Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Oct. 31, 2015
Apr. 30, 2015
Current assets:    
Cash and cash equivalents $ 2,515,318 $ 2,364,360
Accounts receivable, net of allowance of $92,000 at October 31, 2015 and April 30, 2015 4,087,358 6,494,890
Costs and estimated earnings in excess of billings on uncompleted contracts 585,721 420,434
Prepaid expenses and other current assets 67,354 159,769
Current assets held for sale 0 4,566,251
Total current assets 7,255,751 14,005,704
Property and equipment, net 147,755 162,986
Other assets 25,384 25,384
Other assets held for sale 0 963,119
Total assets 7,428,890 15,157,193
Current liabilities:    
Current portion of loans payable 37,156 39,935
Accounts payable and accrued expenses 2,760,288 5,414,269
Billings in excess of costs and estimated earnings on uncompleted contracts 1,549,500 1,346,461
Other payable to Zurich 90,000 360,000
Short-term promissory notes 0 1,703,000
Dividends payable 105,885 677,546
Current liabilities held for sale 0 5,710,807
Total current liabilities 4,542,829 15,252,018
Loans payable, net of current portion 43,943 44,239
Total liabilities $ 4,586,772 $ 15,296,257
Commitments
WPCS equity (deficit):    
Common stock - $0.0001 par value, 100,000,000 shares authorized, 2,497,002 and 982,660 shares issued and outstanding as of October 31, 2015 and April 30, 2015, respectively $ 250 $ 98
Additional paid-in capital 83,916,701 70,380,397
Accumulated deficit (82,718,644) (76,550,894)
Accumulated other comprehensive income on foreign currency translation 0 349,723
Total WPCS equity (deficit) 2,842,118 (699,979)
Noncontrolling interest 0 560,915
Total equity (deficit) 2,842,118 (139,064)
Total liabilities and equity 7,428,890 15,157,193
Convertible Series F [Member]    
WPCS equity (deficit):    
Preferred stock 0 1,589,933
Convertible Series F-1 [Member]    
WPCS equity (deficit):    
Preferred stock 0 1,702,808
Convertible Series G [Member]    
WPCS equity (deficit):    
Preferred stock 0 731,706
Convertible Series G-1 [Member]    
WPCS equity (deficit):    
Preferred stock 476,234 1,096,250
Convertible Series H [Member]    
WPCS equity (deficit):    
Preferred stock 433,982 0
Convertible Series H-1 [Member]    
WPCS equity (deficit):    
Preferred stock $ 733,595 $ 0