|
CONVERTIBLE DEBENTURES (Tables)
|
3 Months Ended |
|
Apr. 30, 2014
|
| CONVERTIBLE DEBENTURES (Tables) [Line Items] |
|
| Schedule of Extinguishment of Debt [Table Text Block] |
|
|
|
|
|
|
For the Three and Six Months Ended April 30, 2014
|
|
Face value of debt converted and/or prepaid
|
$
|
1,440,000
|
|
Less: discount
|
|
(658,232)
|
|
Plus: value of derivative liability
|
|
1,670,704
|
|
Net book value of debt converted
|
$
|
2,452,472
|
|
Fair value of Common stock and cash issued
|
|
2,935,387
|
|
Loss on extinguishment of debt
|
$
|
482,915
|
|
| 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
|
$
|
0.34
|
|
|
|
6,667 shares issued per $1,000 face value
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|
Aggregate intrinsic value of the $1,150,000 of principal outstanding on April 30, 2014, immediately prior to conversion and repayment
|
$
|
1,456,797
|
|
|
|
|
|
| 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
|
|
| Schedule of Debt Issuance Cost [Table Text Block] |
|
|
|
|
|
|
|
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Attributable to:
|
|
Accounting Treatment
|
|
Amount
|
|
|
|
|
|
|
|
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The embedded conversion feature (derivative)
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|
Expensed as incurred
|
|
$
|
8,593
|
|
The 8% Convertible Debenture Warrant
|
|
Charged to additional paid-in capital
|
|
|
2,824
|
|
|
|
|
|
|
|
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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
|
|
|
Embeded Derivatives Conversion Features [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
|
$
|
0.20
|
|
Conversion price
|
$
|
0.189
|
|
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
|
|
|
|
|
|
|
|
|
|
|
April 30, 2014
|
|
|
|
|
Stock price used for valuation
|
$
|
0.340
|
|
Conversion price
|
|
0.189
|
|
Discount for lack of marketability
|
|
37.8%
|
|
Term (years)
|
|
2.5
|
|
Expected volatility
|
|
103%
|
|
Weighted average risk-free interest rate
|
|
0.65%
|
|
Trials
|
|
100,000
|
|
Aggregate fair value
|
$
|
2,750,000
|
|
|
|
|
|
|
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
|
$
|
0.20
|
|
Exercise price
|
$
|
0.378
|
|
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
|
|
9,249,472
|
|
Aggregate fair value
|
$
|
740,000
|
|
|
|
|
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