Quarterly report pursuant to Section 13 or 15(d)

11. EARNINGS PER SHARE

11. EARNINGS PER SHARE

3 Months Ended

Jul. 31, 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 three months ended July 31, 2016 and 2015, 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:

	Three Months Ended July 31,
	2016			2015
Net loss	$	(1,031,966	)	$	(1,515,038	)
Basic weighted average number of shares outstanding		788,171,700			737,917,481
Diluted weighted average number of shares outstanding		788,171,700			737,917,481
Basic and diluted loss per share	$	(0.00	)		(0.00	)

The table below sets forth these potentially dilutive securities:

	Three Months Ended July 31,
	2016		2015
Excluded options		81,150,000		52,450,000
Excluded warrants		84,969,908		72,969,908
Total excluded options and warrants		166,119,908		125,419,908