Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jul. 31, 2013
Oct. 31, 2012
ASSETS    
Cash and cash equivalents $ 982,031 $ 339,693
Short-term investment in certificates of deposit    500,000
Prepaid expenses and other current assets 47,262 82,326
Total current assets 1,029,293 922,019
Investment in Videocon Industries Limited global depository receipts, at market value 4,269,141 4,728,367
Property and equipment, net of accumulated depreciation of $44,901 and $2,185,525 respectively 9,132 10,290
Total assets 5,307,566 5,660,676
LIABILITIES AND SHAREHOLDERS' DEFICIENCY    
Accounts payable 516,044 304,523
Accrued liabilities 691,275 330,616
Derivative liability, at fair value 700,000   
Deferred revenue, non-refundable license fees 1,187,320 1,187,320
Total current liabilities 3,094,639 1,822,459
Contingencies (Note 9)      
Convertible Debenture 450,567 32,273
Loan payable to related party (Note 1) 5,000,000 5,000,000
Shareholders’ deficiency:    
Preferred stock, par value $100 per share; 500,000 shares authorized; no shares issued or outstanding      
Common stock, par value $.01 per share; 300,000,000 shares authorized; 206,176,189 and 184,979,037 shares issued and outstanding, respectively 2,061,762 1,849,790
Additional paid-in capital 133,050,162 127,693,160
Loan receivable from related party (Note 1) (5,000,000) (5,000,000)
Accumulated deficit (132,236,654) (125,083,322)
Accumulated other comprehensive income (loss) (1,112,910) (653,684)
Total shareholders’ deficiency (3,237,640) (1,194,056)
Total liabilities and shareholders’ deficiency 5,307,566 5,660,676
Convertible Debenture Due September 2016 [Member]
    
LIABILITIES AND SHAREHOLDERS' DEFICIENCY    
Convertible Debenture    32,273
Convertible Debenture Due January 2015 [Member]
    
LIABILITIES AND SHAREHOLDERS' DEFICIENCY    
Convertible Debenture $ 450,567