Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v2.4.1.9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Oct. 31, 2014
Accounting Policies [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds – Cash and cash equivalents

$

155,964

 

$

-

 

$

-

 

$

155,964

Certificates of deposit - Short term investments

$

-

 

 

2,500,000

 

 

-

 

 

2,500,000

Total financial assets

$

155,964

 

$

2,500,000

 

$

-

 

$

2,655,964

 

Level 1

 

Level 2

 

Level 3

 

Total

Money market funds – Cash and cash equivalents

$

303,670

 

$

-

 

$

-

 

$

303,670

Videocon Industries Limited global depository receipts

 

4,197,341

 

 

-

 

 

-

 

 

4,197,341

Total financial assets

$

4,501,011

 

$

-

 

$

-

 

$

4,501,011

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

Patent acquisition obligation

-

 

-

 

3,236,281

 

3,236,281

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liability

$

-

 

$

-

 

$

540,000

 

$

540,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

 

For the two years ended October 31,

2014

Derivative liability:

 

 

Balance October 31, 2012

$

-

Fair value of bifurcated conversion feature issued

 

1,180,000

Change in value of bifurcated conversion feature

 

(475,189)

Reduction of bifurcated conversion feature upon conversion of debentures

 

(164,811)

Balance October 31, 2013

 

540,000

 

 

 

Fair value of bifurcated conversion feature issued

 

1,570,000

Change in value of bifurcated conversion feature

 

592,945

Reduction of bifurcated conversion feature upon conversion of debentures

 

(2,702,945)

Balance October 31, 2014

$

-

 

 

 

Patent acquisition obligation:

 

 

Balance October 31, 2013

$

-

Initial fair value, discounted to present value

 

2,850,511

Amortized interest on patent obligation

 

385,770

Balance October 31, 2014

$

3,236,281

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

 

For the Year

Ended October 31,

 

 

2014

 

2013

Weighted average fair value at grant date

$              0.23

 

$              0.17

Valuation assumptions:

 

 

 

Expected life ( years)

5.80

 

5.26

Expected volatility

115.3%

 

116.5%

Risk-free interest rate

1.82%

 

.73%

Expected dividend yield

0

 

0