CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
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12 Months Ended | |
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Oct. 31, 2014
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Oct. 31, 2013
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Reconciliation of net loss to net cash used in operating activities: | ||
Net loss | $ (9,606,314)us-gaap_NetIncomeLoss | $ (10,080,086)us-gaap_NetIncomeLoss |
Stock option compensation to employees | 2,127,719us-gaap_ShareBasedCompensation | 2,693,121us-gaap_ShareBasedCompensation |
Stock option compensation to consultants | 1,022,080itus_StockOptionCompensationToConsultants | 1,105,018itus_StockOptionCompensationToConsultants |
Common stock issued to consultants | 84,698us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims | 304,685us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims |
Change in value of derivative liability | 592,945us-gaap_DerivativeGainLossOnDerivativeNet | (475,189)us-gaap_DerivativeGainLossOnDerivativeNet |
Loss on extinguishment of debt | 2,699,022us-gaap_GainsLossesOnExtinguishmentOfDebt | 343,517us-gaap_GainsLossesOnExtinguishmentOfDebt |
Accrued interest reversed on conversion of convertible debenture | 173,833itus_DebtInstrumentDecreaseAccruedInterest | |
Amortization of convertible debenture discount charge to interest expense | 634,267us-gaap_AmortizationOfDebtDiscountPremium | 991,180us-gaap_AmortizationOfDebtDiscountPremium |
Impairment in value of investment in Videocon Industries Limited GDR’s | 62,825us-gaap_AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments | 1,184,710us-gaap_AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments |
Amortization of patents | 314,453us-gaap_AmortizationOfIntangibleAssets | |
Amortized interest on patent acquisition obligations charged to interest expense | 385,770itus_AmortizedInterestOnPatentAcquisitionObligationsToInterestExpense | |
Common stock issued to pay interest on convertible debentures | 61,778us-gaap_PaidInKindInterest | 98,739us-gaap_PaidInKindInterest |
Common stock issued to acquire patent license | 16,400us-gaap_StockIssuedDuringPeriodValueAcquisitions | 42,000us-gaap_StockIssuedDuringPeriodValueAcquisitions |
Other | 38,225us-gaap_OtherNoncashIncomeExpense | 9,753us-gaap_OtherNoncashIncomeExpense |
Change in operating assets and liabilities: | ||
Accounts receivable | (225,000)us-gaap_IncreaseDecreaseInAccountsReceivable | (175,000)us-gaap_IncreaseDecreaseInAccountsReceivable |
Prepaid expenses and other current assets | 100,069us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets | (78,320)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets |
Accounts payable and accrued expenses | (27,044)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | 641,331us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
Royalties and contingent legal fees payable | 352,333itus_IncreaseDecreaseInRoyaltiesAndContingentLegalFeesPayable | 207,743itus_IncreaseDecreaseInRoyaltiesAndContingentLegalFeesPayable |
Deferred revenue | (1,187,320)us-gaap_IncreaseDecreaseInDeferredRevenue | |
Net cash used in operating activities | (2,379,261)us-gaap_NetCashProvidedByUsedInOperatingActivities | (3,186,798)us-gaap_NetCashProvidedByUsedInOperatingActivities |
Cash flows from investing activities: | ||
Disbursements to acquire short-term investments in certificates of deposit | (5,200,000)us-gaap_PaymentsToAcquireShortTermInvestments | (250,000)us-gaap_PaymentsToAcquireShortTermInvestments |
Proceeds from maturities of short-term investments in certificates of deposit | 2,700,000us-gaap_ProceedsFromSaleOfShortTermInvestments | 750,000us-gaap_ProceedsFromSaleOfShortTermInvestments |
Other | (6,684)us-gaap_PaymentsForProceedsFromOtherInvestingActivities | (676)us-gaap_PaymentsForProceedsFromOtherInvestingActivities |
Net cash (used in) provided by investing activities | (2,506,684)us-gaap_NetCashProvidedByUsedInInvestingActivities | 499,324us-gaap_NetCashProvidedByUsedInInvestingActivities |
Cash flows from financing activities: | ||
Proceeds from issuance of convertible debentures | 3,500,000us-gaap_ProceedsFromConvertibleDebt | 1,765,000us-gaap_ProceedsFromConvertibleDebt |
Proceeds from sale of common stock, net of expense | 3,673,135us-gaap_ProceedsFromIssuanceOfCommonStock | 1,050,405us-gaap_ProceedsFromIssuanceOfCommonStock |
Payments to redeem convertible securities | (200,000)us-gaap_RepaymentsOfConvertibleDebt | |
Net cash provided by financing activities | 7,349,019us-gaap_NetCashProvidedByUsedInFinancingActivities | 3,245,953us-gaap_NetCashProvidedByUsedInFinancingActivities |
Proceeds from exercise of warrants to purchase common stock | 300,009us-gaap_ProceedsFromWarrantExercises | 380,800us-gaap_ProceedsFromWarrantExercises |
Proceeds from exercise of employee stock options | 75,875us-gaap_ProceedsFromStockOptionsExercised | 25,610us-gaap_ProceedsFromStockOptionsExercised |
Net increase in cash and cash equivalents | 2,463,074us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 558,479us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Cash and cash equivalents at beginning of year | 898,172us-gaap_CashAndCashEquivalentsAtCarryingValue | 339,693us-gaap_CashAndCashEquivalentsAtCarryingValue |
Cash and cash equivalents at end of year | 3,361,246us-gaap_CashAndCashEquivalentsAtCarryingValue | 898,172us-gaap_CashAndCashEquivalentsAtCarryingValue |
Supplemental disclosure of non-cash investing and financing activities: | ||
Non-cash patent acquisition | 3,036,011us-gaap_NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1 | |
Common stock issued to acquire patent license | 185,600itus_CommonStockIssuedToAcquirePatentLicense | 42,000itus_CommonStockIssuedToAcquirePatentLicense |
Common stock issued upon conversion of debentures | 2,735,349us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities | 1,353,364us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities |
Fair value of debenture embedded conversion feature, at issuance | 1,570,000us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature | 1,180,000us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature |
Relative fair value of convertible debenture warrant, at issuance | 513,112us-gaap_FairValueAdjustmentOfWarrants | 214,819us-gaap_FairValueAdjustmentOfWarrants |
Non-cash acquisition of 20,000,000 shares of common stock | 4,134,516us-gaap_ConversionOfStockAmountIssued1 | |
Common stock and preferred stock issued upon conversion of convertible debentures due November 2016 | 2,935,387us-gaap_StockIssued1 | 603,364us-gaap_StockIssued1 |
Cancellation of loan receivable from former affiliate | (5,000,000)itus_CancellationOfLoanReceivableFromFormerAffiliate | |
Cancellation of loan payable to former affiliate | 5,000,000itus_CancellationOfLoanPayableToFormerAffiliate | |
ZQX Advisors LLC [Member] | ||
Cash flows from financing activities: | ||
Proceeds from sale of common stock, net of expense |
24,138us-gaap_ProceedsFromIssuanceOfCommonStock / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = itus_ZQXAdvisorsLLCMember |
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Convertible Debenture Due November 2016 [Member] | ||
Supplemental disclosure of non-cash investing and financing activities: | ||
Common stock and preferred stock issued upon conversion of convertible debentures due November 2016 |
$ 5,229,641us-gaap_StockIssued1 / us-gaap_DebtInstrumentAxis = itus_ConvertibleDebentureDueNovember2016Member |
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Amortized interest on patent acquisition obligations to interest expense. No definition available.
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- Definition
The value of loans payable to former affiliate cancelled in noncash investing or financing transactions. No definition available.
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The value of loans receivable to former affiliate cancelled in noncash investing or financing transactions. No definition available.
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- Definition
Common Stock Issued to acquire patent license. No definition available.
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- Definition
Decrease for accrued, but unpaid interest on the debt instrument for the period. No definition available.
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred for royalties and legal fees. No definition available.
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- Definition
The aggregate amount of non cash, equity-based remuneration to the consultant. No definition available.
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- Details
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- Definition
Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents the difference between the gross realized gains and losses realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The value of the financial instrument issued [noncash or part noncash] in the conversion of stock. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of a favorable spread to a debt holder between the amount of debt being converted and the value of the securities received upon conversion. This is an embedded conversion feature of convertible debt issued that is in-the-money at the commitment date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of expense (income) related to adjustment to fair value of warrant liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Fair value of share-based compensation granted to nonemployees as payment for services rendered or acknowledged claims. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of intangibles that an Entity acquires in a noncash (or part noncash) acquisition. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Interest paid other than in cash for example by issuing additional debt securities. As a noncash item, it is added to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net cash outflow or inflow from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from sales of all investments, including securities and other assets, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow associated with the amount received from holders exercising their stock warrants. No definition available.
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- Definition
The cash outflow from the repayment of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The fair value of stock issued in noncash financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value of stock issued pursuant to acquisitions during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The gross value of stock issued during the period upon the conversion of convertible securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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