XML 33 R31.htm IDEA: XBRL DOCUMENT
v2.4.1.9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Summary of the changes in the fair value of the Company's Level 3 financial liabilities on recurring basis (USD $) | 12 Months Ended |
--- | --- | ---
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |  |  |
Balance | $ 3,236,281 us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue |  |
Initial fair value, discounted to present value | 3,236,281 us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisObligations |  |
Amortized interest on patent obligation | 314,453 us-gaap_AmortizationOfIntangibleAssets |  |
conversion of debentures | 1,570,000 us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature | 1,180,000 us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature |
Derivative Financial Instruments, Liabilities [Member] |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |  |  |
Balance |  | 540,000 us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue / us-gaap_FairValueByLiabilityClassAxis = us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember |
Fair value of bifurcated conversion feature issued | 1,570,000 us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues / us-gaap_FairValueByLiabilityClassAxis = us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember | 1,180,000 us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues / us-gaap_FairValueByLiabilityClassAxis = us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember |
Change in value of bifurcated conversion feature | 592,945 us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings / us-gaap_FairValueByLiabilityClassAxis = us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember | (475,189)us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings / us-gaap_FairValueByLiabilityClassAxis = us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember |
conversion of debentures | (2,702,945)us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature / us-gaap_FairValueByLiabilityClassAxis = us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember | (164,811)us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature / us-gaap_FairValueByLiabilityClassAxis = us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember |
Patent Acquisition Obligation [Member] |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |  |  |
Balance |  |  |
Initial fair value, discounted to present value | 2,850,511 us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisObligations / us-gaap_FairValueByLiabilityClassAxis = itus_PatentAcquisitionObligationMember |  |
Amortized interest on patent obligation | $ 385,770 us-gaap_AmortizationOfIntangibleAssets / us-gaap_FairValueByLiabilityClassAxis = itus_PatentAcquisitionObligationMember |  |

X
- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6388964&loc=d3e16225-109274 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a)(2) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 + Details
Name: | us-gaap_AmortizationOfIntangibleAssets
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Amount of a favorable spread to a debt holder between the amount of debt being converted and the value of the securities received upon conversion. This is an embedded conversion feature of convertible debt issued that is in-the-money at the commitment date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Beneficial Conversion Feature -URI http://asc.fasb.org/extlink&oid=6505963 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 + Details
Name: | us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Fair value of obligations measured on a recurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisObligations
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of realized and unrealized gain (loss) included in earnings, which have arisen from the use of significant unobservable inputs (level 3) to measure fair value of assets, liabilities, and financial instruments classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Amount of issuances of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Fair value of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Details
Name: | us-gaap_FairValueByLiabilityClassAxis=itus_PatentAcquisitionObligationMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FairValueByLiabilityClassAxis=us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |