Cover
Cover - shares | 3 Months Ended | |
Jul. 31, 2023 | Sep. 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --04-30 | |
Entity File Number | 001-33417 | |
Entity Registrant Name | OCEAN POWER TECHNOLOGIES, INC. | |
Entity Central Index Key | 0001378140 | |
Entity Tax Identification Number | 22-2535818 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 28 ENGELHARD DRIVE | |
Entity Address, Address Line Two | SUITE B | |
Entity Address, City or Town | MONROE TOWNSHIP | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08831 | |
City Area Code | (609) | |
Local Phone Number | 730-0400 | |
Title of 12(b) Security | Common Stock $0.001 par value | |
Trading Symbol | OPTT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 58,787,578 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 3,863 | $ 6,883 |
Short term investments | 22,790 | 27,790 |
Restricted cash, short-term | 65 | 65 |
Accounts receivable | 730 | 745 |
Contract assets | 293 | 152 |
Inventory | 1,730 | 1,044 |
Other current assets | 619 | 994 |
Total current assets | 30,090 | 37,673 |
Property and equipment, net | 1,342 | 1,280 |
Intangibles, net | 3,938 | 3,978 |
Right-of-use asset, net | 1,616 | 1,751 |
Restricted cash, long-term | 156 | 155 |
Goodwill | 8,537 | 8,537 |
Total assets | 45,679 | 53,374 |
Current liabilities: | ||
Accounts payable | 1,297 | 952 |
Earnout payable | 1,500 | |
Accrued expenses | 1,556 | 2,346 |
Contingent liabilities | 1,140 | 1,202 |
Right-of-use liabilities, current portion | 545 | 529 |
Contract liabilities | 1,207 | 1,378 |
Total current liabilities | 5,745 | 7,907 |
Deferred tax liability | 203 | 203 |
Right-of-use liabilities, less current portion | 1,168 | 1,311 |
Total liabilities | 7,116 | 9,421 |
Commitments and contingencies (Note 14) | ||
Shareholders’ 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 58,776,654 shares and 56,304,642 shares, respectively; outstanding 58,731,974 shares and 56,263,728 shares, respectively | 59 | 56 |
Treasury stock, at cost; 44,680 shares and 40,914 shares, respectively | (357) | (355) |
Additional paid-in capital | 326,041 | 324,393 |
Accumulated deficit | (287,135) | (280,096) |
Accumulated other comprehensive loss | (45) | (45) |
Total shareholders’ equity | 38,563 | 43,953 |
Total liabilities and shareholders’ equity | $ 45,679 | $ 53,374 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2023 | Apr. 30, 2023 |
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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 58,776,654 | 56,304,642 |
Common stock, shares outstanding | 58,731,974 | 56,263,728 |
Treasury stock, shares | 44,680 | 40,914 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Income Statement [Abstract] | ||
Revenues | $ 1,272 | $ 714 |
Cost of revenues | 609 | 520 |
Gross margin | 663 | 194 |
Gain from change in fair value of consideration | (62) | (131) |
Operating expenses | 8,103 | 6,318 |
Operating loss | (7,378) | (5,993) |
Interest income, net | 339 | 141 |
Loss before income taxes | (7,039) | (5,852) |
Provision for income taxes | ||
Net loss | $ (7,039) | $ (5,852) |
Basic net loss per share | $ (0.12) | $ (0.10) |
Diluted net loss per share | $ (0.12) | $ (0.10) |
Weighted average shares used to compute basic net loss per common share | 58,723,076 | 55,889,651 |
Weighted average shares used to compute diluted net loss per common share | 58,723,076 | 55,889,651 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Income Statement [Abstract] | ||
Net loss | $ (7,039) | $ (5,852) |
Foreign currency translation adjustment | ||
Total comprehensive loss | $ (7,039) | $ (5,852) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Apr. 30, 2022 | $ 56 | $ (341) | $ 322,932 | $ (253,770) | $ (46) | $ 68,831 |
Balance, shares at Apr. 30, 2022 | 55,905,213 | (23,352) | ||||
Net loss | (5,852) | (5,852) | ||||
Share-based compensation | 333 | 333 | ||||
Common stock issued upon vesting of restricted stock units | ||||||
Common stock issued upon vesting of restricted stock units, shares | 16,667 | |||||
Balance at Jul. 31, 2022 | $ 56 | $ (341) | 323,265 | (259,622) | (46) | 63,312 |
Balance, shares at Jul. 31, 2022 | 55,921,880 | (23,352) | ||||
Balance at Apr. 30, 2023 | $ 56 | $ (355) | 324,393 | (280,096) | (45) | 43,953 |
Balance, shares at Apr. 30, 2023 | 56,304,642 | (40,914) | ||||
Net loss | (7,039) | (7,039) | ||||
Share-based compensation | 401 | 401 | ||||
Common stock issued related to bonus and earn out payments | $ 3 | 1,247 | 1,250 | |||
Common stock issued related to bonus and earn out payments, shares | 2,403,846 | |||||
Common stock issued upon vesting of restricted stock units | ||||||
Common stock issued upon vesting of restricted stock units, shares | 68,166 | |||||
Shares withheld for tax withholdings | $ (2) | (2) | ||||
Shares withheld for tax withholdings, shares | (3,766) | |||||
Balance at Jul. 31, 2023 | $ 59 | $ (357) | $ 326,041 | $ (287,135) | $ (45) | $ 38,563 |
Balance, shares at Jul. 31, 2023 | 58,776,654 | (44,680) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (7,039,000) | $ (5,852,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of fixed assets | 71,000 | 43,000 |
Amortization of intangible assets | 40,000 | 40,000 |
Amortization of right of use asset | 135,000 | 75,000 |
(Accretion of discount)/amortization of premium on investments | (106,000) | 220,000 |
Change in contingent consideration liability | (62,000) | (131,000) |
Stock based compensation | 401,000 | 333,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 15,000 | 363,000 |
Contract assets | (141,000) | (280,000) |
Inventory | (686,000) | (146,000) |
Other assets | 375,000 | (13,000) |
Accounts payable | 345,000 | 154,000 |
Earnout payable | (500,000) | |
Accrued expenses | (540,000) | 212,000 |
Change in lease liability | (127,000) | (82,000) |
Contract liabilities | (171,000) | (28,000) |
Net cash used in operating activities | (7,990,000) | (5,092,000) |
Cash flows from investing activities: | ||
Redemptions of short term investments | 11,718,000 | 17,252,000 |
Purchases of short term investments | (6,612,000) | (10,813,000) |
Purchase of property and equipment | (133,000) | (56,000) |
Net cash provided by investing activities | 4,973,000 | 6,383,000 |
Cash flows from financing activities: | ||
Cash paid for tax withholding related to shares withheld | (2,000) | |
Net cash used in financing activities | (2,000) | |
Net (decrease) / increase in cash, cash equivalents and restricted cash | (3,019,000) | 1,291,000 |
Cash, cash equivalents and restricted cash, beginning of period | 7,103,000 | 8,362,000 |
Cash, cash equivalents and restricted cash, end of period | 4,084,000 | 9,653,000 |
Supplemental disclosure of noncash investing and financing activities: | ||
Issuance of common stock for Marine Advanced Robotics earn out | 1,000,000 | |
Bonus paid through stock issuance | $ 250,000 |
Background, Basis of Presentati
Background, Basis of Presentation and Liquidity | 3 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Background, Basis of Presentation and Liquidity | (1) Background, Basis of Presentation and Liquidity (a) Background Ocean Power Technologies, Inc. (the “Company”) was founded in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated in Delaware in 2007. We provide ocean data collection and reporting, marine power, offshore communications and Domain Awareness Systems (“MDA” or “MDAS”) products, integrated solutions, and consulting services. Our solutions focus on four major service areas: Data as a Service (“DaaS”), which includes data collected by our Wave Adaptive Modular Vessel (WAM-V®) autonomous vehicles or our PowerBuoy® product lines; Robotics as a Service (“RaaS”), which provides a lower cost subscription model for our customers to access use of our WAM-V’s®; Power as a Service (“PaaS”), which includes our PowerBuoy® and subsea battery products; and our Strategic Consulting Services. We offer our products and services to a wide-range of customers, including those in government and offshore energy, oil and gas, construction, wind power and other industries. We are involved in the entire life cycle of product development, from product design through manufacturing, testing, deployment, maintenance and upgrades, while working closely with partners across our supply chain. Our solutions are based on technologies that enable autonomous, zero or low carbon emitting, and cost effective data collection, analysis, transportation and communication. Our solutions are primarily suited to ocean and other offshore environments, and support generation of actionable intelligence on a standalone basis or working with other data sources. We then channel the information we collect, and other communications, through control equipment linked to edge computing and cloud hosting environments. Our goal is to generate most of our revenues from the sale or lease of our products and solutions, and sales of services to support our business operations. As we continue to develop and commercialize our products and services, we expect to have a net decrease in cash due to the use of cash from operating activities unless and until we achieve positive cash flow from the commercialization of products, solutions and services. (b) Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and for interim financial information in accordance with the Securities and Exchange Commission (“SEC”), instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP 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, 2023, as filed with the SEC and elsewhere in our subsequent Exchange Act filings, including this Form 10-Q. (c) Liquidity For the three months ended July 31, 2023, the Company incurred net losses of approximately $ 7.0 8.0 287.1 3.9 22.8 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jul. 31, 2023 | |
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, Marine Advanced Robotics Inc. (CA), 3dent Technologies LLC (TX), Oregon Wave Energy Partners I LLC (DE), ReedSport OPT WavePark, LLC (OR) and Ocean Power Technologies Ltd. in the United Kingdom. ReedSport OPT WavePark, LLC (OR) and Oregon Wave Energy Partners I, LLC (DE) were dissolved during the first quarter of fiscal 2024. 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 several estimates and assumptions relating to the reported amounts of 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, among other items, stock-based compensation, over-time revenue recognition, valuation consideration related to business combinations, including contingent consideration, and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets. Actual results could differ from those estimates. (c) Business Combinations The Company accounts for business combinations in accordance with Financial Accounting and Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Business Combinations (Topic 805). The Company allocates the fair value of consideration transferred in a business combination to the estimated fair value at the acquisition date of the tangible and intangible assets acquired as well as the liabilities assumed. Acquisition costs are expensed as incurred. Any excess consideration transferred is recorded as goodwill and in instances where the fair value of consideration transferred is less than the estimated fair value of tangible and intangible assets acquired less liabilities assumed, such amounts are recorded as a gain on the bargain purchase. (d) Cash, Cash Equivalents, Restricted Cash and Security Agreements and Short Term Investments Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased, to be cash equivalents. The Company invests excess cash in a money market account or in short term investments that are held-to-maturity. The Company had cash and cash equivalents of approximately $ 3.9 6.9 Restricted Cash and Security Agreements The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $ 156,000 Santander also issued a letter of credit to subsidiaries of Enel Green Power (“EGP”) pursuant to the Company’s contracts with EGP. This letter of credit was originally issued in August 2020 and has a remaining amount of $ 65,000 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash and Cash Equivalents and Restricted Cash July 31, 2023 April 30, 2023 (in thousands) Cash and cash equivalents $ 3,863 $ 6,883 Restricted cash- short term 65 65 Restricted cash- long term 156 155 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 4,084 $ 7,103 Short Term Investments During fiscal 2022, the Company acquired investment securities through Charles Schwab Bank. As of July 31, 2023 and April 30, 2023, their carrying value was approximately $ 22.8 27.8 The total accretion on discounts recognized for the three month period ended July 31, 2023 is approximately $ 0.1 0.2 The following table summarizes the Company’s short term investments as of July 31, 2023 and April 30, 2023: Schedule of Investments and Unrealized Gains/Losses July 31, 2023 April 30, 2023 Category Amortized Cost Unrealized Gains Market Value Amortized Cost Unrealized Gains Market Value (in thousands) (in thousands) Corporate Bonds $ 9,393 $ 63 $ 9,456 $ 14,776 $ 100 $ 14,876 Government Bonds & Notes 10,586 $ 30 10,616 9,188 $ 33 9,221 Government Agency 2,811 $ 11 2,822 3,826 25 3,851 Total Short Term Investments $ 22,790 $ 104 $ 22,894 $ 27,790 $ 158 $ 27,948 (e) Inventory In accordance with ASC 330, inventory is stated at the lower of costs or net realizable value applicable to goods on hand remaining after the matching of absorbed costs with concurrent revenues. The Company has three classes of inventory; raw materials, work in process, and finished goods. Items remain in inventory until they are shipped to the customer, at which time the costs are transferred on a FIFO basis to cost of good sold, or moved to leased assets as applicable. (f) Accounts Receivable Accounts receivable are stated at the net amount expected to be collected. Amounts are ordinarily due between 30 and 90 days after the issuance of the invoice. We are exposed to credit losses primarily on our accounts receivable and contract assets related to our sales to customers. If applicable, an allowance for credit losses is established to provide for the expected lifetime credit losses by evaluating factors such as customer creditworthiness, historical payment and loss experiences, current economic conditions (including geographic and political risk), and the age and status of outstanding receivables. Based on these factors, management has determined the allowance for credit losses was immaterial. Expected credit losses are written off in the period in which the financial asset is no longer collectible. The Company grants credit to its customers, generally, without collateral, under normal payment terms (typically 30 to 90 days after invoicing). Generally, invoicing occurs after the services are performed or control of the product has transferred to the customer. Accounts receivable represent an unconditional right to consideration arising from the Company’s performance under contracts with customers. (g) Property and Equipment, net Property and equipment is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives (three to ten years) of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the remaining lease term. Expenses for maintenance and repairs are charged to operations as incurred. Property and equipment is also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Schedule of Property, Plant and Equipment, Useful Life Description Estimated depreciable life Equipment 5 7 years Computer equipment & software 3 years Office furniture & fixtures 3 7 years Leasehold improvements Shorter of the estimated useful life or lease term Leased Power Buoys assets 10 years Leased WAM-V assets 10 years (h) Foreign Exchange Gains and Losses The Company maintains cash accounts that are denominated in British pound sterling. These amounts are included in cash, cash equivalents and restricted cash on the accompanying Consolidated Balance Sheets. Transactions denominated in a foreign currency may result in realized and unrealized foreign exchange gains or losses from exchange rate fluctuations, which are included in “Foreign exchange (loss)/gain” in the accompanying Consolidated Statements of Operations. (i) Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable, short term investments and cash equivalents. The Company believes that its credit risk is limited because the Company’s current contracts are with entities with a reliable payment history. The Company invests its excess cash in a money market fund and short term held-to maturity investments and does not believe that it is exposed to any significant risks related to its cash accounts, money market fund, or held-to maturity investments. Cash is also maintained at foreign financial institutions. Cash in foreign financial institutions as of July 31, 2023 was immaterial. For the three months ended July 31, 2023 and 2022, the Company had four and three customers whose revenues accounted for at least 10% of the Company’s consolidated revenues, respectively. These revenues accounted for approximately 73 69 (j) Share-Based Compensation Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The aggregate share-based compensation expense recorded in the Consolidated Statements of Operations for the three months ended July 31, 2023 and 2022 was approximately $ 0.4 0.3 (k) Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codification 606 (ASC 606) for contracts with customers and Accounting Standards Codification 842 (ASC 842) for leasing arrangements. In relation to ASC 606, which states that 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 as 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 performance obligation 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. When no observable standalone selling price is available, the standalone selling price is generally estimated based upon 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, 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. There was no variable consideration as of July 31, 2023 or 2022. The Company presents shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs in costs of goods sold and regular shipping and handling activities charged to operating expenses. 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. 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 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 or labor hours incurred best represents the measure of progress against the performance obligations incorporated within the contractual agreements. If estimated total costs on any contract project a loss, the Company charges the entire estimated loss to operations in the period the loss becomes known. The cumulative effect of revisions to revenue, estimated costs to complete contracts, including penalties, change orders, claims, anticipated losses, and others are recorded in the accounting period in which the events indicating a loss are known and the loss can be reasonably estimated. These loss projections are re-assessed for each subsequent reporting period until the project is complete. Such revisions could occur at any time and the effects may be material. During the three-month periods ended July 31, 2023 the Company recognized approximately $ 0.5 0.8 The Company’s contracts are either cost-plus contracts, fixed-price contracts, time and material agreements, lease or service agreements. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee. 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, and 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 revenue, 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 periods ended July 31, 2023 and 2022, the majority of the Company’s contracts were classified as firm fixed-price and the remainder were cost-sharing. The Company’s contract assets and liabilities primarily relate to the timing differences between cash received from a customer in connection with contractual rights to invoicing and the timing of revenue recognition following completion of performance obligations. The Company’s accounts receivable balance is made up entirely of customer contract related balances. The Company’s revenue also includes revenue from certain contracts which do not fall within the scope of ASC 606, but under the scope of ASC 842. At inception of a contract for those classified under ASC 842, the Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC Topic 842, “Leases”. If the direct financing or sales-type classification criteria are met, then the lease is accounted for as a finance lease. All others are treated as operating leases. The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term, or as agreed upon in-use days are utilized, which is presented in Revenue in the Consolidated Statement of Operations. The Company also enters into lease arrangements for its PowerBuoys® and Wave Adaptive Modular Vessels (“WAM-V®”) with certain customers. 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 PowerBuoy®, WAM-V®, and components, while non-lease elements, which the Company expects to become more prevalent, generally include engineering, monitoring and support services. In the lease arrangement, the customer may be provided with an option to extend the lease term or purchase the leased buoy or WAM-V® at some point during and/or at the end of the lease term. As of July 31, 2023, the Company’s total remaining performance obligations, also referred to as backlog, totaled $ 3.1 96 3.0 Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined that collectability of any portion of the contract value is not probable, an analysis of variable consideration will be performed using either the most likely amount or expected value method to determine the amount of revenue that must be constrained until the scenario causing the variability has been resolved. The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue. The below table represents the total revenue recognized under ASC 606 and ASC 842 for the three months ended July 31, 2023 and 2022. Schedule of Revenue Recognizes From Operating Lease Arrangements Three months ended July 31, 2023 Three months ended July 31, 2022 ASC 606 ASC 842 Total ASC 606 ASC 842 Total (in thousands) (in thousands) Product Line: WAM-V $ 460 $ 243 $ 703 $ 323 $ 14 $ 337 Buoy 250 — 250 12 — 12 Services 319 — 319 365 — 365 Total $ 1,029 $ 243 $ 1,272 $ 700 $ 14 $ 714 Region: North and South America $ 1,029 $ 243 $ 1,272 $ 522 $ 14 $ 536 Asia and Australia — — — 178 — 178 Total $ 1,029 $ 243 $ 1,272 $ 700 $ 14 $ 714 (l) 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. Due to the Company’s net losses, potentially dilutive securities, consisting of options to purchase shares of common stock, warrants on common stock and unvested restricted stock units issued to employees and non-employee directors, were excluded from the diluted loss per share calculation due to their anti-dilutive effect. In computing diluted net loss per share on the Consolidated Statement of Operations, warrants on common stock, options to purchase shares of common stock and unvested restricted stock units issued to employees and non-employee directors, totaling 7,614,992 6,378,212 (m) Intangibles Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date (which is regarded as their cost). Intangible assets, including patents, are amortized over the estimated useful life of the asset on a basis that approximates the pattern of economic benefit. The patents, trade name and customer relationship intangibles are being amortized over 20 12 10 Intangible assets are reviewed for impairment if indicators of potential impairment exist. There was no indication of impairment of intangible assets for the three months ended July 31, 2023 and 2022. (n) Goodwill Goodwill is assessed for impairment using a qualitative or quantitative approach. The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests. Where the Company use a qualitative analysis, it considers factors that include historical financial performance, macroeconomic and industry conditions, and the legal and regulatory environment. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is also performed. The quantitative assessment requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates and the selection of assumptions underlying a discount rate (weighted average cost of capital) based on market data available at the time to determine fair value of the Company. If the fair value is less than the carrying amounts, an impairment charge for the difference is recorded. The Company acquired goodwill as part of its purchase of MAR. Management performed its annual qualitative assessment in fiscal year 2023 and determined that it is more likely than not that no goodwill impairment existed as of April 30, 2023. (o) Income Taxes Income taxes are accounted for under ACS 740 utilizing the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and operating loss and tax credit carry forwards are expected to be recovered, settled or utilized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. If such event occurs, a valuation allowance is recorded. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses, to the extent incurred. Refer to Note 15 for additional disclosure. (p) Accumulated Other Comprehensive Loss The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The unrealized gains or losses resulting from such translation are included in Accumulated Other Comprehensive Loss within Shareholders’ Equity. For the three months ended July 31, 2023 and 2022, there were no amounts recorded to other comprehensive (income) loss due to limited foreign operations. (q) Warranty The Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. (r) Research and Development Costs related to research and development activities by the Company are expensed as incurred. The Company had approximately $ 1.9 2.3 (s) Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (“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) |
Accounts Receivable, Contract A
Accounts Receivable, Contract Assets and Contract Liabilities | 3 Months Ended |
Jul. 31, 2023 | |
Accounts Receivable Contract Assets And Contract Liabilities | |
Accounts Receivable, Contract Assets and Contract Liabilities | (3) Accounts Receivable, Contract Assets and Contract Liabilities The following provides further details on the balance sheet accounts of accounts receivable, contract assets and contract liabilities from contracts with customers: Schedule of Accounts Receivable, Contract Assets and Contract Liabilities July 31, 2023 April 30, 2023 April 30, 2022 (in thousands) Accounts receivable $ 730 $ 745 $ 482 Contract assets $ 293 $ 152 $ 386 Contract liabilities $ 1,207 $ 1,378 $ 129 Contract Assets Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditional on completing additional tasks or services for a performance obligation. The increase in contract assets is primarily a result of consulting services projects for which revenue was recognized in the current period but has not yet been billed due to the terms of the project agreements. No impairments to contract assets were incurred during the three months ended July 31, 2023 or July 31, 2022. Significant changes in the contract assets balances during the period were as follows: Schedule of Significant Changes in Contract Assets Three months ended July 31, 2023 Three months ended July 31, 2022 (in thousands) Transferred to receivables from contract assets recognized $ (377 ) $ (434 ) Revenue recognized and not billed 518 714 Net change in contract assets $ 141 $ 280 Contract Liabilities Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The decrease in contract liabilities is primarily due to recognizing revenue on the DOE Phase II contract for which the Company was paid in prior periods. Significant changes in the contract liabilities balances during the period are as follows: Schedule of Significant Changes in Contract Liabilities Three months ended July 31, 2023 Three months ended July 31, 2022 (in thousands) Revenue recognized $ (321 ) $ (91 ) Payments collected for which revenue has not been recognized 150 63 Net change in contract liabilities $ (171 ) $ (28 ) |
Inventory
Inventory | 3 Months Ended |
Jul. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | (4) Inventory The Company holds inventory related to the production of its WAM-V® and PowerBuoy® products. Schedule of Inventory July 31, 2023 April 30, 2023 (in thousands) Raw Materials $ 1,586 $ 1,044 Work in Process 144 — Inventory, net $ 1,730 $ 1,044 |
Other Current Assets
Other Current Assets | 3 Months Ended |
Jul. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | (5) Other Current Assets Other current assets consisted of the following at July 31, 2023 and April 30, 2023: Schedule of Other Current Assets July 31, 2023 April 30, 2023 (in thousands) Prepaid insurance $ 157 $ 358 Prepaid software & licenses 120 190 Prepaid sales & marketing 67 122 Prepaid expenses- other 275 324 Total other current assets $ 619 $ 994 |
Property and Equipment, net
Property and Equipment, net | 3 Months Ended |
Jul. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | (6) Property and Equipment, net The components of property and equipment, net as of July 31, 2023 and April 30, 2023 consisted of the following: Schedule of Components of Property and Equipment July 31, 2023 April 30, 2023 (in thousands) Equipment $ 804 $ 783 Computer equipment & software 714 700 Office furniture & equipment 407 386 Leasehold improvements 628 611 Leased WAM-V’s 431 371 Property and equipment, gross 2,984 2,851 Less: accumulated depreciation (1,642 ) (1,571 ) Property and equipment, net $ 1,342 $ 1,280 Leased WAM-V’s represent fixed assets that are part of underlying operating leases with customers as discussed in the revenue recognition section of ASC 842 policy disclosure. Depreciation expense was approximately $ 71,000 43,000 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | (7) Intangible Assets The components of intangible assets, net as of July 31, 2023 and April 30, 2023 consisted of the following: Schedule of Components of Intangible Assets July 31, 2023 April 30, 2023 (in thousands) Patents $ 2,729 $ 2,729 Trademarks 2,769 2,769 Tradename 130 130 Customer Relationships 150 150 Intangible assets, gross 5,778 5,778 Accumulated amortization (1,840 ) (1,800 ) Intangible assets, net $ 3,938 $ 3,978 Amortization expense was approximately $ 40,000 40,000 |
Goodwill
Goodwill | 3 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | (8) Goodwill Goodwill in the amount of $ 8.5 |
Leases
Leases | 3 Months Ended |
Jul. 31, 2023 | |
Leases | |
Leases | (9) Leases Lessor Information As of April 30, 2023, the Company had three WAM-V’s leased to customers which have been classified as operating leases per accounting guidance contained within ASC Topic 842, “Leases”. The remaining term on these operating leases is less than 2 Lessee Information 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. The Company’s operating leases consist of leases for office facilities and warehouse space. 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. 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 lease includes an initial lease term of seven years The Company also has a lease located in Houston, Texas for office space for our local employees. The lease term is for 1 expire in January 2024 The Company also has a lease for an office space located in Richmond, California for MAR. This lease commenced in April of 2023 and will continue for 62 Variable lease expenses, if any, are recorded as incurred. The operating lease cash flow payments for the three months ended July 31, 2023 and 2022 were $ 177,000 100,000 The components of lease expense in the Consolidated Statement of Operations for the three months ended July 31, 2023 and 2022 were as follows: Schedule of Operating Lease Costs 2023 2022 Three months ended July 31, 2023 2022 (in thousands) Operating lease cost $ 157 $ 92 Short-term lease cost 20 8 Total lease cost $ 177 $ 100 Information related to the Company’s right-of use assets and lease liabilities as of July 31, 2023 was as follows: Schedule of Right-of use Assets and Lease Liabilities July 31, 2023 (in thousands) Operating lease: Operating right-of-use asset, net $ 1,616 Right-of-use liabilities- current $ 545 Right-of-use liabilities- long term 1,168 Total lease liability $ 1,713 Weighted average remaining lease term- operating leases 3.97 Weighted average discount rate- operating leases 8.5 % Total remaining lease payments under the Company’s operating leases are as follows: Schedule of Future Minimum Lease payments Under Operating Lease July 31, 2023 (in thousands) Remainder of fiscal year 2024 $ 524 2025 494 2026 318 2027 325 2028 333 thereafter 28 Total future minimum lease payments $ 2,022 Less imputed interest (309 ) Total $ 1,713 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Jul. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | (10) Accrued Expenses Accrued expenses consisted of the following at July 31, 2023 and April 30, 2023: Schedule of Accrued Expenses July 31, 2023 April 30, 2023 (in thousands) Project costs $ 55 $ 181 Employee incentive payments 1,110 1,948 Accrued salary and benefits 260 52 Professional fees 8 — Other 123 165 Accrued expenses total $ 1,556 $ 2,346 |
Warrants
Warrants | 3 Months Ended |
Jul. 31, 2023 | |
Warrants | |
Warrants | (11) Warrants Equity Classified Warrants The underwritten public offering from April 2019 included the issuance of common stock warrants to purchase up to 4,927,680 3.85 five years 732,500 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Jul. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | (12) Share-Based Compensation In 2015, upon approval by the Company’s shareholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of 1,332,036 3,050,000 4,382,036 365,000 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 25,000 250,000 275,000 111,000 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 weighted average valuation assumptions. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant commensurate with the expected life of the award. The expected life (estimated period of time outstanding) of the stock options granted was estimated using the “simplified” method as permitted by the SEC’s Staff Accounting Bulletin No. 110, Share-Based Payment. A summary of stock options under our Stock Incentive Plans is detailed in the following table. Schedule of Stock Option Activity Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Outstanding as of April 30, 2023 1,529,185 $ 1.75 8.8 Granted — $ — Exercised — $ — Cancelled/forfeited (80,201 ) $ 1.51 Outstanding as of July 31, 2023 1,448,984 $ 1.76 8.3 Exercisable as of July 31, 2023 484,099 $ 3.19 7.9 As of July 31, 2023, the total intrinsic value of outstanding and exercisable options was approximately zero. As of July 31, 2023, approximately 965,000 9.1 79,000 96,000 0.6 1.9 Performance Stock Options As of July 31, 2023, there were no performance stock options outstanding. As of April 30, 2023 there were 66,667 43,000 53,000 Restricted Stock Units Compensation expense for restricted stock units 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, 2023 and 2022, the Company granted 52,500 51,500 A summary of unvested restricted stock units under our Stock Incentive Plans is as follows: Schedule of Non-vested Restricted Stock Activity Number of Shares Weighted Average Price Unvested at April 30, 2023 1,985,994 $ 0.89 Granted 53,000 $ 0.51 Vested and issued (68,166 ) $ 1.43 Cancelled/forfeited — Unvested at July 31, 2023 1,970,828 $ 0.86 There was approximately $ 280,000 184,000 844,000 1.3 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (13) 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 value is equal to their fair value due to the short term nature of these accounts. Additionally, there is a Level 3 contingent liability related to earn out payable as part of the MAR acquisition in the amount of $ 1.1 0.1 1.2 In June 2023, the Company paid $ 500,000 1,923,077 1.0 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, 2023 and 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (14) Commitments and Contingencies Spain Income Tax Audit The Company underwent an income tax audit in Spain for the period from 2011 to 2014, when its Spanish branch was closed. On July 30, 2018, the Spanish tax 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. During the year ended April 30, 2022, the Company received notice from the Spanish Central Economic and Administrative Tribunal (“Spanish Tax Administration”) that it agreed with the inspector and ruled that the Company owes the full amount of the penalty in the amount of € 279,870 331,000 279,870 General Legal Matters From time to time, the Company is involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements. |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (15) Income Taxes Uncertain Tax Positions We account for income taxes in accordance with ASC 740. 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 has no current or deferred tax due to current and projected losses for the year. The Company has appealed the results of the income tax audit in Spain for the period from 2011 to 2014, when the Company’s Spanish branch was closed (see Note 14). At July 31, 2023, the Company had no uncertain tax positions. The Company does not expect any material increase or decrease in its income tax expense or benefit in the next twelve months, related to examinations or uncertain tax positions. 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. Tax Preservation Plan In June 2023, the Company adopted a Section 382 Tax Benefits Preservation Plan (the “Tax Benefits Preservation Plan” or the “Plan”). Pursuant to the Plan, the Board declared a dividend of one preferred share purchase right (each, a “Right”) for each outstanding share of common stock of the Company. The dividend was distributed to stockholders of record as of the close of business on July 11, 2023. The Plan substantially diminishes the risk that the Company’s ability to utilize its net operating loss carryovers to reduce potential future federal income tax obligations may become substantially limited. The Plan is intended to act as a deterrent to any person or group acquiring beneficial ownership of 4.99 The Company determined the grant date fair value of the using an option-pricing model. The amount was immaterial to the consolidated financial statements and deemed to be de minimis, and accordingly was not recorded to the financial statements. |
Operating Segments and Geograph
Operating Segments and Geographic Information | 3 Months Ended |
Jul. 31, 2023 | |
Segment Reporting [Abstract] | |
Operating Segments and Geographic Information | (16) Operating Segments and Geographic Information The Company’s business consists of one |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jul. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | (17) Subsequent Events On August 7, 2023, the Company entered into a Controlled Equity Offering Sales Agreement (the “2023 ATM”) with Cantor Fitzgerald & Co. (“Cantor”), as sales agent, pursuant to which the Company may offer and sell, from time to time, through Cantor shares of its common stock. The Company can issue and sell, from time to time, shares of the Company’s common stock having an aggregate offering price of up to $ 13.8 million. Effective September 1, 2023, the Company was awarded three separate Indefinite Delivery Indefinite Quantity (“IDIQ”) Multiple-Award Contracts from the National Oceanic and Atmospheric Administration (“NOAA”). NOAA has selected the Company as one of several Multiple Award IDIQ contract holders to provide Uncrewed Maritime Systems Services to NOAA’s Office of Marine and Aviation Operations, Uncrewed Systems Operation Center. The ultimate amount of revenue to be received by the Company under these contracts is not known at this time. The ordering period is set to span three years, commencing on September 1, 2023, and concluding on August 31, 2026. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation | (a) Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries, Marine Advanced Robotics Inc. (CA), 3dent Technologies LLC (TX), Oregon Wave Energy Partners I LLC (DE), ReedSport OPT WavePark, LLC (OR) and Ocean Power Technologies Ltd. in the United Kingdom. ReedSport OPT WavePark, LLC (OR) and Oregon Wave Energy Partners I, LLC (DE) were dissolved during the first quarter of fiscal 2024. 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 several estimates and assumptions relating to the reported amounts of 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, among other items, stock-based compensation, over-time revenue recognition, valuation consideration related to business combinations, including contingent consideration, and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets. Actual results could differ from those estimates. |
Business Combinations | (c) Business Combinations The Company accounts for business combinations in accordance with Financial Accounting and Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Business Combinations (Topic 805). The Company allocates the fair value of consideration transferred in a business combination to the estimated fair value at the acquisition date of the tangible and intangible assets acquired as well as the liabilities assumed. Acquisition costs are expensed as incurred. Any excess consideration transferred is recorded as goodwill and in instances where the fair value of consideration transferred is less than the estimated fair value of tangible and intangible assets acquired less liabilities assumed, such amounts are recorded as a gain on the bargain purchase. |
Cash, Cash Equivalents, Restricted Cash and Security Agreements and Short Term Investments | (d) Cash, Cash Equivalents, Restricted Cash and Security Agreements and Short Term Investments Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased, to be cash equivalents. The Company invests excess cash in a money market account or in short term investments that are held-to-maturity. The Company had cash and cash equivalents of approximately $ 3.9 6.9 Restricted Cash and Security Agreements The Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $ 156,000 Santander also issued a letter of credit to subsidiaries of Enel Green Power (“EGP”) pursuant to the Company’s contracts with EGP. This letter of credit was originally issued in August 2020 and has a remaining amount of $ 65,000 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash and Cash Equivalents and Restricted Cash July 31, 2023 April 30, 2023 (in thousands) Cash and cash equivalents $ 3,863 $ 6,883 Restricted cash- short term 65 65 Restricted cash- long term 156 155 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 4,084 $ 7,103 Short Term Investments During fiscal 2022, the Company acquired investment securities through Charles Schwab Bank. As of July 31, 2023 and April 30, 2023, their carrying value was approximately $ 22.8 27.8 The total accretion on discounts recognized for the three month period ended July 31, 2023 is approximately $ 0.1 0.2 The following table summarizes the Company’s short term investments as of July 31, 2023 and April 30, 2023: Schedule of Investments and Unrealized Gains/Losses July 31, 2023 April 30, 2023 Category Amortized Cost Unrealized Gains Market Value Amortized Cost Unrealized Gains Market Value (in thousands) (in thousands) Corporate Bonds $ 9,393 $ 63 $ 9,456 $ 14,776 $ 100 $ 14,876 Government Bonds & Notes 10,586 $ 30 10,616 9,188 $ 33 9,221 Government Agency 2,811 $ 11 2,822 3,826 25 3,851 Total Short Term Investments $ 22,790 $ 104 $ 22,894 $ 27,790 $ 158 $ 27,948 |
Inventory | (e) Inventory In accordance with ASC 330, inventory is stated at the lower of costs or net realizable value applicable to goods on hand remaining after the matching of absorbed costs with concurrent revenues. The Company has three classes of inventory; raw materials, work in process, and finished goods. Items remain in inventory until they are shipped to the customer, at which time the costs are transferred on a FIFO basis to cost of good sold, or moved to leased assets as applicable. |
Accounts Receivable | (f) Accounts Receivable Accounts receivable are stated at the net amount expected to be collected. Amounts are ordinarily due between 30 and 90 days after the issuance of the invoice. We are exposed to credit losses primarily on our accounts receivable and contract assets related to our sales to customers. If applicable, an allowance for credit losses is established to provide for the expected lifetime credit losses by evaluating factors such as customer creditworthiness, historical payment and loss experiences, current economic conditions (including geographic and political risk), and the age and status of outstanding receivables. Based on these factors, management has determined the allowance for credit losses was immaterial. Expected credit losses are written off in the period in which the financial asset is no longer collectible. The Company grants credit to its customers, generally, without collateral, under normal payment terms (typically 30 to 90 days after invoicing). Generally, invoicing occurs after the services are performed or control of the product has transferred to the customer. Accounts receivable represent an unconditional right to consideration arising from the Company’s performance under contracts with customers. |
Property and Equipment, net | (g) Property and Equipment, net Property and equipment is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives (three to ten years) of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the remaining lease term. Expenses for maintenance and repairs are charged to operations as incurred. Property and equipment is also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Schedule of Property, Plant and Equipment, Useful Life Description Estimated depreciable life Equipment 5 7 years Computer equipment & software 3 years Office furniture & fixtures 3 7 years Leasehold improvements Shorter of the estimated useful life or lease term Leased Power Buoys assets 10 years Leased WAM-V assets 10 years |
Foreign Exchange Gains and Losses | (h) Foreign Exchange Gains and Losses The Company maintains cash accounts that are denominated in British pound sterling. These amounts are included in cash, cash equivalents and restricted cash on the accompanying Consolidated Balance Sheets. Transactions denominated in a foreign currency may result in realized and unrealized foreign exchange gains or losses from exchange rate fluctuations, which are included in “Foreign exchange (loss)/gain” in the accompanying Consolidated Statements of Operations. |
Concentration of Credit Risk | (i) Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable, short term investments and cash equivalents. The Company believes that its credit risk is limited because the Company’s current contracts are with entities with a reliable payment history. The Company invests its excess cash in a money market fund and short term held-to maturity investments and does not believe that it is exposed to any significant risks related to its cash accounts, money market fund, or held-to maturity investments. Cash is also maintained at foreign financial institutions. Cash in foreign financial institutions as of July 31, 2023 was immaterial. For the three months ended July 31, 2023 and 2022, the Company had four and three customers whose revenues accounted for at least 10% of the Company’s consolidated revenues, respectively. These revenues accounted for approximately 73 69 |
Share-Based Compensation | (j) Share-Based Compensation Costs resulting from all share-based payment transactions are recognized in the consolidated financial statements at their fair values. The aggregate share-based compensation expense recorded in the Consolidated Statements of Operations for the three months ended July 31, 2023 and 2022 was approximately $ 0.4 0.3 |
Revenue Recognition | (k) Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codification 606 (ASC 606) for contracts with customers and Accounting Standards Codification 842 (ASC 842) for leasing arrangements. In relation to ASC 606, which states that 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 as 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 performance obligation 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. When no observable standalone selling price is available, the standalone selling price is generally estimated based upon 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, 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. There was no variable consideration as of July 31, 2023 or 2022. The Company presents shipping and handling costs, that occur after control of the promised goods or services transfer to the customer, as fulfillment costs in costs of goods sold and regular shipping and handling activities charged to operating expenses. 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. 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 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 or labor hours incurred best represents the measure of progress against the performance obligations incorporated within the contractual agreements. If estimated total costs on any contract project a loss, the Company charges the entire estimated loss to operations in the period the loss becomes known. The cumulative effect of revisions to revenue, estimated costs to complete contracts, including penalties, change orders, claims, anticipated losses, and others are recorded in the accounting period in which the events indicating a loss are known and the loss can be reasonably estimated. These loss projections are re-assessed for each subsequent reporting period until the project is complete. Such revisions could occur at any time and the effects may be material. During the three-month periods ended July 31, 2023 the Company recognized approximately $ 0.5 0.8 The Company’s contracts are either cost-plus contracts, fixed-price contracts, time and material agreements, lease or service agreements. Under cost plus contracts, customers are billed for actual expenses incurred plus an agreed-upon fee. 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, and 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 revenue, 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 periods ended July 31, 2023 and 2022, the majority of the Company’s contracts were classified as firm fixed-price and the remainder were cost-sharing. The Company’s contract assets and liabilities primarily relate to the timing differences between cash received from a customer in connection with contractual rights to invoicing and the timing of revenue recognition following completion of performance obligations. The Company’s accounts receivable balance is made up entirely of customer contract related balances. The Company’s revenue also includes revenue from certain contracts which do not fall within the scope of ASC 606, but under the scope of ASC 842. At inception of a contract for those classified under ASC 842, the Company classifies leases as either operating or financing in accordance with the authoritative accounting guidance contained within ASC Topic 842, “Leases”. If the direct financing or sales-type classification criteria are met, then the lease is accounted for as a finance lease. All others are treated as operating leases. The Company recognizes revenue from operating lease arrangements generally on a straight-line basis over the lease term, or as agreed upon in-use days are utilized, which is presented in Revenue in the Consolidated Statement of Operations. The Company also enters into lease arrangements for its PowerBuoys® and Wave Adaptive Modular Vessels (“WAM-V®”) with certain customers. 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 PowerBuoy®, WAM-V®, and components, while non-lease elements, which the Company expects to become more prevalent, generally include engineering, monitoring and support services. In the lease arrangement, the customer may be provided with an option to extend the lease term or purchase the leased buoy or WAM-V® at some point during and/or at the end of the lease term. As of July 31, 2023, the Company’s total remaining performance obligations, also referred to as backlog, totaled $ 3.1 96 3.0 Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined that collectability of any portion of the contract value is not probable, an analysis of variable consideration will be performed using either the most likely amount or expected value method to determine the amount of revenue that must be constrained until the scenario causing the variability has been resolved. The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue. The below table represents the total revenue recognized under ASC 606 and ASC 842 for the three months ended July 31, 2023 and 2022. Schedule of Revenue Recognizes From Operating Lease Arrangements Three months ended July 31, 2023 Three months ended July 31, 2022 ASC 606 ASC 842 Total ASC 606 ASC 842 Total (in thousands) (in thousands) Product Line: WAM-V $ 460 $ 243 $ 703 $ 323 $ 14 $ 337 Buoy 250 — 250 12 — 12 Services 319 — 319 365 — 365 Total $ 1,029 $ 243 $ 1,272 $ 700 $ 14 $ 714 Region: North and South America $ 1,029 $ 243 $ 1,272 $ 522 $ 14 $ 536 Asia and Australia — — — 178 — 178 Total $ 1,029 $ 243 $ 1,272 $ 700 $ 14 $ 714 |
Net Loss per Common Share | (l) 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. Due to the Company’s net losses, potentially dilutive securities, consisting of options to purchase shares of common stock, warrants on common stock and unvested restricted stock units issued to employees and non-employee directors, were excluded from the diluted loss per share calculation due to their anti-dilutive effect. In computing diluted net loss per share on the Consolidated Statement of Operations, warrants on common stock, options to purchase shares of common stock and unvested restricted stock units issued to employees and non-employee directors, totaling 7,614,992 6,378,212 |
Intangibles | (m) Intangibles Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date (which is regarded as their cost). Intangible assets, including patents, are amortized over the estimated useful life of the asset on a basis that approximates the pattern of economic benefit. The patents, trade name and customer relationship intangibles are being amortized over 20 12 10 Intangible assets are reviewed for impairment if indicators of potential impairment exist. There was no indication of impairment of intangible assets for the three months ended July 31, 2023 and 2022. |
Goodwill | (n) Goodwill Goodwill is assessed for impairment using a qualitative or quantitative approach. The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests. Where the Company use a qualitative analysis, it considers factors that include historical financial performance, macroeconomic and industry conditions, and the legal and regulatory environment. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is also performed. The quantitative assessment requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates and the selection of assumptions underlying a discount rate (weighted average cost of capital) based on market data available at the time to determine fair value of the Company. If the fair value is less than the carrying amounts, an impairment charge for the difference is recorded. The Company acquired goodwill as part of its purchase of MAR. Management performed its annual qualitative assessment in fiscal year 2023 and determined that it is more likely than not that no goodwill impairment existed as of April 30, 2023. |
Income Taxes | (o) Income Taxes Income taxes are accounted for under ACS 740 utilizing the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and operating loss and tax credit carry forwards are expected to be recovered, settled or utilized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. If such event occurs, a valuation allowance is recorded. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses, to the extent incurred. Refer to Note 15 for additional disclosure. |
Accumulated Other Comprehensive Loss | (p) Accumulated Other Comprehensive Loss The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The unrealized gains or losses resulting from such translation are included in Accumulated Other Comprehensive Loss within Shareholders’ Equity. For the three months ended July 31, 2023 and 2022, there were no amounts recorded to other comprehensive (income) loss due to limited foreign operations. |
Warranty | (q) Warranty The Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. |
Research and Development | (r) Research and Development Costs related to research and development activities by the Company are expensed as incurred. The Company had approximately $ 1.9 2.3 |
Recently Issued Accounting Standards | (s) Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (“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) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
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 Consolidated Balance Sheets that total to the same amounts shown in the Consolidated Statements of Cash Flows. Schedule of Cash and Cash Equivalents and Restricted Cash July 31, 2023 April 30, 2023 (in thousands) Cash and cash equivalents $ 3,863 $ 6,883 Restricted cash- short term 65 65 Restricted cash- long term 156 155 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 4,084 $ 7,103 |
Schedule of Investments and Unrealized Gains/Losses | The following table summarizes the Company’s short term investments as of July 31, 2023 and April 30, 2023: Schedule of Investments and Unrealized Gains/Losses July 31, 2023 April 30, 2023 Category Amortized Cost Unrealized Gains Market Value Amortized Cost Unrealized Gains Market Value (in thousands) (in thousands) Corporate Bonds $ 9,393 $ 63 $ 9,456 $ 14,776 $ 100 $ 14,876 Government Bonds & Notes 10,586 $ 30 10,616 9,188 $ 33 9,221 Government Agency 2,811 $ 11 2,822 3,826 25 3,851 Total Short Term Investments $ 22,790 $ 104 $ 22,894 $ 27,790 $ 158 $ 27,948 |
Schedule of Property, Plant and Equipment, Useful Life | Schedule of Property, Plant and Equipment, Useful Life Description Estimated depreciable life Equipment 5 7 years Computer equipment & software 3 years Office furniture & fixtures 3 7 years Leasehold improvements Shorter of the estimated useful life or lease term Leased Power Buoys assets 10 years Leased WAM-V assets 10 years |
Schedule of Revenue Recognizes From Operating Lease Arrangements | The below table represents the total revenue recognized under ASC 606 and ASC 842 for the three months ended July 31, 2023 and 2022. Schedule of Revenue Recognizes From Operating Lease Arrangements Three months ended July 31, 2023 Three months ended July 31, 2022 ASC 606 ASC 842 Total ASC 606 ASC 842 Total (in thousands) (in thousands) Product Line: WAM-V $ 460 $ 243 $ 703 $ 323 $ 14 $ 337 Buoy 250 — 250 12 — 12 Services 319 — 319 365 — 365 Total $ 1,029 $ 243 $ 1,272 $ 700 $ 14 $ 714 Region: North and South America $ 1,029 $ 243 $ 1,272 $ 522 $ 14 $ 536 Asia and Australia — — — 178 — 178 Total $ 1,029 $ 243 $ 1,272 $ 700 $ 14 $ 714 |
Accounts Receivable, Contract_2
Accounts Receivable, Contract Assets and Contract Liabilities (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Accounts Receivable Contract Assets And Contract Liabilities | |
Schedule of Accounts Receivable, Contract Assets and Contract Liabilities | The following provides further details on the balance sheet accounts of accounts receivable, contract assets and contract liabilities from contracts with customers: Schedule of Accounts Receivable, Contract Assets and Contract Liabilities July 31, 2023 April 30, 2023 April 30, 2022 (in thousands) Accounts receivable $ 730 $ 745 $ 482 Contract assets $ 293 $ 152 $ 386 Contract liabilities $ 1,207 $ 1,378 $ 129 |
Schedule of Significant Changes in Contract Assets | Significant changes in the contract assets balances during the period were as follows: Schedule of Significant Changes in Contract Assets Three months ended July 31, 2023 Three months ended July 31, 2022 (in thousands) Transferred to receivables from contract assets recognized $ (377 ) $ (434 ) Revenue recognized and not billed 518 714 Net change in contract assets $ 141 $ 280 |
Schedule of Significant Changes in Contract Liabilities | Significant changes in the contract liabilities balances during the period are as follows: Schedule of Significant Changes in Contract Liabilities Three months ended July 31, 2023 Three months ended July 31, 2022 (in thousands) Revenue recognized $ (321 ) $ (91 ) Payments collected for which revenue has not been recognized 150 63 Net change in contract liabilities $ (171 ) $ (28 ) |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The Company holds inventory related to the production of its WAM-V® and PowerBuoy® products. Schedule of Inventory July 31, 2023 April 30, 2023 (in thousands) Raw Materials $ 1,586 $ 1,044 Work in Process 144 — Inventory, net $ 1,730 $ 1,044 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following at July 31, 2023 and April 30, 2023: Schedule of Other Current Assets July 31, 2023 April 30, 2023 (in thousands) Prepaid insurance $ 157 $ 358 Prepaid software & licenses 120 190 Prepaid sales & marketing 67 122 Prepaid expenses- other 275 324 Total other current assets $ 619 $ 994 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Components of Property and Equipment | The components of property and equipment, net as of July 31, 2023 and April 30, 2023 consisted of the following: Schedule of Components of Property and Equipment July 31, 2023 April 30, 2023 (in thousands) Equipment $ 804 $ 783 Computer equipment & software 714 700 Office furniture & equipment 407 386 Leasehold improvements 628 611 Leased WAM-V’s 431 371 Property and equipment, gross 2,984 2,851 Less: accumulated depreciation (1,642 ) (1,571 ) Property and equipment, net $ 1,342 $ 1,280 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Components of Intangible Assets | The components of intangible assets, net as of July 31, 2023 and April 30, 2023 consisted of the following: Schedule of Components of Intangible Assets July 31, 2023 April 30, 2023 (in thousands) Patents $ 2,729 $ 2,729 Trademarks 2,769 2,769 Tradename 130 130 Customer Relationships 150 150 Intangible assets, gross 5,778 5,778 Accumulated amortization (1,840 ) (1,800 ) Intangible assets, net $ 3,938 $ 3,978 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Leases | |
Schedule of Operating Lease Costs | The components of lease expense in the Consolidated Statement of Operations for the three months ended July 31, 2023 and 2022 were as follows: Schedule of Operating Lease Costs 2023 2022 Three months ended July 31, 2023 2022 (in thousands) Operating lease cost $ 157 $ 92 Short-term lease cost 20 8 Total lease cost $ 177 $ 100 |
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, 2023 was as follows: Schedule of Right-of use Assets and Lease Liabilities July 31, 2023 (in thousands) Operating lease: Operating right-of-use asset, net $ 1,616 Right-of-use liabilities- current $ 545 Right-of-use liabilities- long term 1,168 Total lease liability $ 1,713 Weighted average remaining lease term- operating leases 3.97 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: Schedule of Future Minimum Lease payments Under Operating Lease July 31, 2023 (in thousands) Remainder of fiscal year 2024 $ 524 2025 494 2026 318 2027 325 2028 333 thereafter 28 Total future minimum lease payments $ 2,022 Less imputed interest (309 ) Total $ 1,713 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at July 31, 2023 and April 30, 2023: Schedule of Accrued Expenses July 31, 2023 April 30, 2023 (in thousands) Project costs $ 55 $ 181 Employee incentive payments 1,110 1,948 Accrued salary and benefits 260 52 Professional fees 8 — Other 123 165 Accrued expenses total $ 1,556 $ 2,346 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
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. Schedule of Stock Option Activity Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Outstanding as of April 30, 2023 1,529,185 $ 1.75 8.8 Granted — $ — Exercised — $ — Cancelled/forfeited (80,201 ) $ 1.51 Outstanding as of July 31, 2023 1,448,984 $ 1.76 8.3 Exercisable as of July 31, 2023 484,099 $ 3.19 7.9 |
Schedule of Non-vested Restricted Stock Activity | A summary of unvested restricted stock units under our Stock Incentive Plans is as follows: Schedule of Non-vested Restricted Stock Activity Number of Shares Weighted Average Price Unvested at April 30, 2023 1,985,994 $ 0.89 Granted 53,000 $ 0.51 Vested and issued (68,166 ) $ 1.43 Cancelled/forfeited — Unvested at July 31, 2023 1,970,828 $ 0.86 |
Background, Basis of Presenta_2
Background, Basis of Presentation and Liquidity (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2023 | |
Accounting Policies [Abstract] | |||
Net loss | $ 7,039 | $ 5,852 | |
Cash in operations | 7,990 | $ 5,092 | |
Accumulated deficit | 287,135 | $ 280,096 | |
Cash | 3,900 | ||
Short-term investments | $ 22,790 | $ 27,790 |
Schedule of Cash and Cash Equiv
Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 |
Accounting Policies [Abstract] | ||
Cash and cash equivalents | $ 3,863 | $ 6,883 |
Restricted cash- short term | 65 | 65 |
Restricted cash- long term | 156 | 155 |
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ 4,084 | $ 7,103 |
Schedule of Investments and Unr
Schedule of Investments and Unrealized Gains/Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jul. 31, 2023 | Apr. 30, 2023 | |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 22,790 | $ 27,790 |
Unrealized Gains (Losses) | 104 | 158 |
Market Value | 22,894 | 27,948 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 9,393 | 14,776 |
Unrealized Gains (Losses) | 63 | 100 |
Market Value | 9,456 | 14,876 |
Government Bonds and Notes [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 10,586 | 9,188 |
Unrealized Gains (Losses) | 30 | 33 |
Market Value | 10,616 | 9,221 |
Government Agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 2,811 | 3,826 |
Unrealized Gains (Losses) | 11 | 25 |
Market Value | $ 2,822 | $ 3,851 |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment, Useful Life (Details) | Jul. 31, 2023 |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 5 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 7 years |
Computer Equipment & Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 3 years |
Office Furniture & Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 3 years |
Office Furniture & Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 7 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | Useful Life, Lease Term [Member] |
Leased Power Buoys Assets [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 10 years |
Leased WAM-V Assets [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life (Year) | 10 years |
Schedule of Revenue Recognizes
Schedule of Revenue Recognizes From Operating Lease Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Product Information [Line Items] | ||
Revenue | $ 1,272 | $ 714 |
North And South America [Member] | ||
Product Information [Line Items] | ||
Revenue | 1,272 | 536 |
Asia and Australia [Member] | ||
Product Information [Line Items] | ||
Revenue | 178 | |
Region [Member] | ||
Product Information [Line Items] | ||
Revenue | 1,272 | 714 |
WAMV [Member] | ||
Product Information [Line Items] | ||
Revenue | 703 | 337 |
Buoy [Member] | ||
Product Information [Line Items] | ||
Revenue | 250 | 12 |
Service [Member] | ||
Product Information [Line Items] | ||
Revenue | 319 | 365 |
Product [Member] | ||
Product Information [Line Items] | ||
Revenue | 1,272 | 714 |
Accounting Standards Update 2014-09 [Member] | North And South America [Member] | ||
Product Information [Line Items] | ||
Revenue | 1,029 | 522 |
Accounting Standards Update 2014-09 [Member] | Asia and Australia [Member] | ||
Product Information [Line Items] | ||
Revenue | 178 | |
Accounting Standards Update 2014-09 [Member] | Region [Member] | ||
Product Information [Line Items] | ||
Revenue | 1,029 | 700 |
Accounting Standards Update 2014-09 [Member] | WAMV [Member] | ||
Product Information [Line Items] | ||
Revenue | 460 | 323 |
Accounting Standards Update 2014-09 [Member] | Buoy [Member] | ||
Product Information [Line Items] | ||
Revenue | 250 | 12 |
Accounting Standards Update 2014-09 [Member] | Service [Member] | ||
Product Information [Line Items] | ||
Revenue | 319 | 365 |
Accounting Standards Update 2014-09 [Member] | Product [Member] | ||
Product Information [Line Items] | ||
Revenue | 1,029 | 700 |
Accounting Standards Update 2016-02 [Member] | North And South America [Member] | ||
Product Information [Line Items] | ||
Revenue | 243 | 14 |
Accounting Standards Update 2016-02 [Member] | Asia and Australia [Member] | ||
Product Information [Line Items] | ||
Revenue | ||
Accounting Standards Update 2016-02 [Member] | Region [Member] | ||
Product Information [Line Items] | ||
Revenue | 243 | 14 |
Accounting Standards Update 2016-02 [Member] | WAMV [Member] | ||
Product Information [Line Items] | ||
Revenue | 243 | 14 |
Accounting Standards Update 2016-02 [Member] | Buoy [Member] | ||
Product Information [Line Items] | ||
Revenue | ||
Accounting Standards Update 2016-02 [Member] | Service [Member] | ||
Product Information [Line Items] | ||
Revenue | ||
Accounting Standards Update 2016-02 [Member] | Product [Member] | ||
Product Information [Line Items] | ||
Revenue | $ 243 | $ 14 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2023 | Aug. 31, 2020 | |
Product Information [Line Items] | ||||
Cash and cash equivalents | $ 3,863,000 | $ 6,883,000 | ||
Short term investments | 22,790,000 | $ 27,790,000 | ||
Accretion of discount and amortization of premium on investments | 100,000 | $ 200,000 | ||
Share-based compensation expense | 401,000 | $ 333,000 | ||
Revenue remaining performance obligation | $ 3,100,000 | |||
Expects to recognize revenue remaining performance obligation, percentage | 96% | |||
Expects to recognize revenue remaining performance obligation | $ 3,000,000 | |||
Antidilutive securities excluded from computation of earnings per share, amount | 7,614,992 | 6,378,212 | ||
Product development expense | $ 1,900,000 | $ 2,300,000 | ||
Patents [Member] | ||||
Product Information [Line Items] | ||||
Intangible asset estimated lives | 20 years | |||
Trade Names [Member] | ||||
Product Information [Line Items] | ||||
Intangible asset estimated lives | 12 years | |||
Customer Relationships [Member] | ||||
Product Information [Line Items] | ||||
Intangible asset estimated lives | 10 years | |||
Transferred over Time [Member] | ||||
Product Information [Line Items] | ||||
Revenue remaining performance obligation | $ 500,000 | |||
Transferred at Point in Time [Member] | ||||
Product Information [Line Items] | ||||
Revenue remaining performance obligation | $ 800,000 | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Four and Three Customers [Member] | ||||
Product Information [Line Items] | ||||
Concentration risk percentage | 73% | 69% | ||
Santander Bank [Member] | ||||
Product Information [Line Items] | ||||
Deposits | $ 156,000 | |||
Santander Bank [Member] | January 2024 [Member] | ||||
Product Information [Line Items] | ||||
Letters of credit issued amount | $ 65,000 |
Schedule of Accounts Receivable
Schedule of Accounts Receivable, Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 |
Accounts Receivable Contract Assets And Contract Liabilities | |||
Accounts receivable | $ 730 | $ 745 | $ 482 |
Contract assets | 293 | 152 | 386 |
Contract liabilities | $ 1,207 | $ 1,378 | $ 129 |
Schedule of Significant Changes
Schedule of Significant Changes in Contract Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Accounts Receivable Contract Assets And Contract Liabilities | ||
Transferred to receivables from contract assets recognized | $ (377) | $ (434) |
Revenue recognized and not billed | 518 | 714 |
Net change in contract assets | $ 141 | $ 280 |
Schedule of Significant Chang_2
Schedule of Significant Changes in Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Accounts Receivable Contract Assets And Contract Liabilities | ||
Revenue recognized | $ (321) | $ (91) |
Payments collected for which revenue has not been recognized | 150 | 63 |
Net change in contract liabilities | $ (171) | $ (28) |
Schedule of Inventory (Details)
Schedule of Inventory (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 1,586 | $ 1,044 |
Work in Process | 144 | |
Inventory, net | $ 1,730 | $ 1,044 |
Schedule of Other Current Asset
Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $ 157 | $ 358 |
Prepaid software & licenses | 120 | 190 |
Prepaid sales & marketing | 67 | 122 |
Prepaid expenses- other | 275 | 324 |
Total other current assets | $ 619 | $ 994 |
Schedule of Components of Prope
Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,984 | $ 2,851 |
Less: accumulated depreciation | (1,642) | (1,571) |
Property and equipment, net | 1,342 | 1,280 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 804 | 783 |
Computer Equipment & Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 714 | 700 |
Office Furniture & Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 407 | 386 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 628 | 611 |
Leased WAM-V's [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 431 | $ 371 |
Property and Equipment, net (De
Property and Equipment, net (Details Narrative) - USD ($) | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 71,000 | $ 43,000 |
Schedule of Components of Intan
Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patents | $ 2,729 | $ 2,729 |
Trademarks | 2,769 | 2,769 |
Tradename | 130 | 130 |
Customer Relationships | 150 | 150 |
Intangible assets, gross | 5,778 | 5,778 |
Accumulated amortization | (1,840) | (1,800) |
Intangible assets, net | $ 3,938 | $ 3,978 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 40,000 | $ 40,000 |
Goodwill (Details Narrative)
Goodwill (Details Narrative) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 | Nov. 30, 2021 |
Goodwill | $ 8,537 | $ 8,537 | |
Marine Advanced Robotics, Inc. [Member] | |||
Goodwill | $ 8,500 |
Schedule of Operating Lease Cos
Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Leases | ||
Operating lease cost | $ 157 | $ 92 |
Short-term lease cost | 20 | 8 |
Total lease cost | $ 177 | $ 100 |
Schedule of Right-of use Assets
Schedule of Right-of use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 |
Leases | ||
Operating right-of-use asset, net | $ 1,616 | $ 1,751 |
Right-of-use liabilities- current | 545 | 529 |
Right-of-use liabilities- long term | 1,168 | $ 1,311 |
Total lease liability | $ 1,713 | |
Weighted average remaining lease term- operating leases | 3 years 11 months 19 days | |
Weighted average discount rate- operating leases | 8.50% |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease payments Under Operating Lease (Details) $ in Thousands | Jul. 31, 2023 USD ($) |
Leases | |
Remainder of fiscal year 2024 | $ 524 |
2025 | 494 |
2026 | 318 |
2027 | 325 |
2028 | 333 |
thereafter | 28 |
Total future minimum lease payments | 2,022 |
Less imputed interest | (309) |
Total | $ 1,713 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 3 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2023 | |
Lessee, Operating Lease, Renewal Term | 2 years | ||
Lease commencement date | 62 months | ||
Operating lease cash flow payments | $ 177,000 | $ 100,000 | |
Monroe Township [Member] | |||
Lessee, operating lease, option to extend | The lease includes an initial lease term of seven years which is set to expire on October 31, 2024, and contains an option to extend the lease for another five years. | ||
Lease commencement date | 7 years | ||
Houston, Texas [Member] | |||
Lessee, operating lease, option to extend | expire in January 2024 | ||
Lease commencement date | 1 year |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 |
Payables and Accruals [Abstract] | ||
Project costs | $ 55 | $ 181 |
Employee incentive payments | 1,110 | 1,948 |
Accrued salary and benefits | 260 | 52 |
Professional fees | 8 | |
Other | 123 | 165 |
Accrued expenses total | $ 1,556 | $ 2,346 |
Warrants (Details Narrative)
Warrants (Details Narrative) - $ / shares | Jul. 31, 2023 | Apr. 30, 2019 |
Subsidiary, Sale of Stock [Line Items] | ||
Warrants to purchase common stock exercised | 732,500 | |
Underwritten Public Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Warrants to purchase common stock exercised | 4,927,680 | |
Exercise price of warrants | $ 3.85 | |
Warrants and rights outstanding, term | 5 years |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) | 3 Months Ended |
Jul. 31, 2023 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Shares Underlying Options Outstanding, beginning | shares | 1,529,185 |
Weighted Average Exercise Price, Beginning balance | $ / shares | $ 1.75 |
Weighted Average Remaining Contractual Term (In Years), Beginning | 8 years 9 months 18 days |
Shares Underlying Options Outstanding, Granted | shares | |
Weighted Average Exercise Price, Granted | $ / shares | |
Shares Underlying Options ,Exercised | shares | |
Weighted Average Exercise Price, Exercised | $ / shares | |
Shares Underlying Options, Cancelled/forfeited | shares | (80,201) |
Weighted Average Exercise Price, Cancelled/forfeited | $ / shares | $ 1.51 |
Shares Underlying Options, ending | shares | 1,448,984 |
Weighted average exercise price, ending balance | $ / shares | $ 1.76 |
Weighted Average Remaining Contractual Term (In Years), Ending | 8 years 3 months 18 days |
Shares Underlying Options, Exercisable at Ending | shares | 484,099 |
Weighted Average Exercise Price, Exercisable at ending | $ / shares | $ 3.19 |
Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending | 7 years 10 months 24 days |
Schedule of Non-vested Restrict
Schedule of Non-vested Restricted Stock Activity (Details) - Non-vested Restricted Stock [Member] | 3 Months Ended |
Jul. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Shares, Unvested, Beginning | 1,985,994 |
Weighted Average Price per Share, Unvested, Beginning | $ / shares | $ 0.89 |
Number of Shares, Unvested, Granted | 53,000 |
Weighted Average Price per Share, Unvested, Granted | $ / shares | $ 0.51 |
Number of Shares, Unvested, Vested and issued | (68,166) |
Weighted Average Price per Share, Unvested, Vested | $ / shares | $ 1.43 |
Number of Shares, Unvested, Cancelled/forfeited | |
Number of Shares, Unvested, Ending | 1,970,828 |
Weighted Average Price per Share, Unvested, Ending | $ / shares | $ 0.86 |
Share-Based Compensation (Detai
Share-Based Compensation (Details Narrative) - USD ($) | 3 Months Ended | |||||||
Jul. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2023 | Jan. 31, 2023 | Feb. 09, 2022 | Feb. 08, 2022 | Jan. 18, 2018 | Dec. 31, 2015 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost related to non-vested stock | $ 600,000 | |||||||
Share-based compensation of weighted-average period | 1 year 10 months 24 days | |||||||
Shares outstanding | 1,448,984 | 1,529,185 | ||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Options unvested | 965,000 | |||||||
Weighted average remaining contractual term | 9 years 1 month 6 days | |||||||
Share-based payment arrangement, expense | $ 79,000 | $ 96,000 | ||||||
Performance Shares [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based payment arrangement, expense | 43,000 | 53,000 | ||||||
Shares outstanding | 66,667 | |||||||
Restricted Stock [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based payment arrangement, expense | $ 280,000 | $ 184,000 | ||||||
Share-based compensation of weighted-average period | 1 year 3 months 18 days | |||||||
Number of restricted shares, granted | 52,500 | 51,500 | ||||||
Unrecognized compensation cost | $ 844,000 | |||||||
2015 Omnibus Incentive Plan [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based compensation arrangement shares authorized | 4,382,036 | 1,332,036 | ||||||
Share-based compensation arrangement shares aggregate increase | $ 3,050,000 | |||||||
Capital shares reserved for future issuance | 365,000 | |||||||
2018 Inducement Plan [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based compensation arrangement shares authorized | 275,000 | 250,000 | ||||||
Capital shares reserved for future issuance | 25,000 | |||||||
Available for grant | 111,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Jul. 31, 2023 | Apr. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash payments | $ 500,000 | ||
Stock issued during period, shares | 1,923,077 | ||
Stock issued during period, value | $ 1,000,000 | $ 1,250,000 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent liability MAR acquisition amount | $ 1,100,000 | ||
Decrease in contingent liability | $ 100,000 | ||
Fair value of contingent consideration | $ 1,200,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - Tax Authority, Spain [Member] | Jan. 25, 2021 EUR (€) | Apr. 30, 2022 USD ($) | Apr. 30, 2022 EUR (€) |
Operating Loss Carryforwards [Line Items] | |||
Income tax penalties | $ 331,000 | € 279,870 | |
Payment of tax on damages | € 279,870 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | Jun. 30, 2023 |
Income Tax Disclosure [Abstract] | |
Acquisition outstanding common stock ownership percentage | 4.99% |
Operating Segments and Geogra_2
Operating Segments and Geographic Information (Details Narrative) | 3 Months Ended |
Jul. 31, 2023 Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Aug. 07, 2023 | Jun. 30, 2023 | Jul. 31, 2023 | |
Subsequent Event [Line Items] | |||
Stock Issued During Period, Value, New Issues | $ 1,000 | $ 1,250 | |
Subsequent Event [Member] | 2023 ATM [Member] | |||
Subsequent Event [Line Items] | |||
Stock Issued During Period, Value, New Issues | $ 13,800 |