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