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Subsequent Events | 12 Months Ended
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Apr. 30, 2023
Subsequent Events [Abstract] |
Subsequent Events | (19) Subsequent Events Earn out payment On November 15, 2021, the Company entered into a stock purchase agreement with the sellers named therein (the “Sellers”) pursuant to which the Company acquired from the Sellers all the outstanding equity interest of Marine Advanced Robotics, Inc. (“MAR”). MAR is a Richmond, California based company that is the developer of Wave Adaptive Modular Vessel technology, which enables roaming capabilities for unmanned equipment in waters around the world. In consideration for the purchase, the Company paid $4,000,000 in cash to the Sellers and issued 3,330,162 shares of our common stock to the Sellers. Pursuant to registration rights that we granted under such stock purchase agreement, the Company previously filed a registration statement to register the resale of the 3,330,162 shares of our common stock that we issued to the Sellers. On June 29, 2023, the Company issued an additional 2,403,846 shares of our common stock to the Sellers and to certain employees of MAR. 1,923,077 shares related to the earnout provisions of such stock purchase agreement, as well as 480,769 shares related to performance bonuses for MAR employees which was not related to the business combination, and further agreed to register the resale of such additional shares. The Company filed a registration statement on Form S-3 on June 30, 2023 to this effect. Tax benefits preservation plan On June 30, 2023, the Company adopted a tax benefits preservation plan in the form of a Section 382 Rights Agreement. Under the terms of this plan, if enacted by the Company’s Board of Directors, each common shareholder is entitled to one preferred stock purchase right for each share of OPT’s common stock held as of the close of business on July 11, 2023 (the record date). Management assessed the impact of the distribution of the rights and deemed the issuance of the rights to existing shareholders to be a freestanding equity instrument.

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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 -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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