Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v2.4.1.9
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jan. 31, 2015
Oct. 31, 2014
Current assets:    
Cash and cash equivalents $ 7,809,564us-gaap_CashAndCashEquivalentsAtCarryingValue $ 3,361,246us-gaap_CashAndCashEquivalentsAtCarryingValue
Short-term investments in certificates of deposit 2,650,000us-gaap_ShortTermInvestments 2,500,000us-gaap_ShortTermInvestments
Accounts receivable 45,000us-gaap_AccountsReceivableNetCurrent 400,000us-gaap_AccountsReceivableNetCurrent
Prepaid expenses and other current assets 66,499us-gaap_PrepaidExpenseAndOtherAssetsCurrent 60,577us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Total current assets 10,571,063us-gaap_AssetsCurrent 6,321,823us-gaap_AssetsCurrent
Patents, net of accumulated amortization of $395,777 and 314,453, respectively 2,640,334itus_FiniteLivedPatentsNet 2,721,658itus_FiniteLivedPatentsNet
Property and equipment, net of accumulated depreciation of $2,123 and $48,842 respectively 58,995us-gaap_PropertyPlantAndEquipmentNet 11,875us-gaap_PropertyPlantAndEquipmentNet
Total assets 13,270,392us-gaap_Assets 9,055,356us-gaap_Assets
Current liabilities:    
Accounts payable and accrued expenses 1,401,645us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent 1,249,426us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent
Royalties and contingent legal fees payable 265,708itus_RoyaltiesAndContingentLegalFeesPayable 560,076itus_RoyaltiesAndContingentLegalFeesPayable
Total current liabilities 1,667,353us-gaap_LiabilitiesCurrent 1,809,502us-gaap_LiabilitiesCurrent
Patent acquisition obligation 3,345,467itus_PatentAcquisitionObligation 3,236,281itus_PatentAcquisitionObligation
Total liabilities 5,012,820us-gaap_Liabilities 5,045,783us-gaap_Liabilities
Commitments and contingencies (Note 10)      
Shareholders’ equity:    
Preferred stock 350,000us-gaap_PreferredStockValue 350,000us-gaap_PreferredStockValue
Common stock, par value $.01 per share; 600,000,000 shares authorized; 219,712,190 and 219,692,190 shares issued and outstanding, respectively 2,197,122us-gaap_CommonStockValue 2,196,922us-gaap_CommonStockValue
Additional paid-in capital 146,727,952us-gaap_AdditionalPaidInCapital 146,232,373us-gaap_AdditionalPaidInCapital
Accumulated deficit (141,017,502)us-gaap_RetainedEarningsAccumulatedDeficit (144,769,722)us-gaap_RetainedEarningsAccumulatedDeficit
Total shareholders’ equity 8,257,572us-gaap_StockholdersEquity 4,009,573us-gaap_StockholdersEquity
Total liabilities and shareholders’ equity 13,270,392us-gaap_LiabilitiesAndStockholdersEquity 9,055,356us-gaap_LiabilitiesAndStockholdersEquity
Series A Preferred Stock [Member] | Preferred Stock [Member]    
Shareholders’ equity:    
Preferred stock 350,000us-gaap_PreferredStockValue
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesAPreferredStockMember
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_PreferredStockMember
350,000us-gaap_PreferredStockValue
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesAPreferredStockMember
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_PreferredStockMember
Preferred Stock [Member]    
Shareholders’ equity:    
Preferred stock      
Total shareholders’ equity $ 350,000us-gaap_StockholdersEquity
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_PreferredStockMember
$ 350,000us-gaap_StockholdersEquity
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_PreferredStockMember