Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Oct. 31, 2014
Oct. 31, 2013
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
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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
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