Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 31, 2017 | Mar. 14, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jan. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | WPCS INTERNATIONAL INC | |
Entity Central Index Key | 1,086,745 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | WPCS | |
Entity Common Stock, Shares Outstanding | 3,352,159 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jan. 31, 2017 | Apr. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 2,340,707 | $ 2,235,597 |
Accounts receivable, net of allowance of $206,000 and $92,000 at January 31, 2017 and April 30, 2016, respectively | 3,662,932 | 2,886,154 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 330,724 | 357,210 |
Prepaid expenses and other current assets | 124,330 | 66,256 |
Total current assets | 6,458,693 | 5,545,217 |
Property and equipment, net | 380,980 | 237,800 |
Other assets | 14,305 | 21,162 |
Total assets | 6,853,978 | 5,804,179 |
Current liabilities: | ||
Current portion of loans payable | 62,588 | 53,996 |
Accounts payable and accrued expenses | 1,810,015 | 2,071,765 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 2,481,122 | 1,358,289 |
Total current liabilities | 4,353,725 | 3,484,050 |
Loans payable, net of current portion | 139,564 | 94,825 |
Total liabilities | 4,493,289 | 3,578,875 |
Commitments and contingencies | ||
Stockholders' equity | ||
Common stock - $0.0001 par value, 100,000,000 shares authorized, 3,352,159 and 2,691,055 shares issued and outstanding as of January 31, 2017 and April 30, 2016, respectively | 335 | 269 |
Additional paid-in capital | 87,389,538 | 85,940,389 |
Accumulated deficit | (85,698,677) | (84,820,940) |
Total stockholders' equity | 2,360,689 | 2,225,304 |
Total liabilities and equity | 6,853,978 | 5,804,179 |
Convertible Series H [Member] | ||
Stockholders' equity | ||
Preferred stock | 1,242 | 406,262 |
Convertible Series H-1 [Member] | ||
Stockholders' equity | ||
Preferred stock | 437,530 | 699,324 |
Convertible Series H-2 [Member] | ||
Stockholders' equity | ||
Preferred stock | $ 230,721 | $ 0 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) | Jan. 31, 2017 | Apr. 30, 2016 |
Allowance for accounts receivable | $ 206,000 | $ 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 | 3,352,159 | 2,691,055 |
Common stock, shares outstanding | 3,352,159 | 2,691,055 |
Convertible Series H [Member] | ||
Preferred stock, shares authorized | 8,500 | 8,500 |
Preferred stock, shares issued | 2,638 | 2,638 |
Preferred Stock, Shares Outstanding | 2,638 | 2,638 |
Preferred Stock, liquidation preference (in dollars) | $ 1,000 | $ 1,000 |
Convertible Series H-1 [Member] | ||
Preferred stock, shares authorized | 9,488 | 9,488 |
Preferred stock, shares issued | 4,289 | 8,119 |
Preferred Stock, Shares Outstanding | 4,289 | 8,119 |
Preferred Stock, liquidation preference (in dollars) | $ 712,000 | $ 712,000 |
Convertible Series H-2 [Member] | ||
Preferred stock, shares authorized | 3,500 | 3,500 |
Preferred stock, shares issued | 3,305 | 0 |
Preferred Stock, Shares Outstanding | 3,305 | 0 |
Preferred Stock, liquidation preference (in dollars) | $ 400,000 | $ 400,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Revenue | $ 4,263,709 | $ 3,317,636 | $ 12,527,872 | $ 11,605,880 |
Costs and expenses: | ||||
Cost of revenue | 3,235,871 | 2,521,627 | 9,690,566 | 9,263,395 |
Selling, general and administrative expenses | 1,465,550 | 1,602,751 | 4,385,862 | 5,470,760 |
Depreciation and amortization | 35,219 | 16,075 | 83,914 | 45,537 |
Costs and expenses | 4,736,640 | 4,140,453 | 14,160,342 | 14,779,692 |
Operating loss | (472,931) | (822,817) | (1,632,470) | (3,173,812) |
Other income (expense): | ||||
Interest expense | (2,430) | (523) | (5,440) | (2,021) |
Income from Section 16 settlement | 0 | 0 | 0 | 400,000 |
Income from arbitration settlement | 0 | 0 | 1,180,902 | 0 |
Other income | 20,394 | 4,871 | 142,828 | 1,965 |
Loss from continuing operations before income tax provision | (454,967) | (818,469) | (314,180) | (2,773,868) |
Income tax provision | 0 | 607 | 2,567 | 1,706 |
Loss from continuing operations | (454,967) | (819,076) | (316,747) | (2,775,574) |
Discontinued operations: | ||||
Income from discontinued operations | 0 | 0 | 0 | 41,261 |
Gain from disposal | 0 | 0 | 0 | 837,720 |
Consolidated net income (loss) | (454,967) | (819,076) | (316,747) | (1,896,593) |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 16,505 |
Net loss attributable to WPCS | (454,967) | (819,076) | (316,747) | (1,913,098) |
Dividends declared on preferred stock | 0 | (372,810) | 0 | (4,742,768) |
Deemed dividend on convertible preferred stock, due to beneficial conversion feature | (541,266) | (40,729) | (560,990) | (744,499) |
Net loss attributable to WPCS common shareholders | $ (996,233) | $ (1,232,615) | $ (877,737) | $ (7,400,365) |
Basic and diluted loss from continuing operations per common share | $ (0.33) | $ (0.47) | $ (0.31) | $ (3.82) |
Basic and diluted income from discontinued operations per common share | 0 | 0 | 0 | 0.01 |
Basic and diluted net loss per common share | $ (0.33) | $ (0.47) | $ (0.31) | $ (3.81) |
Basic and diluted weighted average number of common shares outstanding | 2,976,670 | 2,597,952 | 2,844,101 | 2,161,104 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Consolidated net loss | $ (454,967) | $ (819,076) | $ (316,747) | $ (1,896,593) |
Reclassification adjustments of other comprehensive loss on the sale of China operations | 0 | 0 | 0 | (349,723) |
Comprehensive loss attributable to WPCS shareholders | $ (454,967) | $ (819,076) | $ (316,747) | $ (2,246,316) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - 9 months ended Jan. 31, 2017 - USD ($) | Total | Series H Preferred Stock [Member] | Series H-1 Preferred Convertible Stock [Member] | Series H-1 Preferred Stock [Member] | Series H-2 Preferred Stock [Member] | Series H-2 Convertible Preferred Stock [Member] | 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 H-1 Preferred Stock [Member] | Preferred Stock [Member]Series H-2 Preferred Stock [Member] | Preferred Stock [Member]Series H-2 Convertible Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member]Series H Preferred Stock [Member] | Common Stock [Member]Series H-1 Preferred Convertible Stock [Member] | Common Stock [Member]Series H-1 Preferred Stock [Member] | Common Stock [Member]Series H-2 Preferred Stock [Member] | Common Stock [Member]Series H-2 Convertible Preferred Stock [Member] | Additional Paid-in Capital [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 H-1 Preferred Stock [Member] | Additional Paid-in Capital [Member]Series H-2 Preferred Stock [Member] | Additional Paid-in Capital [Member]Series H-2 Convertible Preferred Stock [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member]Series H Preferred Stock [Member] | Accumulated Deficit [Member]Series H-1 Preferred Convertible Stock [Member] | Accumulated Deficit [Member]Series H-1 Preferred Stock [Member] | Accumulated Deficit [Member]Series H-2 Preferred Stock [Member] | Accumulated Deficit [Member]Series H-2 Convertible Preferred Stock [Member] |
Balance at Apr. 30, 2016 | $ 2,225,304 | $ 1,105,586 | $ 269 | $ 85,940,389 | $ (84,820,940) | |||||||||||||||||||||||||
Balance (in shares) at Jan. 31, 2017 | 7,602 | 3,352,159 | ||||||||||||||||||||||||||||
Balance (in shares) at Apr. 30, 2016 | 10,757 | 2,691,055 | ||||||||||||||||||||||||||||
Share based compensation | 22,501 | $ 0 | $ 2 | 22,499 | 0 | |||||||||||||||||||||||||
Share based compensation (in shares) | 0 | 15,104 | ||||||||||||||||||||||||||||
Issuance of Series H-2 preferred stock and warrants for cash | $ 429,631 | $ 461,969 | $ 0 | $ (32,338) | $ 0 | |||||||||||||||||||||||||
Issuance of Series H-2 preferred stock and warrants for cash (in shares) | 3,305 | 0 | ||||||||||||||||||||||||||||
Issuance of warrants with Series H-2 preferred stock | $ 0 | $ (231,248) | $ 0 | $ 231,248 | $ 0 | |||||||||||||||||||||||||
Beneficial conversion feature of Series H-2 convertible preferred stock | $ 0 | $ (183,284) | $ 0 | $ 183,284 | $ 0 | |||||||||||||||||||||||||
Deemed dividends related to immediate accretion of beneficial conversion feature of Series H-2 convertible preferred stock | $ 0 | $ 183,284 | $ 0 | $ 0 | $ (183,284) | |||||||||||||||||||||||||
Balance at Jan. 31, 2017 | 2,360,689 | $ 669,493 | $ 335 | 87,389,538 | (85,698,677) | |||||||||||||||||||||||||
Conversion of Series preferred stock to common stock | $ 0 | $ 0 | $ (405,020) | $ (639,500) | $ 26 | $ 38 | $ 404,994 | $ 639,462 | $ 0 | $ 0 | ||||||||||||||||||||
Conversion of Series preferred stock to common stock (in shares) | (2,630) | (3,830) | 263,000 | 383,000 | ||||||||||||||||||||||||||
Deemed dividend on conversion of Series H-1 convertible preferred stock to common stock | $ 0 | $ 377,706 | $ 0 | $ 0 | $ (377,706) | |||||||||||||||||||||||||
Net income | $ (316,747) | $ 0 | $ 0 | $ 0 | $ (316,747) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Operating activities: | ||
Net loss from operations | $ (316,747) | $ (2,775,574) |
Consolidated net income from discontinued operations | 0 | 878,981 |
Adjustments to reconcile consolidated net loss to net cash used in operating activities: | ||
Depreciation and amortization | 83,914 | 45,537 |
Shares based compensation | 22,501 | 2,219,068 |
Gain on sale of China operations | 0 | (837,720) |
Income on Section 16 settlement | 0 | (400,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (776,778) | 2,725,507 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 26,486 | 4,387 |
Current assets held for sale | 0 | (3,853,621) |
Prepaid expenses and other current assets | (58,074) | 66,211 |
Other assets | 6,857 | (2,110) |
Other assets held for sale | 0 | (34,523) |
Accounts payable and accrued expenses | (261,750) | (3,149,544) |
Current liabilities held for sale | 0 | 2,200,030 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,122,833 | 374,840 |
Net cash used in operating activities | (150,758) | (2,538,531) |
Investing activities: | ||
Acquisition of property and equipment | (104,069) | (109,851) |
Proceeds from sale of China operations, net of acquisition cost | 0 | 1,325,744 |
Net cash (used in) provided by investing activities | (104,069) | 1,215,893 |
Financing activities: | ||
Borrowings under loan payable obligations | 0 | 99,369 |
Repayment under loan payable obligations | (69,694) | (35,304) |
Repayments under other payable to Zurich | 0 | (360,000) |
Repayments of short term convertible note | 0 | (4,000) |
Net cash provided by financing activities | 359,937 | 1,275,065 |
Effect of exchange rate changes on cash | 0 | 91,510 |
Net increase in cash and cash equivalents | 105,110 | 43,937 |
Cash and cash equivalents, beginning of the period | 2,235,597 | 2,364,360 |
Cash and cash equivalents, end of the period | 2,340,707 | 2,408,297 |
Schedule of non-cash investing and financing activities: | ||
Automobile financing | 123,025 | 0 |
Declaration on preferred dividend payable | 0 | 4,742,768 |
Deemed dividend on conversion of convertible preferred stock to common stock | 560,990 | 744,499 |
Conversion of dividends payable related to make-whole amount to common stock | 0 | 4,457,356 |
Issuance Of Warrants With Series H-2 Preferred Stock | 231,248 | 0 |
Beneficial conversion feature of Series H-2 convertible preferred stock | 183,284 | 0 |
Series H-2 Preferred Stock [Member] | ||
Financing activities: | ||
Proceeds from issuance of preferred stock and warrants | 429,631 | 0 |
Series H-2 Convertible Preferred Stock [Member] | ||
Schedule of non-cash investing and financing activities: | ||
Deemed dividend on conversion of convertible preferred stock to common stock | 183,284 | 0 |
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 | 0 | 624,977 |
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 | 0 | 337,981 |
Series H Preferred Stock [Member] | ||
Schedule of non-cash investing and financing activities: | ||
Conversion of preferred stock through the issuance of common stock | 405,020 | 892,680 |
Conversion of preferred stock through the issuance of common stock | 0 | 1,299,000 |
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 | 0 | 3,292,741 |
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 | 0 | 1,827,927 |
Series H-1 Preferred Stock [Member] | ||
Financing activities: | ||
Proceeds from issuance of preferred stock and warrants | 0 | 1,575,000 |
Schedule of non-cash investing and financing activities: | ||
Conversion of preferred stock through the issuance of common stock | 639,500 | 75,000 |
Beneficial conversion feature of Series H-2 convertible preferred stock | $ 377,706 | $ 0 |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 9 Months Ended |
Jan. 31, 2017 | |
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 WPCS International Incorporated, a Delaware corporation (“WPCS”) and its wholly and majority-owned subsidiaries (collectively, the “Company”) currently specializes in low voltage communications, audio-visual and security contracting services, conducting business in one segment at one operations center, through its wholly-owned domestic subsidiary, WPCS International - Suisun City, Inc. (“Suisun City Operations”). During the quarter ended January 31, 2017 the Company began winding down its operations from its wholly-owned Texas subsidiary, WPCS International-Texas, 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. Basis of Presentation The condensed consolidated financial statements of WPCS and its wholly and majority-owned subsidiaries included in this Report for the three and nine months ended January 31, 2017 and 2016, reflect the accounts of current and former entities as either continued or discontinued operations, as discussed below. Continuing operations for the three and nine months ended January 31, 2017 and 2016 include the results of operations of: (i) WPCS (which primarily reflects corporate operating expenses and nonoperating income); (ii) Suisun City Operations and the Texas Operations, (the Texas Operations were closed in February 2017and therefore the Suisun Operation remains the Company’s only active operating subsidiary); (iii) WPCS Incorporated, an inactive subsidiary; and (iv) WPCS International Trenton, Inc. (“Trenton Operations”), which operations were closed in September 2013. Discontinued operations for the three and nine months ended January 31, 2016 include the results of WPCS Asia Limited, a 60 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, 2016. The results of operations for the three and nine months ended January 31, 2017 are not necessarily indicative of the results to be expected for the full fiscal year. |
LIQUIDITY AND CAPITAL RESOURCES
LIQUIDITY AND CAPITAL RESOURCES | 9 Months Ended |
Jan. 31, 2017 | |
Liquidity and Capital Resources [Abstract] | |
LIQUIDITY AND CAPITAL RESOURCES | NOTE 2 LIQUIDITY AND CAPITAL RESOURCES As of January 31, 2017, the Company had a working capital surplus of approximately $ 2,105,000 2,341,000 The Company's future plans and growth are dependent on its ability to increase revenues and continue its business development efforts surrounding its contract award backlog. If the Company continues to incur losses and revenues do not generate from the backlog as expected, the Company may need to raise additional capital to expand its business and continue as a going concern. The Company currently anticipates that its current cash position will be sufficient to meet its working capital requirements to continue its sales and marketing efforts for at least 12 months from the filing date of this report. If in the future the Company’s plans or assumptions change or prove to be inaccurate, the Company may need to raise additional funds through public or private debt or equity offerings, financings, corporate collaborations, or other means. The Company may also be required to reduce operating expenditures or investments in its infrastructure. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jan. 31, 2017 | |
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, 2016. In August 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes The Company adopted this guidance as of January 31, 2017 on a prospective basis, and its adoption did not have any significant impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which addresses specific cash flow classification issues where there is currently diversity in practice including debt prepayment and proceeds from the settlement of insurance claims. ASU 2016-15 is effective for annual periods beginning after December 15, 2017, with early adoption permitted. The Company elected to early adopt ASU 2016-15 effective as of January 31, 2017. The adoption of ASU 2016-15 did not impact our results of operations or cash flows. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows - Restricted Cash, which requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017, with early adoption permitted. The Company elected to early adopt ASU 2016-18 including retrospective adoption for all prior periods. The impact of the adoption of ASU 2016-18 is the addition of a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. Other major provisions include the capitalization and amortization of certain contract costs, ensuring the time value of money is considered in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The amendments of ASU 2014-09 were effective for reporting periods beginning after December 15, 2016, with early adoption prohibited. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Subsequent to issuing ASU 2014-09, the FASB issued the following amendments concerning the adoption and clarification of ASU 2014-09. In August 2015, the FASB issued ASU No. 2015-14 “Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date” (“ASU 2015-14”), which deferred the effective date one year. As a result, the amendments of ASU 2014-09 are effective for reporting periods beginning after December 15, 2017, with early adoption permitted only as of annual reporting periods beginning after December 15, 2016. In March 2016, the FASB issued ASU No. 2016-08 “Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue versus Net)” (“ASU 2016-08”), which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard. ASU 2016-08 clarifies how an entity should identify the unit of accounting (i.e. the specified good or service) for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements. In April 2016, the FASB issued ASU No. 2016-10 “Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing” (“ASU 2016-10”), which reduces the complexity when applying the guidance for identifying performance obligations and improves the operability and understandability of the license implementation guidance. In May 2016, the FASB issued ASU No. 2016-12 “Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”), which amends the guidance on transition, collectability, noncash consideration and the presentation of sales and other similar taxes. ASU 2016-12 clarifies that, for a contract to be considered completed at transition, all (or substantially all) of the revenue must have been recognized under legacy GAAP. In addition, ASU 2016-12 clarifies how an entity should evaluate the collectability threshold and when an entity can recognize nonrefundable consideration received as revenue if an arrangement does not meet the standard’s contract criteria. The Company is currently evaluating the potential impact the adoption of these ASUs may have on its financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendment is to simplify several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, the amendments in ASU 2016-09 are effective for interim and annual reporting periods beginning after December 15, 2016. The Company will adopt this guidance as of and for the year ended April 30, 2017. The Company does not expect the adoption of ASU 2016-09 to have a material impact on its consolidated financial statements and related disclosures. In January 2017, the FASB issued an ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business. The amendments in this Update is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the impact of adopting this guidance. Accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”), Securities and Exchange Commission (“SEC”) or other standard setting bodies that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. Reclassifications Certain reclassifications have been made in prior years’ condensed consolidated financial statements to conform to the current year’s presentation. These reclassifications reflect the results of the China Operations as discontinued operations for all periods presented. |
CONCENTRATIONS
CONCENTRATIONS | 9 Months Ended |
Jan. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | NOTE 4 CONCENTRATIONS Accounts Receivable As of January 31, 2017 April 30, 2016 Customer A 16 % - Customer B 10 % 21 % Customer C - 10 % Customer D - 34 % The accounts receivable also included retainage receivable of $ 646,000 326,000 Revenue Recognition For the three months ended For the nine months ended January 31, January 31, 2017 2016 2017 2016 Customer A 20 % - 13 % 9 % Customer B - - - 11 % Customer C - 11 % - - Customer D 13 % - - - - Represents less than 10% |
BASIC AND DILUTED NET (LOSS) IN
BASIC AND DILUTED NET (LOSS) INCOME PER COMMON SHARE | 9 Months Ended |
Jan. 31, 2017 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED NET LOSS PER COMMON SHARE | NOTE 5 BASIC AND DILUTED NET (LOSS) INCOME PER COMMON SHARE Basic and diluted net income (loss) per common share from continuing operations is computed as net income (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 income 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. As of January 31, 2017 2016 Common stock equivalents: Common stock options 2,422,000 2824000 Series H, H-1 and H-2 preferred stock 760,000 1,076,000 Common stock purchase warrants 1,791,000 1,295,000 Totals 4,973,000 5,195,000 |
COSTS AND ESTIMATED EARNINGS ON
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS | 9 Months Ended |
Jan. 31, 2017 | |
Contractors [Abstract] | |
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS | NOTE 6 COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS 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. January 31, 2017 April 30, 2016 Costs incurred on uncompleted contracts $ 17,338,966 $ 28,884,776 Estimated contract earnings 3,937,103 4,367,463 21,276,069 33,252,239 Less: Billings to date 23,426,467 34,253,318 Total $ (2,150,398) $ (1,001,079) Costs and estimated earnings in excess of billings on uncompleted contracts $ 330,724 $ 357,210 Billings in excess of cost and estimated earnings on uncompleted contracts 2,481,122 1,358,289 Total $ (2,150,398) $ (1,001,079) 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. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended |
Jan. 31, 2017 | |
Discontinued Operations | |
DISCONTINUED OPERATIONS | NOTE 7 DISCONTINUED OPERATIONS The Company previously disclosed the details regarding the sales of its China Operations in its Form 10-K filed for the year ended April 30, 2016. For the three months ended For the nine months ended January 31, January 31, 2016 2016 Revenue $ - $ 839,969 Costs and expenses: Cost of revenue - 546,296 Selling, general and administrative expenses - 111,324 Depreciation and amortization - 80,971 - 738,591 Operating income from discontinued operations - 101,378 Interest expense - (49,234) Income from discontinued operations before income tax provision - 52,144 Income tax provision - (10,883) Income from discontinued operations, net of tax - 41,261 Gain from disposal - 837,720 Total income from discontinued operations $ - $ 878,981 Due to Related Party The China Operations earned revenue for contracting services provided to TGG (noncontrolling interest in China Operations) and subsidiaries of $ 0 0 212,000 |
INCOME FROM SECTION 16 SETTLEME
INCOME FROM SECTION 16 SETTLEMENT | 9 Months Ended |
Jan. 31, 2017 | |
Income From Section Sixteen Settlements [Abstract] | |
INCOME FROM SECTION 16 SETTEMENTS | NOTE 8 INCOME FROM SECTION 16 SETTLEMENT For the three and nine months ended January 31, 2016, the Company received $ 0 400,000 |
BANK LINE OF CREDIT
BANK LINE OF CREDIT | 9 Months Ended |
Jan. 31, 2017 | |
Line of Credit Facility [Abstract] | |
BANK LINE OF CREDIT | NOTE 9 BANK LINE OF CREDIT On May 20, 2015 1,000,000 August 15, 2017 2 1.0 As of the filing date of this report, the Company has not drawn down on the line of credit. |
LOANS PAYABLE
LOANS PAYABLE | 9 Months Ended |
Jan. 31, 2017 | |
Debt Disclosure [Abstract] | |
LOANS PAYABLE | NOTE 10 LOANS PAYABLE Carrying Value Stated as of Estimated Future Payment Maturity Date Interest Rate January 31, 2017 Within 1 Year After 1 year 0% automobile loan payable April 2018 - June 2019 0.0% $ 26,000 $ 13,000 $ 14,000 1% automobile loan payable November 2022 1.0% 24,000 4,000 20,000 3% automobile loan payable November 2022 3.0% 25,000 5,000 20,000 4% automobile loan payable December 2016 - January 2020 4.0% 32,000 15,000 17,000 5% automobile loan payable January 2020 - February 2020 5.0% 54,000 17,000 37,000 7% automobile loan payable June 2019 7.0% 25,000 5,000 20,000 8% automobile loan payable October 2021 8.0% 16,000 3,000 13,000 $ 202,000 $ 62,000 $ 141,000 Carrying Value Stated as of Estimated Future Payment Maturity Date Interest Rate April 30, 2016 Within 1 Year After 1 year 0% automobile loan payable April 2018 - May 2019 0.0% $ 25,000 $ 10,000 $ 15,000 4% automobile loan payable August 2016 - January 2020 4.0% 58,000 28,000 30,000 5% automobile loan payable January 2020 - February 2020 5.0% 66,000 16,000 50,000 $ 149,000 $ 54,000 $ 95,000 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Jan. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 11 STOCKHOLDERS’ EQUITY Conversion of Preferred Shares Series H and H-1 For the nine months ended January 31, 2017, holders of the Company’s Series H Convertible Preferred Stock (“Series H Shares”) have converted 2,630 263,000 For the nine months ended January 31, 2017, holders of the Company’s Series H-1 Convertible Preferred Stock (“Series H-1 Shares”) have converted 3,830 383,000 378,000 Issuance of Preferred Shares Series H-2 On December 21, 2016, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with two investors pursuant to which the Company issued to the investors an aggregate of 3,305 0.0001 495,750 1.21 462,000 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 $ 462,000 5.0 238 2 0 231,000 Due to the reduction of allocated proceeds to Series H-2 Shares, the effective conversion price was approximately $ 0.60 183,000 Registration Statement The Company filed a registration statement on January 25, 2017, for the common shares underlying the series H-2 Preferred Stock and Warrants, and it was declared effective on January 31, 2017 . |
INCOME FROM ARBITRATION SETTLEM
INCOME FROM ARBITRATION SETTLEMENTS | 9 Months Ended |
Jan. 31, 2017 | |
Income From Legal Settlements [Abstract] | |
INCOME FROM ARBITRATION SETTLEMENTS | NOTE 12 INCOME FROM ARBITRATION SETTLEMENTS On June 16, 2016, the Company entered into a global settlement agreement and mutual release to resolve all disputes and claims regarding the construction of the Cooper Medical School at Rowan University, located in Camden, New Jersey, in which the Company served as an electrical prime contractor. As a result of such settlement, the Company received proceeds of $ 1,150,000 |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jan. 31, 2017 | |
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, 2016. |
Adoption of Recent Accounting Pronouncements | In August 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes The Company adopted this guidance as of January 31, 2017 on a prospective basis, and its adoption did not have any significant impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which addresses specific cash flow classification issues where there is currently diversity in practice including debt prepayment and proceeds from the settlement of insurance claims. ASU 2016-15 is effective for annual periods beginning after December 15, 2017, with early adoption permitted. The Company elected to early adopt ASU 2016-15 effective as of January 31, 2017. The adoption of ASU 2016-15 did not impact our results of operations or cash flows. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows - Restricted Cash, which requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017, with early adoption permitted. The Company elected to early adopt ASU 2016-18 including retrospective adoption for all prior periods. The impact of the adoption of ASU 2016-18 is the addition of a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. Other major provisions include the capitalization and amortization of certain contract costs, ensuring the time value of money is considered in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The amendments of ASU 2014-09 were effective for reporting periods beginning after December 15, 2016, with early adoption prohibited. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Subsequent to issuing ASU 2014-09, the FASB issued the following amendments concerning the adoption and clarification of ASU 2014-09. In August 2015, the FASB issued ASU No. 2015-14 “Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date” (“ASU 2015-14”), which deferred the effective date one year. As a result, the amendments of ASU 2014-09 are effective for reporting periods beginning after December 15, 2017, with early adoption permitted only as of annual reporting periods beginning after December 15, 2016. In March 2016, the FASB issued ASU No. 2016-08 “Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue versus Net)” (“ASU 2016-08”), which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard. ASU 2016-08 clarifies how an entity should identify the unit of accounting (i.e. the specified good or service) for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements. In April 2016, the FASB issued ASU No. 2016-10 “Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing” (“ASU 2016-10”), which reduces the complexity when applying the guidance for identifying performance obligations and improves the operability and understandability of the license implementation guidance. In May 2016, the FASB issued ASU No. 2016-12 “Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”), which amends the guidance on transition, collectability, noncash consideration and the presentation of sales and other similar taxes. ASU 2016-12 clarifies that, for a contract to be considered completed at transition, all (or substantially all) of the revenue must have been recognized under legacy GAAP. In addition, ASU 2016-12 clarifies how an entity should evaluate the collectability threshold and when an entity can recognize nonrefundable consideration received as revenue if an arrangement does not meet the standard’s contract criteria. The Company is currently evaluating the potential impact the adoption of these ASUs may have on its financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendment is to simplify several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, the amendments in ASU 2016-09 are effective for interim and annual reporting periods beginning after December 15, 2016. The Company will adopt this guidance as of and for the year ended April 30, 2017. The Company does not expect the adoption of ASU 2016-09 to have a material impact on its consolidated financial statements and related disclosures. In January 2017, the FASB issued an ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business. The amendments in this Update is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the impact of adopting this guidance. Accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”), Securities and Exchange Commission (“SEC”) or other standard setting bodies that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. |
Reclassifications | Reclassifications Certain reclassifications have been made in prior years’ condensed consolidated financial statements to conform to the current year’s presentation. These reclassifications reflect the results of the China Operations as discontinued operations for all periods presented. |
CONCENTRATIONS (Tables)
CONCENTRATIONS (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Sales Revenue, Net [Member] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | The concentration of revenue recognition for the three and nine months ended January 31, 2017 and 2016, respectively are as follows: For the three months ended For the nine months ended January 31, January 31, 2017 2016 2017 2016 Customer A 20 % - 13 % 9 % Customer B - - - 11 % Customer C - 11 % - - Customer D 13 % - - - |
Accounts Receivable [Member] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | The concentration of accounts receivable as of January 31, 2017 and April 30, 2016, respectively are as follows: As of January 31, 2017 April 30, 2016 Customer A 16 % - Customer B 10 % 21 % Customer C - 10 % Customer D - 34 % |
BASIC AND DILUTED NET (LOSS) 22
BASIC AND DILUTED NET (LOSS) INCOME PER COMMON SHARE (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following securities were excluded from the weighted average dilutive common shares outstanding because their inclusion would have been antidilutive. As of January 31, 2017 2016 Common stock equivalents: Common stock options 2,422,000 2824000 Series H, H-1 and H-2 preferred stock 760,000 1,076,000 Common stock purchase warrants 1,791,000 1,295,000 Totals 4,973,000 5,195,000 |
COSTS AND ESTIMATED EARNINGS 23
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
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, 2017 and April 30, 2016: January 31, 2017 April 30, 2016 Costs incurred on uncompleted contracts $ 17,338,966 $ 28,884,776 Estimated contract earnings 3,937,103 4,367,463 21,276,069 33,252,239 Less: Billings to date 23,426,467 34,253,318 Total $ (2,150,398) $ (1,001,079) Costs and estimated earnings in excess of billings on uncompleted contracts $ 330,724 $ 357,210 Billings in excess of cost and estimated earnings on uncompleted contracts 2,481,122 1,358,289 Total $ (2,150,398) $ (1,001,079) |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Discontinued Operations | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement | The schedule below shows the results of discontinued operations from China for the three and nine months ended January 31, 2016. For the three months ended For the nine months ended January 31, January 31, 2016 2016 Revenue $ - $ 839,969 Costs and expenses: Cost of revenue - 546,296 Selling, general and administrative expenses - 111,324 Depreciation and amortization - 80,971 - 738,591 Operating income from discontinued operations - 101,378 Interest expense - (49,234) Income from discontinued operations before income tax provision - 52,144 Income tax provision - (10,883) Income from discontinued operations, net of tax - 41,261 Gain from disposal - 837,720 Total income from discontinued operations $ - $ 878,981 |
LOANS PAYABLE (Tables)
LOANS PAYABLE (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | The following tables summarize outstanding loans payable related to automobiles as of January 31, 2017 and April 30, 2016, respectively: Carrying Value Stated as of Estimated Future Payment Maturity Date Interest Rate January 31, 2017 Within 1 Year After 1 year 0% automobile loan payable April 2018 - June 2019 0.0% $ 26,000 $ 13,000 $ 14,000 1% automobile loan payable November 2022 1.0% 24,000 4,000 20,000 3% automobile loan payable November 2022 3.0% 25,000 5,000 20,000 4% automobile loan payable December 2016 - January 2020 4.0% 32,000 15,000 17,000 5% automobile loan payable January 2020 - February 2020 5.0% 54,000 17,000 37,000 7% automobile loan payable June 2019 7.0% 25,000 5,000 20,000 8% automobile loan payable October 2021 8.0% 16,000 3,000 13,000 $ 202,000 $ 62,000 $ 141,000 Carrying Value Stated as of Estimated Future Payment Maturity Date Interest Rate April 30, 2016 Within 1 Year After 1 year 0% automobile loan payable April 2018 - May 2019 0.0% $ 25,000 $ 10,000 $ 15,000 4% automobile loan payable August 2016 - January 2020 4.0% 58,000 28,000 30,000 5% automobile loan payable January 2020 - February 2020 5.0% 66,000 16,000 50,000 $ 149,000 $ 54,000 $ 95,000 |
DESCRIPTION OF THE BUSINESS A26
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Percentage Of International Operation | 0.00% | 60.00% | 0.00% | 60.00% |
LIQUIDITY AND CAPITAL RESOURC27
LIQUIDITY AND CAPITAL RESOURCES (Details Textual) - USD ($) | Jan. 31, 2017 | Apr. 30, 2016 | Jan. 31, 2016 | Apr. 30, 2015 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Working Capital Surplus | $ 2,105,000 | |||
Cash and Cash Equivalents, at Carrying Value, Total | $ 2,340,707 | $ 2,235,597 | $ 2,408,297 | $ 2,364,360 |
CONCENTRATIONS (Details)
CONCENTRATIONS (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | Apr. 30, 2016 | |
Accounts Receivable [Member] | |||||
Debt Instrument [Line Items] | |||||
Concentration Risk, Percentage | 0.00% | ||||
Customer A Concetration Risk [Member] | Sales Revenue, Net [Member] | |||||
Debt Instrument [Line Items] | |||||
Concentration Risk, Percentage | 20.00% | 0.00% | 13.00% | 9.00% | |
Customer A Concetration Risk [Member] | Accounts Receivable [Member] | |||||
Debt Instrument [Line Items] | |||||
Concentration Risk, Percentage | 16.00% | 0.00% | |||
Customer B Concetration Risk [Member] | Sales Revenue, Net [Member] | |||||
Debt Instrument [Line Items] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% | 0.00% | 11.00% | |
Customer B Concetration Risk [Member] | Accounts Receivable [Member] | |||||
Debt Instrument [Line Items] | |||||
Concentration Risk, Percentage | 10.00% | 21.00% | |||
Customer C Concetration Risk [Member] | Sales Revenue, Net [Member] | |||||
Debt Instrument [Line Items] | |||||
Concentration Risk, Percentage | 0.00% | 11.00% | 0.00% | 0.00% | |
Customer C Concetration Risk [Member] | Accounts Receivable [Member] | |||||
Debt Instrument [Line Items] | |||||
Concentration Risk, Percentage | 0.00% | 10.00% | |||
Customer D Concetration Risk [Member] | Sales Revenue, Net [Member] | |||||
Debt Instrument [Line Items] | |||||
Concentration Risk, Percentage | 13.00% | 0.00% | 0.00% | 0.00% | |
Customer D Concetration Risk [Member] | Accounts Receivable [Member] | |||||
Debt Instrument [Line Items] | |||||
Concentration Risk, Percentage | 0.00% | 34.00% |
CONCENTRATIONS (Details Textual
CONCENTRATIONS (Details Textual) - USD ($) | Jan. 31, 2017 | Apr. 30, 2016 |
Concentration Risk [Line Items] | ||
Contract Receivable Retainage, Total | $ 646,000 | $ 326,000 |
BASIC AND DILUTED NET (LOSS) 30
BASIC AND DILUTED NET (LOSS) INCOME PER COMMON SHARE (Details) - shares | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,973,000 | 5,195,000 |
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 | 2,422,000 | 2,824,000 |
Series H, H-1 and H-2 Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 760,000 | 1,076,000 |
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 | 1,791,000 | 1,295,000 |
COSTS AND ESTIMATED EARNINGS 31
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS (Details) - USD ($) | Jan. 31, 2017 | Apr. 30, 2016 |
Costs incurred on uncompleted contracts | $ 17,338,966 | $ 28,884,776 |
Estimated contract earnings | 3,937,103 | 4,367,463 |
Gross Total | 21,276,069 | 33,252,239 |
Less: Billings to date | 23,426,467 | 34,253,318 |
Total | (2,150,398) | (1,001,079) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 330,724 | 357,210 |
Billings in excess of cost and estimated earnings on uncompleted contracts | 2,481,122 | 1,358,289 |
Total | $ (2,150,398) | $ (1,001,079) |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Revenue | $ 0 | $ 839,969 | ||
Costs and expenses: | ||||
Cost of revenue | 0 | 546,296 | ||
Selling, general and administrative expenses | 0 | 111,324 | ||
Depreciation and amortization | 0 | 80,971 | ||
Disposal Group, Including Discontinued Operation, Operating Expense | 0 | 738,591 | ||
Operating income from discontinued operations | 0 | 101,378 | ||
Interest expense | 0 | (49,234) | ||
Income from discontinued operations before income tax provision | 0 | 52,144 | ||
Income tax provision | 0 | (10,883) | ||
Income from discontinued operations, net of tax | $ 0 | 0 | $ 0 | 41,261 |
Gain from disposal | $ 0 | 0 | $ 0 | 837,720 |
Total income from discontinued operations | $ 0 | $ 878,981 |
DISCONTINUED OPERATIONS (Deta33
DISCONTINUED OPERATIONS (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | $ 0 | $ 839,969 | ||
China Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | $ 0 | $ 0 | $ 0 | $ 212,000 |
INCOME FROM SECTION 16 SETTLE34
INCOME FROM SECTION 16 SETTLEMENT (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income From Section Sixteen Settlements [Line Items] | ||||
Proceeds from Legal Settlements | $ 0 | $ 0 | $ 0 | $ 400,000 |
BANK LINE OF CREDIT (Details Te
BANK LINE OF CREDIT (Details Textual) - USD ($) | 1 Months Ended | |
May 20, 2015 | Jan. 31, 2017 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Expiration Date | Aug. 15, 2017 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Proceeds from Lines of Credit | $ 1,000,000 | |
Line of Credit Facility, Initiation Date | May 20, 2015 | |
Line of Credit Facility, Interest Rate During Period | 2.00% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 |
LOANS PAYABLE (Details)
LOANS PAYABLE (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2017 | Apr. 30, 2016 | |
Debt Instrument [Line Items] | ||
Carrying Value | $ 202,000 | $ 149,000 |
Estimated Future Payment Within 1 Year | 62,000 | 54,000 |
Estimated Future Payment After 1 year | $ 141,000 | $ 95,000 |
0% automobile loan payable [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | April 2018 - June 2019 | April 2018 - May 2019 |
Stated Interest Rate | 0.00% | 0.00% |
Carrying Value | $ 26,000 | $ 25,000 |
Estimated Future Payment Within 1 Year | 13,000 | 10,000 |
Estimated Future Payment After 1 year | $ 14,000 | $ 15,000 |
1% automobile loan payable [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | November 2,022 | |
Stated Interest Rate | 1.00% | |
Carrying Value | $ 24,000 | |
Estimated Future Payment Within 1 Year | 4,000 | |
Estimated Future Payment After 1 year | $ 20,000 | |
3% automobile loan payable [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | November 2,022 | |
Stated Interest Rate | 3.00% | |
Carrying Value | $ 25,000 | |
Estimated Future Payment Within 1 Year | 5,000 | |
Estimated Future Payment After 1 year | $ 20,000 | |
4% automobile loan payable [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | December 2016 - January 2020 | August 2016 - January 2020 |
Stated Interest Rate | 4.00% | 4.00% |
Carrying Value | $ 32,000 | $ 58,000 |
Estimated Future Payment Within 1 Year | 15,000 | 28,000 |
Estimated Future Payment After 1 year | $ 17,000 | $ 30,000 |
5% automobile loan payable [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | January 2020 - February 2020 | January 2020 - February 2020 |
Stated Interest Rate | 5.00% | 5.00% |
Carrying Value | $ 54,000 | $ 66,000 |
Estimated Future Payment Within 1 Year | 17,000 | 16,000 |
Estimated Future Payment After 1 year | $ 37,000 | $ 50,000 |
7% automobile loan payable [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | June 2,019 | |
Stated Interest Rate | 7.00% | |
Carrying Value | $ 25,000 | |
Estimated Future Payment Within 1 Year | 5,000 | |
Estimated Future Payment After 1 year | $ 20,000 | |
8% automobile loan payable [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | October 2,021 | |
Stated Interest Rate | 8.00% | |
Carrying Value | $ 16,000 | |
Estimated Future Payment Within 1 Year | 3,000 | |
Estimated Future Payment After 1 year | $ 13,000 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | |
Dec. 21, 2016 | Jan. 31, 2017 | Apr. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |
Series H Convertible 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 | 263,000 | ||
Series H Convertible 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 | 2,630 | ||
Series H-1 Preferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividends | $ 378,000 | ||
Series H-1 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 | 383,000 | ||
Series H-1 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 | (3,830) | ||
Series H-2 Convertible Preferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair Value Of Warrants | $ 462,000 | ||
Fair Value Of Convertible Preferred Stock | $ 231,000 | ||
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 | 238.00% | ||
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 | $ 462,000 | ||
Series H-2 Convertible Preferred 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 | 3,305 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 495,750 | ||
Series H-2 Convertible Preferred Stock [Member] | Minimum [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 | 1.21 | ||
Series H-2 Preferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Debt Instrument, Convertible, Conversion Price | $ 0.60 | ||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 183,000 |
INCOME FROM ARBITRATION SETTL38
INCOME FROM ARBITRATION SETTLEMENT (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 16, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Proceeds from Legal Settlements | $ 0 | $ 0 | $ 0 | $ 400,000 | |
Cooper Medical School [Member] | |||||
Proceeds from Legal Settlements | $ 1,150,000 |