Annual report pursuant to Section 13 and 15(d)

14. EARNINGS PER SHARE

14. EARNINGS PER SHARE

12 Months Ended

Apr. 30, 2015

Basic earnings per share are based on the weighted average number of shares outstanding for a period. Diluted earnings per share are based upon the weighted average number of shares and potentially dilutive common shares outstanding. Potential common shares outstanding principally include stock options, under our stock plan and warrants. During April 30, 2015, 2014 and 2013, the Company incurred losses. Accordingly, the effect of any common stock equivalent would be anti-dilutive during those periods and are not included in the calculation of diluted weighted average number of shares outstanding.

The table below sets forth the basic loss per share calculations:

	Years Ended April 30,
	2015			2014			2013
Net loss	$	(9,927,706	)	$	(27,254,020	)	$	(1,598,102	)
Basic weighted average number of shares outstanding		704,327,656			583,219,665			440,954,850
Diluted weighted average number of shares outstanding		704,327,656			583,219,665			440,954,850
Basic and diluted loss per share	$	(0.01	)	$	(0.05	)	$	(0.00	)