Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Oct. 31, 2013
Apr. 30, 2013
CURRENT ASSETS:    
Cash and cash equivalents $ 1,498,206 $ 915,752
Restricted cash 0 1,869,178
Accounts receivable, net of allowance of $999,643 and $1,107,593 at October 31, 2013 and April 30, 2013, respectively 9,099,911 7,085,969
Costs and estimated earnings in excess of billings on uncompleted contracts 1,149,409 1,079,367
Deferred contract costs 1,745,324 1,597,894
Prepaid expenses and other current assets 237,962 140,122
Prepaid income taxes 2,185 2,185
Current assets held for sale 1,843,353 1,905,449
Total current assets 15,576,350 14,595,916
PROPERTY AND EQUIPMENT, net 2,370,591 2,754,734
OTHER INTANGIBLE ASSETS, net 0 16,228
OTHER ASSETS 63,347 227,259
OTHER ASSETS HELD FOR SALE 405,542 550,829
Total assets 18,415,830 18,144,966
CURRENT LIABILITIES:    
Current portion of loans payable 46,773 43,942
Senior secured convertible notes, net of debt discount of $3,400,000 and $2,888,889, October 31, 2013 and April 30, 2013, respectively 0 1,111,111
Derivative liability - senior secured convertible notes 0 3,088,756
Accounts payable and accrued expenses 4,316,412 4,102,050
Accrued severance expense 1,381,249 0
Billings in excess of costs and estimated earnings on uncompleted contracts 1,998,367 1,619,307
Deferred revenue 420,550 113,503
Other payable 1,533,757 1,743,986
Short-term bank loan 3,283,860 2,432,205
Income taxes payable 46,816 139,557
Current liabilities held for sale 700,430 685,631
Total current liabilities 13,728,214 15,080,048
Loans payable, net of current portion 147,222 133,838
Derivative liability - warrants 0 3,858,508
Total liabilities 13,875,436 19,072,394
COMMITMENTS AND CONTINGENCIES      
WPCS EQUITY (DEFICIT):    
Preferred stock - $0.0001 par value, 5,000,000 shares authorized, none issued 0 0
Common stock - $0.0001 par value, 14,285,714 shares authorized, 1,308,669 and 994,187 shares issued and outstanding at October 31, 2013 and April 30, 2013, respectively 131 99
Additional paid-in capital 62,803,147 50,844,183
Accumulated deficit (60,420,463) (54,054,389)
Accumulated other comprehensive income on foreign currency translation 1,294,816 1,433,541
Total WPCS equity (deficit) 3,677,631 (1,776,566)
Noncontrolling interest 862,763 849,138
Total equity (deficit) 4,540,394 (927,428)
Total liabilities and equity $ 18,415,830 $ 18,144,966