XML 57 R23.htm IDEA: XBRL DOCUMENT
v2.4.0.8

CONVERTIBLE DEBENTURES (Tables) | 9 Months Ended
--- | ---
Jul. 31, 2014
CONVERTIBLE DEBENTURES (Tables) [Line Items] |
Schedule of Extinguishment of Debt [Table Text Block] |
|  | For the Nine Months Ended July 31, 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
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] |
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
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
| As of July 31, 2014
Stock price used for valuation | $ | 0. 260
Conversion price |  | 0.189
Discount for lack of marketability |  | 36.3%
Term (years) |  | 2.3
Expected volatility |  | 100.6%
Weighted average risk-free interest rate |  | 0.78%
Trials |  | 100,000
Aggregate fair value | $ | 1,900,000
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

X
- Details
Name: | itus_CONVERTIBLEDEBENTURESTablesLineItems
Namespace Prefix: | itus_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the cost related to issuance of debt. + References No definition available. + Details
Name: | itus_ScheduleOfDebtIssuanceCostTableTextBlock
Namespace Prefix: | itus_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
Name: | us-gaap_ConvertibleDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=13989330&loc=d3e107314-111719 + Details
Name: | us-gaap_ScheduleOfAssumptionsForFairValueAsOfBalanceSheetDateOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrServicingLiabilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of debt extinguished which may include, amount of gain (loss), the income tax effect and the per share amount of the aggregate gain (loss), net of the related income tax. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7516071&loc=d3e13374-112631 + Details
Name: | us-gaap_ScheduleOfExtinguishmentOfDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration