GOING CONCERN & MANAGEMENT’S PLANS

9 Months Ended

Sep. 30, 2014

Going Concern and Management Plan [Abstract]

Going Concern And Management Plan [Text Block]

Note 3. GOING CONCERN & MANAGEMENT’S PLANS

As reflected in the accompanying consolidated financial statements, the Company reported a net loss of $973,437 and net cash used in operations of $169,267 for the nine months ended September 30, 2014, an accumulated deficit of approximately $24,331,557 and a total deficit of $4,092,204 at September 30, 2014. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company believes it has sufficient capital to meet its anticipated operating cash requirements for the next two to three months.

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. The ability of the Company to continue as a going concern is dependent on management’s ability to further implement its strategic plan, obtain additional capital, principally by obtaining additional debt and/or equity financing, and generate revenues from collaborative agreements or sale of pharmaceutical products. There can be no assurance that these plans will be sufficient or that additional financing will be available in amounts or terms acceptable to the Company, if at all.

ONCOVISTA INNOVATIVE THERAPIES, INC 10-Q