SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Apr. 30, 2013

Summary Of Significant Accounting Policies

Schedule of Earnings Per Share, Basic and Diluted

	Years Ended
	April 30,
	2013		2012
Numerator:
Net loss attributable to WPCS	$	(6,910,727)	$	(20,547,831)
Denominator:
Basic and diluted weighted average shares outstanding		993,538		993,538
Basic and diluted net loss per common share attributable to WPCS	$	(6.95)	$	(20.68)

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.

	Years Ended
	April 30,
	2013		2012
Common stock equivalents:
Stock options		116,279		33,819
Conversion of senior secured convertible notes		1,857,097		-
Stock warrants		2,274,796		-
Totals		4,248,172		33,819

Fair Value Of Stock Options Granted

The following assumptions were used to compute the fair value of stock options granted during the year ended April 30, 2013:

	Year Ended
	April 30,
	2013
Average risk-free interest rate		0.38	%
Average expected volatility		53.3	%
Average expected dividend yield		0.00	%
Average expected term (in years)		2.75

Schedule of Noncontrolling Interest

Noncontrolling interest for the years ended April 30, 2013 and 2012 consists of the following:

	Years Ended
	April 30,
	2013		2012
Balance, beginning of year	$	1,117,322	$	1,038,428
Distributions to noncontrolling interest		(367,612)		-
Net income (loss) attributable to noncontrolling interest		95,406		(21,840)
Other comprehensive income attributable to noncontrolling interest		4,022		100,734
Balance, end of year	$	849,138	$	1,117,322