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Subsequent Events | 9 Months Ended
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Jan. 31, 2021
Subsequent Events [Abstract] |
Subsequent Events | (19) Subsequent Events On February 1, 2021, the Company entered into a unit purchase agreement (the “3dent Agreement”), pursuant to which the Company acquired all of the outstanding equity interest of 3dent Technology, LLC (“3dent”), a Houston, Texas based company that offers offshore energy engineering and design services that are complementary to OPT’s technology and products. In consideration for the purchase, the Company issued 361,991 shares of its common stock to the sellers with an agreed value of $800,000 based on the closing price of the Company’s common stock on the date that the Company agreed to terms with 3dent. In addition, the former owners of 3dent will be eligible for awards of performance stock with a potential value of $360,000 if certain revenue targets are achieved over the next 12 months. The 3dent Agreement includes a number of other standard representations, warranties, covenants and indemnifications. The Company is accounting for the transaction as a business combination under ASC 805, “Business Combinations.” Accordingly, the assets acquired and the liabilities assumed will be recorded at their estimated fair value on the date of acquisition. Goodwill from the acquisition principally relates to excess value of the purchase price over the fair value of identified net assets and liabilities. Under ASC 805, acquisition-related transaction costs (such as advisory, legal, valuation, other professional fees) have been expensed in the statement of operations in the period incurred.

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- Definition The 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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