Ocean Power (OPTT) 10-Q 14 Sep 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2020	Sep. 10, 2020
Document And Entity Information
Entity Registrant Name	Ocean Power Technologies, Inc.
Entity Central Index Key	0001378140
Document Type	10-Q
Document Period End Date	Jul. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--04-30
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 Common Stock, Shares Outstanding		18,620,565
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
Current assets:
Cash and cash equivalents	$ 11,065	$ 10,002
Restricted cash- short-term	707	707
Accounts receivable	21	105
Contract assets	366	251
Other current assets	447	588
Total current assets	12,606	11,653
Property and equipment, net	462	499
Right-of-use asset, net	1,113	1,165
Restricted cash- long-term	221	221
Total assets	14,402	13,538
Current liabilities:
Accounts payable	228	220
Accrued expenses	1,783	1,353
Contract liabilities- current	87	100
Right-of-use liability- current	236	229
Warrant liabilities
Paycheck protection program loan- current	396
Total current liabilities	2,730	1,902
Right-of-use liability less current portion	1,017	1,078
Contract liabilities less current portion	44	65
Paycheck protection program loan less current portion	494
Total liabilities	4,285	3,045
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 18,624,816 and 12,939,420 shares, respectively	19	13
Treasury stock, at cost; 4,251 shares	(302)	(302)
Additional paid-in capital	234,089	231,101
Accumulated deficit	(223,521)	(220,136)
Accumulated other comprehensive loss	(168)	(183)
Total stockholders' equity	10,117	10,493
Total liabilities and stockholders' equity	$ 14,402	$ 13,538

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2020	Apr. 30, 2020
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	18,624,816	12,939,420
Treasury stock, shares	4,251	4,251

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Income Statement [Abstract]
Revenues	$ 169	$ 202
Cost of revenues	334	367
Gross loss	(165)	(165)
Operating expenses:
Engineering and product development costs	1,252	1,198
Selling, general and administrative costs	1,987	1,697
Total operating expenses	3,239	2,895
Operating loss	(3,404)	(3,060)
Gain due to the change in fair value of warrant liabilities		6
Interest income, net	11	42
Foreign exchange gain/(loss)	8	(13)
Net loss	$ (3,385)	$ (3,025)
Basic and diluted net loss per share	$ (0.22)	$ (0.50)
Weighted average shares used to compute basic and diluted net loss per share	15,677,331	6,040,466

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,385)	$ (3,025)
Foreign currency translation adjustment	15	5
Total comprehensive loss	$ (3,370)	$ (3,020)

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, 2019	$ 5	$ (301)	$ 226,026	$ (209,784)	$ (171)	$ 15,775
Balance, shares at Apr. 30, 2019	5,425,517	(3,770)
Net loss				(3,025)		(3,025)
Stock based compensation			92			92
Issuance (forfeiture) of restricted stock, net
Issuance (forfeiture) of restricted stock, net, shares	(132)
Exercise of prefunded warrants, net of issuance costs	$ 1		(19)			(18)
Exercise of prefunded warrants, net of issuance costs shares	350,000
Acquisition of treasury stock		$ (1)				(1)
Acquisition of treasury stock, shares		(481)
Other comprehensive gain/(loss)					5	5
Balance at Jul. 31, 2019	$ 6	$ (302)	226,099	(212,809)	(166)	12,828
Balance, shares at Jul. 31, 2019	5,775,385	(4,251)
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)
Net loss				(3,385)		(3,385)
Stock based compensation			116			116
Issuance of common stock- Aspire financing, net of issuance costs	$ 5		2,630			2,635
Issuance of common stock- Aspire financing, net of issuance costs, shares	5,025,000
Issuance of common stock- AGP At The Market offering, net of issuance costs	$ 1		242			243
Issuance of common stock- AGP At The Market offering, net of issuance costs, shares	660,396
Other comprehensive gain/(loss)					15	15
Balance at Jul. 31, 2020	$ 19	$ (302)	$ 234,089	$ (223,521)	$ (168)	$ 10,117
Balance, shares at Jul. 31, 2020	18,624,816	(4,251)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Cash flows from operating activities:
Net loss	$ (3,385)	$ (3,025)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange (gain)/loss	(8)	13
Depreciation of fixed assets	37	85
Amortization of right of use asset	52
Compensation expense related to stock option grants and restricted stock	116	92
Gain due to the change in fair value of warrant liabilities		(6)
Changes in operating assets and liabilities:
Accounts receivable	84	(9)
Contract assets	(115)	(121)
Other assets	181	(30)
Accounts payable	8	(215)
Accrued expenses	381	(332)
Change in lease liability	(54)	(47)
Contract liabilities	(34)	(10)
Net cash used in operating activities	(2,737)	(3,605)
Cash flows from investing activities:
Purchase of computers, equipment and furniture		(28)
Net cash used in investing activities		(28)
Cash flows from financing activities:
Proceeds from Paycheck Protection Program Loan	890
Proceeds from issuance of common stock- Aspire financing net of issuance costs	2,635
Proceeds from issuance of common stock- AGP At The Market offering, net of issuance costs	243
Proceeds (costs) associated with exercise of pre-funded warrants		(18)
Acquisition of treasury stock		(1)
Net cash provided/ (used) by financing activities	3,768	(19)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	32	(20)
Net increase/(decrease) in cash, cash equivalents and restricted cash	1,063	(3,672)
Cash, cash equivalents and restricted cash, beginning of period	10,930	17,159
Cash, cash equivalents and restricted cash, end of period	11,993	13,487
Prepaid financing costs reported in accrued expenses	40
Supplemental disclosure of noncash investing activities:
Acquisition of computers, equipment and furniture through accounts payable		$ 1

Background, Basis of Presentati

Background, Basis of Presentation and Liquidity	3 Months Ended
	Jul. 31, 2020
Accounting Policies [Abstract]
Background, Basis of Presentation and Liquidity	(1) Background, Basis of Presentation and Liquidity a) Background Ocean Power Technologies, Inc. (the “Company”, “we”, “us”, “our”) was founded in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated in Delaware in 2007. We believe that we are a marine power solutions provider. We control the design, manufacture, sales, installation, operations and maintenance of our products while working closely with partners that provide payloads, integration services, and marine installation capabilities. We believe our solutions provide distributed offshore power which is persistent and reliable power along with 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. Before 2015, government agencies had 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 commercialization 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 until we can achieve positive cash flow from the commercialization of solutions, products and services. b) Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The interim operating results are not necessarily indicative of the results for a full year or for any other interim period. Further information on potential factors that could affect the Company’s financial results can be found in the Company’s Annual Report on Form 10-K for the year ended April 30, 2020 filed with the Securities and Exchange Commission (“SEC”), and elsewhere in this Form 10-Q. c) 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 $223.5 million as of July 31, 2020. As of July 31, 2020, the Company had approximately $12.0 million in cash, cash equivalents, and restricted cash on hand. The Company generated revenues of $0.2 million and $0.2 million during the three months ended July 31, 2020 and 2019, respectively. Based on the Company’s cash, cash equivalents and restricted cash balances as of July 31, 2020, the Company believes that it will be able to finance its capital requirements and operations into the quarter ending July 31, 2021. Among other things, the Company is currently evaluating a variety of different financing alternatives and we expect to continue to fund our business with sales of our securities and through generating revenue with customers. The Company will require additional equity and/or debt financing to continue its operations into fiscal year 2022. 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; or a public offering of the Company’s equity or debt securities. There can be no assurance that any of these future-funding efforts will be successful. In fiscal 2020 and during the three months ended July 31, 2020, the Company has continued to make investments in ongoing product development efforts in anticipation of future growth. The Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, risks from lack of available financing and insufficient capital, performance of 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 its equity line with Aspire Capital (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 January 7, 2019, the Company entered into an At the Market Offering Agreement (“2019 ATM Facility”) with AGP, 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 July 31, 2020, under the 2019 ATM Facility, the Company sold and issued an aggregate of 5,913,362 shares of its common stock with an aggregate market value of $5.0 million at an average price of $0.85 per share and paid AGP a sales commission of approximately $162,448 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. 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 October 24, 2019, the Company entered into a new common stock purchase agreement with Aspire Capital which provided 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 could issue within the 19.99% limit was 1,219,010 shares including shares issued as a commitment fee. In consideration for entering into the agreement, the Company issued to Aspire Capital 194,805 shares of our common stock as a commitment fee. Shareholder approval was needed for sale of common stock over the 19.99% limit of the outstanding common stock on the date of the agreement. 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. Through July 31, 2020, the Company has sold an aggregate of 6,424,205 shares of common stock with an aggregate market value of $4.0 million at an average price of $0.63 per share pursuant to this common stock purchase agreement. 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, 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 II, 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	3 Months Ended
	Jul. 31, 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. (c) Cash, Cash Equivalents, Restricted Cash and Security Agreements Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company invests excess cash in a money market account. July 31, 2020 April 30, 2020 (in thousands) Checking and savings accounts $ 2,002 $ 1,551 Money market account 9,063 8,451 $ 11,065 $ 10,002 Restricted Cash and Security Agreements The Company has two agreements with 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 July 31, 2025 and is cancelable at the discretion of the bank. Santander Bank also issued two letters of credit to subsidiaries of Enel Green Power (“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 in August 2020 and to $64,547 in September 2020. The remaining amount expires in October 2021. Restricted cash includes the following: July 31, 2020 April 30, 2020 (in thousands) Santander Bank 928 928 $ 928 $ 928 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Statement of Financial Position that sum to the total of the same such amounts shown in the Statement of Cash Flows. July 31, 2020 April 30, 2020 (in thousands) Cash and cash equivalents $ 11,065 $ 10,002 Restricted cash- short term 707 707 Restricted cash- long term 221 221 $ 11,993 $ 10,930 (d) Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of accounts receivable and cash and cash equivalents. The Company believes that its credit risk is limited because the Company’s current contracts are with companies with strong financial strength. The Company invests its excess cash in a money market account and does not believe that it is exposed to any significant risks related to its cash and money market accounts. Cash and cash equivalents are also maintained at foreign financial institutions. Cash and cash equivalents in foreign financial institutions as of July 31, 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: Three months ended July 31, 2020 2019 Eni S.p.A. 17 % 14 % Premier Oil UK Limited 16 % 47 % EGP 67 % 0 % U.S. Navy 0 % 26 % Other 0 % 13 % 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. (e) Share-Based Compensation Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The following table summarizes share-based compensation related to the Company’s share-based plans by expense category for the three months ended July 31, 2020 and 2019: Three months ended July 31, 2020 2019 (in thousands) Engineering and product development $ 37 $ 20 Selling, general and administrative 79 72 Total share-based compensation expense $ 116 $ 92 (f) 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 consideration, 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. Accounting Standards Update (“ASU”) 2016-10 provides a practical expedient 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, but it did not have a material effect on its Consolidated Financial Statements. 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 three-month period ended July 31, 2020 and 2019, all of the Company’s contracts were classified as firm fixed price. As of July 31, 2020, the Company’s total remaining performance obligations, also referred to as backlog, totaled $0.8 million. The Company expects to recognize approximately 73%, or $0.6 million, of the remaining performance obligations as revenue over the next twelve months. PB3 PowerBuoy® Leasing The Company enters into lease arrangements with certain customers for their PB3 PowerBuoy® (“PB3”). As of July 31, 2020, the Company has one lease arrangement with a remaining lease term of less than 16 months. 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 three months ended July 31, 2020 and 2019 was immaterial. (g) 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 non-vested 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 non-vested restricted stock issued to employees and non-employee directors, totaling 5,564,404 and 5,008,145 for the three months ended July 31, 2020 and 2019, respectively, were excluded from each of the computations as the effect would be anti-dilutive due to the Company’s losses. (h) Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820).” In August 2018, the FASB issued ASU No. 2018-15, “ Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.”

Account Receivable, Contract As

Account Receivable, Contract Assets, and Contract Liabilities	3 Months Ended
	Jul. 31, 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 July 31, 2020 and April 30, 2020. July 31, 2020 April 30, 2020 (in thousands) Opening balance $ 105 $ 63 Amount invoiced to customers 21 1,386 Collections (105 ) (1,344 ) Ending balance $ 21 $ 105 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 relating to our project with Enel Green Power that has not been billed during the three months ended July 31, 2020. Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The decrease in contract liabilities is primarily due to recognition of revenue relating to our Eni project during the three months ended July 31, 2020.

Other Current Assets

Other Current Assets	3 Months Ended
	Jul. 31, 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 July 31, 2020 and April 30, 2020: July 31, 2020 April 30, 2020 (in thousands) Deposits $ 9 $ 60 Other receivables 2 2 Prepaid insurance 143 124 Prepaid offering costs 81 275 Prepaid expenses- other 212 127 $ 447 $ 588

Property and Equipment, net

Property and Equipment, net	3 Months Ended
	Jul. 31, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, net	(5) Property and Equipment, net The components of property and equipment, net as of July 31, 2020 and April 30, 2020 consisted of the following: July 31, 2020 April 30, 2020 (in thousands) Equipment $ 342 342 Computer equipment & software 486 486 Office furniture & equipment 339 339 Leasehold improvements 474 474 Construction in process 15 15 $ 1,656 $ 1,656 Less: accumulated depreciation (1,194 ) (1,157 ) $ 462 $ 499 Depreciation expense was approximately $37,000 and $38,000 for the three-month period ended July 31, 2020 and 2019, respectively.

Leases

Leases	3 Months Ended
	Jul. 31, 2020
Leases [Abstract]
Leases	(6) Leases Lessor Information As of July 31, 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 a 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. 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 commencement date. When the implicit rate of the lease is not provided or cannot be determined, the Company uses 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. On June 10, 2020 the Company signed a 12-month lease for office space in Houston, Texas. The lease can be extended by the Company by providing the lessor on or before the notice date of the Company’s intent to renew or terminate the lease. ASC Topic 842, “Leases” The operating cash flows from operating leases cash payments for the three months ended July 31, 2020 and 2019 was $83,000 and $79,000, respectively. The operating lease straight-line expense in the Consolidated Statement of Operations for both the three months ended July 31, 2020 and 2019 was as follows: Three months ended July 31, 2020 2019 (in thousands) Operating lease cost $ 79 $ 79 Short-term lease cost 2 - Total lease cost $ 81 $ 79 Information related to the Company’s right-of use assets and lease liabilities as of July 31, 2020 was as follows: July 31, 2020 (in thousands) Operating lease: Operating right-of-use asset, net $ 1,113 Right-of-use liability- current 236 Right-of-use liability- long term 1,017 Total lease liability $ 1,253 Weighted average remaining lease term- operating leases 4.23 years Weighted average discount rate- operating leases 8.5 % Total remaining lease payments under the Company’s operating leases are as follows: July 31, 2020 (in thousands) Remainder of fiscal year 2021 $ 250 2022 341 2023 352 2024 362 2025 184 Total future minimum lease payments $ 1,489 Less imputed interest (236 ) Total $ 1,253

Accrued Expenses

Accrued Expenses	3 Months Ended
	Jul. 31, 2020
Payables and Accruals [Abstract]
Accrued Expenses	(7) Accrued Expenses Accrued expenses consist of the following at July 31, 2020 and April 30, 2020: July 31, 2020 April 30, 2020 (in thousands) Project costs $ 23 $ 48 Contract loss reserve 209 216 Employee incentive payments 277 - Accrued salary and benefits 532 483 Legal and accounting fees 280 283 Accrued taxes payable 331 177 Other 131 146 $ 1,783 $ 1,353

Warrants

Warrants	3 Months Ended
	Jul. 31, 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.. 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 July 31, 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.. 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 July 31, 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. As of July 31, 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 July 31, 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 in Topic 480 which provides that the Company classify the warrant instruments 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 June and July 2016 warrants contain a feature whereby they could require the transfer of assets and therefore are classified as a liability award in accordance with the guidance in Topic 480. The warrants have a value close to zero at July 31, 2020 and April 30, 2020 and are reflected within “Warrant liabilities” in the Consolidated Balance Sheets. 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 and recorded as a component of stockholders’ equity in the Consolidated Balance Sheets.

Paycheck Protection Program Loa

Paycheck Protection Program Loan	3 Months Ended
	Jul. 31, 2020
Debt Disclosure [Abstract]
Paycheck Protection Program Loan	(9) Paycheck Protection Program Loan As a result of the COVID-19 pandemic, on March 27, 2020, the U.S. Government passed into law the Coronavirus Aid, Relief and Economic Security Act, or the (“CARES Act”) which included the ability to secure loans under the Paycheck Protection Program (“PPP”). On May 3, 2020, after its application was submitted and approved, the Company signed a PPP loan with Santander Bank, N.A. (“Santander”) as the lender for $890,347 pursuant to the PPP under the CARES Act, as implemented by the U.S. Small Business Association (“SBA”). The PPP loan is an unsecured note with Santander as the lender and governed by a loan agreement with Santander. The interest rate is 1% and the loan is repayable over two years. The loan contains customary events of defaults relating to, among other things, payment defaults or breaches of the terms of the loan. Upon the occurrence of an event of default, the lender may require immediate repayment of all outstanding under the loan. Interest and principal payments are deferred for the first 6 months from the date of the loan. Principal and interest of approximately $49,000 are payable monthly commencing 6 months after the disbursement date and may be repaid by the Company at any time prior to maturity with no prepayment penalties. The Company received the proceeds on May 5, 2020. The SBA allows loan forgiveness for eligible costs incurred and paid which include (a) payroll costs, (b) interest on any real or personal property mortgage 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. As of July 31, 2020, the Company has utilized all of the loan proceeds. While the Company currently believes that the use of the loan proceeds will meet the conditions for forgiveness of the loan and is in the process of preparing the SBA’s forgiveness application, no assurance can be provided that the Company will obtain forgiveness of the loan, in whole or in part. On June 5, 2020, the Paycheck Protection Program Flexibility Act (“PPPFA”) was signed into law. Among other changes, the PPPFA (a) reduced the amount of the loan required to be spent on payroll costs from 75% to 60%, (b) extended the covered period to 24 weeks from 8 weeks, (c) extended the repayment term of the PPP loan from 2 years to 5 years, and (d) increased the deferred payment date from 6 months to 10 months. For the loans disbursed before June 5, 2020, the PPPFA provides the option to opt for 24 weeks for spending the loan instead of 8 weeks. The Company opted for 24 weeks to spend the loan. The Company is accruing interest expense until the loan is forgiven or repaid. If the loan were not forgiven by the SBA and the Company decided to repay the loan over 2 years, the interest expense for this period would be approximately $7,000.

Preferred Stock

Preferred Stock	3 Months Ended
	Jul. 31, 2020
Equity [Abstract]
Preferred Stock	(10) 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 July 31, 2020, no shares of preferred stock had been issued.

Common Stock

Common Stock	3 Months Ended
	Jul. 31, 2020
Equity [Abstract]
Common Stock	(11) Common Stock On January 7, 2019, the Company entered into the 2019 ATM Facility with AGP, under which the Company may issue and sell to or through A.G.P./Alliance Global Partners, acting as agent and/or principal, shares of the Company’s common stock having an aggregate offering price of up to $25 million. Through July 31, 2020, under the 2019 ATM Facility the Company had sold and issued an aggregate of 5,913,362 shares of its common stock with an aggregate market value of $5.0 million at an average price of $0.85 per share and paid AGP a sales commission of approximately $162,448 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. On October 24, 2019, the Company entered into a new common stock purchase agreement with Aspire Capital which provided 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 could issue within the 19.99% limit was 1,219,010 shares including the shares issued as a commitment fee. In consideration for entering into the agreement, the Company issued to Aspire Capital 194,805 shares of common stock as a commitment fee. Shareholder approval was needed for sale of common stock over the 19.99% limit of the outstanding common stock on the date of the agreement. 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. Through July 31, 2020, the Company has sold an aggregate of 6,424,205 shares of common stock with an aggregate market value of $4.0 million at an average price of $0.63 per share pursuant to this common stock purchase agreement.

Treasury Shares

Treasury Shares	3 Months Ended
	Jul. 31, 2020
Equity [Abstract]
Treasury Shares	(12) Treasury Shares During each of the three months ended July 31, 2020 and 2019, no shares of common stock were purchased by the Company from employees to pay taxes related to the vesting of restricted stock.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jul. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	(13) Stock-Based Compensation In 2015, upon approval by the Company’s stockholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of 732,036 shares are 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. If any award under the 2006 Stock Incentive Plan or 2015 Plan expires, is cancelled, terminates unexercised or is forfeited, those shares become again available for grant under the 2015 Plan. The 2015 Plan will terminate ten years after its effective date, in October 2025, but is subject to earlier termination as provided in the 2015 Plan. As of July 31, 2020, the Company has 168,842 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 July 31, 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 is estimated using the “simplified” method as permitted by the SEC’s Staff Accounting Bulletin No. 110, Share-Based Payment. Performance Stock Options In January of 2020, the Company issued 81,334 performance-based stock options to two of its executives. The awards can 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”). The Company determined these awards contain a market- based condition and estimated the fair value using the Monte Carlo simulation model. There were 81,334 shares unvested and outstanding as of July 31, 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, 2020 555,475 $ 3.19 9.5 Granted - $ - Exercised - $ - Cancelled/forfeited (34 ) $ 1,086.00 Outstanding as of July 31, 2020 555,441 $ 3.13 9.3 Exercisable as of July 31, 2020 62,441 $ 19.51 7.6 As of July 31, 2020, the total intrinsic value of both outstanding and exercisable options was zero. As of July 31, 2020, approximately 493,000 additional options were unvested, which had no intrinsic value and a weighted average remaining contractual term of 9.5 years. There was approximately $99,000 and $89,000 of total recognized compensation cost related to stock options during each of the three months ended July 31, 2020 and 2019, respectively. As of July 31, 2020, there was approximately $233,000 of total unrecognized compensation cost related to non-vested stock options granted under the plans. This cost is expected to be recognized over a weighted-average period of 0.8 years. The Company typically issues newly authorized but unissued shares to satisfy option exercises under these plans. Restricted Stock Compensation expense for non-vested restricted stock is generally recorded based on its market value on the date of grant and recognized ratably over the associated service and performance period. During the three months ended July 31, 2020, the Company granted no shares subject to service-based vesting requirements. A summary of non-vested restricted stock under our stock incentive plans is as follows: Weighted Number Average Price per of Shares Share Issued and unvested at April 30, 2020 13,513 $ 1.48 Granted - $ - Vested - $ - Cancelled/forfeited - $ - Issued and unvested at July 31, 2020 13,513 $ 1.48 There was approximately $5,000 and $3,000 of total recognized compensation cost related to restricted stock for the three months ended July 31, 2020 and 2019, respectively. As of July 31, 2020, there is $5,000 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 0.3 years. In December 2019, the Company granted 51,547 shares, subject to service-based vesting requirements, to an employee that were outside the Company stock incentive plans. There was approximately $12,000 and zero of total recognized compensation cost related to this award for the three months ended July 31, 2020 and 2019, respectively. As of July 31, 2020, there is $18,000 unrecognized compensation cost remaining related to this award. This cost is expected to be recognized over a weighted-average period of 0.4 years.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jul. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	(14) Fair Value Measurements ASC Topic 820 “Fair Value Measurements” Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3 Inputs that are unobservable for the asset or liability. Disclosure of Fair Values The Company’s financial instruments that are not re-measured at fair value include cash, cash equivalents, restricted cash, accounts receivable, contract assets and liabilities, deposits, accounts payable, and accrued expenses. The carrying values of these financial instruments approximate their fair values and are viewed as Level 1 items. The Company’s warrant liabilities represent the only asset or liability classified financial instrument that is measured at fair value on a recurring basis. The fair value of the Company’s warrant liabilities (refer to Note 8) is based on the Black-Scholes option pricing model which is based on Level 3 unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The assumptions used by the Company are the quoted price of the Company’s common stock in an active market, risk-free interest rate, volatility and expected life, and assumes no dividends. 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 fair value on a recurring basis as of July 31, 2020 and April 30, 2020 was near zero. The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions: July 31, 2020 July 31, 2019 Dividend rate 0.0 % 0.0 % Risk-free rate 0.1 % 1.9 % Expected life (years) 1.0 - 1.4 2.0 - 2.4 Expected volatility 101.8 % 111.3 % Unrealized gains of approximately zero and $6,000 for the three months ended July 31, 2020 and 2019, respectively, were included within “Gain due to change in fair value of warrant liabilities” in the Consolidated Statements of Operations. Besides the unrealized gain in fair value, there was no other activity to the balances in warrant liabilities during the three months ended July 31, 2020 and 2019, respectively. 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 hierarchy levels during each of the three months ended July 31, 2020 and 2019.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 31, 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. 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. On August 21, 2020, the Company received notification from Nasdaq that, as a result of the closing bid price of the Company’s common stock being over $1.00 for 10 consecutive trading days, the Company has regained compliance with Listing Rule 5550(a)(2) to maintain the listing of its common stock on Nasdaq and Nasdaq considers the matter closed. Spain Income Tax Audit The Company underwent an income tax audit in Spain for the period from 2011 to 2014, when our Spanish branch was closed. In connection with the tax audit, the Spanish tax inspector challenged the Company’s recognition of grant funds received in 2011 to 2014 from the European Commission in connection with the Company’s Waveport project. On July 30, 2018, the inspector concluded that although there was no tax owed in light of losses reported, the Company’s Spanish branch owed penalties for failure to properly account for the income associated with the funding grant. On August 30, 2018, the Company filed an administrative appeal of the penalty and its underlying conclusions. During the three months ended July 31, 2020, the Company received notice from the Spanish Central Economic and Administrative Tribunal that it agreed with the inspector and ruled that the Company owes the full amount of the penalty in the amount of €279,869.81. The Company is appealing the decision of the Tribunal tax assessment to the National High Court. Per the Company’s accounting policy, the Company recorded the additional penalty of $154,000 to Selling, general and administrative costs in the Statement of Operations. As of July 31, 2020 and April 30, 2020, the Company has reserved $331,000 and $177,000, respectively, for the penalty in Accrued expenses in the Consolidated Balance Sheets.

Income Taxes

Income Taxes	3 Months Ended
	Jul. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	(16) Income Taxes 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 our Spanish branch was closed. At July 31, 2020 the Company had no other unrecognized tax positions. The Company does not expect any material increase or decrease in its income tax expense in the next twelve months, related to examinations or uncertain tax positions. U.S. federal and state income tax returns were audited through fiscal 2014 and fiscal 2010 respectively. Net operating loss and credit carry forwards since inception remain open to examination by taxing authorities and will continue to remain open for a period of time after utilization.

Operating Segments and Geograph

Operating Segments and Geographic Information	3 Months Ended
	Jul. 31, 2020
Segment Reporting [Abstract]
Operating Segments and Geographic Information	(17) 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 subsidiaries in the UK and in Australia. Revenues and expenses are generally attributed to the operating unit that bills the customers. During each of the three months ended July 31, 2020 and 2019, the Company’s primary business operations were in North America.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 31, 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.
Cash, Cash Equivalents, Restricted Cash and Security Agreements	(c) Cash, Cash Equivalents, Restricted Cash and Security Agreements Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company invests excess cash in a money market account. July 31, 2020 April 30, 2020 (in thousands) Checking and savings accounts $ 2,002 $ 1,551 Money market account 9,063 8,451 $ 11,065 $ 10,002 Restricted Cash and Security Agreements The Company has two agreements with 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 July 31, 2025 and is cancelable at the discretion of the bank. Santander Bank also issued two letters of credit to subsidiaries of Enel Green Power (“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 in August 2020 and to $64,547 in September 2020. The remaining amount expires in October 2021. Restricted cash includes the following: July 31, 2020 April 30, 2020 (in thousands) Santander Bank 928 928 $ 928 $ 928 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Statement of Financial Position that sum to the total of the same such amounts shown in the Statement of Cash Flows. July 31, 2020 April 30, 2020 (in thousands) Cash and cash equivalents $ 11,065 $ 10,002 Restricted cash- short term 707 707 Restricted cash- long term 221 221 $ 11,993 $ 10,930
Concentration of Credit Risk	(d) Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of accounts receivable and cash and cash equivalents. The Company believes that its credit risk is limited because the Company’s current contracts are with companies with strong financial strength. The Company invests its excess cash in a money market account and does not believe that it is exposed to any significant risks related to its cash and money market accounts. Cash and cash equivalents are also maintained at foreign financial institutions. Cash and cash equivalents in foreign financial institutions as of July 31, 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: Three months ended July 31, 2020 2019 Eni S.p.A. 17 % 14 % Premier Oil UK Limited 16 % 47 % EGP 67 % 0 % U.S. Navy 0 % 26 % Other 0 % 13 % 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.
Share-Based Compensation	(e) Share-Based Compensation Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The following table summarizes share-based compensation related to the Company’s share-based plans by expense category for the three months ended July 31, 2020 and 2019: Three months ended July 31, 2020 2019 (in thousands) Engineering and product development $ 37 $ 20 Selling, general and administrative 79 72 Total share-based compensation expense $ 116 $ 92
Revenue Recognition	(f) 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 consideration, 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. Accounting Standards Update (“ASU”) 2016-10 provides a practical expedient 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, but it did not have a material effect on its Consolidated Financial Statements. 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 three-month period ended July 31, 2020 and 2019, all of the Company’s contracts were classified as firm fixed price. As of July 31, 2020, the Company’s total remaining performance obligations, also referred to as backlog, totaled $0.8 million. The Company expects to recognize approximately 73%, or $0.6 million, of the remaining performance obligations as revenue over the next twelve months. PB3 PowerBuoy® Leasing The Company enters into lease arrangements with certain customers for their PB3 PowerBuoy® (“PB3”). As of July 31, 2020, the Company has one lease arrangement with a remaining lease term of less than 16 months. 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 three months ended July 31, 2020 and 2019 was immaterial.
Net Loss Per Common Share	(g) 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 non-vested 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 non-vested restricted stock issued to employees and non-employee directors, totaling 5,564,404 and 5,008,145 for the three months ended July 31, 2020 and 2019, respectively, were excluded from each of the computations as the effect would be anti-dilutive due to the Company’s losses.
Recently Issued Accounting Standards	(h) Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820).” In August 2018, the FASB issued ASU No. 2018-15, “ Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.”

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jul. 31, 2020
Schedule of Cash and Cash Equivalents	July 31, 2020 April 30, 2020 (in thousands) Checking and savings accounts $ 2,002 $ 1,551 Money market account 9,063 8,451 $ 11,065 $ 10,002
Schedule of Cash and Cash Equivalents and Restricted Cash	Restricted cash includes the following: July 31, 2020 April 30, 2020 (in thousands) Santander Bank 928 928 $ 928 $ 928
Schedule of Revenue by Major Customers by Reporting Segments	The table below shows the percentage of the Company’s revenues derived from customers whose revenues accounted for at least 10% of the Company’s consolidated revenues for at least one of the periods indicated: Three months ended July 31, 2020 2019 Eni S.p.A. 17 % 14 % Premier Oil UK Limited 16 % 47 % EGP 67 % 0 % U.S. Navy 0 % 26 % Other 0 % 13 % 100 % 100 %
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	The following table summarizes share-based compensation related to the Company’s share-based plans by expense category for the three months ended July 31, 2020 and 2019: Three months ended July 31, 2020 2019 (in thousands) Engineering and product development $ 37 $ 20 Selling, general and administrative 79 72 Total share-based compensation expense $ 116 $ 92
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. July 31, 2020 April 30, 2020 (in thousands) Cash and cash equivalents $ 11,065 $ 10,002 Restricted cash- short term 707 707 Restricted cash- long term 221 221 $ 11,993 $ 10,930

Account Receivable, Contract _2

Account Receivable, Contract Assets, and Contract Liabilities (Tables)	3 Months Ended
	Jul. 31, 2020
Account Receivable Contract Assets And Contract Liabilities
Schedule of Accounts Receivable	The carrying value of such receivables represent their estimated realizable value. Accounts receivable consisted of the following at July 31, 2020 and April 30, 2020. July 31, 2020 April 30, 2020 (in thousands) Opening balance $ 105 $ 63 Amount invoiced to customers 21 1,386 Collections (105 ) (1,344 ) Ending balance $ 21 $ 105

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Jul. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Other current assets consist of the following at July 31, 2020 and April 30, 2020: July 31, 2020 April 30, 2020 (in thousands) Deposits $ 9 $ 60 Other receivables 2 2 Prepaid insurance 143 124 Prepaid offering costs 81 275 Prepaid expenses- other 212 127 $ 447 $ 588

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	3 Months Ended
	Jul. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Components of Property and Equipment	The components of property and equipment, net as of July 31, 2020 and April 30, 2020 consisted of the following: July 31, 2020 April 30, 2020 (in thousands) Equipment $ 342 342 Computer equipment & software 486 486 Office furniture & equipment 339 339 Leasehold improvements 474 474 Construction in process 15 15 $ 1,656 $ 1,656 Less: accumulated depreciation (1,194 ) (1,157 ) $ 462 $ 499

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jul. 31, 2020
Leases [Abstract]
Schedule of Operating Lease Costs	The operating lease straight-line expense in the Consolidated Statement of Operations for both the three months ended July 31, 2020 and 2019 was as follows: Three months ended July 31, 2020 2019 (in thousands) Operating lease cost $ 79 $ 79 Short-term lease cost 2 - Total lease cost $ 81 $ 79
Schedule of Right-of Use Assets and Lease Liabilities	Information related to the Company’s right-of use assets and lease liabilities as of July 31, 2020 was as follows: July 31, 2020 (in thousands) Operating lease: Operating right-of-use asset, net $ 1,113 Right-of-use liability- current 236 Right-of-use liability- long term 1,017 Total lease liability $ 1,253 Weighted average remaining lease term- operating leases 4.23 years Weighted average discount rate- operating leases 8.5 %
Schedule of Future Minimum Lease Payments Under Operating Lease	Total remaining lease payments under the Company’s operating leases are as follows: July 31, 2020 (in thousands) Remainder of fiscal year 2021 $ 250 2022 341 2023 352 2024 362 2025 184 Total future minimum lease payments $ 1,489 Less imputed interest (236 ) Total $ 1,253

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Jul. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following at July 31, 2020 and April 30, 2020: July 31, 2020 April 30, 2020 (in thousands) Project costs $ 23 $ 48 Contract loss reserve 209 216 Employee incentive payments 277 - Accrued salary and benefits 532 483 Legal and accounting fees 280 283 Accrued taxes payable 331 177 Other 131 146 $ 1,783 $ 1,353

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jul. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of stock options under our stock incentive plans is detailed in the following table. Weighted Average Weighted Remaining Shares Average Contractual Underlying Exercise Term Options Price (In Years) Outstanding as of April 30, 2020 555,475 $ 3.19 9.5 Granted - $ - Exercised - $ - Cancelled/forfeited (34 ) $ 1,086.00 Outstanding as of July 31, 2020 555,441 $ 3.13 9.3 Exercisable as of July 31, 2020 62,441 $ 19.51 7.6
Schedule of Non-vested Restricted Stock Activity	A summary of non-vested restricted stock under our stock incentive plans is as follows: Weighted Number Average Price per of Shares Share Issued and unvested at April 30, 2020 13,513 $ 1.48 Granted - $ - Vested - $ - Cancelled/forfeited - $ - Issued and unvested at July 31, 2020 13,513 $ 1.48

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jul. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions: July 31, 2020 July 31, 2019 Dividend rate 0.0 % 0.0 % Risk-free rate 0.1 % 1.9 % Expected life (years) 1.0 - 1.4 2.0 - 2.4 Expected volatility 101.8 % 111.3 %

Background, Basis of Presenta_2

Background, Basis of Presentation and Liquidity (Details Narrative) - USD ($)	Oct. 24, 2019	Apr. 08, 2019	Jan. 07, 2019	Jul. 31, 2020	Jul. 31, 2019	Apr. 30, 2020
Accumulated deficit				$ (223,521,000)		$ (220,136,000)
Cash, cash equivalents and restricted cash, at carrying value				11,993,000		$ 10,930,000
Revenues				$ 200,000	$ 200,000
Aggregate offering price		$ 15,700,000
Number of common stock shares sold		1,542,000
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
2019 ATM Facility [Member] | A.G.P./ Alliance Global Partners [Member]
Aggregate offering price			$ 25,000,000
Number of common stock shares sold				5,913,362
Proceeds from issuance or sale of equity, net of issuance costs				$ 5,000,000
Combined purchase price per share				$ 0.85
Payment of sales commission				$ 162,448
Securities Purchase Agreement [Member]
Warrant to purchase shares common stock		4,927,680
Stock Purchase Agreement [Member] | Aspire Capital Fund, LLC [Member]
Number of common stock shares sold				6,424,205
Proceeds from issuance or sale of equity, net of issuance costs				$ 4,000,000
Combined purchase price per share				$ 0.63
Aggregate purchase of common stock	$ 10,000,000
Percentage of outstanding common stock limit for shareholder approval	19.99%
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

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Revenue remaining performance obligation	$ 800,000
Performance obligation revenue of next twelve months	$ 600,000
Revenue remaining performance obligation, percentage	73.00%
Antidilutive securities excluded from computation of earnings per share, shares	5,564,404	5,008,145
Santander Bank [Member] | Letter 2 [Member] | August 2020 [Member]
Letters of credit outstanding, amount	$ 322,734
Santander Bank [Member] | Letter 2 [Member] | September 2020 [Member]
Letters of credit outstanding, amount	64,547
Foreign Financial Institutions [Member]
Cash	300,000
Other Agreement [Member] | Santander Bank [Member] | Letter 1 [Member]
Letters of credit outstanding, amount	$ 125,690
Line of credit expiration period	Feb. 28, 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	Jul. 31, 2020	Apr. 30, 2020
Cash and cash equivalents	$ 11,065	$ 10,002
Checking and Savings Accounts [Member]
Cash and cash equivalents	2,002	1,551
Money Market Account [Member]
Cash and cash equivalents	$ 9,063	$ 8,451

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
Restricted Cash	$ 928	$ 928
Cash and Cash Equivalents	11,065	10,002
Restricted cash- short term	707	707
Restricted cash- long term	221	221
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	11,993	10,930
Santander Bank [Member]
Restricted Cash	$ 928	$ 928

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Revenue by Major Customers by Reporting Segments (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member]	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Revenues, percentage	100.00%	100.00%
Eni S.P.A [Member]
Revenues, percentage	17.00%	14.00%
Premier Oil UK Limited [Member]
Revenues, percentage	16.00%	47.00%
EGP [Member]
Revenues, percentage	67.00%	0.00%
U.S. Navy [Member]
Revenues, percentage	0.00%	26.00%
Other [Member]
Revenues, percentage	0.00%	13.00%

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Total share-based compensation expense	$ 116	$ 92
Engineering and Product Development [Member]
Total share-based compensation expense	37	20
Selling, General and Administrative [Member]
Total share-based compensation expense	$ 79	$ 72

Account Receivable, Contract _3

Account Receivable, Contract Assets, and Contract Liabilities - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2020	Apr. 30, 2020
Account Receivable Contract Assets And Contract Liabilities
Opening balance	$ 105	$ 63
Amount invoiced to customers	21	1,386
Collections	(105)	(1,344)
Ending balance	$ 21	$ 105

Other Current Assets - Schedule

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deposits	$ 9	$ 60
Other receivables	2	2
Prepaid insurance	143	124
Prepaid offering costs	81	275
Prepaid expenses- other	212	127
Other current assets	$ 447	$ 588

Property and Equipment, net (De

Property and Equipment, net (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 37	$ 38

Property and Equipment, net - S

Property and Equipment, net - Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
Property and equipment, gross	$ 1,656	$ 1,656
Less: accumulated depreciation	(1,194)	(1,157)
Property and equipment, net	462	499
Equipment [Member]
Property and equipment, gross	342	342
Computer Equipment & Software [Member]
Property and equipment, gross	486	486
Office Furniture & Equipment [Member]
Property and equipment, gross	339	339
Leasehold Improvements [Member]
Property and equipment, gross	474	474
Construction in Process [Member]
Property and equipment, gross	$ 15	$ 15

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	3 Months Ended
	Jul. 31, 2020USD ($)Integer	Jul. 31, 2019USD ($)
Number of active lease arrangement | Integer	1
Operating leases cash payments | $	$ 83	$ 79
Monroe Township [Member]
Term of lease	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 Operating

Leases - Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Leases [Abstract]
Operating lease cost	$ 79	$ 79
Short-term lease cost	2
Total lease cost	$ 81	$ 79

Leases - Schedule of Right-of U

Leases - Schedule of Right-of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
Leases [Abstract]
Operating right-of-use asset, net	$ 1,113	$ 1,165
Right-of-use liability- current	236	229
Right-of-use liability- long term	1,017	$ 1,078
Total lease liability	$ 1,253
Weighted average remaining lease term- operating leases	4 years 2 months 23 days
Weighted average discount rate- operating leases	8.50%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments Under Operating Lease (Details) $ in Thousands	Jul. 31, 2020USD ($)
Leases [Abstract]
Remainder of fiscal year 2021	$ 250
2022	341
2023	352
2024	362
2025	184
Total future minimum lease payments	1,489
Less imputed interest	(236)
Total	$ 1,253

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
Payables and Accruals [Abstract]
Project costs	$ 23	$ 48
Contract loss reserve	209	216
Employee incentive payments	277
Accrued salary and benefits	532	483
Legal and accounting fees	280	283
Accrued taxes payable	331	177
Other	131	146
Accrued expenses total	$ 1,783	$ 1,353

Warrants (Details Narrative)

Warrants (Details Narrative) - $ / shares	Apr. 08, 2019	Jul. 22, 2016	Jun. 02, 2016	Jul. 31, 2020
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
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
Warrant exercise price per share		$ 187.20
Class of warrant or right, expiration period		5 years
Number of exercised warrants

Paycheck Protection Program L_2

Paycheck Protection Program Loan (Details Narrative) - USD ($)	Jun. 05, 2020	May 05, 2020	Jul. 31, 2020	May 03, 2020
Payroll protection flexibility, description	Payroll Protection Flexibility Act ("PPPFA") was signed into law. Among other changes, the PPPFA (a) reduced the amount of the loan required to be spent on payroll costs from 75% to 60%, (b) extended the covered period to 24 weeks from 8 weeks, (c) extended the repayment term of the PPP loan from 2 years to 5 years, and (d) increased the deferred payment date from 6 months to 10 months. For the loans disbursed before June 5, 2020, the PPPFA provides the option to opt for 24 weeks for spending the loan instead of 8 weeks. The Company opted for 24 weeks to spend the loan.
Protection Paycheck Program [Member]
Proceeds from loan		$ 890,347
Debt forgiveness, description		The SBA allows loan forgiveness for eligible costs incurred and paid which include (a) payroll costs, (b) interest on any real or personal property mortgage 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.
Debt instrument, interest rate				1.00%
Paycheck Protection Program [Member]
Debt, interest expense			$ 7,000
Paycheck Protection Program [Member] | 6 Months After Disbursement Date [Member]
Repayments of loan		$ 49,000

Preferred Stock (Details Narrat

Preferred Stock (Details Narrative) - $ / shares	Jul. 31, 2020	Apr. 30, 2020
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	Jul. 31, 2020
Aggregate offering price		$ 15,700,000
Number of common stock shares sold		1,542,000
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
2019 ATM Facility [Member] | A.G.P./ Alliance Global Partners [Member]
Aggregate offering price			$ 25,000,000
Number of common stock shares sold				5,913,362
Proceeds from issuance or sale of equity, net of issuance costs				$ 5,000,000
Combined purchase price per share				$ 0.85
Payment of sales commission				$ 162,448
Securities Purchase Agreement [Member]
Warrant to purchase shares common stock		4,927,680
Stock Purchase Agreement [Member] | Aspire Capital Fund, LLC [Member]
Number of common stock shares sold				6,424,205
Proceeds from issuance or sale of equity, net of issuance costs				$ 4,000,000
Combined purchase price per share				$ 0.63
Aggregate purchase of common stock	$ 10,000,000
Percentage of outstanding common stock limit for shareholder approval	19.99%
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

Treasury Shares (Details Narrat

Treasury Shares (Details Narrative) - shares	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Equity [Abstract]
Treasury stock, shares, acquired

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Jan. 31, 2020	Dec. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 18, 2018	Dec. 31, 2015
Employee Stock Option [Member]
Number of shares granted during the period
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 6 months
Share-based compensation expense			$ 99	$ 89
Unrecognized compensation cost related to non-vested stock options			$ 233
Share-based compensation cost expected to recognize weighted-average term			9 months 18 days
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 can 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").
Employee Stock Option [Member] | Subject to Service- Based Vesting Requirements [Member] | Employee [Member]
Share-based compensation expense			$ 12	0
Unrecognized compensation cost related to non-vested stock options			$ 18
Share-based compensation cost expected to recognize weighted-average term			4 months 24 days
Restricted stock options, granted during period		51,547
Restricted Stock [Member]
Share-based compensation expense			$ 5	$ 3
Unrecognized compensation cost related to non-vested stock options			$ 5
Share-based compensation cost expected to recognize weighted-average term			3 months 19 days
2015 Omnibus Incentive Plan [Member]
Share-based compensation arrangement by share-based payment award, number of shares authorized						732,036
Stock based compensation shares, available for grant			168,842
2018 Inducement Plan [Member]
Stock based compensation shares, available for grant			11,487		25,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Stock Incentive Plan [Member]	3 Months Ended
	Jul. 31, 2020$ / sharesshares
Shares Underlying Options Outstanding, Beginning | shares	555,475
Shares Underlying Options Outstanding, Granted | shares
Shares Underlying Options Outstanding, Exercised | shares
Shares Underlying Options Outstanding, Cancelled/forfeited | shares	(34)
Shares Underlying Options Outstanding, Ending | shares	555,441
Shares Underlying Options Outstanding, Exercisable at Ending | shares	62,441
Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 3.19
Weighted Average Exercise Price, Granted | $ / shares
Weighted Average Exercise Price, Exercised | $ / shares
Weighted Average Exercise Price, Cancelled/forfeited | $ / shares	1,086
Weighted Average Exercise Price, Ending Balance | $ / shares	3.13
Weighted Average Exercise Price, Exercisable at Ending | $ / shares	$ 19.51
Weighted Average Remaining Contractual Term (In Years), Beginning	9 years 6 months
Weighted Average Remaining Contractual Term (In Years), Ending	9 years 3 months 19 days
Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending	7 years 7 months 6 days

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Non-vested Restricted Stock Activity (Details) - Non-vested Restricted Stock [Member]	3 Months Ended
	Jul. 31, 2020$ / sharesshares
Number of Shares, Issued and unvested, Beginning | shares	13,513
Number of Shares, Granted | shares
Number of Shares, Vested | shares
Number of Shares, Cancelled/forfeited | shares
Number of Shares, Issued and Unvested, Ending | shares	13,513
Weighted Average Price per Share, Issued and Unvested, Beginning | $ / shares	$ 1.48
Weighted Average Price per Share, Granted | $ / shares
Weighted Average Price per Share, Vested | $ / shares
Weighted Average Price per Share, Cancelled/forfeited | $ / shares
Weighted Average Price per Share, Issued and Unvested, Ending | $ / shares	$ 1.48

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Fair Value Disclosures [Abstract]
Gain due to the change in fair value of warrant liabilities		$ 6

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - Employee Stock Option [Member]	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	0.10%	1.90%
Expected volatility	101.80%
Minimum [Member]
Expected life (in years)	1 year	2 years
Expected volatility		111.30%
Maximum [Member]
Expected life (in years)	1 year 4 months 24 days	2 years 4 months 24 days

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	Mar. 03, 2020$ / shares	Aug. 28, 2018USD ($)	Jul. 31, 2020USD ($)	Jul. 31, 2020EUR (€)	Apr. 30, 2020USD ($)
Share price per share | $ / shares	$ 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			$ 331,000		$ 177,000
Selling, General and Administrative [Member] | Tax Authority, Spain [Member] | Recorded Additional Penalty [Member]
Income tax examination, penalties and interest accrued			$ 154,000
Selling, General and Administrative [Member] | Tax Authority, Spain [Member] | Euro [Member]
Income tax examination, penalties and interest accrued | €				€ 279,870
Charles F. Dunleavy [Member]
Damages sought value		$ 5,000,000

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	Jul. 31, 2020USD ($)
Income Tax Disclosure [Abstract]
Uncertain tax positions

Operating Segments and Geogra_2

Operating Segments and Geographic Information (Details Narrative)	3 Months Ended
	Jul. 31, 2020segments
Segment Reporting [Abstract]
Number of reportable segments	1