Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Apr. 30, 2015
Apr. 30, 2014
CURRENT ASSETS:    
Cash and cash equivalents $ 2,364,360 $ 2,177,070
Accounts receivable, net of allowance of $92,000 and $100,000 at April 30, 2015 and April 30, 2014, respectively 6,494,890 4,615,753
Costs and estimated earnings in excess of billings on uncompleted contracts 420,434 431,348
Prepaid expenses and other current assets 159,769 152,063
Current assets held for sale 4,566,251 9,232,361
Total current assets 14,005,704 16,608,595
Property and equipment, net 162,986 176,281
Other assets 11,384 48,776
Other assets held for sale 977,119 5,188,074
Total assets 15,157,193 22,021,726
CURRENT LIABILITIES:    
Current portion of loans payable 39,935 31,680
Senior secured convertible notes, net of debt discount of $0 and $853,000, respectively 0 44,921
Accounts payable and accrued expenses 5,409,361 3,826,049
Accrued severance 0 1,520,205
Billings in excess of costs and estimated earnings on uncompleted contracts 1,346,461 1,448,563
Other payable to Zurich 360,000 1,533,757
Short-term promissory note 1,703,000 0
Income taxes payable 4,908 7,274
Dividend payable 677,546 72,034
Current liabilities held for sale 5,710,807 7,513,356
Total current liabilities 15,252,018 15,997,839
Loans payable, net of current portion 44,239 56,537
Total liabilities $ 15,296,257 $ 16,054,376
COMMITMENTS AND CONTINGENCIES    
WPCS (DEFICIT) EQUITY:    
Common stock - $0.0001 par value, 100,000,000 shares authorized, 982,660 and 632,417 shares issued and outstanding as of April 30, 2015 and April 30, 2014, respectively $ 98 $ 63
Additional paid-in capital 70,380,397 66,673,434
Accumulated deficit (76,550,894) (65,222,355)
Accumulated other comprehensive income on foreign currency translation 349,723 1,232,003
Total WPCS (deficit) equity (699,979) 5,121,145
Non-controlling interest 560,915 846,205
Total (deficit) equity (139,064) 5,967,350
Total liabilities and equity 15,157,193 22,021,726
Convertible Series E [Member]    
WPCS (DEFICIT) EQUITY:    
Preferred stock 0 2,438,000
Convertible Series F [Member]    
WPCS (DEFICIT) EQUITY:    
Preferred stock 1,589,933 0
Convertible Series G [Member]    
WPCS (DEFICIT) EQUITY:    
Preferred stock 731,706 0
Convertible Series F-1 [Member]    
WPCS (DEFICIT) EQUITY:    
Preferred stock 1,702,808 $ 0
Convertible Series G-1 [Member]    
WPCS (DEFICIT) EQUITY:    
Preferred stock $ 1,096,250