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Leases | 3 Months Ended
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Jul. 31, 2020
Leases [Abstract] |
Leases | (6) Leases Lessor Information As of July 31, 2020, the Company has one lease which has been classified as an operating lease per accounting guidance contained within ASC Topic 842,” Leases”. The Company’s remaining term on this operating lease is less than 16 months. The maturity of lease payments remaining on this lease is immaterial. Lessee Information The Company has a lease for its facility located in Monroe Township, New Jersey that is used as warehouse/production space and the Company’s principal offices and corporate headquarters. The initial lease term is for 7 years with an option to extend the lease for another 5 years. The lease is classified as an operating lease. The operating lease is included in right-of-use assets, lease liabilities- current and lease liabilities- long-term on the Company’s Consolidated Balance Sheets. Right-of-use asset and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. When the implicit rate of the lease is not provided or cannot be determined, the Company uses the incremental borrowing rate based on the information available at the effective date to determine the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The renewal options have not been included in the lease term as they are not reasonably certain of exercise. Lease expense for minimum lease payments is recognized on a straight- line basis over the lease term and consists of interest on the lease liability and the amortization of the right of use asset. Variable lease expenses, if any, are recorded as incurred. On June 10, 2020 the Company signed a 12-month lease for office space in Houston, Texas. The lease can be extended by the Company by providing the lessor on or before the notice date of the Company’s intent to renew or terminate the lease. ASC Topic 842, “Leases” allows a company an accounting policy election to recognize lease payments to the Consolidated Statement of Operations on a straight-line basis if the lease term is equal to or less 12 months and not recognize a right-of use asset and lease liability. The accounting policy is made on the commencement date of the lease. The operating cash flows from operating leases cash payments for the three months ended July 31, 2020 and 2019 was $83,000 and $79,000, respectively. The operating lease straight-line expense in the Consolidated Statement of Operations for both the three months ended July 31, 2020 and 2019 was as follows:
|  | Three months ended July 31, |
|  | 2020 |  |  | 2019 |
|  | (in thousands) |
Operating lease cost |  | $ | 79 |  |  | $ | 79 |
Short-term lease cost |  |  | 2 |  |  |  | - |
Total lease cost |  | $ | 81 |  |  | $ | 79 |
Information related to the Company’s right-of use assets and lease liabilities as of July 31, 2020 was as follows:
|  | July 31, 2020 |
|  | (in thousands) |
Operating lease: |  |  |  |
Operating right-of-use asset, net |  | $ | 1,113 |
Right-of-use liability- current |  |  | 236 |
Right-of-use liability- long term |  |  | 1,017 |
Total lease liability |  | $ | 1,253 |
Weighted average remaining lease term- operating leases |  |  | 4.23 years |
Weighted average discount rate- operating leases |  |  | 8.5 | %
Total remaining lease payments under the Company’s operating leases are as follows:
|  | July 31, 2020 |
|  |  | (in thousands) |
Remainder of fiscal year 2021 |  | $ | 250 |
2022 |  |  | 341 |
2023 |  |  | 352 |
2024 |  |  | 362 |
2025 |  |  | 184 |
Total future minimum lease payments |  | $ | 1,489 |
Less imputed interest |  |  | (236 | )
Total |  | $ | 1,253 |

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- Definition Leases, disclosure text block. + References No definition available. + Details
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Namespace Prefix: | OPTT_
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Balance Type: | na
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- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration