Annual report pursuant to Section 13 and 15(d)

14. EARNINGS PER SHARE

14. EARNINGS PER SHARE

12 Months Ended

Apr. 30, 2016

Basic earnings (loss) per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares and potentially dilutive common shares outstanding during the period increased to include the number of additional shares of common stock that would be outstanding if the potentially dilutive securities had been issued. Potential common shares outstanding principally include stock options and warrants. During the years ended April 30, 2016, 2015 and 2014, 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,
	2016			2015 (As Restated)			2014
Net loss	$	(6,063,784	)	$	(9,927,706	)	$	(27,254,020	)
Basic weighted average number of shares outstanding		752,403,049			704,327,656			583,219,665
Diluted weighted average number of shares outstanding		752,403,049			704,327,656			583,219,665
Basic and diluted loss per share	$	(0.01	)	$	(0.01	)	$	(0.05	)

The table below sets forth these potentially dilutive securities:

	Years Ended April 30,
	2016		2015		2014
Excluded options		68,050,000		52,450,000		0
Excluded warrants		84,969,908		72,969,908		57,665,600
Total excluded options and warrants		153,019,908		125,419,908		57,665,600