SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Jan. 31, 2013

Summary Of Significant Accounting Policies

Schedule of Goodwill

Changes in goodwill consist of the following during the nine months ended January 31, 2013 and 2012:

	January 31, 2013		January 31, 2012
Beginning balance, May 1, 2012 and 2011	$	1,930,826	$	2,044,856
Foreign currency translation adjustments		15,675		(56,670	)
Ending balance, January 31, 2013 and 2012	$	1,946,501	$	1,988,186

Schedule of Finite-Lived Intangible Assets

Other intangible assets consist of the following at January 31, 2013 and April 30, 2012:

	Estimated useful life	January 31,			April 30,
	(years)	2013			2012
Customer list	3-9	$	1,978,228		$	2,961,799
Less accumulated amortization			(1,693,155	)		(2,579,895	)
			285,073			381,904
Contract backlog	1-3		1,036,786			1,034,787
Less accumulated amortization			(1,036,786	)		(1,033,839	)
			-			948
Totals		$	285,073		$	382,852

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net loss per share from continuing operations computation

	Three Months Ended						Nine Months Ended
	January 31,						January 31,
	2013			2012			2013			2012
Numerator:
Net loss attributable to WPCS	$	(1,243,331	)	$	(8,719,385	)	$	(1,854,876	)	$	(8,917,738	)
Denominator:
Basic and diluted weighted average shares outstanding		6,954,766			6,954,766			6,954,766			6,954,766
Basic and diluted net loss per common share attributable to WPCS	$	(0.18	)	$	(1.25	)	$	(0.26	)	$	(1.28	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following were excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact on the Company’s loss from continuing operations.

	Three Months Ended				Nine Months Ended
	January 31,				January 31,
	2013		2012		2013		2012
Common stock equivalents:
Stock options		802,200		245,136		802,200		245,136
Conversion of Notes		10,615,711		-		10,615,711		-
Stock warrants		15,923,567		-		15,923,567		-
Totals		27,341,478		245,136		27,341,478		245,136

Schedule of Noncontrolling Interest

Noncontrolling interest for the three and nine months ended January 31, 2013 and 2012 consists of the following:

	Three Months Ended					Nine Months Ended
	January 31,					January 31,
	2013			2012		2013			2012
Balance, beginning of period	$	1,153,321		$	1,113,147	$	1,117,322		$	1,038,428
Distributions to noncontrolling interest		(166,846	)		-		(166,846	)		-
Net income attributable to noncontrolling interest		54,317			36,500		82,922			96,560
Other comprehensive income attributable to noncontrolling interest		3,004			6,357		10,398			21,016
Balance, end of period	$	1,043,796		$	1,156,004	$	1,043,796		$	1,156,004