Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v2.4.0.8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Oct. 31, 2013
Summary Of Significant Accounting Policies  
Schedule of Finite-Lived Intangible Assets
Other intangible assets consist of the following at October 31, 2013 and April 30, 2013:
 
 
 
Estimated useful life
 
October 31,
 
April 30,
 
 
 
(years)
 
2013
 
2013
 
 
 
 
 
 
 
 
 
 
 
Customer list
 
3-9
 
$
1,078,250
 
$
1,190,083
 
Less accumulated amortization
 
 
 
 
(1,078,250)
 
 
(1,173,855)
 
 
 
 
 
$
-
 
$
16,228
 
Schedule of Earnings Per Share, Basic and Diluted
The table below presents the computation of basic and diluted net (loss) income per common share from continuing operations for the three and six months ended October 31, 2013 and 2012, respectively:
 
Basic net (loss) income per share from continuing operations computation
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
October 31,
 
October 31,
 
 
 
2013
 
2012
 
2013
 
2012
 
Numerator:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to WPCS
 
$
(464,286)
 
$
465,554
 
$
(6,326,327)
 
$
145,038
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
 
1,272,877
 
 
994,187
 
 
1,136,750
 
 
994,187
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic net (loss) income per common share attributable to WPCS
 
$
(0.36)
 
$
0.47
 
$
(5.57)
 
$
0.15
 
 
Diluted net (loss) income per share from continuing operations computation
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
October 31,
 
October 31,
 
 
 
2013
 
2012
 
2013
 
2012
 
Numerator:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to WPCS
 
$
(464,286)
 
$
465,554
 
$
(6,326,327)
 
$
145,038
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
 
1,272,877
 
 
994,187
 
 
1,136,750
 
 
994,187
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Incremental shares from assumed conversion:
 
 
 
 
 
 
 
 
 
 
 
 
 
Conversion of stock options
 
 
-
 
 
1,282
 
 
-
 
 
3,973
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted weighted average shares
 
 
1,272,877
 
 
995,469
 
 
1,136,750
 
 
998,160
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted net (loss) income per common share attributable to WPCS
 
$
(0.36)
 
$
0.47
 
$
(5.57)
 
$
0.15
 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following were excluded from the computation of diluted shares outstanding due to the lossesfrom continuing operations for the three and six months ended October 31, 2013 as they would have had an anti-dilutive impact on the Company's net loss.
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
October 31
 
October 31
 
 
 
2013
 
2013
 
Common stock equivalents:
 
 
 
 
 
Stock options
 
1,273
 
1,831
 
Conversion of senior secured convertible notes
 
678,808
 
790,044
 
Stock warrants
 
1,646,426
 
1,136,479
 
 
 
 
 
 
 
Totals
 
2,326,507
 
1,928,354
 
Schedule of Noncontrolling Interest
Noncontrolling interest for the three and six months ended October 31, 2013 and 2012 consists of the following:
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
October 31,
 
October 31,
 
 
 
2013
 
2012
 
2013
 
2012
 
Balance, beginning of period
 
$
875,629
 
$
1,102,440
 
$
849,138
 
$
1,117,322
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to noncontrolling interest
 
 
(18,310)
 
 
29,152
 
 
3,434
 
 
28,605
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income attributable to noncontrolling interest
 
 
5,444
 
 
21,729
 
 
10,191
 
 
7,394
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, end of period
 
$
862,763
 
$
1,153,321
 
$
862,763
 
$
1,153,321