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GOING CONCERN AND MANAGEMENT'S PLANS (Notes)
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Oct. 31, 2012
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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 ongoing source of revenue sufficient to cover its operating costs and allow it to continue as a going concern. In addition, as of October 31, 2012, the Company had an accumulated deficit of $(40,741,338), had incurred a net loss for the period ended October 31, 2012 of $(893,333) and had negative working capital of $(2,211,048).
Funding has been provided by investors and it is the intent of management to use that funding to make it possible to maintain and expand Nuvilex, and in particular its subsidiary Austrianova Singapore Private Limited (“Austrianova Singapore” or ASPL) located in Singapore.
Although the Company’s current business plan includes funding requirements beyond its anticipated cash flow needs we continue to acquire such funds with the goal of providing a new pancreatic cancer treatment that will increase the median survival and number of survivors of pancreatic cancer, as well as the general financial requirements of the Company and numerous other opportunities that are currently being evaluated by the Company.
It is important to note that due to the inherent challenges of obtaining funding, some level of doubt exists as to the Company's ability to continue as a going concern. 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 our success.
Strategy
Since the beginning of Nuvilex, products have been added and efforts have been made to ensure that they become placed into widespread use. Some have become recognized brands, including Cinnergen and Talsyn. The challenge always remains to not only make products well recognized, useful, important, and valuable enough that everyday consumers use them consistently, but to maintain the market once it has been created. As a result, Nuvilex has changed in many ways over the years and continues to grow and develop today. On a daily basis, the Company receives inquiries for our products, indicating their value. It is an important part of our business to continue to take care of these consumers and their need for our products. From those humble beginnings we continue to strive to move this Company forward into a modern one with clarity, vision, and an ability to take care of the consumers we have already had for numerous years and patients we aim to provide innovative therapies for in the future.
Nuvilex and ASPL management have been working for over a year across a number of important development areas for our company, most of which have been related to researching, testing, developing, coordinating and planning for the Company's future. As a result, and in conjunction with maintenance of the Parent Company, substantial funding has been provided to ASPL and its personnel in order to ensure ASPL’s functionality and maintain its ability to accomplish numerous goals over the past year, which they have completed. It is clear that the management and staff of ASPL are extremely qualified and dedicated to achieving their mission. Thus, our combined first vision and successful accomplishment was the acquisition of ASPL as our newest subsidiary in June 2012 and is seen as one of the most valuable advances for this company this year, clearly establishing the creation of Nuvilex as a biotechnology/life technology/pharmaceutical company.
Unlike most companies of this type and entirely due to the Company’s extensive array of products already in-house, Nuvilex exists today 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 other companies. In addition, great advances were afforded to Nuvilex over the past year by companies supportive of the Nuvilex vision through elimination of some old debt remaining on its books, thereby stabilizing much of its financial condition. Thus, with an overall strategy and goal of long-term growth, Nuvilex is poised to be thrust into this new position.
Management believes its vision 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. Notwithstanding and as financial experts indicate, Nuvilex may seek capital to fund growth and provide its working capital needs as the vision of the company is executed. The Company’s efforts to achieve financial stability and enable the strategy of the company to be seen to fruition include several primary components:
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