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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the Quarterly Period Ended July 31, 2024
Or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the Transition Period From ______to______
Commission
file number: 001-33417
OCEAN
POWER TECHNOLOGIES, INC.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware |
|
22-2535818 |
(State
or Other Jurisdiction of
Incorporation
or Organization) |
|
(I.R.S.
Employer
Identification
No.) |
28
ENGELHARD DRIVE, SUITE B, MONROE TOWNSHIP, NJ 08831
(Address
of Principal Executive Offices, Including Zip Code)
(609)
730-0400
(Registrant’s
Telephone Number, Including Area Code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common Stock $0.001 par
value |
|
OPTT |
|
NYSE American |
Series A Preferred Stock
Purchase Rights |
|
N/A |
|
NYSE American |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☐ |
Accelerated filer ☐ |
Non-accelerated filer ☒ |
Smaller reporting company ☒ |
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of September 13, 2024, the number of outstanding shares of common stock of the registrant was 97,935,748.
OCEAN
POWER TECHNOLOGIES, INC.
INDEX
TO FORM 10-Q
Special
Note Regarding Forward-Looking Statements
We
have made statements in this Quarterly Report on Form 10-Q that are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. Forward-looking
statements include statements regarding our future financial position, business strategy, pending, threatened, and current litigation,
liquidity, budgets, projected revenue and costs, plans and objectives of management for future operations. The words “may,”
“continue,” “estimate,” “intend,” “plan,” “will,” “believe,”
“project,” “expect,” “anticipate”, and similar expressions may identify forward-looking statements,
but the absence of these words does not necessarily mean that a statement is not forward-looking.
The
forward-looking statements contained in or incorporated by reference are largely based on our expectations, which reflect estimates and
assumptions made by management. These estimates and assumptions reflect our best judgment based on currently known market conditions
and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve several
risks and uncertainties that are beyond our control, including:
|
● |
Our
ability to improve, market and commercialize our products, and achieve and sustain profitability; |
|
● |
our
continued improvement of our proprietary technologies, and expected continued use of cash from operating activities unless or until
we achieve positive cash flow from the commercialization of our products and services; |
|
● |
our
ability to obtain additional funding, as and if needed, which will be subject to several factors, including market conditions, and
our operating performance; |
|
● |
the
substantial doubt about our ability to continue as a going concern; |
|
● |
our
history of operating losses, which we expect to continue for at least the short term and possibly longer; |
|
● |
our
ability to manage challenges and expenses associated with communications and disputes with activist shareholders, including litigation; |
|
● |
our
ability to manage and mitigate risks associated with our internal cyber security protocols and protection of the data we collect
and distribute; |
|
● |
our
ability to protect our intellectual property portfolio; |
|
● |
the
impact of inflation related to the U.S. dollar on our business, operations, customers, suppliers, manufacturers, and personnel; |
|
● |
our
ability to meet product enhancement, manufacturing and customer delivery deadlines and the potential impact due to disruptions to
our supply chain or our ability to identify vendors that can assist with the prefabrication elements of our products, as a result
of, among other things, staff shortages, order delays, and increased pricing from vendors and manufacturers; |
|
● |
our
estimates regarding future expenses, revenue, and capital requirements; |
|
● |
our
ability to identify and penetrate markets for our products, services, and solutions; |
|
● |
our
ability to effectively respond to competition in our targeted markets; |
|
● |
our
ability to establish relationships with our existing and future strategic partners which may not be successful; |
|
● |
our
ability to maintain the listing of our common stock on the NYSE American; |
|
● |
the
reliability of our technology, products and solutions; |
|
● |
our
ability to increase or more efficiently utilize the synergies available from our product lines: |
|
● |
changes
in current legislation, regulations and economic conditions that affect the demand for, or restrict the use of our products; |
|
● |
our
ability to expand markets across geographic boundaries; |
|
● |
our
ability to be successful with Federal government work which is complex due to various statutes and regulations applicable to doing
business with the Federal government; |
|
● |
our
ability to be successful doing business internationally which requires strict compliance with applicable import, export, ITAR, anti-bribery
and related statutes and regulations; |
|
● |
the
current geopolitical world uncertainty, including Russia’s invasion of Ukraine, the Israel/Palestine conflict and recent attacks
on merchant ships in the Red Sea; |
|
● |
our
ability to hire and retain key personnel, including senior management, to achieve our business objectives; and |
|
● |
our
ability to establish and maintain commercial profit margin |
Any
or all of our forward-looking statements in this report may turn out to be inaccurate. We have based these forward-looking statements
largely on our current expectations and projections about future events and financial trends that we believe may affect our financial
condition, results of operations, business strategy and financial needs. They may be affected by inaccurate assumptions we might make
or unknown risks and uncertainties, including the risks, uncertainties and assumptions described in Item 1A “Risk Factors”
of our Annual Report on Form 10-K for the year ended April 30, 2024, and in our subsequent reports under the Exchange Act. In light of
these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this report may not occur as contemplated
and actual results could differ materially from those anticipated or implied by the forward-looking statements.
Many
of these factors are beyond our ability to control or predict. These factors are not intended to represent a complete list of the general
or specific factors that may affect us. You should not unduly rely on these forward-looking statements, which speak only as of the date
of this filing. Unless required by law, we undertake no obligation to publicly update or revise any forward-looking statements to reflect
new information or future events or otherwise.
PART
I — FINANCIAL INFORMATION
Item
1. Financial Statements
Ocean
Power Technologies, Inc. and Subsidiaries
Consolidated
Balance Sheets
(in
$000’s, except share data)
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 3,182 | | |
$ | 3,151 | |
Accounts receivable | |
| 963 | | |
| 796 | |
Contract assets | |
| 477 | | |
| 18 | |
Inventory | |
| 5,681 | | |
| 4,831 | |
Other current assets | |
| 785 | | |
| 1,747 | |
Total current assets | |
| 11,088 | | |
| 10,543 | |
Property and equipment, net | |
| 3,613 | | |
| 3,443 | |
Intangibles, net | |
| 3,589 | | |
| 3,622 | |
Right-of-use assets, net | |
| 2,198 | | |
| 2,405 | |
Restricted cash, long-term | |
| 154 | | |
| 154 | |
Goodwill | |
| 8,537 | | |
| 8,537 | |
Total assets | |
$ | 29,179 | | |
$ | 28,704 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 1,741 | | |
$ | 3,366 | |
Earnout payable | |
| 450 | | |
| 1,130 | |
Accrued expenses | |
| 1,579 | | |
| 1,787 | |
Right-of-use liabilities, current portion | |
| 926 | | |
| 774 | |
Contract liabilities | |
| 445 | | |
| 302 | |
Total current liabilities | |
| 5,141 | | |
| 7,359 | |
Deferred tax liability | |
| 203 | | |
| 203 | |
Right-of-use liabilities, less current portion | |
| 1,525 | | |
| 1,798 | |
Total liabilities | |
| 6,869 | | |
| 9,360 | |
Commitments and contingencies (Note 14) | |
| - | | |
| - | |
Shareholders’ Equity: | |
| | | |
| | |
Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding; 100,000 designated as Series A | |
| — | | |
| — | |
Common stock, $0.001 par value; authorized 100,000,000 shares, issued 95,661,806 shares and 61,352,731 shares, respectively; outstanding 95,573,789 shares and 61,264,714 shares, respectively | |
| 96 | | |
| 61 | |
Treasury stock, at cost; 88,017 and 88,017 shares, respectively | |
| (369 | ) | |
| (369 | ) |
Additional paid-in capital | |
| 334,659 | | |
| 327,276 | |
Accumulated deficit | |
| (312,031 | ) | |
| (307,579 | ) |
Accumulated other comprehensive loss | |
| (45 | ) | |
| (45 | ) |
Total shareholders’ equity | |
| 22,310 | | |
| 19,344 | |
Total liabilities and shareholders’ equity | |
$ | 29,179 | | |
$ | 28,704 | |
See
accompanying notes to unaudited consolidated financial statements.
Ocean
Power Technologies, Inc. and Subsidiaries
Consolidated
Statements of Operations
(in
$000’s, except per share data)
Unaudited
| |
2024 | | |
2023 | |
| |
Three months ended July 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
$ | 1,301 | | |
$ | 1,272 | |
Cost of revenues | |
| 854 | | |
| 609 | |
Gross margin | |
| 447 | | |
| 663 | |
| |
| | | |
| | |
Operating expenses | |
| 4,920 | | |
| 8,103 | |
Gain from change in fair value of consideration | |
| — | | |
| (62 | ) |
Operating loss | |
| (4,473 | ) | |
| (7,378 | ) |
| |
| | | |
| | |
Interest income, net | |
| 3 | | |
| 339 | |
Other income | |
| 17 | | |
| — | |
Income tax benefit | |
| — | | |
| — | |
Net loss | |
| (4,453 | ) | |
| (7,039 | ) |
Basic and diluted net loss per share | |
$ | (0.05 | ) | |
$ | (0.12 | ) |
Weighted average shares used to compute basic and diluted net loss per common share | |
| 81,951,002 | | |
| 58,723,076 | |
See
accompanying notes to unaudited consolidated financial statements.
Ocean
Power Technologies, Inc. and Subsidiaries
Consolidated
Statements of Comprehensive Loss
(in
$000’s)
Unaudited
| |
2024 | | |
2023 | |
| |
Three months ended July 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Net loss | |
$ | (4,453 | ) | |
$ | (7,039 | ) |
Foreign currency translation adjustment | |
| — | | |
| — | |
Total comprehensive loss | |
$ | (4,453 | ) | |
$ | (7,039 | ) |
See
accompanying notes to unaudited consolidated financial statements.
Ocean
Power Technologies, Inc. and Subsidiaries
Consolidated
Statements of Shareholders’ Equity
(in
$000’s, except share data)
Unaudited
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Loss | | |
Equity | |
| |
Three Months Ended July 31, 2024 | |
| |
Common Shares | | |
Treasury Shares | | |
Additional Paid-In | | |
Accumulated | | |
Accumulated Other Comprehensive | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Loss | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at May 1, 2024 | |
| 61,352,731 | | |
$ | 61 | | |
| (88,017 | ) | |
$ | (369 | ) | |
$ | 327,276 | | |
$ | (307,579 | ) | |
$ | (45 | ) | |
| 19,344 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (4,453 | ) | |
| — | | |
| (4,453 | ) |
Share-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 259 | | |
| — | | |
| — | | |
| 259 | |
Common stock issued related to bonus and earnout payments | |
| 2,864,808 | | |
| 3 | | |
| — | | |
| — | | |
| 627 | | |
| — | | |
| — | | |
| 630 | |
Issuance of common stock – AGP At The Market Offering, net of issuance costs | |
| 31,444,267 | | |
| 32 | | |
| — | | |
| — | | |
| 6,497 | | |
| — | | |
| — | | |
| 6,529 | |
Balances at July 31, 2024 | |
| 95,661,806 | | |
$ | 96 | | |
| (88,017 | ) | |
$ | (369 | ) | |
$ | 334,659 | | |
$ | (312,031 | ) | |
$ | (45 | ) | |
$ | 22,310 | |
| |
Three Months Ended July 31, 2023 | |
| |
Common Shares | | |
Treasury Shares | | |
Additional Paid-In | | |
Accumulated | | |
Accumulated Other Comprehensive | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Loss | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at May 1, 2023 | |
| 56,304,642 | | |
$ | 56 | | |
| (40,914 | ) | |
$ | (355 | ) | |
$ | 324,393 | | |
$ | (280,096 | ) | |
$ | (45 | ) | |
| 43,953 | |
Balance | |
| 56,304,642 | | |
$ | 56 | | |
| (40,914 | ) | |
$ | (355 | ) | |
$ | 324,393 | | |
$ | (280,096 | ) | |
$ | (45 | ) | |
| 43,953 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (7,039 | ) | |
| — | | |
| (7,039 | ) |
Share-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 401 | | |
| — | | |
| — | | |
| 401 | |
Common stock issued related to bonus and earn out payments | |
| 2,403,846 | | |
| 3 | | |
| — | | |
| — | | |
| 1,247 | | |
| — | | |
| — | | |
| 1,250 | |
Common stock issued upon vesting of restricted stock | |
| 68,166 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Shares withheld for tax withholdings | |
| — | | |
| — | | |
| (3,766 | ) | |
| (2 | ) | |
| — | | |
| — | | |
| — | | |
| (2 | ) |
Balances at Balance, July 31, 2023 | |
| 58,776,654 | | |
$ | 59 | | |
| (44,680 | ) | |
$ | (357 | ) | |
$ | 326,041 | | |
$ | (287,135 | ) | |
$ | (45 | ) | |
$ | 38,563 | |
Balance | |
| 58,776,654 | | |
$ | 59 | | |
| (44,680 | ) | |
$ | (357 | ) | |
$ | 326,041 | | |
$ | (287,135 | ) | |
$ | (45 | ) | |
$ | 38,563 | |
See
accompanying notes to unaudited consolidated financial statements.
Ocean
Power Technologies, Inc. and Subsidiaries
Consolidated
Statements of Cash Flows
(in
$000’s)
Unaudited
| |
2024 | | |
2023 | |
| |
Three months ended July 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (4,453 | ) | |
$ | (7,039 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation of fixed assets | |
| 204 | | |
| 71 | |
Amortization of intangible assets | |
| 33 | | |
| 40 | |
Amortization of right of use assets | |
| 207 | | |
| 135 | |
(Accretion of discount)/amortization of premium on investments | |
| — | | |
| (106 | ) |
Change in contingent consideration liability | |
| — | | |
| (62 | ) |
Stock based compensation | |
| 259 | | |
| 401 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (167 | ) | |
| 15 | |
Contract assets | |
| (459 | ) | |
| (141 | ) |
Inventory | |
| (850 | ) | |
| (686 | ) |
Other assets | |
| 962 | | |
| 375 | |
Accounts payable | |
| (1,625 | ) | |
| 345 | |
Earnout payable | |
| (50 | ) | |
| (500 | ) |
Accrued expenses | |
| (208 | ) | |
| (540 | ) |
Right-of-use liabilities | |
| (121 | ) | |
| (127 | ) |
Contract liabilities | |
| 144 | | |
| (171 | ) |
Net cash used in operating activities | |
$ | (6,124 | ) | |
$ | (7,990 | ) |
Cash flows from investing activities: | |
| | | |
| | |
Redemptions of short-term investments | |
| — | | |
| 11,718 | |
Purchases of short-term investments | |
| — | | |
| (6,612 | ) |
Purchases of property and equipment | |
| (374 | ) | |
| (133 | ) |
Net cash (used in)/provided by investing activities | |
$ | (374 | ) | |
$ | 4,973 | |
Cash flows from financing activities: | |
| | | |
| | |
Cash paid for tax withholding related to shares withheld | |
| — | | |
| (2 | ) |
Proceeds from issuance of common stock - At The Market offering, net of issuance costs | |
$ | 6,529 | | |
$ | — | |
Net cash provided by/(used in) financing activities | |
$ | 6,529 | | |
$ | (2 | ) |
Net increase/(decrease) in cash, cash equivalents and restricted cash | |
$ | 31 | | |
$ | (3,019 | ) |
Cash, cash equivalents and restricted cash, beginning of period | |
$ | 3,305 | | |
$ | 7,103 | |
Cash, cash equivalents and restricted cash, end of period | |
$ | 3,336 | | |
$ | 4,084 | |
| |
| | | |
| | |
Supplemental disclosure of noncash investing and financing activities: | |
| | | |
| | |
Common stock issued related to bonus and earnout payments | |
$ | 630 | | |
$ | 1,250 | |
See
accompanying notes to unaudited consolidated financial statements.
Ocean
Power Technologies, Inc. and Subsidiaries
Notes
to Unaudited Consolidated Financial Statements
(1)
Background, Basis of Presentation and Liquidity
(a) Background
Ocean
Power Technologies, Inc. (the “Company”) was founded in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated
in Delaware in 2007. The Company provides ocean data collection and reporting, marine power, offshore communications and Maritime Domain
Awareness Systems (“MDA” or “MDAS”) products and integrated solutions. The Company’s solutions focus on
three major service areas: Data as a Service (“DaaS”), which includes data collected by Wave Adaptive Modular Vessel (WAM-V®)
autonomous vehicles or PowerBuoy® product lines; Robotics as a Service (“RaaS”), which provides a lower cost subscription
model for customers to access use of WAM-V’s®; and Power as a Service (“PaaS”), which includes PowerBuoy® products.
The Company offers 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. The Company has been involved in the entire life cycle of product development, from product
design through assembly, testing, deployment, maintenance and upgrades, while working closely with partners across the supply chain.
The Company’s solutions are based on technologies that enable autonomous, zero or low carbon emitting, and cost-effective data
collection, analysis, transportation, cooperation with other assets such as aerial drones, and communication. The Company’s 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. The Company then channels the information it collects, and other communications, through control
equipment linked to edge computing and cloud hosting environments. The Company’s goal is to generate most revenue from the sale
or lease of products and solutions. The Company expects to continue having net cash outflows until it can generate positive cash flow
from the commercialization of products.
(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, 2024,
as filed with the SEC and elsewhere in subsequent Exchange Act filings, including this Form 10-Q. Certain amounts have been reclassified
to conform to current period presentation. This reclassification had no impact on the previously reported net loss or comprehensive loss.
(c) Going Concern Uncertainty
For
the three months ended July 31, 2024, the Company incurred net losses of approximately $4.5 million, and used cash in operations of approximately
$6.1 million. Cash used in operations includes cash payments of the Marine Advanced Robotics Inc. (CA), referred to herein as MAR, earnout
payable of $50,000 and payment of the fiscal 2024 bonus for all employees. In addition, the Company has continued to make investments
to build inventory, support order backlog and future growth.
The
Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s
future operating results and could cause actual results to vary materially from expectations include, but are not limited to, performance
of its products, its ability to market and commercialize its products and new products that it may develop, access to capital, technology
development, scalability of technology and production, ability to attract and retain key personnel, concentration of customers and suppliers,
pending or threatened litigation, and deployment risks and integration of acquisitions.
For
the three months ended July 31, 2024 and through the date of filing of this Form 10-Q, management has obtained additional capital financing. Refer to Note 17 for further details on capital raises. Management believes the Company’s
current cash, cash equivalents, and restricted cash balances at July 31, 2024 of $3.3
million may not be sufficient to fund its planned expenditures through September 2025.
These
conditions raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going
concern is dependent upon the Company’s operations in the future and/or obtaining the necessary financing to meet its obligations
and repay its liabilities arising from normal business operations when they become due. The accompanying consolidated financial statements
have been prepared on a basis which assumes the Company is a going concern and do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from
any uncertainty related to the Company’s ability to continue as a going concern. Such adjustments could be material.
(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), referred to herein as MAR, 3dent Technologies LLC (3Dent), 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. 3dent was sold in November 2023 and
the consolidated financial statements include 3dent’s results of operations for the applicable periods through the date of
sale. 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 revenue
and expenses during the period. Significant items subject to such estimates and assumptions include, among other items, stock-based compensation
based on actual and projected revenues, over time revenue recognition, valuation consideration related to business combinations, including
contingent consideration based on actual and projected revenues, including discount rates and present values, 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)
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, cash equivalents and restricted cash of approximately $3.3 million
as of both July 31, 2024 and April 30, 2024.
Restricted
Cash and Security Agreements
The
Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $154,000 is on deposit at Santander
and serves as security for a letter of credit issued by Santander for the lease of warehouse/office space in Monroe Township, New Jersey.
In
the prior years, Santander also issued one letter of credit to subsidiaries of Enel Green Power (“EGP”) pursuant to the Company’s
contracts with EGP. A letter of credit was issued in the amount of $645,000 and was reduced to $323,000 in August 2020. The letter of
credit was further reduced by an additional $258,000 in January 2023, when the legacy PB3 PowerBuoy® (“PB3”) and its accompanying systems passed final acceptance
testing. The remaining restricted amount of $65,000 was released in January 2024.
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, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Cash and cash equivalents | |
$ | 3,182 | | |
$ | 3,151 | |
Restricted cash- long term | |
| 154 | | |
| 154 | |
Cash,
cash equivalents, restricted cash and restricted cash equivalents | |
$ | 3,336 | | |
$ | 3,305 | |
(d)
Inventory
In
accordance with Accounting Standards Codification 330 (ASC 330), inventory is stated at the lower of costs or net realizable value applicable
to goods on hand. 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 revenues, or moved to leased assets as applicable, following the matching principle where costs and revenues are recognized
in the same period. The Company has three classes of inventory; raw materials, work in process, and finished goods.
(e)
Accounts Receivable
Accounts
receivable are stated at the net amount expected to be collected. Amounts are usually due between 30 and 90 days after the invoice issuance.
The Company is exposed to credit losses primarily on accounts receivable and contract assets related to 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.
(f)
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 Buoy assets |
|
10 years |
Leased WAM-V assets |
|
10 years |
(g)
Foreign Exchange Gains and Losses
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 gain” in the accompanying Consolidated Statements of Operations.
(h)
Concentration of Credit Risk
Financial
instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable 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 does not believe that it is exposed to any significant risks related to its cash accounts, money market fund, or
held-to maturity investments.
For
the three months ended July 31, 2024 and 2023, the Company had two and four customers, respectively, whose revenues accounted for at
least 10% of the Company’s consolidated revenues. These revenues accounted for approximately 84% and 73% of the Company’s
total revenues for the respective periods.
(i)
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,
2024 and 2023 was approximately $0.3 million and $0.4 million, respectively. The Company’s policy is to account for forfeitures
of share-based compensation as they occur.
Additionally,
upon vesting of Restricted Stock Units (“RSU”) that were granted to an employee, the employee is given the option to
either pay the taxes themselves, or have enough shares of their RSU award withheld by the Company to cover the taxes incurred by the
employee. In the event the employee elects to surrenders shares to cover the tax implication, the Company maintains those shares in
the Company’s treasury stock account. Shares held in the Company’s Treasury stock account are not available for future RSU grants.
(j)
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 considerations 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. Estimates of variable consideration and determination
of whether to include such amounts in the transaction price are based largely on the 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, 2024 or 2023. 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 period ended July 31, 2024, the Company recognized approximately $1.2 million in revenue related to performance
obligations satisfied at a point in time and approximately $0.1 million in revenue related to performance obligations satisfied over
time. During the three-month period ended July 31, 2023, the Company recognized approximately $0.5 million in revenue related to performance
obligations satisfied at a point in time and approximately $0.8 million in revenue related to performance obligations satisfied over-time.
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 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,
2024 and 2023, 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 Revenues 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, 2024, the Company’s total remaining performance obligations, also referred to as backlog, totaled $5.3 million. The
Company expects to recognize approximately 65%, or $3.4 million, of the remaining performance obligations as revenue over the next twelve
months.
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, 2024 and 2023.
Schedule of Revenue Recognizes from Operating Lease Arrangements
| |
ASC 606 | | |
ASC 842 | | |
Total | | |
ASC 606 | | |
ASC 842 | | |
Total | |
| |
Three months ended July 31, 2024 | | |
Three months ended July 31, 2023 | |
| |
ASC 606 | | |
ASC 842 | | |
Total | | |
ASC 606 | | |
ASC 842 | | |
Total | |
| |
(in thousands) | | |
(in thousands) | |
Product Line: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
WAM-V | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 460 | | |
$ | 243 | | |
$ | 703 | |
Buoy | |
| — | | |
| — | | |
| — | | |
| 250 | | |
| — | | |
| 250 | |
Services | |
| — | | |
| — | | |
| — | | |
| 319 | | |
| — | | |
| 319 | |
Total | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 1,029 | | |
$ | 243 | | |
$ | 1,272 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Region: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
North and South America | |
$ | 1,230 | | |
$ | — | | |
$ | 1,230 | | |
$ | 1,029 | | |
$ | 225 | | |
$ | 1,254 | |
Europe | |
| 4 | | |
| 67 | | |
| 71 | | |
| — | | |
| 18 | | |
| 18 | |
Total | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 1,029 | | |
$ | 243 | | |
$ | 1,272 | |
Revenue | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 1,029 | | |
$ | 243 | | |
$ | 1,272 | |
(k)
Net Loss per Common Share
Basic
and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of
common stock 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 RSU
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 Statements of Operations, warrants on common stock, options to purchase shares
of common stock and unvested RSUs issued to employees and non-employee directors, totaling 6,259,956 and 7,614,992 as of July 31, 2024
and 2023, respectively, were excluded from each of the computations as the effect would have been anti-dilutive due to the net loss for
the periods. Share purchase rights, which include a contingency, are not included in the calculation until the contingency is resolved.
(l)
Intangibles, net
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 and 10 years respectively, which is consistent with the estimated pattern of economic benefit of the
assets. The trademark is not subject to amortization.
Intangible
assets are reviewed for impairment if indicators of potential impairment exist. There were no indications of potential impairment of
intangible assets for either the three months ended July 31, 2024 or 2023.
(m)
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. There were no indications
of potential impairment of goodwill identified for the three months ended July 31, 2024 and 2023. Where the Company uses 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 the 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 2024 and determined that it is more likely than not that no goodwill impairment existed as of April 30,
2024.
(n)
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.
(o)
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, 2024 and 2023, there were no amounts recorded to other comprehensive loss due to limited foreign operations.
(p)
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. Warranty expense incurred to date has not been material.
(q)
Product Development
Costs
related to product development activities by the Company are expensed as incurred. During fiscal year 2024 the Company substantially
completed its product development activities and is now primarily focused on commercial activities. The Company had approximately $0.5
million and $1.9 million in product development expense for the three months ended July 31, 2024 and 2023, respectively.
(r)
Recently Issued Accounting Standards
In
December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which improves the transparency
of income tax disclosures by requiring companies to (1) disclose consistent categories and greater disaggregation of information in the
effective rate reconciliation and (2) provide information on income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective
for fiscal years beginning after December 15, 2024, although early adoption is permitted. The guidance should be applied on a prospective
basis with the option to apply the standard retrospectively. We are currently evaluating the impact of adopting this ASU 2023-09 on our
consolidated financial statements and disclosures.
In
November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.”
This ASU improves financial reporting by requiring disclosure of incremental segment information. The new guidance is effective for fiscal
years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is
permitted. The guidance was effective for the Company on May 1, 2024. The Company expects to provide incremental qualitative segment-related
disclosures beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2025.
(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, 2024 | | |
April 30, 2024 | | |
April 30, 2023 | |
| |
(in thousands) | |
Accounts receivable | |
$ | 963 | | |
$ | 796 | | |
$ | 745 | |
Contract assets | |
$ | 477 | | |
$ | 18 | | |
$ | 152 | |
Contract liabilities | |
$ | 445 | | |
$ | 302 | | |
$ | 1,378 | |
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 from year end is primarily a result of consulting services
projects for which revenue was recognized in the current period but has not yet been billed. No impairments to contract assets were incurred
during the three months ended July 31, 2024 and 2023.
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, 2024 | | |
Three months ended
July 31, 2023 | |
| |
(in thousands) | |
Transferred to receivables from contract assets recognized | |
$ | (104 | ) | |
$ | (377 | ) |
Revenue recognized and not billed | |
| 563 | | |
| 518 | |
Net change in contract assets | |
$ | 459 | | |
$ | 141 | |
Contract
Liabilities
Contract
liabilities consist of amounts invoiced to customers in excess of revenue recognized. The increase in contract liabilities from year
end is primarily due to payments collected for which we have not yet recognized revenue.
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, 2024 | | |
Three months ended
July 31, 2023 | |
| |
(in thousands) | |
Revenue recognized | |
$ | (545 | ) | |
$ | (321 | ) |
Payments collected for which revenue has not been recognized | |
| 689 | | |
| 150 | |
Net change in contract liabilities | |
$ | 144 | | |
$ | (171 | ) |
(4)
Inventory
The
Company holds inventory related to the production of its WAM-V® and PowerBuoy® products.
Schedule of Inventory
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Raw Materials | |
$ | 4,877 | | |
$ | 4,298 | |
Work in Process | |
| 804 | | |
| 397 | |
Finished Products | |
$ | — | | |
$ | 136 | |
Inventory,
net | |
$ | 5,681 | | |
$ | 4,831 | |
The
Company’s raw materials balance represents the majority of the inventory as the Company orders parts in quantity to fill orders.
Work in process and finished products typically represent smaller portions of inventory as the Company does not historically hold finished
products with the exception of assets transitioning to the lease fleet. The Company typically ships finished products as they are completed.
(5)
Other Current Assets
Other
current assets consisted of the following at July 31, 2024 and April 30, 2024:
Schedule of Other Current Assets
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Prepaid insurance | |
$ | 178 | | |
$ | 202 | |
Prepaid software & licenses | |
| 182 | | |
| 224 | |
Prepaid sales & marketing | |
| 67 | | |
| 124 | |
Prepaid project costs | |
| 19 | | |
| 578 | |
Prepaid inventory materials | |
| 80 | | |
| 414 | |
Prepaid expenses- other | |
| 259 | | |
| 205 | |
Total
other current assets | |
$ | 785 | | |
$ | 1,747 | |
(6)
Property and Equipment, net
The
components of property and equipment, net as of July 31, 2024 and April 30, 2024 consisted of the following:
Schedule of Components of Property and Equipment
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Equipment | |
$ | 1,567 | | |
$ | 1,530 | |
Computer equipment & software | |
| 790 | | |
| 790 | |
Office furniture & equipment | |
| 422 | | |
| 422 | |
Leasehold improvements | |
| 683 | | |
| 683 | |
Leased WAM-V’s | |
| 1,864 | | |
| 1,547 | |
Leased Buoys | |
| 464 | | |
| 444 | |
Property and equipment, gross | |
| 5,790 | | |
| 5,416 | |
Less: accumulated depreciation | |
| (2,177 | ) | |
| (1,973 | ) |
Property
and equipment, net | |
$ | 3,613 | | |
$ | 3,443 | |
Leased
WAM-V’s and Buoys represent fixed assets that are associated with underlying operating leases with customers as discussed in
the revenue recognition section related to ASC 842.
Depreciation
expense was approximately $204,000 and $71,000 for the three-month periods ended July 31, 2024 and 2023, respectively.
(7)
Intangible Assets
The
components of intangible assets, net as of July 31, 2024 and April 30, 2024 consisted of the following:
Schedule of Components of Intangible Assets
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Patents | |
$ | 2,729 | | |
$ | 2,729 | |
Trademarks | |
| 2,769 | | |
| 2,769 | |
Intangible assets, gross | |
| 5,498 | | |
| 5,498 | |
Accumulated amortization | |
| (1,909 | ) | |
| (1,876 | ) |
Intangible
assets, net | |
$ | 3,589 | | |
$ | 3,622 | |
Amortization
expense was approximately $33,000 and $40,000 for the three-month periods ended July 31, 2024 and 2023, respectively.
(8)
Goodwill
Goodwill
in the amount of $8.5 million was recognized in November 2021 related to the acquisition of MAR. There have been no additions to, or
any impairment of, goodwill during the three-month periods ended July 31, 2024 and 2023.
(9)
Leases
Lessor
Information
As
of July 31, 2024 and April 30, 2024, 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”, respectively. The remaining term on these
operating leases is less than 2 years.
Lessee
Information
Right-of-use
assets 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. In February 2024, the Company extended the lease for its main headquarters in Monroe, NJ
to April 30, 2026 and it was executed and recorded as an additional right of use asset and liability. The lease is classified as an operating
lease and is included in right-of-use assets, net, right-of-use liabilities – current portion, and right-of-use liabilities- less
current portion on the Company’s Consolidated Balance Sheets.
The
Company also has a lease for office space located in Richmond, California. This lease commenced in April of 2023 and will continue for
62 months. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities- current and
right-of-use liabilities- long-term on the Company’s Consolidated Balance Sheets.
Variable
lease expenses, if any, are recorded as incurred. The operating lease cash flow payments for the three months ended July 31, 2024 and
2023 were $269,000 and $177,000, respectively.
The
components of lease expense which are included in our operating expenses in the Consolidated Statement of Operations for the three months
ended July 31, 2024 and 2023 were as follows:
Schedule
of Operating Lease Costs
| |
2024 | | |
2023 | |
| |
Three months ended July 31, | |
| |
2024 | | |
2023 | |
| |
(in thousands) | |
Operating lease cost | |
$ | 261 | | |
$ | 157 | |
Short-term lease cost | |
| 8 | | |
| 20 | |
Total lease cost | |
$ | 269 | | |
$ | 177 | |
Information
related to the Company’s right-of use assets and lease liabilities as of July 31, 2024 was as follows:
Schedule of Right-of use Assets and Lease Liabilities
| |
July 31, 2024 | |
| |
(in thousands) | |
Operating lease: | |
| | |
Operating right-of-use assets, net | |
$ | 2,198 | |
| |
| | |
Right-of-use liabilities- current | |
$ | 926 | |
Right-of-use liabilities- long term | |
| 1,525 | |
Total lease liabilities | |
$ | 2,451 | |
| |
| | |
Weighted average remaining lease term- operating leases | |
| 2.72 years | |
Weighted average discount rate- operating leases | |
| 8.4 | % |
Total
remaining lease payments under the Company’s operating leases are as follows:
Schedule of Future Minimum Lease Payments Under Operating Lease
| |
July 31, 2024 | |
| |
(in thousands) | |
Remainder of fiscal year 2025 | |
$ | 788 | |
2026 | |
| 1,847 | |
2027 | |
| 329 | |
2028 | |
| 333 | |
2029 | |
| 28 | |
thereafter | |
| — | |
Total future minimum lease payments | |
$ | 3,325 | |
Less imputed interest | |
| (874 | ) |
Total | |
$ | 2,451 | |
(10)
Accrued Expenses
Accrued
expenses consisted of the following at July 31, 2024 and April 30, 2024:
Schedule of Accrued Expenses
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Project costs | |
$ | 29 | | |
$ | — | |
Employee incentive payments | |
| 1,231 | | |
| 1,271 | |
Accrued salary and benefits | |
| 80 | | |
| 369 | |
Professional fees | |
| 44 | | |
| — | |
Other | |
| 195 | | |
| 147 | |
Accrued
expenses total | |
$ | 1,579 | | |
$ | 1,787 | |
(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 shares of common
stock that have an exercise price of $3.85 per share and expire five years from the issuance date. As of July 31, 2024, common warrants
to purchase 732,500 shares of the common stock had been exercised. The remaining warrants expired prior to April 30, 2024.
(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 shares were authorized for issuance under the 2015 Omnibus Incentive Plan, including shares available
for awards under the 2006 Stock Incentive Plan remaining at the time that plan terminated, or that were subject to awards under the 2006
Stock Incentive Plan that thereafter terminated by reason of expiration, forfeiture, cancellation or otherwise. If any award under the
2006 Stock Incentive Plan or 2015 Plan expires, is cancelled, terminates unexercised or is forfeited, those shares become again available
for grant under the 2015 Plan. The 2015 Plan will terminate ten years after its effective date, in October 2025, but is subject to earlier
termination as provided in the 2015 Plan. At subsequent shareholder meetings, including most recently in February 2024, the shareholders
approved an aggregate increase to the 2015 Plan of 2,900,000 shares resulting in total shares authorized for issuance of 7,282,036 as
of July 31, 2024.
On
January 18, 2018, the Company’s Board of Directors adopted the Company’s Employment Inducement Incentive Award Plan (the
“2018 Inducement Plan”) pursuant to which the Company reserved 25,000 shares of common stock for issuance under the Inducement
Plan in accordance with Rule 711(a) of the NYSE American Company Guide. On February 9, 2022, the 2018 Inducement Plan was amended to
increase the authorized shares by 250,000 to 275,000.
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. Expected volatility is based on the Company’s historical volatility
over the expected life of the stock option granted. The Company did not grant any stock options during the three months ended July 31,
2024 and 2023, respectively.
A
summary of stock options under the 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, 2024 | |
| 734,543 | | |
$ | 2.12 | | |
| 7.6 | |
Granted | |
| — | | |
$ | — | | |
| | |
Exercised | |
| — | | |
$ | — | | |
| | |
Cancelled/forfeited | |
| (70,269 | ) | |
$ | 0.89 | | |
| | |
Outstanding as of July 31, 2024 | |
| 664,274 | | |
$ | 2.25 | | |
| 7.3 | |
Exercisable as of July 31, 2024 | |
| 454,056 | | |
$ | 2.88 | | |
| 6.8 | |
As
of July 31, 2024, the total intrinsic value of outstanding and exercisable options was approximately zero. As of July 31, 2024, approximately
210,000 options were unvested, which had an intrinsic value of zero and a weighted average remaining contractual term of 8.2 years. There
was approximately $19,000 and $79,000 of total recognized compensation cost related to stock options during each of the three months
ended July 31, 2024 and 2023, respectively. As of July 31, 2024, there was approximately $99,000 of total unrecognized compensation cost
related to non-vested stock options granted under the plans. This cost is expected to be recognized over a weighted-average period of
1.2 years.
Performance
Stock Units
As
of July 31, 2024, there were no performance stock units outstanding. As of April 30, 2023 there were 66,667 units outstanding which were
all canceled during the quarter ended July 31, 2023. There was approximately zero and $43,000 of total recognized compensation cost related
to performance stock units during the three months ended July 31, 2024 and 2023, respectively.
Restricted
Stock Units
Compensation
expense for RSUs is generally recorded based on the market value on the date of grant and recognized
ratably over the associated service and performance period. During the three months ended July 31, 2024 and 2023, the Company granted
zero and 52,500 shares, respectively, that were subject to both service-based and market-based vesting requirements.
A
summary of unvested RSU’s under the Stock Incentive Plans is as follows:
Schedule
of Non-vested Restricted Stock Activity
| |
Number of Shares | | |
Weighted Average Price per Share | |
Unvested at April 30, 2024 | |
| 5,124,529 | | |
$ | 0.38 | |
Granted/Adjusted | |
| 693,038 | | |
$ | 0.09 | |
Vested and issued | |
| — | | |
$ | | |
Cancelled/forfeited | |
| (572,584 | ) | |
$ | 0.30 | |
Unvested at July 31, 2024 | |
| 5,244,983 | | |
$ | 0.35 | |
There
was approximately $240,000 and $280,000 of total recognized compensation cost related to RSUs for the three months ended July 31, 2024
and 2023, respectively. As of July 31, 2024, there was approximately $959,000 of unrecognized compensation cost remaining related to
unvested RSUs. This cost is expected to be recognized over a weighted-average period of 1.3 years.
(13)
Fair Value Measurements
ASC
Topic 820, “Fair Value Measurements” states that fair value is an exit price, representing the amount that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs
used to measure fair value. This hierarchy maximizes the use of observable input and minimizes the use of unobservable inputs. The following
is a description of the three hierarchy levels.
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, other assets, 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.
In
July 2024, the Company paid $50,000
in cash and issued 2,864,808
in shares worth $0.5
million to partially satisfy the final earnout period related to our acquisition of MAR in November 2021.
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 either of the three months ended July 31, 2024 and 2023, respectively.
(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 or approximately
$331,000. On January 25, 2021, the Company paid the Spanish Tax Administration €279,870. Notwithstanding that payment, on April
30, 2022, the Company filed its appeal of the decision of the Central Court to the Spanish National Court. The Company expects results
of the appeal.to conclude during fiscal year 2025.
Litigation
with Paragon Technologies, Inc.
On
June 16, 2023, Paragon Technologies, Inc., a Delaware corporation that is a stockholder of the Company (“Paragon”), informed
the Company that Paragon was planning a proxy contest against the Company and intended to nominate candidates for election to the Company
Board of Directors (the “OPT Board”) at the Company’s 2023 Annual Meeting (the “2023 Annual Meeting”).
Subsequently, Paragon disclosed its intention to replace a majority of the six-member OPT Board with initially five purported nominees,
including three members of the Paragon Board of Directors, and, thereby, seek control of the Company. In furtherance of Paragon’s
threatened agenda, Paragon brought three litigation matters against the Company in the Delaware Court of Chancery.
|
(a) |
(Del. Code §220
Complaint) On July 27, 2023, Paragon filed a complaint in the Court of Chancery of the State of Delaware against the Company
seeking to compel the inspection of certain books and records of the Company pursuant to 8 Del. Code § 220. On January 31, 2024,
the Court issued a ruling for the Company to deliver certain books and records to Paragon, and the books and records that were subject
to the Court’s final order were produced to Paragon on April 8, 2024. No additional activity has occurred. |
|
(b) |
(Breach of Fiduciary
Duties Complaint) On October 10, 2023, Paragon filed an additional complaint in the Court of Chancery of the State of Delaware
against the Company, and the members of its Board of Directors, claiming certain breaches of their fiduciary duties. The complaint
sought only injunctive relief against the Company, and not monetary damages, and therefore the financial exposure derived therein
was limited to applicable legal fees and costs at that stage, which was material to FY’ 24. On November 2, 2023, Paragon sought
leave to amend its complaint to add additional claims. The Court granted this motion for leave to amend, provided that the Court
would not delay the hearing on the matters raised in the initial complaint, which was set for November 28, 2023. This hearing on
the initial complaint was held and on November 30, 2023, the Court ruled in favor of the Company and denied Paragon’s motion
for injunctive relief. The status of the in the amended complaint is still pending. On February 28, 2024, the Company successfully
finalized its 2023 annual meeting of stockholders in spite of Paragon’s repeated attempts to contest the meeting. On July 10,
2024, the Company requested Paragon’s counsel to dismiss this litigation, given there has been no activity for 6 months. We
are awaiting a response. |
|
|
(Del. Code §225
Complaint) On April 11, 2024, Paragon filed an action in the Delaware Court of Chancery against the Company, and the members
of its Board of Directors, challenging the results of the 2023 Annual Meeting (concluded on February 28, 2024), alleging that a quorum
was not present for the meeting. On May 7, 2024, the Company filed its answer, including that the Final Report of the Inspector of
Election (which Paragon selected) confirmed that a quorum was present. On June 20, 2024, Paragon filed a Motion to Dismiss the case
“without prejudice.” On June 28, 2024, the Company responded to Paragon’s Motion to Dismiss, claiming that the
case should be dismissed: (a) “with prejudice”; or (b) “without prejudice,” but in such event Paragon should
reimburse OPT’s fees and costs for defending the case. On July 15, 2024, Paragon filed a reply to the Company’s June
28, 2024 response, claiming that its §225 Complaint had merit and should be dismissed without prejudice. The Company is awaiting
the Delaware Court of Chancery’s decision in this matter. |
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.
(15)
Income Taxes
Uncertain
Tax Positions
The
Company accounts 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, 2024, 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, in order to protect the Company’s valuable tax assets related to its net operating losses from being limited or lost
under Section 382 of the Internal Revenue Code, the Company adopted a Tax Benefits Preservation Plan (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% or more of the outstanding common stock without approval by potentially subjecting any such person
or group to significant dilution. The Plan was approved by shareholders by a non-binding advisory vote at the Company’s Annual
Meeting held on February 28, 2024.
The
Company determined the grant date fair value of the Rights 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.
(16)
Operating Segments and Geographic Information
The
Company’s business consists of one reportable segment as the revenues associated with its different business lines are not material
enough to justify segment reporting or to make it meaningful to investors, and the Company’s chief operating decision maker does
not view the Company’s operations on a segment basis. The Company operates worldwide, with its U.S. operations in New Jersey and
California and one operating subsidiary in the UK. Revenues and expenses are generally attributed to the operating unit that bills the
customers. During each of the three months ended July 31, 2024 and 2023, the Company’s primary business operations were in North
America and the Middle East.
(17)
Subsequent Events
On
August 30, 2024, the Company held a Special Meeting of Stockholders to vote on a proposal to approve an amendment to our Certificate
of Incorporation to increase the number of authorized shares of common stock, par value $.001
per share, from 100,000,000
to 200,000,000.
Quorum was achieved for the meeting and the amendment was approved by our stockholders.
On
September 13, 2024, the Company entered into a common stock purchase agreement (the “First RDO Purchase Agreement”) with
an institutional accredited investor for the sale (the “First Offering”) by the Company of shares (the “First RDO Shares”)
of the Company’s common stock, par value $0.001 per share (the “Common Stock”), for aggregate gross proceeds of $1,500,000,
before deducting offering expenses payable by the Company. The First RDO Shares will be issued upon issuance of a funding notice by the
Company to the investor. The First RDO Shares will be issued at a price per share of 80% of the lowest traded price of the Common Stock
ten days prior to the closing date for the purchase of the shares. In addition, the Company has the right, but not the obligation, to
sell to this investor up to an additional $3,500,000 of shares of Common Stock on the same pricing terms.
On
September 13, 2024, the Company also entered into a common stock purchase agreement (the “Second
RDO Purchase Agreement”) with a separate institutional accredited investor for the sale (the “Second Offering”) by
the Company of shares (the “Second RDO Shares”) of the Common Stock, for aggregate gross proceeds of $1,500,000, before deducting
offering expenses payable by the Company. The Second RDO Shares will be issued upon issuance of a funding notice by the Company to the
investor. The Second RDO Shares will be issued at a price per share of 80% of the lowest traded price of the Common Stock five days prior
to the closing date for the purchase of the shares. In addition, the Company has the right, but not the obligation, to sell to this investor
up to an additional $2,500,000 of shares of Common Stock on the same pricing terms.
On
September 13, 2024 the Company granted an exemption from the 382 Plan (see Note 15) to the investors in the First Offering and the Second
Offering noted above up to the amount of shares equal to $1.5 million divided by the offering price in each offering and shall be exempted
from being an Acquiring Person, as defined in the 382 Plan.
Item
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following discussion and analysis should be read in conjunction with the accompanying unaudited consolidated financial statements and
related notes included in this Quarterly Report on Form 10-Q. Some of the information contained in this management’s discussion
and analysis is set forth elsewhere in this Form 10-Q, including information with respect to our plans and strategy for our business,
pending and threatened litigation and our liquidity, includes forward-looking statements that involve risks and uncertainties. You should
review the “Risk Factors” section of our Annual Report on Form 10-K for the year ended April 30, 2024 for a discussion of
important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking
statements contained in the following discussion and analysis. References to a fiscal year in this Form 10-Q refer to the year ended
April 30 of that year (e.g., fiscal 2024 refers to the year ended April 30, 2024).
Overview
Our
solutions focus on three 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® (“PB”) 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®; and Power as a Service (“PaaS”),
which includes our PowerBuoy® products.
Our
mission is to provide intelligent maritime solutions and services that enable more secure and more productive utilization of our oceans
and waterways, provide clean energy power services, and offer sophisticated surface and subsea maritime domain awareness solutions. The
Company achieves this through our proprietary, state-of-the-art technologies that are at the core of our clean and renewable energy platforms,
autonomous systems, solutions and services. The Company is involved in the entire life cycle of product development, from product design
through assembly, testing, deployment, maintenance and upgrades, while working closely with partners across our supply chain. The Company
also works closely with our third-party partners that provide us with, among other things, software, controls, sensors, integration services,
and marine installation services. Our solutions are based on proprietary 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
channel the information we collect, and other communications, through control equipment linked to edge computing and cloud hosting environments.
The data collected by OPT’s technologies underscores the Company’s unique position as a system of systems provider. What
sets OPT apart is its ability to enhance these data collection capabilities by integrating the WAM-V and PB systems. This integration
enables the use of artificial intelligence and machine learning not only to improve data accuracy and operational efficiency but also
delivery of actionable intelligence.
In
November 2023 we announced that we have substantially completed our research and development phase and are primarily focused on commercial
activities. We have built a suite of products (more fully described below) that we believe will be the basis for our current and future
commercial success resulting in meaningful progress in orders, pipeline, and backlog.
We
were incorporated under the laws of the State of New Jersey in April 1984 and began commercial operations in 1994. On April 23, 2007,
we reincorporated in Delaware.
Our
Solutions
Data
as a Service
Our
DaaS solution is at the forefront of our strategic goal to be a leader in offshore data collection, integration, analytics and real
time communication for a variety of important applications. For example, our solutions can track surface vessel movement for
maritime border enforcement and illegal fishing interdiction, provide security for offshore wind farms and oil and gas fields, and
provide harbor or port security as well as logistics support. We have the ability to support aquaculture and gather information on
ocean currents, water quality, wind and other weather metrics, provide photography, and map shorelines or subsurface bathymetry,
objects and activity frequently required for obtaining development and operational permits with environmental studies. We also offer 24/7 monitoring solutions that can provide meaningful real time information, and long-term data
collection and analytics for sophisticated applications across many industries and scientific applications. Additionally, the
stability of our WAM-V® platform makes it an ideal solution to produce high quality sonar data in many sea conditions for subsea
surveys. WAM-V’s® can also be outfitted with various equipment for the performance of marine infrastructure surveys, berth
clearance surveys, dredging surveys, and mining pit surveys.
In
February 2024, the Company received additional funding from the Naval Postgraduate School for the year-long deployment of a PowerBuoy®
in Monterey Bay. The PowerBuoy®, integrating our MDAS along with cutting-edge Satellite communication and AT&T 5G technology,
will demonstrate its persistent surveillance and communications capacities in a maritime environment. This deployment marks a significant
milestone in maritime technology, showcasing the potential of standalone at-sea infrastructure nodes to support diverse operational needs.
We have further expanded our DaaS offering through field demonstration such as ANTX Coastal Trident, as well as the Naval Task Force
59 for the Digital Horizon field exercise and the International Maritime Exercise (IMX) in Bahrain. Additional DaaS contracts include
Sulmara for survey services with our WAM-V® platform and Phase I funding through National Oceanic and Atmospheric Administration’s
(NOAA) Small Business Innovation Research (SBIR) program.
In
September 2023, the Company received an award of three separate Indefinite Delivery Indefinite Quantity (IDIQ) Multiple-Award Contracts
(MAC) from the NOAA. NOAA has selected OPT as one of several Multiple Award IDIQ contract
holders to provide Uncrewed Maritime Systems (UMS) Services to NOAA’s Office of Marine and Aviation Operations (OMAO), Uncrewed
Systems Operation Center (UxSOC). Under these contracts, OPT will bring its expertise to utilize cutting-edge UMS to support NOAA in
conducting vital marine resource surveys and research while also playing a pivotal role in enhancing NOAA’s meteorological and
oceanographic observations, further advancing our understanding of the natural world. Finally, OPT will collaborate with NOAA to explore
and characterize the depths of our oceans, contributing to the discovery and preservation of invaluable marine ecosystems.
Additionally,
the Company was awarded a contract to provide scientific hardware delivery, training, and integration services under a subcontract for
a U.S. government agency. This project seeks to identify and integrate sensors and systems and share data suitable for the full spectrum
of maritime operations. We will provide the required hardware, hardware deployment support, software, software deployment support, integration
services, surveillance and telemetry data, and associated training in support of a legacy PB3 PowerBuoy® equipped with our Maritime
Domain Awareness (MDA) solution. The project will be deployed in support of security efforts to detect illegal, unreported, and unregulated
(“IUU”) fishing, dark vessels, and human/drug trafficking in operation 24/7/365. As further discussed under “Commercial
Activities,” the Company was awarded a contract in support of foreign law enforcement partners. This collaboration aims to protect
vital marine species and combat illegal, unreported, and IUU fishing activities in critical habitats using our state-of-the-art uncrewed
technologies and demonstrates unprecedented, networked surveillance capabilities and evidence collection.
Maritime
Domain Awareness Solution (“MDAS”)
The
International Maritime Organization defines Maritime Domain Awareness as the effective understanding of any activity that could impact
the security, safety, economy, or environment related to and within our oceans and seas. Since 2002, the U.S. has had an active strategy
to secure the maritime domain, primarily through the U.S. Navy. Furthermore, the U.S. Coast Guard has elevated IUU fishing, one aspect
of MDA security, as a leading global maritime threat.
We
have designed our solution to provide detailed, localized maritime domain awareness that can be utilized for a wide range of applications
across market segments. Our MDAS base hardware consists of a high-definition radar, a stabilized high-definition optical and thermal
imaging camera, and a vessel Automatic Identification System (“AIS”) detection module. This hardware can be customized or
supplemented by other solutions, depending on the requirements of our customers. These devices can be mounted on our products, such as
our legacy PB3 and NextGen PB or WAM-V®, and then, utilizing integrated command and control software, data would be sent to us and
to our customers via secure communications channels. Multiple sensors can be used on a single unit based on the comprehensiveness of
the needs of our customers.
Our
MDAS processes data onboard our platforms (i.e., edge computing) and transmits the results to our cloud-based analytics platform via
secure Wi-Fi and cellular and satellite communications. We anticipate integrating our MDAS solution into our WAM-V’s® to add
mobile assets for patrols or interdiction and utilizing satellite communication to expand the availability of our data service. Surveillance
data can be integrated with third party marine monitoring software or with our own MDAS software solution to provide command and control
features of a multi-platform surveillance network. As an example, one or more WAM-Vs® can be networked to our self-powered buoy,
which acts as a central data and communication hub. These WAM-Vs® can significantly increase the range of our MDAS network solutions.
The data can also be integrated with satellite, weather, bathymetric, and other third-party data feeds to form a detailed surface and
subsea picture of a monitored area. All vessel video, radar, and track data can be securely stored in our cloud, or the customer’s
cloud environment and is accessible for as long as required by the customer for further analysis and reference. We refer to these integrated
Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance, and Reconnaissance systems as Merrows.
The
Company launched the first commercially ready MDAS on a test buoy off the coast of New Jersey in September 2021. The system includes
our proprietary integration of sensors, hardware and software, supported by cloud infrastructure as well as having a web-based user interface
that displays camera, radar, AIS and live chart data. During the first half of calendar 2024 we successfully demonstrated the system
multiple times for potential customers, including a showcase in San Diego Bay at the U.S. Navy’s Advanced Naval Technology Exercise,
and remote demonstrations using assets deployed off New Jersey for potential customers active in the Mediterranean, South America and
Middle East.
Autonomous
Vehicles (“WAM-V®”)
Our
Autonomous Vehicles business incorporates the patented WAM-V® technology, which enables roaming capabilities for unmanned maritime
systems in waters around the world. The first WAM-V® was launched in 2007 as a new vehicle class to deliver reliable autonomous surface
vehicles to customers that could provide robust, real-time data collection and reporting. Our Autonomous Vehicles business also provides
RaaS, allowing customers to lease WAM-V® robotics and access information from our WAM-Vs® while we maintain ownership and maintenance
and repair responsibilities. Today, WAM-Vs® operate in ten countries for commercial, military defense and scientific uses. Our WAM-Vs®
exist in three primary sizes of 8, 16, and 22 feet. However, many of the design components are common across the sizes, allowing for
integration of different payloads and adaptation of the payload platforms for larger equipment. All sizes can be adapted to suit electric
or liquid fuel propulsion methods.
The
WAM-V® product line highly complements the Company’s business strategy and can be used inshore, nearshore, and offshore. This
business continues to grow and is further expanding into core marine survey and maritime security markets in the Middle East, Europe,
Asia, Oceania and the Americas. We continue to find ways to integrate Autonomous Vehicles with the Company’s existing platforms
and service offerings and expect to take advantage of new synergistic opportunities as they arise. In addition, in connection with our
Merrows offering noted below, we are already integrating data streams relating to all aspects of, on, under, adjacent to, or bordering
on a sea, ocean, or other navigable waterway onto the WAM-V® to expand our offering to provide a roaming MDA solution to our customers.
Recent
Technological Advancements
In
September 2024, we announced that we completed more than four months of offshore testing of our Next Generation PowerBuoy®
(“PB”) in the Atlantic Ocean off New Jersey. The solar and wind power equipped Next Generation PB was equipped with OPT’s
proprietary Artificial Intelligence capable Merrows™ suite of solutions. The system maintained 100% data uptime and the state of
charge of the batteries remained over 90% throughout the deployment. During the deployment, several Intelligence, Surveillance, and Reconnaissance
demonstrations for potential customers were completed.
In
April 2024, the Company announced Merrows, a projected significant step forward to enhance maritime domain awareness and underline the
critical importance of ocean security’s role in national security. Merrows is OPT’s consolidated solution offering comprehensive
ocean surveillance and involves the deployment of sophisticated Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance,
and Reconnaissance systems. These systems are integrated within OPT’s roaming technologies, such as the WAM-V, and resident technologies,
like the PB, to offer an unparalleled level of surveillance and data analysis capability. This initiative, which builds on OPT’s
recently completed R&D efforts, demonstrates OPT’s commitment to safeguarding the world’s oceans through advanced technology
and innovation.
In
May 2024, the Company announced it was approaching 15MWh of renewable energy production from its family of PB. The recent launch of its
Next Generation PB off the coast of New Jersey has materially accelerated average energy production by combining solar, wind, and wave
energy production capabilities. The energy generation numbers are based on deployments in the Atlantic, Pacific, Mediterranean, and North
Sea. OPT has demonstrated and delivered use cases as a proven solution for Anti-Submarine Warfare, Intelligence, Surveillance, and Reconnaissance,
USV Charging, and Environmental Sensing. These numbers show that non-grid connected marine energy production is not just for the R&D
community but is a commercially available solution.
Robotics
as a Service (“RaaS”)
During
fiscal 2023 the Company introduced the subscription model for our customers to access our WAM-V’s®. Under this model we lease
our WAM-V’s to our customers over a fixed time period or provide a specified number of use days, typically with a guaranteed minimum.
This model provides a lower cost entry point for our customers to access our products, provides a try before buying opportunity, and
allows our customers increased access during periods of increased need. The Company expects to benefit from the growing RaaS trend, providing
greater visibility into predicting revenue and planning supply for demand, while providing our customers with flexibility and a lower
cost of entry.
Power
as a Service (“PaaS”)
PaaS
solutions deliver value to customers by utilizing our managed power platforms. We continue to commercialize our proprietary power platforms
that generate electricity primarily by harnessing the renewable energy of ocean waves. In addition to offering our commercial legacy
PB3, we have added solar power options to our next generation PowerBuoy® (the “NextGen PB”) and have the option of adding
small wind turbines to supplement power generation. The NextGen PB includes versions with and without a wave energy converter (WEC),
with the non-WEC version replacing our previous hybrid PB. Our focus for these solutions is on bringing autonomous clean power to our
customers wherever it is required. Moreover, offshore data and communications networks require power to function, and our solution solves
this need without requiring ongoing battery replacement or older technologies such as shore station power cables. Many of the lessons
learned from the deployments of both our legacy PB3 and demonstrator systems have been used to develop the next generation of PowerBuoy®
systems that are based on modularity for WEC and non-WEC applications. The legacy PB3 will continue to be available and supported in
addition to the support provided to the NextGen PB, which was fully commercialized during fiscal 2024.
Next
Generation PowerBuoy® (“NextGen PB”)
The
NextGen PB is our future platform that integrates the lessons learned from the legacy PB3 and our demonstrator systems. It consists of
two versions, one utilizing solar and wind power and one utilizing solar and wind power plus wave energy conversion capability, to provide
reliable power in remote offshore locations, regardless of ocean wave conditions. Both versions utilize the same spar shape, thus increasing
modularity and decreasing part count and costs. The WEC technology in the NextGen PB is based on our ongoing Mass on Spring Wave Energy
Converter (MOSWEC) development which has the advantages of smaller size, lower cost, environmentally sealed design, and increased energy
generation capability. The solar and wind PowerBuoy® is now commercially available and the prototype of the MOSWEC PowerBuoys®
has been tested off the coast of New Jersey and the solar and wind system was used during the MDAS demonstration for ANTX during
fiscal 2023.
We
believe this product addresses a broader spectrum of customer deployment needs, including low-wave and nearshore environments, with the
potential for greater product integration within each customer project. The NextGen PB is intended to provide a stable energy platform
for our MDAS solution, and for agile deployment of other intelligence gathering surface and subsea sensors, subsea power applications,
such as a surface communications hub for electric remotely operated vehicles (“eROV”) and autonomous underwater vehicles
used for mine counter measures, unexploded ordinance disposal, subsea acoustic monitoring, underwater inspections and short-term maintenance,
and subsea equipment monitoring and control. The design has a high payload capacity for surveillance and communications equipment, including
subsea acoustics, with the capability of being tethered to subsea payloads such as batteries, or with a conventional anchor mooring system.
Energy is stored in onboard lithium-ion batteries which can power subsea and topside payloads. The control system uses sensors and an
onboard computer to continuously monitor the subsystems. The NextGen PB is designed to be able to operate over a broad range of temperature
and ocean wave conditions. It has a 50kW-hour battery system which can be expanded up to 100 kW-hour energy.
Legacy
PB3 PowerBuoy®
The
legacy PB3 uses proprietary technologies that convert the hydrokinetic energy of ocean waves into electricity. The legacy PB3 generates
a nominal nameplate capacity rating of up to three kilowatts (“kW”) of peak power. Our Energy Storage System (“ESS”)
has a capacity of up to a nominal 150 kW-hours to meet specific application requirements.
The
legacy PB3 is designed to generate power for use independent of the power grid in offshore locations. As ocean waves pass the legacy
PB3, the rising and falling of the waves are converted into mechanical energy, which in turn, drives the electric generator. The power
electronics system then conditions the electrical output which is stored within the ESS.
The
operation of the legacy PB3 is controlled by our customized, proprietary control system. The control system uses sensors and an onboard
computer to continuously monitor the legacy PB3 subsystems. We believe that this ability to optimize and manage the electric power output
of the legacy PB3 is a significant advantage of our technology.
Strategic
Consulting Services
In
November 2023 OPT divested its non-core strategic consulting team so that it can more fully focus its efforts and resources on the commercialization
of its cutting-edge pipeline of products – particularly for the national security and defense markets. Going forward, the focus
of our Strategic Consulting Services will be on delivering value to our customers through services which can be integrated in support
of our broader PaaS, DaaS and/or RaaS solutions.
Strategy
and Marketing
Our
strategy includes developing integrated solutions and services, including autonomous and cloud-based delivery systems for ocean intelligence,
ocean data and predictive analytics to provide actionable intelligence including our product offering Merrows. We also have a number
of resellers and strategic alliances, including partnerships recently entered into in the Middle East and U.S., to advance our product
and services and gain further adoption from our target markets. Our marketing efforts are focused on offshore locations that require
a cost-efficient solution for renewable, reliable, and persistent power, data collection, and communications, either by supplying electric
power to payloads that are integrated directly with our products or located in its vicinity, such as on the surface, the seabed, or in
the water column. Our recent projects have been primarily focused on military and government applications.
Our
recent market analysis reveals evolving dynamics within the offshore MDA sector, notably influenced by the technological revolution that
enhances MDA capabilities through advanced, low-cost unmanned systems. This shift, highlighted by the National Plan to achieve MDA by
the Department of Homeland Security (“DHS”) and the Government Accountability Office (“GAO”) in their 2022 ‘Unmanned
Maritime Systems’ report on Maritime Security, is further exemplified by the U.S. Coast Guard’s March 2023 Unmanned System
Strategic Plan. This plan outlines a vision to effectively employ, defend against, and regulate unmanned systems in maritime operations,
underscoring the strategic importance of collaborative international efforts in maritime security. The U.S. is actively encouraging Pacific
allies to bolster their maritime surveillance capabilities to counteract regional coercive behaviors, reflecting a broader trend towards
democratizing technology to enhance global maritime safety, security, and prosperity. This aligns with our company’s positioning,
as our products are well-suited to enable the Coast Guard and other maritime bodies to achieve their mission-critical capabilities in
surveillance, detection, classification, identification, and prosecution, which are essential for executing statutory missions. Moreover,
large defense contractors’ increasing interest in the “ocean data collection” space, through acquisition of small and
mid-size unmanned and autonomous surface vehicle companies, signifies a growing market and application opportunities for our unmanned
system offerings. Within the United States, our MDAS deployed on NextGen PB can also be deployed domestically, enhancing our market size.
Unmanned
systems are increasingly in demand by defense and security and commercial companies to reduce costs and improve safety in offshore operations.
Also, geopolitical developments such as conflict in the Middle East and Eastern Europe demonstrate the need for countries to protect
their borders. In addition, the need to protect exclusive economic zones from illegal fishing activities and protect natural resources
on the seabed are accelerating the adoption of solutions or technologies that collect, transmit, and synthesize data to provide actionable
intelligence and decision-advantage to clients. Our recent operations in Bahrain and in the Asia Pacific region show the broadening geographic
opportunity for our services, especially in the defense and security markets. This includes support for other unmanned assets, such as
aerial drones, deployment of underwater vehicles, that can then communicate via PowerBuoy® deployed communication links,
and as a deployment platform for secure communication networks.
We
are focused on serving defense and security organizations, while also targeting offshore wind, science and research, and ports and harbors.
Our pipeline continues to grow and comprises primarily participants in defense and security markets. In addition, we continue to see
a growing number of commercial opportunities as we witness growing interest from offshore wind companies for autonomous monitoring, surveillance
and survey-related services during various stages of the project development cycle, including initial permitting that can reduce risk
in permit obtainment and legal challenge. Further, we are attracting interest targeted toward subsea applications, using proprietary
sensor payloads for environmental monitoring and subsea intelligence. We believe that our buoys and WAM-Vs® are uniquely able to
deliver these services either as a standalone solution or in combination with other systems. Furthermore, we are becoming a trusted provider
of solutions for the hydrography survey market, especially for shallow water operations.
Commercial
Activities
As
noted above, we are now primarily focused on commercial activities. We have built a suite of products that we believe will be the basis
for our current and future commercial success resulting in meaningful progress in orders, pipeline, and backlog. We continue to seek
new strategic relationships and further develop our existing partnerships. We collaborate with companies that have developed or are developing
in-ocean applications requiring a persistent source of power that is also capable of real time data collection, processing and communication,
to address potential customer needs. For the three month periods ended July 31, 2024 and 2023, the Company had two and four customers,
respectively, whose revenue accounted for at least 10% of the Company’s consolidated revenue, respectively. These revenues accounted
for approximately 84% and 73% of the Company’s total revenue for the respective periods.
In
order to achieve success in ongoing commercialization efforts, we must expand our customer base and obtain commercial contracts to lease
or sell our solutions and services to customers. Our potential customer base for our solutions includes various public and private entities,
and agencies that require remote offshore power.
Recent
Contracts and Commercial Activity
The
following commercially notable activities occurred during the first and second quarter of fiscal 2025:
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In
September 2024 we announced that we have received a further contract by the Naval Postgraduate School (NPS) in Monterey, California.
This contract, which supports revenue generation in the near-term, adds to the deployment of OPT’s PowerBuoy® as part of
an ongoing initiative to enhance maritime domain awareness and connectivity in Monterey Bay and demonstrate the use of
PowerBuoys® for multi-domain drone and communication integration. Building on the success of the previously announced NPS
contract, which included installing AT&T 5G technology on a PowerBuoy®, this new order focuses on integrating advanced
subsea sensors into a PowerBuoy® equipped with OPT’s latest Merrows™ suite for AI capable seamless integration of
Maritime Domain Awareness (MDA) across platforms and utilizing communication technologies from AT&T for NPS. The PowerBuoy®
will provide carbon free, renewable energy for continuous, autonomous monitoring and data collection in one of the
world’s most strategically significant maritime environments |
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In
August 2024 we announced the signing of the latest of four new reseller agreements targeted at supporting global critical services.
These agreements include opportunities for partnering with allied nations in areas like the South China Sea, previously announced
efforts in Latin America and the Middle East and serving global commercial markets. These partnerships provide leverage to
proactively serve the demand for our autonomous maritime technologies in geographies remote from OPT. We believe these partnerships will further accelerate our
growth and drive new revenue streams. |
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In
August 2024 we announced a patent pending for our docking and recharging buoy technology, specifically designed for the WAM-V. This
advanced system has already been successfully demonstrated, showcasing its potential to revolutionize the operational efficiency and
endurance of autonomous surface vessels. This development aligns with our broader strategy to enhance the functionality and
versatility of our Merrows Platform, bringing artificial intelligence capable solutions to the ocean, thereby expanding our market
reach and supporting a greater range of customer needs |
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In
July 2024 we announced the signing of a reseller agreement with Geos Telecom, a prominent provider of maritime communication and
navigation solutions in Costa Rica. This partnership marks a significant expansion of our presence in the Latin American market.
We believe this agreement not only enhances our footprint in Latin America but also enables us to deliver advanced USV capabilities
to a new customer base. |
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In
July we announced we havehad been awarded a contract for immediate delivery of a PowerBuoy equipped with Merrows in the Midde East.
We had previously announced our selection as a preferred supplier for our Merrows equipped buoys in the region. We believe this order
for a solar and wind powered system highlights our ability to provide carbon free, renewable Merrows platforms in most all marine
environments across the globe. Offering field tested technology solutions as complementary building blocks makes it possible for
our customers to integrate WAM-Vs and PowerBuoys into their operations and to put configurable ocean intelligence into their hands. |
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In
July 2024 we announced the signing of a reseller agreement with Survey Equipment Services, Inc. (“SES”), a specialist
in the supply of Marine Survey and Navigation equipment. The agreement focuses on the provision of our WAM-Vs in the USA. This agreement
allows us to leverage SES’s offering of survey and navigation equipment and deploy WAM-V’s to SES’s customer base.
This partnership serves to further accelerates our growth and enables additional revenue streams. |
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In
July 2024 we announced a partnership with Unique Group (“Unique”), a UAE headquartered global innovator in subsea technologies
and engineering, offering multiple products and services to customers in a range of industry sectors. Unique has more than 600 employees
and 20 operational bases around the world. Unique Group will collaborate to deploy our WAM-V in the UAE and other countries
in the Gulf Collaboration Council (“GCC”) region. Integrating our commercially available vehicles with Unique’s
leading position in the offshore energy industry in the UAE will accelerate the adoption of USVs in the region. Working with Unique
Group will further facilitate our efforts to deploy USVs globally. |
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In
June 2024 we announced the signing of an OEM agreement with Teledyne Marine, a division of Teledyne Technologies Inc. (NYSE: TDY)
(“Teledyne”), a key supplier in the maritime technology inclusive of connectors, instruments, and vehicles. This strategic
partnership aims to enhance our product offerings and drive innovation within the industry providing customers with a turnkey system.
This agreement allows us to leverage Teledyne’s best-in-class offerings to deliver superior sensor and ocean technology products
to our customers. We believe this partnership with accelerate our growth and enables additional revenue streams. |
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In
June 2024 we announced we launched our Global 24/7 Service Support (“Services”). We were already servicing its Artificial
Intelligence Capable Maritime Domain Awareness Solution, Merrows, in regions such as Latin America and Sub-Saharan Africa. The new
Services offering gives customers the opportunity for 24/7 support with tiered options to maintain operations around the globe. This
new Services offering enables our customers to choose from a menu of options and determine the most cost-effective way to operate
our PowerBuoys and USVs. It also positions us to add additional recurring revenues to our ongoing growth. |
Business
Relationships
We
believe that our solutions are best developed, sold, deployed, and maintained together with subject matter experts in their respective
fields. This enables the Company to protect, maintain, and evolve our various platforms and integrate them with surface and subsea payloads.
The Company has previously entered into business relationships focused on including, but not limited to, deployment and installations,
sourcing of surface payloads, and integration with autonomous vehicles. To augment our own internal software development team and further
develop the MDAS, we maintain ongoing strategic software and robotics partnerships with software companies. We believe the business relationships
with these software companies will further the development, alongside our internal technology resources, of our next-generation MDAS
product for the maritime industrial market and governmental defense and security organizations.
Our
third-party software company is contributing to the Company’s MDAS by providing integration software, control software, autonomy
and systems integration for the buoy sensor payload. In addition, they are assisting the Company with designing and building a customized
data platform that supports the Company’s MDAS with sensor data feed management, secure communications management, a cloud-based
infrastructure, and web-based user interface. The platform was designed with a flexible architecture that allows the Company to integrate
new sensor technologies and third-party analytics capabilities and share MDAS data with customers and partners. We also keep in contact
with several offshore specialists and marine operations partners globally to support our deployment, maintenance, and recovery operations
and projects.
Business
Strategy
During
the first three months of fiscal 2024, we have continued to advance our marketing programs, products, and solutions (including Merrows
noted above). We have substantially completed our research and development efforts, thus positioning the Company to increase its focus
on delivering intelligent maritime solutions and services, particularly in the national security and defense markets. We intend to build
on these efforts by introducing additional processes and making investments in appropriate human capital, operations, and manufacturing
capabilities. In support of our focus on the national security and defense markets, we have developed a defense specific sales team,
including veterans from the U.S. Navy and Swedish Navy.
The
majority of the Company’s potential customers are in areas of defense and security, hydrographic survey, offshore wind, offshore
and coastal communication networks, and MDA, including mitigation of IUU fishing, where the end use may be both domestic and abroad.
Historically,
demonstration projects have been a requisite step towards broad solution deployment and revenue associated with specific applications
such as our New Jersey MDAS test array as part of our DaaS solution and to highlight these capabilities. Customers may want their own
dedicated demonstration depending on customer needs. During a typical demonstration project’s specification, negotiation and evaluation
period, we are often subject to the prospective customer’s vendor qualification process, which entails substantial due diligence
of the Company and its capabilities. Such demonstrations are often a required step prior to leasing and may include negotiation of standard
terms and conditions. Many proposals contain provisions which would provide the option to purchase or lease our PowerBuoy® or WAM-V®
product upon successful conclusion of the demonstration project. The Company maintains a fleet of WAM-Vs® dedicated to demonstrations
and has successfully demonstrated the capabilities of many of its solutions on its own or in customer-sponsored evaluation projects and
remains focused on further demonstrations to build customer awareness and confidence and to drive revenue.
The
Company is pursuing a long-term growth strategy to expand its market value proposition while growing the Company’s revenue base.
This strategy includes partnerships with leading companies and organizations in adjacent and complementary markets. We continue to refine
NextGen PB and WAM-V® products for use in offshore power, data acquisition, and real-time data communications applications, and to
achieve this goal, we are pursuing the following business objectives:
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Provide integrated turn-key
solutions, purchases or leases. We believe our DaaS, RaaS and PaaS solutions, together with our platforms, are well suited to enable
unmanned, autonomous (non-grid connected) offshore applications, such as intelligence, surveillance, and reconnaissance (ISR), mine
counter measure operations, topside and subsea surveillance and communications, surveying, subsea equipment monitoring, early warning
systems platform, subsea power and buffering, and weather and climate data collection. We have investigated and realized market demand
for some of these solutions, and we intend to sell and/or lease our products to these markets as part of these broader integrated
solutions. Additionally, we intend to provide services associated with our solution offerings such as paid engineering studies, value-added
engineering, maintenance, remote monitoring and diagnostics, application engineering, planning, training, project management, and
marine and logistics support required for our solution life cycle. As our MDAS development continues, we expect that this will also
include data and cloud services, as well as Counter Unmanned Underwater Vehicle (“CUUV”) WAM-V ® capability. CUUV
represents emerging technologies designed to detect, track, and neutralize unmanned underwater vehicles and is an important area
of growth in ensuring maritime security. Recent demonstrations successfully showcased the ability to detect multiple underwater threats,
including singular and swarming micro–AUV . |
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Expand customer system
solution offerings through new complementary products that enable more cost-efficient deployments that make shorter missions more
feasible. We are continuously innovating new solutions to deliver enhanced value to our customers, such as enhancing our MDAS and
improving our deployment platforms solutions, such as our PowerBuoys® and WAM-Vs®. We have substantially completed development
of our next generation PowerBuoy® that incorporates wave, wind, and solar power generation capabilities in a robust yet
cost effective system that supports shorter term missions as well as the ability to operate in near shore and low wave environments.
This effort was partially funded by the DOE SBIR Phase II award. In addition, we have integrated PowerBuoy® and WAM-V® capabilities,
including WAM-V® recharging from a PowerBuoy®, with future plans to integrate MDAS capabilities into our WAM-Vs®, thus
extending our reach and providing both fixed and mobile MDAS offerings to our customers. |
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Focus WAM-Vs® on the
defense and security, hydrographic survey, and surveillance industries. We are well positioned to capitalize on the growing demand
for unmanned surface vehicles to provide maritime safety, security, and awareness of what is happening in the maritime domain, including
surveillance, detection, classification, and identification. The ability of our WAM-Vs® to handle various payloads allows us
to target navigation surveys, marine infrastructure surveys, berth clearance surveys, dredging surveys, and mining pit surveys. Near-term
future markets for our WAM-Vs® include the use of WAM-Vs® for the launch of aerial drones and underwater survey equipment.
WAM-Vs® are easily and economically shipped via land, air, or sea, and their modular design enables us to quickly reduce their
size for storage or shipment. The ability to disassemble a WAM-V® reduces the footprint by as much as 75%, and as a result, a
20-foot container can hold four 16-foot WAM-Vs®. In addition, our 8-foot WAM-V® can be checked as baggage on a standard commercial
flight. To integrate our solutions and add roaming as an option or enhancement to our MDAS, we are advancing developments to further
integrate MDAS into the WAM-V® platform and develop additional autonomy capabilities. |
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Focus sales efforts on
key global markets in the U.S., Middle East, Latin America, and Sub-Saharan Africa. While we are marketing our products and services
globally, we have focused on several key markets and applications, including U.S. and foreign defense and security applications with
our MDAS offering; and the hydrographic survey market with regard to our WAM-Vs®. We believe that each of these areas has demand
for our solutions, sizable end market opportunities, and high levels of industrialization and economic development. Our headquarters
in Monroe Township, New Jersey and our office in Richmond, California enable us to support the geographic diversity of our customers
and strengthen our dialogue with our solution partners located on both the east and west coasts of the U.S. |
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Expand our relationships
in key market areas through strategic partnerships and collaborations. We believe that strategic partners are an important part of
expanding visibility to our products. Partnerships and collaborations can be used to improve the development of overall integrated
solutions, create new market channels, expand commercial know-how and geographic footprint, and bolster our product delivery capabilities.
We have formed such a relationship with several well-known groups, and we continue to seek other opportunities to collaborate with
application experts from within our selected markets. These partnerships have helped us source services, such as installation expertise,
and products, such as MDA enabling equipment, to meet our development and customer obligations. We have been actively pursuing additional
opportunities to bring in-house skills, capabilities, and solutions that are complementary to our strategy and enable us to scale
more quickly. |
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Partner with fabrication,
deployment and service contractors. In order to minimize our capital requirements as we scale our business, we intend to optimize
and utilize state of the art fabrication, anchoring, mooring, cabling supply, and in some cases, deployment of our products and solutions.
We believe this domestically distributed manufacturing and assembly approach enables us to focus on our core competencies and ensure
a cost-effective product by leveraging a larger more established supply base. We continue to seek strategic partnerships regarding
servicing of our products and solutions. |
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Expand survey
and security market applications. Through our WAM-V® products, we can increase our ability to lease vehicles specifically to
support shoreline and offshore survey markets as well as security applications while integrating MDA into these solutions. |
Liquidity
During
the three months ended July 31, 2024, the Company incurred a net loss of approximately $4.5 million and used cash in operations of approximately
$6.1 million. In addition, the Company has continued to make investments to build inventory, support order backlog and future growth.
The
Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s
future operating results and could cause actual results to vary materially from expectations include, but are not limited to, performance
of its products, its ability to market and commercialize its products and new products that it may develop, access to capital, technology
development, scalability of technology and production, ability to attract and retain key personnel, concentration of customers and suppliers,
pending or threatened litigation (including recent litigation noted above), and deployment risks and integration of acquisitions.
On
March 21, 2024, the Company entered into an At-the-Market Offering Agreement with AGP with an aggregate offering price of up to
$7,000,000 (the “2023 ATM Facility”). On August 30, 2024 the aggregate offering price under the 2023 ATM Facility was
increased to approximately $16 million. As of July 31, 2024, the Company had received proceeds of approximately $7
million under this facility and an additional $0.7 million between July 31, 2024 and September 13, 2024. The Company’s ability to raise capital under its shelf offering is limited by the provisions of
Rule 415 of the Securities Act of 1933 (Baby Shelf). This limit is currently approximately $16 million.
The
Company’s current cash balance may not be sufficient to fund its planned expenditures through September 2025. These conditions
raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern
is dependent upon the Company’s operations in the future and/or obtaining the necessary financing to meet its obligations and repay
its liabilities arising from normal business operations when they become due. The accompanying consolidated financial statements have
been prepared on a basis which assumes the Company is a going concern and do not include any adjustments to reflect the possible future
effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from any
uncertainty related to the Company’s ability to continue as a going concern. Such adjustments could be material.
Backlog
As
of July 31, 2024, the Company’s backlog was $5.3 million. Our backlog includes unfilled firm orders for our products and services
from commercial or governmental customers. If any of our contracts were to be terminated, our backlog would be reduced by the expected
value of the remaining terms of such contract.
The
amount of contract backlog is not necessarily indicative of future revenue because modifications to or terminations of present contracts
and production delays can provide additional revenue or reduce anticipated revenue. A portion of our revenue is recognized using the
input method used to measure progress towards completion of our customer contracts over time, and changes in estimates from time to time
may have a significant effect on revenue and backlog. Our backlog is also typically subject to large variations from time to time due
to the timing of new awards.
Critical
Accounting Policies and Estimates
To
understand our financial statements, it is important to understand our critical accounting policies and estimates. We prepare our financial
statements in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements
also requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, costs and expenses and related
disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the
circumstances. Actual results could differ significantly from the estimates made by our management. To the extent that there are differences
between our estimates and actual results, our future financial statement presentation, financial condition, results of operations and
cash flows will be affected. We believe that accounting policies are critical to understanding our historical and future performance,
as these policies relate to the more significant areas involving management’s judgments and estimates.
We
believe the following accounting policy requires significant judgment and estimates by us in the preparation of our consolidated financial
statements.
For
a discussion of our critical accounting estimates, see the section entitled Item 7. “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended April 30, 2024. There were
no material changes to our critical accounting estimates or accounting policies during the three months ended July 31, 2024.
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, 2024 or 2023. 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 period ended July 31, 2024, the Company recognized approximately $1.2 million in revenue related to performance
obligations satisfied at a point in time and approximately $0.1 million in revenue related to performance obligations satisfied over
time.
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 period ended July 31, 2024 and 2023, the majority of the Company’s
contracts were classified as firm fixed-price and the balance were cost-sharing.
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 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.
Recently
Issued Accounting Standards
In
December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which improves the transparency
of income tax disclosures by requiring companies to (1) disclose consistent categories and greater disaggregation of information in the
effective rate reconciliation and (2) provide information on income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective
for fiscal years beginning after December 15, 2024, although early adoption is permitted. The guidance should be applied on a prospective
basis with the option to apply the standard retrospectively. We are currently evaluating the impact of adopting this ASU 2023-09 on our
consolidated financial statements and disclosures.
In
November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.”
This ASU improves financial reporting by requiring disclosure of incremental segment information. The new guidance is effective for fiscal
years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is
permitted. The guidance was effective for the Company on May 1, 2024. The Company expects to provide incremental qualitative segment-related
disclosures beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2025.
Financial
Operations Overview
The
following describes certain line items in our statement of operations and some of the factors that affect our operating results.
We
currently focus our sales efforts in key global markets in North America, South America, Europe and Asia. The following table shows the
percentage of our revenues by geographical location of our customers for the three months ended July 31, 2024 and 2023.
| |
Three months ended July 31, | |
Customer Location* | |
2024 | | |
2023 | |
| |
| | |
| |
North America & South America | |
| 95 | % | |
| 99 | % |
Europe | |
| 5 | % | |
| 1 | % |
Asia & Australia | |
| — | % | |
| — | % |
| |
| 100 | % | |
| 100 | % |
*
For U.S. Government contracts, the revenue is classified as North American however, location of operations may differ.
Cost
of revenue
Our
cost of revenue consists primarily of subcontracts, incurred material, labor and manufacturing overhead expenses, such as engineering
expense, equipment depreciation, maintenance, and facility related expenses, and includes the cost of equipment to customize the PowerBuoy®,
WAM-V® and our other products supplied by third-party suppliers. Cost of revenue also includes PowerBuoy® and other product system
delivery and deployment expenses and may include losses recorded at the time a loss is forecasted to be incurred on a contract.
Operating
Expenses
Engineering
and product development costs
Our
engineering and product enhancement costs consist of salaries and other personnel-related costs and the costs of products, materials
and outside services used in our product enhancement and unfunded research activities. Our product enhancement costs relate primarily
to our efforts to increase the power output and reliability of our PowerBuoy® system and other products, to enhance and optimize
data monitoring and controls systems, and the development of new products, product applications and complementary technologies. We expense
all of these costs as incurred.
Selling,
general and administrative costs
Our
selling, general and administrative costs consist primarily of professional fees, salaries, stock based compensation and other personnel-related costs for employees
and consultants engaged in sales and marketing of our products, and costs for executive, accounting and administrative personnel, professional
fees and other general corporate expenses.
Interest
income, net
Interest
income, net consists of interest received on cash, cash equivalents, and short-term investments and interest paid on certain obligations
to third parties as well as amortization expense related to the premiums on the purchase of short-term investments.
Foreign
exchange gain (loss)
We
transact business in various countries and have exposure to fluctuations in foreign currency exchange rates. Since we conduct our business
in U.S. dollars and our functional currency is the U.S. dollar, our main foreign exchange exposure, if any, results from changes in the
exchange rate between the U.S. dollar and transactions settled in foreign currencies.
The
Company completed the process of winding down its Australian subsidiary during fiscal 2024. The Company began the process of winding
down its UK subsidiary during fiscal 2024 and expects this to be completed during fiscal 2025. The unrealized gains or losses resulting
from foreign currency balances translation are included in Accumulated Other Comprehensive Loss within Shareholders’ Equity. Foreign
currency transaction gains and losses are recognized within our Consolidated Statements of Operations.
We
currently do not hedge our exchange rate exposure. However, we assess the anticipated foreign currency working capital requirements and
capital asset acquisitions of our foreign operations and assess the need and cost to utilize financial instruments to hedge currency
exposures on an ongoing basis and may hedge against exchange rate exposure in the future.
Results
of Operations
This
section should be read in conjunction with the discussion below under “Liquidity and Capital Resources.”
Three
months ended July 31, 2024 compared to the three months ended July 31, 2023
The
following table contains selected statement of operations information, which serves as the basis of the discussion of our results of
operations for the three months ended July 31, 2024 and 2023.
| |
Three months ended July 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
$ | 1,301 | | |
$ | 1,272 | |
Cost of revenues | |
| 854 | | |
| 609 | |
Gross margin | |
| 447 | | |
| 663 | |
| |
| | | |
| | |
Operating expenses | |
| 4,920 | | |
| 8,103 | |
Gain from change in fair value of consideration | |
| — | | |
| (62 | ) |
Operating loss | |
| (4,473 | ) | |
| (7,378 | ) |
| |
| | | |
| | |
Interest income, net | |
| 3 | | |
| 339 | |
Other income | |
| 17 | | |
| — | |
Loss before income taxes | |
| (4,453 | ) | |
| (7,039 | ) |
Income tax benefit | |
| — | | |
| — | |
Net loss | |
$ | (4,453 | ) | |
$ | (7,039 | ) |
Revenues
Revenues
for the three months ended July 31, 2024 and 2023 were approximately $1.3 million and $1.3 million, respectively. The slight
year-over-year increase primarily reflects higher levels of revenue stemming from the sales and leases of WAM-Vs.
Cost
of revenues
Cost
of revenues for the three months ended July 31, 2024 and 2023 increased slightly to $0.9 million from $0.6 million, respectively. The
year-over-year increase is related to a change in product mix, with current year quarterly revenue containing a larger amount of third-party
equipment, and associated lower margins.
Gain
from change in fair value of contingent consideration
The
change in fair value of contingent consideration for the three months ended July 31, 2024 and 2023 was zero and a $0.1 million
decrease in the liabilities value, respectively. The prior year adjustment was due to changes in actual and forecasted bookings
relating to the MAR acquisition.
Operating
expenses
Operating
expenses for the three months ended July 31, 2024 and 2023 were $4.9 million and $8.1 million, respectively. The decrease of approximately
$3.2 million was primarily the result of the initial benefits of the significant cost reduction activities we implemented at the end of fiscal
2024 including headcount optimization, material reductions in third party spend, and efforts to tightly control and contain costs.
Interest
income
Interest
income for the three months ended July 31, 2024 and 2023 was $0.0 million and $0.3 million, respectively, with the decrease primarily
related to lower investment balances in the current year.
Other
income
Other
income for the three months ended July 31, 2024 and 2023 was $17 thousand and zero, respectively. The 2024 balance is related to
proceeds received from the sale of fixed assets.
Liquidity
and Capital Resources
Our
cash requirements relate primarily to working capital needed to operate and grow our business including funding operating expenses. We
have experienced and continue to experience negative cash flows from operations and net losses. The Company incurred net losses of $4.5
million and $7.0 million for the three months ended July 31, 2024 and 2023, respectively. Refer to “Liquidity Outlook” below
for additional information.
Net
cash used in operating activities
During
the three months ended July 31, 2024, net cash flows used in operating activities was $6.1 million, a decrease of $1.9 million compared
to net cash used in operating activities during the three months ended July 31, 2023 of $8.0 million. This primarily reflects a decrease
in the net loss, of $2.5 million, partially offset by increases in inventory and timing of payments of trade payables.
In
November 2023 we announced that we have substantially completed our research and development phase and are primarily focused on commercial
activities. This pivot to commercial activities has enabled reallocation of headcount going forward, resulting in approximately $4.5
million in annual run rate savings, and a material reduction in third-party expenditures.
Net
cash (used in)/provided by investing activities
Net
cash used in investing activities during the three months ended July 31, 2024 was ($374,000), compared to $5.0 million cash provided
by investing activities during the three months ended July 31, 2023. The net cash of ($374,000) million used in investing activities
during the three months ended July 31, 2024 was due to the purchase of property, plan and equipment.
Net
cash provided by/(used in) financing activities
Net
cash provided by/(used in) financing activities during the three months ended July 31, 2024 and July 31, 2023 was $6.5 million and
($2,000), respectively. The current quarter activity was driven by the issuance of common stock under the Company’s At the
Market Facility.
Effect
of exchange rates on cash and cash equivalents
There
was no material effect of exchange rates on cash and cash equivalents during the three months ended July 31, 2024 and July 31, 2023.
Liquidity
Outlook
Since
our inception, the cash flows from customer revenues have not been sufficient to fund our operations and provide the capital resources
for our business. As of July 31, 2024, our year-to-date revenues were $1.3 million, our year-to-date net losses were $4.5 million, and
our year-to-date net cash used in operating activities was $6.1 million.
We
expect to devote substantial resources to expand our sales, marketing and manufacturing programs associated with the continued commercialization
of our products. Our future capital requirements will depend on several factors, including but not limited to:
|
● |
Our
ability to improve, market and commercialize our products, and achieve and sustain profitability; |
|
● |
our
continued improvement of our proprietary technologies, and expected continued use of cash from operating activities unless or until
we achieve positive cash flow from the commercialization of our products and services; |
|
● |
our
ability to obtain additional funding, as and if needed, which will be subject to several factors, including market conditions, and
our operating performance; |
|
● |
the
substantial doubt about our ability to continue as a going concern; |
|
● |
our
history of operating losses, which we expect to continue for at least the short term and possibly longer; |
|
● |
our
ability to manage challenges and expenses associated with communications and disputes with activist shareholders, including litigation; |
|
● |
our
ability to manage and mitigate risks associated with our internal cyber security protocols and protection of the data we collect
and distribute; |
|
● |
our
ability to protect our intellectual property portfolio; |
|
● |
the
impact of inflation related to the U.S. dollar on our business, operations, customers, suppliers, manufacturers, and personnel; |
|
● |
our
ability to meet product enhancement, manufacturing and customer delivery deadlines and the potential impact due to disruptions to
our supply chain or our ability to identify vendors that can assist with the prefabrication elements of our products, as a result
of, among other things, staff shortages, order delays, and increased pricing from vendors and manufacturers; |
|
● |
our
estimates regarding future expenses, revenue, and capital requirements; |
|
● |
our
ability to identify and penetrate markets for our products, services, and solutions; |
|
● |
our
ability to effectively respond to competition in our targeted markets; |
|
● |
our
ability to establish relationships with our existing and future strategic partners which may not be successful; |
|
● |
our
ability to maintain the listing of our common stock on the NYSE American; |
|
● |
the
reliability of our technology, products and solutions; |
|
● |
our
ability to increase or more efficiently utilize the synergies available from our product lines: |
|
● |
changes
in current legislation, regulations and economic conditions that affect the demand for, or restrict the use of our products; |
|
● |
our
ability to expand markets across geographic boundaries; |
|
● |
our
ability to be successful with Federal government work which is complex due to various statutes and regulations applicable to doing
business with the Federal government; |
|
● |
our
ability to be successful doing business internationally which requires strict compliance with applicable import, export, ITAR, anti-bribery
and related statutes and regulations; |
|
● |
the
current geopolitical world uncertainty, including Russia’s invasion of Ukraine, the Israel/Palestine conflict and recent attacks
on merchant ships in the Red Sea; |
|
● |
our
ability to hire and retain key personnel, including senior management, to achieve our business objectives; and |
|
● |
our
ability to establish and maintain commercial profit margins. |
Our
business is capital intensive, and through July 31, 2024, we have been funding our business principally through sales of our securities.
As of July 31, 2024, our cash and cash equivalents and long-term restricted cash balance was $3.3 million and we expect to fund our business
with this amount and, to a lesser extent, with our cash flow generated from operations. Management believes the Company’s current
cash and cash equivalents, and long-term restricted cash, may not be sufficient to fund its planned expenditures through September 2025.
These
conditions and events raise substantial doubt about the Company’s ability to continue as a going concern for at least a period
of one year from the issuance of these consolidated financial statements. The ability to continue as a going concern is dependent upon
the Company’s operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities
arising from normal business operations when they become due.
Off-Balance
Sheet Arrangements
Since
inception, we have not engaged in any off-balance sheet financing activities.
Item
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
applicable.
Item
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures that are designed to provide reasonable assurance that material information required to be
disclosed in our reports that we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information
is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer
(“CFO”), as appropriate, to allow timely decisions regarding required financial disclosure. In designing and evaluating the
disclosure controls and procedures, management recognized that a control system, no matter how well designed and operated, can provide
only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all
control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within
a company have been detected.
As
of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our
management, including our CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant
to Rule 13a-15 of the Exchange Act. Based upon that evaluation, our CEO and CFO concluded that our disclosure controls and procedures
were not effective, due to the material weaknesses in internal control over financial reporting that are described in our Annual Report
on form 10-K for the year ended April 30, 2024 (the “2023 10-K”).
Notwithstanding
such material weaknesses in internal control over financial reporting, our management, including our CEO and CFO, has concluded that
our consolidated financial statements present fairly, in all material respects, our financial position, results of our operations and
our cash flows for the periods presented in this Quarterly Report, in conformity with U.S. generally accepted accounting principles.
Remediation
Plans
As
previously described in Part II – Item 9A – Controls and Procedures of the 202410-K, we continue to implement a remediation
plan to address the material weaknesses mentioned above. The weaknesses will not be considered remediated until the applicable controls
operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.
Please see below for the remediation actions taken by management.
We
trained our employees to reinforce the importance of a strong control environment and communicated expectations to emphasize responsibilities
and the technical requirements for controls, and to set the appropriate expectations on internal controls.
We
established a business process control remediation plan, which included frequent communications between our Audit Committee and senior
management regarding the progression of remediation of our financial reporting and internal control environment
We
are establishing IT General Controls and investing in people and technology to address gaps in IT Systems Security controls. In addition,
there is now a formal process for System and Organization Controls (“SOC”) Report reviews and templates that are being performed by management.
We
engaged third-party consultants to assist with process mapping and internal control design.
Progress
has been made against management’s plan to remediate these material weaknesses, but for Management to consider a material weakness
remediated, the related controls are required to function as anticipated for a minimum period which varies based upon the specified control.
As part of its remediation plan, management will put mitigating controls in place to minimize risk associated with any open material
weaknesses.
Changes
in Internal Control Over Financial Reporting
In
response to the material weaknesses described in the 2024 10-K, the Company reviewed the design of its controls and began remediation
activities to alleviate the noted control deficiencies. Other than these items, there was no change in the Company’s internal control
over financial reporting that occurred during the quarter ended July 31, 2024, that has materially affected, or is reasonably likely
to materially affect, the Company’s internal control over financial reporting.
PART
II — OTHER INFORMATION
Item
1. LEGAL PROCEEDINGS
As
part of our normal business activities, we are party to a number of legal proceedings and other matters in various stages of development.
Management periodically assesses our liabilities and contingencies in connection with these matters based upon the latest information
available. We disclose material pending legal proceedings pursuant to SEC rules and other pending matters as we may determine to be appropriate.
For
information on matters in dispute, see Note 14 to the Consolidated Financial Statements under Part I, Item 1 of this report.
Item
1A. RISK FACTORS
The
discussion of our business and operations should be read together with the risk factors contained in Item 1A of our Annual Report on
Form 10-K for the year ended April 30, 2024 and set forth below in this Quarterly Report on Form 10-Q. These risk factors describe various
risks and uncertainties to which we are or may become subject. These risks and uncertainties have the potential to affect our business,
financial condition, results of operations, cash flows, strategies or prospects in a material and adverse manner. Except as noted below,
there have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K filed with the SEC on
July 25, 2024.
We
have a history of operating losses and may not achieve or maintain profitability and positive cash flow.
We
have incurred net losses since we began operations in 1994, including net losses of $4.5 million during the first three months of fiscal
year 2025 and $7.0 million during the same three-month period in fiscal year 2024. As of July 31, 2024, we had an accumulated deficit
of $312.0 million.
We
do not know whether we will be able to successfully commercialize our products and solutions, or whether we can achieve profitability.
There is significant uncertainty about our ability to successfully commercialize our products and solutions in our targeted markets.
Even if we do achieve commercialization of our products and solutions and become profitable, we may not be able to achieve or, if achieved,
sustain profitability on a quarterly or annual basis.
Item
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
Item
3. DEFAULTS UPON SENIOR SECURITIES
None.
Item
4. MINE SAFETY DISCLOSURES
Not
applicable.
Item
5. OTHER INFORMATION
First
Registered Direct Offering
On
September 13, 2024, the Company entered into a common stock purchase agreement (the “First RDO Purchase Agreement”) with
an institutional accredited investor for the sale (the “First Offering”) by the Company of shares (the “First RDO Shares”)
of the Company’s common stock, par value $0.001 per share (the “Common Stock”), for aggregate gross proceeds of $1,500,000,
before deducting offering expenses payable by the Company. The First RDO Shares will be issued upon issuance of a funding notice by the
Company to the investor. The First RDO Shares will be issued at a price per share of 80% of the lowest traded price of the Common Stock
ten days prior to the closing date for the purchase of the shares. In addition, the Company has the right, but not the obligation, to
sell to this investor up to an additional $3,500,000 of shares of Common Stock on the same pricing terms.
The
First RDO Purchase Agreement contains customary representations, warranties and agreements by the Company and customary conditions to
closing. Pursuant to the First RDO Purchase Agreement, the Company also agreed to indemnify the purchaser against certain liabilities,
including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties contained therein.
The First RDO Purchase Agreement also includes a covenant on the investor to vote their shares of common stock in favor of all Company
director nominees and other proxy proposals, but only for so long as the investor owns more than 5% of the outstanding stock.
The
Company currently intends to use the net proceeds from this sale to build additional products and solutions to meet market demand, further
advance the development of new products and solutions, engage in corporate development and merger and acquisition activities, for working
capital needs, capital expenditures, repayment or refinancing of indebtedness, repurchases and redemptions of securities, and for other
general corporate purposes.
The
First RDO Shares are being offered and sold pursuant to a prospectus supplement which will be filed in connection with a “takedown”
from the Company’s shelf registration statement on Form S-3 (File No. 333-275843) declared effective on December 12, 2023.
Second
Registered Direct Offering
On
September 13, 2024, the Company also entered into a common stock purchase agreement (the “Second
RDO Purchase Agreement”) with a separate institutional accredited investor for the sale (the “Second Offering”) by
the Company of shares (the “Second RDO Shares”) of the Common Stock, for aggregate gross proceeds of $1,500,000, before deducting
offering expenses payable by the Company. The Second RDO Shares will be issued upon issuance of a funding notice by the Company to the
investor. The Second RDO Shares will be issued at a price per share of 80% of the lowest traded price of the Common Stock five days prior
to the closing date for the purchase of the shares. In addition, the Company has the right, but not the obligation, to sell to this investor
up to an additional $2,500,000 of shares of Common Stock on the same pricing terms.
The
Second RDO Purchase Agreement contains customary representations, warranties and agreements by the Company and customary conditions to
closing. Pursuant to the Second RDO Purchase Agreement, the Company also agreed to indemnify the purchaser against certain liabilities,
including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties contained therein.
The Second RDO Purchase Agreement also includes a covenant on the investor to vote their shares of common stock in favor of all Company
director nominees and other proxy proposals, but only for so long as the investor owns more than 5% of the outstanding stock.
The
Company currently intends to use the net proceeds from this sale to build additional products and solutions to meet market demand, further
advance the development of new products and solutions, engage in corporate development and merger and acquisition activities, for working
capital needs, capital expenditures, repayment or refinancing of indebtedness, repurchases and redemptions of securities, and for other
general corporate purposes.
The
Second RDO Shares are being offered and sold pursuant to a prospectus supplement which will be filed in connection with a “takedown”
from the Company’s shelf registration statement on Form S-3 (File No. 333-275843) declared effective on December 12, 2023.
Item
6. EXHIBIT INDEX
5.1 |
|
Opinion of Porter Hedges LLP relating to September 13, 2024 offerings. |
|
|
|
10.1 |
|
Form of Common Stock Purchase Agreement, dated as of September 13, 2024. |
|
|
|
10.2 |
|
Form of Securities Purchase Agreement, dated as of September 13, 2024. |
|
|
|
31.1 |
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
31.2 |
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
32.1 |
* |
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
|
32.2 |
* |
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
|
101 |
|
The
following financial information from Ocean Power Technologies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended July
31, 2024, formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets – July 31, 2024 (unaudited)
and April 30, 2021, (ii) Consolidated Statements of Operations (unaudited) – three and three months ended July 31, 2024 and
2023, (iii) Consolidated Statements of Comprehensive Loss (unaudited) – three and three months ended July 31, 2024 and 2021,
(iv) Consolidated Statement of Shareholders’ Equity (unaudited) – three and three months ended July 31, 2024 and 2023
(v) Consolidated Statements of Cash Flows (unaudited) –three months ended July 31, 2024 and 2023, (vi) Notes to Consolidated
Financial Statements.** |
|
|
|
101.INS |
|
Inline
XBRL Instance Document |
|
|
|
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema Document |
|
|
|
101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
|
101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
|
|
|
101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document |
|
|
|
101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
|
|
|
|
* |
As
provided in Item 601(b)(32)(ii) of Regulation S-K, this exhibit shall not be deemed to be “filed” or part of a registration
statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, and shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability under those sections. |
|
|
|
|
** |
As
provided in Rule 406T of Regulation S-T, this exhibit shall not be deemed “filed” or a part of a registration statement
or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, and shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability under those sections. |
|
|
|
|
## |
As
permitted by Regulation S-K, Item 601(b)(10)(iv) of the Securities Exchange Act of 1934, as amended, certain confidential portions
of this exhibit have been redacted from the publicly filed document. The Company agrees to furnish supplementally an unredacted copy
of the exhibit to the Securities and Exchange Commission upon its request. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
Ocean Power Technologies, Inc. |
|
|
|
(Registrant) |
|
|
|
Date: September 16, 2024 |
|
/s/
Philipp Stratmann |
|
By: |
Philipp Stratmann |
|
|
President and Chief Executive Officer |
|
|
|
Date: September 16, 2024 |
|
/s/
Robert Powers |
|
By: |
Robert Powers |
|
|
Senior Vice President and Chief Financial Officer |
Exhibit 5.1
|
1000
Main Street, 36th Floor
Houston,
Texas 77002
Telephone
{713} 226-6000
Telecopier
{713} 228-1331
porterhedges.com |
Sepetmber 16, 2024
014660/0024
Ocean Power Technologies, Inc.
28 Engelhard Drive, Suite B
Monroe Township, NJ 08831 |
Ladies and Gentlemen:
We have acted as counsel to Ocean
Power Technologies, Inc., a Delaware corporation (the “Company”), in connection with the preparation for filing
with the Securities and Exchange Commission (the “Commission”) of a prospectus supplement (the “Prospectus
Supplement”) under the Securities Act of 1933, as amended (the “Act”), related to the Company’s
shelf registration statement on Form S-3 (Registration No. 333-275843) (as amended, the “Registration Statement”).
The Prospectus Supplement relates to the issuance by the Company of up to $3,000,000 of shares (the “Shares”)
of common stock, par value $0.001 per share, of the Company (the “Common Stock”). The Shares are being sold
by the Company pursuant to a securities purchase agreement (the “SPA”) and a common stock purchase agreement
(the “CSPA”) entered into by and between the Company and separate accredited institutional investors.
For purposes of the opinions we
express below, we have examined the originals or copies, certified or otherwise identified, of: (i) the Certificate of Incorporation and
Bylaws, each as amended to date, of the Company; (ii) the Registration Statement; (iii) the Prospectus Supplement; and (iv) the corporate
records of the Company, including minute books of the Company, certificates of public officials and of representatives of the Company,
statutes and other instruments and documents as we considered appropriate for purposes of the opinions hereafter expressed. In giving
such opinions, we have relied upon certificates of officers of the Company and of public officials with respect to the accuracy of the
material factual matters contained in such certificates. In giving the opinions below, we have assumed that the signatures on all documents
examined by us are genuine, that all documents submitted to us as originals are accurate and complete, that all documents submitted to
us as copies are true and correct copies of the originals thereof and that all information submitted to us was accurate and complete.
In making our examination, we
have assumed and have not verified (i) that all signatures on documents examined by us are genuine, (ii) the legal capacity of all natural
persons, (iii) the authenticity of all documents submitted to us as originals and (iv) the conformity to the original documents of all
documents submitted to us as copies thereof.
Ocean
Power Technologies, Inc.
September
16, 2024
Page
2
Based on the foregoing, and subject
to the assumptions, exceptions and qualifications set forth herein, we are of the opinion that, when (i) the Prospectus Supplement has
been delivered and filed as required by such laws; (ii) the board of directors of the Company has taken all necessary corporate action
to authorize the issuance of the Shares and related matters; (iii) when the Shares have been duly delivered against payment therefor in
accordance with the SPA and the CSPA, then the Shares will be validly issued, fully paid and nonassessable.
The opinions set forth above are
limited in all respects to matters of the General Corporation Law of the State of Delaware and applicable federal law.
We hereby consent to the filing
of this opinion as Exhibit 5.1 to the Registration Statement. We also consent to the references to our Firm under the heading “Legal
Matters” in the prospectus included in the Registration Statement. In giving this consent, we do not hereby admit we are in the
category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.
|
Very truly yours, |
|
|
|
/s/ Porter Hedges LLP |
|
|
|
PORTER HEDGES LLP |
Exhibit
10.1
COMMON
STOCK PURCHASE AGREEMENT
The
COMMON STOCK PURCHASE AGREEMENT (the “Agreement”), dated as of September 13, 2024, by and between Ocean Power Technologies,
Inc., a Delaware corporation (the “Company”), and TRITON FUNDS LP, a Delaware limited partnership (the “Investor”).
RECITALS
WHEREAS,
subject to the terms and conditions set forth in this Agreement, the Company wishes to sell to the Investor, and the Investor wishes
to buy from the Company, up to $5,000,000 of the Company’s registered Common Stock, $0.001 par value per share (the “Common
Stock”). The shares of Common Stock to be acquired hereunder are referred to herein as the “Securities.”
NOW
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Company and the Investor hereby agree as follows:
ARTICLE
I
CERTAIN
DEFINITIONS
Section
1.1 DEFINED TERMS. As used in this Agreement, the following terms shall have the following meanings specified or indicated (such
meanings to be equally applicable to both the singular and plural forms of the terms defined):
“Administrative
Fee” shall mean a $20,000 payment from Company to Investor upon execution of this Agreement.
“Affiliate”
shall mean, with respect to a Party, any individual, a corporation or any other legal entity, directly or indirectly, controlling, controlled
by or under common control with such Party. For purpose of this definition, the term “control,” as used with respect
to any corporation or other entity, means (a) direct or indirect ownership of fifty percent (50%) or more of the securities or other
ownership interests representing the equity voting stock or general partnership or membership interest of such corporation or other entity
or (b) the power to direct or cause the direction of the management or policies of such corporation or other entity, whether through
the ownership of voting securities, by contract or otherwise.
“Agreement”
shall have the meaning specified in the preamble hereof.
“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.
“Beneficial
Ownership Limitation” shall have the meaning specified in Section 7.2(g).
“Business
Day” shall mean a day on which the Principal Market shall be open for business.
“Clearing
Costs” shall mean all the Transfer Agent costs with respect to the deposit of the Purchase Notice Shares.
“Closing”
shall mean any one of the closings of a purchase and sale of shares of Common Stock pursuant to Section 2.2.
“Closing
Date” shall mean the date a Closing occurs.
“Commitment
Period” shall mean the period commencing on the date hereof and ending on the earlier of (i) October 30, 2024, or (ii) the
date on which the Investor shall have purchased Purchase Notice Shares pursuant to this Agreement for an aggregate purchase price of
the Investment Amount.
“Common
Stock” shall mean the Company’s common stock, $0.001 par value per share.
“Common
Stock Equivalents” means any securities of the Company entitling the holder thereof to acquire at any time Common Stock, including,
without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable
or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.
“Company”
shall have the meaning specified in the preamble to this Agreement.
“Custodian”
means any receiver, trustee, assignee, liquidator, or similar official under any Bankruptcy Law.
“Current
Report” has the meaning set forth in Section 6.2.
“Damages”
shall mean any loss, claim, damage, liability, cost and expense (including, without limitation, reasonable attorneys’ fees and
disbursements and costs and expenses of expert witnesses and investigation).
“DTC”
shall mean The Depository Trust Company, or any successor performing substantially the same function for the Company.
“DTC/FAST
Program” shall mean the DTC’s Fast Automated Securities Transfer Program.
“DWAC”
shall mean Deposit Withdrawal at Custodian as defined by the DTC.
“DWAC
Eligible” shall mean that (a) the Common Stock is eligible at DTC for full services pursuant to DTC’s operational arrangements,
including, without limitation, transfer through DTC’s DWAC system, (b) the Company has been approved (without revocation) by the
DTC’s underwriting department, (c) the Transfer Agent is approved as an agent in the DTC/FAST Program, (d) the Securities are otherwise
eligible for delivery via DWAC, and (e) the Transfer Agent does not have a policy prohibiting or limiting delivery of the Securities,
as applicable, via DWAC.
“DWAC
Shares” means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable and without
restriction on resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified DWAC account
with DTC under the DTC/FAST Program, or any similar program hereafter adopted by DTC performing substantially the same function.
“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Execution
Date” shall mean the date of the last signature of this Agreement.
“Investment
Amount” shall mean $5,000,000.
“Investor”
shall have the meaning specified in the preamble to this Agreement.
“Lien”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right, or other restriction.
“Material
Adverse Effect” shall mean any effect on the business, operations, properties, or financial condition of the Company that is
material and adverse to the Company and/or any condition, circumstance, or situation that would prohibit or otherwise materially interfere
with the ability of the Company to enter into and perform its obligations under any Transaction Document.
“Party”
shall mean a party to this Agreement.
“Person”
shall mean an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.
“Principal
Market” shall mean any of the national exchanges (i.e., NYSE, AMEX, Nasdaq), or principal quotation systems (i.e., OTCQX, OTCQB,
OTC Pink, the OTC Bulletin Board), or other principal exchange or recognized quotation system which is at the time the principal trading
platform or market for the Common Stock.
“Purchase
Notice Amount” shall mean the Purchase Notice Shares referenced in the Purchase Notice multiplied by the Purchase Price in
accordance with Section 2.1.
“Purchase
Notice” shall mean a written notice from Company, substantially in the form of Exhibit A hereto, to the Investor setting
forth the Purchase Notice Shares which the Company requires the Investor to purchase pursuant to the terms of this Agreement.
“Purchase
Notice Date” shall have the meaning specified in Section 2.2(a).
“Purchase
Notice Shares” shall mean all shares of Common Stock that the Company shall be entitled to issue as set forth in all Purchase
Notices in accordance with the terms and conditions of this Agreement.
“Purchase
Price” shall mean the 80% of the lowest traded price of the Common Stock ten (10) days prior to the Closing Date.
“Registration
Statement” shall have the meaning specified in Section 6.3.
“Regulation
D” shall mean Regulation D promulgated under the Securities Act.
“Rule
144” shall mean Rule 144 under the Securities Act or any similar provision then in force under the Securities Act.
“SEC”
shall mean the United States Securities and Exchange Commission.
“SEC
Documents” shall have the meaning specified in Section 4.5.
“Securities”
mean the Purchase Notice Shares to be issued to the Investor pursuant to the terms of this Agreement.
“Securities
Act” shall mean the Securities Act of 1933, as amended.
“Subsidiary”
means any Person the Company wholly-owns or controls, or in which the Company, directly or indirectly, owns a majority of the voting
stock or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K promulgated under
the Securities Act.
“Transaction
Documents” shall mean this Agreement and all exhibits hereto and thereto.
“Transfer
Agent” shall mean the current transfer agent of the Company, and any successor transfer agent of the Company.
All
such determinations shall be appropriately adjusted for any share dividend, share split, share combination, recapitalization, or other
similar transaction during such period.
ARTICLE
II
PURCHASE
AND SALE OF COMMON STOCK
Section
2.1 PURCHASE NOTICES.
(a)
PURCHASE NOTICES. Subject to the conditions set forth herein, at any time during the Commitment Period, the Company shall have
the right, but not the obligation, to direct the Investor, by its delivery to the Investor of a Purchase Notice from time to time, to
purchase, and the Investor shall have the obligation to purchase from the Company, the number of Purchase Notice Shares set forth on
the Purchase Notice at the Purchase Price, provided that the amount of Purchase Notice Shares shall not exceed the Beneficial Ownership
Limitation set forth in Section 7.2(g). The Company may not deliver a subsequent Purchase Notice until the Closing of an active Purchase
Notice, except if waived by the Investor in writing.
Section
2.2 MECHANICS.
(a)
PURCHASE NOTICE. In accordance with Section 2.1 and 2.2(b) below, and subject to the satisfaction of the conditions set forth
in Section 7.2, the Company shall deliver the Purchase Notice Shares, as DWAC Shares to the Investor, alongside the delivery of each
Purchase Notice by email. A Purchase Notice shall be deemed delivered on (i) the Business Day that the Purchase Notice has been received
by email by the Investor if both conditions are met on or prior to 8:00 a.m. New York time or (ii) the next Business Day if the conditions
are met after 8:00 a.m. New York time on a Business Day or at any time on a day which is not a Business Day (the “Purchase Notice
Date”).
(b)
DELIVERY OF PURCHASE NOTICE SHARES. No later than 8:00 a.m. New York time on the Business Day of the Purchase Notice Date, the
Company shall deliver the Purchase Notice Shares as DWAC Shares to the Investor.
(c)
CLOSING. The Closing of a Purchase Notice shall occur no later than five (5) Business Days after a Purchase Notice Date. For each
Purchase Notice, upon the terms and subject to the conditions set forth herein, the Investor will pay the Purchase Notice Amount via
wire transfer of immediately available funds on the Closing Date. All payments made under this Agreement shall be made in lawful money
of the United States of America or wire transfer of immediately available funds to such account as the Company may from time to time
designate by written notice in accordance with the provisions of this Agreement. Whenever any amount expressed to be due by the terms
of this Agreement is due on any day that is not a Business Day, the same shall instead be due on the next succeeding day that is a Business
Day.
ARTICLE
III
REPRESENTATIONS
AND WARRANTIES OF INVESTOR
The
Investor represents and warrants the following to the Company:
Section
3.1 INTENT. The Investor is entering into this Agreement for its own account and the Investor has no present arrangement (whether
or not legally binding) at any time to sell the Securities to or through any Person in violation of the Securities Act or any applicable
state securities laws; provided, however, that the Investor reserves the right to dispose of the Securities at any time
in accordance with federal and state securities laws applicable to such disposition.
Section
3.2 NO LEGAL ADVICE FROM THE COMPANY. The Investor acknowledges that it has had the opportunity to review this Agreement and the
transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying solely
on such counsel and advisors and not on any statements or representations of the Company or any of its representatives or agents for
legal, tax or investment advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws
of any jurisdiction.
Section
3.3 ACCREDITED INVESTOR. The Investor is an accredited investor as defined in Rule 501(a)(3) of Regulation D, and the Investor
has such experience in business and financial matters that it is capable of evaluating the merits and risks of an investment in Securities.
The Investor acknowledges that an investment in the Securities is speculative and involves a high degree of risk.
Section
3.4 AUTHORITY. The Investor has the requisite power and authority to enter into and perform its obligations under the Transaction
Documents and to consummate the transactions contemplated hereby and thereby. The execution and delivery of the Transaction Documents
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action and
no further consent or authorization of the Investor is required. The Transaction Documents to which it is a party has been duly executed
by the Investor, and when delivered by the Investor in accordance with the terms hereof, will constitute the valid and binding obligation
of the Investor enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, or similar laws relating
to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.
Section
3.5 NOT AN AFFILIATE. The Investor is not an officer, director or “affiliate” (as that term is defined in Rule 405
of the Securities Act) of the Company.
Section
3.6 ORGANIZATION AND STANDING. The Investor is an entity duly formed, validly existing, and in good standing under the laws of
the State of Delaware with full right and limited partnership or similar power and authority to enter into and to consummate the transactions
contemplated by the Transaction Documents.
Section
3.7 ABSENCE OF CONFLICTS. The execution and delivery of the Transaction Documents and the consummation of the transactions contemplated
hereby and thereby and compliance with the requirements hereof and thereof, will not (a) violate any law, rule, regulation, order, writ,
judgment, injunction, decree or award binding on the Investor, (b) violate any provision of any indenture, instrument or agreement to
which the Investor is a party or is subject, or by which the Investor or any of its assets is bound, or conflict with or constitute a
material default thereunder, (c) result in the creation or imposition of any lien pursuant to the terms of any such indenture, instrument
or agreement, or constitute a breach of any fiduciary duty owed by the Investor to any third party, or (d) require the approval of any
third-party (that has not been obtained) pursuant to any material contract, instrument, agreement, relationship or legal obligation to
which the Investor is subject or to which any of its assets, operations or management may be subject.
Section
3.8 DISCLOSURE; ACCESS TO INFORMATION. The Investor had an opportunity to review copies of the SEC Documents filed on behalf of
the Company and has had access to all publicly available information with respect to the Company.
Section
3.9 MANNER OF SALE. At no time was the Investor presented with or solicited by or through any leaflet, public promotional meeting,
television advertisement or any other form of general solicitation or advertising.
Section
3.10 NO DISQUALIFICATION EVENTS. None of the Investor, any of its predecessors, any affiliated issuer, any director, executive
officer, other officer of the Investor participating in the offering contemplated hereby, any beneficial owner of 20% or more of the
Investor’s outstanding voting equity securities, calculated on the basis of voting power (each, an “Investor Covered Person”)
is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act
(a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities
Act. The Investor has exercised reasonable care to determine whether any Investor Covered Person is subject to a Disqualification Event.
Section
3.11 RELIANCE ON EXEMPTIONS. The Investor understands that the Securities are being offered and sold to it in reliance on specific
exemptions from the registration requirements of U.S. federal and state securities laws and that the Company is relying in part upon
the truth and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgments and
understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the
Investor to acquire the Securities. The Investor understands that (i) the Securities may not be offered for sale, sold, assigned or transferred
unless (A) registered pursuant to the Securities Act or (B) an exemption exists permitting such Securities to be sold, assigned or transferred
without such registration; and (ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance with the terms
of Rule 144 and further, if Rule 144 is not applicable, any resale of the Securities under circumstances in which the seller (or the
Person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require
compliance with some other exemption under the Securities Act or the rules and regulations of the SEC thereunder.
Section
3.12 STATUTORY UNDERWRITER STATUS. The Investor acknowledges that it will be disclosed as an “underwriter” in each
Registration Statement and in any Prospectus contained therein to the extent required by applicable law and to the extent the Prospectus
is related to the resale of the Securities.
Section
3.13 RESALES OF SECURITIES. The Investor represents, warrants and covenants that it will resell such Securities only (i) pursuant
to the Registration Statement and the Prospectus in which the resale of such Securities is registered under the Securities Act, in a
manner described under the caption “Plan of Distribution” in such Registration Statement and the Prospectus in substantially
the form annexed hereto, and in a manner in compliance with all applicable U.S. federal and state securities laws, rules and regulations,
including, without limitation, any applicable prospectus delivery requirements of the Securities Act, or (ii) in compliance with some
other exemption under the Securities Act.
Section
3.14 EFFECTIVE REGISTRATION STATEMENT. The Investor is solely relying on the Registration Statement, the Prospectus, and the SEC
Documents, in determining whether to acquire the Purchase Notice Shares.
ARTICLE
IV
REPRESENTATIONS
AND WARRANTIES OF THE COMPANY
Except
as set forth in the SEC Documents, the Company represents and warrants the following to the Investor, as of the Execution Date:
Section
4.1 ORGANIZATION OF THE COMPANY. The Company is an entity duly incorporated or otherwise organized, validly existing, and in good
standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use
its properties and assets and to carry on its business as currently conducted. The Company is not in violation or default of any of the
provisions of its certificate of incorporation, bylaws or other organizational or charter documents. The Company is duly qualified to
conduct business and is in good standing as a foreign corporation in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case
may be, could not have or reasonably be expected to result in a Material Adverse Effect and no proceeding has been instituted in any
such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.
Other than as listed on Exhibit 21.1 of the Company’s most recent annual report on Form 10-K, the Company has no Subsidiaries.
Section
4.2 AUTHORITY. The Company has the requisite corporate power and authority to enter into and perform its obligations under the
Transaction Documents. The execution and delivery of the Transaction Documents by the Company and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further consent or authorization of
the Company or its Board of Directors or shareholders is required. The Transaction Documents have been duly executed and delivered by
the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally
the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.
Section
4.3 CAPITALIZATION. As of the date hereof, the authorized capital stock of the Company consists of 200,000,000 shares of Common
Stock, of which 98,023,765 shares are issued and outstanding, and 5,000,000 shares of preferred stock, par value of $0.001 per share,
of which zero shares are issued and outstanding. Except as set forth in the SEC Documents, the Company has not issued any capital stock
since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options or
the vesting of RSUs under the Company’s equity incentive plans, the issuance of shares of Common Stock to employees pursuant to
the Company’s employee stock purchase plans, pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding
as of the date of the most recently filed periodic report under the Exchange Act and shares of Common Stock issued as part of the earnout
on a Company acquisition as contemplated by the Registration Statement on Form S-3 (File No. 333-281283) which was declared effective
by order of the SEC on September 11, 2024. No Person has any right of first refusal, preemptive right, right of participation, or any
similar right to participate in the transactions contemplated by the Transaction Documents. Except as set forth in the SEC Documents
and this Agreement, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right
to subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings or arrangements by which the Company
is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. Except as set forth in the SEC Documents,
the issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person
(other than the Investor) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange
or reset price under any of such securities. Except as set forth in the SEC Documents, there are no shareholder agreements, voting agreements
or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of
the Company, between or among any of the Company’s shareholders.
Section
4.4 LISTING AND MAINTENANCE REQUIREMENTS. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act, and the
Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the
Common Stock under the Exchange Act nor has the Company received any notification that the SEC is contemplating terminating such registration.
Other than as disclosed in the SEC Documents (as defined below), the Company has not, in the twelve (12) months preceding the date hereof,
received notice from the Principal Market on which the Common Stock is or has been listed or quoted to the effect that the Company is
not in compliance with the listing or maintenance requirements of such Principal Market.
Section
4.5 SEC DOCUMENTS; DISCLOSURE. The Company has filed all reports, schedules, forms, statements and other documents required to
be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) thereof, for the one (1) year
preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing
materials, including the exhibits thereto and documents incorporated by reference therein, including without limitation all registration
statements under the Securities Act, whether required to be filed or otherwise), being collectively referred to herein as the “SEC
Documents”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Documents
prior to the expiration of any such extension. As of their respective dates, the SEC Documents complied in all material respects with
the requirements of the Securities Act and the Exchange Act, as applicable, and other federal laws, rules and regulations applicable
to such SEC Documents, and none of the SEC Documents when filed contained any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under
which they were made, not misleading. The financial statements of the Company included in the SEC Documents comply as to form and substance
in all material respects with applicable accounting requirements and the published rules and regulations of the SEC or other applicable
rules and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting
principles applied on a consistent basis during the periods involved (except (a) as may be otherwise indicated in such financial statements
or the notes thereto or (b) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed
or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof and
the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal, immaterial,
year-end audit adjustments). Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided the Investor or its agents or
counsel with any information that it believes constitutes or might constitute material, non-public information. The Company understands
and confirms that the Investor will rely on the foregoing representation in effecting transactions in securities of the Company.
Section
4.6 VALID ISSUANCES. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction
Documents, will be duly and validly issued, fully paid, and non-assessable, free and clear of all Liens imposed by the Company other
than restrictions on transfer provided for in the Transaction Documents.
Section
4.7 NO CONFLICTS. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by
the Company of the transactions contemplated hereby and thereby, including, without limitation, the issuance of the Securities, do not
and will not: (a) result in a violation of the Company’s certificate or articles of incorporation, by-laws or other organizational
or charter documents, (b) conflict with, or constitute a material default (or an event that with notice or lapse of time or both would
become a material default) under, result in the creation of any Lien upon any of the properties or assets of the Company, or give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture, instrument or any “lock-up”
or similar provision of any underwriting or similar agreement to which the Company is a party, or (c) result in a violation of any federal,
state or local law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable
to the Company or by which any property or asset of the Company is bound or affected (except for such conflicts, defaults, terminations,
amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect)
nor is the Company otherwise in violation of, conflict with or in default under any of the foregoing. The business of the Company is
not being conducted in violation of any law, ordinance or regulation of any governmental entity, except for possible violations that
either singly or in the aggregate do not and will not have a Material Adverse Effect. The Company is not required under federal, state
or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court
or governmental agency in order for it to execute, deliver or perform any of its obligations under the Transaction Documents (other than
any SEC, FINRA, NYSE, or state securities filings that may be required to be made by the Company in connection with any Closing or any
registration statement that may be filed pursuant hereto); provided that, for purposes of the representation made in this sentence, the
Company is assuming and relying upon the accuracy of the relevant representations and agreements of Investor herein.
Section
4.8 NO MATERIAL ADVERSE EFFECT. No event has occurred that would have a Material Adverse Effect on the Company that has not been
disclosed in subsequent SEC Documents.
Section
4.9 LITIGATION AND OTHER PROCEEDINGS. Except as disclosed in the SEC Documents, there are no material actions, suits, investigations,
SEC inquiries, FINRA inquiries, NYSE inquiries, or similar proceedings (however any governmental agency may name them) pending or, to
the actual knowledge of the Company, threatened against or affecting the Company or its properties, nor has the Company received any
written or oral notice of any such action, suit, proceeding, SEC inquiry, FINRA inquiry, Nasdaq inquiry or investigation, which would
have a Material Adverse Effect. No judgment, order, writ, injunction or decree or award against the Company has been issued by or, to
the actual knowledge of the Company, requested of any court, arbitrator or governmental agency which would have a Material Adverse Effect.
There has not been, and to the actual knowledge of the Company, there is no pending investigation by the SEC involving the Company or
any current officer or director of the Company.
Section
4.10 ACKNOWLEDGMENT REGARDING INVESTOR’S PURCHASE OF SECURITIES. Based solely on the Investor’s representation and
warranties, the Company acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s length purchaser
with respect to this Agreement and the transactions contemplated hereby and thereby and that the Investor is not (i) an officer or director
of the Company, or (ii) an “affiliate” (as defined in Rule 144) of the Company. The Company further acknowledges that the
Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement
and the transactions contemplated hereby and thereby, and any advice given by the Investor or any of its representatives or agents in
connection with the Agreement and the transactions contemplated hereby and thereby is merely incidental to the Investor’s purchase
of the Purchase Notice Shares. The Company further represents to the Investor that the Company’s decision to enter into this Agreement
has been based solely on the independent evaluation by the Company and its representatives.
Section
4.11 NO GENERAL SOLICITATION. Neither the Company, nor any Person acting on its behalf, has engaged in any form of general solicitation
or general advertising (within the meaning of Regulation D under the Securities act) in connection with the offer or sale of the Securities.
Section
4.13 PLACEMENT AGENT; OTHER COVERED PERSONS. The Company has not engaged any Person to act as a placement agent, underwriter,
broker, dealer, or finder in connection with the sale of the Securities hereunder. The Company is not aware of any Person that has been
or will be paid (directly or indirectly) remuneration for solicitation of the Investor in connection with the sale of any Securities.
ARTICLE
V
COVENANTS
OF INVESTOR
Section
5.1 SHORT SALES AND CONFIDENTIALITY. Neither the Investor, nor any Affiliate of the Investor acting on its behalf or pursuant
to any understanding with it, will execute any short sales during the period from the Execution Date to the end of the Commitment Period.
For the purposes hereof, and in accordance with Regulation SHO, the sale after delivery of the Purchase Notice of such number of shares
of Common Stock reasonably expected to be purchased under the Purchase Notice shall not be deemed a short sale. The Investor shall, until
such time as the transactions contemplated by the Transaction Documents are publicly disclosed by the Company in accordance with the
terms of the Transaction Documents, maintain the confidentiality of the existence and terms of this transaction and the information included
in the Transaction Documents.
Section
5.2 COMPLIANCE WITH LAW; TRADING IN SECURITIES. The Investor’s trading activities with respect to shares of Common Stock
will be in compliance with all applicable state and federal securities laws and regulations and the rules and regulations of the Principal
Market.
Section
5.3 VOTING. For so long as the Investor owns or controls at least 5% of the total issued and outstanding shares of Common Stock
at any meeting of stockholders of the Company or at any adjournment thereof or in any other circumstances upon which a vote, consent
or other approval (including by written consent) is sought, the Investor shall, including by executing a written consent if requested
by the Company, vote (or cause to be voted) the Shares in favor of each director nominated by the Board of Directors of the Company and
each proposal recommended by the Board. For the avoidance of doubt, this Clause is intended to constitute a voting agreement entered
into under Section 218(c) of the Delaware General Corporation Law.
ARTICLE
VI
COVENANTS
OF THE COMPANY
Section
6.1 LISTING OF COMMON STOCK. The Company shall use its commercially reasonable efforts to continue the listing or quotation and
trading of the Common Stock on the Principal Market (including, without limitation, maintaining sufficient net tangible assets, if required)
and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Principal
Market.
Section
6.2 FILING OF CURRENT REPORT. The Company agrees that it shall file a Current Report on Form 8-K, including the Transaction Documents
as exhibits thereto, with the SEC within the time required by the Exchange Act, relating to the execution of the transactions contemplated
by, and describing the material terms and conditions of, the Transaction Documents (the “Current Report”). The Company
shall use its reasonable best efforts to permit the Investor to review and comment upon the final pre-filing draft version of the Current
Report at least two (2) Business Days prior to its filing with the SEC, and the Company shall give reasonable consideration to all such
comments. The Investor shall use its reasonable best efforts to comment upon the final pre-filing draft version of the Current Report
within one (1) Business Day from the date the Investor receives it from the Company.
Section
6.3 FILING OF REGISTRATION STATEMENT. The Company has prepared and filed a Registration Statement on Form S-3 with the SEC in
accordance with the provisions of the Securities Act, which was declared effective by order of the SEC on December 12, 2023 (File No.
333-275843) (the “Base Registration Statement”). The Base Registration Statement is effective under the Securities
Act and the Company has not received any written notice that the SEC has issued or intends to issue a stop order or other similar order
with respect to the Base Registration Statement or the prospectus contained therein (the “Prospectus”), or that the
SEC otherwise has (i) suspended or withdrawn the effectiveness of the Base Registration Statement or (ii) issued any order preventing
or suspending the use of the Prospectus or any prospectus supplement thereto, in either case, either temporarily or permanently or intends
or has threatened in writing to do so. The “Plan of Distribution” section of the Prospectus permits the issuance of the Securities
hereunder. The SEC has not notified the Company of any objection to the use of the form of the Base Registration Statement pursuant to
Rule 401(g)(1) of the Securities Act. The Company was at the time of the filing of the Base Registration Statement eligible to use Form S-3.
As of the Execution Date, the Company is currently eligible to use the Base Registration Statement. The Companyis subject to the limitations
set forth in General Instruction I.B.6 of Form S-3. All corporate action required to be taken for the authorization, issuance,
and sale of the Securities has been duly and validly taken. The Securities conform in all material respects to all statements with respect
thereto contained in the Base Registration Statement, the Prospectus and the Prospectus Supplement (as defined below).
The
Company shall file with the SEC, within five (5) Business Days (i) from the Execution Date, a prospectus supplement covering the offering
and sale of the Securities (the “Prospectus Supplement”) and (ii) from the Closing Date, a prospectus supplement covering
the sale of Common Stock pursuant to each Purchase Notice. The Prospectus Supplement shall relate to the transactions contemplated by,
and describing the material terms and conditions of, this Agreement, containing required information previously omitted from the Prospectus
at the time of effectiveness of the Base Registration Statement in reliance on Rule 430B under the Securities Act, and disclosing all
information relating to the transactions contemplated hereby required to be disclosed in the Base Registration Statement and the Prospectus
as of the date of the Prospectus Supplement, including, without limitation, information required to be disclosed in the section captioned
“Plan of Distribution” in the Prospectus. The Company shall permit the Investor to review and comment upon the Prospectus
Supplement within a reasonable time prior to their filing with the SEC and the Company shall give reasonable consideration to all such
comments. The Investor shall furnish to the Company such information regarding itself, the Company’s securities beneficially owned
by the Investor, and the intended method of distribution thereof, including any arrangement between the Investor and any other person
or relating to the sale or distribution of the Company’s securities, as shall be reasonably requested by the Company in connection
with the preparation and filing of the Current Report and the Prospectus Supplement, and shall otherwise cooperate with the Company as
reasonably requested by the Company in connection with the preparation and filing of the Current Report and the Prospectus Supplement
with the SEC. At the time of the filing of the Prospectus Supplement, the Company shall have no knowledge of any untrue statement (or
alleged untrue statement) of a material fact in the Prospectus (as supplemented by the Prospectus Supplement) or omission (or alleged
omission) of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, and there shall be no such untrue statement of material fact or omission in any effective
registration statement filed or any post-effective amendment or prospectus which is a part of the foregoing. The Company shall promptly
give the Investor notice of any event (including the passage of time) which makes the Prospectus not to be in compliance with Section
5(b) or 10 of the Securities Act and shall use its best efforts thereafter to file with the SEC any post-effective amendment to the Base
Registration Statement, amended Prospectus or Prospectus Supplement in order to comply with Section 5(b) or 10 of the Securities Act.
ARTICLE
VII
CONDITIONS
TO DELIVERY OF PURCHASE NOTICE AND CONDITIONS TO CLOSING
Section
7.1 CONDITIONS PRECEDENT TO THE OBLIGATION OF THE COMPANY TO ISSUE AND SELL SECURITIES. The obligation of the Company to issue
and sell the Securities to the Investor is subject to the satisfaction of each of the conditions set forth below:
(a)
ACCURACY OF INVESTOR’S REPRESENTATIONS AND WARRANTIES. The representations and warranties of the Investor shall be true
and correct in all material respects as of the Execution Date and as of the date of each Closing as though made at each such time.
(b)
PERFORMANCE BY INVESTOR. Investor shall have performed, satisfied and complied in all respects with all covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied with by the Investor at or prior to each Closing.
Section
7.2 CONDITIONS PRECEDENT TO THE OBLIGATION OF INVESTOR TO PURCHASE THE PURCHASE NOTICE SHARES. The obligation of the Investor
hereunder to purchase the Purchase Notice Shares is subject to the satisfaction of each of the following conditions:
(a)
EFFECTIVE REGISTRATION STATEMENT. The Registration Statement, and any amendment or supplement thereto, shall remain effective
for the offering and sale of the Purchase Notice Shares and (i) the Company shall not have received notice that the SEC has issued or
intends to issue a stop order with respect to such Registration Statement or that the SEC otherwise has suspended or withdrawn the effectiveness
of such Registration Statement, either temporarily or permanently, or intends or has threatened to do so and (ii) no other suspension
of the use of, or withdrawal of the effectiveness of, such Registration Statement or the Prospectus shall exist. The Investor shall not
have received any notice from the Company that the Registration Statement, Prospectus and/or any prospectus supplement or amendment thereto
fails to meet the requirements of Section 5(b) or Section 10 of the Securities Act.
(b)
ACCURACY OF THE COMPANY’S REPRESENTATIONS AND WARRANTIES. The representations and warranties of the Company shall be true
and correct in all material respects as of the date of this Agreement and as of the date of each Closing (except for representations
and warranties specifically made as of a particular date).
(c)
PERFORMANCE BY THE COMPANY. The Company shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company.
(d)
NO INJUNCTION. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or adopted by any court or governmental authority of competent jurisdiction that prohibits or directly and materially adversely affects
any of the transactions contemplated by the Transaction Documents, and no proceeding shall have been commenced that may have the effect
of prohibiting or materially adversely affecting any of the transactions contemplated by the Transaction Documents.
(e)
ADVERSE CHANGES. Since the date of filing of the Company’s most recent SEC Documents, the Company shall have disclosed any
event that had or is reasonably likely to have a Material Adverse Effect.
(f)
NO SUSPENSION OF TRADING IN OR DELISTING OF COMMON STOCK. The trading of the Common Stock shall not have been suspended by the
SEC or the Principal Market, or otherwise halted for any reason, and the Common Stock shall have been approved for listing or quotation
on and shall not have been delisted from or no longer quoted on the Principal Market. In the event of a suspension, delisting, or halting
for any reason, of the trading of the Common Stock, as contemplated by this Section 7.2(f), the Investor shall have the right
to return to the Company any amount of Purchase Notice Shares associated with such Purchase Notice, and the Investment Amount with respect
to such Purchase Notice shall be refunded accordingly.
(g)
BENEFICIAL OWNERSHIP LIMITATION. The number of Purchase Notice Shares then to be purchased by the Investor shall not exceed the
number of such shares that, when aggregated with all other shares of Common Stock then owned by the Investor beneficially or deemed beneficially
owned by the Investor, would result in the Investor owning more than the Beneficial Ownership Limitation (as defined below), as determined
in accordance with Section 13 of the Exchange Act. For purposes of this Section 7.2(g), if the amount of Common Stock outstanding
is greater or lesser on a Closing Date than on the date upon which the Purchase Notice associated with such Closing Date is given, the
amount of Common Stock outstanding on such issuance of a Purchase Notice shall govern for purposes of determining whether the Investor,
when aggregating all purchases of Common Stock made pursuant to this Agreement, would own more than the Beneficial Ownership Limitation
following a purchase on any such Closing Date. The “Beneficial Ownership Limitation” shall be 19.99% of the number
of shares of the Common Stock outstanding immediately prior to the issuance of shares of Common Stock issuable pursuant to a Purchase
Notice. To the extent that the Beneficial Ownership Limitation would be exceeded in connection with a Closing, the number of shares of
Common Stock issuable to the Investor shall be reduced so it does not exceed the Beneficial Ownership Limitation, unless waived by the
Investor.
(h)
Blank.
(i)
NO KNOWLEDGE. The Company shall have no knowledge of any event more likely than not to have the effect of causing the effectiveness
of the Registration Statement to be suspended or the Prospectus or any prospectus supplement thereto failing to meet the requirement
of Sections 5(b) or 10 of the Securities Act (which event is more likely than not to occur within the fifteen (15) Business Days following
the Business Day on which such Purchase Notice is deemed delivered).
(k)
DWAC ELIGIBLE. The Common Stock must be DWAC Eligible and not subject to a “DTC chill”.
(l)
SEC DOCUMENTS. All reports, schedules, registrations, forms, statements, information and other documents required to have been
filed by the Company with the SEC pursuant to the reporting requirements of the Exchange Act shall have been filed with the SEC.
ARTICLE
VIII
LEGENDS
Section
8.1 NO RESTRICTIVE STOCK LEGEND. No restrictive stock legend shall be placed on the share certificates representing the Securities.
Section
8.2 INVESTOR’S COMPLIANCE. Nothing in this Article VIII shall affect in any way the Investor’s obligations hereunder
to comply with all applicable securities laws upon the sale of the Common Stock.
ARTICLE
IX
INDEMNIFICATION
Section
9.1 INDEMNIFICATION. Each party (an “Indemnifying Party”) agrees to indemnify and hold harmless the other party
along with its officers, directors, employees, and authorized agents (an “Indemnified Party”) from and against any
claim or suit by third parties for Damages resulting from or arising out of (i) any misrepresentation, breach of warranty or nonfulfillment
of or failure to perform any covenant or agreement on the part of the Indemnifying Party contained in this Agreement, (ii) any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement or any post-effective amendment thereof
or Prospectus, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the
statements therein not misleading, (iii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary
prospectus or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement
thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein,
in the light of the circumstances under which the statements therein were made, not misleading, or (iv) any violation by the Indemnifying
Party of the Securities Act, the Exchange Act, any state securities law or any rule or regulation under the Securities Act, the Exchange
Act or any state securities law, as such Damages are incurred by the Indemnified Party except to the extent that such Damages result
primarily from the Indemnified Party’s failure to perform any covenant or agreement contained in this Agreement or the Indemnified
Party’s negligent, recklessness or willful misconduct; provided, however, that the foregoing indemnity agreement shall not apply
to any Damages of the Investor to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue
statement or omission or alleged omission made by the Company in reliance upon and in conformity with information furnished to the Company
by the Investor for use in the Registration Statement, any post-effective amendment thereof, Prospectus, or any preliminary prospectus
or final prospectus (as amended or supplemented).
Section
9.2 PROCEDURES. Promptly after receipt by an Indemnified Party of notice of the commencement of any claim or suit for which indemnification
may be available pursuant here to, such Indemnified Party shall, if a claim in respect thereof is to be made against any Indemnifying
Party hereunder, deliver to the Indemnifying Party a written notice of the commencement thereof; but the failure to so notify the Indemnifying
Party will not relieve it of liability under this Article IX except to the extent the Indemnifying Party is prejudiced by such failure.
The Indemnifying Party shall have the right to participate in, and, to the extent the Indemnifying Party so desires to assume control
of the defense thereof with counsel mutually reasonably satisfactory to the Indemnified Party; provided, however, that the Indemnified
Party shall have the right to retain its own counsel with the actual and reasonable third party fees and expenses of not more than one
counsel for the Indemnified Party to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the Indemnifying
Party, the representation by such counsel of the Indemnified Party and the Indemnifying Party would be inappropriate due to actual or
potential differing interests between the Indemnified Party and any other party represented by such counsel in such proceeding. The Indemnified
Party shall cooperate fully with the Indemnifying Party in connection with any negotiation or defense of any such action or claim by
the Indemnifying Party and shall furnish to the Indemnifying Party all information reasonably available to Indemnified Party which relates
to such action or claim. The Indemnifying Party shall keep the Indemnified Party reasonably apprised as to the status of the defense
or any settlement negotiations with respect thereto. No Indemnifying Party shall be liable for any settlement of any action, claim or
proceeding effected without its prior written consent. No Indemnifying Party shall, without the prior written consent of the Indemnified
Party, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to the Indemnified Party of a release from all liability in respect to such claim or
litigation. Following indemnification as provided for hereunder, the Indemnifying Party shall be subrogated to all rights of the Indemnified
Party with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The indemnification
required by this Section 9.2 shall be made by periodic payments of the amount thereof during the course of the investigation or defense,
as and when bills are received and payment therefor is due.
ARTICLE
X
MISCELLANEOUS
Section
10.1 FORCE MAJEURE. NO PARTY shall be liable for any failure to fulfill its obligations hereunder due to causes beyond its reasonable
control, including but not limited to acts of God, epidemic or pandemic, natural disaster, labor disturbances, terrorist attack, riots
or wars, and any action taken, or restrictions or limitations imposed, by government or public authorities.
Section
10.2 GOVERNING LAW. This Agreement shall be governed by and interpreted in accordance with the laws of the State of California
without regard to the principles of conflicts of law.
Section
10.3 ASSIGNMENT. The Transaction Documents shall be binding upon and inure to the benefit of the Company and the Investor and
their respective successors. Neither any of the Transaction Documents nor any rights of the Investor or the Company hereunder may be
assigned by either Party to any other Person.
Section
10.4 NO THIRD-PARTY BENEFICIARIES. This Agreement is intended for the benefit of the Company and the Investor and their respective
successors, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as contemplated by Article
XI.
Section
10.5 TERMINATION. The Company may terminate this Agreement at any time by written notice to the Investor. This Agreement shall
automatically terminate on the end of the Commitment Period.
Section
10.6 ENTIRE AGREEMENT. The Transaction Documents, together with the exhibits thereto, contain the entire understanding of the
Company and the Investor with respect to the matters covered herein and therein and supersede all prior agreements and understandings,
oral or written, with respect to such matters.
Section
10.7 FEES AND EXPENSES. Except as expressly set forth in the Transaction Documents or any other writing to the contrary, aside
from the Administrative Fee, each Party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any,
and all other expenses incurred by such Party incidental to the negotiation, preparation, execution, delivery and performance of the
Transaction Documents. The Company shall pay the Clearing Costs associated with each Closing, and any Transfer Agent fees (including
any fees required for same-day processing of any instruction letter delivered by the Company), stamp taxes, and other taxes and duties
levied on the Company in connection with the delivery of any Securities to the Investor.
Section
10.8 COUNTERPARTS AND EXECUTION. The Transaction Documents may be executed in multiple counterparts, each of which may be executed
by less than all of the Parties and shall be deemed to be an original instrument which shall be enforceable against the Parties actually
executing such counterparts and all of which together shall constitute one and the same instrument. The Transaction Documents may be
delivered to the other Party hereto by email of a copy of the Transaction Documents bearing the signature of the Party so delivering
the Transaction Documents. The Parties agree that this Agreement shall be considered signed when the signature of a Party is delivered
by PDF, DocuSign or other generally accepted electronic signature. Such PDF, DocuSign, or other generally accepted electronic signature
shall be treated in all respects as having the same effect as an original signature. The signatories to this Agreement each represent
and warrant that they are duly authorized by the Parties with the power and authority to bind the Parties to the terms and conditions
thereof.
Section
10.9 SEVERABILITY. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that such
severability shall be ineffective if it materially changes the economic benefit of this Agreement to any Party.
Section
10.10 FURTHER ASSURANCES. Each Party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other Party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.
Section
10.11 NOT TO BE CONSTRUED AGAINST DRAFTER. The Parties acknowledge that they have had an adequate opportunity to review each and
every provision contained in this Agreement and to submit the same to legal counsel for review and comment. The Parties agree with each
and every provision contained in this Agreement and agree that the rule of construction that a contract be construed against the drafter,
if any, shall not be applied in the interpretation and construction of this Agreement.
Section
10.12 TITLE AND SUBTITLES. The titles and subtitles used in this Agreement are used for the convenience of reference and are not
to be considered in construing or interpreting this Agreement.
Section
10.13 AMENDMENTS; WAIVERS. No provision of this Agreement may be amended other than by a written instrument signed by both Parties
hereto and no provision of this Agreement may be waived other than in a written instrument signed by the Party against whom enforcement
of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other
right, power or privilege.
Section
10.14 PUBLICITY. The Company and the Investor shall consult with each other in issuing any press releases or otherwise making
public statements with respect to the transactions contemplated hereby and no Party shall issue any such press release or otherwise make
any such public statement, other than as required by law or for legal compliance, without the prior written consent of the other Party,
which consent shall not be unreasonably withheld or delayed, except that no prior consent shall be required if such disclosure is required
by law, in which such case the disclosing Party shall provide the other Party with prior notice of such public statement. The Investor
acknowledges that the Transaction Documents may be deemed to be “material contracts,” as that term is defined by Item
601(b)(10) of Regulation S-K, and that the Company may therefore be required to file such documents as exhibits to reports or registration
statements filed under the Securities Act or the Exchange Act. The Investor further agrees that the status of such documents and materials
as material contracts shall be determined solely by the Company, in consultation with its counsel.
Section
10.15 DISPUTE RESOLUTION.
(a)
ARBITRATION. Subject to Section 10.15(a), any dispute, controversy or claim arising out of or relating to this Agreement
or any Transaction Document (including whether any such dispute is arbitrable), shall be determined by arbitration administered by the
American Arbitration Association (“AAA”) pursuant to the AAA Commercial Arbitration Rules in effect at the time of
the filing of the relevant arbitration demand. The parties will cooperate with the AAA through its case management staff in choosing
a single arbitrator from the AAA’s list of neutral arbitrators and in otherwise proceeding with the arbitration. Any award resulting
from an arbitration initiated pursuant to this Agreement shall be enforceable in courts of applicable jurisdiction. The Parties consent
to the jurisdiction of the Chancery Court of the State of California and the United States District Court for the District of Delaware
for all purposes in connection with any such arbitration. The Parties further waive any right to any jury trial in any action, and as
to all claims hereunder. Any arbitration pursuant to this section shall be governed by the Federal Arbitration Act. Except as may be
required by law, neither a party nor the arbitrator may disclose the content or results of any arbitration proceeding conducted pursuant
to this Agreement without the prior written consent of both Parties. Each party will be responsible for 50% of any administrative costs
imposed by the AAA and the arbitrator’s fees. Each party may choose, at its own expense, to retain a court reporter for the arbitration
hearing. If both parties decide to use a court reporter for the arbitration hearing, the parties shall jointly retain a court reporter
and split evenly the court reporter’s fees. The prevailing party in any arbitration conducted pursuant to this Agreement shall
be entitled to recover from the other party its reasonable attorneys’ fees and costs.
(b)
The Company and the Investor agree that all dispute resolution proceedings in accordance with this Section 10.15 may be conducted in
a virtual setting.
Section
10.16 NOTICES. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall
be in writing and, unless otherwise specified herein, shall be (a) personally served, (b) delivered by reputable air courier service
with charges prepaid for next Business Day delivery, or (c) transmitted by hand delivery, or email as a PDF (with read receipt or a written
confirmation of delivery or receipt), addressed as set forth below or to such other address as such Party shall have specified most recently
by written notice given in accordance herewith. Any notice or other communication required or permitted to be given hereunder shall be
deemed effective upon hand delivery or delivery by email at the address designated below (if delivered on a Business Day during normal
business hours where such notice is to be received), or the first Business Day following such delivery (if delivered other than on a
Business Day during normal business hours where such notice is to be received).
The
addresses for such communications shall be:
If
to the Company:
Ocean
Power Technologies, Inc.
ATTN:
Tracy Pagliara
28
Engelhard Drive, Suite B.
Monroe
Township, NJ 08831
Email:
tpagliara@oceanpowertech.com
with
a copy which shall not constitute notice to:
If
to the Investor:
TRITON
FUNDS
ATTN:
SpecOps
260
Newport Center Drive
Newport
Beach, CA 92660
team@tritonfunds.com
with
a copy which shall not constitute notice to:
Marc
Indeglia
10250
Constellation Boulevard
19th
Floor
Los
Angeles, CA 90067
mindeglia@glaserweil.com
Either
Party hereto may from time to time change its address or email for notices under this clause by giving prior written notice of such changed
address to the other party hereto.
[Signature
Page Follows]
IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective officers thereunto duly authorized as
of the Execution Date.
Ocean Power Technologies, Inc. |
|
|
|
|
By: |
/s/
Robert Powers |
|
Name: |
Robert
Powers |
|
Title: |
Chief
Financial Officer |
|
|
|
|
TRITON FUNDS LP |
|
|
|
|
By: |
/s/
Tyler Hoffman |
|
Name: |
Tyler
Hoffman |
|
Title:
|
|
|
EXHIBIT
A
FORM
OF PURCHASE NOTICE
TO:
TRITON FUNDS LP
We
refer to the Purchase Agreement, dated as of September 13, 2024 (the “Agreement”), entered into by and between Ocean
Power Technologies, Inc., and you. Capitalized terms defined in the Agreement shall, unless otherwise defined herein, have the same meaning
when used herein.
We
hereby:
1)
Give you notice that we require you to purchase __________ Purchase Notice Shares.
3)
Certify that, as of the date hereof, the conditions set forth in Section 7 of the Agreement are satisfied.
_______________________
Exhibit
10.2
SECURITIES
PURCHASE AGREEMENT
This
Securities Purchase Agreement (this “Agreement”), dated as of September 13, 2024, by and between Ocean Power
Technologies, Inc., a Delaware corporation (the “Company”), and Alumni Capital LP, a Delaware limited
partnership (the “Investor”).
RECITALS
WHEREAS,
subject to the terms and conditions set forth in this Agreement, the Company wishes to sell to the Investor, and the Investor wishes
to buy from the Company, up to $4,000,000 of shares (the “Shares”) of common stock, $0.001 par value per share,
of the Company (the “Common Stock”).
NOW
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Company and the Investor hereby agree as follows:
ARTICLE
I
CERTAIN DEFINITIONS
Section
1.1 Defined Terms. As used in this Agreement, the following terms shall have the following meanings specified or indicated
(such meanings to be equally applicable to both the singular and plural forms of the terms defined):
“Affiliate”
shall mean, with respect to a Party, any individual, a corporation or any other legal entity, directly or indirectly, controlling, controlled
by or under common control with such Party. For purpose of this definition, the term “control,” as used with respect
to any corporation or other entity, means (a) direct or indirect ownership of fifty percent (50%) or more of the securities or other
ownership interests representing the equity voting stock or general partnership or membership interest of such corporation or other entity
or (b) the power to direct or cause the direction of the management or policies of such corporation or other entity, whether through
the ownership of voting securities, by contract or otherwise.
“Agreement”
shall have the meaning specified in the preamble hereof.
“Bankruptcy
Law” shall mean Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.
“Base
Registration Statement” shall have the meaning specified in Section 6.3.
“Beneficial
Ownership Limitation” shall have the meaning specified in Section 8.2(f).
“Bloomberg”
shall mean Bloomberg, L.P.
“Business
Day” shall mean a day on which the Principal Market shall be open for business.
“Common
Stock” shall have the meaning set forth in the Recitals.
“Clearing
Costs” shall mean all of the Investor’s broker and Transfer Agent costs with respect to the deposit of the Purchase
Notice Securities.
“Closing”
shall mean any one of the closings of a purchase and sale of Purchase Notice Securities pursuant to Section 2.3(c).
“Closing
Date” shall mean the date on which a Closing occurs, which shall occur no later than four (4) Business Days after delivery
of a Purchase Notice and the corresponding Purchase Notice Securities.
“Commitment
Amount” shall mean $4,000,000.
“Commitment
Period” shall mean the period commencing on the Execution Date and ending on the earlier of (i) December 31, 2024, or (ii)
the date on which the Investor shall have purchased Securities pursuant to this Agreement for an aggregate purchase price of the Commitment
Amount.
“Company”
shall have the meaning specified in the preamble to this Agreement.
“Current
Report” has the meaning set forth in Section 6.2.
“Custodian”
shall mean any receiver, trustee, assignee, liquidator, or similar official under any Bankruptcy Law.
“Damages”
shall mean any loss, claim, damage, liability, cost, and expense (including, without limitation, reasonable attorneys’ fees and
disbursements and costs and expenses of expert witnesses and investigation).
“Dispute
Submission Deadline” shall have the meaning set forth in Section 10.16(a).
“DRS”
shall mean the DTC’s Direct Registration System.
“DRS
Eligible” shall mean that (a) the Shares are eligible at DTC for full services pursuant to DTC’s operational arrangements,
including, without limitation, transfer through DTC’s DRS system, (b) the Company has been approved (without revocation) by the
DTC’s underwriting department, (c) the Transfer Agent is approved as an agent in the DTC/FAST Program, (d) the Purchase Notice
Securities are otherwise eligible for delivery via DRS, and (e) the Transfer Agent does not have a policy prohibiting or limiting delivery
of the Purchase Notice Securities, as applicable, via DRS.
“DRS
Shares” shall mean Shares that are (i) issued in electronic form, (ii) freely tradable and transferable and without restriction
on resale, and (iii) timely credited by the Company to the Investor’s or its designee’s specified DRS account with DTC under
the DTC/FAST Program, or any similar program hereafter adopted by DTC performing substantially the same function.
“DTC”
shall mean The Depository Trust Company, or any successor performing substantially the same function for the Company.
“DTC/FAST
Program” shall mean the DTC’s Fast Automated Securities Transfer Program.
“DWAC”
shall mean Deposit Withdrawal at Custodian as defined by the DTC.
“DWAC
Eligible” shall mean that (a) the Shares are eligible at DTC for full services pursuant to DTC’s operational arrangements,
including, without limitation, transfer through DTC’s DWAC system, (b) the Company has been approved (without revocation) by the
DTC’s underwriting department, (c) the Transfer Agent is approved as an agent in the DTC/FAST Program, (d) the Purchase Notice
Securities are otherwise eligible for delivery via DWAC, and (e) the Transfer Agent does not have a policy prohibiting or limiting delivery
of the Purchase Notice Securities, as applicable, via DWAC.
“DWAC
Shares” shall mean Shares that are (i) issued in electronic form, (ii) freely tradable and transferable and without restriction
on resale, and (iii) timely credited by the Company to the Investor’s or its designee’s specified DWAC account with DTC under
the DTC/FAST Program, or any similar program hereafter adopted by DTC performing substantially the same function.
“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Exchange
Cap” shall have the meaning set forth in Section 8.2(g).
“Execution
Date” shall mean the date of the last signature of this Agreement.
“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.
“Future
SEC Documents” shall have the meaning set forth in Section 8.2(k).
“Indemnified
Party” shall have the meaning set forth in Section 7.4.
“Indemnifying
Party” shall have the meaning set forth in Section 7.4.
“Initial
Purchase Notice Limitation” shall mean $1,500,000.
“Investor”
shall have the meaning specified in the preamble to this Agreement.
“Lien”
shall mean a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right, or other restriction.
“Material
Adverse Effect” shall mean any effect on the business, operations, properties, or financial condition of the Company that
is material and adverse to the Company and/or any condition, circumstance, or situation that would prohibit or otherwise materially interfere
with the ability of the Company to enter into and perform its obligations under any Transaction Document.
“Party”
shall mean a party to this Agreement.
“Person”
shall mean an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.
“Principal
Market” shall mean any of the national securities exchanges (i.e. NYSE, NYSE American, Nasdaq), or principal quotation
systems (i.e. OTCQX, OTCQB, OTC Pink), or other principal exchange or recognized quotation system which is at the time the principal
trading platform or market for the Common Stock.
“Prospectus”
shall have the meaning specified in Section 6.3.
“Prospectus
Supplement” shall have the meaning specified in Section 6.3.
“Purchase
Notice Amount” shall mean the product of the number of Purchase Notice Securities referenced in the Purchase Notice multiplied
by the applicable Purchase Price in accordance with Section 2.1.
“Purchase
Notice” shall mean a written notice from Company, substantially in the form of Exhibit A hereto, to the Investor
setting forth the Purchase Notice Securities which the Company requires the Investor to purchase pursuant to the terms of this Agreement.
“Purchase
Notice Date” shall have the meaning specified in Section 2.3(a).
“Purchase
Notice Securities” shall mean all Common Stock that the Company shall be entitled to issue as set forth in all Purchase
Notices in accordance with the terms and conditions of this Agreement.
“Purchase
Price” shall mean the lowest traded price of the Common Stock on the Principal Market for the five (5) Business Days prior
to the Closing Date with respect to a Purchase Notice, as reported by Bloomberg, multiplied by eighty percent (80%).
“Regulation
D” shall mean Regulation D promulgated under the Securities Act.
“Regular
Purchase Notice Limitation” shall mean $1,000,000.
“Rule
144” shall mean Rule 144 under the Securities Act or any similar provision then in force under the Securities Act.
“Required
Dispute Documentation” shall have the meaning set forth in Section 10.16(a).
“SEC”
shall mean the United States Securities and Exchange Commission.
“SEC
Documents” shall have the meaning specified in Section 4.5.
“Securities”
shall mean the Purchase Notice Securities to be issued to the Investor pursuant to the terms of this Agreement.
“Securities
Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Share
Equivalents” shall mean any securities of the Company entitling the holder thereof to acquire at any time Common Stock,
including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible
into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.
“Subsidiary”
shall mean any Person that the Company wholly owns or controls, or in which the Company, directly or indirectly, owns a majority of the
voting stock or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K promulgated
under the Securities Act.
“Transaction
Documents” shall mean this Agreement and all exhibits hereto.
“Transfer
Agent” shall mean the current transfer agent of the Company, and any successor transfer agent of the Company.
ARTICLE
II
PURCHASE AND SALE OF SECURITIES
Section
2.1 Purchase Notices. Subject to the conditions set forth herein, at any time during the Commitment Period, the Company shall
have the right, but not the obligation, to direct the Investor, by its delivery to the Investor of a Purchase Notice from time to time,
to purchase, and the Investor shall have the obligation to purchase from the Company, the number of Purchase Notice Securities set forth
on the Purchase Notice at the Purchase Price, provided that the amount of Purchase Notice Securities shall not exceed the Initial Purchase
Notice Limitation with respect to the first Purchase Notice, the Regular Purchase Notice Limitation with respect to all Purchase Notices
after the first Purchase Notice, or the Beneficial Ownership Limitation set forth in Section 8.2(f). The Company may not deliver
a subsequent Purchase Notice until the Closing of an active Purchase Notice, except if waived by the Investor in writing.
Section
2.2 Deliveries; Closing.
(a)
Purchase Notice Delivery. In accordance with Section 2.1 and subject to the satisfaction of the conditions set forth in
Section 8.2, the Company shall deliver the Purchase Notice Securities as DWAC Shares or DRS Shares to the Investor pursuant to
Section 2.3(b) alongside the delivery of each Purchase Notice by email at the Investor’s email address set forth in Section
10.17 and by overnight courier at the Investor’s address set forth in Section 10.17. A Purchase Notice shall be deemed
delivered on (i) the Business Day that both the Purchase Notice Securities are received and the Purchase Notice has been received by
email by the Investor if both conditions are met on or prior to 8:00 a.m. New York time or (ii) the next Business Day if the conditions
are met after 8:00 a.m. New York time on a Business Day or at any time on a day which is not a Business Day (the “Purchase
Notice Date”).
(b)
Delivery of Purchase Notice Securities. No later than 8:00 a.m. New York time on the Purchase Notice Date, the Company shall deliver
the Purchase Notice Securities as DWAC Shares or DRS Shares to the Investor.
(c)
Closing. The Investor shall pay to the Company the Purchase Notice Amount with respect to the applicable Purchase Notice as full
payment for such Purchase Notice Securities purchased by the Investor under the applicable Purchase Notice via wire transfer of immediately
available funds as set forth below on the Closing Date. The Company shall not issue any fraction of a share of Common Stock pursuant
to any Purchase Notice. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round
such fraction of a share of Common Stock up or down to the nearest whole Share. All payments made under this Agreement shall be made
in lawful money of the United States of America by wire transfer of immediately available funds to such account as the Company may from
time to time designate by written notice in accordance with the provisions of this Agreement. Whenever any amount or issuance of Common
Stock expressed to be due by the terms of this Agreement is due on any day that is not a Business Day, the same shall instead be due
on the next succeeding day that is a Business Day.
ARTICLE
III
REPRESENTATIONS AND WARRANTIES OF INVESTOR
The
Investor represents and warrants the following to the Company:
Section
3.1 Intent. The Investor is entering into this Agreement and purchasing the Securities for its own account, and not as nominee
or agent, for investment purposes and not with a view towards, or for a sale in connection with, a “distribution” (as such
term is defined in the Securities Act), and the Investor has no present arrangement (whether or not legally binding) at any time to sell
the Securities to or through any Person in violation of the Securities Act or any applicable state securities laws; provided,
however, that the Investor reserves the right to dispose of the Securities at any time in accordance with federal and state securities
laws applicable to such disposition.
Section
3.2 No Legal Advices From The Company. The Investor acknowledges that it has had the opportunity to review this Agreement
and the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying
solely on such counsel and advisors and not on any statements or representations of the Company or any of its representatives or agents
for legal, tax, or investment advice with respect to this investment, the transactions contemplated by this Agreement or the securities
laws of any jurisdiction.
Section
3.3 Accredited Investor. The Investor is an “accredited investor” (as such term is defined in Rule 501(a)(3) of
Regulation D), and the Investor has such experience in business and financial matters that it is capable of evaluating the merits and
risks of an investment in the Securities. The Investor acknowledges that an investment in the Securities is speculative and involves
a high degree of risk.
Section
3.4 Authority. The Investor has the requisite power and authority to enter into and perform its obligations under the Transaction
Documents and to consummate the transactions contemplated hereby and thereby. The execution and delivery of the Transaction Documents
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action and
no further consent or authorization of the Investor is required. The Transaction Documents to which it is a party has been duly executed
by the Investor, and when delivered by the Investor in accordance with the terms hereof, will constitute the valid and binding obligation
of the Investor enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, or similar laws relating
to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.
Section
3.5 Not An Affiliate. The Investor is not an officer, director, or “affiliate” (as that term is defined in Rule
405 of the Securities Act) of the Company.
Section
3.6 Organization and Standing. The Investor is an entity duly formed, validly existing, and in good standing under the laws
of the State of Delaware with full right and limited partnership or similar power and authority to enter into and to consummate the transactions
contemplated by the Transaction Documents.
Section
3.7 Absence of Conflicts. The execution and delivery of the Transaction Documents and the consummation of the transactions
contemplated hereby and thereby and compliance with the requirements hereof and thereof, will not (a) violate any law, rule, regulation,
order, writ, judgment, injunction, decree or award binding on the Investor, (b) violate any provision of any indenture, instrument or
agreement to which the Investor is a party or is subject, or by which the Investor or any of its assets is bound, or conflict with or
constitute a material default thereunder, (c) result in the creation or imposition of any lien pursuant to the terms of any such indenture,
instrument or agreement, or constitute a breach of any fiduciary duty owed by the Investor to any third party, or (d) require the approval
of any third-party (that has not been obtained) pursuant to any material contract, instrument, agreement, relationship or legal obligation
to which the Investor is subject or to which any of its assets, operations or management may be subject.
Section
3.8 Disclosure; Access to Information. The Investor has had an opportunity to review copies of the SEC Documents filed on
behalf of the Company and has had access to all publicly available information with respect to the Company. The Investor understands
that its investment in the Securities involves a high degree of risk. The Investor is able to bear the economic risk of an investment
in the Securities including a total loss. The Investor has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to its acquisition of the Securities. The Investor understands that no United States
federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the
Securities or the fairness or suitability of the investment in the Securities nor have such authorities passed upon or endorsed the merits
of the offering of the Securities.
Section
3.9 Manner of Sale. At no time was the Investor presented with or solicited by or through any leaflet, public promotional
meeting, television advertisement or any other form of general solicitation or advertising.
Section
3.10 No Prior Short Selling. At no time prior to the date of this Agreement has any of the Investor, its agents, representatives
or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly, any (i) “short sale” (as such term
is defined in Section 242.200 of Regulation SHO of the Exchange Act) of the Securities or (ii) hedging transaction, which establishes
a net short position with respect to the Securities or any other Company’s securities.
Section
3.11 No Disqualification Events. None of the Investor, any of its predecessors, any affiliated issuer, any director, executive
officer, other officer of the Investor participating in the offering contemplated hereby, any beneficial owner of 20% or more of the
Investor’s outstanding voting equity securities, calculated on the basis of voting power (each, an “Investor Covered
Person”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under
the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2)
or (d)(3) under the Securities Act. The Investor has exercised reasonable care to determine whether any Investor Covered Person is subject
to a Disqualification Event.
Section
3.12 Reliance on Exemptions. The Investor understands that the Securities are being offered and sold to it in reliance on
specific exemptions from the registration requirements of U.S. federal and state securities laws and that the Company is relying in part
upon the truth and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility of
the Investor to acquire the Securities. The Investor understands that (i) the Securities may not be offered for sale, sold, assigned
or transferred unless (A) registered pursuant to the Securities Act or (B) an exemption exists permitting such Securities to be sold,
assigned or transferred without such registration; and (ii) any sale of the Securities made in reliance on Rule 144 may be made only
in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of the Securities under circumstances
in which the seller (or the Person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the
Securities Act) may require compliance with some other exemption under the Securities Act or the rules and regulations of the SEC thereunder.
ARTICLE
IV
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
Except
as set forth in the SEC Documents, the Company represents and warrants the following to the Investor, as of the Execution Date:
Section
4.1 Organization of the Company. The Company is an entity duly organized, validly existing and in good standing under the
laws of the State of Delaware, with the requisite power and authority to own and use its properties and assets and to carry on its business
as currently conducted. The Company is not in violation or default of any of the provisions of its organizational or charter documents.
The Company is duly qualified to conduct business and is in good standing as a foreign company in each jurisdiction in which the nature
of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or
in good standing, as the case may be, could not have or reasonably be expected to result in a Material Adverse Effect and no proceeding
has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification. The Company has Subsidiaries as disclosed in the SEC Documents.
Section
4.2 Authority. The Company has the requisite corporate power and authority to enter into and perform its obligations under
the Transaction Documents. The execution and delivery of the Transaction Documents by the Company and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further consent or authorization of
the Company or its Board of Directors or stockholders is required. The Transaction Documents have been duly executed and delivered by
the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally
the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.
Section
4.3 Capitalization. As of the date hereof, the Company is authorized to issue 200,000,000 shares of Common Stock, of which
98,023,765 shares are issued and outstanding. The Company has not issued any securities since its most recently filed periodic report
under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans, the
issuance of securities to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or
exercise of Share Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. No Person
has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated
by the Transaction Documents. Except as set forth in the SEC Documents and this Agreement, there are no outstanding options, warrants,
scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible
into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire any securities, or contracts, commitments,
understandings or arrangements by which the Company is or may become bound to issue additional securities or Share Equivalents. The issuance
and sale of the Securities will not obligate the Company to issue other securities to any Person (other than the Investor) and will not
result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities.
There are no stockholders agreements, voting agreements, or other similar agreements with respect to the Company’s capital stock
to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.
Section
4.4 Listing and Maintenance Requirements. The Shares are registered pursuant to Section 12(b) of the Exchange Act, and the
Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the
Shares under the Exchange Act nor has the Company received any notification that the SEC is contemplating terminating such registration.
Except as disclosed in the SEC Documents, the Company has not, in the twelve (12) months preceding the date hereof, received notice from
the Principal Market on which the Shares are or have been listed or quoted to the effect that the Company is not in compliance with the
listing or maintenance requirements of such Principal Market. Except as disclosed in the SEC Documents, the Company is and has no reason
to believe that it will not in the foreseeable future continue to be in compliance with all such listing and maintenance requirements.
Section
4.5 SEC Documents; Disclosure. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) thereof, for the one (1)
year preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing
materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the
“SEC Documents”) on a timely basis or has received a valid extension of such time of filing and has filed any
such SEC Documents prior to the expiration of any such extension. As of their respective dates, the SEC Documents complied in all material
respects with the requirements of the Securities Act and the Exchange Act, as applicable, and other federal laws, rules, and regulations
applicable to such SEC Documents, and none of the SEC Documents when filed contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. The financial statements of the Company included in the SEC Documents comply as to form and
substance in all material respects with applicable accounting requirements and the published rules and regulations of the SEC or other
applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted
accounting principles applied on a consistent basis during the periods involved (except (a) as may be otherwise indicated in such financial
statements or the notes thereto or (b) in the case of unaudited interim statements, to the extent they may not include footnotes or may
be condensed or summary statements) and fairly present in all material respects the financial position of the Company as of the dates
thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments). Except with respect to the material terms and conditions of the transactions contemplated by
the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided the Investor or
its agents or counsel with any information that it believes constitutes or might constitute material, non-public information. The Company
understands and confirms that the Investor will rely on the foregoing representation in effecting transactions in securities of the Company.
Section
4.6 Valid Issuances. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction
Documents, will be duly and validly issued, fully paid, and non-assessable, free and clear of all Liens imposed by the Company other
than restrictions on transfer provided for in the Transaction Documents. Assuming the accuracy of the representations of the Investor
in Article III of this Agreement and subject to the filings described in Section 4.7 of this Agreement, the Securities
will be issued in compliance with all applicable federal and state securities laws.
Section
4.7 No Conflicts. The execution, delivery, and performance of the Transaction Documents by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby, including, without limitation, the issuance of the Purchase Notice
Securities, do not and will not (a) result in a violation of the Company’s certificate or articles of incorporation, by-laws or
other organizational or charter documents, (b) conflict with, or constitute a material default (or an event that with notice or lapse
of time or both would become a material default) under, result in the creation of any Lien upon any of the properties or assets of the
Company, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture, instrument
or any “lock-up” or similar provision of any underwriting or similar agreement to which the Company is a party, or (c) result
in a violation of any federal, state or local law, rule, regulation, order, judgment or decree (including federal and state securities
laws and regulations) applicable to the Company or by which any property or asset of the Company is bound or affected (except for such
conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate,
have a Material Adverse Effect) nor is the Company otherwise in violation of, conflict with or in default under any of the foregoing.
The business of the Company is not being conducted in violation of any law, ordinance or regulation of any governmental entity, except
for possible violations that either singly or in the aggregate do not and will not have a Material Adverse Effect. The Company is not
required under federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or
registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under the Transaction
Documents (other than (i) any SEC or state securities filings that may be required to be made by the Company in connection with the execution
of this Agreement or the issuance of Securities pursuant hereto, or (ii) the filing of a Listing of Additional Shares Notification Form
with the Principal Market, which, in each case, have been made or will be made in a timely manner); provided that, for purposes of the
representation made in this sentence, the Company is assuming and relying upon the accuracy of the relevant representations and agreements
of the Investor herein.
Section
4.8 No Material Adverse Effect. No event has occurred that would have a Material Adverse Effect on the Company that has not
been disclosed in the SEC Documents.
Section
4.9 Litigation and Other Proceedings. Except as disclosed in the SEC Documents, there are no material actions, suits, investigations,
SEC inquiries, FINRA inquiries, NASDAQ inquiries, or similar proceedings (however any governmental agency may name them) pending or,
to the actual knowledge of the Company, threatened against or affecting the Company or its properties, nor has the Company received any
written or oral notice of any such action, suit, proceeding, SEC inquiry, FINRA inquiry, NASDAQ inquiry or investigation, which would
have a Material Adverse Effect. No judgment, order, writ, injunction or decree or award against the Company has been issued by or, to
the actual knowledge of the Company, requested of any court, arbitrator or governmental agency which would have a Material Adverse Effect.
There has not been, and to the actual knowledge of the Company, there is no pending investigation by the SEC involving the Company or
any current officer or director of the Company.
Section
4.10 Acknowledgment Regarding Investor’s Purchase of Securities. Based solely on the Investor’s representations
and warranties, the Company acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s length purchaser
with respect to this Agreement and the transactions contemplated hereby and thereby and that the Investor is not (i) an officer or director
of the Company, or (ii) an “affiliate” (as defined in Rule 144) of the Company. The Company further acknowledges that the
Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement
and the transactions contemplated hereby and thereby, and any advice given by the Investor or any of its representatives or agents in
connection with this Agreement and the transactions contemplated hereby and thereby is merely incidental to the Investor’s purchase
of the Purchase Notice Securities. The Company further represents to the Investor that the Company’s decision to enter into this
Agreement has been based solely on the independent evaluation by the Company and its representatives.
Section
4.11 No General Solicitation. Neither the Company, nor any Person acting on its behalf, has engaged in any form of general
solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with the offer or sale
of the Securities.
Section
4.12 No Integrated Offering. None of the Company, its Affiliates, and any Person acting on their behalf has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Securities to be integrated with prior offerings for purposes of any applicable stockholder approval provisions, including, without
limitation, under the rules and regulations of any exchange or automated quotation system on which any of the securities of the Company
are listed or designated, but excluding stockholder consents required to authorize and issue the Securities or waive any anti-dilution
provisions in connection therewith.
Section
4.13 Placement Agent; Other Covered Persons. The Company has not engaged any Person to act as a placement agent, underwriter,
broker, dealer, or finder in connection with the sale of the Securities hereunder. The Company is not aware of any Person that has been
or will be paid (directly or indirectly) remuneration for solicitation of the Investor in connection with the sale of any Securities.
Section
4.14 Registration Statement. At the time of the filing of the Registration Statement, New Registration Statement, or any amendment
thereto, the Company shall have no knowledge of any untrue statement (or alleged untrue statement) of a material fact in the Registration
Statement or New Registration Statement, as the case may be, or omission (or alleged omission) of a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and there
shall be no such untrue statement of material fact or omission in any effective registration statement filed or any post-effective amendment
or prospectus which is a part of the foregoing.
ARTICLE
V
COVENANTS OF INVESTOR
Section
5.1 Short Sales and Confidentiality. During the period from the Execution Date to the end of the Commitment Period, neither
the Investor, nor any Affiliate of the Investor acting on its behalf or pursuant to any understanding with it, shall execute (i) any
“short sale” (as such term is defined in Section 242.200 of Regulation SHO of the Exchange Act) of the Securities or (ii)
hedging transaction which establishes a net short position with respect to the Securities or any other Company’s securities. For
the purposes hereof, and in accordance with Regulation SHO, the sale after delivery of the Purchase Notice of such number of Securities
reasonably expected to be purchased under the Purchase Notice shall not be deemed a short sale. The Investor shall, until such time as
the transactions contemplated by the Transaction Documents are publicly disclosed by the Company in accordance with the terms of the
Transaction Documents, maintain the confidentiality of the existence and terms of this transaction and the information included in the
Transaction Documents.
Section
5.2 Compliance with Law; Trading in Securities. The Investor’s trading activities with respect to the Securities shall
be in compliance with all applicable state and federal securities laws and regulations and the rules and regulations of the Principal
Market.
Section
5.3 Voting. For so long as the Investor owns or controls at least 5% of the total issued and outstanding shares of Common
Stock at any meeting of stockholders of the Company or at any adjournment thereof or in any other circumstances upon which a vote, consent
or other approval (including by written consent) is sought, the Investor shall, including by executing a written consent if requested
by the Company, vote (or cause to be voted) the Shares in favor of each director nominated by the Board of Directors of the Company and
each proposal recommended by the Board. For the avoidance of doubt, this Clause is intended to constitute a voting agreement entered
into under Section 218(c) of the Delaware General Corporation Law..
ARTICLE
VI
COVENANTS OF THE COMPANY
Section
6.1 Listing of Shares. The Company shall use its commercially reasonable efforts to continue the listing or quotation and
trading of the Securities on the Principal Market (including, without limitation, maintaining sufficient net tangible assets, if required)
and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Principal
Market.
Section
6.2 Filing of Current Report. The Company agrees that it shall file a Current Report on Form 8-K, including the Transaction
Documents as exhibits thereto, with the SEC within the time required by the Exchange Act, relating to the execution of the transactions
contemplated by, and describing the material terms and conditions of, the Transaction Documents (the “Current Report”).
The Company shall permit the Investor to review and comment upon the final pre-filing draft version of the Current Report at least two
(2) Business Days prior to its filing with the SEC, and the Company shall give reasonable consideration to all such comments. The Investor
shall use its reasonable best efforts to comment upon the final pre-filing draft version of the Current Report within one (1) Business
Day from the date the Investor receives it from the Company.
Section
6.3 Filing of Prospectus Supplement. The Company has prepared and filed a Registration Statement on Form S-3 with the SEC
in accordance with the provisions of the Securities Act, which was declared effective by order of the SEC on December 12, 2023 (File
No. 333-275843) (the “Base Registration Statement”). The Base Registration Statement is effective under the
Securities Act and the Company has not received any written notice that the SEC has issued or intends to issue a stop order or other
similar order with respect to the Base Registration Statement or the prospectus contained therein (the “Prospectus”),
or that the SEC otherwise has (i) suspended or withdrawn the effectiveness of the Base Registration Statement or (ii) issued any order
preventing or suspending the use of the Prospectus or any prospectus supplement thereto, in either case, either temporarily or permanently
or intends or has threatened in writing to do so. The “Plan of Distribution” section of the Prospectus permits the issuance
of the Securities hereunder. The SEC has not notified the Company of any objection to the use of the form of the Base Registration Statement
pursuant to Rule 401(g)(1) of the Securities Act. The Company was at the time of the filing of the Base Registration Statement eligible
to use Form S-3. As of the Execution Date, the Company is currently eligible to use the Base Registration Statement. The Company
and, until the filing of the Company’s next annual report on Form 10-K, is not subject to the limitations set forth in General
Instruction I.B.6 of Form S-3. All corporate action required to be taken for the authorization, issuance, and sale of the Securities
has been duly and validly taken. The Securities conform in all material respects to all statements with respect thereto contained in
the Base Registration Statement, the Prospectus and the Prospectus Supplement (as defined below).
The
Company shall file with the SEC, within five (5) Business Days (i) from the Execution Date, a prospectus supplement covering the offering
and sale of the Securities (the “Prospectus Supplement”) and (ii) from the Closing Date, a prospectus supplement
covering the sale of Common Stock pursuant to each Purchase Notice. The Prospectus Supplement shall relate to the transactions contemplated
by, and describing the material terms and conditions of, this Agreement, containing required information previously omitted from the
Prospectus at the time of effectiveness of the Base Registration Statement in reliance on Rule 430B under the Securities Act, and disclosing
all information relating to the transactions contemplated hereby required to be disclosed in the Base Registration Statement and the
Prospectus as of the date of the Prospectus Supplement, including, without limitation, information required to be disclosed in the section
captioned “Plan of Distribution” in the Prospectus. The Company shall permit the Investor to review and comment upon the
Prospectus Supplement within a reasonable time prior to their filing with the SEC and the Company shall give reasonable consideration
to all such comments. The Investor shall furnish to the Company such information regarding itself, the Company’s securities beneficially
owned by the Investor, and the intended method of distribution thereof, including any arrangement between the Investor and any other
person or relating to the sale or distribution of the Company’s securities, as shall be reasonably requested by the Company in
connection with the preparation and filing of the Current Report and the Prospectus Supplement, and shall otherwise cooperate with the
Company as reasonably requested by the Company in connection with the preparation and filing of the Current Report and the Prospectus
Supplement with the SEC. At the time of the filing of the Prospectus Supplement, the Company shall have no knowledge of any untrue statement
(or alleged untrue statement) of a material fact in the Prospectus (as supplemented by the Prospectus Supplement) or omission (or alleged
omission) of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, and there shall be no such untrue statement of material fact or omission in any effective
registration statement filed or any post-effective amendment or prospectus which is a part of the foregoing. The Company shall promptly
give the Investor notice of any event (including the passage of time) which makes the Prospectus not to be in compliance with Section
5(b) or 10 of the Securities Act and shall use its best efforts thereafter to file with the SEC any post-effective amendment to the Base
Registration Statement, amended Prospectus or Prospectus Supplement in order to comply with Section 5(b) or 10 of the Securities Act..
ARTICLE
VII
INDEMNIFICATION
Section
7.1 Indemnification. Each party (an “Indemnifying Party”) agrees to indemnify and hold harmless
the other party along with its officers, directors, employees, and authorized agents (an “Indemnified Party”)
from and against any claim or suit by third parties for Damages resulting from or arising out of (i) any misrepresentation, breach of
warranty or nonfulfillment of or failure to perform any covenant or agreement on the part of the Indemnifying Party contained in this
Agreement, (ii) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any post-effective
amendment thereof or Prospectus, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary
to make the statements therein not misleading, (iii) any untrue statement or alleged untrue statement of a material fact contained in
any preliminary prospectus or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof
or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements
made therein, in the light of the circumstances under which the statements therein were made, not misleading, or (iv) any violation by
the Indemnifying Party of the Securities Act, the Exchange Act, any state securities law or any rule or regulation under the Securities
Act, the Exchange Act or any state securities law, as such Damages are incurred by the Indemnified Party except to the extent that such
Damages result primarily from the Indemnified Party’s failure to perform any covenant or agreement contained in this Agreement
or the Indemnified Party’s negligent, recklessness or willful misconduct; provided, however, that the foregoing indemnity agreement
shall not apply to any Damages of the Investor to the extent, but only to the extent, arising out of or based upon any untrue statement
or alleged untrue statement or omission or alleged omission made by the Company in reliance upon and in conformity with information furnished
to the Company by the Investor for use in the Registration Statement, any post-effective amendment thereof, Prospectus, or any preliminary
prospectus or final prospectus (as amended or supplemented).
Section
7.2 Procedures. Promptly after receipt by an Indemnified Party of notice of the commencement of any claim or suit for which
indemnification may be available pursuant here to, such Indemnified Party shall, if a claim in respect thereof is to be made against
any Indemnifying Party hereunder, deliver to the Indemnifying Party a written notice of the commencement thereof; but the failure to
so notify the Indemnifying Party will not relieve it of liability under this Article VII except to the extent the Indemnifying Party
is prejudiced by such failure. The Indemnifying Party shall have the right to participate in, and, to the extent the Indemnifying Party
so desires to assume control of the defense thereof with counsel mutually reasonably satisfactory to the Indemnified Party; provided,
however, that the Indemnified Party shall have the right to retain its own counsel with the actual and reasonable third party fees and
expenses of not more than one counsel for the Indemnified Party to be paid by the indemnifying party, if, in the reasonable opinion of
counsel retained by the Indemnifying Party, the representation by such counsel of the Indemnified Party and the Indemnifying Party would
be inappropriate due to actual or potential differing interests between the Indemnified Party and any other party represented by such
counsel in such proceeding. The Indemnified Party shall cooperate fully with the Indemnifying Party in connection with any negotiation
or defense of any such action or claim by the Indemnifying Party and shall furnish to the Indemnifying Party all information reasonably
available to Indemnified Party which relates to such action or claim. The Indemnifying Party shall keep the Indemnified Party reasonably
apprised as to the status of the defense or any settlement negotiations with respect thereto. No Indemnifying Party shall be liable for
any settlement of any action, claim or proceeding effected without its prior written consent. No Indemnifying Party shall, without the
prior written consent of the Indemnified Party, consent to entry of any judgment or enter into any settlement or other compromise which
does not include as an unconditional term thereof the giving by the claimant or plaintiff to the Indemnified Party of a release from
all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the Indemnifying Party shall
be subrogated to all rights of the Indemnified Party with respect to all third parties, firms or corporations relating to the matter
for which indemnification has been made. The indemnification required by this Section 7.2 shall be made by periodic payments of the amount
thereof during the course of the investigation or defense, as and when bills are received and payment therefor is due.
ARTICLE
VIII
CONDITIONS TO DELIVERY OF
PURCHASE NOTICE AND CONDITIONS TO CLOSING
Section
8.1 Conditions Precedent to the Obligation of the Company to Issue and Sell Purchase Notice Securities. The obligation of
the Company hereunder to issue and sell the Purchase Notice Securities to the Investor is subject to the satisfaction of each of the
conditions set forth below:
(a)
Accuracy of the Investor’s Representations and Warranties. The representations and warranties of the Investor shall be true
and correct in all material respects as of the Execution Date and as of the date of each Closing as though made at each such time.
(b)
Performance by the Investor. The Investor shall have performed, satisfied, and complied in all respects with all covenants, agreements
and conditions required by this Agreement to be performed, satisfied, or complied with by the Investor at or prior to each Closing.
(c)
Principal Market Regulation. The Company shall have no obligation to issue any Purchase Notice Securities, and the Investor shall
have no right to receive any Purchase Notice Securities, if the issuance of such Purchase Notice Securities would exceed the aggregate
number of Securities which the Company may issue without breaching the Company’s obligations under the rules or regulations of
the Principal Market.
Section
8.2 Conditions Precedent to the Obligation of the Investor to Purchase the Purchase Notice Securities. The obligation of the
Investor hereunder to purchase the Purchase Notice Securities is subject to the satisfaction of each of the following conditions:
(a)
Effective Base Registration Statement. The Base Registration Statement, Prospectus, and any amendment or supplement thereto, shall
have been declared effective and shall remain effective for the resale of the Registrable Securities at all times until the Closing with
respect to the subject Purchase Notice, the Company shall not have received notice that the SEC has issued or intends to issue a stop
order with respect to such Registration Statement or that the SEC otherwise has suspended or withdrawn the effectiveness of such Registration
Statement, either temporarily or permanently, or intends or has threatened to do so, and no other suspension of the use of, or withdrawal
of the effectiveness of, such Registration Statement, the Prospectus, or the Prospectus Supplement shall exist. The Investor shall not
have received any notice from the Company that the Prospectus, Prospectus Supplement, and/or any prospectus supplement or amendment thereto
fails to meet the requirements of Section 5(b) or Section 10 of the Securities Act.
(b)
Accuracy of the Company’s Representations and Warranties. The representations and warranties of the Company shall be true
and correct in all material respects as of the Execution Date and as of the date of each Closing (except for representations and warranties
specifically made as of a particular date).
(c)
Performance by the Company. The Company shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by this Agreement to be performed, satisfied, or complied with by the Company at or prior to such
Closing.
(d)
No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or adopted by any court or governmental authority of competent jurisdiction that prohibits or directly and materially adversely affects
any of the transactions contemplated by the Transaction Documents, and no proceeding shall have been commenced that may have the effect
of prohibiting or materially adversely affecting any of the transactions contemplated by the Transaction Documents.
(e)
No Suspension of Trading in or Delisting of Shares. The trading of the Securities shall not have been suspended by the SEC or
the Principal Market, or otherwise halted for any reason, and the Securities shall have been approved for listing or quotation on and
shall not have been delisted from or no longer quoted on the Principal Market. In the event of a suspension, delisting, or halting for
any reason, of the trading of the Securities, as contemplated by this Section 8.2(e), the Investor shall have the right to return
to the Company any amount of Purchase Notice Securities associated with such Purchase Notice, and the Commitment Amount with respect
to such Purchase Notice shall be refunded accordingly.
(f)
Beneficial Ownership Limitation. The number of Purchase Notice Securities then to be purchased by the Investor shall not exceed
the number of such shares that, when aggregated with all other Securities then owned by the Investor beneficially owned (as such term
is defined under the Exchange Act) by the Investor, would result in the Investor beneficially owning more than the Beneficial Ownership
Limitation (as defined below), as determined in accordance with Section 13 of the Exchange Act. For purposes of this Section 8.2(f),
if the amount of Securities outstanding is greater or lesser on a Closing Date than on the date on which the Purchase Notice associated
with such Closing Date is given, the amount of Securities outstanding on such date of issuance of a Purchase Notice shall govern for
purposes of determining whether the Investor, when aggregating all purchases of Securities made pursuant to this Agreement, would beneficially
own more than the Beneficial Ownership Limitation following a purchase on any such Closing Date. If the Investor claims that compliance
with a Purchase Notice would result in the Investor owning more than the Beneficial Ownership Limitation, upon request of the Company,
the Investor will provide the Company with evidence of the Investor’s then existing Securities beneficially owned. The “Beneficial
Ownership Limitation” shall be 9.99% of the number of Securities outstanding immediately prior to the issuance of Securities
issuable pursuant to a Purchase Notice. To the extent that the Beneficial Ownership Limitation would be exceeded in connection with a
Closing, the number of Securities issuable to the Investor shall be reduced so it does not exceed the Beneficial Ownership Limitation.
(g)
Principal Market Regulation. The Company shall have no right to issue and the Investor shall have no obligation to purchase any
Purchase Notice Securities if the issuance of aggregate Purchase Notice Securities would exceed equals 19.99% of the Company’s
outstanding Common Stock as of the date hereof (the “Exchange Cap”), unless and until the Corporation receives
the approval of its stockholders as required by the applicable rules and regulations of any Principal Market on which any securities
of the Company are listed. The Exchange Cap shall be appropriately adjusted for any stock dividend, stock split, reverse stock split,
or similar transaction.
(h)
No Knowledge. The Company shall have no knowledge of any event more likely than not to have the effect of causing the effectiveness
of the Registration Statement to be suspended or the Prospectus or Prospectus Supplement failing to meet the requirement of Sections
5(b) or 10 of the Securities Act (which event is more likely than not to occur within the fifteen (15) Business Days following the Business
Day on which such Purchase Notice is deemed delivered).
(i)
No Violation of Stockholder Approval Requirement. The issuance of the Securities shall not violate the stockholder approval requirements
of the Principal Market.
(j)
DWAC Eligible. The Securities must be DWAC Eligible and not subject to a “DTC chill.”
(k)
SEC Documents. All reports, schedules, registrations, forms, statements, information and other documents required to have been
filed by the Company with the SEC pursuant to the reporting requirements of the Securities Act and the Exchange Act after the Execution
Date (the “Future SEC Documents”) (1) shall have been filed with the SEC within the applicable time periods
prescribed for such filings under the Exchange Act, and (2) as of their respective dates, such Future SEC Documents complied in all material
respects with the requirements of the Securities Act and the Exchange Act, as applicable, and other federal laws, rules and regulations
applicable to such Future SEC Documents, and none of such Future SEC Documents contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.
ARTICLE
IX
LEGENDS
Section
9.1 No Restrictive Legend. No restrictive stock legend shall be placed on the share certificates representing the Purchase
Notice Securities.
Section
9.2 Investor’s Compliance. Nothing in this Article IX shall affect in any way the Investor’s obligations hereunder
to comply with all applicable securities laws upon the sale of the Securities.
ARTICLE
X
MISCELLANEOUS
Section
10.1 Force Majeure. No Party shall be liable for any failure to fulfill its obligations hereunder due to causes beyond its
reasonable control, including but not limited to acts of God, epidemic or pandemic, natural disaster, labor disturbances, terrorist attack,
riots, or wars, and any action taken, or restrictions or limitations imposed, by government or public authorities.
Section
10.2 Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware
without regard to the principles of conflicts of law.
Section
10.3 Termination. The Company may terminate this Agreement at any time by written notice to the Investor. This Agreement shall
automatically terminate on the end of the Commitment Period.
Section
10.4 Assignment. The Transaction Documents shall be binding upon and inure to the benefit of the Company and the Investor
and their respective successors. Neither any of the Transaction Documents nor any rights of the Investor or the Company hereunder may
be assigned by either Party to any other Person.
Section
10.5 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the Company and the Investor and their respective
successors, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as contemplated in Section
7.4.
Section
10.6 Termination. This Agreement shall automatically terminate on the earlier of (i) the end of the Commitment Period, or
(ii) the date that, pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences
a proceeding against the Company, a Custodian is appointed for the Company or for all or substantially all of its property or the Company
makes a general assignment for the benefit of its creditors.
Section
10.7 Entire Agreement. The Transaction Documents, together with the exhibits thereto, contain the entire understanding of
the Company and the Investor with respect to the matters covered herein and therein and supersede all prior agreements and understandings,
oral or written, with respect to such matters.
Section
10.8 Fees and Expenses. Except as expressly set forth in the Transaction Documents or any other writing to the contrary, each
Party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred
by such Party incidental to the negotiation, preparation, execution, delivery and performance of the Transaction Documents. Notwithstanding
the foregoing, the Parties agree that the amount of fifteen thousand dollars ($15,000), representing legal fees of the Investor for this
Agreement and the transactions related hereto, shall be deducted from the applicable Purchase Price to be paid by the Investor to the
Company for the Purchase Notice Securities, pursuant to the first Purchase Notice delivered pursuant to this Agreement.
Section
10.9 Clearing Costs. The Company shall pay the Clearing Costs associated with each Closing, and any Transfer Agent fees (including
any fees required for same-day processing of any instruction letter delivered by the Company), stamp taxes and other taxes and duties
levied on the Company in connection with the delivery of any Securities to the Investor.
Section
10.10 Counterparts and Execution. The Transaction Documents may be executed in multiple counterparts, each of which may be
executed by less than all of the Parties, all of which together will constitute one instrument, will be deemed to be an original, and
will be enforceable against the Parties. The Transaction Documents may be delivered to the other Party hereto by email of a copy of the
Transaction Documents bearing the signature of the Party so delivering the Transaction Documents. The Parties agree that this Agreement
shall be considered signed when the signature of a Party is delivered by .PDF, DocuSign or other generally accepted electronic signature.
Such .PDF, DocuSign, or other generally accepted electronic signature shall be treated in all respects as having the same effect as an
original signature. The signatories to this Agreement each represent and warrant that they are duly authorized by the Parties with the
power and authority to bind the Parties to the terms and conditions thereof.
Section
10.11 Severability. If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that such severability
shall be ineffective if it materially changes the economic benefit of this Agreement to any Party.
Section
10.12 Further Assurances. Each Party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other Party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.
Section
10.13 Agreement Not to be Construed Against Drafter. The Parties acknowledge that they have had an adequate opportunity to
review each and every provision contained in this Agreement and to submit the same to legal counsel for review and comment. The Parties
agree with each and every provision contained in this Agreement and agree that the rule of construction that a contract be construed
against the drafter, if any, shall not be applied in the interpretation and construction of this Agreement.
Section
10.14 Titles and Subtitles. The titles and subtitles used in this Agreement are used for the convenience of reference and
are not to be considered in construing or interpreting this Agreement.
Section
10.15 Amendments; Waivers. No provision of this Agreement may be amended other than by a written instrument signed by both
Parties hereto and no provision of this Agreement may be waived other than in a written instrument signed by the Party against whom enforcement
of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other
right, power or privilege.
Section
10.16 Publicity. The Company and the Investor shall consult with each other in issuing any press releases or otherwise making
public statements with respect to the transactions contemplated hereby and no Party shall issue any such press release or otherwise make
any such public statement, other than as required by law or for legal compliance, without the prior written consent of the other Party,
which consent shall not be unreasonably withheld or delayed, except that no prior consent shall be required if such disclosure is required
by law, in which case the disclosing Party shall provide the other Party with prior notice of such public statement. The Investor acknowledges
that the Transaction Documents may be deemed to be “material contracts,” as that term is defined by Item 601(b)(10) of Regulation
S-K, and that the Company may therefore be required to file such documents as exhibits to reports or registration statements filed under
the Securities Act or the Exchange Act. The Investor further agrees that the status of such documents and materials as material contracts
shall be determined solely by the Company, in consultation with its counsel.
Section
10.17 Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (a) personally served, (b) delivered by reputable air courier service
with charges prepaid for next Business Day delivery, or (c) transmitted by hand delivery, or email as a PDF (with read receipt or a written
confirmation of delivery or receipt), addressed as set forth below or to such other address as such Party shall have specified most recently
by written notice given in accordance herewith. Any notice or other communication required or permitted to be given hereunder shall be
deemed effective upon hand delivery or delivery by email at the address designated below (if delivered on a Business Day during normal
business hours where such notice is to be received), or the first Business Day following such delivery (if delivered other than on a
Business Day during normal business hours where such notice is to be received).
The
addresses for such communications shall be:
If
to the Company:
Address:
28 Engelhard Drive, Suite B, Monroe Township, NJ 08831
Telephone:
(609) 730-0400
E-mail:
tpagliara@oceanpowertech.com
If
to the Investor:
Address:
80 S.W. Eighth St., 20th Floor, Miami FL, 33131
Telephone:
(917) 793-1173
E-mail:
operations@alumnicapital.com
Either
Party hereto may from time to time change its address or email for notices under this clause by giving prior written notice of such changed
address to the other party hereto.
[Signature
Page Follows]
IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective officers thereunto duly authorized
as of the Execution Date.
|
OCEAN
POWER TECHNOLOGIES, INC. |
|
|
|
|
By: |
/s/
Philipp Stratmann |
|
Name: |
Philipp
Stratmann |
|
Title: |
Chief
Executive Officer |
|
Date: |
September
13, 2024 |
|
|
|
|
ALUMNI
CAPITAL LP |
|
|
|
By: |
ALUMNI
CAPITAL GP LLC |
|
|
|
|
By: |
/s/
Ashkan Mapar |
|
Name: |
Ashkan
Mapar |
|
Title: |
Manager |
|
Date: |
September
13, 2024 |
EXHIBIT
A
FORM
OF PURCHASE NOTICE
TO:
ALUMNI CAPITAL LP
We
refer to the Purchase Agreement (the “Agreement”), dated as of September 13, 2024, entered into by and between Ocean
Power Technologies, Inc. and you. Capitalized terms defined in the Agreement shall, unless otherwise defined herein, have the same meaning
when used herein.
We
hereby certify that, as of the date hereof, the conditions set forth in Article VIII of the Agreement are satisfied, and we hereby
elect to exercise our right pursuant to the Agreement to require you to purchase ______ Purchase Notice Securities.
The
Company acknowledges and agrees that the amount of Purchase Notice Securities shall not exceed the Initial Purchase Notice Limitation
or Regular Purchase Notice Limitation applicable to such Purchase Notice or the Beneficial Ownership Limitation.
The
Company’s wire instructions are as follows:
[Insert
Wire Instructions]
|
OCEAN
POWER TECHNOLOGIES, INC. |
|
|
|
|
By: |
|
|
Name: |
|
|
Title: |
Chief
Executive Officer |
|
Date: |
September
[●], 2024 |
Exhibit
31.1
CERTIFICATION
PURSUANT TO SECTION 302 OF SARBANES-OXLEY ACT
I,
Philipp Stratmann, certify that:
1. |
I have reviewed this Quarterly
Report on Form 10-Q of Ocean Power Technologies, Inc.; |
|
|
2. |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
|
|
3. |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s
other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
|
|
(a) |
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared; |
|
|
(b) |
Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles; |
|
|
(c) |
Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
(d) |
Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
5. |
The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or other persons performing
the equivalent functions): |
|
|
(a) |
All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
(b) |
Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting. |
Date: September 16, 2024 |
|
|
|
|
/s/
Philipp Stratmann |
|
Philipp Stratmann |
|
President and Chief Executive Officer |
Exhibit
31.2
CERTIFICATION
PURSUANT TO SECTION 302 OF SARBANES-OXLEY ACT
I,
Robert Powers, certify that:
1 |
I have reviewed this Quarterly
Report on Form 10-Q of Ocean Power Technologies, Inc.; |
|
|
2 |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
|
|
3 |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4 |
The registrant’s
other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
|
|
(a) |
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared; |
|
|
(b) |
Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles; |
|
|
(c) |
Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
(d) |
Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
5 |
The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or other persons performing
the equivalent functions): |
|
|
(a) |
All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
(b) |
Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting. |
Date: September 16, 2024 |
|
|
|
|
/s/
Robert Powers |
|
Robert Powers |
|
Senior Vice President and Chief Financial Officer |
Exhibit
32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of Ocean Power Technologies, Inc. (the “Company”) for the period ended
July 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Philipp
Stratmann III, President and Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1) |
The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
(2) |
The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: September 16, 2024 |
|
|
|
|
/s/
Philipp Stratmann |
|
Philipp Stratmann |
|
President and Chief Executive Officer |
A
signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company
and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit
32.2
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of Ocean Power Technologies, Inc. (the “Company”) for the period ended
July 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Robert
Powers, Senior Vice President and Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1) |
The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
(2) |
The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: September 16, 2024 |
|
|
|
|
/s/
Robert Powers |
|
Robert Powers |
|
Senior Vice President and Chief Financial Officer |
A
signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company
and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.24.3
Cover - shares
|
3 Months Ended |
|
Jul. 31, 2024 |
Sep. 13, 2024 |
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jul. 31, 2024
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2025
|
|
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
|
|
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 |
|
97,935,748
|
Common Stock $0.001 par value |
|
|
Title of 12(b) Security |
Common Stock $0.001 par
value
|
|
Trading Symbol |
OPTT
|
|
Security Exchange Name |
NYSEAMER
|
|
Series A Preferred Stock Purchase Rights |
|
|
Title of 12(b) Security |
Series A Preferred Stock
Purchase Rights
|
|
No Trading Symbol Flag |
true
|
|
Security Exchange Name |
NYSEAMER
|
|
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v3.24.3
Consolidated Balance Sheets - USD ($) $ in Thousands |
Jul. 31, 2024 |
Apr. 30, 2024 |
Current assets: |
|
|
Cash and cash equivalents |
$ 3,182
|
$ 3,151
|
Accounts receivable |
963
|
796
|
Contract assets |
477
|
18
|
Inventory |
5,681
|
4,831
|
Other current assets |
785
|
1,747
|
Total current assets |
11,088
|
10,543
|
Property and equipment, net |
3,613
|
3,443
|
Intangibles, net |
3,589
|
3,622
|
Right-of-use assets, net |
2,198
|
2,405
|
Restricted cash, long-term |
154
|
154
|
Goodwill |
8,537
|
8,537
|
Total assets |
29,179
|
28,704
|
Current liabilities: |
|
|
Accounts payable |
1,741
|
3,366
|
Earnout payable |
450
|
1,130
|
Accrued expenses |
1,579
|
1,787
|
Right-of-use liabilities, current portion |
926
|
774
|
Contract liabilities |
445
|
302
|
Total current liabilities |
5,141
|
7,359
|
Deferred tax liability |
203
|
203
|
Right-of-use liabilities, less current portion |
1,525
|
1,798
|
Total liabilities |
6,869
|
9,360
|
Commitments and contingencies (Note 14) |
|
|
Shareholders’ Equity: |
|
|
Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding; 100,000 designated as Series A |
|
|
Common stock, $0.001 par value; authorized 100,000,000 shares, issued 95,661,806 shares and 61,352,731 shares, respectively; outstanding 95,573,789 shares and 61,264,714 shares, respectively |
96
|
61
|
Treasury stock, at cost; 88,017 and 88,017 shares, respectively |
(369)
|
(369)
|
Additional paid-in capital |
334,659
|
327,276
|
Accumulated deficit |
(312,031)
|
(307,579)
|
Accumulated other comprehensive loss |
(45)
|
(45)
|
Total shareholders’ equity |
22,310
|
19,344
|
Total liabilities and shareholders’ equity |
$ 29,179
|
$ 28,704
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v3.24.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jul. 31, 2024 |
Apr. 30, 2024 |
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 |
95,661,806
|
61,352,731
|
Common stock, shares outstanding |
95,573,789
|
61,264,714
|
Treasury stock, shares |
88,017
|
88,017
|
Series A Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
100,000
|
100,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.3
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Jul. 31, 2024 |
Jul. 31, 2023 |
Income Statement [Abstract] |
|
|
Revenues |
$ 1,301
|
$ 1,272
|
Cost of revenues |
854
|
609
|
Gross margin |
447
|
663
|
Operating expenses |
4,920
|
8,103
|
Gain from change in fair value of consideration |
|
(62)
|
Operating loss |
(4,473)
|
(7,378)
|
Interest income, net |
3
|
339
|
Other income |
17
|
|
Loss before income taxes |
(4,453)
|
(7,039)
|
Income tax benefit |
|
|
Net loss |
$ (4,453)
|
$ (7,039)
|
Basic net loss per share |
$ (0.05)
|
$ (0.12)
|
Diluted net loss per share |
$ (0.05)
|
$ (0.12)
|
Weighted average shares used to compute basic net loss per common share |
81,951,002
|
58,723,076
|
Weighted average shares used to compute diluted net loss per common share |
81,951,002
|
58,723,076
|
X |
- DefinitionAmount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement.
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v3.24.3
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, 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 earnout payments, shares |
2,403,846
|
|
|
|
|
|
Common stock issued upon vesting of restricted stock |
|
|
|
|
|
|
Common stock issued upon vesting of restricted stock, 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)
|
|
|
|
|
Balance at Apr. 30, 2024 |
$ 61
|
$ (369)
|
327,276
|
(307,579)
|
(45)
|
19,344
|
Balance, shares at Apr. 30, 2024 |
61,352,731
|
(88,017)
|
|
|
|
|
Net loss |
|
|
|
(4,453)
|
|
(4,453)
|
Share-based compensation |
|
|
259
|
|
|
259
|
Common stock issued related to bonus and earn out payments |
$ 3
|
|
627
|
|
|
630
|
Common stock issued related to bonus and earnout payments, shares |
2,864,808
|
|
|
|
|
|
Issuance of common stock – AGP At The Market Offering, net of issuance costs |
$ 32
|
|
6,497
|
|
|
6,529
|
Issuance of common stock - AGP At The Market offering, net of issuance costs, shares |
31,444,267
|
|
|
|
|
|
Balance at Jul. 31, 2024 |
$ 96
|
$ (369)
|
$ 334,659
|
$ (312,031)
|
$ (45)
|
$ 22,310
|
Balance, shares at Jul. 31, 2024 |
95,661,806
|
(88,017)
|
|
|
|
|
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v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Jul. 31, 2024 |
Jul. 31, 2023 |
Cash flows from operating activities: |
|
|
Net loss |
$ (4,453,000)
|
$ (7,039,000)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation of fixed assets |
204,000
|
71,000
|
Amortization of intangible assets |
33,000
|
40,000
|
Amortization of right of use assets |
207,000
|
135,000
|
(Accretion of discount)/amortization of premium on investments |
|
(106,000)
|
Change in contingent consideration liability |
|
(62,000)
|
Stock based compensation |
259,000
|
401,000
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(167,000)
|
15,000
|
Contract assets |
(459,000)
|
(141,000)
|
Inventory |
(850,000)
|
(686,000)
|
Other assets |
962,000
|
375,000
|
Accounts payable |
(1,625,000)
|
345,000
|
Earnout payable |
(50,000)
|
(500,000)
|
Accrued expenses |
(208,000)
|
(540,000)
|
Right-of-use liabilities |
(121,000)
|
(127,000)
|
Contract liabilities |
144,000
|
(171,000)
|
Net cash used in operating activities |
(6,124,000)
|
(7,990,000)
|
Cash flows from investing activities: |
|
|
Redemptions of short-term investments |
|
11,718,000
|
Purchases of short-term investments |
|
(6,612,000)
|
Purchases of property and equipment |
(374,000)
|
(133,000)
|
Net cash (used in)/provided by investing activities |
(374,000)
|
4,973,000
|
Cash flows from financing activities: |
|
|
Cash paid for tax withholding related to shares withheld |
|
(2,000)
|
Proceeds from issuance of common stock - At The Market offering, net of issuance costs |
6,529,000
|
|
Net cash provided by/(used in) financing activities |
6,529,000
|
(2,000)
|
Net increase/(decrease) in cash, cash equivalents and restricted cash |
31,000
|
(3,019,000)
|
Cash, cash equivalents and restricted cash, beginning of period |
3,305,000
|
7,103,000
|
Cash, cash equivalents and restricted cash, end of period |
3,336,000
|
4,084,000
|
Supplemental disclosure of noncash investing and financing activities: |
|
|
Common stock issued related to bonus and earnout payments |
$ 630,000
|
$ 1,250,000
|
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v3.24.3
Background, Basis of Presentation and Liquidity
|
3 Months Ended |
Jul. 31, 2024 |
Accounting Policies [Abstract] |
|
Background, Basis of Presentation and Liquidity |
(1)
Background, Basis of Presentation and Liquidity
(a) Background
Ocean
Power Technologies, Inc. (the “Company”) was founded in 1984 in New Jersey, commenced business operations in 1994 and re-incorporated
in Delaware in 2007. The Company provides ocean data collection and reporting, marine power, offshore communications and Maritime Domain
Awareness Systems (“MDA” or “MDAS”) products and integrated solutions. The Company’s solutions focus on
three major service areas: Data as a Service (“DaaS”), which includes data collected by Wave Adaptive Modular Vessel (WAM-V®)
autonomous vehicles or PowerBuoy® product lines; Robotics as a Service (“RaaS”), which provides a lower cost subscription
model for customers to access use of WAM-V’s®; and Power as a Service (“PaaS”), which includes PowerBuoy® products.
The Company offers 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. The Company has been involved in the entire life cycle of product development, from product
design through assembly, testing, deployment, maintenance and upgrades, while working closely with partners across the supply chain.
The Company’s solutions are based on technologies that enable autonomous, zero or low carbon emitting, and cost-effective data
collection, analysis, transportation, cooperation with other assets such as aerial drones, and communication. The Company’s 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. The Company then channels the information it collects, and other communications, through control
equipment linked to edge computing and cloud hosting environments. The Company’s goal is to generate most revenue from the sale
or lease of products and solutions. The Company expects to continue having net cash outflows until it can generate positive cash flow
from the commercialization of products.
(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, 2024,
as filed with the SEC and elsewhere in subsequent Exchange Act filings, including this Form 10-Q. Certain amounts have been reclassified
to conform to current period presentation. This reclassification had no impact on the previously reported net loss or comprehensive loss.
(c) Going Concern Uncertainty
For
the three months ended July 31, 2024, the Company incurred net losses of approximately $4.5 million, and used cash in operations of approximately
$6.1 million. Cash used in operations includes cash payments of the Marine Advanced Robotics Inc. (CA), referred to herein as MAR, earnout
payable of $50,000 and payment of the fiscal 2024 bonus for all employees. In addition, the Company has continued to make investments
to build inventory, support order backlog and future growth.
The
Company’s future results of operations involve significant risks and uncertainties. Factors that could affect the Company’s
future operating results and could cause actual results to vary materially from expectations include, but are not limited to, performance
of its products, its ability to market and commercialize its products and new products that it may develop, access to capital, technology
development, scalability of technology and production, ability to attract and retain key personnel, concentration of customers and suppliers,
pending or threatened litigation, and deployment risks and integration of acquisitions.
For
the three months ended July 31, 2024 and through the date of filing of this Form 10-Q, management has obtained additional capital financing. Refer to Note 17 for further details on capital raises. Management believes the Company’s
current cash, cash equivalents, and restricted cash balances at July 31, 2024 of $3.3
million may not be sufficient to fund its planned expenditures through September 2025.
These
conditions raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going
concern is dependent upon the Company’s operations in the future and/or obtaining the necessary financing to meet its obligations
and repay its liabilities arising from normal business operations when they become due. The accompanying consolidated financial statements
have been prepared on a basis which assumes the Company is a going concern and do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from
any uncertainty related to the Company’s ability to continue as a going concern. Such adjustments could be material.
|
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.24.3
Summary of Significant Accounting Policies
|
3 Months Ended |
Jul. 31, 2024 |
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), referred to herein as MAR, 3dent Technologies LLC (3Dent), 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. 3dent was sold in November 2023 and
the consolidated financial statements include 3dent’s results of operations for the applicable periods through the date of
sale. 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 revenue
and expenses during the period. Significant items subject to such estimates and assumptions include, among other items, stock-based compensation
based on actual and projected revenues, over time revenue recognition, valuation consideration related to business combinations, including
contingent consideration based on actual and projected revenues, including discount rates and present values, 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)
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, cash equivalents and restricted cash of approximately $3.3 million
as of both July 31, 2024 and April 30, 2024.
Restricted
Cash and Security Agreements
The
Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $154,000 is on deposit at Santander
and serves as security for a letter of credit issued by Santander for the lease of warehouse/office space in Monroe Township, New Jersey.
In
the prior years, Santander also issued one letter of credit to subsidiaries of Enel Green Power (“EGP”) pursuant to the Company’s
contracts with EGP. A letter of credit was issued in the amount of $645,000 and was reduced to $323,000 in August 2020. The letter of
credit was further reduced by an additional $258,000 in January 2023, when the legacy PB3 PowerBuoy® (“PB3”) and its accompanying systems passed final acceptance
testing. The remaining restricted amount of $65,000 was released in January 2024.
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, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Cash and cash equivalents | |
$ | 3,182 | | |
$ | 3,151 | |
Restricted cash- long term | |
| 154 | | |
| 154 | |
Cash,
cash equivalents, restricted cash and restricted cash equivalents | |
$ | 3,336 | | |
$ | 3,305 | |
(d)
Inventory
In
accordance with Accounting Standards Codification 330 (ASC 330), inventory is stated at the lower of costs or net realizable value applicable
to goods on hand. 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 revenues, or moved to leased assets as applicable, following the matching principle where costs and revenues are recognized
in the same period. The Company has three classes of inventory; raw materials, work in process, and finished goods.
(e)
Accounts Receivable
Accounts
receivable are stated at the net amount expected to be collected. Amounts are usually due between 30 and 90 days after the invoice issuance.
The Company is exposed to credit losses primarily on accounts receivable and contract assets related to 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.
(f)
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 Buoy assets |
|
10 years |
Leased WAM-V assets |
|
10 years |
(g)
Foreign Exchange Gains and Losses
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 gain” in the accompanying Consolidated Statements of Operations.
(h)
Concentration of Credit Risk
Financial
instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable 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 does not believe that it is exposed to any significant risks related to its cash accounts, money market fund, or
held-to maturity investments.
For
the three months ended July 31, 2024 and 2023, the Company had two and four customers, respectively, whose revenues accounted for at
least 10% of the Company’s consolidated revenues. These revenues accounted for approximately 84% and 73% of the Company’s
total revenues for the respective periods.
(i)
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,
2024 and 2023 was approximately $0.3 million and $0.4 million, respectively. The Company’s policy is to account for forfeitures
of share-based compensation as they occur.
Additionally,
upon vesting of Restricted Stock Units (“RSU”) that were granted to an employee, the employee is given the option to
either pay the taxes themselves, or have enough shares of their RSU award withheld by the Company to cover the taxes incurred by the
employee. In the event the employee elects to surrenders shares to cover the tax implication, the Company maintains those shares in
the Company’s treasury stock account. Shares held in the Company’s Treasury stock account are not available for future RSU grants.
(j)
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 considerations 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. Estimates of variable consideration and determination
of whether to include such amounts in the transaction price are based largely on the 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, 2024 or 2023. 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 period ended July 31, 2024, the Company recognized approximately $1.2 million in revenue related to performance
obligations satisfied at a point in time and approximately $0.1 million in revenue related to performance obligations satisfied over
time. During the three-month period ended July 31, 2023, the Company recognized approximately $0.5 million in revenue related to performance
obligations satisfied at a point in time and approximately $0.8 million in revenue related to performance obligations satisfied over-time.
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 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,
2024 and 2023, 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 Revenues 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, 2024, the Company’s total remaining performance obligations, also referred to as backlog, totaled $5.3 million. The
Company expects to recognize approximately 65%, or $3.4 million, of the remaining performance obligations as revenue over the next twelve
months.
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, 2024 and 2023.
Schedule of Revenue Recognizes from Operating Lease Arrangements
| |
ASC 606 | | |
ASC 842 | | |
Total | | |
ASC 606 | | |
ASC 842 | | |
Total | |
| |
Three months ended July 31, 2024 | | |
Three months ended July 31, 2023 | |
| |
ASC 606 | | |
ASC 842 | | |
Total | | |
ASC 606 | | |
ASC 842 | | |
Total | |
| |
(in thousands) | | |
(in thousands) | |
Product Line: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
WAM-V | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 460 | | |
$ | 243 | | |
$ | 703 | |
Buoy | |
| — | | |
| — | | |
| — | | |
| 250 | | |
| — | | |
| 250 | |
Services | |
| — | | |
| — | | |
| — | | |
| 319 | | |
| — | | |
| 319 | |
Total | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 1,029 | | |
$ | 243 | | |
$ | 1,272 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Region: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
North and South America | |
$ | 1,230 | | |
$ | — | | |
$ | 1,230 | | |
$ | 1,029 | | |
$ | 225 | | |
$ | 1,254 | |
Europe | |
| 4 | | |
| 67 | | |
| 71 | | |
| — | | |
| 18 | | |
| 18 | |
Total | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 1,029 | | |
$ | 243 | | |
$ | 1,272 | |
Revenue | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 1,029 | | |
$ | 243 | | |
$ | 1,272 | |
(k)
Net Loss per Common Share
Basic
and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of
common stock 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 RSU
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 Statements of Operations, warrants on common stock, options to purchase shares
of common stock and unvested RSUs issued to employees and non-employee directors, totaling 6,259,956 and 7,614,992 as of July 31, 2024
and 2023, respectively, were excluded from each of the computations as the effect would have been anti-dilutive due to the net loss for
the periods. Share purchase rights, which include a contingency, are not included in the calculation until the contingency is resolved.
(l)
Intangibles, net
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 and 10 years respectively, which is consistent with the estimated pattern of economic benefit of the
assets. The trademark is not subject to amortization.
Intangible
assets are reviewed for impairment if indicators of potential impairment exist. There were no indications of potential impairment of
intangible assets for either the three months ended July 31, 2024 or 2023.
(m)
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. There were no indications
of potential impairment of goodwill identified for the three months ended July 31, 2024 and 2023. Where the Company uses 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 the 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 2024 and determined that it is more likely than not that no goodwill impairment existed as of April 30,
2024.
(n)
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.
(o)
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, 2024 and 2023, there were no amounts recorded to other comprehensive loss due to limited foreign operations.
(p)
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. Warranty expense incurred to date has not been material.
(q)
Product Development
Costs
related to product development activities by the Company are expensed as incurred. During fiscal year 2024 the Company substantially
completed its product development activities and is now primarily focused on commercial activities. The Company had approximately $0.5
million and $1.9 million in product development expense for the three months ended July 31, 2024 and 2023, respectively.
(r)
Recently Issued Accounting Standards
In
December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which improves the transparency
of income tax disclosures by requiring companies to (1) disclose consistent categories and greater disaggregation of information in the
effective rate reconciliation and (2) provide information on income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective
for fiscal years beginning after December 15, 2024, although early adoption is permitted. The guidance should be applied on a prospective
basis with the option to apply the standard retrospectively. We are currently evaluating the impact of adopting this ASU 2023-09 on our
consolidated financial statements and disclosures.
In
November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.”
This ASU improves financial reporting by requiring disclosure of incremental segment information. The new guidance is effective for fiscal
years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is
permitted. The guidance was effective for the Company on May 1, 2024. The Company expects to provide incremental qualitative segment-related
disclosures beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2025.
|
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.3
Accounts Receivable, Contract Assets and Contract Liabilities
|
3 Months Ended |
Jul. 31, 2024 |
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, 2024 | | |
April 30, 2024 | | |
April 30, 2023 | |
| |
(in thousands) | |
Accounts receivable | |
$ | 963 | | |
$ | 796 | | |
$ | 745 | |
Contract assets | |
$ | 477 | | |
$ | 18 | | |
$ | 152 | |
Contract liabilities | |
$ | 445 | | |
$ | 302 | | |
$ | 1,378 | |
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 from year end is primarily a result of consulting services
projects for which revenue was recognized in the current period but has not yet been billed. No impairments to contract assets were incurred
during the three months ended July 31, 2024 and 2023.
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, 2024 | | |
Three months ended
July 31, 2023 | |
| |
(in thousands) | |
Transferred to receivables from contract assets recognized | |
$ | (104 | ) | |
$ | (377 | ) |
Revenue recognized and not billed | |
| 563 | | |
| 518 | |
Net change in contract assets | |
$ | 459 | | |
$ | 141 | |
Contract
Liabilities
Contract
liabilities consist of amounts invoiced to customers in excess of revenue recognized. The increase in contract liabilities from year
end is primarily due to payments collected for which we have not yet recognized revenue.
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, 2024 | | |
Three months ended
July 31, 2023 | |
| |
(in thousands) | |
Revenue recognized | |
$ | (545 | ) | |
$ | (321 | ) |
Payments collected for which revenue has not been recognized | |
| 689 | | |
| 150 | |
Net change in contract liabilities | |
$ | 144 | | |
$ | (171 | ) |
|
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v3.24.3
Inventory
|
3 Months Ended |
Jul. 31, 2024 |
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, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Raw Materials | |
$ | 4,877 | | |
$ | 4,298 | |
Work in Process | |
| 804 | | |
| 397 | |
Finished Products | |
$ | — | | |
$ | 136 | |
Inventory,
net | |
$ | 5,681 | | |
$ | 4,831 | |
The
Company’s raw materials balance represents the majority of the inventory as the Company orders parts in quantity to fill orders.
Work in process and finished products typically represent smaller portions of inventory as the Company does not historically hold finished
products with the exception of assets transitioning to the lease fleet. The Company typically ships finished products as they are completed.
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v3.24.3
Other Current Assets
|
3 Months Ended |
Jul. 31, 2024 |
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, 2024 and April 30, 2024:
Schedule of Other Current Assets
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Prepaid insurance | |
$ | 178 | | |
$ | 202 | |
Prepaid software & licenses | |
| 182 | | |
| 224 | |
Prepaid sales & marketing | |
| 67 | | |
| 124 | |
Prepaid project costs | |
| 19 | | |
| 578 | |
Prepaid inventory materials | |
| 80 | | |
| 414 | |
Prepaid expenses- other | |
| 259 | | |
| 205 | |
Total
other current assets | |
$ | 785 | | |
$ | 1,747 | |
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v3.24.3
Property and Equipment, net
|
3 Months Ended |
Jul. 31, 2024 |
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, 2024 and April 30, 2024 consisted of the following:
Schedule of Components of Property and Equipment
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Equipment | |
$ | 1,567 | | |
$ | 1,530 | |
Computer equipment & software | |
| 790 | | |
| 790 | |
Office furniture & equipment | |
| 422 | | |
| 422 | |
Leasehold improvements | |
| 683 | | |
| 683 | |
Leased WAM-V’s | |
| 1,864 | | |
| 1,547 | |
Leased Buoys | |
| 464 | | |
| 444 | |
Property and equipment, gross | |
| 5,790 | | |
| 5,416 | |
Less: accumulated depreciation | |
| (2,177 | ) | |
| (1,973 | ) |
Property
and equipment, net | |
$ | 3,613 | | |
$ | 3,443 | |
Leased
WAM-V’s and Buoys represent fixed assets that are associated with underlying operating leases with customers as discussed in
the revenue recognition section related to ASC 842.
Depreciation
expense was approximately $204,000 and $71,000 for the three-month periods ended July 31, 2024 and 2023, respectively.
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v3.24.3
Intangible Assets
|
3 Months Ended |
Jul. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets |
(7)
Intangible Assets
The
components of intangible assets, net as of July 31, 2024 and April 30, 2024 consisted of the following:
Schedule of Components of Intangible Assets
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Patents | |
$ | 2,729 | | |
$ | 2,729 | |
Trademarks | |
| 2,769 | | |
| 2,769 | |
Intangible assets, gross | |
| 5,498 | | |
| 5,498 | |
Accumulated amortization | |
| (1,909 | ) | |
| (1,876 | ) |
Intangible
assets, net | |
$ | 3,589 | | |
$ | 3,622 | |
Amortization
expense was approximately $33,000 and $40,000 for the three-month periods ended July 31, 2024 and 2023, respectively.
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v3.24.3
Goodwill
|
3 Months Ended |
Jul. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill |
(8)
Goodwill
Goodwill
in the amount of $8.5 million was recognized in November 2021 related to the acquisition of MAR. There have been no additions to, or
any impairment of, goodwill during the three-month periods ended July 31, 2024 and 2023.
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v3.24.3
Leases
|
3 Months Ended |
Jul. 31, 2024 |
Leases |
|
Leases |
(9)
Leases
Lessor
Information
As
of July 31, 2024 and April 30, 2024, 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”, respectively. The remaining term on these
operating leases is less than 2 years.
Lessee
Information
Right-of-use
assets 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. In February 2024, the Company extended the lease for its main headquarters in Monroe, NJ
to April 30, 2026 and it was executed and recorded as an additional right of use asset and liability. The lease is classified as an operating
lease and is included in right-of-use assets, net, right-of-use liabilities – current portion, and right-of-use liabilities- less
current portion on the Company’s Consolidated Balance Sheets.
The
Company also has a lease for office space located in Richmond, California. This lease commenced in April of 2023 and will continue for
62 months. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities- current and
right-of-use liabilities- long-term on the Company’s Consolidated Balance Sheets.
Variable
lease expenses, if any, are recorded as incurred. The operating lease cash flow payments for the three months ended July 31, 2024 and
2023 were $269,000 and $177,000, respectively.
The
components of lease expense which are included in our operating expenses in the Consolidated Statement of Operations for the three months
ended July 31, 2024 and 2023 were as follows:
Schedule
of Operating Lease Costs
| |
2024 | | |
2023 | |
| |
Three months ended July 31, | |
| |
2024 | | |
2023 | |
| |
(in thousands) | |
Operating lease cost | |
$ | 261 | | |
$ | 157 | |
Short-term lease cost | |
| 8 | | |
| 20 | |
Total lease cost | |
$ | 269 | | |
$ | 177 | |
Information
related to the Company’s right-of use assets and lease liabilities as of July 31, 2024 was as follows:
Schedule of Right-of use Assets and Lease Liabilities
| |
July 31, 2024 | |
| |
(in thousands) | |
Operating lease: | |
| | |
Operating right-of-use assets, net | |
$ | 2,198 | |
| |
| | |
Right-of-use liabilities- current | |
$ | 926 | |
Right-of-use liabilities- long term | |
| 1,525 | |
Total lease liabilities | |
$ | 2,451 | |
| |
| | |
Weighted average remaining lease term- operating leases | |
| 2.72 years | |
Weighted average discount rate- operating leases | |
| 8.4 | % |
Total
remaining lease payments under the Company’s operating leases are as follows:
Schedule of Future Minimum Lease Payments Under Operating Lease
| |
July 31, 2024 | |
| |
(in thousands) | |
Remainder of fiscal year 2025 | |
$ | 788 | |
2026 | |
| 1,847 | |
2027 | |
| 329 | |
2028 | |
| 333 | |
2029 | |
| 28 | |
thereafter | |
| — | |
Total future minimum lease payments | |
$ | 3,325 | |
Less imputed interest | |
| (874 | ) |
Total | |
$ | 2,451 | |
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v3.24.3
Accrued Expenses
|
3 Months Ended |
Jul. 31, 2024 |
Payables and Accruals [Abstract] |
|
Accrued Expenses |
(10)
Accrued Expenses
Accrued
expenses consisted of the following at July 31, 2024 and April 30, 2024:
Schedule of Accrued Expenses
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Project costs | |
$ | 29 | | |
$ | — | |
Employee incentive payments | |
| 1,231 | | |
| 1,271 | |
Accrued salary and benefits | |
| 80 | | |
| 369 | |
Professional fees | |
| 44 | | |
| — | |
Other | |
| 195 | | |
| 147 | |
Accrued
expenses total | |
$ | 1,579 | | |
$ | 1,787 | |
|
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v3.24.3
Warrants
|
3 Months Ended |
Jul. 31, 2024 |
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 shares of common
stock that have an exercise price of $3.85 per share and expire five years from the issuance date. As of July 31, 2024, common warrants
to purchase 732,500 shares of the common stock had been exercised. The remaining warrants expired prior to April 30, 2024.
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v3.24.3
Share-Based Compensation
|
3 Months Ended |
Jul. 31, 2024 |
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 shares were authorized for issuance under the 2015 Omnibus Incentive Plan, including shares available
for awards under the 2006 Stock Incentive Plan remaining at the time that plan terminated, or that were subject to awards under the 2006
Stock Incentive Plan that thereafter terminated by reason of expiration, forfeiture, cancellation or otherwise. If any award under the
2006 Stock Incentive Plan or 2015 Plan expires, is cancelled, terminates unexercised or is forfeited, those shares become again available
for grant under the 2015 Plan. The 2015 Plan will terminate ten years after its effective date, in October 2025, but is subject to earlier
termination as provided in the 2015 Plan. At subsequent shareholder meetings, including most recently in February 2024, the shareholders
approved an aggregate increase to the 2015 Plan of 2,900,000 shares resulting in total shares authorized for issuance of 7,282,036 as
of July 31, 2024.
On
January 18, 2018, the Company’s Board of Directors adopted the Company’s Employment Inducement Incentive Award Plan (the
“2018 Inducement Plan”) pursuant to which the Company reserved 25,000 shares of common stock for issuance under the Inducement
Plan in accordance with Rule 711(a) of the NYSE American Company Guide. On February 9, 2022, the 2018 Inducement Plan was amended to
increase the authorized shares by 250,000 to 275,000.
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. Expected volatility is based on the Company’s historical volatility
over the expected life of the stock option granted. The Company did not grant any stock options during the three months ended July 31,
2024 and 2023, respectively.
A
summary of stock options under the 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, 2024 | |
| 734,543 | | |
$ | 2.12 | | |
| 7.6 | |
Granted | |
| — | | |
$ | — | | |
| | |
Exercised | |
| — | | |
$ | — | | |
| | |
Cancelled/forfeited | |
| (70,269 | ) | |
$ | 0.89 | | |
| | |
Outstanding as of July 31, 2024 | |
| 664,274 | | |
$ | 2.25 | | |
| 7.3 | |
Exercisable as of July 31, 2024 | |
| 454,056 | | |
$ | 2.88 | | |
| 6.8 | |
As
of July 31, 2024, the total intrinsic value of outstanding and exercisable options was approximately zero. As of July 31, 2024, approximately
210,000 options were unvested, which had an intrinsic value of zero and a weighted average remaining contractual term of 8.2 years. There
was approximately $19,000 and $79,000 of total recognized compensation cost related to stock options during each of the three months
ended July 31, 2024 and 2023, respectively. As of July 31, 2024, there was approximately $99,000 of total unrecognized compensation cost
related to non-vested stock options granted under the plans. This cost is expected to be recognized over a weighted-average period of
1.2 years.
Performance
Stock Units
As
of July 31, 2024, there were no performance stock units outstanding. As of April 30, 2023 there were 66,667 units outstanding which were
all canceled during the quarter ended July 31, 2023. There was approximately zero and $43,000 of total recognized compensation cost related
to performance stock units during the three months ended July 31, 2024 and 2023, respectively.
Restricted
Stock Units
Compensation
expense for RSUs is generally recorded based on the market value on the date of grant and recognized
ratably over the associated service and performance period. During the three months ended July 31, 2024 and 2023, the Company granted
zero and 52,500 shares, respectively, that were subject to both service-based and market-based vesting requirements.
A
summary of unvested RSU’s under the Stock Incentive Plans is as follows:
Schedule
of Non-vested Restricted Stock Activity
| |
Number of Shares | | |
Weighted Average Price per Share | |
Unvested at April 30, 2024 | |
| 5,124,529 | | |
$ | 0.38 | |
Granted/Adjusted | |
| 693,038 | | |
$ | 0.09 | |
Vested and issued | |
| — | | |
$ | | |
Cancelled/forfeited | |
| (572,584 | ) | |
$ | 0.30 | |
Unvested at July 31, 2024 | |
| 5,244,983 | | |
$ | 0.35 | |
There
was approximately $240,000 and $280,000 of total recognized compensation cost related to RSUs for the three months ended July 31, 2024
and 2023, respectively. As of July 31, 2024, there was approximately $959,000 of unrecognized compensation cost remaining related to
unvested RSUs. This cost is expected to be recognized over a weighted-average period of 1.3 years.
|
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v3.24.3
Fair Value Measurements
|
3 Months Ended |
Jul. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
(13)
Fair Value Measurements
ASC
Topic 820, “Fair Value Measurements” states that fair value is an exit price, representing the amount that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs
used to measure fair value. This hierarchy maximizes the use of observable input and minimizes the use of unobservable inputs. The following
is a description of the three hierarchy levels.
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, other assets, 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.
In
July 2024, the Company paid $50,000
in cash and issued 2,864,808
in shares worth $0.5
million to partially satisfy the final earnout period related to our acquisition of MAR in November 2021.
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 either of the three months ended July 31, 2024 and 2023, respectively.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.3
Commitments and Contingencies
|
3 Months Ended |
Jul. 31, 2024 |
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 or approximately
$331,000. On January 25, 2021, the Company paid the Spanish Tax Administration €279,870. Notwithstanding that payment, on April
30, 2022, the Company filed its appeal of the decision of the Central Court to the Spanish National Court. The Company expects results
of the appeal.to conclude during fiscal year 2025.
Litigation
with Paragon Technologies, Inc.
On
June 16, 2023, Paragon Technologies, Inc., a Delaware corporation that is a stockholder of the Company (“Paragon”), informed
the Company that Paragon was planning a proxy contest against the Company and intended to nominate candidates for election to the Company
Board of Directors (the “OPT Board”) at the Company’s 2023 Annual Meeting (the “2023 Annual Meeting”).
Subsequently, Paragon disclosed its intention to replace a majority of the six-member OPT Board with initially five purported nominees,
including three members of the Paragon Board of Directors, and, thereby, seek control of the Company. In furtherance of Paragon’s
threatened agenda, Paragon brought three litigation matters against the Company in the Delaware Court of Chancery.
|
(a) |
(Del. Code §220
Complaint) On July 27, 2023, Paragon filed a complaint in the Court of Chancery of the State of Delaware against the Company
seeking to compel the inspection of certain books and records of the Company pursuant to 8 Del. Code § 220. On January 31, 2024,
the Court issued a ruling for the Company to deliver certain books and records to Paragon, and the books and records that were subject
to the Court’s final order were produced to Paragon on April 8, 2024. No additional activity has occurred. |
|
(b) |
(Breach of Fiduciary
Duties Complaint) On October 10, 2023, Paragon filed an additional complaint in the Court of Chancery of the State of Delaware
against the Company, and the members of its Board of Directors, claiming certain breaches of their fiduciary duties. The complaint
sought only injunctive relief against the Company, and not monetary damages, and therefore the financial exposure derived therein
was limited to applicable legal fees and costs at that stage, which was material to FY’ 24. On November 2, 2023, Paragon sought
leave to amend its complaint to add additional claims. The Court granted this motion for leave to amend, provided that the Court
would not delay the hearing on the matters raised in the initial complaint, which was set for November 28, 2023. This hearing on
the initial complaint was held and on November 30, 2023, the Court ruled in favor of the Company and denied Paragon’s motion
for injunctive relief. The status of the in the amended complaint is still pending. On February 28, 2024, the Company successfully
finalized its 2023 annual meeting of stockholders in spite of Paragon’s repeated attempts to contest the meeting. On July 10,
2024, the Company requested Paragon’s counsel to dismiss this litigation, given there has been no activity for 6 months. We
are awaiting a response. |
|
|
(Del. Code §225
Complaint) On April 11, 2024, Paragon filed an action in the Delaware Court of Chancery against the Company, and the members
of its Board of Directors, challenging the results of the 2023 Annual Meeting (concluded on February 28, 2024), alleging that a quorum
was not present for the meeting. On May 7, 2024, the Company filed its answer, including that the Final Report of the Inspector of
Election (which Paragon selected) confirmed that a quorum was present. On June 20, 2024, Paragon filed a Motion to Dismiss the case
“without prejudice.” On June 28, 2024, the Company responded to Paragon’s Motion to Dismiss, claiming that the
case should be dismissed: (a) “with prejudice”; or (b) “without prejudice,” but in such event Paragon should
reimburse OPT’s fees and costs for defending the case. On July 15, 2024, Paragon filed a reply to the Company’s June
28, 2024 response, claiming that its §225 Complaint had merit and should be dismissed without prejudice. The Company is awaiting
the Delaware Court of Chancery’s decision in this matter. |
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.
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v3.24.3
Income Taxes
|
3 Months Ended |
Jul. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
(15)
Income Taxes
Uncertain
Tax Positions
The
Company accounts 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, 2024, 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, in order to protect the Company’s valuable tax assets related to its net operating losses from being limited or lost
under Section 382 of the Internal Revenue Code, the Company adopted a Tax Benefits Preservation Plan (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% or more of the outstanding common stock without approval by potentially subjecting any such person
or group to significant dilution. The Plan was approved by shareholders by a non-binding advisory vote at the Company’s Annual
Meeting held on February 28, 2024.
The
Company determined the grant date fair value of the Rights 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.
|
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v3.24.3
Operating Segments and Geographic Information
|
3 Months Ended |
Jul. 31, 2024 |
Segment Reporting [Abstract] |
|
Operating Segments and Geographic Information |
(16)
Operating Segments and Geographic Information
The
Company’s business consists of one reportable segment as the revenues associated with its different business lines are not material
enough to justify segment reporting or to make it meaningful to investors, and the Company’s chief operating decision maker does
not view the Company’s operations on a segment basis. The Company operates worldwide, with its U.S. operations in New Jersey and
California and one operating subsidiary in the UK. Revenues and expenses are generally attributed to the operating unit that bills the
customers. During each of the three months ended July 31, 2024 and 2023, the Company’s primary business operations were in North
America and the Middle East.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.3
Subsequent Events
|
3 Months Ended |
Jul. 31, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
(17)
Subsequent Events
On
August 30, 2024, the Company held a Special Meeting of Stockholders to vote on a proposal to approve an amendment to our Certificate
of Incorporation to increase the number of authorized shares of common stock, par value $.001
per share, from 100,000,000
to 200,000,000.
Quorum was achieved for the meeting and the amendment was approved by our stockholders.
On
September 13, 2024, the Company entered into a common stock purchase agreement (the “First RDO Purchase Agreement”) with
an institutional accredited investor for the sale (the “First Offering”) by the Company of shares (the “First RDO Shares”)
of the Company’s common stock, par value $0.001 per share (the “Common Stock”), for aggregate gross proceeds of $1,500,000,
before deducting offering expenses payable by the Company. The First RDO Shares will be issued upon issuance of a funding notice by the
Company to the investor. The First RDO Shares will be issued at a price per share of 80% of the lowest traded price of the Common Stock
ten days prior to the closing date for the purchase of the shares. In addition, the Company has the right, but not the obligation, to
sell to this investor up to an additional $3,500,000 of shares of Common Stock on the same pricing terms.
On
September 13, 2024, the Company also entered into a common stock purchase agreement (the “Second
RDO Purchase Agreement”) with a separate institutional accredited investor for the sale (the “Second Offering”) by
the Company of shares (the “Second RDO Shares”) of the Common Stock, for aggregate gross proceeds of $1,500,000, before deducting
offering expenses payable by the Company. The Second RDO Shares will be issued upon issuance of a funding notice by the Company to the
investor. The Second RDO Shares will be issued at a price per share of 80% of the lowest traded price of the Common Stock five days prior
to the closing date for the purchase of the shares. In addition, the Company has the right, but not the obligation, to sell to this investor
up to an additional $2,500,000 of shares of Common Stock on the same pricing terms.
On
September 13, 2024 the Company granted an exemption from the 382 Plan (see Note 15) to the investors in the First Offering and the Second
Offering noted above up to the amount of shares equal to $1.5 million divided by the offering price in each offering and shall be exempted
from being an Acquiring Person, as defined in the 382 Plan.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.3
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Jul. 31, 2024 |
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), referred to herein as MAR, 3dent Technologies LLC (3Dent), 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. 3dent was sold in November 2023 and
the consolidated financial statements include 3dent’s results of operations for the applicable periods through the date of
sale. 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 revenue
and expenses during the period. Significant items subject to such estimates and assumptions include, among other items, stock-based compensation
based on actual and projected revenues, over time revenue recognition, valuation consideration related to business combinations, including
contingent consideration based on actual and projected revenues, including discount rates and present values, 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.
|
Cash, Cash Equivalents, Restricted Cash and Security Agreements and Short Term Investments |
(c)
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, cash equivalents and restricted cash of approximately $3.3 million
as of both July 31, 2024 and April 30, 2024.
Restricted
Cash and Security Agreements
The
Company has a letter of credit agreement with Santander Bank, N.A. (“Santander”). Cash of $154,000 is on deposit at Santander
and serves as security for a letter of credit issued by Santander for the lease of warehouse/office space in Monroe Township, New Jersey.
In
the prior years, Santander also issued one letter of credit to subsidiaries of Enel Green Power (“EGP”) pursuant to the Company’s
contracts with EGP. A letter of credit was issued in the amount of $645,000 and was reduced to $323,000 in August 2020. The letter of
credit was further reduced by an additional $258,000 in January 2023, when the legacy PB3 PowerBuoy® (“PB3”) and its accompanying systems passed final acceptance
testing. The remaining restricted amount of $65,000 was released in January 2024.
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, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Cash and cash equivalents | |
$ | 3,182 | | |
$ | 3,151 | |
Restricted cash- long term | |
| 154 | | |
| 154 | |
Cash,
cash equivalents, restricted cash and restricted cash equivalents | |
$ | 3,336 | | |
$ | 3,305 | |
|
Inventory |
(d)
Inventory
In
accordance with Accounting Standards Codification 330 (ASC 330), inventory is stated at the lower of costs or net realizable value applicable
to goods on hand. 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 revenues, or moved to leased assets as applicable, following the matching principle where costs and revenues are recognized
in the same period. The Company has three classes of inventory; raw materials, work in process, and finished goods.
|
Accounts Receivable |
(e)
Accounts Receivable
Accounts
receivable are stated at the net amount expected to be collected. Amounts are usually due between 30 and 90 days after the invoice issuance.
The Company is exposed to credit losses primarily on accounts receivable and contract assets related to 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 |
(f)
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 Buoy assets |
|
10 years |
Leased WAM-V assets |
|
10 years |
|
Foreign Exchange Gains and Losses |
(g)
Foreign Exchange Gains and Losses
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 gain” in the accompanying Consolidated Statements of Operations.
|
Concentration of Credit Risk |
(h)
Concentration of Credit Risk
Financial
instruments that potentially subject the Company to credit risk consist principally of trade accounts receivable 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 does not believe that it is exposed to any significant risks related to its cash accounts, money market fund, or
held-to maturity investments.
For
the three months ended July 31, 2024 and 2023, the Company had two and four customers, respectively, whose revenues accounted for at
least 10% of the Company’s consolidated revenues. These revenues accounted for approximately 84% and 73% of the Company’s
total revenues for the respective periods.
|
Share-Based Compensation |
(i)
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,
2024 and 2023 was approximately $0.3 million and $0.4 million, respectively. The Company’s policy is to account for forfeitures
of share-based compensation as they occur.
Additionally,
upon vesting of Restricted Stock Units (“RSU”) that were granted to an employee, the employee is given the option to
either pay the taxes themselves, or have enough shares of their RSU award withheld by the Company to cover the taxes incurred by the
employee. In the event the employee elects to surrenders shares to cover the tax implication, the Company maintains those shares in
the Company’s treasury stock account. Shares held in the Company’s Treasury stock account are not available for future RSU grants.
|
Revenue Recognition |
(j)
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 considerations 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. Estimates of variable consideration and determination
of whether to include such amounts in the transaction price are based largely on the 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, 2024 or 2023. 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 period ended July 31, 2024, the Company recognized approximately $1.2 million in revenue related to performance
obligations satisfied at a point in time and approximately $0.1 million in revenue related to performance obligations satisfied over
time. During the three-month period ended July 31, 2023, the Company recognized approximately $0.5 million in revenue related to performance
obligations satisfied at a point in time and approximately $0.8 million in revenue related to performance obligations satisfied over-time.
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 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,
2024 and 2023, 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 Revenues 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, 2024, the Company’s total remaining performance obligations, also referred to as backlog, totaled $5.3 million. The
Company expects to recognize approximately 65%, or $3.4 million, of the remaining performance obligations as revenue over the next twelve
months.
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, 2024 and 2023.
Schedule of Revenue Recognizes from Operating Lease Arrangements
| |
ASC 606 | | |
ASC 842 | | |
Total | | |
ASC 606 | | |
ASC 842 | | |
Total | |
| |
Three months ended July 31, 2024 | | |
Three months ended July 31, 2023 | |
| |
ASC 606 | | |
ASC 842 | | |
Total | | |
ASC 606 | | |
ASC 842 | | |
Total | |
| |
(in thousands) | | |
(in thousands) | |
Product Line: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
WAM-V | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 460 | | |
$ | 243 | | |
$ | 703 | |
Buoy | |
| — | | |
| — | | |
| — | | |
| 250 | | |
| — | | |
| 250 | |
Services | |
| — | | |
| — | | |
| — | | |
| 319 | | |
| — | | |
| 319 | |
Total | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 1,029 | | |
$ | 243 | | |
$ | 1,272 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Region: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
North and South America | |
$ | 1,230 | | |
$ | — | | |
$ | 1,230 | | |
$ | 1,029 | | |
$ | 225 | | |
$ | 1,254 | |
Europe | |
| 4 | | |
| 67 | | |
| 71 | | |
| — | | |
| 18 | | |
| 18 | |
Total | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 1,029 | | |
$ | 243 | | |
$ | 1,272 | |
Revenue | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 1,029 | | |
$ | 243 | | |
$ | 1,272 | |
|
Net Loss per Common Share |
(k)
Net Loss per Common Share
Basic
and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of
common stock 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 RSU
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 Statements of Operations, warrants on common stock, options to purchase shares
of common stock and unvested RSUs issued to employees and non-employee directors, totaling 6,259,956 and 7,614,992 as of July 31, 2024
and 2023, respectively, were excluded from each of the computations as the effect would have been anti-dilutive due to the net loss for
the periods. Share purchase rights, which include a contingency, are not included in the calculation until the contingency is resolved.
|
Intangibles, net |
(l)
Intangibles, net
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 and 10 years respectively, which is consistent with the estimated pattern of economic benefit of the
assets. The trademark is not subject to amortization.
Intangible
assets are reviewed for impairment if indicators of potential impairment exist. There were no indications of potential impairment of
intangible assets for either the three months ended July 31, 2024 or 2023.
|
Goodwill |
(m)
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. There were no indications
of potential impairment of goodwill identified for the three months ended July 31, 2024 and 2023. Where the Company uses 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 the 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 2024 and determined that it is more likely than not that no goodwill impairment existed as of April 30,
2024.
|
Income Taxes |
(n)
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 |
(o)
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, 2024 and 2023, there were no amounts recorded to other comprehensive loss due to limited foreign operations.
|
Warranty |
(p)
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. Warranty expense incurred to date has not been material.
|
Product Development |
(q)
Product Development
Costs
related to product development activities by the Company are expensed as incurred. During fiscal year 2024 the Company substantially
completed its product development activities and is now primarily focused on commercial activities. The Company had approximately $0.5
million and $1.9 million in product development expense for the three months ended July 31, 2024 and 2023, respectively.
|
Recently Issued Accounting Standards |
(r)
Recently Issued Accounting Standards
In
December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which improves the transparency
of income tax disclosures by requiring companies to (1) disclose consistent categories and greater disaggregation of information in the
effective rate reconciliation and (2) provide information on income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective
for fiscal years beginning after December 15, 2024, although early adoption is permitted. The guidance should be applied on a prospective
basis with the option to apply the standard retrospectively. We are currently evaluating the impact of adopting this ASU 2023-09 on our
consolidated financial statements and disclosures.
In
November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.”
This ASU improves financial reporting by requiring disclosure of incremental segment information. The new guidance is effective for fiscal
years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is
permitted. The guidance was effective for the Company on May 1, 2024. The Company expects to provide incremental qualitative segment-related
disclosures beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2025.
|
X |
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v3.24.3
Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Jul. 31, 2024 |
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, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Cash and cash equivalents | |
$ | 3,182 | | |
$ | 3,151 | |
Restricted cash- long term | |
| 154 | | |
| 154 | |
Cash,
cash equivalents, restricted cash and restricted cash equivalents | |
$ | 3,336 | | |
$ | 3,305 | |
|
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 Buoy 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, 2024 and 2023.
Schedule of Revenue Recognizes from Operating Lease Arrangements
| |
ASC 606 | | |
ASC 842 | | |
Total | | |
ASC 606 | | |
ASC 842 | | |
Total | |
| |
Three months ended July 31, 2024 | | |
Three months ended July 31, 2023 | |
| |
ASC 606 | | |
ASC 842 | | |
Total | | |
ASC 606 | | |
ASC 842 | | |
Total | |
| |
(in thousands) | | |
(in thousands) | |
Product Line: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
WAM-V | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 460 | | |
$ | 243 | | |
$ | 703 | |
Buoy | |
| — | | |
| — | | |
| — | | |
| 250 | | |
| — | | |
| 250 | |
Services | |
| — | | |
| — | | |
| — | | |
| 319 | | |
| — | | |
| 319 | |
Total | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 1,029 | | |
$ | 243 | | |
$ | 1,272 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Region: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
North and South America | |
$ | 1,230 | | |
$ | — | | |
$ | 1,230 | | |
$ | 1,029 | | |
$ | 225 | | |
$ | 1,254 | |
Europe | |
| 4 | | |
| 67 | | |
| 71 | | |
| — | | |
| 18 | | |
| 18 | |
Total | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 1,029 | | |
$ | 243 | | |
$ | 1,272 | |
Revenue | |
$ | 1,234 | | |
$ | 67 | | |
$ | 1,301 | | |
$ | 1,029 | | |
$ | 243 | | |
$ | 1,272 | |
|
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v3.24.3
Accounts Receivable, Contract Assets and Contract Liabilities (Tables)
|
3 Months Ended |
Jul. 31, 2024 |
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, 2024 | | |
April 30, 2024 | | |
April 30, 2023 | |
| |
(in thousands) | |
Accounts receivable | |
$ | 963 | | |
$ | 796 | | |
$ | 745 | |
Contract assets | |
$ | 477 | | |
$ | 18 | | |
$ | 152 | |
Contract liabilities | |
$ | 445 | | |
$ | 302 | | |
$ | 1,378 | |
|
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, 2024 | | |
Three months ended
July 31, 2023 | |
| |
(in thousands) | |
Transferred to receivables from contract assets recognized | |
$ | (104 | ) | |
$ | (377 | ) |
Revenue recognized and not billed | |
| 563 | | |
| 518 | |
Net change in contract assets | |
$ | 459 | | |
$ | 141 | |
|
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, 2024 | | |
Three months ended
July 31, 2023 | |
| |
(in thousands) | |
Revenue recognized | |
$ | (545 | ) | |
$ | (321 | ) |
Payments collected for which revenue has not been recognized | |
| 689 | | |
| 150 | |
Net change in contract liabilities | |
$ | 144 | | |
$ | (171 | ) |
|
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v3.24.3
Inventory (Tables)
|
3 Months Ended |
Jul. 31, 2024 |
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, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Raw Materials | |
$ | 4,877 | | |
$ | 4,298 | |
Work in Process | |
| 804 | | |
| 397 | |
Finished Products | |
$ | — | | |
$ | 136 | |
Inventory,
net | |
$ | 5,681 | | |
$ | 4,831 | |
|
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v3.24.3
Other Current Assets (Tables)
|
3 Months Ended |
Jul. 31, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Schedule of Other Current Assets |
Other
current assets consisted of the following at July 31, 2024 and April 30, 2024:
Schedule of Other Current Assets
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Prepaid insurance | |
$ | 178 | | |
$ | 202 | |
Prepaid software & licenses | |
| 182 | | |
| 224 | |
Prepaid sales & marketing | |
| 67 | | |
| 124 | |
Prepaid project costs | |
| 19 | | |
| 578 | |
Prepaid inventory materials | |
| 80 | | |
| 414 | |
Prepaid expenses- other | |
| 259 | | |
| 205 | |
Total
other current assets | |
$ | 785 | | |
$ | 1,747 | |
|
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v3.24.3
Property and Equipment, net (Tables)
|
3 Months Ended |
Jul. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Components of Property and Equipment |
The
components of property and equipment, net as of July 31, 2024 and April 30, 2024 consisted of the following:
Schedule of Components of Property and Equipment
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Equipment | |
$ | 1,567 | | |
$ | 1,530 | |
Computer equipment & software | |
| 790 | | |
| 790 | |
Office furniture & equipment | |
| 422 | | |
| 422 | |
Leasehold improvements | |
| 683 | | |
| 683 | |
Leased WAM-V’s | |
| 1,864 | | |
| 1,547 | |
Leased Buoys | |
| 464 | | |
| 444 | |
Property and equipment, gross | |
| 5,790 | | |
| 5,416 | |
Less: accumulated depreciation | |
| (2,177 | ) | |
| (1,973 | ) |
Property
and equipment, net | |
$ | 3,613 | | |
$ | 3,443 | |
|
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v3.24.3
Intangible Assets (Tables)
|
3 Months Ended |
Jul. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Components of Intangible Assets |
The
components of intangible assets, net as of July 31, 2024 and April 30, 2024 consisted of the following:
Schedule of Components of Intangible Assets
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Patents | |
$ | 2,729 | | |
$ | 2,729 | |
Trademarks | |
| 2,769 | | |
| 2,769 | |
Intangible assets, gross | |
| 5,498 | | |
| 5,498 | |
Accumulated amortization | |
| (1,909 | ) | |
| (1,876 | ) |
Intangible
assets, net | |
$ | 3,589 | | |
$ | 3,622 | |
|
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v3.24.3
Leases (Tables)
|
3 Months Ended |
Jul. 31, 2024 |
Leases |
|
Schedule of Operating Lease Costs |
The
components of lease expense which are included in our operating expenses in the Consolidated Statement of Operations for the three months
ended July 31, 2024 and 2023 were as follows:
Schedule
of Operating Lease Costs
| |
2024 | | |
2023 | |
| |
Three months ended July 31, | |
| |
2024 | | |
2023 | |
| |
(in thousands) | |
Operating lease cost | |
$ | 261 | | |
$ | 157 | |
Short-term lease cost | |
| 8 | | |
| 20 | |
Total lease cost | |
$ | 269 | | |
$ | 177 | |
|
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, 2024 was as follows:
Schedule of Right-of use Assets and Lease Liabilities
| |
July 31, 2024 | |
| |
(in thousands) | |
Operating lease: | |
| | |
Operating right-of-use assets, net | |
$ | 2,198 | |
| |
| | |
Right-of-use liabilities- current | |
$ | 926 | |
Right-of-use liabilities- long term | |
| 1,525 | |
Total lease liabilities | |
$ | 2,451 | |
| |
| | |
Weighted average remaining lease term- operating leases | |
| 2.72 years | |
Weighted average discount rate- operating leases | |
| 8.4 | % |
|
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, 2024 | |
| |
(in thousands) | |
Remainder of fiscal year 2025 | |
$ | 788 | |
2026 | |
| 1,847 | |
2027 | |
| 329 | |
2028 | |
| 333 | |
2029 | |
| 28 | |
thereafter | |
| — | |
Total future minimum lease payments | |
$ | 3,325 | |
Less imputed interest | |
| (874 | ) |
Total | |
$ | 2,451 | |
|
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v3.24.3
Accrued Expenses (Tables)
|
3 Months Ended |
Jul. 31, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Expenses |
Accrued
expenses consisted of the following at July 31, 2024 and April 30, 2024:
Schedule of Accrued Expenses
| |
July 31, 2024 | | |
April 30, 2024 | |
| |
(in thousands) | |
Project costs | |
$ | 29 | | |
$ | — | |
Employee incentive payments | |
| 1,231 | | |
| 1,271 | |
Accrued salary and benefits | |
| 80 | | |
| 369 | |
Professional fees | |
| 44 | | |
| — | |
Other | |
| 195 | | |
| 147 | |
Accrued
expenses total | |
$ | 1,579 | | |
$ | 1,787 | |
|
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v3.24.3
Share-Based Compensation (Tables)
|
3 Months Ended |
Jul. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Stock Option Activity |
A
summary of stock options under the 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, 2024 | |
| 734,543 | | |
$ | 2.12 | | |
| 7.6 | |
Granted | |
| — | | |
$ | — | | |
| | |
Exercised | |
| — | | |
$ | — | | |
| | |
Cancelled/forfeited | |
| (70,269 | ) | |
$ | 0.89 | | |
| | |
Outstanding as of July 31, 2024 | |
| 664,274 | | |
$ | 2.25 | | |
| 7.3 | |
Exercisable as of July 31, 2024 | |
| 454,056 | | |
$ | 2.88 | | |
| 6.8 | |
|
Schedule of Non-vested Restricted Stock Activity |
A
summary of unvested RSU’s under the Stock Incentive Plans is as follows:
Schedule
of Non-vested Restricted Stock Activity
| |
Number of Shares | | |
Weighted Average Price per Share | |
Unvested at April 30, 2024 | |
| 5,124,529 | | |
$ | 0.38 | |
Granted/Adjusted | |
| 693,038 | | |
$ | 0.09 | |
Vested and issued | |
| — | | |
$ | | |
Cancelled/forfeited | |
| (572,584 | ) | |
$ | 0.30 | |
Unvested at July 31, 2024 | |
| 5,244,983 | | |
$ | 0.35 | |
|
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v3.24.3
Background, Basis of Presentation and Liquidity (Details Narrative) - USD ($)
|
3 Months Ended |
Jul. 31, 2024 |
Jul. 31, 2023 |
Accounting Policies [Abstract] |
|
|
Net loss |
$ 4,453,000
|
$ 7,039,000
|
Cash in operations |
6,124,000
|
7,990,000
|
Earnout payable |
50,000
|
500,000
|
Current cash, cash equivalents, and restricted cash |
$ 3,300,000
|
$ 3,300,000
|
X |
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v3.24.3
Schedule of Property, Plant and Equipment, Useful Life (Details)
|
Jul. 31, 2024 |
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
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.3
Schedule of Revenue Recognizes from Operating Lease Arrangements (Details) - USD ($) $ in Thousands |
3 Months Ended |
Jul. 31, 2024 |
Jul. 31, 2023 |
Product Information [Line Items] |
|
|
Revenue |
$ 1,301
|
$ 1,272
|
North And South America [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,230
|
1,254
|
Europe [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
71
|
18
|
Region [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,301
|
1,272
|
WAM-V [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,301
|
703
|
Buoy [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
|
250
|
Service [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
|
319
|
Product [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,301
|
1,272
|
Accounting Standards Update 2014-09 [Member] | North And South America [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,230
|
1,029
|
Accounting Standards Update 2014-09 [Member] | Europe [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
4
|
|
Accounting Standards Update 2014-09 [Member] | Region [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,234
|
1,029
|
Accounting Standards Update 2014-09 [Member] | WAM-V [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,234
|
460
|
Accounting Standards Update 2014-09 [Member] | Buoy [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
|
250
|
Accounting Standards Update 2014-09 [Member] | Service [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
|
319
|
Accounting Standards Update 2014-09 [Member] | Product [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,234
|
1,029
|
Accounting Standards Update 2016-02 [Member] | North And South America [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
|
225
|
Accounting Standards Update 2016-02 [Member] | Europe [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
67
|
18
|
Accounting Standards Update 2016-02 [Member] | Region [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
67
|
243
|
Accounting Standards Update 2016-02 [Member] | WAM-V [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
67
|
243
|
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 |
$ 67
|
$ 243
|
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v3.24.3
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
|
|
|
Jul. 31, 2024 |
Jul. 31, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Aug. 31, 2020 |
Product Information [Line Items] |
|
|
|
|
|
Cash, Cash Equivalents, and Short-Term Investments |
$ 3,300,000
|
$ 3,300,000
|
|
|
|
Employee benefits and share based compensation |
300,000
|
$ 400,000
|
|
|
|
Revenue remaining performance obligation |
$ 5,300,000
|
|
|
|
|
Expects to recognize revenue remaining performance obligation, percentage |
65.00%
|
|
|
|
|
Expects to recognize revenue remaining performance obligation |
$ 3,400,000
|
|
|
|
|
Antidilutive securities excluded from computation of earnings per share, amount |
6,259,956
|
7,614,992
|
|
|
|
Product development expense |
$ 500,000
|
$ 1,900,000
|
|
|
|
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 at Point in Time [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Revenue remaining performance obligation |
$ 1,200,000
|
500,000
|
|
|
|
Transferred over Time [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Revenue remaining performance obligation |
$ 100,000
|
$ 800,000
|
|
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Concentration risk percentage |
84.00%
|
|
|
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Four Customers [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Concentration risk percentage |
|
73.00%
|
|
|
|
Santander Bank [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Deposits |
$ 154,000
|
|
|
|
|
Santander Bank [Member] | Letter Two [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Letters of credit issued amount |
|
|
$ 65,000
|
$ 258,000
|
|
Santander Bank [Member] | Letter Two [Member] | August 2020 [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Letters of credit outstanding |
|
|
|
|
$ 323,000
|
Santander Bank [Member] | Restricted Cash and Security Agreements [Member] | Letter One [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Letters of credit outstanding |
|
|
|
|
$ 645,000
|
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Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands |
Jul. 31, 2024 |
Apr. 30, 2024 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 5,790
|
$ 5,416
|
Less: accumulated depreciation |
(2,177)
|
(1,973)
|
Property and equipment, net |
3,613
|
3,443
|
Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
1,567
|
1,530
|
Computer Equipment & Software [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
790
|
790
|
Office Furniture & Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
422
|
422
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
683
|
683
|
Leased WAM-Vs [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
1,864
|
1,547
|
Leased Buoys [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 464
|
$ 444
|
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v3.24.3
Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands |
Jul. 31, 2024 |
Apr. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Patents |
$ 2,729
|
$ 2,729
|
Trademarks |
2,769
|
2,769
|
Intangible assets, gross |
5,498
|
5,498
|
Accumulated amortization |
(1,909)
|
(1,876)
|
Intangible assets, net |
$ 3,589
|
$ 3,622
|
X |
- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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v3.24.3
Goodwill (Details Narrative) - USD ($)
|
3 Months Ended |
|
|
Jul. 31, 2024 |
Jul. 31, 2023 |
Apr. 30, 2024 |
Nov. 30, 2021 |
Goodwill |
$ 8,537,000
|
|
$ 8,537,000
|
|
Impairment of goodwill |
$ 0
|
$ 0
|
|
|
Marine Advanced Robotics, Inc. [Member] |
|
|
|
|
Goodwill |
|
|
|
$ 8,500,000
|
X |
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v3.24.3
Schedule of Stock Option Activity (Details) - $ / shares
|
3 Months Ended |
12 Months Ended |
Jul. 31, 2024 |
Apr. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
|
Shares Underlying Options Outstanding, beginning |
734,543
|
|
Weighted Average Exercise Price, Beginning balance |
$ 2.12
|
|
Weighted Average Remaining Contractual Term (In Years), Ending |
7 years 3 months 18 days
|
7 years 7 months 6 days
|
Shares underlying Options Outstanding, Granted |
|
|
Weighted Average Exercise Price, Granted |
|
|
Shares Underlying Options ,Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Shares Underlying Options, Cancelled/forfeited |
(70,269)
|
|
Weighted Average Exercise Price, Cancelled/forfeited |
$ 0.89
|
|
Shares Underlying Options, ending |
664,274
|
|
Weighted average exercise price, ending balance |
$ 2.25
|
|
Shares Underlying Options, Exercisable at Ending |
454,056
|
|
Weighted Average Exercise Price, Exercisable at ending |
$ 2.88
|
|
Weighted Average Remaining Contractual Term (In Years), Exercisable at Ending |
6 years 9 months 18 days
|
|
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v3.24.3
Schedule of Non-vested Restricted Stock Activity (Details) - Non-vested Restricted Stock [Member]
|
3 Months Ended |
Jul. 31, 2024
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Shares, Unvested, Beginning |
5,124,529
|
Weighted Average Price per Share, Unvested, Beginning | $ / shares |
$ 0.38
|
Number of Shares, Unvested, Granted/Adjusted |
693,038
|
Weighted Average Price per Share, Granted/Adjusted | $ / shares |
$ 0.09
|
Number of Shares, Unvested, Vested and issued |
|
Number of Shares, Cancelled/forfeited |
(572,584)
|
Weighted Average Price per Share, Cancelled/forfeited | $ / shares |
$ 0.30
|
Number of Shares, Unvested, Ending |
5,244,983
|
Weighted Average Price per Share, Unvested, Ending | $ / shares |
$ 0.35
|
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v3.24.3
Share-Based Compensation (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
|
|
|
Feb. 09, 2022 |
Feb. 29, 2024 |
Jul. 31, 2024 |
Jul. 31, 2023 |
Apr. 30, 2023 |
Jan. 18, 2018 |
Dec. 31, 2015 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation arrangement shares authorized increase |
|
2,900,000
|
|
|
|
|
|
Unrecognized compensation cost related to non-vested stock |
|
|
$ 99,000
|
|
|
|
|
Share-based compensation of weighted-average period |
|
|
1 year 2 months 12 days
|
|
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Options, outstanding, intrinsic value |
|
|
$ 0
|
|
|
|
|
Options unvested |
|
|
210,000
|
|
|
|
|
Weighted average remaining contractual term |
|
|
8 years 2 months 12 days
|
|
|
|
|
Share-based payment arrangement, expense |
|
|
$ 19,000
|
$ 79,000
|
|
|
|
Employee Stock Option One [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Options, outstanding, intrinsic value |
|
|
0
|
|
|
|
|
Performance Shares [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Options unvested |
|
|
|
|
66,667
|
|
|
Share-based payment arrangement, expense |
|
|
0
|
43,000
|
|
|
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based payment arrangement, expense |
|
|
$ 240,000
|
$ 280,000
|
|
|
|
Share-based compensation of weighted-average period |
|
|
1 year 3 months 18 days
|
|
|
|
|
Number of restricted shares, granted |
|
|
0
|
52,500
|
|
|
|
Unrecognized compensation cost |
|
|
$ 959,000
|
|
|
|
|
2015 Omnibus Incentive Plan [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation arrangement shares authorized |
|
|
7,282,036
|
|
|
|
1,332,036
|
2018 Inducement Plan [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation arrangement shares authorized |
250,000
|
|
|
|
|
|
|
Share-based compensation arrangement shares authorized increase |
275,000
|
|
|
|
|
|
|
Capital shares reserved for future issuance |
|
|
|
|
|
25,000
|
|
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Fair Value Measurements (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
Jul. 31, 2024 |
Jul. 31, 2024 |
Jul. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
|
|
Cash payments |
$ 50,000
|
|
|
Stock issued during period, shares |
2,864,808
|
|
|
Stock issued during period, value |
$ 500,000
|
$ 630,000
|
$ 1,250,000
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v3.24.3
Subsequent Events (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
|
|
Sep. 13, 2024 |
Jul. 31, 2024 |
Jul. 31, 2023 |
Aug. 30, 2024 |
Aug. 29, 2024 |
Apr. 30, 2024 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
Common stock, par value |
|
$ 0.001
|
|
|
|
$ 0.001
|
Common Stock, Shares Authorized |
|
100,000,000
|
|
|
|
100,000,000
|
Net proceeds from common stock |
|
$ 6,529,000
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Common stock, par value |
|
|
|
$ 0.001
|
|
|
Common Stock, Shares Authorized |
|
|
|
200,000,000
|
100,000,000
|
|
Tax exemption plan |
First Offering and the Second
Offering noted above up to the amount of shares equal to $1.5 million divided by the offering price in each offering and shall be exempted
from being an Acquiring Person
|
|
|
|
|
|
Subsequent Event [Member] | First RDO Purchase Agreement [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Common stock, par value |
$ 0.001
|
|
|
|
|
|
Net proceeds from common stock |
$ 1,500,000
|
|
|
|
|
|
Common stock, issuance description |
The First RDO Shares will be issued at a price per share of 80% of the lowest traded price of the Common Stock
ten days prior to the closing date for the purchase of the shares
|
|
|
|
|
|
Right to sell, common stock value |
$ 3,500,000
|
|
|
|
|
|
Subsequent Event [Member] | Second R D O Purchase Agreement [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Net proceeds from common stock |
$ 1,500,000
|
|
|
|
|
|
Common stock, issuance description |
The Second RDO Shares will be issued at a price per share of 80% of the lowest traded price of the Common Stock five days prior
to the closing date for the purchase of the shares
|
|
|
|
|
|
Right to sell, common stock value |
$ 2,500,000
|
|
|
|
|
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Ocean Power Technologies (AMEX:OPTT)
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