Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Feb. 07, 2014 | Jan. 14, 2014 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'VITRO DIAGNOSTICS INC, | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--10-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 19,803,403 |
Entity Public Float | ' | $685,969 | ' |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000793171 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Oct-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Vitro_Diagnostics_Inc_Balance_
Vitro Diagnostics, Inc. - Balance Sheets (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Current assets: | ' | ' |
Cash | $2,197 | $5,286 |
Accounts receivable | 5,433 | 4,688 |
Inventory, at cost | 25,224 | 26,678 |
Prepaid and other current assets | 302 | ' |
Total current assets | 33,156 | 36,652 |
Equipment, net of accumulated depreciation of $107,092 and $94,991 | 10,764 | 17,026 |
Patents, net of accumulated amortization of $13,999 and $10,802 (Note A) | 17,976 | 20,583 |
Deferred patent costs (Note A) | 12,829 | 9,471 |
Other assets | 1,449 | 1,449 |
Total assets | 76,174 | 85,181 |
Current liabilities: | ' | ' |
Lines of credit (Note D) | 37,292 | 37,091 |
Accounts payable | 28,238 | 38,024 |
Accounts payable - related parties (Note B) | 30,391 | 30,533 |
Advances and accrued interest payable to officer (Note B) | 710,924 | 544,058 |
Accrued payroll expenses (Note B) | 1,202,808 | 1,190,208 |
Total liabilities | 2,009,653 | 1,839,914 |
Common stock, $.001 par value; 50,000,000 shares authorized; 19,803,403 and 19,308,912 shares issued and outstanding | 19,803 | 19,309 |
Additional paid-in capital | 5,413,015 | 5,382,509 |
Services prepaid with common stock | ' | -1,458 |
Accumulated deficit | -7,366,297 | -7,155,093 |
Total shareholders' deficit | -1,933,479 | -1,754,733 |
Total liabilities and shareholders' deficit | $76,174 | $85,181 |
Vitro_Diagnostics_Inc_Balance_1
Vitro Diagnostics, Inc. - Balance Sheets (Parentheticals) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Equipment, net of accumulated depreciation (in Dollars) | $107,092 | $94,991 |
Patents, net of accumulated amortization (in Dollars) | $13,999 | $10,802 |
Preferred stock, par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 19,803,403 | 19,308,912 |
Common stock, shares outstanding | 19,803,403 | 19,308,912 |
Vitro_Diagnostics_Inc_Statemen
Vitro Diagnostics, Inc. - Statements of Operations (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Product sales | $34,868 | $28,079 |
Cost of goods sold | -15,069 | -13,139 |
Gross profit | 19,799 | 14,940 |
Other, professional services income | 3,150 | ' |
Net revenue | 22,949 | 14,940 |
Operating costs and expenses: | ' | ' |
Research and development | 119,724 | 126,180 |
Selling, general and administrative | 54,545 | 67,905 |
Total operating costs and expenses | 174,269 | 194,085 |
Loss from operations | -151,320 | -179,145 |
Other income (expense): | ' | ' |
Interest expense | -59,884 | -48,512 |
Fair value of stock purchase warrants | 0 | 0 |
License fee income | 0 | 0 |
Forgiveness of debt | 0 | 0 |
Income (loss) before income taxes | -211,204 | -227,657 |
Provision for income taxes (Note C) | 0 | 0 |
Net income (loss) | ($211,204) | ($227,657) |
Net loss per common share, basic and diluted (in Dollars per share) | ($0.01) | ($0.01) |
Shares used in computing net loss per common share: | ' | ' |
Basic and diluted (in Shares) | 19,589,439 | 18,993,351 |
Vitro_Diagnostics_Inc_Statemen1
Vitro Diagnostics, Inc. - Statement of Changes in Shareholders' Deficit (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Services Prepaid with Common Stock | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings, Appropriated [Member] | Total |
Balance, at Oct. 31, 2011 | ' | ' | ' | ' | ' | ' |
Prepaid services earned (Note E) | ' | ' | $12,500 | ' | $12,500 | ' |
Common stock issued to director for future services (Note E) (in Shares) | 222,222 | 9,778 | -10,000 | ' | ' | ' |
Common stock issued to director for future services (Note E) | 222 | ' | ' | ' | ' | ' |
Common stock issued for consulting services (in Shares) | 120,000 | 4,680 | ' | ' | 4,800 | ' |
Common stock issued for consulting services | 120 | ' | ' | ' | ' | 18,800 |
Conversion of accounts payable | 437,695 | 21,447 | ' | ' | 21,885 | ' |
Conversion of accounts payable (in Shares) | 438 | ' | ' | ' | ' | ' |
Net Loss | ' | ' | ' | -227,657 | -227,657 | -227,657 |
Balance, at Oct. 31, 2012 | 19,309 | ' | ' | ' | ' | ' |
Balance, at Oct. 31, 2012 | 19,308,912 | 5,382,509 | -1,458 | -7,155,093 | -1,754,733 | 19,309 |
Prepaid services earned (Note E) | ' | ' | 11,458 | ' | 11,458 | ' |
Common stock issued to director for future services (Note E) (in Shares) | 169,491 | 9,831 | -10,000 | ' | ' | ' |
Common stock issued to director for future services (Note E) | 169 | ' | ' | ' | ' | ' |
Common stock issued for consulting services (in Shares) | 75,000 | 5,925 | ' | ' | 6,000 | 75,000 |
Common stock issued for consulting services | 75 | ' | ' | ' | ' | 6,000 |
Conversion of accounts payable | 250,000 | 14,750 | ' | ' | 15,000 | ' |
Conversion of accounts payable (in Shares) | 250 | ' | ' | ' | ' | ' |
Net Loss | ' | ' | ' | -211,204 | -211,204 | -211,204 |
Balance, at Oct. 31, 2013 | 19,803 | ' | ' | ' | ' | ' |
Balance, at Oct. 31, 2013 | $19,803,403 | $5,413,015 | ' | ($7,366,297) | ($1,933,479) | $19,803 |
Vitro_Diagnostics_Inc_Statemen2
Vitro Diagnostics, Inc. - Statements of Cash Flows (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Cash Flows from operating activities: | ' | ' |
Net loss | ($211,204) | ($227,657) |
Depreciation and amortization | 15,298 | 20,086 |
Stock-based compensation | 11,458 | 12,500 |
Common stock issued for consulting services | 6,000 | 4,800 |
Decrease (increase) in accounts receivable, inventories, | ' | ' |
prepaid expenses and deposits | 407 | -10,599 |
Increase in accounts payable and accrued expenses | 70,506 | 70,241 |
Net cash used in operating activities | -107,535 | -130,629 |
Cash flows from investing activities: | ' | ' |
Purchases of equipment | -5,839 | -2,155 |
Payments for patents and deferred costs | -3,948 | -3,876 |
Net cash used in investing activities | -9,787 | -6,031 |
Cash flows from financing activities: | ' | ' |
Proceeds from advances from officer | 114,032 | 143,800 |
Draws on lines of credit, net | 201 | 3,257 |
Principal payments on capital lease | ' | -8,134 |
Net cash provided by financing activities | 114,233 | 138,923 |
Net change in cash | -3,089 | 2,263 |
Cash, beginning of year | 5,286 | 3,023 |
Cash paid during the year for: | ' | ' |
Interest | 7,050 | 8,063 |
Income taxes | 0 | 0 |
Non-cash investing and financing activities: | ' | ' |
Common stock issued to directors for services | 10,000 | 10,000 |
Common stock issued for consulting services | 6,000 | 4,800 |
Common stock issued upon conversion of accounts payable | 15,000 | 21,885 |
Cash, end of year | $2,197 | $5,286 |
NOTE_A_NATURE_OF_ORGANIZATION_
NOTE A: NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||
Oct. 31, 2013 | ||||
Disclosure Text Block [Abstract] | ' | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |||
NOTE A: NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Nature of Organization | ||||
The Company was incorporated under the laws of Nevada on February 3, 1986. From November of 1990 through July 31, 2000, the Company was engaged in the development, manufacturing and distribution of purified human antigens (“Diagnostics”) that were derived primarily from human tissues. The Company also developed cell technology including immortalization of certain cells that allowed entry into other markets besides diagnostics. However, during the 1990’s, the Company’s sales were solely attributable to the sales of purified human antigens for diagnostic applications. | ||||
Following the sale of its Diagnostics operations in August of 2000, the Company began devoting all efforts to its cellular generation technology which evolved from a focus on induction of cellular immortalization to technology related to stem cells. Stem cell technology has potentially broad application to many medical areas, including drug discovery and development together with numerous therapeutic applications to diseases involving cellular degeneration, injury or to the treatment of cancer. The Company launched a series of products targeting basic research in stem cell technology in 2009. These “Tools for Stem Cell and Drug Discovery™” offer researchers basic tools needed to advance stem cell technology including stem cells and their derivatives, media for growth and differentiation of stem cells and advanced tools for measurement of stem cell quality, potency and response to toxic agents. The Company has been granted patents for its proprietary technology related to the immortalization of human cells and subsequently expanded this technology to include patented and patent-pending technology involving generation of stem cells with potential application to a variety of commercial opportunities including the treatment of degenerative diseases and drug discovery. | ||||
The Company also owns patented technology related to treatment of human infertility. The Company has been granted a US patent for its process to manufacture VITROPIN™. VITROPIN™ is a highly purified urinary follicle-stimulating hormone (“FSH”) preparation produced according to the Company’s patented purification process. | ||||
The Company also owns patented technology that provides protection to a specific cell line derived from human pancreatic tissues that gives rise to structures comparable to the Islets of Langerhans (beta islets). These islets also synthesize and secrete insulin in response to elevated glucose levels, as do beta islets contained within pancreatic tissue. Vitro has also developed a process for the commercial production its cell line-derived islets. Furthermore, the Company previously obtained regulatory approval for an animal protocol to determine reversal of Type I diabetes, a critical step in the demonstration of efficacy. This patent affords an exclusive proprietary position to the Company for a new cellular therapy to treat Type I diabetes. | ||||
The Company is currently focused on revenue generation from its stem cell-based research products and to expanded opportunities for revenue generation in drug discovery and development together with select opportunities in regenerative medicine. | ||||
Basis of Presentation – Going Concern | ||||
The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has suffered significant losses since inception and has working capital and shareholders’ deficits of $(1,976,497) and $(1,933,479), respectively, at October 31, 2013, which raise substantial doubt about its ability to continue as a going concern. In view of these matters, realization of certain of the assets in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and generate revenues and profits from operations. | ||||
The financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company has financed its operations primarily through cash advances from the Company’s president, as well as through various private placements of equity securities. Since the year ended October 31, 2011, the President has advanced the Company a total of $257,832 for working capital on an “as needed” basis, including $114,032 during the year ended October 31, 2013. There is no assurance that these advances will continue in the future. | ||||
The Company has recently entered into a non-binding Letter of Intent with Neuromics, Inc. to acquire this company through an exchange of its securities and cash (See Note I, Subsequent Events). Completion of this merger would substantially increase the revenue generation of the combined entities and improve the Company’s financial condition. Also, the Company and Neuromics, Inc. now operate in close association including distribution of Vitro products by Neuromics as well as joint development of new business opportunities in drug discovery and regenerative medicine. | ||||
There is no assurance that these initiatives will yield sufficient capital to maintain the Company’s operations. In such an event, management intends to pursue various strategic alternatives. | ||||
Summary of Significant Accounting Policies | ||||
Use of estimates | ||||
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||
Cash equivalents | ||||
For the purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. | ||||
Accounts receivable | ||||
Accounts receivable consists of amounts due from customers. The Company considers accounts more than 30 days old to be past due. The Company uses the allowance method for recognizing bad debts. When an account is deemed uncollectible, it is written off against the allowance. The Company generally does not require collateral for its accounts receivable. At October 31, 2013 and 2012, no allowances were recorded and all amounts due from customers were considered collectible. | ||||
Inventory | ||||
Inventories, consisting of raw materials and finished goods, are stated at the lower of cost (using the specific identification method) or market. Finished goods inventories include certain allocations of labor and overhead. At both October 31, 2013 and 2012, finished goods included approximately $9,800 of labor and overhead allocations. Inventories consisted of the following: | ||||
31-Oct-13 | 31-Oct-12 | |||
Raw materials | $ 9,735 | $ 12,074 | ||
Finished goods | 15,489 | 14,604 | ||
$ 25,224 | $ 26,678 | |||
Shipping and freight costs | ||||
All freight costs associated with the receiving of goods and materials are expensed during the period in which it is received. For the years ended October 31, 2013 and 2012, $4,600 and $3,815 are included in research and development costs in the accompanying statements of operations. Shipping costs for products shipped to customers is generally charged to the customer at invoicing and are considered a component of the sale transaction. For the years ended October 31, 2013 and 2012, $1,579 and $1,521, respectively, are included in product sales in the accompanying statements of operations. | ||||
Research and development | ||||
The Company’s operations are predominantly in research and development (“R&D”). These costs are expensed as incurred and are primarily comprised of costs for: salaries, overhead and occupancy, contract services and other outside costs, quality assurance and analytical testing. As | ||||
the Company’s operations include manufacturing and R&D, we report cost of goods sold, including estimates of labor, materials and overhead allocations to the production of specific products. | ||||
Property, equipment and depreciation | ||||
Property and equipment, generally consisting of laboratory equipment and office equipment and furniture, are stated at cost and are depreciated over the assets’ estimated useful lives ranging from three to seven years using the straight-line method. Depreciation expense totaled $12,101 and $16,948 for the years ended October 31, 2013 and 2012, respectively. | ||||
Upon retirement or disposition of equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in operations. Repairs and maintenance are charged to expense as incurred and expenditures for additions and improvements are capitalized. | ||||
Patents, deferred costs and amortization | ||||
Patents consist of costs incurred to acquire issued patents. Amortization commences once a patent is granted. Costs incurred to acquire patents that have not been issued are reported as deferred costs. If a patent application is denied or expires, the costs incurred are charged to operations in the year the application is denied or expires. | ||||
The Company amortizes patents over a period of ten years. Amortization expense totaled $3,197 and $3,139 for the years ended October 31, 2013 and 2012, respectively. Estimated future amortization expense for each of the next five fiscal years is as follows: | ||||
Year ended October 31, | ||||
2014 | $ | 3,198 | ||
2015 | 3,198 | |||
2016 | 3,198 | |||
2017 | 3,198 | |||
2018 | 3,198 | |||
Thereafter | 1,986 | |||
$ | 17,976 | |||
At October 31, 2013 the Company had one patent as follows: | ||||
Generation and differentiation of adult stem cell lines | $ | 31,975 | ||
(This patent is for a proprietary stem cell line with potential application to treatment of diabetes in both animals and humans.) | ||||
Less accumulated amortization | -13,999 | |||
$ | 17,976 | |||
The Company has incurred costs relating to the filing of a new United States patent application entitled “POU5-F1 Expression in Human Mesenchymal Stem Cells” and the development of new technology related to generation of human induced pluripotent stem cells (iPS). These costs totaled $10,459 and $8,000 at October 31, 2013 and 2012, respectively, and are included as deferred patent costs in the accompanying balance sheets. | ||||
The Company has also incurred costs relating to the filing of a new United States patent application entitled “Methods to Culture Mesenchymal Stem Cells and Related Materials” and the development of new technology related to this patent application. These costs totaled $2,370 and $1,471 at October 31, 2013 and 2012, respectively, and are included as deferred patent costs in the accompanying balance sheets. | ||||
Impairment and Disposal of Long-Lived Assets | ||||
The Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. If such assets are considered impaired, the impairment to be recognized is determined as the amount by which the carrying value exceeds the fair value of the assets. | ||||
The Company periodically reviews the carrying amount of it long-lived assets for possible impairment. The Company recorded no asset impairment charges during either of the years ended October 31, 2013 or 2012. A contingency exists with respect to these matters, the ultimate resolution of which cannot presently be determined. | ||||
Income taxes | ||||
The Company uses the liability method of accounting for income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. | ||||
Revenue recognition and concentration of revenues | ||||
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred (or service has been performed), the sales price is fixed and determinable, and collectability is reasonably assured. | ||||
For the year ended October 31, 2013, 51% of the Company’s sales were made to customers of a company controlled by a director who was elected to the Company’s Board of Directors on February 20, 2013. Of the remaining 49%, no significant concentrations existed. For the year ended October 31, 2012, 53% of the Company’s sales were made to the Company’s top two customers. | ||||
Advertising Costs | ||||
The Company expenses all advertising costs as they are incurred. Advertising costs were $2,119 and $6,871 for the years ended October 31, 2013 and 2012, respectively. | ||||
Consulting Expenses | ||||
From time-to-time the Company engages consultants to perform various professional and administrative functions including public relations and corporate marketing. Expenses for consulting services are generally recognized when services are performed and billable by the consultant. In the event an agreement requires payments in which the timing of the payments is not consistent with the performance of services, expense is recognized as either service events occur, or recognized evenly over the period of the consulting agreement where specific services performed under the agreement are not readily identifiable. Consulting agreements in which compensation is contingent upon the successful occurrence of one or more events are only expensed when the contingency has been, or is reasonably assured, to be met. | ||||
Fair value of financial instruments | ||||
The carrying amounts of cash, accounts receivable, accounts payable and other accrued liabilities approximate fair value due to the short-term maturity of the instruments. Based on the borrowing rates currently available to the Company for loans with similar terms and average maturities, the fair value of long-term obligations consisting of various capital lease obligations approximates its carrying value. | ||||
Concentrations of credit risk | ||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments and cash equivalents, and trade accounts receivable. As of October 31, 2013 and 2012, the Company had no amounts of cash or cash equivalents in financial institutions in excess of amounts insured by agencies of the U.S. Government. | ||||
Net loss per share | ||||
The Company reports net loss per share using a dual presentation of basic and diluted loss per share. Basic net loss per share excludes the impact of common stock equivalents. Diluted net loss per share utilizes the average market price per share when applying the treasury stock method in determining common stock equivalents. For each of the years ended October 31, 2013 and 2012, common stock equivalents of 300,000 representing fully vested outstanding stock options, were not included in the diluted per share calculation as all potentially dilutive securities were anti-dilutive due to the net loss in the period. | ||||
Stock-based compensation | ||||
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “ASC”) Topic 718, “Stock Compensation,” establishes fair value as the measurement objective in accounting for share based payment arrangements, and requires all entities to apply a fair value based measurement method in accounting for share based payment transactions with employees. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the period during which the holder is required to provide services in exchange for the award, i.e., the vesting period. | ||||
Recent accounting standards | ||||
There were various accounting standards and interpretations issued during 2013 and 2012, none of which are expected to have a material impact on the Company’s consolidated financial position, operations, or cash flows. |
NOTE_B_RELATED_PARTY_TRANSACTI
NOTE B: RELATED PARTY TRANSACTIONS | 12 Months Ended |
Oct. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE B: RELATED PARTY TRANSACTIONS | |
Advances and accrued interest payable to officer | |
Through October 31, 2013, the Company’s President had advanced the Company a total of $577,014 used for working capital including $114,032 during the year ended October 31, 2013. The advances are uncollateralized, due on demand and accrue interest on the unpaid principal at a rate of 10% per annum. Accrued interest payable on the advances totaled $133,910 and $81,076 at October 31, 2013 and October 31, 2012, respectively. The total advances plus accrued interest totaling $710,924 and $544,058 at October 31, 2013 and 2012, respectively, are included as “Advances and accrued interest payable to officer” in the accompanying financial statements. | |
Employment agreements and accrued compensation | |
Effective May 1, 2008, the Company entered into an Executive Employment Agreement with its President. The Agreement established annual base salaries of $80,000, $85,000, and $90,000 over the three years of the Agreement, which was to expire on April 30, 2011. On April 27, 2011, the Company’s board of directors ratified a modification to the original agreement establishing an annual base salary of $12,000 per year, effective February 1, 2011 and continuing | |
for three years. The Agreement also provides for incentive compensation based on the achievement of minimum annual product sales and an option to purchase one million shares of the Company’s common stock that includes contingent vesting requirements. The employment agreement includes changes in control accelerating vesting for exercise of underlying stock options and also includes severance provisions. As of October 31, 2013, 100,000 of these common stock options were vested, and are exercisable at $0.19 per share and expire in July 2018. These options are further discussed in Note E under the “Stock options granted to officer” caption. | |
The Company has accrued the salaries of its President due to a lack of working capital. Total accrued salaries and payroll taxes were $1,202,808 and $1,190,208 and October 31, 2013 and 2012. The President’s accrued salaries totaled $1,155,422 and $1,143,422 as of October 31, 2013 and 2012, respectively. His salary is allocated as follows: 70% to research and development and 30% to administration. | |
In addition, accrued salaries totaling $833 are due a former executive officer from a previous employment agreement. | |
Total accrued payroll taxes on the above salaries totaled $46,553 and $45,953 at October 31, 2013 and 2012, respectively. | |
Office lease | |
On July 1, 2008, the Company entered into a five-year non-cancelable operating lease for a facility located in Golden, Colorado, which expired in June 2013. The facility has been leased from a company that is owned by the President’s wife. Upon expiration of the lease, the Company has agreed to continue leasing the facility under the same terms on a month-to-month basis. | |
The total rental expense was $26,508 and $26,902 and for the years ended October 31, 2013 and 2012, respectively. At October 31, 2013 and 2012, $26,760 and $26,902 were unpaid and are included in accounts payable related parties in the accompanying balance sheets. | |
Other | |
The President has personally guaranteed all debt instruments of the Company including all credit card debt. |
NOTE_C_INCOME_TAXES
NOTE C: INCOME TAXES | 12 Months Ended | |||||
Oct. 31, 2013 | ||||||
Income Tax Disclosure [Abstract] | ' | |||||
Income Tax Disclosure [Text Block] | ' | |||||
NOTE C: INCOME TAXES | ||||||
A reconciliation of the U.S. statutory federal income tax rate to the effective rate is as follows for the years ended: | ||||||
October 31, | October 31, | |||||
2013 | 2012 | |||||
Benefit related to U.S. federal statutory graduated rate | -30.16% | -21.80% | ||||
Benefit related to State income tax rate, net of federal benefit | -3.23% | -3.62% | ||||
Accrued officer salaries | 1.99% | 1.41% | ||||
Net operating loss for which no tax benefit is currently available | 31.40% | 24.01% | ||||
Effective rate | 0.00% | 0.00% | ||||
The primary components of temporary differences that give rise to the Company’s net deferred tax assets are as follows: | ||||||
October 31, | October 31, | |||||
2013 | 2012 | |||||
Tax credits for net operating loss carry forwards | $ | 1,623,138 | $ | 1,578,251 | ||
Accrued officer salaries | 445,761 | 441,091 | ||||
Deferred tax asset (before valuation allowance) | $ | 2,068,899 | $ | 2,019,342 | ||
At October 31, 2013, deferred taxes consisted of a net tax asset of $2,068,899, due to operating loss carry forwards and other temporary differences of $8,507,658, which was fully allowed for in the valuation allowance of $2,068,899. The valuation allowance offsets the net deferred tax asset for which there is no assurance of recovery. The changes in the valuation allowance for the years ended October 31, 2013 and 2012 totaled $49,556 and $53,038, respectively. Net operating loss carry forwards will expire in various years through 2033. | ||||||
The Company is delinquent on filing its federal and state tax returns and may be subject to penalties and interest. A contingency exists with respect to this matter, the ultimate resolution of which may not be presently determined. | ||||||
The valuation allowance will be evaluated at the end of each year, considering positive and negative evidence about whether the asset will be realized. At that time, the allowance will either be increased or reduced; reduction could result in the complete elimination of the | ||||||
allowance if positive evidence indicates that the value of the deferred tax asset is no longer impaired and the allowance is no longer required. | ||||||
Should the Company undergo an ownership change as defined in Section 382 of the Internal Revenue Code, the Company’s tax net operating loss carry forwards generated prior to the ownership change will be subject to an annual limitation, which could reduce or defer the utilization of these losses. |
NOTE_D_LINES_OF_CREDIT
NOTE D: LINES OF CREDIT | 12 Months Ended |
Oct. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
NOTE D: LINES OF CREDIT | |
The Company has a $12,500 line of credit of which $682 was unused at October 31, 2013. The interest rate on the credit line was 21.90% at October 31, 2013. The credit line is collateralized by the Company’s checking account. Principal and interest payments are due monthly. | |
At October 31, 2013 the Company also had three credit cards with a combined credit limit of $26,700, of which $1,226 was unused. The interest rates on the credit cards range from 10.24% to 29.4%, with a weighted average rate of 15.22% at October 31, 2013. All other credit cards previously used by the Company have been paid off and closed. |
NOTE_E_SHAREHOLDERS_DEFICIT
NOTE E: SHAREHOLDERS' DEFICIT | 12 Months Ended | ||||||||||
Oct. 31, 2013 | |||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||
NOTE E: SHAREHOLDERS’ DEFICIT | |||||||||||
Preferred Stock | |||||||||||
The Company has authorized 5,000,000 shares of $.001 par value preferred stock, of which none were issued and outstanding at October 31, 2013. These shares may be issued in series with such rights and preferences as may be determined by the Board of Directors. | |||||||||||
Stock options granted to officer | |||||||||||
On May 1, 2008, the Company granted a non-qualified stock option to its President to purchase 1,000,000 shares of the Company’s common stock at an exercise price of $0.19 per share, and expire in 2018. On the grant date, the traded market value of the stock was $0.19 per share. The options vest upon the achievement of certain contingencies. As a result of the patent license agreements in March 2011, a contingency was met resulting in the vesting of 100,000 of these options. None of the other contingencies have been met as of October 31, 2013, and as of that date $170,100 of unamortized stock compensation expense remains for the unvested portion of these options. The weighted average exercise price and weighted average fair value of these options on the grant date were $0.19 and $0.19, respectively. | |||||||||||
The fair value of the options was determined to be $189,000, and was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||
Risk-free interest rate | 3.68% | ||||||||||
Dividend yield | 0.00% | ||||||||||
Volatility factor | 228.72% | ||||||||||
Weighted average expected life | 6.5 years | ||||||||||
Common Stock Issued for Services | |||||||||||
The Company has issued shares of its common stock to certain Directors and members of the Company’s advisory boards. The value of the services is determined by the fair value of the common stock at the time the shares are considered issued. The amounts are capitalized to equity as “services prepaid with common stock” on the Company’s balance sheets until the services are considered earned, at which time they are expensed as stock-based compensation and removed from equity. | |||||||||||
On February 21, 2013, the Company’s Board of Directors ratified the issuance of 169,491 shares of the Company’s common stock to Mr. Pete Shuster, Director, as compensation for services for fiscal year ending October 31, 2013. The transaction was valued at $10,000 or $0.059 per share, which was the weighted average closing price of the Company’s common stock for the last twenty days preceding the date of the transaction. The total of $10,000 of stock compensation expenses was charged to operations for the year ended October 31, 2013. | |||||||||||
In addition, $1,458 and $2,500 of stock compensation expense was charged to operations for the years ended October 31, 2013 and 2012, respectively, representing services provided by a member of the Company’s Scientific Advisory Board. And, for the year ended October 31, 2012 an additional $10,000 of stock compensation expense was charged to operations representing services provided by a former Director. | |||||||||||
Conversion of accounts payable | |||||||||||
On May 28, 2013, the Company issued 250,000 shares of common stock, $.001 par value to a consultant in satisfaction for certain professional accounting services previously performed totaling $15,000. The shares were valued at $0.06 per share, the closing price of the Company’s common stock on the effective date. | |||||||||||
Incentive plans | |||||||||||
Effective December 2, 2000, the Company’s Board of Directors adopted an Equity Incentive Plan (the “Plan”), which replaced the Company’s 1992 Stock Option Plan. The purpose of the Plan is to attract and retain qualified personnel, to provide additional incentives to employees, officers, consultants and directors, and to promote the Company’s business. The Plan authorizes total awards of up to 1,000,000 shares of the Company's common stock. Awards may take the form of incentive stock options, non-qualified stock options, restricted stock awards, stock bonuses and | |||||||||||
other stock grants. If an award made under the Plan expires, terminates, is canceled or settled in cash without the issuance of all shares of common stock covered by the award, those shares will be available for future awards under the Plan. Awards may not be transferred, except by will or the laws of descent and distribution. No awards may be granted under the Plan after September 30, 2010. | |||||||||||
The Plan is administered by the Company's Board of Directors, which may delegate its authority to a committee of the Board of Directors. The Board of Directors has the authority to select individuals to receive awards, to determine the time and type of awards, the number of shares covered by the awards, and the terms and conditions of such awards in accordance with the terms of the Plan. In making such determinations, the Board of Directors may take into account the recipient's current and potential contributions and any other factors the Board of Directors considers relevant. The recipient of an award has no choice regarding the form of a stock award. The Board of Directors is authorized to establish rules and regulations and make all other determinations that may be necessary or advisable for the administration of the Plan. All options granted pursuant to the Plan shall be exercisable at a price not less than the fair market value of the common stock on the date of grant. Unless otherwise specified, the options expire ten years from the date of grant. | |||||||||||
At October 31, 2013 a total of 543,500 options had been issued under the Plan, of which 43,500 have expired. The 200,000 options outstanding and vested under the Plan have a weighted average exercise price of $0.08 per share, and a weighted average remaining contractual life of 2.28 years at October 31, 2013. Three hundred thousand (300,000) outstanding options not yet vested have an exercise price of $0.17 per share, and expire in April 2015. For the years ended October 31, 2013 and 2012, no compensation expense was recognized for options under the Plan. No additional options may be issued under the Plan. | |||||||||||
The following schedule summarizes the changes in the Company’s stock options including non-qualified options and options issued under the 2000 Plan: | |||||||||||
Number of Shares | Exercise Price Per Share | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price Per Share | ||||||||
Balance at October 31, 2011 | 1,527,000 | $0.08 to $0.45 | 5.66 years | $0.17 | |||||||
Options granted | - | ||||||||||
Options exercised | - | ||||||||||
Options expired | 27,000 | $0.12 to $0.31 | - | $0.13 | |||||||
Balance at October 31, 2012 | 1,500,000 | $0.08 to $0.19 | 4.75 years | $0.17 | |||||||
Options granted | - | ||||||||||
Options exercised | - | ||||||||||
Options expired | - | ||||||||||
Balance at October 31, 2013 | 1,500,000 | $0.08 to $0.19 | 3.75 years | $0.17 | |||||||
Exercisable at October 31, 2012 | 300,000 | $0.08 to $0.19 | 4.10 years | $0.12 | |||||||
Exercisable at October 31, 2013 | 300,000 | $0.08 to $0.19 | 3.10 years | $0.12 | |||||||
NOTE_F_CONSULTING_AGREEMENTS
NOTE F: CONSULTING AGREEMENTS | 12 Months Ended |
Oct. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
NOTE F: CONSULTING AGREEMENTS | |
On November 1, 2013, the Company signed a consulting agreement with a financial advisory firm to provide consulting services regarding corporate development and evaluation of strategic financing options that may be available to the Company. In consideration for these services, the consultant received $5,000 upon execution of the agreement, and is entitled to an additional $2,500 per month until termination of the agreement. In addition, the consultant shall be entitled to compensation for certain completed strategic transactions dependent upon the terms of the completed transaction. The initial term of the agreement is two months from execution of the agreement, after which the agreement will automatically renew unless terminated by written notice by either party. | |
On February 7, 2012, the Company’s board of directors ratified the terms of a consulting agreement dated January 24, 2012 with a marketing firm to provide certain public and investor relations services. The agreement had an initial six-month term and may be terminated by either party upon a material breach of the agreement. It includes several phases for which the consultant shall be compensated upon completion. The initial phase includes the completion of various strategies for which the consultant received cash compensation of $5,000 and 120,000 of the Company’s common stock, which was valued at $4,800 as discussed above. Phases II & III includes certain services regarding the Company’s online efforts, including the design and implementation of a more robust Company website, and positioning the Company as a potential investment and supplier of stem cell products within select social media. The consultant was entitled to additional compensation for completion of Phases II & III. In February 2013, it was determined that all phases of the project were complete, and as such the Company issued the consultant 75,000 shares of the Company’s common stock, valued at $6,000, and is included in selling, general and administrative expenses in | |
the accompanying statement of operations for the year ended October 31, 2013. For the year ended October 31, 2012 a total of $18,800 was charged to operations consisting of cash payments totaling $14,000 and the common stock issued. |
NOTE_G_JOINT_PRODUCT_DEVELOPME
NOTE G: JOINT PRODUCT DEVELOPMENT, MANUFACTURE AND DISTRIBUTION AGREEMENTS | 12 Months Ended |
Oct. 31, 2013 | |
Product Liability Contingency, Uncertainties from Joint and Several Liability [Abstract] | ' |
Product Liability Contingency, Uncertainties from Joint and Several Liability | ' |
NOTE G: JOINT PRODUCT DEVELOPMENT, MANUFACTURE AND DISTRIBUTION AGREEMENTS | |
On April 27, 2010 the Company executed an Agreement for Joint Product Development, Manufacture and Distribution (“Agreement”) with HemoGenix, Inc., a privately held biotechnology firm located in Colorado Springs, Colorado. The Agreement provides for the joint manufacture and distribution of stem cell analysis tools. The agreement provides for the expansion of assay platforms from HemoGenix, in particular, LUMENESC for mesenchymal stem cells (MSC). Also, this original agreement between the Company and HemoGenix® was expanded during the latter portions of 2010 to include joint development of cell-specific toxicity assays including those targeting liver cells, heart, kidney and neuronal cells. Furthermore, the strategic partners intend to jointly develop additional stem cell media products and align their respective quality programs to ensure consistency. This agreement is currently inactive. |
NOTE_H_PATENT_LICENSE_AGREEMEN
NOTE H: PATENT LICENSE AGREEMENT | 12 Months Ended |
Oct. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill and Intangible Assets Disclosure [Text Block] | ' |
NOTE H: PATENT LICENSE AGREEMENT | |
Effective March 30, 2011, the Company entered into a Technology License, License Option and Technical Assistance Agreement with a former officer of the Company, granting him an exclusive license covering two of the Company’s patents: United States Patent Number 5,990,288, Method for Purifying FSH and United States Patent Number 6,458,593 B1, Immortalized Cell Lines and Methods of Making The Same. The patents are related to treatment of infertility and know-how relating to the commercial production and cellular generation of the hormone, follicle-stimulating hormone and related gonadotropin hormones for use in the treatment of infertility in both humans and animals. In addition, the License grants the exclusive option to license a pending patent application for the commercial production of clinical grade gonadotropin hormones and, in addition, the Company’s intellectual property related to generation of crude materials containing gonadotropin hormones from certain cellular sources. The License has an initial term of five years and shall be automatically renewed for additional two year periods until terminated by either party; however, the license can be terminated after two and one-half years if there have been no sales of licensed products. Since there continues to be opportunities for commercialization, the Company has elected not to terminate this agreement at the present time. | |
The licensee was previously an executive officer of the Company, and the Company had carried a $200,833 liability for unpaid compensation. The terms of the license agreement required payment of a non-refundable license fee of $10,000, which was paid by a reduction of the unpaid compensation liability. In addition, the license agreement also required the licensee to forgive an additional $190,000 of the unpaid compensation liability. In addition to the license fee and the forgiveness of the unpaid compensation liability, there shall be royalty payments of 3% and 4% of the gross sales of all licensed products sold by or on behalf of Licensee during the first and second years, respectively. Such royalty payment shall be 4.5% of the gross sales of all licensed products during the third year of product sales and shall remain at that level throughout the remaining term of the agreement. As of July 31, 2013, no sales have been made under this agreement. | |
The parties to this patent license have developed additional business collaborative opportunities involving the Company’s stem cell products, know-how and IP especially related to regenerative medicine applications of modern stem cell technology. These developments are described in greater detail in section VI, Management’s Discussion and Analysis of Current Operations. |
NOTE_I_SUBSEQUENT_EVENTS
NOTE I: SUBSEQUENT EVENTS | 12 Months Ended |
Oct. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE I: SUBSEQUENT EVENTS | |
The Company has evaluated subsequent events through the date that the financial statements were available to be issued. | |
Non-binding Letter of Intent | |
On October 10, 2013, the Company signed a non-binding letter of intent to acquire and merge with Neuromics, Inc, (“Neuromics”) a privately held life-science firm located in Minneapolis, MN. The Merger would be structured as a reverse triangular merger, with Neuromics becoming a wholly-owned subsidiary of Vitro. Completion of the merger is subject to several material conditions, including, without limitation, the execution of a definitive agreement and plan of reorganization ("Merger Agreement"), completion of audited financial statements of Neuromics, requisite corporate and third party approvals, and other conditions customary in transactions of this nature. | |
As currently contemplated, and based upon the current financial conditions of both parties to the merger, the consideration for the merger would consist of Vitro issuing 4.0 million shares of common stock and paying an additional $250,000 on terms yet to be determined. The Letter of Intent also contemplates the conversion of accrued debt to Vitro's President into 1.0 million shares of common stock and other balance sheet restructuring. | |
Neuromics’ Chief Executive Officer is Mr. Pete Shuster, who has also been a director of Vitro Diagnostics since February 2013, and during the year ended October 31, 2013 approximately 51% of the Vitro’s sales were made to customers of Neuromics. There can be no assurance as to if and when the Merger can be completed, or that the merger will be completed under the terms as currently contemplated. | |
Consulting Agreement | |
On November 1, 2013 the Company entered into an agreement with a firm to provide financial advisory services, including but not limited to assisting the Company to determine its short and long-term capital requirements, and assistance in evaluating strategic options the Company is currently contemplating, or may contemplate during the term of the agreement. The initial term of the agreement was for two months, and may be terminated by either party by written notice. As of the date of this report, the agreement has not been terminated. | |
The consultant was entitled to a non-refundable initial fee of $5,000, and monthly payments of $2,500 after the initial term. In addition, the consultant is also entitled to fees for financing transactions upon closing in the amount of 7.5% on the first $1 million of proceeds, and 5% of any proceeds in excess of $1 million. In addition, with respect to non-financial transactions including the completion of a merger or acquisition, the consultant is entitled to a flat fee of $13,000 for transactions not introduced to the Company by the consultant, and for the completion of any such | |
transaction which is introduced to the Company by the consultant, the consultant shall be paid 5% of the transaction value. As of the date of this report, the Company has paid the consultant a total of $12,500. |
NOTE_A_NATURE_OF_ORGANIZATION_1
NOTE A: NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||
Oct. 31, 2013 | ||||
Disclosure Text Block [Abstract] | ' | |||
Schedule of Inventory, Current [Table Text Block] | ' | |||
31-Oct-13 | 31-Oct-12 | |||
Raw materials | $ 9,735 | $ 12,074 | ||
Finished goods | 15,489 | 14,604 | ||
$ 25,224 | $ 26,678 | |||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||
Year ended October 31, | ||||
2014 | $ | 3,198 | ||
2015 | 3,198 | |||
2016 | 3,198 | |||
2017 | 3,198 | |||
2018 | 3,198 | |||
Thereafter | 1,986 | |||
$ | 17,976 | |||
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] (Deprecated 2012-01-31) | ' | |||
Generation and differentiation of adult stem cell lines | $ | 31,975 | ||
(This patent is for a proprietary stem cell line with potential application to treatment of diabetes in both animals and humans.) | ||||
Less accumulated amortization | -13,999 | |||
$ | 17,976 |
NOTE_C_INCOME_TAXES_Tables
NOTE C: INCOME TAXES (Tables) | 12 Months Ended | |||||
Oct. 31, 2013 | ||||||
Income Tax Disclosure [Abstract] | ' | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||
October 31, | October 31, | |||||
2013 | 2012 | |||||
Benefit related to U.S. federal statutory graduated rate | -30.16% | -21.80% | ||||
Benefit related to State income tax rate, net of federal benefit | -3.23% | -3.62% | ||||
Accrued officer salaries | 1.99% | 1.41% | ||||
Net operating loss for which no tax benefit is currently available | 31.40% | 24.01% | ||||
Effective rate | 0.00% | 0.00% | ||||
Summary of Deferred Tax Liability Not Recognized [Table Text Block] | ' | |||||
October 31, | October 31, | |||||
2013 | 2012 | |||||
Tax credits for net operating loss carry forwards | $ | 1,623,138 | $ | 1,578,251 | ||
Accrued officer salaries | 445,761 | 441,091 | ||||
Deferred tax asset (before valuation allowance) | $ | 2,068,899 | $ | 2,019,342 |
NOTE_E_SHAREHOLDERS_DEFICIT_Ta
NOTE E: SHAREHOLDERS' DEFICIT (Tables) | 12 Months Ended | ||||||||||
Oct. 31, 2013 | |||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | ||||||||||
Risk-free interest rate | 3.68% | ||||||||||
Dividend yield | 0.00% | ||||||||||
Volatility factor | 228.72% | ||||||||||
Weighted average expected life | 6.5 years | ||||||||||
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | ' | ||||||||||
Number of Shares | Exercise Price Per Share | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price Per Share | ||||||||
Balance at October 31, 2011 | 1,527,000 | $0.08 to $0.45 | 5.66 years | $0.17 | |||||||
Options granted | - | ||||||||||
Options exercised | - | ||||||||||
Options expired | 27,000 | $0.12 to $0.31 | - | $0.13 | |||||||
Balance at October 31, 2012 | 1,500,000 | $0.08 to $0.19 | 4.75 years | $0.17 | |||||||
Options granted | - | ||||||||||
Options exercised | - | ||||||||||
Options expired | - | ||||||||||
Balance at October 31, 2013 | 1,500,000 | $0.08 to $0.19 | 3.75 years | $0.17 | |||||||
Exercisable at October 31, 2012 | 300,000 | $0.08 to $0.19 | 4.10 years | $0.12 | |||||||
Exercisable at October 31, 2013 | 300,000 | $0.08 to $0.19 | 3.10 years | $0.12 |
NOTE_A_NATURE_OF_ORGANIZATION_2
NOTE A: NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 9 Months Ended | 10 Months Ended | 12 Months Ended | 36 Months Ended | 60 Months Ended | ||
Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2020 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2015 | Oct. 31, 2017 | |
Disclosure Text Block [Abstract] | ' | ' | ' | ' | ' | ' | ' |
WorkingCapitalDeficit | ' | ' | ' | ($1,976,497) | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | ' | ' | ' | -1,933,479 | ' | ' | ' |
Proceeds from Related Party Debt | 114,032 | ' | ' | ' | 257,832 | ' | ' |
Other Inventory, Gross | ' | ' | ' | 9,800 | ' | ' | ' |
Shipping, Handling and Transportation Costs | ' | ' | ' | 3,815 | ' | ' | ' |
Cost of Other Manufactured Products | ' | ' | ' | 1,521 | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Minimum (Deprecated 2012-01-31) | ' | ' | ' | ' | ' | 3 | ' |
Property, Plant and Equipment, Useful Life, Maximum (Deprecated 2012-01-31) | ' | ' | ' | ' | ' | ' | 7 |
Depreciation | 12,101 | 16,948 | ' | ' | ' | ' | ' |
Amortization | ' | ' | 17,976 | 3,197 | 3,139 | ' | ' |
DeferredPatentCosts | ' | ' | ' | 10,459 | 8,000 | ' | ' |
PatentApplicationFees | ' | ' | ' | 2,370 | 1,471 | ' | ' |
Advertising Expense | ' | ' | ' | $2,119 | $6,871 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | ' | ' | ' | 300,000 | ' | ' | ' |
NOTE_A_NATURE_OF_ORGANIZATION_3
NOTE A: NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Inventories, consisting of raw materials and finished goods (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Inventories, consisting of raw materials and finished goods [Abstract] | ' | ' |
Raw materials | $9,735 | $12,074 |
Finished goods | 15,489 | 14,604 |
$25,224 | $26,678 |
NOTE_A_NATURE_OF_ORGANIZATION_4
NOTE A: NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - The Company amortizes its patents over a period of ten years. (USD $) | 10 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | |
The Company amortizes its patents over a period of ten years. [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Year Ended October 31, | ' | $1,986 | $3,198 | $3,198 | $3,198 | $3,198 | $3,198 | ' | ' |
$17,976 | ' | ' | ' | ' | ' | ' | $3,197 | $3,139 |
NOTE_A_NATURE_OF_ORGANIZATION_5
NOTE A: NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - The Companybs patents consisted of the following at April 30, 2013: (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
The Companybs patents consisted of the following at April 30, 2013: [Abstract] | ' | ' |
Generation and differentiation of adult stem cell lines | $31,975 | ' |
Less accumulated amortization | -13,999 | -10,802 |
$17,976 | ' |
NOTE_B_RELATED_PARTY_TRANSACTI1
NOTE B: RELATED PARTY TRANSACTIONS (Details) (USD $) | 9 Months Ended | 12 Months Ended | 33 Months Ended | 36 Months Ended | |||||||||
Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2011 | Apr. 30, 2010 | Apr. 30, 2009 | Jul. 31, 2013 | Feb. 02, 2014 | Jul. 31, 2018 | 28-May-13 | Mar. 30, 2011 | 1-May-08 | |
NOTE B: RELATED PARTY TRANSACTIONS (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | ' | $114,032 | ' | ' | ' | ' | ' | $577,014 | ' | ' | ' | ' | ' |
RelatedPartyTransactionInterestRateForLoan | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Payable, Current | 133,910 | ' | ' | 81,076 | ' | ' | ' | 133,910 | ' | ' | ' | ' | ' |
Advances to Affiliate | 710,924 | ' | ' | 544,058 | ' | ' | ' | 710,924 | ' | ' | ' | ' | ' |
Officers' Compensation | ' | ' | ' | ' | 90,000 | 85,000 | 80,000 | ' | 12,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in Shares) | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share) | ' | ' | $0.12 | $0.12 | ' | ' | ' | ' | ' | $0.19 | $0.06 | ' | $0.19 |
Deferred Compensation Liability, Current (in Dollars) | ' | ' | 1,202,808 | 1,190,208 | ' | ' | ' | ' | ' | ' | ' | 200,833 | ' |
AccruedSalary | ' | ' | 1,155,422 | 1,143,422 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SalaryAllocationPercentageToResearchAndDevelopment | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SalaryAllocationPercentageToAdministration | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Payroll Taxes | ' | ' | 46,553 | 45,953 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | ' | ' | 26,508 | 26,902 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
AccruedRentExpense | ' | ' | 26,760 | 26,902 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FormerExecutiveOfficer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NOTE B: RELATED PARTY TRANSACTIONS (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
AccruedSalary | ' | ' | $833 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NOTE_C_INCOME_TAXES_Details
NOTE C: INCOME TAXES (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | $2,068,899 | ' |
Operating Loss Carryforwards | 8,507,658 | ' |
Valuation Allowance, Amount (Deprecated 2013-01-31) | 2,068,899 | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $49,556 | $53,038 |
NOTE_C_INCOME_TAXES_Details_A_
NOTE C: INCOME TAXES (Details) - A reconciliation of the U.S. statutory federal income tax rate to the effective rate is as follows f | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
A reconciliation of the U.S. statutory federal income tax rate to the effective rate is as follows f [Abstract] | ' | ' |
Benefit related to U.S. federal statutory graduated rate | -30.16% | -21.80% |
Benefit related to State income tax rate, net of federal benefit | -3.23% | -3.62% |
Accrued officer salaries | 1.99% | 1.41% |
Net operating loss for which no tax benefit is currently available | 31.40% | 24.01% |
Effective rate | 0.00% | 0.00% |
NOTE_C_INCOME_TAXES_Details_Th
NOTE C: INCOME TAXES (Details) - The primary components of temporary differences that give rise to the Companybs net deferred tax ass (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
The primary components of temporary differences that give rise to the Companybs net deferred tax ass [Abstract] | ' | ' |
Tax credits for net operating loss carry forwards | $1,623,138 | $1,578,251 |
Accrued officer salaries | 445,761 | 441,091 |
Deferred tax asset (before valuation allowance) | $2,068,899 | $2,019,342 |
NOTE_D_LINES_OF_CREDIT_Details
NOTE D: LINES OF CREDIT (Details) (USD $) | 12 Months Ended |
Oct. 31, 2013 | |
NOTE D: LINES OF CREDIT (Details) [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $12,500 |
Line of Credit Facility, Amount Outstanding | 682 |
Line of Credit Facility, Interest Rate at Period End | 21.90% |
LineOfCreditInterestRateMinimum | 10.24% |
LineOfCreditInterestRateMaximum | 29.40% |
LineOfCreditInterestRateWeightedAverage | 15.22% |
CombinedCreditLimit | ' |
NOTE D: LINES OF CREDIT (Details) [Line Items] | ' |
Line of Credit Facility, Amount Outstanding | 1,226 |
CombinedLineOfCreditAvailableBalance | ' |
NOTE D: LINES OF CREDIT (Details) [Line Items] | ' |
LineOfCreditAvailableBalance | 3 |
CombinedCreditLimit | ' |
NOTE D: LINES OF CREDIT (Details) [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $26,700 |
NOTE_E_SHAREHOLDERS_DEFICIT_De
NOTE E: SHAREHOLDERS' DEFICIT (Details) (USD $) | 0 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||||
28-May-13 | Feb. 21, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2018 | Apr. 30, 2013 | Jan. 31, 2013 | Mar. 29, 2011 | 1-May-08 | Oct. 31, 2013 | Jan. 31, 2013 | Mar. 29, 2011 | Sep. 30, 2010 | |
Total | FormerPresident | FormerPresident | Total | ||||||||||
NOTE E: SHAREHOLDERS' DEFICIT (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | ' | 5,000,000 | 5,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | ' | ' | $0.00 | $0.00 | ' | $1 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | -300,000 | ' | ' | ' | ' | ' | 1,000,000 | 200,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share) | $0.06 | ' | $0.12 | $0.12 | $0.19 | ' | ' | ' | $0.19 | ' | ' | ' | ' |
Auction Market Preferred Securities, Stock Series, Par Value Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.19 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' |
Unamortized Debt Issuance Expense (in Dollars) | ' | ' | $170,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (Deprecated 2012-01-31) (in Dollars per share) | ' | ' | $0.17 | ' | ' | ' | ' | $0.19 | ' | $0.08 | $0.19 | ' | $1,000,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest (in Dollars) | ' | ' | 19,803 | 19,309 | ' | ' | 189,000 | ' | ' | ' | ' | ' | ' |
Stock Granted During Period, Shares, Share-based Compensation (Deprecated 2011-01-31) | ' | 169,491 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | ' | 10,000 | 10,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (Deprecated 2012-01-31) (in Dollars per share) | ' | $0.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued to SAB member for future services, Value (in Dollars) | ' | ' | $1,458 | $2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Issued, Price Per Share (in Dollars per share) | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Deprecated 2012-01-31) | ' | ' | '543,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | ' | ' | 43,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Deprecated 2012-01-31) | ' | ' | 2.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NOTE_E_SHAREHOLDERS_DEFICIT_De1
NOTE E: SHAREHOLDERS' DEFICIT (Details) - The fair value of the options was determined to be $189,000, and was estimated at the date of grant | 6 Months Ended |
Apr. 30, 2013 | |
The fair value of the options was determined to be $189,000, and was estimated at the date of grant [Abstract] | ' |
Risk-free interest rate | 3.68% |
Dividend yield | 0.00% |
Volatility factor | 228.72% |
NOTE_E_SHAREHOLDERS_DEFICIT_De2
NOTE E: SHAREHOLDERS' DEFICIT (Details) - The following schedule summarizes the changes in the Companybs stock options including non-qualified (USD $) | 0 Months Ended | 12 Months Ended | ||||
Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2018 | 28-May-13 | 1-May-08 | |
The following schedule summarizes the changes in the Companybs stock options including non-qualified [Abstract] | ' | ' | ' | ' | ' | ' |
Balance at | 1,527,000 | 1,500,000 | 1,500,000 | ' | ' | ' |
Balance at (in Dollars per share) | $0.17 | $0.17 | $0.17 | ' | ' | ' |
Options expired | ' | ' | 27,000 | ' | ' | ' |
Options expired (in Dollars per share) | ' | ' | $0.13 | ' | ' | ' |
Exercisable at | ' | 300,000 | 300,000 | ' | ' | ' |
Exercisable at (in Dollars per share) | ' | $0.12 | $0.12 | $0.19 | $0.06 | $0.19 |
NOTE_F_CONSULTING_AGREEMENTS_D
NOTE F: CONSULTING AGREEMENTS (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
Nov. 02, 2013 | Feb. 07, 2012 | Jan. 02, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' |
Other Cost and Expense, Operating | $5,000 | ' | $2,500 | ' | $14,000 |
ConsultingFees | ' | 5,000 | ' | ' | ' |
SharesIssuedForConsultingFee (in Shares) | ' | 120,000 | ' | ' | ' |
Common stock issued for consulting services, Value | ' | $4,800 | ' | $6,000 | $18,800 |
Common stock issued for consulting services, Shares (in Shares) | ' | ' | ' | 75,000 | ' |
NOTE_H_PATENT_LICENSE_AGREEMEN1
NOTE H: PATENT LICENSE AGREEMENT (Details) (USD $) | 28 Months Ended | |||
Jul. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Mar. 30, 2011 | |
NOTE H: PATENT LICENSE AGREEMENT (Details) [Line Items] | ' | ' | ' | ' |
Deferred Compensation Liability, Current (in Dollars) | ' | $1,202,808 | $1,190,208 | $200,833 |
Direct Taxes and Licenses Costs (in Dollars) | 10,000 | ' | ' | ' |
Debt Instrument, Decrease, Forgiveness (in Dollars) | $190,000 | ' | ' | ' |
RoyaltyPaymentPercentageMinimum | 3.00% | ' | ' | ' |
RoyaltyPaymentPercentageMaximum | 4.00% | ' | ' | ' |
RoyaltiesPercentagePaidInTheThirdYear | ' | ' | ' | ' |
NOTE H: PATENT LICENSE AGREEMENT (Details) [Line Items] | ' | ' | ' | ' |
RoyaltyPaymentPercentageMaximum | 4.50% | ' | ' | ' |
NOTE_I_SUBSEQUENT_EVENTS_Detai
NOTE I: SUBSEQUENT EVENTS (Details) (USD $) | 0 Months Ended | 1 Months Ended |
Oct. 10, 2013 | Nov. 10, 2013 | |
Subsequent Events [Abstract] | ' | ' |
Convertible Notes Payable | $250,000 | ' |
Professional Fees | $5,000 | $2,500 |