Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Apr. 30, 2015
Apr. 30, 2014
REVENUE $ 24,417,686 $ 15,751,092
COSTS AND EXPENSES:    
Cost of revenue 20,559,427 12,725,037
Selling, general and administrative expenses 4,867,056 5,072,566
Severance expense 0 1,775,732
Depreciation and amortization 60,207 110,058
Costs and Expenses 25,486,690 19,683,393
OPERATING LOSS (1,069,004) (3,932,301)
OTHER EXPENSE (INCOME):    
Interest expense 2,838,739 4,795,178
Change in fair value of derivative liabilities 0 833,750
Loss on extinguishment of Notes 0 1,299,304
Inducement expense 5,492,842 0
Income from section 16 settlement (1,401,516) 0
Gain on forgiveness of other payable to Zurich (883,757) 0
Other income (187,209) 0
Loss from continuing operations before income tax provision (6,928,103) (10,860,533)
Income tax provision (benefit) 69,679 (297,843)
LOSS FROM CONTINUING OPERATIONS (6,997,782) (10,562,690)
Discontinued operations:    
Loss from discontinued operations (2,550,113) (380,516)
Gain (loss) from disposal 798,896 (104,446)
Loss from discontinued operations, net of tax (2,106,449) (484,962)
CONSOLIDATED NET LOSS (9,104,231) (11,047,652)
Net (loss) income attributable to noncontrolling interest (284,210) 11,287
NET LOSS ATTRIBUTABLE TO WPCS (8,820,021) (11,058,939)
Dividend declared on preferred stock (2,508,518) (109,027)
NET LOSS ATTRIBUTABLE TO WPCS COMMON SHAREHOLDERS $ (11,328,539) $ (11,167,966)
Basic and diluted net loss attributable to WPCS common shareholders:    
Loss from continuing operations $ (14.13) $ (41.94)
Loss from discontinued operations (3.37) (1.54)
Gain (loss) from disposal 0.66 (0.41)
Basic and diluted net loss from discontinued operations (2.71) (1.95)
Basic and diluted net loss per common share attributable to WPCS $ (16.84) $ (43.89)
Basic and diluted weighted average number of common shares outstanding 672,723 254,446
BTX Trader LLC [Member]    
Discontinued operations:    
Loss from disposal of Seattle Operations $ 19,700 $ 0
Seattle Inc [Member]    
Discontinued operations:    
Loss from disposal of Seattle Operations $ (374,932) $ 0