CONVERTIBLE DEBENTURES (Tables)
|
12 Months Ended |
Oct. 31, 2015 |
|---|
| Convertible Debenture Due November 2016 [Member] |
|
| CONVERTIBLE DEBENTURES (Tables) [Line Items] |
|
| Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] |
| |
|
|
|
|
On September 9, 2014
|
| Stock price used for valuation
|
$
|
6.125
|
|
|
|
211.4 shares issued per $1,000 of face value
|
| Aggregate gross intrinsic value of the $3,500,000 of principal outstanding on September 8, 2014, immediately prior to conversion
|
|
4,532,241
|
| Less the face value of the convertible debenture
|
|
(3,500,000)
|
| Intrinsic value of the derivative conversion feature
|
$
|
1,032,241
|
|
| Convertible Debenture Warrant [Member] |
|
| CONVERTIBLE DEBENTURES (Tables) [Line Items] |
|
| Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block] |
| |
|
|
|
|
As of November 11, 2013
|
| Stock price on valuation date
|
$
|
5.00
|
| Exercise price
|
$
|
9.45
|
| Discount for lack of marketability
|
|
22%
|
| Term (years)
|
|
3.00
|
| Expected volatility
|
|
102.8%
|
| Weighted average risk-free interest rate
|
|
0.6%
|
| Number of warrants
|
|
369,979
|
| Aggregate fair value
|
$
|
740,000
|
|
| Schedule of Debt Issuance Cost [Table Text Block] |
| |
|
|
|
|
|
| Attributable to:
|
|
Accounting Treatment
|
|
Amount
|
| The embedded conversion feature (derivative)
|
|
Expensed as incurred
|
|
$
|
8,593
|
| The 8% Convertible Debenture Warrant
|
|
Charged to additional paid-in capital
|
|
|
2,824
|
|
|
|
|
|
|
|
| The 8% Convertible Debenture
|
|
Recorded as deferred issuance costs and amortized under the interest method over the term of the 8% Convertible Debenture
|
|
|
7,739
|
| Total
|
|
|
|
$
|
19,156
|
|
| Convertible Debenture Due January 2015 [Member] |
|
| CONVERTIBLE DEBENTURES (Tables) [Line Items] |
|
| Convertible Debt [Table Text Block] |
| |
|
|
|
|
|
| Face value of Convertible Debenture due January 2015
|
|
|
|
$
|
1,765,000
|
| Fair value of embedded conversion feature
|
$
|
1,180,000
|
|
|
|
| Relative fair value of Convertible Debenture Warrant
|
|
214,819
|
|
|
|
| Discount
|
$
|
1,394,819
|
|
|
(1,394,819)
|
| Proceeds attributable to the Convertible Debenture due January 2015
|
|
|
|
$
|
370,181
|
|
| Schedule of Debt Issuance Cost [Table Text Block] |
| |
|
|
|
|
|
| Attributable to:
|
|
Accounting Treatment
|
|
Amount
|
| The embedded conversion feature (derivative)
|
|
Expensed as incurred
|
|
$
|
55,999
|
| The 8% Convertible Debenture Warrant
|
|
Charged to additional paid-in capital
|
|
|
10,194
|
|
|
|
|
|
|
|
| The 8% Convertible Debenture
|
|
Recorded as deferred issuance costs and amortized under the interest method over the term of the 8% Convertible Debenture
|
|
|
17,567
|
| Total
|
|
|
|
$
|
83,760
|
|
| Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] |
| |
|
|
|
|
As of April 30, 2014
|
| Stock price used for valuation
|
$
|
8.50
|
|
|
|
266.68 shares issued per $1,000 face value
|
| Aggregate intrinsic value of the $1,150,000 of principal outstanding on April 30, 2014, immediately prior to conversion and repayment
|
$
|
1,456,797
|
|
|
|
|
|
| Schedule of Extinguishment of Debt [Table Text Block] |
| |
|
|
|
|
Year Ended October 31, 2014
|
| Face value of debt converted
|
$
|
1,440,000
|
| Less: discount
|
|
(658,232)
|
| Plus: fair value of derivative liability
|
|
1,670,704
|
| Net book value of debt converted
|
$
|
2,452,472
|
| Fair value of common stock issued
|
|
2,935,387
|
| Loss on extinguishment of debt
|
$
|
(482,915)
|
|
| Convertible Debenture Due January 2015 [Member] | Convertible Debentures Embedded Conversion Feature [Member] |
|
| CONVERTIBLE DEBENTURES (Tables) [Line Items] |
|
| Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block] |
| |
|
|
|
|
As of January 25,
2013
|
| Stock price on valuation date
|
$
|
5.25
|
| Conversion price
|
$
|
3.75
|
| Stock premium for liquidity
|
|
57%
|
| Term (years)
|
|
2.00
|
| Expected volatility
|
|
110%
|
| Weighted average risk-free interest rate
|
|
0.3%
|
| Trials
|
|
100,000
|
| Aggregate fair value
|
$
|
1,180,000
|
| |
|
|
|
|
As of October 31,
2013
|
| Stock price on valuation date
|
|
$ 4.875
|
| Conversion price
|
|
$ 3.75
|
| Stock premium for liquidity
|
|
42%
|
| Term (years)
|
|
1.25
|
| Expected volatility
|
|
115%
|
| Weighted average risk-free interest rate
|
|
0.3%
|
| Trials
|
|
100,000
|
| Aggregate fair value
|
|
$ 540,000
|
|
|
|
|
|
| Convertible Debenture Due January 2015 [Member] | Convertible Debenture Warrant [Member] |
|
| CONVERTIBLE DEBENTURES (Tables) [Line Items] |
|
| Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block] |
| |
|
|
|
|
As of January 25,
2013
|
| Stock price on valuation date
|
$
|
5.25
|
| Exercise price
|
$
|
7.50
|
| Stock premium for liquidity
|
|
38%
|
| Term (years)
|
|
3.00
|
| Warrant exercise trigger price
|
|
41%
|
| Expected volatility
|
|
95%
|
| Weighted average risk-free interest rate
|
|
0.4%
|
| Number of warrants
|
|
5,882,745
|
| Aggregate fair value
|
$
|
370,000
|
|
| Convertible Debenture Due November 2016 [Member] |
|
| CONVERTIBLE DEBENTURES (Tables) [Line Items] |
|
| Convertible Debt [Table Text Block] |
| |
|
|
|
|
|
| Face value of Convertible Debenture due November 2016
|
|
|
|
$
|
3,500,000
|
| Fair value of embedded conversion feature
|
$
|
1,570,000
|
|
|
|
| Relative fair value of Convertible Debenture Warrant
|
|
515,936
|
|
|
|
| Discount
|
$
|
2,085,936
|
|
|
(2,085,936)
|
| Proceeds attributable to the Convertible Debenture due November 2016
|
|
|
$
|
1,414,064
|
|
| Convertible Debenture Due November 2016 [Member] | Convertible Debentures Embedded Conversion Feature [Member] |
|
| CONVERTIBLE DEBENTURES (Tables) [Line Items] |
|
| Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block] |
| |
|
|
|
|
|
|
As of November 11, 2013
|
| Stock price on valuation date
|
$
|
5.00
|
| Conversion price
|
$
|
4.725
|
| Discount for lack of marketability
|
|
35.5%
|
| Term (years)
|
|
3.00
|
| Expected volatility
|
|
102.8%
|
| Weighted average risk-free interest rate
|
|
0.62%
|
| Trials
|
|
100,000
|
| Aggregate fair value
|
$
|
1,570,000
|
|
| Convertible Debenture Due November 2016 [Member] |
|
| CONVERTIBLE DEBENTURES (Tables) [Line Items] |
|
| Schedule of Extinguishment of Debt [Table Text Block] |
| |
|
|
|
|
Securities extinguished: |
|
Face value of convertible debenture converted |
$ |
3,500,000 |
Less: debt discount |
|
(1,684,801) |
Less: deferred issuance costs |
|
(7,739) |
Plus: accrued interest |
|
173,833 |
Plus: fair value of derivative liability |
|
1,032,241 |
Plus: fair value of warrant exchanged in connection with the conversion |
|
805,000 |
|
Net book value of converted debenture, accrued interest, derivative
liability and warrant exchanged
|
|
3,818,534 |
Securities issued in conversion/exchange: |
|
|
|
Fair value of 100,800 shares of common stock issued, net (739,958
shares of Conversion Common Stock issued, less 639,158 shares
exchanged for 3,500 shares of Series A Convertible Preferred Stock)
|
|
617,400 |
|
Fair value of 3,500 shares of Series A Convertible Preferred Stock (based
on a stated value per share of $1,000 and a conversion rate of $4.73)
|
|
4,532,241 |
Fair value of warrant issued September 9, 2014 |
|
885,000 |
Subtotal of securities issued in conversion/exchange |
|
6,034,641 |
(Loss) on conversion/exchange |
$ |
(2,216,107) |
|