BASIC AND DILUTED NET LOSS PER COMMON SHARE

3 Months Ended

Jul. 31, 2014

Earnings Per Share [Abstract]

BASIC AND DILUTED NET LOSS PER COMMON SHARE

NOTE 3 - BASIC AND DILUTED NET LOSS PER COMMON SHARE

Basic and diluted net loss per common share from continuing operations is computed as net loss from continuing operations less noncontrolling interest and dividends on preferred stock, divided by the weighted average number of common shares outstanding for the period. Diluted net loss per common share reflects the potential dilution that could occur from common stock issuable through exercise of stock options, warrants and Note conversions.

The following were excluded from the computation of diluted shares outstanding due to the losses from continuing operations for the three months ended July 31, 2014 and 2013, as they would have had an anti-dilutive impact on the Company’s net loss. Below is a tabulation of the potentially dilutive securities that were “in the money” for the three months ended July 31, 2014 and 2013, respectively.

	Three months ended
	July 31,
	2014				2013
Common stock equivalents:
Stock options		79,207				116,279
Series E preferred stock		696,571	*			-
Senior secured convertible notes		36,166,907	*	(1)		1,581,355
Stock warrants		3,774,796	*			2,274,796
Totals		40,717,481				3,972,430

  

* These diluted shares are non-exercisable/convertible until there are enough authorized shares.

(1)  The Company and the Holders are currently reviewing the Notes and are seeking to resolve the number of shares of the Company’s common stock the Make-Whole Amount would be convertible into.