GOING CONCERN AND MANAGEMENT'S PLANS (Notes)
|9 Months Ended|
Jan. 31, 2013
|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 January 31, 2013, the Company had an accumulated deficit of $41,118,934, incurred a net loss for the period ended January 31, 2013 of $1,270,929 and had negative working capital of $2,186,107.
Funding has been provided by management and investors and it is the intent of management to use that funding to make it possible to maintain and expand Nuvilex; in particular its subsidiary Austrianova Singapore Private Limited (“Austrianova Singapore” or ASPL) located in Singapore.
Although the Company’s current business plan that includes funding requirements beyond its anticipated cash flow needs, we continue to acquire additional funds from management and outside investors and are still driving toward the goal of providing a new pancreatic cancer treatment that will increase the median survival and number of survivors of pancreatic cancer. 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. 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.
Since the beginning of Nuvilex, products have been added and efforts have been made to ensure they be placed into use. Some have become recognized brands, including Cinnergen and Talsyn, yet the challenge remains to not only make products well recognized, useful, important, and valuable enough everyday consumers use them, but to maintain the market once after 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 legacy products, indicating their inherent 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 strive to move this Company forward with clarity, vision, and an ability to take care of consumers we have had for years and patients we aim to provide innovative therapies for in the future.
In order to maintain the company with the limited capital available and working toward the completion of the acquisition of Austrianova Singapore, which is still pending, Nuvilex management determined that for at least the time being, Nuvilex products would not be available for sale and continue to follow this course.
Nonetheless, funding that has been provided for Nuvilex operations and by Nuvilex to ASPL for their's, has enabled our companies to work on specific areas nonetheless. Our teams have been working for more than 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, the substantial funding provided to ASPL and its personnel have been to ensure ASPL’s functionality and maintain its ability to complete goals over the past year. It is clear that 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 over the past year, clearly establishing the creation of Nuvilex as a biotechnology/life technology/pharmaceutical company.
Thus, through the funding and our combined efforts, 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 debt remaining on its books, thereby stabilizing its financial condition, for which Nuvilex is grateful. Thus, with an overall strategy and goal of long-term growth, Nuvilex is poised to be thrust into a 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: