Quarterly report pursuant to Section 13 or 15(d)

11. EARNINGS PER SHARE

11. EARNINGS PER SHARE

9 Months Ended

Jan. 31, 2017

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 and nine months ended January 31, 2017 and 2016, 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 and diluted loss per share calculations:

	Nine Months Ended January 31,
	2017			2016
Net loss	$	(3,288,663	)	$	(4,941,720	)
Basic weighted average number of shares outstanding		832,203,911			746,637,216
Diluted weighted average number of shares outstanding		832,203,911			746,637,216
Basic and diluted loss per share	$	(0.00	)	$	(0.01	)

The table below sets forth these potentially dilutive securities:

	Nine Months Ended January 31,
	2017		2016
Excluded options		81,150,000		68,050,000
Excluded warrants		66,983,939		84,969,908
Total excluded options and warrants		148,133,939		153,019,908

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

	Three Months Ended January 31,
	2017			2016
Net loss	$	(1,282,146	)	$	(1,791,097	)
Basic weighted average number of shares outstanding		859,529,933			756,637,143
Diluted weighted average number of shares outstanding		859,529,933			756,637,143
Basic and diluted loss per share	$	(0.00	)	$	(0.00	)

The table below sets forth these potentially dilutive securities:

	Three Months Ended January 31,
	2017		2016
Excluded options		81,150,000		68,050,000
Excluded warrants		66,983,939		84,969,908
Total excluded options and warrants		148,133,939		153,019,908