UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended January
31, 2016
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _________
to __________
Commission File Number 001-34643
WPCS INTERNATIONAL INCORPORATED
(Exact name of registrant as specified in
its charter)
Delaware |
|
98-0204758 |
(State or other jurisdiction of incorporation |
|
(I.R.S. Employer Identification No.) |
or organization) |
|
|
|
|
|
521 Railroad Avenue |
|
|
Suisun City, California |
94585 |
(707) 421-1300 |
(Address of principal executive office) |
(Zip Code) |
(Registrant’s telephone number, |
|
|
Including area code) |
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated
filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨ |
Accelerated filer ¨ |
Non-accelerated filer ¨ |
Smaller reporting company x |
(Do not check if a smaller reporting company) |
|
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
As of March 9, 2016, there were 2,685,620 shares of registrant’s
common stock outstanding.
TABLE OF CONTENTS
WPCS INTERNATIONAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| |
January 31, | | |
April 30, | |
| |
2016 | | |
2015 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 2,408,297 | | |
$ | 2,364,360 | |
Accounts receivable, net of allowance of $92,000 at January 31, 2016 and April 30, 2015 | |
| 3,769,383 | | |
| 6,494,890 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | |
| 416,047 | | |
| 420,434 | |
Prepaid expenses and other current assets | |
| 93,558 | | |
| 159,769 | |
Current assets held for sale | |
| - | | |
| 4,566,251 | |
Total current assets | |
| 6,687,285 | | |
| 14,005,704 | |
| |
| | | |
| | |
Property and equipment, net | |
| 227,300 | | |
| 162,986 | |
| |
| | | |
| | |
Other assets | |
| 27,494 | | |
| 25,384 | |
| |
| | | |
| | |
Other assets held for sale | |
| - | | |
| 963,119 | |
| |
| | | |
| | |
Total assets | |
$ | 6,942,079 | | |
$ | 15,157,193 | |
| |
| | | |
| | |
LIABILITIES AND EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Current portion of loans payable | |
$ | 49,747 | | |
$ | 39,935 | |
Accounts payable and accrued expenses | |
| 2,264,725 | | |
| 5,414,269 | |
Billings in excess of costs and estimated earnings on uncompleted contracts | |
| 1,721,301 | | |
| 1,346,461 | |
Other payable to Zurich | |
| - | | |
| 360,000 | |
Short-term promissory notes | |
| - | | |
| 1,703,000 | |
Dividends payable | |
| - | | |
| 677,546 | |
Current liabilities held for sale | |
| - | | |
| 5,710,807 | |
Total current liabilities | |
| 4,035,773 | | |
| 15,252,018 | |
| |
| | | |
| | |
Loans payable, net of current portion | |
| 98,492 | | |
| 44,239 | |
Total liabilities | |
| 4,134,265 | | |
| 15,296,257 | |
| |
| | | |
| | |
Commitments | |
| | | |
| | |
| |
| | | |
| | |
Equity (deficit): | |
| | | |
| | |
WPCS equity (deficit): | |
| | | |
| | |
Preferred stock - $0.0001 par value, 5,000,000 shares authorized at January 31, 2016 and April 30, 2015, respectively | |
| | | |
| | |
Convertible Series F - 0 and 5,268 shares issued and outstanding at January 31, 2016 and April 30, 2015, respectively | |
| - | | |
| 1,589,933 | |
Convertible Series F-1 - 0 and 5,642 shares issued and outstanding at January 31, 2016 and April 30, 2015, respectively | |
| - | | |
| 1,702,808 | |
Convertible Series G - 0 and 2,088 shares issued and outstanding at January 31, 2016 and April 30, 2015, respectively | |
| - | | |
| 731,706 | |
Convertible Series G-1 - 0 and 3,128 shares issued and outstanding at January 31, 2016 and April 30, 2015, respectively | |
| - | | |
| 1,096,250 | |
Convertible Series H - 2,638 and 0 shares issued and outstanding at January 31, 2016 and April 30, 2015, respectively; liquidation preference of $406,000 | |
| 406,262 | | |
| - | |
Convertible Series H-1 - 8,119 and 0 shares issued and outstanding at January 31, 2016 and April 30, 2015, respectively; liquidation preference of $1,348,000 | |
| 699,324 | | |
| - | |
Common stock - $0.0001 par value, 100,000,000 shares authorized, 2,673,803 and 982,660 shares issued and outstanding as of January 31, 2016 and April 30, 2015, respectively | |
| 267 | | |
| 98 | |
Additional paid-in capital | |
| 85,653,220 | | |
| 70,380,397 | |
Accumulated deficit | |
| (83,951,259 | ) | |
| (76,550,894 | ) |
Accumulated other comprehensive income on foreign currency translation | |
| - | | |
| 349,723 | |
Total WPCS equity (deficit) | |
| 2,807,814 | | |
| (699,979 | ) |
| |
| | | |
| | |
Noncontrolling interest | |
| - | | |
| 560,915 | |
Total equity (deficit) | |
| 2,807,814 | | |
| (139,064 | ) |
| |
| | | |
| | |
Total liabilities and equity (deficit) | |
$ | 6,942,079 | | |
$ | 15,157,193 | |
The accompanying notes are an integral part
of these condensed consolidated financial statements.
WPCS INTERNATIONAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
| |
For the three months ended | | |
For the nine months ended | |
| |
January 31, | | |
January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 3,317,636 | | |
$ | 5,262,154 | | |
$ | 11,605,880 | | |
$ | 17,416,283 | |
| |
| | | |
| | | |
| | | |
| | |
Costs and expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
| 2,521,627 | | |
| 4,486,949 | | |
| 9,263,395 | | |
| 14,379,893 | |
Selling, general and administrative expenses | |
| 1,602,751 | | |
| 1,237,402 | | |
| 5,470,760 | | |
| 3,600,820 | |
Depreciation and amortization | |
| 16,075 | | |
| 14,282 | | |
| 45,537 | | |
| 46,106 | |
| |
| 4,140,453 | | |
| 5,738,633 | | |
| 14,779,692 | | |
| 18,026,819 | |
| |
| | | |
| | | |
| | | |
| | |
Operating loss | |
| (822,817 | ) | |
| (476,479 | ) | |
| (3,173,812 | ) | |
| (610,536 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (523 | ) | |
| (380 | ) | |
| (2,021 | ) | |
| (2,837,852 | ) |
Inducement expense | |
| - | | |
| (3,622,344 | ) | |
| - | | |
| (5,492,842 | ) |
Income from Section 16 settlements | |
| - | | |
| 1,051,516 | | |
| 400,000 | | |
| 1,401,516 | |
Other income, net | |
| 4,871 | | |
| 197,220 | | |
| 1,965 | | |
| 188,778 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from continuing operations before income tax provision | |
| (818,469 | ) | |
| (2,850,467 | ) | |
| (2,773,868 | ) | |
| (7,350,936 | ) |
Income tax provision | |
| 607 | | |
| 14,726 | | |
| 1,706 | | |
| 43,914 | |
Loss from continuing operations | |
| (819,076 | ) | |
| (2,865,193 | ) | |
| (2,775,574 | ) | |
| (7,394,850 | ) |
| |
| | | |
| | | |
| | | |
| | |
Discontinued operations: | |
| | | |
| | | |
| | | |
| | |
Income (loss) from discontinued operations | |
| - | | |
| (88,807 | ) | |
| 41,261 | | |
| (2,414,305 | ) |
Gain from disposal | |
| - | | |
| - | | |
| 837,720 | | |
| 798,896 | |
Gain from disposal of BTX | |
| - | | |
| 19,700 | | |
| - | | |
| 19,700 | |
Income (loss) from discontinued operations, net of tax | |
| - | | |
| (69,107 | ) | |
| 878,981 | | |
| (1,595,709 | ) |
| |
| | | |
| | | |
| | | |
| | |
Consolidated net loss | |
| (819,076 | ) | |
| (2,934,300 | ) | |
| (1,896,593 | ) | |
| (8,990,559 | ) |
Net income (loss) attributable to noncontrolling interest | |
| - | | |
| 8,682 | | |
| 16,505 | | |
| (93,453 | ) |
Net loss attributable to WPCS | |
| (819,076 | ) | |
| (2,942,982 | ) | |
| (1,913,098 | ) | |
| (8,897,106 | ) |
Dividends declared on preferred stock | |
| (372,810 | ) | |
| (509,389 | ) | |
| (4,742,768 | ) | |
| (700,088 | ) |
Deemed
dividends on convertible preferred Series H-1 stock, due to beneficial conversion feature | |
| (40,729 | ) | |
| - | | |
| (744,499 | ) | |
| - | |
Net loss attributable to WPCS common shareholders | |
$ | (1,232,615 | ) | |
$ | (3,452,371 | ) | |
$ | (7,400,365 | ) | |
$ | (9,597,194 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net loss attributable to WPCS common shareholders: | |
| | | |
| | | |
| | | |
| | |
Loss from continuing operations | |
$ | (0.47 | ) | |
$ | (5.33 | ) | |
$ | (3.82 | ) | |
$ | (12.80 | ) |
Income (loss) from discontinued operations | |
$ | - | | |
$ | (0.15 | ) | |
$ | 0.01 | | |
$ | (3.67 | ) |
Gain from disposal | |
$ | - | | |
$ | 0.03 | | |
$ | 0.39 | | |
$ | 1.29 | |
Basic and
diluted net income (loss) from discontinued operations | |
$ | - | | |
$ | (0.12 | ) | |
$ | 0.40 | | |
$ | (2.38 | ) |
Basic and diluted net loss per common share attributable to WPCS | |
$ | (0.47 | ) | |
$ | (5.45 | ) | |
$ | (3.42 | ) | |
$ | (15.18 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted weighted average number of common shares outstanding | |
| 2,597,952 | | |
| 633,158 | | |
| 2,161,104 | | |
| 632,664 | |
The accompanying notes are an integral part
of these condensed consolidated financial statements.
WPCS INTERNATIONAL INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
(Unaudited)
| |
For the three months ended | | |
For the nine months ended | |
| |
January 31, | | |
January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
Consolidated net loss | |
$ | (819,076 | ) | |
$ | (2,934,300 | ) | |
$ | (1,896,593 | ) | |
$ | (8,990,559 | ) |
Other comprehensive loss | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustments | |
| - | | |
| (23,472 | ) | |
| | | |
$ | (19,854 | ) |
Reclassification adjustments of other comprehensive loss on the sale of Australia operations | |
| - | | |
| - | | |
| - | | |
| (866,719 | ) |
Reclassification adjustments of other comprehensive loss on the sale of China operations | |
| - | | |
| - | | |
| 349,723 | | |
| - | |
Other comprehensive loss | |
| - | | |
| (23,472 | ) | |
| 349,723 | | |
| (886,573 | ) |
Comprehensive income (loss) | |
| (819,076 | ) | |
| (2,957,772 | ) | |
| (1,546,870 | ) | |
| (9,877,132 | ) |
Less: comprehensive loss attributable to noncontrolling interest | |
| - | | |
| (6,965 | ) | |
| - | | |
| (97,395 | ) |
Comprehensive income (loss) attributable to WPCS shareholders | |
$ | (819,076 | ) | |
$ | (2,950,807 | ) | |
$ | (1,546,870 | ) | |
$ | (9,779,737 | ) |
The accompanying notes are an integral part
of these condensed consolidated financial statements.
WPCS INTERNATIONAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
EQUITY (DEFICIT)
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
Accumulated | | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
Additional | | |
| | |
Other | | |
| | |
Non- | | |
| |
| |
Preferred Stock | | |
Common Stock | | |
Paid-In | | |
Accumulated | | |
Comprehensive | | |
WPCS | | |
Controlling | | |
Total | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Loss) Income | | |
Equity(Deficit) | | |
Interest | | |
Equity(Deficit) | |
Balance, April 30, 2015 | |
| 16,126 | | |
| 5,120,697 | | |
| 982,660 | | |
| 98 | | |
| 70,380,397 | | |
| (76,550,894 | ) | |
| 349,723 | | |
| (699,979 | ) | |
| 560,915 | | |
| (139,064 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of Series H-1 preferred stock and warrants for cash | |
| 8,532 | | |
| 1,575,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,575,000 | | |
| - | | |
| 1,575,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of warrants with Series H-1 preferred stock | |
| - | | |
| (841,405 | ) | |
| - | | |
| - | | |
| 841,405 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Beneficial conversion feature of Series H-1 convertible preferred stock | |
| - | | |
| (703,770 | ) | |
| - | | |
| - | | |
| 703,770 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Deemed dividends related to immediate accretion of beneficial conversion feature of Series H-1 convertible preferred stock | |
| - | | |
| 703,770 | | |
| - | | |
| - | | |
| - | | |
| (703,770 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Deemed dividend on conversion of Series H-1 convertible preferred stock to common stock | |
| - | | |
| 40,729 | | |
| - | | |
| - | | |
| - | | |
| (40,729 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of Series H-1 preferred stock to common stock | |
| (413 | ) | |
| (75,000 | ) | |
| 41,300 | | |
| 4 | | |
| 74,996 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Dividends declared on Series F and F-1 preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (159,215 | ) | |
| - | | |
| (159,215 | ) | |
| - | | |
| (159,215 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Dividends declared on Series G and G-1 preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (126,198 | ) | |
| - | | |
| (126,198 | ) | |
| - | | |
| (126,198 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Make-whole amount on conversion of preferred F-1 and G-1 shares | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,457,355 | ) | |
| - | | |
| (4,457,355 | ) | |
| - | | |
| (4,457,355 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of dividends payable related to make-whole amount to common stock | |
| - | | |
| - | | |
| 204,865 | | |
| 21 | | |
| 4,457,335 | | |
| - | | |
| - | | |
| 4,457,356 | | |
| - | | |
| 4,457,356 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of a portion of the dividends payable related to Series F preferred stock | |
| - | | |
| - | | |
| 13,959 | | |
| 1 | | |
| 313,185 | | |
| - | | |
| - | | |
| 313,186 | | |
| - | | |
| 313,186 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of a portion of the dividends payable related to Series F-1 preferred stock | |
| - | | |
| - | | |
| 14,291 | | |
| 1 | | |
| 311,790 | | |
| - | | |
| - | | |
| 311,791 | | |
| - | | |
| 311,791 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of a portion of the dividends payable related to Series G preferred stock | |
| - | | |
| - | | |
| 7,022 | | |
| 1 | | |
| 129,655 | | |
| - | | |
| - | | |
| 129,656 | | |
| - | | |
| 129,656 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of a portion of the dividends payable related to Series G-1 preferred stock | |
| - | | |
| - | | |
| 11,154 | | |
| 1 | | |
| 208,324 | | |
| - | | |
| - | | |
| 208,325 | | |
| - | | |
| 208,325 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of short term convertible note to Series H preferred stock | |
| 8,435 | | |
| 1,299,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,299,000 | | |
| - | | |
| 1,299,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of Series F preferred stock to common stock | |
| (5,268 | ) | |
| (1,589,933 | ) | |
| 239,454 | | |
| 24 | | |
| 1,589,909 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of Series F-1 preferred stock to common stock | |
| (5,642 | ) | |
| (1,702,808 | ) | |
| 256,456 | | |
| 26 | | |
| 1,702,782 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of Series G preferred stock to common stock | |
| (2,088 | ) | |
| (731,706 | ) | |
| 116,453 | | |
| 12 | | |
| 731,694 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of Series G-1 preferred stock to common stock | |
| (3,128 | ) | |
| (1,096,250 | ) | |
| 174,457 | | |
| 17 | | |
| 1,096,233 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of Series H preferred stock to common stock | |
| (5,797 | ) | |
| (892,738 | ) | |
| 579,700 | | |
| 58 | | |
| 892,680 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance common stock for services | |
| - | | |
| - | | |
| 30,717 | | |
| 3 | | |
| 2,219,065 | | |
| - | | |
| - | | |
| 2,219,068 | | |
| - | | |
| 2,219,068 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fractional shares issued on reverse split | |
| - | | |
| - | | |
| 1,315 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Reclassification adjustments of other comprehensive loss on sale of China operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (349,723 | ) | |
| (349,723 | ) | |
| - | | |
| (349,723 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Reclassification adjustments of net loss attributable to noncontrolling interest on sale of China operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (560,915 | ) | |
| (560,915 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss attributable to WPCS | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,913,098 | ) | |
| - | | |
| (1,913,098 | ) | |
| - | | |
| (1,913,098 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, January 31, 2016 | |
| 10,757 | | |
$ | 1,105,586 | | |
| 2,673,803 | | |
$ | 267 | | |
$ | 85,653,220 | | |
$ | (83,951,259 | ) | |
$ | - | | |
$ | 2,807,814 | | |
$ | - | | |
$ | 2,807,814 | |
The accompanying notes are an integral part
of these condensed consolidated financial statements.
WPCS INTERNATIONAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
| |
For the nine months ended | |
| |
January 31, | |
| |
2016 | | |
2015 | |
Operating activities: | |
| | | |
| | |
Net loss from operations | |
$ | (2,775,574 | ) | |
$ | (7,394,850 | ) |
Consolidated net income (loss) from discontinued operations | |
| 878,981 | | |
| (1,595,709 | ) |
Adjustments to reconcile consolidated net loss to net cash used by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 45,537 | | |
| 107,931 | |
Amortization of notes discount | |
| - | | |
| 853,417 | |
Inducement expenses | |
| - | | |
| 5,492,842 | |
Share based compensation | |
| 2,219,068 | | |
| 115,200 | |
Interest expense related to make-whole amount | |
| - | | |
| 1,889,716 | |
Gain on sale of Pride | |
| - | | |
| (798,896 | ) |
Gain on sale of China Operations | |
| (837,720 | ) | |
| - | |
Gain on sale of BTX | |
| - | | |
| (19,700 | ) |
Loss on sale of Seattle Operations | |
| - | | |
| 374,932 | |
Income on Section 16 settlements | |
| (400,000 | ) | |
| (1,401,516 | ) |
Cash received on Section 16 settlements | |
| - | | |
| 650,000 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 2,725,507 | | |
| (2,889,583 | ) |
Costs and estimated earnings in excess of billings on uncompleted contracts | |
| 4,387 | | |
| (247,240 | ) |
Current assets held for sale | |
| (3,853,621 | ) | |
| 850,592 | |
Prepaid expenses and other current assets | |
| 66,211 | | |
| (146,878 | ) |
Other assets | |
| (2,110 | ) | |
| 15,591 | |
Other assets held for sale | |
| (34,523 | ) | |
| 3,580,379 | |
Income taxes payable | |
| - | | |
| (2,934 | ) |
Accounts payable and accrued expenses | |
| (3,149,544 | ) | |
| 2,414,902 | |
Current liabilities held for sale | |
| 2,200,030 | | |
| (3,284,660 | ) |
Accrued severance expense | |
| - | | |
| (550,205 | ) |
Billings in excess of costs and estimated earnings on uncompleted contracts | |
| 374,840 | | |
| 447,386 | |
Net cash (used in) operating activities | |
| (2,538,531 | ) | |
| (1,539,283 | ) |
| |
| | | |
| | |
Investing activities: | |
| | | |
| | |
Cash received on sale of Seattle | |
| - | | |
| 1,561,000 | |
Sale of property and equipment, net | |
| - | | |
| 27,024 | |
Acquisition of property and equipment | |
| (109,851 | ) | |
| - | |
Addition on acquisition of BTX capitalized software | |
| - | | |
| (2,279 | ) |
Payment for sale of BTX | |
| - | | |
| (59,097 | ) |
Proceeds from sale of China Operations, net of acquisition cost | |
| 1,325,744 | | |
| - | |
Net cash provided by investing activities | |
| 1,215,893 | | |
| 1,526,648 | |
| |
| | | |
| | |
Financing activities: | |
| | | |
| | |
Proceeds from issuance of Series H-1 preferred stock and warrants | |
| 1,575,000 | | |
| - | |
Borrowings under loan payable obligations | |
| 99,369 | | |
| - | |
Repayment under loan payable obligations | |
| (35,304 | ) | |
| (8,627 | ) |
Repayments under other payable to Zurich | |
| (360,000 | ) | |
| - | |
Repayments of short term promissory notes | |
| (4,000 | ) | |
| - | |
Dividends paid on preferred stock | |
| - | | |
| (146,521 | ) |
Net cash provided by (used in) financing activities | |
| 1,275,065 | | |
| (155,148 | ) |
| |
| | | |
| | |
Effect of exchange rate changes on cash | |
| 91,510 | | |
| (132,889 | ) |
| |
| | | |
| | |
Net increase in cash and cash equivalents | |
| 43,937 | | |
| (300,672 | ) |
Cash and cash equivalents, beginning of the period | |
| 2,364,360 | | |
| 2,177,070 | |
Cash and cash equivalents, end of the period | |
$ | 2,408,297 | | |
$ | 1,876,398 | |
The accompanying notes are an integral part
of these condensed consolidated financial statements.
WPCS INTERNATIONAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (CONTINUED)
(Unaudited)
| |
For the nine months ended | |
| |
January 31, | |
| |
2016 | | |
2015 | |
Schedule of non-cash investing and financing activities: | |
| | | |
| | |
Declaration of preferred dividends payable | |
$ | 4,742,768 | | |
$ | 700,088 | |
Conversion of senior secured convertible note and related make-whole amount to Series F-1 preferred stock Series G-1 preferred stock | |
$ | - | | |
$ | 4,918,360 | |
Conversion of senior secured convertible note and related make-whole amount to Series F preferred stock Series G preferred stock | |
$ | - | | |
$ | 2,321,640 | |
Conversion of dividends payable related to make-whole amount to common stock | |
$ | 4,457,356 | | |
$ | - | |
Conversion of dividends payable related to Series F-1 preferred stock | |
$ | 624,977 | | |
$ | - | |
Conversion of dividends payable related to Series G-1 preferred stock | |
$ | 337,981 | | |
$ | - | |
Conversion of short term convertible note to Series H preferred stock | |
$ | 1,299,000 | | |
$ | - | |
Conversion of Preferred E to short term promissory note | |
$ | - | | |
$ | 2,438,000 | |
Conversion of Series F and F-1 preferred stock through the issuance of common stock | |
$ | 3,292,741 | | |
$ | 181,086 | |
Conversion of Series G and G-1 preferred stock through the issuance of common stock | |
$ | 1,827,927 | | |
$ | - | |
Conversion of Series H preferred stock through the issuance of common stock | |
$ | 892,680 | | |
$ | - | |
Conversion of Series H-1 preferred stock through the issuance of common stock | |
$ | 75,000 | | |
$ | - | |
Section 16 settlements gain for cancellation of short term promissory notes | |
$ | - | | |
$ | 735,000 | |
Section 16 settlements gain for cancellation of make-whole interest expense | |
$ | - | | |
$ | 17,000 | |
Sale of BTX | |
$ | - | | |
$ | 79,000 | |
Settlement of severance obligation and sale of Pride | |
$ | - | | |
$ | 970,000 | |
The accompanying notes are an integral part
of these condensed consolidated financial statements.
WPCS INTERNATIONAL INCORPORATED AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 1 – DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION
Description of the Business
The Company currently specializes in low
voltage communications and security contracting services, conducting business in two operation centers, through its wholly-owned
domestic subsidiaries, WPCS International - Suisun City, Inc. (“Suisun City Operations”) and WPCS International -
Texas Operations, Inc. (“Texas Operations”).
The Company is a
full-service low voltage contractor that specializes in the installation and service of Voice & Data Networks, Security Systems,
Audio-Visual Solutions, and Distributed Antenna Systems and provides experienced project management and delivers complex projects
to key vertical markets that include Healthcare, Education, Transportation, Energy & Utilities, Oil & Gas, Manufacturing,
Commercial Real Estate, Financial, Government, etc.
The Company also
has strategic alliances with technology partners to provide consulting and application software development services for collaboration,
visualization and unified communications and is aligned with major manufacturers to provide the products and technology for seamless
integrated and enhanced user experience for enterprise solutions.
Basis of Presentation
The consolidated financial statements of
WPCS International Incorporated, a Delaware corporation (“WPCS”) and its wholly and majority-owned subsidiaries, (collectively,
the “Company”) included in this Report for the three and nine months ended January 31, 2016 and 2015, reflect the accounts
of current and former entities as either continued or discontinued operations, as discussed below.
Continued operations for the three and
nine months ended January 31, 2016 and 2015 include the results of operations of the: Suisun City Operations and the Texas Operations,
the Company’s only two active operations; WPCS Incorporated, an inactive subsidiary; and WPCS International – Trenton,
Inc. (“Trenton Operations”), which was closed in September 2013.
With the prior divestitures of The Pride
Group (QLD) Pty Ltd. (“Pride”), BTX Trader, LLC (“BTX”) and WPCS Asia Limited, a 60% joint venture interest
in Tai'an AGS Pipeline Construction Co. Ltd. (the “China Operations”), as well as the various transactions involving
the sale of substantially all of the assets of each of WPCS International - Seattle, Inc. (“Seattle Operations”), WPCS
International - Portland, Inc. (“Portland Operations”), WPCS International - Lakewood, Inc. (“Lakewood Operations”),
WPCS International - Hartford, Inc. (“Hartford Operations”) and WPCS Australia Pty Ltd. and WPCS International –
Brendale Pty Ltd (together, “Australia Operations”), the results of these subsidiaries are included as part of discontinued
operations for the three and nine months ended January 31, 2015 and 2016, for the China Operations only.
Notwithstanding the foregoing, the Company
is in the process of dissolving the inactive domestic and international subsidiaries listed above, whose operations were discontinued
due to the sale of substantially all of their assets.
The unaudited condensed consolidated financial
information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management,
considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company
for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed
consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles
("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required
by GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction
with the financial statements included in the Annual Report on Form 10-K for the fiscal year ended April 30, 2015.
The results of operations for the three and nine months ended
January 31, 2016 are not necessarily indicative of the results to be expected for the full fiscal year.
NOTE 2 – LIQUIDITY AND CAPITAL RESOURCES
During the nine month period ended
January 31, 2016, the Company completed a series of transactions that it believes will provide it with sufficient working
capital and equity to operate its business plans for the next twelve months from the date of filing this report, while
it continues to seek growth opportunities, including, but not limited: (i) organic growth to complement and enhance
existing operations; (ii) acquisitions; and/or (iii) a viable merger candidate.
The transactions included the: (i) elimination
of $1,703,000 of promissory notes which were due and payable on September 30, 2015; (ii) issuance of common stock to satisfy approximately
$660,000 of the $677,000 of preferred stock dividends payable at April 30, 2015; (iii) completion of a $1,575,000 equity financing;
(iv) closing of a $1,000,000 line of credit for the Suisun Operations; and (v) the closing on the sale of its ownership in its
China Operations for $1,500,000.
Some of these events have provided
cash to the Company while others eliminated future cash spending requirements. Along with expected continued operating
profits from its Suisun Operations for fiscal year 2016 and lower corporate overhead, these are the primary factors that
support the belief that the Company will have adequate liquidity for the next twelve months from the date of this filing.
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Significant Accounting Policies
There have been no material changes in
the Company’s significant accounting policies to those previously disclosed in the Form 10-K for the year ended April
30, 2015.
Reclassifications
Certain reclassifications have been made
in prior years’ consolidated financial statements to conform to the current year’s presentation. These reclassifications
reflect the results of the BTX, China, Australia and Seattle Operations as discontinued operations for all periods presented.
NOTE 4 – CONCENTRATIONS
Accounts Receivable
As of January 31, 2016, two customers comprise
20% and 38% of the Company’s total accounts receivable. Also included in the accounts receivable is retainage receivable
of $295,000 and $1,119,000 at January 31, 2016 and April 30, 2015, respectively, and both the retainer and aged accounts receivable
are expected to be collected.
Revenue Recognition
For the three months ended January 31,
2016, 11% was derived from one customer as compared to one customer who generated 57% of the revenue for the same period in 2015.
For the nine months ended January 31, 2016, 11% and 19% was derived from two customers as compared to one customer who generated
58% of the revenue for the same period in 2015.
NOTE 5 – 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 non-controlling 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 the exercise of stock options and warrants and note
conversions.
The table below presents the computations
of loss per share from continuing operations applicable to common stockholders, after consideration of noncontrolling interest
and dividends declared on preferred stock, as follows:
| |
For the three months ended | | |
For the nine months ended | |
| |
January 31, | | |
January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Loss from continuing operations attributable to WPCS common shareholders | |
$ | (1,232,615 | ) | |
$ | (3,374,582 | ) | |
$ | (8,262,841 | ) | |
$ | (8,094,938 | ) |
Income (loss) from discontinued operations, basic and diluted | |
| - | | |
| (77,789 | ) | |
| 862,476 | | |
| (1,502,256 | ) |
Net loss attributable to WPCS common shareholders, basic and diluted | |
$ | (1,232,615 | ) | |
$ | (3,452,371 | ) | |
$ | (7,400,365 | ) | |
$ | (9,597,194 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted weighted average shares outstanding | |
| 2,597,952 | | |
| 633,158 | | |
| 2,161,104 | | |
| 632,664 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted loss from continuing operations per common share | |
$ | (0.47 | ) | |
$ | (5.33 | ) | |
$ | (3.82 | ) | |
$ | (12.80 | ) |
Basic and diluted income (loss) from discontinued operations per common share | |
| - | | |
| (0.12 | ) | |
| 0.40 | | |
| (2.38 | ) |
Basic and diluted loss per common share | |
$ | (0.47 | ) | |
$ | (5.45 | ) | |
$ | (3.42 | ) | |
$ | (15.18 | ) |
The following were excluded from the computation
of diluted shares outstanding due to the losses from continuing operations for all periods presented,
as they would have had an anti-dilutive impact on the Company’s net loss.
| |
As of January 31, | |
| |
2016 | | |
2015 | |
Common stock equivalents: | |
| | | |
| | |
Common stock options | |
| 2,824,000 | | |
| 35,000 | |
Series F and F-1 preferred stock | |
| - | | |
| 720,000 | |
Series G and G-1 preferred stock | |
| - | | |
| 308,000 | |
Series H and H-1 preferred stock | |
| 1,076,000 | | |
| - | |
Make-whole on preferred shares | |
| - | | |
| 283,000 | |
Common stock purchase warrants | |
| 1,295,000 | | |
| 16,000 | |
Totals | |
| 5,195,000 | | |
| 1,362,000 | |
NOTE 6 – COSTS AND ESTIMATED EARNINGS ON
UNCOMPLETED CONTRACTS
The asset, “Costs and estimated earnings
in excess of billings on uncompleted contracts”, represents revenue recognized in excess of amounts billed. The liability,
“Billings in excess of costs and estimated earnings on uncompleted contracts”, represents billings in excess of revenue
recognized. Costs and estimated earnings on uncompleted contracts consist of the following at January 31, 2016 and April 30, 2015:
| |
January 31, 2016 | | |
April 30, 2015 | |
| |
| | |
| |
Costs incurred on uncompleted contracts | |
$ | 29,612,932 | | |
$ | 32,008,307 | |
Estimated contract earnings | |
| 4,785,975 | | |
| 6,031,338 | |
| |
| 34,398,907 | | |
| 38,039,645 | |
Less: Billings to date | |
| 35,704,161 | | |
| 38,965,672 | |
Total | |
$ | (1,305,254 | ) | |
$ | (926,027 | ) |
| |
| | | |
| | |
Costs and estimated earnings in excess of billings on uncompleted contracts | |
$ | 416,047 | | |
$ | 420,434 | |
Billings in excess of cost and estimated earnings on uncompleted contracts | |
| 1,721,301 | | |
| 1,346,461 | |
Total | |
$ | (1,305,254 | ) | |
$ | (926,027 | ) |
Revisions in the estimated gross profits
on contracts and contract amounts are made in the period in which circumstances requiring the revisions become known. Although
management believes it has established adequate procedures for estimating costs to complete on open contracts, it is at least reasonably
possible that additional significant costs could occur on contracts prior to completion.
NOTE 7 – DISCONTINUED OPERATIONS
The Company previously disclosed the details regarding the sales
of Pride, BTX, and substantially all the assets of its Seattle operations in its Form 10-K filed for the year ended April 30, 2015.
China Operations
On
June 3, 2015, the Company entered into an Interest Purchase Agreement with Halcyon Coast Investment (Canada) Ltd.
to sell TAGS in an "as-is", all-cash transaction, for a total purchase price of $1,500,000 and received a $150,000 refundable
deposit at signing. The Transaction closed on August 14, 2015, whereby the Company received the remaining cash proceeds of $1,350,000,
of which: (i) it paid approximately $100,000 in a broker’s fee and (ii) $100,000 is being held in escrow for up to one year
from the date of the closing, pending a final determination by the Chinese government with respect to any tax obligations arising
from the transaction. Otherwise, the transaction is not subject to any further post-closing adjustments. On September 20, 2015,
the final tax determination was made and the Company received $93,000 of the escrow and $7,000 was paid to the buyer to settle
the outstanding tax obligation.
The Company recognized a gain on the sale
of the China Operations of approximately $838,000, as it received $1,500,000 in cash, offset by the sale of approximately $9,350,000
of assets, $7,935,000 of liabilities, reversal of approximately $349,000 of accumulated other comprehensive income and $577,000
noncontrolling interest and incurring approximately $174,000 in closing costs.
The Company recorded the revenue and profit
from short-term contracts from its China Operations under the completed contract method, whereas income is recognized only when
a contract is completed or substantially completed. Accordingly, during the period of performance, billings and deferred contract
costs are accumulated on the consolidated balance sheets as deferred contract costs and deferred revenue. The Company’s accounting
policy is based on the short-term nature of the work performed. Deferred contract costs include equipment lease deposits to the
third party vendors of approximately $0 and $969,000 as January 31, 2016 and April 30, 2015, respectively. The revenue results
from the China Operations are included in discontinued operations for the nine months ended January 31, 2016 and 2015.
Since the sale of the China Operations
closed on August 14, 2015, the Company has determined that the activity of the China Operations should be classified as
discontinued operations for the nine months ended January 31, 2016 and the three and nine months ended January 31, 2015. In
addition, during the year ended April 30, 2015, the Company had completed the sales of Pride, BTX, and substantially all of
the assets of the Seattle Operations. As a result, the Company has reported the financial activity of Pride, BTX and
Seattle as discontinued operations for the three and nine months ended January 31, 2015. The following is a summary of the
operating results for the discontinued operations as follows:
| |
For the three months ended | | |
For the nine months ended | |
| |
January 31, | | |
January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | - | | |
$ | 1,106,593 | | |
$ | 839,969 | | |
$ | 7,586,495 | |
| |
| | | |
| | | |
| | | |
| | |
Costs and expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
| - | | |
| 728,134 | | |
| 546,296 | | |
| 5,510,599 | |
Selling, general and administrative expenses | |
| - | | |
| 232,483 | | |
| 111,324 | | |
| 2,434,682 | |
Depreciation and amortization | |
| - | | |
| 153,893 | | |
| 80,971 | | |
| 988,600 | |
Impairment loss on capitalized software | |
| - | | |
| - | | |
| - | | |
| 827,448 | |
| |
| - | | |
| 1,114,510 | | |
| 738,591 | | |
| 9,761,329 | |
Operating income (loss) from discontinued operations | |
| - | | |
| (7,917 | ) | |
| 101,378 | | |
| (2,174,834 | ) |
| |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| - | | |
| (52,813 | ) | |
| (49,234 | ) | |
| (187,109 | ) |
Income (loss) from discontinued operations before income tax provision | |
| - | | |
| (60,730 | ) | |
| 52,144 | | |
| (2,361,943 | ) |
Income tax provision | |
| - | | |
| 28,077 | | |
| 10,883 | | |
| 53,262 | |
Income (loss) from discontinued operations, net of tax | |
| - | | |
| (88,807 | ) | |
| 41,261 | | |
| (2,414,305 | ) |
Gain from disposal | |
| - | | |
| 19,700 | | |
| 837,720 | | |
| 818,596 | |
Total income (loss) from discontinued operations | |
$ | - | | |
$ | (69,107 | ) | |
$ | 878,981 | | |
$ | (1,595,709 | ) |
The following table summarizes assets and
liabilities held for sale for the Seattle and China Operations as of January 31, 2016 and April 30, 2015:
| |
January 31, | | |
April 30, | |
| |
2016 | | |
2015 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Accounts receivable, net of allowance | |
$ | - | | |
$ | 4,264,451 | |
Prepaid expenses and other current assets | |
| - | | |
| 34,800 | |
Deferred contract cost | |
| - | | |
| 267,000 | |
Total current assets held for sale | |
| - | | |
| 4,566,251 | |
| |
| | | |
| | |
Property and equipment, net | |
| - | | |
| 963,119 | |
| |
| | | |
| | |
Other assets | |
| - | | |
| 14,000 | |
Total other assets held for sale | |
| - | | |
| 977,119 | |
Total assets held for sale | |
$ | - | | |
$ | 5,543,370 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | - | | |
$ | 1,700,943 | |
Due to related party | |
| - | | |
| 785,684 | |
Short term bank loan | |
| - | | |
| 3,224,180 | |
Total current liabilities held for sale | |
| - | | |
| 5,710,807 | |
Total liabilities held for sale | |
$ | - | | |
$ | 5,710,807 | |
Short-Term Bank Loan
As of January 31, 2016 and April 30, 2015,
the China Operations had a short-term bank loan of $0 and $3,224,000, respectively, with the Bank of China (the “Short-Term
Bank Loan”) with an interest rate of 7.38% due quarterly. The original August 1, 2014 maturity date of the Short-Term Bank
Loan was extended to July 31, 2015 at which time it was paid off.
Due Related Party
As of January 31, 2016 and April 30, 2015,
the China Operations had outstanding payables, representing interest accrued on working capital loans and cash provided for the
purpose of retiring the short term bank loan in the amounts of $0 and $786,000, respectively, due on demand to a related party,
TGG. This loan, which was since paid off, was not guaranteed by WPCS. Interest expense for the quarters ended January 31, 2016
and 2015 was immaterial. This payable was classified as short-term liabilities held for sale in the Company’s financial statements
as of April 30, 2015.
The China Operations earned
revenue for contracting services provided to TGG (noncontrolling interest in China Operations) and subsidiaries of $212,000
for the nine months ended January 31, 2016 and $835,000 and $1,565,000 for the three and nine months ended January
31, 2015, respectively.
Noncontrolling Interest
As of April 30, 2015, the Company presented
the 40% noncontrolling interest associated with the China Operations as a component of equity. As a result of the sale of our entire
ownership interest the balance of noncontrolling interest was eliminated.
Noncontrolling interest for the nine
months ended January 31, 2016 consists of the following:
| |
January 31, 2016 | |
Balance at April 30, 2015 | |
$ | 560,915 | |
Reclassification adjustments of net loss attributable to noncontrolling interest on sale of China Operations | |
| (560,915 | ) |
Balance at January 31, 2016 | |
$ | - | |
NOTE 8 – STOCKHOLDERS’ EQUITY
Preferred Shares
Series H Preferred Stock
On June 30, 2015, the Company entered into
Amendment, Waiver and Exchange Agreements (the “Exchange Agreements”) with certain of its promissory note holders,
who held $1,299,000 in principal amount of unsecured promissory notes of the Company. Pursuant to the terms of the Exchange Agreements,
the Holders agreed to exchange all of the existing indebtedness for, and the Company agreed to issue to the Holders, an aggregate
of 8,435 shares of the Company’s newly designated Series H Convertible Preferred Stock, par value $0.0001 per share (“Series
H Preferred Stock”). The 8,435 shares of Series H Preferred Stock are each convertible into 100 shares of common stock at
$1.54 each (the market value of the stock on date of issuance) and therefore no gain or loss was recorded on the extinguishment
of debt. For the period from July 2, 2015 to January 31, 2016, holders of Series H preferred stock have converted 5,797 shares
of Series H preferred into 579,700 shares of common stock.
Series H-1 Preferred Stock
Between July 14 and July 20, 2015, the
Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with four Investors pursuant
to which the Company issued to the Investors an aggregate of 8,532 shares of Series H-1 Preferred Convertible Stock of the Company,
par value $0.0001 per share (“Series H-1 Shares”), and warrants to purchase 1,279,759 shares of common stock of the
Company, par value $0.0001 per share (“Common Stock”), with an exercise price of between $1.63 and $1.66 per share
(the “Warrants”). The purchase price for each Series H-1 Share was between $163 and $166 and the purchase price for
each warrant was $0.1250 per share of Common Stock, for an aggregate purchase price for the Series H-1 Shares and Warrants of $1,575,000.
The Company has determined that the Warrants
qualify for accounting as equity classification. On the issuance date, the Company estimated the fair value of the Warrants at $1,649,000 under
the Black-Scholes option pricing model using the following primary assumptions: contractual term of 5.0 years, volatility
rate of 103%, risk-free interest rate of 2% and expected dividend rate of 0%. Based on the Warrant’s
relative fair value to the fair value of the Series H-1 Preferred Convertible Stock, approximately $841,000 of the $1,575,000
of proceeds was allocated to the Warrants, creating a corresponding preferred stock discount in the same amount.
Due to the reduction of allocated
proceeds to Series H-1 Shares the effective conversion price was approximately $0.80 per share or $704,000 in aggregate.
Since the conversion option of the preferred stock was immediately exercisable, the amount allocated to the Beneficial
Conversion Feature was immediately accreted to preferred dividends, resulting in an increase in the carrying value of the
preferred stock. On July 14 and July 20, 2015, the Company recorded total deemed dividends of $704,000 related to
the beneficial conversion feature with the issuance of the Series H-1 Preferred Convertible Stock.
Each share of Series H-1 Preferred Stock
has a stated value of $166 and is convertible into shares of Common Stock, equal to the stated value divided by the conversion
price of $1.66 per share (subject to adjustment in the event of stock splits and dividends).
For the period from July 20, 2015 to January
31, 2016, holders of Series H-1 preferred stock have converted 413 shares of Series H-1 preferred into 41,300 shares of common
stock. The conversion of these shares resulted in a deemed dividend of $41,000.
Conversion of Preferred Shares
For the nine month period
ended January 31, 2016 the Company issued approximately 1,408,000 common stock conversion shares, 205,000 common stock
make-whole shares and 46,000 common stock dividend shares upon the conversion of series F, F-1, G, G-1, H and H-1 preferred
shares. As a result of these conversions, the Company has no further preferred dividend obligations under any of the former
classes of Series F, F-1, G, and G-1 preferred shares.
Common Stock Purchase Warrants
The following is an approximate summary of the common stock
warrant activity for the nine months ended January 31, 2016:
| |
| | |
Weighted | | |
Weighted | |
| |
| | |
Average | | |
Average | |
| |
Number of | | |
Exercise | | |
Remaining | |
| |
Warrants | | |
Price | | |
Life in years | |
| |
| | | |
| | | |
| | |
Outstanding, April 30, 2015 | |
| 15,510 | | |
$ | 7.25 | | |
| 3.5 | |
Warrants issued in connection with Series H-1 preferred stock for cash | |
| 1,279,759 | | |
| 1.66 | | |
| 4.5 | |
Outstanding, January 31, 2016 | |
| 1,295,269 | | |
$ | 1.73 | | |
| 4.4 | |
NOTE 9 – BANK LINE OF CREDIT
On May 20, 2015, the Company entered into
an asset-based revolving credit line agreement with a California-based bank, which provides a $1,000,000 line of credit for its
Suisun Operations. The line of credit expires on May 20, 2016, has an interest rate of prime plus 2% and is subject to a monthly
borrowing base calculation based upon eligible accounts receivable. The line of credit is secured by all the assets of the Company.
As of the filing date of this report the Company has not drawn down on the line of credit.
NOTE 10 – SHORT-TERM PROMISSORY NOTES
As of April 30, 2015 the Company had $1,703,000 of short-term
promissory notes that was originally due to be paid on September 30, 2015. However, on June 30, 2015, the Company entered into
Amendment, Waiver and Exchange.
Agreements with certain of its promissory
note holders, who held $1,299,000 in principal amount of unsecured promissory notes of the Company. Pursuant to the terms of the
Exchange Agreements, the Holders agreed to exchange all of the existing indebtedness for, and the Company agreed to issue to the
Holders, an aggregate of 8,435 shares of the Company’s newly designated Series H Convertible Preferred Stock. In addition,
one note holder was paid $4,000 for full and complete settlement of his note balance.
In addition, on June 30, 2015, the Company
and the shareholder plaintiff entered into a settlement (the “Settlement”) with the two remaining defendants (the “Defendants”)
in a case pending in the United States District Court for the Southern District of New York to resolve claims under Section 16
of the Securities Exchange Act of 1934. Under the terms of the Settlement, the Defendants agreed to the following: (i) payment
of $315,0000 for the plaintiff’s attorney’s fees; (ii) forgiveness of $400,000 of principal amount of debt owed
by the Company to the Defendants; (iii) an exchange of the remaining $405,000 of debt owed by the Company to the Defendants
into shares of Series H Convertible Preferred Stock of the Company; (iv) waiver of certain conditions preventing the Company
from paying accrued dividends on its Series F-1 Convertible Preferred Stock and Series G-1 Convertible Preferred Stock in shares
of the Company’s common stock; and (v) relinquishment of all voting rights the Defendants have in all shares of the
Company’s preferred stock now held or hereinafter acquired.
The following is a summary of promissory
notes as of January 31, 2016:
| |
January 31, 2016 | |
Balance at April 30, 2015 | |
$ | 1,703,000 | |
Repayments of short term convertible note | |
| (4,000 | ) |
Section 16 settlement | |
| (400,000 | ) |
Conversion of short term convertible notes to Series H preferred stock | |
| (1,299,000 | ) |
Balance at January 31, 2016 | |
$ | - | |
NOTE 11 – STOCK OPTION
COMPENSATION EXPENSE
On November 2, 2015, pursuant to and subject
to the available number of shares reserved under the Company’s 2014 Equity Incentive Plan, the Company issued 100,000 non-qualified
options (“November Options”) with a term of 10 years and an exercise price of $1.53 to an employee of the Company.
25,000 of the November Options will vest on April 30, 2016, and the remaining 75,000 of the November Options vest upon either the
Company completing a change in control merger by September 1, 2016 or achieving $30 million in revenue for the fiscal year May
1, 2015 to April 30, 2016.
On September 29, 2015, pursuant to and
subject to the available number of shares reserved under the Company’s 2014 Equity Incentive Plan, the Company issued 2,573,000
non-qualified options (“September Options”) with a term of 10 years and an exercise price of $1.32 to the Company’s
directors and employees. 1,191,500 of the September Options vested immediately, 655,250 of the September Options will vest on April
30, 2016, and the remaining 726,250 of the September Option vest upon either the Company completing a change in control merger
by September 1, 2016 or achieving $30 million in revenue for the fiscal year May 1, 2015 to April 30, 2016.
On August 6, 2015, pursuant to and subject
to the available number of shares reserved under the Company’s 2014 Equity Incentive Plan, the Company issued 110,000 non-qualified
options (“August Options”) with a term of 10 years and an exercise price of $1.19 to the Company’s directors
and employees. The August Options vested immediately.
The aggregate grant date fair value of
the August Options, September Options and November Options were approximately $2,817,000.
The fair value of options granted during
the nine months ended January 31, 2016 was estimated using the following weighted averages:
| |
For the Nine |
| |
Months Ended |
| |
January 31, 2016 |
Exercise price | |
$1.36 |
Expected stock price volatility | |
103% |
Risk-free rate of interest | |
1.5% |
Expected term (years) | |
5.2 |
A summary of option activities under the Company’s employee
stock option plan for the nine months ended January 31, 2016 is presented below:
| |
Number of Shares | | |
Weighted Average Exercise Price | | |
Total Intrinsic Value | | |
Weighted Average Remaining Contractual Life (in years) | |
Outstanding as of April 30, 2015 | |
| 40,688 | | |
$ | 18.79 | | |
$ | - | | |
| 5.88 | |
Employee options granted | |
| 2,783,000 | | |
| 1.32 | | |
| - | | |
| 9.66 | |
Forfeited/expired | |
| (6 | ) | |
| 61.82 | | |
| - | | |
| - | |
Outstanding as of January 31, 2016 | |
| 2,823,682 | | |
$ | 1.57 | | |
$ | - | | |
| 9.60 | |
Options vested and exercisable | |
| 1,342,182 | | |
$ | 1.84 | | |
$ | - | | |
| 9.51 | |
Stock-based compensation associated with
the amortization of stock option expense was approximately $2,174,000 for the nine months ended January 31, 2016 and is included
in general and administration expense.
Estimated future stock-based compensation
expense relating to unvested stock options is approximately $643,000. The weighted average remaining vesting period of options
outstanding at January 31, 2016 is approximately 0.25 years.
NOTE 12 – COMMITMENTS
On September 29, 2015, the Company entered into change in
control agreements (the “Agreements”) with its Interim Chief Executive Officer (“Interim CEO”) and its Chief
Financial Officer (“CFO”).
The Agreements have initial terms of four years and
automatically extend for additional one-year periods at the expiration of the initial term and on each anniversary thereafter
unless either party notifies the other party of non-renewal no later than 30 days prior to such anniversary. Under the
Agreements, The Interim CEO and CFO are entitled to payments of $350,000 and $150,000, respectively, upon a change in control
of the Company.
All payments under the Agreements are contingent upon the respective
officer’s execution and non-revocation of a general release of claims against the Company.
ITEM 2 - MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Management's Discussion and Analysis
of Financial Condition and Results of Operations includes a number of forward-looking statements that reflect Management's current
views with respect to future events and financial performance. You can identify these statements by forward-looking words such
as “may” “will,” “expect,” “anticipate,” “believe,” “estimate”
and “continue,” or similar words. Those statements include statements regarding the intent, belief or current expectations
of us and members of its management team as well as the assumptions on which such statements are based. Prospective investors are
cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties,
and that actual results may differ materially from those contemplated by such forward-looking statements.
Readers are urged to carefully review
and consider the various disclosures made by us in this report and in our other reports filed with the Securities and Exchange
Commission. Important factors currently known to Management could cause actual results to differ materially from those in forward-looking
statements. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence
of unanticipated events or changes in the future operating results over time. We believe that its assumptions are based upon reasonable
data derived from and known about our business and operations and the business and operations of the Company. No assurances are
made that actual results of operations or the results of our future activities will not differ materially from its assumptions.
Factors that could cause differences include, but are not limited to, expected market demand for the Company’s services,
fluctuations in pricing for materials, and competition.
Overview
The Company currently specializes in contracting
services offering communications infrastructure through its Suisun City Operations. In addition, on January 18, 2016 we announced
the launch of our Texas Operations where we plan to build a communication and security infrastructure business. On August 14, 2015
we closed on the sale of our joint venture interest in our China Operations and therefore, the financial results of our China Operations
for the three and nine months ended January 31, 2016 and 2015, are now included in the results from discontinued operations in
our financial statements.
Our Suisun City Operations communication
infrastructure services offers low voltage communications infrastructure contracting services to the public services, healthcare,
energy and corporate enterprise markets. We provide an integrated approach to project coordination that creates cost-effective
solutions. Corporations, government entities, healthcare organizations and educational institutions depend on the reliability and
accuracy of voice, data and video communications. However, the potential for this new technology cannot be realized without the
right infrastructure to support the convergence of technology. In this regard, we create integrated building systems, including
the installation of advanced structured cabling systems. We specialize in wireless technology and a combination of various technologies
to develop a cost effective network for a customer's wireless communication requirements. This includes Wi-Fi networks, point-to-point
systems, cellular networks, in-building systems and two-way communication systems. We support the integration of telecommunications,
life safety, security and HVAC and design for future growth by building in additional capacity for expansion as new capabilities
are added.
For the three and nine months ended January
31, 2016, we generated revenues from continuing operations of $3,318,000 and $11,606,000, respectively, as compared to $5,262,000
and $17,416,000, respectively, for the same periods in 2015. Our backlog at January 31, 2016 was $13,836,000 as compared to $10,000,000
at January 31, 2015.
Company Strategy
During the past two fiscal years, our strategy
in the contracting services segment included divesting certain operations through the sales of Pride and the Seattle Operations
and closing the Trenton Operations. More recently, the Company completed the sale of its China Operations. In addition, the Company
sold BTX, which was focused on opportunities within the digital currency market. With the sale of BTX, the Company no longer conducts
business in the virtual currency segment.
We divested and/or closed these operations either because they
were not profitable, or were part of our plan to reduce expenses and liabilities, improve operational performance, as well as to
generate cash for working capital and general corporate purposes.
Meanwhile, our ongoing plan continues
to be to strengthen the Company’s balance sheet as well as to increase revenue, profit and cash flow at our Suisun
City Operations and Texas Operations by developing new organic growth opportunities for the Company and seeking
viable acquisition and/or merger candidate(s).
Current Operating Trends and Financial
Highlights
Management currently considers the following
events, trends and uncertainties to be important in understanding our results of operations and financial condition during the
current fiscal year.
With regards to our financial results from
continuing operations for the quarter ended January 31, 2016, we generated revenue of approximately $3,318,000 as compared to revenue
of $5,262,000 for the same period last year. This $1,944,000 decrease in revenue was due primarily to a $2,000,000 decrease in
revenue in our Suisun Operations related to work on one major contract with San Francisco General Hospital, which was effectively
completed during the last fiscal year.
We generated a net loss to
common shareholders for the three months ended January 31, 2016 of approximately $1,233,000, or $.47 per common share, which
includes: (i) a loss from continuing operations of approximately $819,000, of which approximately $656,000 was non-cash
compensation expense related to the issuance of employee stock options; and (ii) approximately $413,000 of non-cash dividends
declared on preferred stock.
The net loss to
common shareholders for the three months ended January 31, 2016 compares to a net loss of approximately $3,452,000, or $5.45 per common
share for the three months ended January 31, 2015, which includes: (i) a loss from operations of approximately $476,000; (ii) inducement
expense of approximately $3,622,000; (iii) a loss from discontinued China Operations of approximately $89,000; and (iv) approximately
$509,000 of non-cash dividends declared on preferred stock, which were partially offset by income of $1,052,000 from section 16
settlements.
We believe that our low voltage communication
infrastructure contracting services for public services, healthcare, energy and corporate enterprise markets will create additional
opportunities. We believe that the ability to provide comprehensive communications infrastructure contracting services gives us
a competitive advantage. In regards to strategic development, our focus is on identifying growth opportunities and we feel optimistic
about the markets we serve as evidenced by our new contract awards and customers continuing to seek bids from us, due to our experience
in these markets.
While we continue
to consider and develop growth opportunities, we have completed numerous transactions to improve our balance sheet. These transactions
included the: (i) elimination of $1,703,000 of promissory notes which were due and payable on September 30, 2015; (ii) issuance
of common stock to satisfy all of the $677,000 of preferred stock dividends payable at April 30, 2015; (iii) completion of a $1,575,000
equity financing; (iv) closing of a $1,000,000 line of credit for our Suisun Operations; and (v) closing on the sale of our China
Operations for $1,500,000.
In addition, we previously divested certain operations through
the sales of our Pride, BTX, the assets of the Seattle Operations, and the closure of unprofitable Trenton Operations.
Results of
Operations for the Three Months Ended January 31, 2016 Compared to the Three Months Ended January 31, 2015
| |
For the three months ended | |
| |
January 31, | |
| |
2016 | | |
2015 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 3,317,636 | | |
| 100.0 | % | |
$ | 5,262,154 | | |
| 100.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Costs and expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
| 2,521,627 | | |
| 76.0 | % | |
| 4,486,949 | | |
| 85.3 | % |
Selling, general and administrative expenses | |
| 1,602,751 | | |
| 48.3 | % | |
| 1,237,402 | | |
| 23.5 | % |
Depreciation and amortization | |
| 16,075 | | |
| 0.5 | % | |
| 14,282 | | |
| 0.3 | % |
| |
| 4,140,453 | | |
| 124.8 | % | |
| 5,738,633 | | |
| 109.1 | % |
| |
| | | |
| | | |
| | | |
| | |
Operating loss | |
| (822,817 | ) | |
| -24.8 | % | |
| (476,479 | ) | |
| -9.1 | % |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (523 | ) | |
| 0.0 | % | |
| (380 | ) | |
| 0.0 | % |
Inducement expense | |
| - | | |
| 0.0 | % | |
| (3,622,344 | ) | |
| -68.8 | % |
Income from Section 16 settlements | |
| - | | |
| 0.0 | % | |
| 1,051,516 | | |
| 20.0 | % |
Other expenses | |
| 4,871 | | |
| 0.1 | % | |
| 197,220 | | |
| 3.8 | % |
| |
| | | |
| | | |
| | | |
| | |
Loss from continuing operations before income tax provision | |
| (818,469 | ) | |
| -24.7 | % | |
| (2,850,467 | ) | |
| -54.2 | % |
Income tax provision | |
| 607 | | |
| 0.0 | % | |
| 14,726 | | |
| 0.3 | % |
Loss from continuing operations | |
| (819,076 | ) | |
| -24.7 | % | |
| (2,865,193 | ) | |
| -54.5 | % |
| |
| | | |
| | | |
| | | |
| | |
Discontinued operations: | |
| | | |
| | | |
| | | |
| | |
Income (loss) from discontinued operations | |
| - | | |
| 0.0 | % | |
| (88,807 | ) | |
| -1.6 | % |
Gain from disposal of BTX | |
| - | | |
| 0.0 | % | |
| 19,700 | | |
| 0.4 | % |
Income (loss) from discontinued operations, net of tax | |
| - | | |
| 0.0 | % | |
| (69,107 | ) | |
| -1.2 | % |
| |
| | | |
| | | |
| | | |
| | |
Consolidated net loss | |
| (819,076 | ) | |
| 24.7 | % | |
| (2,934,300 | ) | |
| -55.7 | % |
Net income (loss) attributable to noncontrolling interest | |
| - | | |
| 0.0 | % | |
| 8,682 | | |
| 0.2 | % |
Net loss attributable to WPCS | |
| (819,076 | ) | |
| 24.7 | % | |
| (2,942,982 | ) | |
| -55.9 | % |
Dividends declared on preferred stock | |
| (372,810 | ) | |
| -11.3 | % | |
| (509,389 | ) | |
| -9.7 | % |
Deemed dividends on convertible preferred stock, due to beneficial conversion feature | |
| (40,729 | ) | |
| -1.2 | % | |
| - | | |
| 0.0 | % |
Net loss attributable to WPCS common shareholders | |
$ | (1,232,615 | ) | |
| -37.2 | % | |
$ | (3,452,371 | ) | |
| -65.6 | % |
Operating Loss
The Company had an operating loss of approximately
$823,000 for the three months ended January 31, 2016. This quarter’s operating loss was comprised primarily of $286,000 in
operating income from Suisun City Operations and which was offset by $1,077,000 of corporate overhead expenses, of which approximately
$656,000 related to non-cash compensation expense recognized on the issuance of employee stock options and a $32,000 loss from
the start up of our Texas Operations. For the three months ended January 31, 2015, the Company had an operating loss of approximately
$476,000 which was comprised primarily of $236,000 in operating income from Suisun City Operations and which was offset by approximately
$712,000 of corporate overhead. The details of the operating loss are as follows:
Revenue
Revenue for the three months ended January
31, 2016 decreased $1,944,000, or 37%, to $3,318,000, as compared to $5,262,000 for same period last year due to a $1,944,000 decrease
in revenue in Suisun City Operations. This decrease was primarily comprised of $2,000,000 related to one customer contract that
was completed during the prior fiscal year.
Cost of Revenue
Cost of revenue, which consists
of direct costs on contracts: materials, direct labor, third party subcontractor services, union benefits and other
overhead costs decreased $1,965,000, or 44%, to $2,522,000, or 76% of revenue, for the three months ended January 31, 2016,
as compared to $4,487,000, or 85% of revenue, for the same period in 2015. Such decrease in the cost of revenue was
due primarily to attracting new contracts with lower subcontracting costs in the
Suisun City Operations. Lower costs, on the jobs that were completed, account for the nine percent decrease in cost of
revenue.
Selling, General and Administrative
Expenses
For the three months ended January 31,
2016, total selling, general and administrative expenses increased $365,000 or 30% to $1,603,000 as compared to $1,237,000 for
the same period in 2015 and which was primarily due to higher: (i) stock compensation expense of $541,000 for stock options issued
(ii), salary expense of $30,000; and (iii) various miscellaneous costs of approximately $125,000, all of which were partially offset
by lower: (i) professional fees for legal, accounting, consulting and investor relations services of $470,000; and (ii) various
miscellaneous costs of approximately $128,000. In addition, for the three months ended January 31, 2015, the Company had $267,000
of Trenton facility lease and Delaware franchise tax reductions which lowered the prior period selling, general and administrative
expenses.
Depreciation and Amortization
For the three months ended January 31,
2016, depreciation and amortization was approximately $16,000 as compared to approximately $14,000 for the same quarter in 2015.
Loss from Continuing Operations
The Company had a net loss from continuing
operations of $819,000 for the three months ended January 31, 2016 as compared to $2,865,000 for the same period in 2015. Loss
from continuing operations is determined by adjusting the operating loss by the following items:
Interest Expense
For the three months ended January 31,
2016 and 2015, interest expense was approximately $523 and $380, respectively.
Inducement Expense
While there was no inducement expense for
the quarter ended January 31, 2016, the Company had previously recorded an inducement expense of approximately $3,622,000 relating
to the exchange of certain senior secured convertible debt and preferred stock during the quarter ended January 31, 2015.
Income from Section 16 Settlements
During the quarter ended January 31, 2015,
the Company recorded income of $1,052,000 as it received cash and forgiveness of certain promissory notes as part of the settlements
with certain note holders who were the remaining defendants named in a Section 16 litigation brought by a shareholder of WPCS.
Other Income
For the three months ended January
31, 2016 and 2015, other income was approximately $5,000 as compared to approximately $197,000 for the same period in 2015,
which was primarily related to forgiveness of certain accounts payable.
Net Loss Attributable to WPCS Common
Shareholders
The Company incurred a net loss attributable
to WPCS common shareholders of $1,233,000 for the three months ended January31, 2016 as compared to net loss attributable to WPCS
common shareholders of $3,452,000 for the same period in 2015. The following items are the adjustments to the loss from continuing
operations that result in determining the net loss attributable to WPCS common shareholders:
Income (Loss) From Discontinued Operations
As a result of the disposition of
BTX, and the China Operations, we have recorded all activity related to those subsidiaries as income (loss) from discontinued
operations. The cumulative effect is no income or loss for the three months ended January 31, 2016 as compared to a loss of
$69,000 for the same period in 2015. The loss for the quarter ended January 31, 2015 relates to a loss from the
Company’s China Operations and a gain on the disposal of BTX.
Dividends Declared on Preferred Stock
As a result of the issuance of preferred
stock, we declared dividends, make-whole dividends, and deemed dividends of $413,000 for the three months ended January 31, 2016
as compared to $509,000 for the same period in 2015. These dividends are non-cash and were paid in common shares.
Results of Operations for the Nine Months Ended January 31,
2016 Compared to the Nine Months Ended January 31, 2015
| |
For the nine months ended | |
| |
January 31, | |
| |
2016 | | |
2015 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 11,605,880 | | |
| 100.0 | % | |
$ | 17,416,283 | | |
| 100.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Costs and expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
| 9,263,395 | | |
| 79.8 | % | |
| 14,379,893 | | |
| 82.6 | % |
Selling, general and administrative expenses | |
| 5,470,760 | | |
| 47.1 | % | |
| 3,600,820 | | |
| 20.7 | % |
Depreciation and amortization | |
| 45,537 | | |
| 0.4 | % | |
| 46,106 | | |
| 0.3 | % |
| |
| 14,779,692 | | |
| 127.3 | % | |
| 18,026,819 | | |
| 103.6 | % |
| |
| | | |
| | | |
| | | |
| | |
Operating loss | |
| (3,173,812 | ) | |
| -27.3 | % | |
| (610,536 | ) | |
| -3.5 | % |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (2,021 | ) | |
| 0.0 | % | |
| (2,837,852 | ) | |
| -16.3 | % |
Inducement expense | |
| - | | |
| 0.0 | % | |
| (5,492,842 | ) | |
| -31.5 | % |
Income from Section 16 settlements | |
| 400,000 | | |
| 3.4 | % | |
| 1,401,516 | | |
| 8.0 | % |
Other expenses | |
| 1,965 | | |
| 0.0 | % | |
| 188,778 | | |
| 1.1 | % |
| |
| | | |
| | | |
| | | |
| | |
Loss from continuing operations before income tax provision | |
| (2,773,868 | ) | |
| -23.9 | % | |
| (7,350,936 | ) | |
| -42.2 | % |
Income tax provision | |
| 1,706 | | |
| 0.0 | % | |
| 43,914 | | |
| 0.3 | % |
Loss from continuing operations | |
| (2,775,574 | ) | |
| -23.9 | % | |
| (7,394,850 | ) | |
| -42.5 | % |
| |
| | | |
| | | |
| | | |
| | |
Discontinued operations: | |
| | | |
| | | |
| | | |
| | |
Income (loss) from discontinued operations | |
| 41,261 | | |
| 0.4 | % | |
| (2,414,305 | ) | |
| -13.8 | % |
Gain from disposal | |
| 837,720 | | |
| 7.2 | % | |
| 798,896 | | |
| 4.6 | % |
Gain from disposal of BTX | |
| - | | |
| 0.0 | % | |
| 19,700 | | |
| 0.1 | % |
Income (loss) from discontinued operations, net of tax | |
| 878,981 | | |
| 7.6 | % | |
| (1,595,709 | ) | |
| -9.1 | % |
| |
| | | |
| | | |
| | | |
| | |
Consolidated net loss | |
| (1,896,593 | ) | |
| -16.3 | % | |
| (8,990,559 | ) | |
| -51.6 | % |
Net income (loss) attributable to noncontrolling interest | |
| 16,505 | | |
| 0.1 | % | |
| (93,453 | ) | |
| -0.5 | % |
Net loss attributable to WPCS | |
| (1,913,098 | ) | |
| -16.4 | % | |
| (8,897,106 | ) | |
| -51.1 | % |
Dividends declared on preferred stock | |
| (4,742,768 | ) | |
| -40.9 | % | |
| (700,088 | ) | |
| -4.0 | % |
Deemed dividend on convertible preferred stock, due to beneficial conversion feature | |
| (744,499 | ) | |
| -6.4 | % | |
| - | | |
| 0.0 | % |
Net loss attributable to WPCS common shareholders | |
$ | (7,400,365 | ) | |
| -63.7 | % | |
$ | (9,597,194 | ) | |
| -55.1 | % |
Operating Loss
The Company had an operating loss of approximately
$3,174,000 for the nine months ended January 31, 2016. This period’s operating loss was comprised primarily of $886,000 in operating
income from Suisun City Operations and which was offset by $4,029,000 of corporate overhead expenses, of which approximately $2,174,000
related to non-cash compensation expense recognized on the issuance of employee stock options and a $32,000 loss from the start
up of our Texas Operations. For the nine months ended January 31, 2015, the Company had an operating loss of approximately $611,000
which was comprised primarily of $1,289,000 in operating income from Suisun City Operations and which was offset by approximately
$2,055,000 of corporate overheads. The details of the operating loss are as follows:
Revenue
Revenue for the nine months ended January
31, 2016 decreased $5,810,000, or 33%, to $11,606,000, as compared to $17,416,000 for same period last year due primarily from
a $5,800,000 decrease in revenue in Suisun City Operations attributable to the completion of one customer contract that was completed
during the last fiscal year.
Cost of Revenue
Cost of revenue, which consists of direct
costs on contracts: materials, direct labor, third party subcontractor services, union benefits and other overhead costs decreased
$5,117,000, or 36%, to $9,263,000, or 80% of revenue, for the nine months ended January 31, 2016, as compared to $14,380,000, or
83% of revenue, for the same period in 2015. Such decrease in the cost of revenue was due primarily to lower subcontracting costs
in connection with lower revenue contracts in the Suisun City Operations.
Selling, General and Administrative
Expenses
For the nine months ended January 31, 2016,
total selling, general and administrative expenses increased $1,870,000, or 52%, to $5,471,000 as compared to $3,601,000 for
the same period in 2015 and which was primarily due to higher: (i) stock compensation expense of $2,059,000 for stock options issued
and (ii) salary expense of $161,000; and (iii) various miscellaneous costs of approximately $163,000, all of which were partially
offset by lower: (i) professional fees for accounting, consulting and investor relations services of $714,000; and (ii) various
miscellaneous costs of approximately $285,000. In addition, for the nine months ended January 31, 2015, the Company had $496,000
of Trenton facility lease, Delaware franchise tax and insurance reductions which lowered the prior period selling, general and
administrative expenses.
Depreciation and Amortization
For the nine months ended January 31, 2016,
depreciation and amortization was approximately $46,000 as compared to approximately $46,000 for the same quarter in 2015.
Loss from Continuing Operations
The Company had a net loss from continuing
operations of $2,776,000 for the nine months ended January 31, 2016 as compared to a net loss from continuing operations of $7,395,000
for the same period in 2015. Loss from continuing operations is determined by adjusting the operating loss by the following items:
Interest Expense
For the nine months ended January 31,
2016 and 2015, interest expense was approximately $2,000 and $2,838,000, respectively. The significant reduction in interest
expense in 2016 as compared to the same period in 2015 is attributable to the exchange of senior secured convertible notes
that was completed in November 2014.
Inducement Expense
While there was no inducement expense for
the nine months ended January 31, 2016, the Company recorded an inducement expense of approximately $5,493,000 relating to the
exchange of certain senior secured convertible debt and preferred stock during the nine months ended January 31, 2015.
Income from Section 16 Settlements
For the nine months ended January 31,
2016 and 2015, income from Section 16 settlements was approximately $400,000 and $1,402,000, respectively, as the Company
received $400,000 and $1,402,000 in forgiveness of certain promissory notes and receipt of cash as part of the settlements
with certain note holders who were defendants named in a Section 16 litigation brought by a shareholder of WPCS. These
settlements resolved all issues related to this litigation.
Other Income
For the nine months ended January 31, 2016
and 2015, other income was approximately $2,000 compared to approximately $189,000 for the same period in 2015. The large other
income item in 2015 relates to the negotiation and eventual reduction of certain accounts payable balances.
Net Loss Attributable to WPCS Common Shareholders
The Company incurred a net loss attributable
to WPCS common shareholders of $7,401,000 for the nine months ended January 31, 2016 as compared to net loss attributable to WPCS
common shareholders of $9,597,000 for the same period in 2015. The following items are the adjustments to the loss from continuing
operations that result in determining the net loss attributable to WPCS common shareholders:
Income (Loss) From Discontinued Operations
As a result of the disposition of Pride,
BTX, China and Seattle Operations, we have recorded all activity related to those subsidiaries as income (loss) from discontinued
operations. The cumulative effect is income of $879,000 for the nine months ended January 31, 2016 as compared to a loss of $1,596,000
for the same period in 2015.
Net Income Attributable to Noncontrolling
Interest
The Company’s net income attributable
to noncontrolling interest related to its China Operations for the nine months ended January 31, 2016 was $17,000 as compared to
a net loss of $93,000 for the same period last year. The entire $17,000 net income recorded in 2016 was prior to the sale of the
China Operations.
Dividends Declared on Preferred Stock
As a result of the issuance of preferred
stock, we declared dividends, make-whole dividends, and deemed dividends of $5,487,000 for the nine months ended January 31, 2016
as compared to $700,000 for the same period in 2014. These dividends are non-cash and were paid in common shares.
Effects of Inflation
Inflations has not
had a material impact on our business.
Liquidity and Capital Resources as of January 31, 2016
As of January 31, 2016, we had working
capital of approximately $2,652,000, which consisted of current assets of approximately $6,687,000 and current liabilities of approximately
$4,036,000. This compares to a working capital deficiency of approximately $1,246,000 at April 30, 2015. The current liabilities
as presented in the balance sheet at January 31, 2016 primarily include approximately $2,265,000 of accounts payable and accrued
expenses and approximately $1,721,000 of billings in excess of costs and estimated earnings on uncompleted contracts.
Our cash and cash equivalents balance at
January 31, 2016 was approximately $2,408,000.
During the nine months ended
January 31, 2016 the Company completed a series of transactions that it believes will provide it with sufficient working
capital and equity to operate its business plans for the next twelve months from the date of filing this report, while it
continues to seek growth opportunities, including, but not limited to, (i) organic growth to complement and enhance existing
operations; (ii) acquisitions; and/or (iii) a viable merger candidate.
The transactions included the: (i) elimination
of $1,703,000 of promissory notes which were due and payable on September 30, 2015; (ii) issuance of common stock to satisfy the
$677,000 of preferred stock dividends payable at April 30, 2015; (iii) completion of a $1,575,000 equity financing; (iv) closing
of a $1,000,000 line of credit for our Suisun Operations; and (v) the sale of our China Operations for approximately $1,500,000.
Some of these events have provided
cash to the Company while others eliminated future cash spending requirements. Along with expected continued
operating profits from its Suisun Operations for fiscal year 2016 and lower corporate overhead, these are the primary factors
that support the belief that the Company will have adequate liquidity for the next twelve months from the filing date of
this report.
Backlog
As of January 31, 2016, we had a backlog
of unfilled orders of approximately $13,836,000 as compared to approximately $14,100,000 at April 30, 2015. We define backlog as
the value of work-in-hand to be provided for customers as of a specific date where the following conditions are met (with the exception
of engineering change orders): (i) the price of the work to be done is fixed; (ii) the scope of the work to be done is fixed, both
in definition and amount; and (iii) there is a written contract, purchase order, agreement or other documentary evidence which
represents a firm commitment by the customer to pay us for the work to be performed. These backlog amounts are based on contract
values and purchase orders and may not result in actual receipt of revenue in the originally anticipated period or at all. We have
experienced variances in the realization of our backlog because of project delays or cancellations resulting from external market
factors and economic factors beyond our control and we may experience such delays or cancellations in the future. Backlog does
not include new firm commitments that may be awarded to us by our customers from time to time in future periods. These new project
awards could be started and completed in this same future period. Accordingly, our backlog does not necessarily represent the total
revenue that could be earned by us in future periods.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements
other than operating lease commitments.
Critical Accounting Policies
Our discussion and analysis of our financial
condition and results of operations are based on our financial statements, which have been prepared in accordance with U.S. GAAP.
The preparation of these financial statements requires us to make estimates and judgments that affect our reported amounts of assets,
liabilities, revenues and expenses.
On an ongoing basis, we evaluate our estimates
and judgments, including those related to accrued expenses and stock-based compensation. We based our estimates on historical experience
and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis
for making judgments about the carrying values of assets and liabilities and the reported amounts of revenues and expenses that
are not readily apparent from other sources. Actual results may differ from these estimates.
Our critical accounting policies and significant
estimates are detailed in the Form 10-K for the year ended April 30, 2015. Our critical accounting policies and significant estimates
have not changed substantially from those previously disclosed in the Form 10-K.
ITEM 3 - QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK
Not applicable.
ITEM 4 - CONTROLS AND PROCEDURES
(a) Evaluation of disclosure controls
and procedures.
Our management, with the participation
of our interim chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and
procedures pursuant to Rule 13a-15 under the Securities Exchange Act of 1934 as of the end of the period covered by this Quarterly
Report on Form 10-Q. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls
and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control
objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints
and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to
their costs.
Based on our evaluation, our interim
chief executive officer and chief financial officer concluded that, as of January 31, 2016, our disclosure controls and procedures
are designed at a reasonable assurance level and are effective to provide reasonable assurance that information we are required
to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the
time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated
to our management, including our interim chief executive officer and chief financial officer, as appropriate, to allow timely decisions
regarding required disclosure.
(b) Changes in internal control over
financial reporting.
There were no changes in our internal control
over financial reporting that occurred during the quarter ended January 31, 2016 that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. LEGAL
PROCEEDINGS
There have been no material developments
in any legal proceedings since the disclosures contained in the Registrant’s Form 10-K for the year ended April 30, 2015.
ITEM 1A. RISK
FACTORS
Not required.
ITEM 2. UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Conversion of Convertible Preferred Stock
From December 11, 2015 through March 10, 2016, the Company issued
102,492 shares of Common Stock in transactions that were not registered under the Securities Act of 1933. The shares of Common
Stock were issued upon the conversion of shares of Series G-1 Convertible Preferred Stock in reliance upon the exemption from registration
in Section 3(a)(9) of the Securities Act of 1933.
Investment Banking Agreement
On August 1, 2015, the Company entered into an engagement letter
with an investment bank to provide investment banking services for a period of twelve (12) months, which may be extended by mutual
consent of the parties. The Company agreed to pay a $7,500 monthly fee to the investment bank payable in shares of Common
Stock, calculated based on the closing bid price of the Common Stock on the trading day immediately prior to date payment is due.
On each date of payment, the Common Stock is issued in reliance upon the exemption from registration in Section 4(a)(2) of the
Securities Act of 1933. The shares issued for the payments due for the period from December 11, 2015 through March 10, 2016
were 17,213 and the total shares issued under this agreement to date is 42,534.
ITEM 3. DEFAULTS
UPON SENIOR SECURITIES
None.
ITEM 4. MINE
SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER
INFORMATION
(a) |
There is no information required to be disclosed on Form 8-K during the period covered by this Form 10-Q that was not so reported. |
(b) |
There were no material changes to the procedures by which security holders may recommend nominees to the Company’s board of directors during the quarter ended January 31, 2016. |
ITEM 6. EXHIBITS
3.1(1) |
Certificate of Incorporation, as amended |
|
|
3.2(2) |
Certificate of Amendment to the Certificate of Incorporation, filed with the Delaware Secretary of State on March 4, 2013 |
|
|
3.3(3) |
Certificate of Amendment to the Certificate of Incorporation, filed with the Delaware Secretary of State on May 16, 2013 and effective May 28, 2013 |
|
|
3.4(4) |
Certificate of Correction to the Certificate of Amendment of the Certificate of Incorporation, filed with the Delaware Secretary of State on December 19, 2014 |
|
|
3.5(5) |
Amended and Restated Bylaws |
|
|
3.6(6) |
Certificate of Designations, Preferences and Rights of Series F Convertible Preferred Stock, filed with the Secretary of State of the State of Delaware on September 30, 2014 |
|
|
3.7(6) |
Certificate of Designations, Preferences and Rights of the Series G Convertible Preferred Stock, filed with the Secretary of State of the State of Delaware on September 30, 2014 |
|
|
3.8(7) |
Certificate of Designations, Preferences and Rights of Series F-1 Convertible Preferred Stock, filed with the Secretary of State of the State of Delaware on November 20, 2014 |
|
|
3.9(7) |
Certificate of Designations, Preferences and Rights of Series G-1 Convertible Preferred Stock, filed with the Secretary of State of the State of Delaware on November 20, 2014 |
|
|
3.10(8) |
Certificate of Designations, Preferences and Rights of Series H Convertible Preferred Stock, filed with the Secretary of State of the State of Delaware on June 30, 2015 |
|
|
3.11(9) |
Certificate of Designations, Preferences and Rights of Series H-1 Convertible Preferred Stock, filed with the Secretary of State of the State of Delaware on July 14, 2015 |
10.1(10) |
Change in Control Agreement, dated as of September 29, 2015,
by and between WPCS International Incorporated and Sebastian Giordano, Interim Chief Executive Officer
|
10.2(10) |
Change in Control Agreement, dated as of September 29, 2015,
by and between WPCS International Incorporated and Dave Fallen, Chief Financial Officer
|
10.3(11) |
Change in
Control Agreement, dated as of October 21, 2015, by and between WPCS International - Suisun City, Inc. and Robert Roller,
President of the Suisun City Operations |
|
|
31.1* |
Certification of Interim Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
31.2* |
Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
32.1** |
Certification of Interim Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
32.2** |
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
101.INS* |
XBRL Instance Document |
|
|
101.SCH* |
XBRL Taxonomy Extension Schema Document |
|
|
101.CAL* |
XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
101.LAB* |
XBRL Taxonomy Extension Label Linkbase Document |
|
|
101.PRE* |
XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
101.DEF* |
XBRL Taxonomy Extension Definition Linkbase Document |
* |
Filed herewith |
|
|
** |
Furnished herewith |
|
|
(1) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 2, 2014. |
|
|
(2) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 4, 2013. |
|
|
(3) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 28, 2013. |
|
|
(4) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 19, 2014. |
|
|
(5) |
Incorporated
by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January
13, 2016. |
|
|
(6) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2014. |
|
|
(7) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 20, 2014. |
|
|
(8) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 1, 2015. |
|
|
(9) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 15, 2015. |
|
|
(10) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 5, 2015. |
|
|
(11) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 23, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
WPCS INTERNATIONAL INCORPORATED |
|
|
|
By: |
/s/ Sebastian Giordano |
|
|
Name: |
Sebastian Giordano |
|
|
Title: |
Interim Chief Executive Officer |
|
By: |
/s/ David Allen |
|
|
Name: |
David Allen |
|
|
Title: |
Chief Financial Officer |
Date: March 9, 2016
Index to Exhibits
Exhibit Number |
|
Exhibit |
3.1(1) |
|
Certificate of Incorporation, as amended |
|
|
|
3.2(2) |
|
Certificate of Amendment to the Certificate of Incorporation, filed with the Delaware Secretary of State on March 4, 2013 |
|
|
|
3.3(3) |
|
Certificate of Amendment to the Certificate of Incorporation, filed with the Delaware Secretary of State on May 16, 2013 and effective May 28, 2013 |
|
|
|
3.4(4) |
|
Certificate of Correction to the Certificate of Amendment of the Certificate of Incorporation, filed with the Delaware Secretary of State on December 19, 2014 |
|
|
|
3.5(5) |
|
Amended and Restated Bylaws |
|
|
|
3.6(6) |
|
Certificate of Designations, Preferences and Rights of Series F Convertible Preferred Stock, filed with the Secretary of State of the State of Delaware on September 30, 2014 |
|
|
|
3.7(6) |
|
Certificate of Designations, Preferences and Rights of the Series G Convertible Preferred Stock, filed with the Secretary of State of the State of Delaware on September 30, 2014 |
|
|
|
3.8(7) |
|
Certificate of Designations, Preferences and Rights of Series F-1 Convertible Preferred Stock, filed with the Secretary of State of the State of Delaware on November 20, 2014 |
|
|
|
3.9(7) |
|
Certificate of Designations, Preferences and Rights of Series G-1 Convertible Preferred Stock, filed with the Secretary of State of the State of Delaware on November 20, 2014 |
|
|
|
3.10(8) |
|
Certificate of Designations, Preferences and Rights of Series H Convertible Preferred Stock, filed with the Secretary of State of the State of Delaware on June 30, 2015 |
|
|
|
3.11(9) |
|
Certificate of Designations, Preferences and Rights of Series H-1 Convertible Preferred Stock, filed with the Secretary of State of the State of Delaware on July 14, 2015 |
|
|
|
10.1(10) |
|
Change in Control Agreement, dated as of September 29, 2015, by and between WPCS International Incorporated and Sebastian Giordano, Interim Chief Executive Officer. |
|
|
|
10.2(10) |
|
Change in Control Agreement, dated as of September 29, 2015, by and between WPCS International Incorporated and Dave Fallen, Chief Financial Officer. |
|
|
|
10.3(11) |
|
Change
in Control Agreement, dated as of October 21, 2015, by and between WPCS International - Suisun City, Inc. and Robert Roller,
President of the Suisun City Operations. |
|
|
|
31.1* |
|
Certification of Interim Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
31.2* |
|
Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
32.1** |
|
Certification of Interim Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
|
32.2** |
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
|
101.INS* |
|
XBRL Instance Document |
|
|
|
101.SCH* |
|
XBRL Taxonomy Extension Schema Document |
|
|
|
101.CAL* |
|
XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
|
101.LAB* |
|
XBRL Taxonomy Extension Label Linkbase Document |
|
|
|
101.PRE* |
|
XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
|
101.DEF* |
|
XBRL Taxonomy Extension Definition Linkbase Document |
* |
Filed herewith |
|
|
** |
Furnished herewith |
|
|
(1) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 2, 2014. |
|
|
(2) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 4, 2013. |
|
|
(3) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 28, 2013. |
|
|
(4) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 19, 2014. |
|
|
(5) |
Incorporated
by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 13,
2016. |
|
|
(6) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2014. |
|
|
(7) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 20, 2014. |
|
|
(8) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 1, 2015. |
|
|
(9) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 15, 2015. |
|
|
(10) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 5, 2015. |
|
|
(11) |
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 23, 2015. |
EXHIBIT 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
I, Sebastian Giordano, certify that:
1. I have reviewed
this quarterly report on Form 10-Q of WPCS International Incorporated;
2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;
3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this
report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s
other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable
likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant’s internal controls
over financial reporting.
Date: March 9, 2016
/s/ Sebastian Giordano |
|
Name: |
Sebastian Giordano |
|
Title: |
Interim Chief Executive Officer |
|
EXHIBIT 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
I, David Allen, certify that:
1. I have reviewed
this quarterly report on Form 10-Q of WPCS International Incorporated;
2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;
3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this
report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s
other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable
likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant’s internal controls
over financial reporting.
Date: March 9, 2016
/s/ David Allen |
|
Name: |
David Allen |
|
Title: |
Chief Financial Officer |
|
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002
In connection with
the quarterly report of WPCS International Incorporated. (the “Company”) on Form 10-Q for the quarter ended January
31, 2016, as filed with the Securities and Exchange Commission (the “Report”), I, Sebastian Giordano, certify, pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
|
By: |
/s/ Sebastian Giordano |
Date: March 9, 2016 |
Name: |
Sebastian Giordano |
|
Title: |
Interim Chief Executive Officer |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002
In connection with
the quarterly report of WPCS International Incorporated. (the “Company”) on Form 10-Q for the quarter ended January
31, 2016 as filed with the Securities and Exchange Commission (the “Report”), I, David Allen, certify, pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
|
By: |
/s/ David Allen |
Date: March 9, 2016 |
Name: |
David Allen |
|
Title: |
Chief Financial Officer |
v3.3.1.900
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
|
Jan. 31, 2016 |
Apr. 30, 2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 2,408,297
|
$ 2,364,360
|
Accounts receivable, net of allowance of $92,000 at January 31, 2016 and April 30, 2015 |
3,769,383
|
6,494,890
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
416,047
|
420,434
|
Prepaid expenses and other current assets |
93,558
|
159,769
|
Current assets held for sale |
0
|
4,566,251
|
Total current assets |
6,687,285
|
14,005,704
|
Property and equipment, net |
227,300
|
162,986
|
Other assets |
27,494
|
25,384
|
Other assets held for sale |
0
|
963,119
|
Total assets |
6,942,079
|
15,157,193
|
Current liabilities: |
|
|
Current portion of loans payable |
49,747
|
39,935
|
Accounts payable and accrued expenses |
2,264,725
|
5,414,269
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
1,721,301
|
1,346,461
|
Other payable to Zurich |
0
|
360,000
|
Short-term promissory notes |
0
|
1,703,000
|
Dividends payable |
0
|
677,546
|
Current liabilities held for sale |
0
|
5,710,807
|
Total current liabilities |
4,035,773
|
15,252,018
|
Loans payable, net of current portion |
98,492
|
44,239
|
Total liabilities |
$ 4,134,265
|
$ 15,296,257
|
Commitments |
|
|
WPCS equity (deficit): |
|
|
Common stock - $0.0001 par value, 100,000,000 shares authorized, 2,673,803 and 982,660 shares issued and outstanding as of January 31, 2016 and April 30, 2015, respectively |
$ 267
|
$ 98
|
Additional paid-in capital |
85,653,220
|
70,380,397
|
Accumulated deficit |
(83,951,259)
|
(76,550,894)
|
Accumulated other comprehensive income on foreign currency translation |
0
|
349,723
|
Total WPCS equity (deficit) |
2,807,814
|
(699,979)
|
Noncontrolling interest |
0
|
560,915
|
Total equity (deficit) |
2,807,814
|
(139,064)
|
Total liabilities and equity (deficit) |
6,942,079
|
15,157,193
|
Convertible Series F [Member] |
|
|
WPCS equity (deficit): |
|
|
Preferred stock |
0
|
1,589,933
|
Convertible Series F-1 [Member] |
|
|
WPCS equity (deficit): |
|
|
Preferred stock |
0
|
1,702,808
|
Convertible Series G [Member] |
|
|
WPCS equity (deficit): |
|
|
Preferred stock |
0
|
731,706
|
Convertible Series G-1 [Member] |
|
|
WPCS equity (deficit): |
|
|
Preferred stock |
0
|
1,096,250
|
Convertible Series H [Member] |
|
|
WPCS equity (deficit): |
|
|
Preferred stock |
406,262
|
0
|
Convertible Series H-1 [Member] |
|
|
WPCS equity (deficit): |
|
|
Preferred stock |
$ 699,324
|
$ 0
|
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($)
|
Jan. 31, 2016 |
Apr. 30, 2015 |
Allowance for accounts receivable |
$ 92,000
|
$ 92,000
|
Preferred stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
2,673,803
|
2,673,803
|
Common stock, shares outstanding |
982,660
|
982,660
|
Convertible Series F [Member] |
|
|
Preferred stock, shares issued |
0
|
5,268
|
Preferred Stock, Shares Outstanding |
0
|
5,268
|
Convertible Series F-1 [Member] |
|
|
Preferred stock, shares issued |
0
|
5,642
|
Preferred Stock, Shares Outstanding |
0
|
5,642
|
Convertible Series G [Member] |
|
|
Preferred stock, shares issued |
0
|
2,088
|
Preferred Stock, Shares Outstanding |
0
|
2,088
|
Convertible Series G-1 [Member] |
|
|
Preferred stock, shares issued |
0
|
3,128
|
Preferred Stock, Shares Outstanding |
0
|
3,128
|
Convertible Series H [Member] |
|
|
Preferred stock, shares issued |
2,638
|
2,638
|
Preferred Stock, Shares Outstanding |
0
|
0
|
Preferred Stock, liquidation preference (in dollars) |
$ 406,000
|
$ 406,000
|
Convertible Series H-1 [Member] |
|
|
Preferred stock, shares issued |
8,119
|
8,119
|
Preferred Stock, Shares Outstanding |
0
|
0
|
Preferred Stock, liquidation preference (in dollars) |
$ 1,348,000
|
$ 1,348,000
|
X |
- DefinitionA valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
|
3 Months Ended |
9 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Revenue |
$ 3,317,636
|
$ 5,262,154
|
$ 11,605,880
|
$ 17,416,283
|
Costs and expenses: |
|
|
|
|
Cost of revenue |
2,521,627
|
4,486,949
|
9,263,395
|
14,379,893
|
Selling, general and administrative expenses |
1,602,751
|
1,237,402
|
5,470,760
|
3,600,820
|
Depreciation and amortization |
16,075
|
14,282
|
45,537
|
46,106
|
Costs and expenses |
4,140,453
|
5,738,633
|
14,779,692
|
18,026,819
|
Operating loss |
(822,817)
|
(476,479)
|
(3,173,812)
|
(610,536)
|
Other income (expense): |
|
|
|
|
Interest expense |
(523)
|
(380)
|
(2,021)
|
(2,837,852)
|
Inducement expense |
0
|
(3,622,344)
|
0
|
(5,492,842)
|
Income from Section 16 settlement |
0
|
1,051,516
|
400,000
|
1,401,516
|
Other income, net |
4,871
|
197,220
|
1,965
|
188,778
|
Loss from continuing operations before income tax provision |
(818,469)
|
(2,850,467)
|
(2,773,868)
|
(7,350,936)
|
Income tax provision |
607
|
14,726
|
1,706
|
43,914
|
Loss from continuing operations |
(819,076)
|
(2,865,193)
|
(2,775,574)
|
(7,394,850)
|
Discontinued operations: |
|
|
|
|
Income (loss) from discontinued operations |
0
|
(88,807)
|
41,261
|
(2,414,305)
|
Gain from disposal |
0
|
0
|
837,720
|
798,896
|
Income (loss) from discontinued operations, net of tax |
0
|
(69,107)
|
878,981
|
(1,595,709)
|
Consolidated net loss |
(819,076)
|
(2,934,300)
|
(1,896,593)
|
(8,990,559)
|
Net income (loss) attributable to noncontrolling interest |
0
|
8,682
|
16,505
|
(93,453)
|
Net loss attributable to WPCS |
(819,076)
|
(2,942,982)
|
(1,913,098)
|
(8,897,106)
|
Dividends declared on preferred stock |
(372,810)
|
(509,389)
|
(4,742,768)
|
(700,088)
|
Deemed dividends on convertible preferred Series H-1 stock, due to beneficial conversion feature |
(40,729)
|
0
|
(744,499)
|
0
|
Net loss attributable to WPCS common shareholders |
$ (1,232,615)
|
$ (3,452,371)
|
$ (7,400,365)
|
$ (9,597,194)
|
Basic and diluted net loss attributable to WPCS common shareholders: |
|
|
|
|
Loss from continuing operations (in dollars per share) |
$ (0.47)
|
$ (5.33)
|
$ (3.82)
|
$ (12.8)
|
Income (loss) from discontinued operations (in dollars per share) |
0
|
(0.15)
|
0.01
|
(3.67)
|
Gain from disposal (in dollars per share) |
0
|
0.03
|
0.39
|
1.29
|
Basic and diluted net income (loss) from discontinued operations (in dollars per share) |
0
|
(0.12)
|
0.4
|
(2.38)
|
Basic and diluted net loss per common share attributable to WPCS (in dollars per share) |
$ (0.47)
|
$ (5.45)
|
$ (3.42)
|
$ (15.18)
|
Basic and diluted weighted average number of common shares outstanding (in shares) |
2,597,952
|
633,158
|
2,161,104
|
632,664
|
BTX Trader LLC [Member] |
|
|
|
|
Discontinued operations: |
|
|
|
|
Gain from disposal |
$ 0
|
$ 19,700
|
$ 0
|
$ 19,700
|
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- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.3.1.900
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
|
3 Months Ended |
9 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Consolidated net loss |
$ (819,076)
|
$ (2,934,300)
|
$ (1,896,593)
|
$ (8,990,559)
|
Other comprehensive loss |
|
|
|
|
Foreign currency translation adjustments |
0
|
(23,472)
|
|
(19,854)
|
Other comprehensive loss |
0
|
(23,472)
|
349,723
|
(886,573)
|
Comprehensive income (loss) |
(819,076)
|
(2,957,772)
|
(1,546,870)
|
(9,877,132)
|
Less: comprehensive loss attributable to noncontrolling interest |
0
|
(6,965)
|
0
|
(97,395)
|
Comprehensive income (loss) attributable to WPCS shareholders |
(819,076)
|
(2,950,807)
|
(1,546,870)
|
(9,779,737)
|
Australia Operations [Member] |
|
|
|
|
Other comprehensive loss |
|
|
|
|
Reclassification adjustments of other comprehensive loss on the sale |
0
|
0
|
0
|
(866,719)
|
China Operations [Member] |
|
|
|
|
Other comprehensive loss |
|
|
|
|
Reclassification adjustments of other comprehensive loss on the sale |
$ 0
|
$ 0
|
$ 349,723
|
$ 0
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - 9 months ended Jan. 31, 2016 - USD ($)
|
Total |
Series F Preferred Stock [Member] |
Series G Preferred Stock [Member] |
Series F1 Preferred Stock [Member] |
Series G1 Preferred Stock [Member] |
Series G And G1 Preferred Stock [Member] |
Series F And F1 Preferred Stock [Member] |
Series H Preferred Stock [Member] |
Series H-1 Preferred Convertible Stock [Member] |
Series F-1 And G-1 Convertible Stock [Member] |
Series H-1 Preferred Stock [Member] |
Preferred Stock [Member] |
Preferred Stock [Member]
Series F Preferred Stock [Member]
|
Preferred Stock [Member]
Series G Preferred Stock [Member]
|
Preferred Stock [Member]
Series F1 Preferred Stock [Member]
|
Preferred Stock [Member]
Series G1 Preferred Stock [Member]
|
Preferred Stock [Member]
Series G And G1 Preferred Stock [Member]
|
Preferred Stock [Member]
Series F And F1 Preferred Stock [Member]
|
Preferred Stock [Member]
Series H Preferred Stock [Member]
|
Preferred Stock [Member]
Series H-1 Preferred Convertible Stock [Member]
|
Preferred Stock [Member]
Series F-1 And G-1 Convertible Stock [Member]
|
Preferred Stock [Member]
Series H-1 Preferred Stock [Member]
|
Common Stock [Member] |
Common Stock [Member]
Series F Preferred Stock [Member]
|
Common Stock [Member]
Series G Preferred Stock [Member]
|
Common Stock [Member]
Series F1 Preferred Stock [Member]
|
Common Stock [Member]
Series G1 Preferred Stock [Member]
|
Common Stock [Member]
Series G And G1 Preferred Stock [Member]
|
Common Stock [Member]
Series F And F1 Preferred Stock [Member]
|
Common Stock [Member]
Series H Preferred Stock [Member]
|
Common Stock [Member]
Series H-1 Preferred Convertible Stock [Member]
|
Common Stock [Member]
Series F-1 And G-1 Convertible Stock [Member]
|
Common Stock [Member]
Series H-1 Preferred Stock [Member]
|
Additional Paid-in Capital [Member] |
Additional Paid-in Capital [Member]
Series F Preferred Stock [Member]
|
Additional Paid-in Capital [Member]
Series G Preferred Stock [Member]
|
Additional Paid-in Capital [Member]
Series F1 Preferred Stock [Member]
|
Additional Paid-in Capital [Member]
Series G1 Preferred Stock [Member]
|
Additional Paid-in Capital [Member]
Series G And G1 Preferred Stock [Member]
|
Additional Paid-in Capital [Member]
Series F And F1 Preferred Stock [Member]
|
Additional Paid-in Capital [Member]
Series H Preferred Stock [Member]
|
Additional Paid-in Capital [Member]
Series H-1 Preferred Convertible Stock [Member]
|
Additional Paid-in Capital [Member]
Series F-1 And G-1 Convertible Stock [Member]
|
Additional Paid-in Capital [Member]
Series H-1 Preferred Stock [Member]
|
Accumulated Deficit [Member] |
Accumulated Deficit [Member]
Series F Preferred Stock [Member]
|
Accumulated Deficit [Member]
Series G Preferred Stock [Member]
|
Accumulated Deficit [Member]
Series F1 Preferred Stock [Member]
|
Accumulated Deficit [Member]
Series G1 Preferred Stock [Member]
|
Accumulated Deficit [Member]
Series G And G1 Preferred Stock [Member]
|
Accumulated Deficit [Member]
Series F And F1 Preferred Stock [Member]
|
Accumulated Deficit [Member]
Series H Preferred Stock [Member]
|
Accumulated Deficit [Member]
Series H-1 Preferred Convertible Stock [Member]
|
Accumulated Deficit [Member]
Series F-1 And G-1 Convertible Stock [Member]
|
Accumulated Deficit [Member]
Series H-1 Preferred Stock [Member]
|
Accumulated Other Comprehensive (Loss) Income [Member] |
Accumulated Other Comprehensive (Loss) Income [Member]
Series F Preferred Stock [Member]
|
Accumulated Other Comprehensive (Loss) Income [Member]
Series G Preferred Stock [Member]
|
Accumulated Other Comprehensive (Loss) Income [Member]
Series F1 Preferred Stock [Member]
|
Accumulated Other Comprehensive (Loss) Income [Member]
Series G1 Preferred Stock [Member]
|
Accumulated Other Comprehensive (Loss) Income [Member]
Series G And G1 Preferred Stock [Member]
|
Accumulated Other Comprehensive (Loss) Income [Member]
Series F And F1 Preferred Stock [Member]
|
Accumulated Other Comprehensive (Loss) Income [Member]
Series H Preferred Stock [Member]
|
Accumulated Other Comprehensive (Loss) Income [Member]
Series H-1 Preferred Convertible Stock [Member]
|
Accumulated Other Comprehensive (Loss) Income [Member]
Series F-1 And G-1 Convertible Stock [Member]
|
Accumulated Other Comprehensive (Loss) Income [Member]
Series H-1 Preferred Stock [Member]
|
WPCS Equity (Deficit) [Member] |
WPCS Equity (Deficit) [Member]
Series F Preferred Stock [Member]
|
WPCS Equity (Deficit) [Member]
Series G Preferred Stock [Member]
|
WPCS Equity (Deficit) [Member]
Series F1 Preferred Stock [Member]
|
WPCS Equity (Deficit) [Member]
Series G1 Preferred Stock [Member]
|
WPCS Equity (Deficit) [Member]
Series G And G1 Preferred Stock [Member]
|
WPCS Equity (Deficit) [Member]
Series F And F1 Preferred Stock [Member]
|
WPCS Equity (Deficit) [Member]
Series H Preferred Stock [Member]
|
WPCS Equity (Deficit) [Member]
Series H-1 Preferred Convertible Stock [Member]
|
WPCS Equity (Deficit) [Member]
Series F-1 And G-1 Convertible Stock [Member]
|
WPCS Equity (Deficit) [Member]
Series H-1 Preferred Stock [Member]
|
Non-Controlling Interest [Member] |
Non-Controlling Interest [Member]
Series F Preferred Stock [Member]
|
Non-Controlling Interest [Member]
Series G Preferred Stock [Member]
|
Non-Controlling Interest [Member]
Series F1 Preferred Stock [Member]
|
Non-Controlling Interest [Member]
Series G1 Preferred Stock [Member]
|
Non-Controlling Interest [Member]
Series G And G1 Preferred Stock [Member]
|
Non-Controlling Interest [Member]
Series F And F1 Preferred Stock [Member]
|
Non-Controlling Interest [Member]
Series H Preferred Stock [Member]
|
Non-Controlling Interest [Member]
Series H-1 Preferred Convertible Stock [Member]
|
Non-Controlling Interest [Member]
Series F-1 And G-1 Convertible Stock [Member]
|
Non-Controlling Interest [Member]
Series H-1 Preferred Stock [Member]
|
Balance at Apr. 30, 2015 |
$ (139,064)
|
|
|
|
|
|
|
|
|
|
|
$ 5,120,697
|
|
|
|
|
|
|
|
|
|
|
$ 98
|
|
|
|
|
|
|
|
|
|
|
$ 70,380,397
|
|
|
|
|
|
|
|
|
|
|
$ (76,550,894)
|
|
|
|
|
|
|
|
|
|
|
$ 349,723
|
|
|
|
|
|
|
|
|
|
|
$ (699,979)
|
|
|
|
|
|
|
|
|
|
|
$ 560,915
|
|
|
|
|
|
|
|
|
|
|
Balance (in shares) at Apr. 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
16,126
|
|
|
|
|
|
|
|
|
|
|
982,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Series H-1 preferred stock and warrants for cash |
|
|
|
|
|
|
|
|
|
|
$ 1,575,000
|
|
|
|
|
|
|
|
|
|
|
$ 1,575,000
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 1,575,000
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
Issuance of Series H-1 preferred stock and warrants for cash (in shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,532
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of warrants with Series H-1 preferred stock |
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ (841,405)
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 841,405
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
Beneficial conversion feature of Series H-1 convertible preferred stock |
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ (703,770)
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 703,770
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
Deemed dividends related to immediate accretion of beneficial conversion feature of Series H-1 convertible preferred stock |
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
703,770
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
(703,770)
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
Dividend declared on preferred stock |
(4,742,768)
|
|
|
|
|
$ (126,198)
|
$ (159,215)
|
|
0
|
|
|
|
|
|
|
|
$ 0
|
$ 0
|
|
$ 40,729
|
|
|
|
|
|
|
|
$ 0
|
$ 0
|
|
$ 0
|
|
|
|
|
|
|
|
$ 0
|
$ 0
|
|
0
|
|
|
|
|
|
|
|
$ (126,198)
|
$ (159,215)
|
|
(40,729)
|
|
|
|
|
|
|
|
$ 0
|
$ 0
|
|
0
|
|
|
|
|
|
|
|
$ (126,198)
|
$ (159,215)
|
|
0
|
|
|
|
|
|
|
|
$ 0
|
$ 0
|
|
0
|
|
|
Make-whole amount on conversion of preferred F-1 and G-1 shares |
|
|
|
|
|
|
|
|
|
$ (4,457,355)
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ (4,457,355)
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ (4,457,355)
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
Convertible Dividend Payable Shares Converted To Other Securities |
4,457,356
|
$ 313,186
|
$ 129,656
|
$ 311,791
|
$ 208,325
|
|
|
|
|
|
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
|
|
|
|
|
$ 21
|
$ 1
|
$ 1
|
$ 1
|
$ 1
|
|
|
|
|
|
|
4,457,335
|
$ 313,185
|
$ 129,655
|
$ 311,790
|
$ 208,324
|
|
|
|
|
|
|
0
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
|
|
|
|
|
0
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
|
|
|
|
|
4,457,356
|
$ 313,186
|
$ 129,656
|
$ 311,791
|
$ 208,325
|
|
|
|
|
|
|
0
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
|
|
|
|
|
Convertible Dividend Payable Shares Converted To Other Securities (In Shares) |
|
|
|
|
|
|
|
|
|
|
|
0
|
0
|
0
|
0
|
0
|
|
|
|
|
|
|
204,865
|
13,959
|
7,022
|
14,291
|
11,154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of convertible note to Series preferred stock |
|
|
|
|
|
|
|
$ 1,299,000
|
|
|
|
|
|
|
|
|
|
|
$ 1,299,000
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 1,299,000
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
Conversion of convertible note to Series preferred stock (in shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,435
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period Value Conversion Of Units (In Shares) |
|
|
|
|
|
|
|
|
|
|
|
5,797
|
(5,268)
|
(2,088)
|
(5,642)
|
(3,128)
|
|
|
(5,797)
|
(413)
|
|
|
579,700
|
239,454
|
116,453
|
256,456
|
174,457
|
|
|
579,700
|
41,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period Value Conversion Of Units |
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
|
$ 0
|
$ 0
|
|
|
|
$ (1,589,933)
|
$ (731,706)
|
$ (1,702,808)
|
$ (1,096,250)
|
|
|
$ (892,738)
|
$ (75,000)
|
|
|
|
$ 24
|
$ 12
|
$ 26
|
$ 17
|
|
|
$ 58
|
$ 4
|
|
|
|
$ 1,589,909
|
$ 731,694
|
$ 1,702,782
|
$ 1,096,233
|
|
|
$ 892,680
|
$ 74,996
|
|
|
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
|
$ 0
|
$ 0
|
|
|
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
|
$ 0
|
$ 0
|
|
|
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
|
$ 0
|
$ 0
|
|
|
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
|
$ 0
|
$ 0
|
|
|
Issuance common stock for services |
2,219,068
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 3
|
|
|
|
|
|
|
|
|
|
|
2,219,065
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
2,219,068
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
Issuance common stock for services (in Shares) |
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
30,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fractional Shares Issued on reverse split |
0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
Fractional Shares Issued on reverse split (in shares) |
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
1,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification adjustments of other comprehensive loss on sale of China operations |
(349,723)
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
(349,723)
|
|
|
|
|
|
|
|
|
|
|
(349,723)
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
Reclassification adjustments of net loss attributable to noncontrolling interest on sale of China operations |
(560,915)
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
(560,915)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to WPCS |
(1,913,098)
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
(1,913,098)
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
(1,913,098)
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
Balance at Jan. 31, 2016 |
$ 2,807,814
|
|
|
|
|
|
|
|
|
|
|
$ 1,105,586
|
|
|
|
|
|
|
|
|
|
|
$ 267
|
|
|
|
|
|
|
|
|
|
|
$ 85,653,220
|
|
|
|
|
|
|
|
|
|
|
$ (83,951,259)
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
$ 2,807,814
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
Balance (in shares) at Jan. 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
10,757
|
|
|
|
|
|
|
|
|
|
|
2,673,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionAmount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
9 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Operating activities: |
|
|
Net loss from operations |
$ (2,775,574)
|
$ (7,394,850)
|
Consolidated net income (loss) from discontinued operations |
878,981
|
(1,595,709)
|
Adjustments to reconcile consolidated net loss to net cash used by operating activities: |
|
|
Depreciation and amortization |
45,537
|
107,931
|
Amortization of notes discount |
0
|
853,417
|
Inducement expense |
0
|
5,492,842
|
Shares based compensation |
2,219,068
|
115,200
|
Interest expense related to make-whole amount |
0
|
1,889,716
|
Loss on sale of Seattle Operations |
0
|
374,932
|
Income on section 16 settlements |
(400,000)
|
(1,401,516)
|
Cash received on section 16 settlement |
0
|
650,000
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
2,725,507
|
(2,889,583)
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
4,387
|
(247,240)
|
Current assets held for sale |
(3,853,621)
|
850,592
|
Prepaid expenses and other current assets |
66,211
|
(146,878)
|
Other assets |
(2,110)
|
15,591
|
Other assets held for sale |
(34,523)
|
3,580,379
|
Income taxes payable |
0
|
(2,934)
|
Accounts payable and accrued expenses |
(3,149,544)
|
2,414,902
|
Current liabilities held for sale |
2,200,030
|
(3,284,660)
|
Accrued severance expense |
0
|
(550,205)
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
374,840
|
447,386
|
Net cash (used in) operating activities |
(2,538,531)
|
(1,539,283)
|
Investing activities: |
|
|
Cash received on sale of Seattle |
0
|
1,561,000
|
Sale of property and equipment, net |
0
|
27,024
|
Acquisition of property and equipment |
(109,851)
|
0
|
Addition on acquisition of BTX capitalized software |
0
|
(2,279)
|
Payment for sale of BTX |
0
|
(59,097)
|
Proceeds from sale of China Operations, net of acquisition cost |
1,325,744
|
0
|
Net cash provided by investing activities |
1,215,893
|
1,526,648
|
Financing activities: |
|
|
Proceeds from issuance of Series H-1 preferred stock and warrants |
1,575,000
|
0
|
Borrowings under loan payable obligations |
99,369
|
0
|
Repayment under loan payable obligations |
(35,304)
|
(8,627)
|
Repayments under other payable to Zurich |
(360,000)
|
0
|
Repayments of short term promissory notes |
(4,000)
|
0
|
Dividends paid on preferred stock |
0
|
(146,521)
|
Net cash provided by (used in) financing activities |
1,275,065
|
(155,148)
|
Effect of exchange rate changes on cash |
91,510
|
(132,889)
|
Net increase in cash and cash equivalents |
43,937
|
(300,672)
|
Cash and cash equivalents, beginning of the period |
2,364,360
|
2,177,070
|
Cash and cash equivalents, end of the period |
2,408,297
|
1,876,398
|
Schedule of non-cash investing and financing activities: |
|
|
Declaration of preferred dividends payable |
4,742,768
|
700,088
|
Conversion of dividends payable related to make-whole amount to common stock |
4,457,356
|
0
|
Section 16 settlements gain for cancellation of short term promissory notes |
0
|
735,000
|
Section 16 settlements gain for cancellation of make-whole interest expense |
0
|
17,000
|
Series F-1 preferred stock Series G-1 preferred stock [Member] |
|
|
Schedule of non-cash investing and financing activities: |
|
|
Conversion of senior secured convertible note and related make-whole amount |
0
|
4,918,360
|
Series F preferred stock Series G preferred stock [Member] |
|
|
Schedule of non-cash investing and financing activities: |
|
|
Conversion of senior secured convertible note and related make-whole amount |
0
|
2,321,640
|
Series F-1 Preferred Stock [Member] |
|
|
Schedule of non-cash investing and financing activities: |
|
|
Conversion of dividends payable related to make-whole amount to common stock |
624,977
|
0
|
Series G-1 Preferred Stock [Member] |
|
|
Schedule of non-cash investing and financing activities: |
|
|
Conversion of dividends payable related to make-whole amount to common stock |
337,981
|
0
|
Series F And F1 Preferred Stock [Member] |
|
|
Schedule of non-cash investing and financing activities: |
|
|
Conversion of preferred stock through the issuance of common stock |
3,292,741
|
181,086
|
Series G And G1 Preferred Stock [Member] |
|
|
Schedule of non-cash investing and financing activities: |
|
|
Conversion of preferred stock through the issuance of common stock |
1,827,927
|
0
|
Series H Preferred Stock [Member] |
|
|
Schedule of non-cash investing and financing activities: |
|
|
Conversion of Stock, Amount Converted |
1,299,000
|
0
|
Conversion of preferred stock through the issuance of common stock |
892,680
|
0
|
Series H-1 Preferred Stock [Member] |
|
|
Schedule of non-cash investing and financing activities: |
|
|
Conversion of senior secured convertible note and related make-whole amount |
704,000
|
|
Conversion of preferred stock through the issuance of common stock |
75,000
|
0
|
Series E Preferred Stock [Member] |
|
|
Schedule of non-cash investing and financing activities: |
|
|
Conversion of Stock, Amount Converted |
0
|
2,438,000
|
Pride [Member] |
|
|
Adjustments to reconcile consolidated net loss to net cash used by operating activities: |
|
|
Gain on sale |
0
|
(798,896)
|
Schedule of non-cash investing and financing activities: |
|
|
Settlement of severance obligation and sale of Pride |
0
|
970,000
|
China Operations [Member] |
|
|
Adjustments to reconcile consolidated net loss to net cash used by operating activities: |
|
|
Gain on sale |
(837,720)
|
0
|
BTX Trade [Member] |
|
|
Adjustments to reconcile consolidated net loss to net cash used by operating activities: |
|
|
Gain on sale |
0
|
(19,700)
|
Schedule of non-cash investing and financing activities: |
|
|
Sale of BTX |
$ 0
|
$ 79,000
|
X |
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v3.3.1.900
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION
|
9 Months Ended |
Jan. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION |
NOTE 1 DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Description of the Business The Company currently specializes in low voltage communications and security contracting services, conducting business in two operation centers, through its wholly-owned domestic subsidiaries, WPCS International - Suisun City, Inc. (“Suisun City Operations”) and WPCS International - Texas Operations, Inc. (“Texas Operations”). The Company is a full-service low voltage contractor that specializes in the installation and service of Voice & Data Networks, Security Systems, Audio-Visual Solutions, and Distributed Antenna Systems and provides experienced project management and delivers complex projects to key vertical markets that include Healthcare, Education, Transportation, Energy & Utilities, Oil & Gas, Manufacturing, Commercial Real Estate, Financial, Government, etc. The Company also has strategic alliances with technology partners to provide consulting and application software development services for collaboration, visualization and unified communications and is aligned with major manufacturers to provide the products and technology for seamless integrated and enhanced user experience for enterprise solutions. Basis of Presentation The consolidated financial statements of WPCS International Incorporated, a Delaware corporation (“WPCS”) and its wholly and majority-owned subsidiaries, (collectively, the “Company”) included in this Report for the three and nine months ended January 31, 2016 and 2015, reflect the accounts of current and former entities as either continued or discontinued operations, as discussed below. Continued operations for the three and nine months ended January 31, 2016 and 2015 include the results of operations of the: Suisun City Operations and the Texas Operations, the Company’s only two active operations; WPCS Incorporated, an inactive subsidiary; and WPCS International Trenton, Inc. (“Trenton Operations”), which was closed in September 2013. With the prior divestitures of The Pride Group (QLD) Pty Ltd. (“Pride”), BTX Trader, LLC (“BTX”) and WPCS Asia Limited, a 60% joint venture interest in Tai'an AGS Pipeline Construction Co. Ltd. (the “China Operations”), as well as the various transactions involving the sale of substantially all of the assets of each of WPCS International - Seattle, Inc. (“Seattle Operations”), WPCS International - Portland, Inc. (“Portland Operations”), WPCS International - Lakewood, Inc. (“Lakewood Operations”), WPCS International - Hartford, Inc. (“Hartford Operations”) and WPCS Australia Pty Ltd. and WPCS International Brendale Pty Ltd (together, “Australia Operations”), the results of these subsidiaries are included as part of discontinued operations for the three and nine months ended January 31, 2015 and 2016, for the China Operations only. Notwithstanding the foregoing, the Company is in the process of dissolving the inactive domestic and international subsidiaries listed above, whose operations were discontinued due to the sale of substantially all of their assets. The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the financial statements included in the Annual Report on Form 10-K for the fiscal year ended April 30, 2015. The results of operations for the three and nine months ended January 31, 2016 are not necessarily indicative of the results to be expected for the full fiscal year.
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v3.3.1.900
LIQUIDITY AND CAPITAL RESOURCES
|
9 Months Ended |
Jan. 31, 2016 |
Liquidity and Capital Resources [Abstract] |
|
LIQUIDITY AND CAPITAL RESOURCES |
NOTE 2 LIQUIDITY AND CAPITAL RESOURCES During the nine month period ended January 31, 2016, the Company completed a series of transactions that it believes will provide it with sufficient working capital and equity to operate its business plans for the next twelve months from the date of filing this report, while it continues to seek growth opportunities, including, but not limited: (i) organic growth to complement and enhance existing operations; (ii) acquisitions; and/or (iii) a viable merger candidate. The transactions included the: (i) elimination of $1,703,000 of promissory notes which were due and payable on September 30, 2015; (ii) issuance of common stock to satisfy approximately $660,000 of the $677,000 of preferred stock dividends payable at April 30, 2015; (iii) completion of a $1,575,000 equity financing; (iv) closing of a $1,000,000 line of credit for the Suisun Operations; and (v) the closing on the sale of its ownership in its China Operations for $1,500,000. Some of these events have provided cash to the Company while others eliminated future cash spending requirements. Along with expected continued operating profits from its Suisun Operations for fiscal year 2016 and lower corporate overhead, these are the primary factors that support the belief that the Company will have adequate liquidity for the next twelve months from the date of this filing.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Jan. 31, 2016 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Form 10-K for the year ended April 30, 2015. Reclassifications Certain reclassifications have been made in prior years’ consolidated financial statements to conform to the current year’s presentation. These reclassifications reflect the results of the BTX, China, Australia and Seattle Operations as discontinued operations for all periods presented.
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CONCENTRATIONS
|
9 Months Ended |
Jan. 31, 2016 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS |
NOTE 4 CONCENTRATIONS Accounts Receivable As of January 31, 2016, two customers comprise 20% and 38% of the Company’s total accounts receivable. Also included in the accounts receivable is retainage receivable of $295,000 and $1,119,000 at January 31, 2016 and April 30, 2015, respectively, and both the retainer and aged accounts receivable are expected to be collected. Revenue Recognition For the three months ended January 31, 2016, 11% was derived from one customer as compared to one customer who generated 57% of the revenue for the same period in 2015. For the nine months ended January 31, 2016, 11% and 19% was derived from two customers as compared to one customer who generated 58% of the revenue for the same period in 2015.
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v3.3.1.900
BASIC AND DILUTED NET LOSS PER COMMON SHARE
|
9 Months Ended |
Jan. 31, 2016 |
Earnings Per Share [Abstract] |
|
BASIC AND DILUTED NET LOSS PER COMMON SHARE |
NOTE 5 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 non-controlling 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 the exercise of stock options and warrants and note conversions. The table below presents the computations of loss per share from continuing operations applicable to common stockholders, after consideration of noncontrolling interest and dividends declared on preferred stock, as follows: | | For the three months ended | | For the nine months ended | | | | January 31, | | January 31, | | | | 2016 | | 2015 | | 2016 | | 2015 | | Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loss from continuing operations attributable to WPCS common shareholders | | $ | (1,232,615) | | $ | (3,374,582) | | $ | (8,262,841) | | $ | (8,094,938) | | Income (loss) from discontinued operations, basic and diluted | | | - | | | (77,789) | | | 862,476 | | | (1,502,256) | | Net loss attributable to WPCS common shareholders, basic and diluted | | $ | (1,232,615) | | $ | (3,452,371) | | $ | (7,400,365) | | $ | (9,597,194) | | | | | | | | | | | | | | | | Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Basic and diluted weighted average shares outstanding | | | 2,597,952 | | | 633,158 | | | 2,161,104 | | | 632,664 | | | | | | | | | | | | | | | | Basic and diluted loss from continuing operations per common share | | $ | (0.47) | | $ | (5.33) | | $ | (3.82) | | $ | (12.80) | | Basic and diluted income (loss) from discontinued operations per common share | | | - | | | (0.12) | | | 0.40 | | | (2.38) | | Basic and diluted loss per common share | | $ | (0.47) | | $ | (5.45) | | $ | (3.42) | | $ | (15.18) | | The following were excluded from the computation of diluted shares outstanding due to the losses from continuing operations for all periods presented, as they would have had an anti-dilutive impact on the Company’s net loss. | | As of January 31, | | | | 2016 | | 2015 | | Common stock equivalents: | | | | | | | | Common stock options | | | 2,824,000 | | | 35,000 | | Series F and F-1 preferred stock | | | - | | | 720,000 | | Series G and G-1 preferred stock | | | - | | | 308,000 | | Series H and H-1 preferred stock | | | 1,076,000 | | | - | | Make-whole on preferred shares | | | - | | | 283,000 | | Common stock purchase warrants | | | 1,295,000 | | | 16,000 | | Totals | | | 5,195,000 | | | 1,362,000 | |
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COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
|
9 Months Ended |
Jan. 31, 2016 |
Contractors [Abstract] |
|
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS |
NOTE 6 COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS The asset, “Costs and estimated earnings in excess of billings on uncompleted contracts”, represents revenue recognized in excess of amounts billed. The liability, “Billings in excess of costs and estimated earnings on uncompleted contracts”, represents billings in excess of revenue recognized. Costs and estimated earnings on uncompleted contracts consist of the following at January 31, 2016 and April 30, 2015: | | January 31, 2016 | | April 30, 2015 | | | | | | | | | | Costs incurred on uncompleted contracts | | $ | 29,612,932 | | $ | 32,008,307 | | Estimated contract earnings | | | 4,785,975 | | | 6,031,338 | | | | | 34,398,907 | | | 38,039,645 | | Less: Billings to date | | | 35,704,161 | | | 38,965,672 | | Total | | $ | (1,305,254) | | $ | (926,027) | | | | | | | | | | Costs and estimated earnings in excess of billings on uncompleted contracts | | $ | 416,047 | | $ | 420,434 | | Billings in excess of cost and estimated earnings on uncompleted contracts | | | 1,721,301 | | | 1,346,461 | | Total | | $ | (1,305,254) | | $ | (926,027) | | Revisions in the estimated gross profits on contracts and contract amounts are made in the period in which circumstances requiring the revisions become known. Although management believes it has established adequate procedures for estimating costs to complete on open contracts, it is at least reasonably possible that additional significant costs could occur on contracts prior to completion.
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- DefinitionThe entire disclosure for long-term contracts or programs.
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v3.3.1.900
DISCONTINUED OPERATIONS
|
9 Months Ended |
Jan. 31, 2016 |
Discontinued Operations |
|
DISCONTINUED OPERATIONS |
NOTE 7 DISCONTINUED OPERATIONS The Company previously disclosed the details regarding the sales of Pride, BTX, and substantially all the assets of its Seattle operations in its Form 10-K filed for the year ended April 30, 2015. China Operations On June 3, 2015, the Company entered into an Interest Purchase Agreement with Halcyon Coast Investment (Canada) Ltd. to sell TAGS in an "as-is", all-cash transaction, for a total purchase price of $1,500,000 and received a $150,000 refundable deposit at signing. The Transaction closed on August 14, 2015, whereby the Company received the remaining cash proceeds of $1,350,000, of which: (i) it paid approximately $100,000 in a broker’s fee and (ii) $100,000 is being held in escrow for up to one year from the date of the closing, pending a final determination by the Chinese government with respect to any tax obligations arising from the transaction. Otherwise, the transaction is not subject to any further post-closing adjustments. On September 20, 2015, the final tax determination was made and the Company received $93,000 of the escrow and $7,000 was paid to the buyer to settle the outstanding tax obligation. The Company recognized a gain on the sale of the China Operations of approximately $838,000, as it received $1,500,000 in cash, offset by the sale of approximately $9,350,000 of assets, $7,935,000 of liabilities, reversal of approximately $349,000 of accumulated other comprehensive income and $577,000 noncontrolling interest and incurring approximately $174,000 in closing costs. The Company recorded the revenue and profit from short-term contracts from its China Operations under the completed contract method, whereas income is recognized only when a contract is completed or substantially completed. Accordingly, during the period of performance, billings and deferred contract costs are accumulated on the consolidated balance sheets as deferred contract costs and deferred revenue. The Company’s accounting policy is based on the short-term nature of the work performed. Deferred contract costs include equipment lease deposits to the third party vendors of approximately $0 and $969,000 as January 31, 2016 and April 30, 2015, respectively. The revenue results from the China Operations are included in discontinued operations for the nine months ended January 31, 2016 and 2015. Since the sale of the China Operations closed on August 14, 2015, the Company has determined that the activity of the China Operations should be classified as discontinued operations for the nine months ended January 31, 2016 and the three and nine months ended January 31, 2015. In addition, during the year ended April 30, 2015, the Company had completed the sales of Pride, BTX, and substantially all of the assets of the Seattle Operations. As a result, the Company has reported the financial activity of Pride, BTX and Seattle as discontinued operations for the three and nine months ended January 31, 2015. The following is a summary of the operating results for the discontinued operations as follows: | | For the three months ended | | For the nine months ended | | | | January 31, | | January 31, | | | | 2016 | | 2015 | | 2016 | | 2015 | | | | | | | | | | | | | | | | Revenue | | $ | - | | $ | 1,106,593 | | $ | 839,969 | | $ | 7,586,495 | | | | | | | | | | | | | | | | Costs and expenses: | | | | | | | | | | | | | | Cost of revenue | | | - | | | 728,134 | | | 546,296 | | | 5,510,599 | | Selling, general and administrative expenses | | | - | | | 232,483 | | | 111,324 | | | 2,434,682 | | Depreciation and amortization | | | - | | | 153,893 | | | 80,971 | | | 988,600 | | Impairment loss on capitalized software | | | - | | | - | | | - | | | 827,448 | | | | | - | | | 1,114,510 | | | 738,591 | | | 9,761,329 | | Operating income (loss) from discontinued operations | | | - | | | (7,917) | | | 101,378 | | | (2,174,834) | | | | | | | | | | | | | | | | Interest expense | | | - | | | (52,813) | | | (49,234) | | | (187,109) | | Income (loss) from discontinued operations before income tax provision | | | - | | | (60,730) | | | 52,144 | | | (2,361,943) | | Income tax provision | | | - | | | 28,077 | | | 10,883 | | | 53,262 | | Income (loss) from discontinued operations, net of tax | | | - | | | (88,807) | | | 41,261 | | | (2,414,305) | | Gain from disposal | | | - | | | 19,700 | | | 837,720 | | | 818,596 | | Total income (loss) from discontinued operations | | $ | - | | $ | (69,107) | | $ | 878,981 | | $ | (1,595,709) | | The following table summarizes assets and liabilities held for sale for the Seattle and China Operations as of January 31, 2016 and April 30, 2015: | | January 31, | | April 30, | | | | 2016 | | 2015 | | Assets | | | | | | | | Current assets: | | | | | | | | Accounts receivable, net of allowance | | $ | - | | $ | 4,264,451 | | Prepaid expenses and other current assets | | | - | | | 34,800 | | Deferred contract cost | | | - | | | 267,000 | | Total current assets held for sale | | | - | | | 4,566,251 | | | | | | | | | | Property and equipment, net | | | - | | | 963,119 | | | | | | | | | | Other assets | | | - | | | 14,000 | | Total other assets held for sale | | | - | | | 977,119 | | Total assets held for sale | | $ | - | | $ | 5,543,370 | | | | | | | | | | Liabilities | | | | | | | | Accounts payable and accrued expenses | | $ | - | | $ | 1,700,943 | | Due to related party | | | - | | | 785,684 | | Short term bank loan | | | - | | | 3,224,180 | | Total current liabilities held for sale | | | - | | | 5,710,807 | | Total liabilities held for sale | | $ | - | | $ | 5,710,807 | | Short-Term Bank Loan As of January 31, 2016 and April 30, 2015, the China Operations had a short-term bank loan of $0 and $3,224,000, respectively, with the Bank of China (the “Short-Term Bank Loan”) with an interest rate of 7.38% due quarterly. The original August 1, 2014 maturity date of the Short-Term Bank Loan was extended to July 31, 2015 at which time it was paid off. Due Related Party As of January 31, 2016 and April 30, 2015, the China Operations had outstanding payables, representing interest accrued on working capital loans and cash provided for the purpose of retiring the short term bank loan in the amounts of $0 and $786,000, respectively, due on demand to a related party, TGG. This loan, which was since paid off, was not guaranteed by WPCS. Interest expense for the quarters ended January 31, 2016 and 2015 was immaterial. This payable was classified as short-term liabilities held for sale in the Company’s financial statements as of April 30, 2015. The China Operations earned revenue for contracting services provided to TGG (noncontrolling interest in China Operations) and subsidiaries of $212,000 for the nine months ended January 31, 2016 and $835,000 and $1,565,000 for the three and nine months ended January 31, 2015, respectively. Noncontrolling Interest As of April 30, 2015, the Company presented the 40% noncontrolling interest associated with the China Operations as a component of equity. As a result of the sale of our entire ownership interest the balance of noncontrolling interest was eliminated. Noncontrolling interest for the nine months ended January 31, 2016 consists of the following: | | January 31, 2016 | | Balance at April 30, 2015 | | $ | 560,915 | | Reclassification adjustments of net loss attributable to noncontrolling interest on sale of China Operations | | | (560,915) | | Balance at January 31, 2016 | | $ | - | |
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- DefinitionThe entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
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v3.3.1.900
STOCKHOLDERS' EQUITY
|
9 Months Ended |
Jan. 31, 2016 |
Stockholders' Equity Note [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE 8 STOCKHOLDERS’ EQUITY Preferred Shares Series H Preferred Stock On June 30, 2015, the Company entered into Amendment, Waiver and Exchange Agreements (the “Exchange Agreements”) with certain of its promissory note holders, who held $1,299,000 in principal amount of unsecured promissory notes of the Company. Pursuant to the terms of the Exchange Agreements, the Holders agreed to exchange all of the existing indebtedness for, and the Company agreed to issue to the Holders, an aggregate of 8,435 shares of the Company’s newly designated Series H Convertible Preferred Stock, par value $0.0001 per share (“Series H Preferred Stock”). The 8,435 shares of Series H Preferred Stock are each convertible into 100 shares of common stock at $1.54 each (the market value of the stock on date of issuance) and therefore no gain or loss was recorded on the extinguishment of debt. For the period from July 2, 2015 to January 31, 2016, holders of Series H preferred stock have converted 5,797 shares of Series H preferred into 579,700 shares of common stock. Series H-1 Preferred Stock Between July 14 and July 20, 2015, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with four Investors pursuant to which the Company issued to the Investors an aggregate of 8,532 shares of Series H-1 Preferred Convertible Stock of the Company, par value $0.0001 per share (“Series H-1 Shares”), and warrants to purchase 1,279,759 shares of common stock of the Company, par value $0.0001 per share (“Common Stock”), with an exercise price of between $1.63 and $1.66 per share (the “Warrants”). The purchase price for each Series H-1 Share was between $163 and $166 and the purchase price for each warrant was $0.1250 per share of Common Stock, for an aggregate purchase price for the Series H-1 Shares and Warrants of $1,575,000. The Company has determined that the Warrants qualify for accounting as equity classification. On the issuance date, the Company estimated the fair value of the Warrants at $1,649,000 under the Black-Scholes option pricing model using the following primary assumptions: contractual term of 5.0 years, volatility rate of 103%, risk-free interest rate of 2% and expected dividend rate of 0%. Based on the Warrant’s relative fair value to the fair value of the Series H-1 Preferred Convertible Stock, approximately $841,000 of the $1,575,000 of proceeds was allocated to the Warrants, creating a corresponding preferred stock discount in the same amount. Due to the reduction of allocated proceeds to Series H-1 Shares the effective conversion price was approximately $0.80 per share or $704,000 in aggregate. Since the conversion option of the preferred stock was immediately exercisable, the amount allocated to the Beneficial Conversion Feature was immediately accreted to preferred dividends, resulting in an increase in the carrying value of the preferred stock. On July 14 and July 20, 2015, the Company recorded total deemed dividends of $704,000 related to the beneficial conversion feature with the issuance of the Series H-1 Preferred Convertible Stock. Each share of Series H-1 Preferred Stock has a stated value of $166 and is convertible into shares of Common Stock, equal to the stated value divided by the conversion price of $1.66 per share (subject to adjustment in the event of stock splits and dividends). For the period from July 20, 2015 to January 31, 2016, holders of Series H-1 preferred stock have converted 413 shares of Series H-1 preferred into 41,300 shares of common stock. The conversion of these shares resulted in a deemed dividend of $41,000. Conversion of Preferred Shares For the nine month period ended January 31, 2016 the Company issued approximately 1,408,000 common stock conversion shares, 205,000 common stock make-whole shares and 46,000 common stock dividend shares upon the conversion of series F, F-1, G, G-1, H and H-1 preferred shares. As a result of these conversions, the Company has no further preferred dividend obligations under any of the former classes of Series F, F-1, G, and G-1 preferred shares. Common Stock Purchase Warrants The following is an approximate summary of the common stock warrant activity for the nine months ended January 31, 2016: | | | | Weighted | | Weighted | | | | | | Average | | Average | | | | Number of | | Exercise | | Remaining | | | | Warrants | | Price | | Life in years | | | | | | | | | | | | | Outstanding, April 30, 2015 | | | 15,510 | | $ | 7.25 | | | 3.5 | | Warrants issued in connection with Series H-1 preferred stock for cash | | | 1,279,759 | | | 1.66 | | | 4.5 | | Outstanding, January 31, 2016 | | | 1,295,269 | | $ | 1.73 | | | 4.4 | |
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v3.3.1.900
BANK LINE OF CREDIT
|
9 Months Ended |
Jan. 31, 2016 |
Line of Credit Facility [Abstract] |
|
BANK LINE OF CREDIT |
NOTE 9 BANK LINE OF CREDIT On May 20, 2015, the Company entered into an asset-based revolving credit line agreement with a California-based bank, which provides a $1,000,000 line of credit for its Suisun Operations. The line of credit expires on May 20, 2016, has an interest rate of prime plus 2% and is subject to a monthly borrowing base calculation based upon eligible accounts receivable. The line of credit is secured by all the assets of the Company. As of the filing date of this report the Company has not drawn down on the line of credit.
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v3.3.1.900
SHORT-TERM PROMISSORY NOTES
|
9 Months Ended |
Jan. 31, 2016 |
Debt Disclosure [Abstract] |
|
SHORT-TERM PROMISSORY NOTES |
NOTE 10 SHORT-TERM PROMISSORY NOTES As of April 30, 2015 the Company had $1,703,000 of short-term promissory notes that was originally due to be paid on September 30, 2015. However, on June 30, 2015, the Company entered into Amendment, Waiver and Exchange. Agreements with certain of its promissory note holders, who held $1,299,000 in principal amount of unsecured promissory notes of the Company. Pursuant to the terms of the Exchange Agreements, the Holders agreed to exchange all of the existing indebtedness for, and the Company agreed to issue to the Holders, an aggregate of 8,435 shares of the Company’s newly designated Series H Convertible Preferred Stock. In addition, one note holder was paid $4,000 for full and complete settlement of his note balance. In addition, on June 30, 2015, the Company and the shareholder plaintiff entered into a settlement (the “Settlement”) with the two remaining defendants (the “Defendants”) in a case pending in the United States District Court for the Southern District of New York to resolve claims under Section 16 of the Securities Exchange Act of 1934. Under the terms of the Settlement, the Defendants agreed to the following: (i) payment of $315,0000 for the plaintiff’s attorney’s fees; (ii) forgiveness of $400,000 of principal amount of debt owed by the Company to the Defendants; (iii) an exchange of the remaining $405,000 of debt owed by the Company to the Defendants into shares of Series H Convertible Preferred Stock of the Company; (iv) waiver of certain conditions preventing the Company from paying accrued dividends on its Series F-1 Convertible Preferred Stock and Series G-1 Convertible Preferred Stock in shares of the Company’s common stock; and (v) relinquishment of all voting rights the Defendants have in all shares of the Company’s preferred stock now held or hereinafter acquired. The following is a summary of promissory notes as of January 31, 2016: | | January 31, 2016 | | Balance at April 30, 2015 | | $ | 1,703,000 | | Repayments of short term convertible note | | | (4,000) | | Section 16 settlement | | | (400,000) | | Conversion of short term convertible notes to Series H preferred stock | | | (1,299,000) | | Balance at January 31, 2016 | | $ | - | |
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v3.3.1.900
STOCK OPTION COMPENSATION EXPENSE
|
9 Months Ended |
Jan. 31, 2016 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
STOCK OPTION COMPENSATION EXPENSE |
NOTE 11 STOCK OPTION COMPENSATION EXPENSE On November 2, 2015, pursuant to and subject to the available number of shares reserved under the Company’s 2014 Equity Incentive Plan, the Company issued 100,000 non-qualified options (“November Options”) with a term of 10 years and an exercise price of $1.53 to an employee of the Company. 25,000 of the November Options will vest on April 30, 2016, and the remaining 75,000 of the November Options vest upon either the Company completing a change in control merger by September 1, 2016 or achieving $30 million in revenue for the fiscal year May 1, 2015 to April 30, 2016. On September 29, 2015, pursuant to and subject to the available number of shares reserved under the Company’s 2014 Equity Incentive Plan, the Company issued 2,573,000 non-qualified options (“September Options”) with a term of 10 years and an exercise price of $1.32 to the Company’s directors and employees. 1,191,500 of the September Options vested immediately, 655,250 of the September Options will vest on April 30, 2016, and the remaining 726,250 of the September Option vest upon either the Company completing a change in control merger by September 1, 2016 or achieving $30 million in revenue for the fiscal year May 1, 2015 to April 30, 2016. On August 6, 2015, pursuant to and subject to the available number of shares reserved under the Company’s 2014 Equity Incentive Plan, the Company issued 110,000 non-qualified options (“August Options”) with a term of 10 years and an exercise price of $1.19 to the Company’s directors and employees. The August Options vested immediately. The aggregate grant date fair value of the August Options, September Options and November Options were approximately $2,817,000. The fair value of options granted during the nine months ended January 31, 2016 was estimated using the following weighted averages: | | For the Nine | | | | Months Ended | | | | January 31, 2016 | | Exercise price | | | $1.36 | | Expected stock price volatility | | | 103 | % | Risk-free rate of interest | | | 1.5 | % | Expected term (years) | | | 5.2 | | The fair value of options granted during the nine months ended January 31, 2016 was estimated using the following weighted averages: | | | | | | | | Weighted Average Remaining Contractual Life | | | | Number of Shares | | Weighted Average Exercise Price | | Total Intrinsic Value | | (in years) | | Outstanding as of April 30, 2015 | | | 40,688 | | $ | 18.79 | | $ | - | | | 5.88 | | Employee options granted | | | 2,783,000 | | | 1.32 | | | - | | | 9.66 | | Forfeited/expired | | | (6) | | | 61.82 | | | - | | | - | | Outstanding as of January 31, 2016 | | | 2,823,682 | | $ | 1.57 | | $ | - | | | 9.60 | | Options vested and exercisable | | | 1,342,182 | | $ | 1.84 | | $ | - | | | 9.51 | | Stock-based compensation associated with the amortization of stock option expense was approximately $2,174,000 for the nine months ended January 31, 2016 and is included in general and administration expense. Estimated future stock-based compensation expense relating to unvested stock options is approximately $643,000. The weighted average remaining vesting period of options outstanding at January 31, 2016 is approximately 0.25 years.
|
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- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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v3.3.1.900
COMMITMENTS
|
9 Months Ended |
Jan. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS |
NOTE 12 COMMITMENTS On September 29, 2015, the Company entered into change in control agreements (the “Agreements”) with its Interim Chief Executive Officer (“Interim CEO”) and its Chief Financial Officer (“CFO”). The Agreements have initial terms of four years and automatically extend for additional one-year periods at the expiration of the initial term and on each anniversary thereafter unless either party notifies the other party of non-renewal no later than 30 days prior to such anniversary. Under the Agreements, The Interim CEO and CFO are entitled to payments of $350,000 and $150,000, respectively, upon a change in control of the Company. All payments under the Agreements are contingent upon the respective officer’s execution and non-revocation of a general release of claims against the Company.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Jan. 31, 2016 |
Accounting Policies [Abstract] |
|
Significant Accounting Policies |
Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Form 10-K for the year ended April 30, 2015.
|
Reclassifications |
Reclassifications Certain reclassifications have been made in prior years’ consolidated financial statements to conform to the current year’s presentation. These reclassifications reflect the results of the BTX, China, Australia and Seattle Operations as discontinued operations for all periods presented.
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- DefinitionDisclosure of accounting policy for reclassifications that affects the comparability of the financial statements.
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v3.3.1.900
BASIC AND DILUTED NET LOSS PER COMMON SHARE (Tables)
|
9 Months Ended |
Jan. 31, 2016 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share, Basic and Diluted |
The table below presents the computations of loss per share from continuing operations applicable to common stockholders, after consideration of noncontrolling interest and dividends declared on preferred stock, as follows: | | For the three months ended | | For the nine months ended | | | | January 31, | | January 31, | | | | 2016 | | 2015 | | 2016 | | 2015 | | Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loss from continuing operations attributable to WPCS common shareholders | | $ | (1,232,615) | | $ | (3,374,582) | | $ | (8,262,841) | | $ | (8,094,938) | | Income (loss) from discontinued operations, basic and diluted | | | - | | | (77,789) | | | 862,476 | | | (1,502,256) | | Net loss attributable to WPCS common shareholders, basic and diluted | | $ | (1,232,615) | | $ | (3,452,371) | | $ | (7,400,365) | | $ | (9,597,194) | | | | | | | | | | | | | | | | Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Basic and diluted weighted average shares outstanding | | | 2,597,952 | | | 633,158 | | | 2,161,104 | | | 632,664 | | | | | | | | | | | | | | | | Basic and diluted loss from continuing operations per common share | | $ | (0.47) | | $ | (5.33) | | $ | (3.82) | | $ | (12.80) | | Basic and diluted income (loss) from discontinued operations per common share | | | - | | | (0.12) | | | 0.40 | | | (2.38) | | Basic and diluted loss per common share | | $ | (0.47) | | $ | (5.45) | | $ | (3.42) | | $ | (15.18) | |
|
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 losses from continuing operations for all periods presented, as they would have had an anti-dilutive impact on the Company’s net loss. | | As of January 31, | | | | 2016 | | 2015 | | Common stock equivalents: | | | | | | | | Common stock options | | | 2,824,000 | | | 35,000 | | Series F and F-1 preferred stock | | | - | | | 720,000 | | Series G and G-1 preferred stock | | | - | | | 308,000 | | Series H and H-1 preferred stock | | | 1,076,000 | | | - | | Make-whole on preferred shares | | | - | | | 283,000 | | Common stock purchase warrants | | | 1,295,000 | | | 16,000 | | Totals | | | 5,195,000 | | | 1,362,000 | |
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v3.3.1.900
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS (Tables)
|
9 Months Ended |
Jan. 31, 2016 |
Contractors [Abstract] |
|
Schedule of Costs and Estimated Earnings on Uncompleted Contracts |
Costs and estimated earnings on uncompleted contracts consist of the following at January 31, 2016 and April 30, 2015: | | January 31, 2016 | | April 30, 2015 | | | | | | | | | | Costs incurred on uncompleted contracts | | $ | 29,612,932 | | $ | 32,008,307 | | Estimated contract earnings | | | 4,785,975 | | | 6,031,338 | | | | | 34,398,907 | | | 38,039,645 | | Less: Billings to date | | | 35,704,161 | | | 38,965,672 | | Total | | $ | (1,305,254) | | $ | (926,027) | | | | | | | | | | Costs and estimated earnings in excess of billings on uncompleted contracts | | $ | 416,047 | | $ | 420,434 | | Billings in excess of cost and estimated earnings on uncompleted contracts | | | 1,721,301 | | | 1,346,461 | | Total | | $ | (1,305,254) | | $ | (926,027) | |
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v3.3.1.900
DISCONTINUED OPERATIONS (Tables)
|
9 Months Ended |
Jan. 31, 2016 |
Discontinued Operations |
|
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement |
The following is a summary of the operating results for the discontinued operations as follows: | | For the three months ended | | For the nine months ended | | | | January 31, | | January 31, | | | | 2016 | | 2015 | | 2016 | | 2015 | | | | | | | | | | | | | | | | Revenue | | $ | - | | $ | 1,106,593 | | $ | 839,969 | | $ | 7,586,495 | | | | | | | | | | | | | | | | Costs and expenses: | | | | | | | | | | | | | | Cost of revenue | | | - | | | 728,134 | | | 546,296 | | | 5,510,599 | | Selling, general and administrative expenses | | | - | | | 232,483 | | | 111,324 | | | 2,434,682 | | Depreciation and amortization | | | - | | | 153,893 | | | 80,971 | | | 988,600 | | Impairment loss on capitalized software | | | - | | | - | | | - | | | 827,448 | | | | | - | | | 1,114,510 | | | 738,591 | | | 9,761,329 | | Operating income (loss) from discontinued operations | | | - | | | (7,917) | | | 101,378 | | | (2,174,834) | | | | | | | | | | | | | | | | Interest expense | | | - | | | (52,813) | | | (49,234) | | | (187,109) | | Income (loss) from discontinued operations before income tax provision | | | - | | | (60,730) | | | 52,144 | | | (2,361,943) | | Income tax provision | | | - | | | 28,077 | | | 10,883 | | | 53,262 | | Income (loss) from discontinued operations, net of tax | | | - | | | (88,807) | | | 41,261 | | | (2,414,305) | | Gain from disposal | | | - | | | 19,700 | | | 837,720 | | | 818,596 | | Total income (loss) from discontinued operations | | $ | - | | $ | (69,107) | | $ | 878,981 | | $ | (1,595,709) | |
|
Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet |
The following table summarizes assets and liabilities held for sale for the Seattle and China Operations as of January 31, 2016 and April 30, 2015: | | January 31, | | April 30, | | | | 2016 | | 2015 | | Assets | | | | | | | | Current assets: | | | | | | | | Accounts receivable, net of allowance | | $ | - | | $ | 4,264,451 | | Prepaid expenses and other current assets | | | - | | | 34,800 | | Deferred contract cost | | | - | | | 267,000 | | Total current assets held for sale | | | - | | | 4,566,251 | | | | | | | | | | Property and equipment, net | | | - | | | 963,119 | | | | | | | | | | Other assets | | | - | | | 14,000 | | Total other assets held for sale | | | - | | | 977,119 | | Total assets held for sale | | $ | - | | $ | 5,543,370 | | | | | | | | | | Liabilities | | | | | | | | Accounts payable and accrued expenses | | $ | - | | $ | 1,700,943 | | Due to related party | | | - | | | 785,684 | | Short term bank loan | | | - | | | 3,224,180 | | Total current liabilities held for sale | | | - | | | 5,710,807 | | Total liabilities held for sale | | $ | - | | $ | 5,710,807 | |
|
Schedule of Noncontrolling |
Noncontrolling interest for the nine months ended January 31, 2016 consists of the following: | | January 31, 2016 | | Balance at April 30, 2015 | | $ | 560,915 | | Reclassification adjustments of net loss attributable to noncontrolling interest on sale of China Operations | | | (560,915) | | Balance at January 31, 2016 | | $ | - | |
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v3.3.1.900
STOCKHOLDERS' EQUITY (Tables)
|
9 Months Ended |
Jan. 31, 2016 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Schedule Of Common Stock Warrant Activity |
The following is an approximate summary of the common stock warrant activity for the nine months ended January 31, 2016: | | | | Weighted | | Weighted | | | | | | Average | | Average | | | | Number of | | Exercise | | Remaining | | | | Warrants | | Price | | Life in years | | | | | | | | | | | | | Outstanding, April 30, 2015 | | | 15,510 | | $ | 7.25 | | | 3.5 | | Warrants issued in connection with Series H-1 preferred stock for cash | | | 1,279,759 | | | 1.66 | | | 4.5 | | Outstanding, January 31, 2016 | | | 1,295,269 | | $ | 1.73 | | | 4.4 | |
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v3.3.1.900
SHORT-TERM PROMISSORY NOTES (Tables)
|
9 Months Ended |
Jan. 31, 2016 |
Debt Disclosure [Abstract] |
|
Schedule of Short-term Debt |
The following is a summary of promissory notes as of January 31, 2016: | | January 31, 2016 | | Balance at April 30, 2015 | | $ | 1,703,000 | | Repayments of short term convertible note | | | (4,000) | | Section 16 settlement | | | (400,000) | | Conversion of short term convertible notes to Series H preferred stock | | | (1,299,000) | | Balance at January 31, 2016 | | $ | - | |
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v3.3.1.900
STOCK OPTION COMPENSATION EXPENSE (Tables)
|
9 Months Ended |
Jan. 31, 2016 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The fair value of options granted during the nine months ended January 31, 2016 was estimated using the following weighted averages: | | For the Nine | | | | Months Ended | | | | January 31, 2016 | | Exercise price | | | $1.36 | | Expected stock price volatility | | | 103 | % | Risk-free rate of interest | | | 1.5 | % | Expected term (years) | | | 5.2 | |
|
Schedule of Share-based Compensation, Stock Options, Activity |
A summary of option activities under the Company’s employee stock option plan for the six months ended October 31, 2015 is presented below: | | | | | | | | Weighted Average Remaining Contractual Life | | | | Number of Shares | | Weighted Average Exercise Price | | Total Intrinsic Value | | (in years) | | Outstanding as of April 30, 2015 | | | 40,688 | | $ | 18.79 | | $ | - | | | 5.88 | | Employee options granted | | | 2,783,000 | | | 1.32 | | | - | | | 9.66 | | Forfeited/expired | | | (6) | | | 61.82 | | | - | | | - | | Outstanding as of January 31, 2016 | | | 2,823,682 | | $ | 1.57 | | $ | - | | | 9.60 | | Options vested and exercisable | | | 1,342,182 | | $ | 1.84 | | $ | - | | | 9.51 | |
|
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LIQUIDITY AND CAPITAL RESOURCES (Details Textual) - USD ($)
|
9 Months Ended |
|
Jan. 31, 2016 |
Apr. 30, 2015 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Common Stock, Value, Issued |
$ 267
|
$ 98
|
Dividends Payable, Current |
0
|
$ 677,546
|
Purchase Price |
1,575,000
|
|
Short Term Promissory Notes [Member] |
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Debt Instrument, Remaining Debt |
1,703,000
|
|
Suisun Operation [Member] |
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Long-term Line of Credit |
1,000,000
|
|
China Operations [Member] |
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Long-term Line of Credit |
1,500,000
|
|
Dividend Payable [Member] |
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Common Stock, Value, Issued |
$ 660,000
|
|
X |
- DefinitionAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
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CONCENTRATIONS (Details Textual) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Apr. 30, 2015 |
Concentration Risk [Line Items] |
|
|
|
|
|
Contract Receivable Retainage, Total |
$ 295,000
|
|
$ 295,000
|
|
$ 1,119,000
|
Accounts Receivable [Member] | Customer One [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration Risk, Percentage |
|
|
20.00%
|
|
|
Accounts Receivable [Member] | Customer Two [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration Risk, Percentage |
|
|
38.00%
|
|
|
Sales Revenue, Net [Member] | Customer One [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration Risk, Percentage |
11.00%
|
57.00%
|
11.00%
|
58.00%
|
|
Sales Revenue, Net [Member] | Customer Two [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration Risk, Percentage |
|
|
19.00%
|
|
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v3.3.1.900
BASIC AND DILUTED NET LOSS PER COMMON SHARE (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Numerator: |
|
|
|
|
Loss from continuing operations attributable to WPCS common shareholders |
$ (1,232,615)
|
$ (3,374,582)
|
$ (8,262,841)
|
$ (8,094,938)
|
Income (loss) from discontinued operations, basic and diluted |
0
|
(69,107)
|
878,981
|
(1,595,709)
|
Net loss attributable to WPCS common shareholders, basic and diluted |
$ (1,232,615)
|
$ (3,452,371)
|
$ (7,400,365)
|
$ (9,597,194)
|
Denominator: |
|
|
|
|
Basic and diluted weighted average shares outstanding (in shares) |
2,597,952
|
633,158
|
2,161,104
|
632,664
|
Basic and diluted loss from continuing operations per common share (in dollars per share) |
$ (0.47)
|
$ (5.33)
|
$ (3.82)
|
$ (12.8)
|
Basic and diluted income (loss) from discontinued operations per common share (in dollars per share) |
0
|
(0.12)
|
0.4
|
(2.38)
|
Basic and diluted loss per common share (in dollars per share) |
$ (0.47)
|
$ (5.45)
|
$ (3.42)
|
$ (15.18)
|
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BASIC AND DILUTED NET LOSS PER COMMON SHARE (Details 1) - shares
|
9 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
5,195,000
|
1,362,000
|
Common stock options [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
2,824,000
|
35,000
|
Make-whole on preferred shares [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
0
|
283,000
|
Common stock purchase warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
1,295,000
|
16,000
|
Series F and F1 Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
0
|
720,000
|
Series G and G1 Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
0
|
308,000
|
Series H and H1 Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
1,076,000
|
0
|
X |
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v3.3.1.900
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS (Details) - USD ($)
|
Jan. 31, 2016 |
Apr. 30, 2015 |
Costs incurred on uncompleted contracts |
$ 29,612,932
|
$ 32,008,307
|
Estimated contract earnings |
4,785,975
|
6,031,338
|
Gross Total |
34,398,907
|
38,039,645
|
Less: Billings to date |
35,704,161
|
38,965,672
|
Total |
(1,305,254)
|
(926,027)
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
416,047
|
420,434
|
Billings in excess of cost and estimated earnings on uncompleted contracts |
1,721,301
|
1,346,461
|
Total |
$ (1,305,254)
|
$ (926,027)
|
X |
- DefinitionLiability attributable to (i) billings in excess of costs under the percentage of completion contract accounting method representing the difference between contractually invoiced amounts (billings) and revenue recognized based, for example, on costs incurred to estimated total costs at period end or (ii) contractually invoiced amounts (billings) in excess of costs incurred and accumulated under the completed contract accounting method that are expected to be realized within one year or one operating cycle, whichever is longer, from the reporting date.
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v3.3.1.900
DISCONTINUED OPERATIONS (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Revenue |
$ 0
|
$ 1,106,593
|
$ 839,969
|
$ 7,586,495
|
Costs and expenses: |
|
|
|
|
Cost of revenue |
0
|
728,134
|
546,296
|
5,510,599
|
Selling, general and administrative expenses |
0
|
232,483
|
111,324
|
2,434,682
|
Depreciation and amortization |
0
|
153,893
|
80,971
|
988,600
|
Impairment loss on capitalized software |
0
|
0
|
0
|
827,448
|
Disposal Group, Including Discontinued Operation, Operating Expense |
0
|
1,114,510
|
738,591
|
9,761,329
|
Operating income (loss) from discontinued operations |
0
|
(7,917)
|
101,378
|
(2,174,834)
|
Interest expense |
0
|
(52,813)
|
(49,234)
|
(187,109)
|
Income (loss) from discontinued operations before income tax provision |
0
|
(60,730)
|
52,144
|
(2,361,943)
|
Income tax provision |
0
|
28,077
|
10,883
|
53,262
|
Income (loss) from discontinued operations, net of tax |
0
|
(88,807)
|
41,261
|
(2,414,305)
|
Gain from disposal |
0
|
0
|
837,720
|
798,896
|
Total income (loss) from discontinued operations |
$ 0
|
$ (69,107)
|
$ 878,981
|
$ (1,595,709)
|
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- DefinitionAmount of deprecation and amortization expense attributable to property, plant and equipment and intangible assets of discontinued operations.
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v3.3.1.900
DISCONTINUED OPERATIONS (Details 1) - USD ($)
|
Jan. 31, 2016 |
Apr. 30, 2015 |
Current assets: |
|
|
Accounts receivable, net of allowance |
$ 0
|
$ 4,264,451
|
Prepaid expenses and other current assets |
0
|
34,800
|
Deferred contract cost |
0
|
267,000
|
Total current assets held for sale |
0
|
4,566,251
|
Property and equipment, net |
0
|
963,119
|
Other assets |
0
|
14,000
|
Total other assets held for sale |
0
|
977,119
|
Total assets held for sale |
0
|
5,543,370
|
Liabilities |
|
|
Accounts payable and accrued expenses |
0
|
1,700,943
|
Due to related party |
0
|
785,684
|
Short term bank loan |
0
|
3,224,180
|
Total current liabilities held for sale |
0
|
5,710,807
|
Total liabilities held for sale |
$ 0
|
$ 5,710,807
|
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v3.3.1.900
DISCONTINUED OPERATIONS (Details Textual) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Aug. 14, 2015 |
Jun. 03, 2015 |
Sep. 20, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Apr. 30, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
|
Disposal Group, Including Discontinued Operation, Short term bank loan |
|
|
|
$ 0
|
|
$ 0
|
|
$ 3,224,180
|
Disposal Group, Including Discontinued Operation, Interest rate |
|
|
|
7.38%
|
|
7.38%
|
|
|
Security Deposit |
|
|
|
$ 0
|
|
$ 0
|
|
969,000
|
Stockholders' Equity Attributable To Noncontrolling Interest |
|
|
|
0
|
|
0
|
|
$ 560,915
|
Disposal Group, Including Discontinued Operation, Revenue |
|
|
|
0
|
$ 1,106,593
|
839,969
|
$ 7,586,495
|
|
China Operations [Member] |
|
|
|
|
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
|
Equity Method Investment, Ownership Percentage |
|
|
|
|
|
|
|
40.00%
|
Disposal Group, Including Discontinued Operation, Short term bank loan |
|
|
|
0
|
|
0
|
|
$ 3,224,000
|
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current |
|
|
|
0
|
|
0
|
|
$ 786,000
|
Refundable deposit received |
|
$ 150,000
|
|
|
|
|
|
|
Proceeds From Received Remaining Cash |
|
1,350,000
|
|
|
|
|
|
|
Payments For Broker’s Fee |
$ 100,000
|
|
|
|
|
|
|
|
Escrow Deposit |
$ 100,000
|
|
$ 93,000
|
|
|
|
|
|
Payments To Buyer For Outstanding Tax |
|
|
$ 7,000
|
|
|
|
|
|
Gain (Loss) on Sale of Investments |
|
|
|
|
|
838,000
|
|
|
Proceeds from Sale of Investment Projects |
|
|
|
|
|
1,500,000
|
|
|
Gain (Loss) on Disposition of Assets |
|
|
|
|
|
9,350,000
|
|
|
Gain Loss On Disposition Of Liabilities |
|
|
|
|
|
7,935,000
|
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
|
|
|
349,000
|
|
349,000
|
|
|
Stockholders' Equity Attributable To Noncontrolling Interest |
|
|
|
$ 577,000
|
|
577,000
|
|
|
Disposal Group, Including Discontinued Operation, Other Expense |
|
|
|
|
|
174,000
|
|
|
China Operations [Member] | Tgg [Member] |
|
|
|
|
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
|
Disposal Group, Including Discontinued Operation, Revenue |
|
|
|
|
$ 835,000
|
$ 212,000
|
$ 1,565,000
|
|
China Operations [Member] | Halcyon Coast Investment [Member] |
|
|
|
|
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
|
Discontinued Operation Sale Price |
|
$ 1,500,000
|
|
|
|
|
|
|
X |
- DefinitionAccumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.
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v3.3.1.900
STOCKHOLDERS' EQUITY (Details) - $ / shares
|
9 Months Ended |
12 Months Ended |
Jan. 31, 2016 |
Apr. 30, 2015 |
Class of Stock [Line Items] |
|
|
Number of Warrants, Outstanding Beginning Balance |
15,510
|
|
Number Of Warrants, Warrants issued in connection with Series H-1 preferred stock for cash |
1,279,759
|
|
Number of Warrants, Outstanding Ending Balance |
1,295,269
|
15,510
|
Weighted Average Exercise Price, Outstanding Beginning Balance |
$ 7.25
|
|
Weighted Average Exercise Price, Warrants issued in connection with Series H-1 preferred stock for cash |
1.66
|
|
Weighted Average Exercise Price, Outstanding Ending Balance |
$ 1.73
|
$ 7.25
|
Weighted Average Remaining Life in years, Contractual Term |
4 years 4 months 24 days
|
3 years 6 months
|
Weighted Average Remaining Life In Years, Contractual Term |
4 years 6 months
|
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v3.3.1.900
STOCKHOLDERS' EQUITY (Details Textual) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Jul. 20, 2015 |
Jun. 30, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Apr. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Preferred Stock, Par or Stated Value Per Share |
|
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
Purchase Price |
|
|
|
|
$ 1,575,000
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term |
|
|
|
|
5 years 2 months 12 days
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
|
|
|
|
103.00%
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate |
|
|
|
|
1.50%
|
|
|
Other Preferred Stock Dividends and Adjustments |
|
|
$ 40,729
|
$ 0
|
$ 744,499
|
$ 0
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights |
1,279,759
|
|
|
|
|
|
|
Purchase Price |
$ 1,575,000
|
|
|
|
|
|
|
promissory notes [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Unsecured Debt, Current |
|
$ 1,299,000
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Conversion of Units |
|
|
|
|
579,700
|
|
|
Common Stock [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share Price |
$ 0.1250
|
|
|
|
|
|
|
Preferred Stock [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Conversion of Units |
|
|
|
|
5,797
|
|
|
Minimum [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights |
1.63
|
|
|
|
|
|
|
Maximum [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights |
1.66
|
|
|
|
|
|
|
Series H Preferred Stock [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
|
8,435
|
|
|
8,435
|
|
|
Convertible Preferred Stock, Shares Issued upon Conversion |
|
|
100
|
|
100
|
|
|
Convertible Preferred Stock, Conversion Price |
|
|
$ 1.54
|
|
$ 1.54
|
|
|
Series H Preferred Stock [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Conversion of Units |
|
|
|
|
579,700
|
|
|
Series H Preferred Stock [Member] | Preferred Stock [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Conversion of Units |
|
|
|
|
(5,797)
|
|
|
Series H Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
|
8,435
|
|
|
|
|
|
Preferred Stock, Par or Stated Value Per Share |
|
$ 0.0001
|
|
|
|
|
|
Series H-1 Preferred Stock [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Convertible, Conversion Price |
|
|
0.80
|
|
$ 0.80
|
|
|
Debt Conversion, Converted Instrument, Amount |
|
|
|
|
$ 704,000
|
|
|
Series H-1 Preferred Convertible Stock [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Preferred Stock, Par or Stated Value Per Share |
|
|
166
|
|
$ 166
|
|
|
Convertible Preferred Stock, Conversion Price |
|
|
$ 1.66
|
|
$ 1.66
|
|
|
Fair Value Of Warrants |
|
|
|
|
$ 1,649,000
|
|
|
Fair Value Of Convertible Preferred Stock |
|
|
|
|
$ 841,000
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term |
|
|
|
|
5 years
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
|
|
|
|
103.00%
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate |
|
|
|
|
2.00%
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate |
|
|
|
|
0.00%
|
|
|
Proceeds from Issuance of Warrants |
|
|
|
|
$ 1,575,000
|
|
|
Other Preferred Stock Dividends and Adjustments |
$ 704,000
|
|
|
|
|
|
|
Series H-1 Preferred Convertible Stock [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Preferred Stock, Par or Stated Value Per Share |
$ 0.0001
|
|
|
|
|
|
|
Number Shares To Be Issued |
8,532
|
|
|
|
|
|
|
Series H-1 Preferred Convertible Stock [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Conversion of Units |
|
|
|
|
41,300
|
|
|
Series H-1 Preferred Convertible Stock [Member] | Preferred Stock [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Conversion of Units |
|
|
|
|
(413)
|
|
|
Series H-1 Preferred Convertible Stock [Member] | Minimum [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Purchase Price |
$ 163
|
|
|
|
|
|
|
Series H-1 Preferred Convertible Stock [Member] | Maximum [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Purchase Price |
$ 166
|
|
|
|
|
|
|
Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Conversion of Stock, Shares Issued |
|
|
|
|
1,408,000
|
|
|
Convertible Preferred Stock [Member] | Make Whole Shares [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Conversion of Stock, Shares Issued |
|
|
|
|
205,000
|
|
|
Convertible Preferred Stock [Member] | Dividend Shares [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Conversion of Stock, Shares Issued |
|
|
|
|
46,000
|
|
|
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v3.3.1.900
SHORT-TERM PROMISSORY NOTES (Details) - Series H Preferred Stock [Member] - USD ($)
|
1 Months Ended |
9 Months Ended |
Jun. 30, 2015 |
Jan. 31, 2016 |
Short-term Debt [Line Items] |
|
|
Balance at April 30, 2015 |
|
$ 1,703,000
|
Repayments of short term convertible note |
$ 4,000
|
(4,000)
|
Section 16 settlement |
|
(400,000)
|
Conversion of short term convertible notes to Series H preferred stock |
$ 1,299,000
|
(1,299,000)
|
Balance at January 31, 2016 |
|
$ 0
|
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SHORT-TERM PROMISSORY NOTES (Details Textual) - USD ($)
|
1 Months Ended |
9 Months Ended |
|
Jun. 30, 2015 |
Jan. 31, 2016 |
Apr. 30, 2015 |
Short-term Debt [Line Items] |
|
|
|
Litigation Settlement, Expense |
|
$ 3,150,000
|
|
Line of Credit Facility, Decrease, Forgiveness |
|
400,000
|
|
Loss Contingency, Estimate of Possible Loss |
|
405,000
|
|
Series H Preferred Stock [Member] |
|
|
|
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|
|
|
Short-term Debt |
|
0
|
$ 1,703,000
|
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$ 1,299,000
|
$ (1,299,000)
|
|
Stock Issued During Period, Shares, New Issues |
8,435
|
8,435
|
|
Payments for Repurchase of Convertible Preferred Stock |
$ 4,000
|
$ (4,000)
|
|
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v3.3.1.900
STOCK OPTION COMPENSATION EXPENSE (Details 1) - USD ($)
|
9 Months Ended |
12 Months Ended |
Jan. 31, 2016 |
Apr. 30, 2015 |
Number of shares, Outstanding at beginning |
40,688
|
|
Number of shares, Employee options granted |
2,783,000
|
|
Number of shares, Forfeited/expired |
(6)
|
|
Number of shares, Outstanding at ending |
2,823,682
|
40,688
|
Number of shares, Options vested |
1,342,182
|
|
Weighted Average Exercise Price, Outstanding at beginning |
$ 18.79
|
|
Weighted Average Exercise Price, Employee options granted |
1.32
|
|
Weighted Average Exercise Price, Forfeited/expired |
61.82
|
|
Weighted Average Exercise Price, Outstanding at ending |
1.57
|
$ 18.79
|
Weighted Average Exercise Price, Options vested |
$ 1.84
|
|
Total Intrinsic Value, Outstanding at beginning |
$ 0
|
|
Total Intrinsic Value, Employee options granted |
$ 0
|
|
Total Intrinsic Value, Forfeited/expired |
$ 0
|
|
Total Intrinsic Value, Outstanding at ending |
$ 0
|
$ 0
|
Total Intrinsic Value, Options vested and exercisable |
$ 0
|
|
Weighted Average Remaining Contractual Life (in years) Outstanding at beginning |
9 years 7 months 6 days
|
5 years 10 months 17 days
|
Weighted Average Remaining Contractual Life (in years) Options granted |
9 years 7 months 28 days
|
|
Weighted Average Remaining Contractual Life (in years) Forfeited/expired |
0 years
|
|
Weighted Average Remaining Contractual Life (in years) Outstanding at ending |
9 years 7 months 6 days
|
5 years 10 months 17 days
|
Weighted Average Remaining Contractual Life (in years) Options vested and exercisable |
9 years 6 months 4 days
|
|
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- DefinitionNumber of options or other stock instruments for which the right to exercise has lapsed under the terms of the plan agreements.
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v3.3.1.900
STOCK OPTION COMPENSATION EXPENSE (Details Textual) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Nov. 02, 2015 |
Aug. 06, 2015 |
Sep. 29, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Revenues |
|
|
|
$ 3,317,636
|
$ 5,262,154
|
$ 11,605,880
|
$ 17,416,283
|
Share-based Compensation |
|
|
|
|
|
2,219,068
|
$ 115,200
|
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options |
|
|
|
$ 643,000
|
|
$ 643,000
|
|
Sharebased Compensation Arrangement By Sharebased Payment Award Vesting Period Options Outstanding Weighted Average Remaining Contractual Term |
|
|
|
|
|
3 months
|
|
Equity Option [Member] |
|
|
|
|
|
|
|
Share-based Compensation |
|
|
|
|
|
$ 2,174,000
|
|
Equity Incentive Plan 2014 [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted |
100,000
|
110,000
|
2,573,000
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value |
$ 1.53
|
$ 1.19
|
$ 1.32
|
|
|
|
|
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Issued Weighted Average Remaining Contractual Terms |
10 years
|
10 years
|
10 years
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares |
25,000
|
|
1,191,500
|
|
|
|
|
Sharebased Compensation Arrangement By Sharebased Payment Award Options To Be Vest Number Of Shares |
75,000
|
|
655,250
|
|
|
|
|
Sharebased Compensation Arrangement By Sharebased Payment Award Remaining Options Vest Number Of Shares |
|
|
726,250
|
|
|
|
|
Revenues |
$ 30,000,000
|
|
$ 30,000,000
|
|
|
|
|
ShareBased Compensation Arrangement By ShareBased Payment Award Equity Instruments Other Than Options Grant Date Fair Value |
|
|
|
|
|
$ 2,817,000
|
|
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