Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 6 Months Ended
Oct. 31, 2013
Oct. 31, 2012
Oct. 31, 2013
Oct. 31, 2012
REVENUE $ 7,355,744 $ 7,958,243 $ 15,187,127 $ 19,246,260
COSTS AND EXPENSES:        
Cost of revenue 5,602,337 5,013,329 11,346,996 13,968,212
Selling, general and administrative expenses 1,854,241 2,061,126 3,837,815 4,156,282
Severance expense 0 0 1,474,277 0
Depreciation and amortization 214,895 268,179 457,952 572,286
Costs and Expenses 7,671,473 7,342,634 17,117,040 18,696,780
OPERATING (LOSS) INCOME (315,729) 615,609 (1,929,913) 549,480
OTHER EXPENSE (INCOME):        
Interest expense 2,380,885 320,608 3,540,942 441,013
Change in fair value of derivative liabilities (2,208,155) 0 833,750 0
(Loss) income from continuing operations before income tax provision (488,459) 295,001 (6,304,605) 108,467
Income tax (benefit) provision (5,863) (199,705) 18,288 (65,176)
(LOSS) INCOME FROM CONTINUING OPERATIONS (482,596) 494,706 (6,322,893) 173,643
Discontinued operations        
Loss from operations of discontinued operations, net of tax provision of $0, $215,700, $0, and $269,864 respectively (8,718) (473,728) (39,747) (1,484,142)
(Loss) gain from disposal 0 (485,212) 0 1,839,419
(Loss) income from discontinued operations, net of tax (8,718) (958,940) (39,747) 355,277
CONSOLIDATED NET (LOSS) INCOME (491,314) (464,234) (6,362,640) 528,920
Net (loss) income attributable to noncontrolling interest (18,310) 29,152 3,434 28,605
NET (LOSS) INCOME ATTRIBUTABLE TO WPCS $ (473,004) $ (493,386) $ (6,366,074) $ 500,315
Basic and diluted net (loss) income per common share attributable to WPCS:        
(Loss) income from continuing operations attributable to WPCS $ (0.36) $ 0.47 $ (5.57) $ 0.15
(Loss) income from discontinued operations attributable to WPCS $ (0.01) $ (0.97) $ (0.03) $ 0.35
Basic and diluted net (loss) income per common share attributable to WPCS $ (0.37) $ (0.50) $ (5.60) $ 0.50
Basic weighted average number of common shares outstanding 1,272,877 994,187 1,136,750 994,187
Diluted weighted average number of common shares outstanding 1,272,877 995,469 1,136,750 998,160