation weighted average remaining contractual term | 9 years 8 months 12 days | |||||||
Share-based compensation expense | $ 300 | $ 200 | ||||||
Unrecognized compensation cost related to non-vested stock options | $ 300 | |||||||
Share-based compensation cost expected to recognize weighted-average term | 1 year | |||||||
Employee Stock Option [Member] | Performance-based Stock Options [Member] | Two Executives [Member] | ||||||||
Number of shares granted during the period | 81,334 | |||||||
Stock options vesting period, description | The awards vest over 2 years if there is positive total shareholder return (e.g. share price increase) as measured to the 5-day (January 11-15, 2021) and (January 10-14, 2022) share price volume weighted average price ("VWAP"). | |||||||
Share-based compensation unvested shares of stock options | 81,334 | |||||||
Restricted Stock [Member] | ||||||||
Share-based compensation expense | $ 15 | $ 100 | ||||||
Unrecognized compensation cost related to non-vested stock options | $ 10 | |||||||
Share-based compensation cost expected to recognize weighted-average term | 7 months 6 days | |||||||
Restricted stock options, granted during period | 13,513 | |||||||
2015 Omnibus Incentive Plan [Member] | ||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 732,036 | 132,036 | 32,036 | 12,036 | ||||
Termination period | 10 years | |||||||
Termination date | Oct. 31, 2025 | |||||||
Stock based compensation shares, available for grant | 168,808 | |||||||
2018 Inducement Plan [Member] | ||||||||
Stock based compensation shares, available for grant | 11,487 | 25,000 |
Share-Based Compensation Plans
Share-Based Compensation Plans - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Employee Stock Option [Member] | ||
Risk-free interest rate | 1.70% | 2.70% |
Expected dividend yield | 0.00% | 0.00% |
Expected life (in years) | 5 years 6 months | |
Expected volatility | 126.40% | |
Employee Stock Option [Member] | Minimum [Member] | ||
Expected life (in years) | 5 years 6 months | |
Expected volatility | 127.60% | |
Employee Stock Option [Member] | Maximum [Member] | ||
Expected life (in years) | 5 years 8 months 12 days | |
Expected volatility | 128.20% | |
Performance Stock Option [Member] | ||
Risk-free interest rate | 2.30% | |
Expected dividend yield | 0.00% | |
Expected life (in years) | 10 years | |
Expected volatility | 115.00% |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Schedule of Stock Option Activity (Details) - Stock Incentive Plan [Member] | 12 Months Ended |
Apr. 30, 2020$ / sharesshares | |
Shares Underlying Options Outstanding, Beginning | shares | 65,572 |
Shares Underlying Options Outstanding, Granted | shares | 493,000 |
Shares Underlying Options Outstanding, Exercised | shares | |
Shares Underlying Options Outstanding, Cancelled/forfeited | shares | (3,097) |
Shares Underlying Options Outstanding, Ending | shares | 555,475 |
Shares Underlying Options Outstanding, Exercisable at Ending | shares | 62,475 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 21.08 |
Weighted Average Exercise Price, Granted | $ / shares | 1.05 |
Weighted Average Exercise Price, Exercised | $ / shares | |
Weighted Average Exercise Price, Cancelled/forfeited | $ / shares | 44.32 |
Weighted Average Exercise Price, Ending Balance | $ / shares | 3.19 |
Weighted Average Exercise Price, Exercisable at Ending | $ / shares | $ 20.09 |
Weighted Average Remaining Contractual Term (In Years), Beginning | 8 years 10 months 25 days |
Weighted Average Remaining Contractual Term (In Years), Ending | 9 years 6 months |
Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending | 7 years 10 months 25 days |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Schedule of Non-vested Restricted Stock Activity (Details) | 12 Months Ended |
Apr. 30, 2020$ / sharesshares | |
Number of Shares, Granted | 51,547 |
Non-vested Restricted Stock [Member] | |
Number of Shares, Issued and unvested, Beginning | 4,506 |
Number of Shares, Granted | 13,513 |
Number of Shares, Vested | (4,380) |
Number of Shares, Cancelled/forfeited | (126) |
Number of Shares, Issued and Unvested, Ending | 13,513 |
Weighted Average Price per Share, Issued and Unvested, Beginning | $ / shares | $ 30.08 |
Weighted Average Price per Share, Granted | $ / shares | 1.48 |
Weighted Average Price per Share, Vested | $ / shares | 30.14 |
Weighted Average Price per Share, Cancelled/forfeited | $ / shares | 28 |
Weighted Average Price per Share, Issued and Unvested, Ending | $ / shares | $ 1.48 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Warrant liabilities | $ 6 | |
Fair Value, Measurements, Recurring [Member] | ||
Warrant liabilities | 6 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Warrant liabilities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Warrant liabilities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Warrant liabilities | $ 6 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes on Value of Warrant Liability Using Significant Unobservable Inputs (Details) - Warrant Liability [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Fair value, beginning | $ 6 | $ 201 |
Change in fair value | (6) | (195) |
Fair value, ending | $ 6 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Income tax benefits | $ (895) | $ (850) |
Deferred tax assets, valuation allowance | 42,431 | 41,708 |
Increase (decrease) in valuation allowance | 700 | (2,500) |
Net operating loss carry forwards | $ 160,700 | 152,500 |
Operating loss carryforwards, expiration description | Begin to expire in fiscal 2021 | |
Net operating loss subject to no expiration | $ 22,600 | |
Operating loss carryforwards, deductibility limitation | The deductibility of such federal net operating losses may be limited to 80% of our taxable income in future years. | |
Deferred tax assets, tax credit carryforwards, research and development | $ 3,076 | 3,315 |
Operating loss carryforwards, limitation on use | The Company's annual Section 382 limitation is approximately $3.3 million. The Section 382 limitation is cumulative from year to year, and thus, to the extent net operating loss or other credit carry forwards are not utilized up to the amount of the available annual limitation, the limitation is carried forward and added to the following year's available limitation. Such limitation only applies to net operating losses incurred in periods prior to the ownership change. The Company has not performed additional analysis on ownership changes that may have occurred subsequently to further limit the ability to utilize net tax attributes. | |
Proceed from sale of loss carryforwards and tax credits | $ 10,000 | 9,100 |
Income tax description | 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. | |
Uncertain tax positions | ||
Spain [Member] | ||
Income tax description | The Company is currently undergoing an income tax audit in Spain for the period from 2011 to 2014 | |
Uncertain tax positions | ||
Interest or penalties accrued on uncertain tax positions | ||
State and Local Jurisdiction [Member] | ||
Net operating loss carry forwards | $ 22,500 | $ 23,300 |
Operating loss carryforwards, expiration description | Begin to expire in 2039, which also may be limited to utilization limitations. | Begin to expire in 2039, which also may be limited to utilization limitations. |
Foreign [Member] | ||
Net operating loss carry forwards | $ 16,300 | $ 16,900 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ (10,985) | $ (12,860) |
Foreign | (262) | (236) |
Total loss before income taxes | $ (11,247) | $ (13,096) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Computed expected tax (benefit) | (21.00%) | (21.00%) |
State income taxes, net of federal (benefit) | 2.90% | 0.80% |
Federal research and development tax credits | (0.50%) | (1.50%) |
Foreign rate differential | 5.20% | 0.20% |
Other non-deductible expenses | 0.00% | 0.10% |
Proceeds of sale of New Jersey tax (benefits) | 8.00% | (6.50%) |
Other | 5.20% | 0.60% |
Increase in valuation allowance | 8.30% | 20.80% |
Income tax (benefit) | (7.90%) | (6.50%) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Income Tax Disclosure [Abstract] | ||
Federal net operating loss carryforwards | $ 33,740 | $ 32,025 |
Foreign net operating loss carryforwards | 3,307 | 3,641 |
State operating loss carryforwards | 1,598 | 1,653 |
Federal and New Jersey research and development tax credits | 3,076 | 3,315 |
Stock compensation | 311 | 486 |
Accrued expenses | 131 | 145 |
Other | 595 | 443 |
Net deferred tax assets before valuation allowance | 42,758 | 41,708 |
Valuation allowance | (42,431) | (41,708) |
Deferred tax assets | 327 | |
Lease liability | 327 | |
Net deferred tax assets |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | Mar. 03, 2020 | Aug. 28, 2018 | Apr. 30, 2020 | Apr. 30, 2019 |
Share price per share | $ 1 | |||
Nasdaq delisting notification description | 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 August 31, 2020, 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. On April 20, 2020, the Company received a written notice from NASDAQ indicating that, as a result of the tolling of the bid price requirements due to COVID-19, the period within which the Company has to regain compliance was extended from August 31, 2020 to November 13, 2020. | |||
Selling, General and Administrative [Member] | Tax Authority, Spain [Member] | ||||
Income tax examination, penalties and interest accrued | $ 177,000 | $ 177,000 | ||
Charles F. Dunleavy [Member] | ||||
Damages sought value | $ 5,000,000 |
Operating Segments and Geogra_3
Operating Segments and Geographic Information (Details Narrative) | 12 Months Ended |
Apr. 30, 2020segments | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Operating Segments and Geogra_4
Operating Segments and Geographic Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Revenues from external customers | $ 1,682 | $ 632 |
Operating loss | (11,365) | (13,271) |
Long-lived assets | 499 | 592 |
Total assets | 13,538 | 18,366 |
North America [Member] | ||
Revenues from external customers | 1,682 | 632 |
Operating loss | (11,110) | (13,045) |
Long-lived assets | 499 | 592 |
Total assets | 13,251 | 18,028 |
Europe [Member] | ||
Revenues from external customers | ||
Operating loss | (234) | (204) |
Long-lived assets | ||
Total assets | 36 | 49 |
Asia and Australia [Member] | ||
Revenues from external customers | ||
Operating loss | (21) | (22) |
Long-lived assets | ||
Total assets | $ 251 | $ 289 |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - Subsequent Event [Member] - Paycheck Protection Program [Member] - Loan Agreement [Member] - USD ($) | May 05, 2020 | May 03, 2020 |
Debt amount | $ 890,347 | |
Debt forgiveness, description | The SBA allows loan forgiveness for costs incurred and paid for a) payroll costs, b) interest on any real or personal property mortgage incurred prior to February 15, 2020, c) rent on any lease in force prior to February 15, 2020, and d) utility payments for which service began before February 15, 2020. |