Business Context and Reporting Period
Company: Ocean Power Technologies, Inc. (OPT)
Filing Type: Form 8-K (Current Report)
Date of Report: September 26, 2007 (Event Date); Signed October 2, 2007
Business Context: OPT is engaged in the development and construction of wave power systems. This filing reports a material modification to an existing contract with the U.S. Navy.
Key Financial Metrics
This filing does not provide comprehensive financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The only specific financial figure disclosed is related to contract funding:
- Additional Contract Funding: $1.9 million
- Source: Office of Naval Research, U.S. Navy
- Project Scope: Development and construction of wave power systems off the Hawaiian island of Oahu.
Material Changes
On September 26, 2007, OPT entered into a modification of its contract with the U.S. Navy. This modification, combined with a previous modification, makes the company eligible to receive an additional $1.9 million in funding for its ongoing project. No other material changes to financial position or operations are detailed in this specific filing.
Guidance, Outlook, and Risks
Management Commentary: The company issued a press release on October 2, 2007, announcing the additional funding. The full text is incorporated by reference as Exhibit 99.1.
Risks and Contingencies: The filing does not explicitly list new risks or contingencies. It notes that the description of the contract modification is not complete and refers readers to the full contract documents to be filed as exhibits in the next quarterly report (Form 10-Q) for the period ended October 31, 2007.
Investor Verification Checklist
- Verify the terms and conditions of the contract modification in the upcoming Form 10-Q for the period ended October 31, 2007.
- Review the full text of the press release dated October 2, 2007 (Exhibit 99.1) for further details on the funding timeline.
- Confirm the impact of the $1.9 million funding on the company's cash flow and revenue recognition in future quarterly reports.