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, 2015
Oct. 31, 2014
Oct. 31, 2015
Oct. 31, 2014
Revenue $ 3,824,241 $ 6,089,672 $ 8,288,244 $ 12,154,129
Costs and expenses:        
Cost of revenue 3,294,565 5,112,525 6,741,768 9,892,944
Selling, general and administrative expenses 2,555,206 1,318,408 3,868,009 2,363,418
Depreciation and amortization 14,493 15,641 29,462 31,824
Costs and expenses 5,864,264 6,446,574 10,639,239 12,288,186
Operating loss (2,040,023) (356,902) (2,350,995) (134,057)
Other income (expense):        
Interest expense (606) (1,990) (1,498) (2,837,472)
Inducement expense 0 (1,870,498) 0 (1,870,498)
Income from section 16 settlement 0 350,000 400,000 350,000
Other expenses 0 (942) (2,906) (8,442)
Loss from continuing operations before income tax provision (2,040,629) (1,880,332) (1,955,399) (4,500,469)
Income tax provision 0 1,825 1,099 29,188
Loss from continuing operations (2,040,629) (1,882,157) (1,956,498) (4,529,657)
Discontinued operations:        
(Loss) income from discontinued operations 0 (1,887,384) 41,261 (2,325,498)
Gain from disposal 837,720 0 837,720 798,896
Income (loss) from discontinued operations, net of tax 837,720 (1,887,384) 878,981 (1,526,602)
Consolidated net loss (1,202,909) (3,769,541) (1,077,517) (6,056,259)
Net (loss) income attributable to noncontrolling interest 0 (53,115) 16,505 (102,135)
Net loss attributable to WPCS (1,202,909) (3,716,426) (1,094,022) (5,954,124)
Dividends declared on preferred stock (782,837) (116,212) (4,369,958) (190,699)
Deemed dividend on convertible preferred stock, due to beneficial conversion feature 0 0 (703,770) 0
Net loss attributable to WPCS common shareholders $ (1,985,746) $ (3,832,638) $ (6,167,750) $ (6,144,823)
Basic and diluted net loss attributable to WPCS common shareholders:        
Loss from continuing operations $ (1.17) $ (3.16) $ (3.62) $ (7.46)
(Loss) income from discontinued operations 0 (2.90) 0.01 (3.52)
Gain from disposal 0.35 0 0.43 1.26
Basic and diluted net income (loss) from discontinued operations 0.35 (2.91) 0.44 (2.26)
Basic and diluted net loss per common share attributable to WPCS $ (0.82) $ (6.06) $ (3.17) $ (9.72)
Basic and diluted weighted average number of common shares outstanding 2,415,113 632,417 1,942,681 632,417