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GOING CONCERN AND MANAGEMENT'S PLANS (Notes)
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12 Months Ended |
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Apr. 30, 2013
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| Going Concern And Management's Plans [Abstract] | |
| Going Concern And Management's Plans |
GOING CONCERN AND MANAGEMENT'S PLANS
The Company's financial statements are prepared using accounting principles generally accepted in the United States of America, better known as Generally Accepted Accounting Principles (US GAAP or GAAP) applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. Accordingly, the Company has not yet established an regular source of revenue sufficient to maintain its operating costs and allow it to continue as a going concern. As of April 30, 2013, the Company had an accumulated deficit of $41,446,107, incurred a net loss for the period ended April 30, 2013 of $1,598,102 and had negative working capital of $1,950,234.
Over the past year, funding was provided by Management and investors to maintain and expand Nuvilex and our partner Austrianova Singapore Private Limited (“Austrianova Singapore” or ASPL) located in Singapore. From that successful start, together the two companies were able to stabilize themselves, advance the business plans and expand on research specifically geared toward successful implementation of the Company’s current business plan. As of July 10, 2013, the acquisition of BBB has given rise to the ability to immediately begin preparations toward the pancreatic cancer clinical trial. The remaining challenges beyond the regulatory and clinical include completely accessing the necessary funding requirements for the company in order to completely cover its anticipated cash flow needs. Thus, we continue to acquire additional funds through management's efforts, in particular from accredited investors, and are now driving toward the goal of providing a new pancreatic cancer treatment that will increase the median survival and number of survivors in the future. In addition, we are utilizing the funding to cover the general financial requirements of the Company. We continue to assess opportunities currently brought before the Company.
It is important to note that due to the inherent challenges of obtaining funding in the present economic environment, doubt still exists as to the Company's ability to continue as a going concern and therefore the potential discontinuance of operations exists. Irrespective of this, all of us at Nuvilex are actively undertaking the necessary steps to succeed and are committed to working with many different entities and interested investors to ensure success.
Strategy
Typical in business, some products became well used, but the challenges to make them all well recognized, useful, important, and valuable enough that everyday consumers use them without fail remained daunting. Even so, the Company continues to receive inquiries for some of the original Nuvilex natural products.
As one of our primary goals, we have worked with the Chief Executives of SG Austria across a number of areas. While a great deal of our effort has been on establishing plans for our future in conjunction with maintenance of our subsidiaries, the majority of funding over the past year has been provided to SG Austria and its personnel to ensure its functionality and maintain its ability to accomplish numerous goals. After substantial effort, the Principals of Nuvilex and SG Austria succeeded on determining mechanisms to dramatically advance our companies regardless of the present economic conditions and challenges. As described below, the strong connection between our companies will remain since we have retained a 14.5% ownership of SG Austria and the subsidiary of SG Austria, Austrianova Singapore Private Limited ("ASPL") will be carrying out the GMP manufacturing for Nuvilex as well as potentially developing new areas of use of live-cell encapsulation.
The Company's first vision was to ensure the opportunity for the previously successful pancreatic cancer trial to move forward and was accomplished by providing an opportunity for Nuvilex to purchase the BBB asset completely. This enabled the Company to advance itself as a biotechnology/life technology company. Unlike most companies of this type and entirely due to the Company's extensive array of products already in-house, Nuvilex exists as a Biotechnology Company with a broad company base, much like that of larger biotechnology or pharmaceutical companies after years of advances and purchasing of products from the outside. Thus, with an overall goal of long-term growth, management believes the Company is poised to be thrust into a very different position, particularly as a result of the stabilizing of its financial condition that has been occurring over the past year.
Management believes its objective is to become an important industry-leading Biotechnology company, with a multi-part strategy, like those of larger pharmaceutical companies, will strengthen the Company's position in both the short and long term. Nuvilex may seek to raise capital to fund growth opportunities and provide for its working capital needs as the vision of the company is executed. The Company's efforts to achieve financial stability and enable carrying out the strategy of the company include several primary components:
1. Elimination of remaining prior operation-associated debt from the parent Company and all subsidiaries;
2. Complete the pancreatic cancer treatment preparations and enable initiation of the next pancreatic cancer clinical trial;
3. Enhance our ability to expand the biotechnology through research and partnering;
4. Acquire new contracts and revenue utilizing both in-house products and the newly acquired biotechnology licensing rights;
5. Expand and market Company products and their uses to generate revenue;
6. Further develop uses of the technology platform through contracts, licensing, and joint ventures with other companies;
7. Complete testing, expand, and market existing and newly derived Company products and their uses.
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