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v2.4.1.9

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended
--- | ---
Oct. 31, 2014 | Oct. 31, 2013
Reconciliation of net loss to net cash used in operating activities: |  |
Net loss | $ (9,606,314)us-gaap_NetIncomeLoss | $ (10,080,086)us-gaap_NetIncomeLoss
Stock option compensation to employees | 2,127,719 us-gaap_ShareBasedCompensation | 2,693,121 us-gaap_ShareBasedCompensation
Stock option compensation to consultants | 1,022,080 itus_StockOptionCompensationToConsultants | 1,105,018 itus_StockOptionCompensationToConsultants
Common stock issued to consultants | 84,698 us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims | 304,685 us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims
Change in value of derivative liability | 592,945 us-gaap_DerivativeGainLossOnDerivativeNet | (475,189)us-gaap_DerivativeGainLossOnDerivativeNet
Loss on extinguishment of debt | 2,699,022 us-gaap_GainsLossesOnExtinguishmentOfDebt | 343,517 us-gaap_GainsLossesOnExtinguishmentOfDebt
Accrued interest reversed on conversion of convertible debenture | 173,833 itus_DebtInstrumentDecreaseAccruedInterest |
Amortization of convertible debenture discount charge to interest expense | 634,267 us-gaap_AmortizationOfDebtDiscountPremium | 991,180 us-gaap_AmortizationOfDebtDiscountPremium
Impairment in value of investment in Videocon Industries Limited GDR’s | 62,825 us-gaap_AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments | 1,184,710 us-gaap_AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
Amortization of patents | 314,453 us-gaap_AmortizationOfIntangibleAssets |
Amortized interest on patent acquisition obligations charged to interest expense | 385,770 itus_AmortizedInterestOnPatentAcquisitionObligationsToInterestExpense |
Common stock issued to pay interest on convertible debentures | 61,778 us-gaap_PaidInKindInterest | 98,739 us-gaap_PaidInKindInterest
Common stock issued to acquire patent license | 16,400 us-gaap_StockIssuedDuringPeriodValueAcquisitions | 42,000 us-gaap_StockIssuedDuringPeriodValueAcquisitions
Other | 38,225 us-gaap_OtherNoncashIncomeExpense | 9,753 us-gaap_OtherNoncashIncomeExpense
Change in operating assets and liabilities: |  |
Accounts receivable | (225,000)us-gaap_IncreaseDecreaseInAccountsReceivable | (175,000)us-gaap_IncreaseDecreaseInAccountsReceivable
Prepaid expenses and other current assets | 100,069 us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets | (78,320)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Accounts payable and accrued expenses | (27,044)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | 641,331 us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Royalties and contingent legal fees payable | 352,333 itus_IncreaseDecreaseInRoyaltiesAndContingentLegalFeesPayable | 207,743 itus_IncreaseDecreaseInRoyaltiesAndContingentLegalFeesPayable
Deferred revenue | (1,187,320)us-gaap_IncreaseDecreaseInDeferredRevenue |
Net cash used in operating activities | (2,379,261)us-gaap_NetCashProvidedByUsedInOperatingActivities | (3,186,798)us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities: |  |
Disbursements to acquire short-term investments in certificates of deposit | (5,200,000)us-gaap_PaymentsToAcquireShortTermInvestments | (250,000)us-gaap_PaymentsToAcquireShortTermInvestments
Proceeds from maturities of short-term investments in certificates of deposit | 2,700,000 us-gaap_ProceedsFromSaleOfShortTermInvestments | 750,000 us-gaap_ProceedsFromSaleOfShortTermInvestments
Other | (6,684)us-gaap_PaymentsForProceedsFromOtherInvestingActivities | (676)us-gaap_PaymentsForProceedsFromOtherInvestingActivities
Net cash (used in) provided by investing activities | (2,506,684)us-gaap_NetCashProvidedByUsedInInvestingActivities | 499,324 us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities: |  |
Proceeds from issuance of convertible debentures | 3,500,000 us-gaap_ProceedsFromConvertibleDebt | 1,765,000 us-gaap_ProceedsFromConvertibleDebt
Proceeds from sale of common stock, net of expense | 3,673,135 us-gaap_ProceedsFromIssuanceOfCommonStock | 1,050,405 us-gaap_ProceedsFromIssuanceOfCommonStock
Payments to redeem convertible securities | (200,000)us-gaap_RepaymentsOfConvertibleDebt |
Net cash provided by financing activities | 7,349,019 us-gaap_NetCashProvidedByUsedInFinancingActivities | 3,245,953 us-gaap_NetCashProvidedByUsedInFinancingActivities
Proceeds from exercise of warrants to purchase common stock | 300,009 us-gaap_ProceedsFromWarrantExercises | 380,800 us-gaap_ProceedsFromWarrantExercises
Proceeds from exercise of employee stock options | 75,875 us-gaap_ProceedsFromStockOptionsExercised | 25,610 us-gaap_ProceedsFromStockOptionsExercised
Net increase in cash and cash equivalents | 2,463,074 us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 558,479 us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of year | 898,172 us-gaap_CashAndCashEquivalentsAtCarryingValue | 339,693 us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of year | 3,361,246 us-gaap_CashAndCashEquivalentsAtCarryingValue | 898,172 us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental disclosure of non-cash investing and financing activities: |  |
Non-cash patent acquisition | 3,036,011 us-gaap_NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1 |
Common stock issued to acquire patent license | 185,600 itus_CommonStockIssuedToAcquirePatentLicense | 42,000 itus_CommonStockIssuedToAcquirePatentLicense
Common stock issued upon conversion of debentures | 2,735,349 us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities | 1,353,364 us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
Fair value of debenture embedded conversion feature, at issuance | 1,570,000 us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature | 1,180,000 us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature
Relative fair value of convertible debenture warrant, at issuance | 513,112 us-gaap_FairValueAdjustmentOfWarrants | 214,819 us-gaap_FairValueAdjustmentOfWarrants
Non-cash acquisition of 20,000,000 shares of common stock | 4,134,516 us-gaap_ConversionOfStockAmountIssued1 |
Common stock and preferred stock issued upon conversion of convertible debentures due November 2016 | 2,935,387 us-gaap_StockIssued1 | 603,364 us-gaap_StockIssued1
Cancellation of loan receivable from former affiliate | (5,000,000)itus_CancellationOfLoanReceivableFromFormerAffiliate |
Cancellation of loan payable to former affiliate | 5,000,000 itus_CancellationOfLoanPayableToFormerAffiliate |
ZQX Advisors LLC [Member] |  |
Cash flows from financing activities: |  |
Proceeds from sale of common stock, net of expense |  | 24,138 us-gaap_ProceedsFromIssuanceOfCommonStock / us-gaap_RelatedPartyTransactionsByRelatedPartyAxis = itus_ZQXAdvisorsLLCMember
Convertible Debenture Due November 2016 [Member] |  |
Supplemental disclosure of non-cash investing and financing activities: |  |
Common stock and preferred stock issued upon conversion of convertible debentures due November 2016 | $ 5,229,641 us-gaap_StockIssued1 / us-gaap_DebtInstrumentAxis = itus_ConvertibleDebentureDueNovember2016Member |

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