2.4.0.8108 - Disclosure - GOING CONCERN AND MANAGEMENT'S PLANStruefalsefalse1falsefalsefalseP01_01_2013To06_30_2013http://www.sec.gov/CIK0001094847duration2013-01-01T00:00:002013-06-30T00:00:001true1ovit_GoingConcernAndManagementPlanAbstractovit_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false2ovit_GoingConcernAndManagementPlanTextBlockovit_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00 <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <strong>Note 3. GOING CONCERN AND MANAGEMENT’S PLANS</strong></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong> </strong></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> As reflected in the accompanying consolidated financial statements, the Company reported a net loss of approximately $<font style=" FONT-SIZE: 10pt">706,000</font>, and net cash used in operations of approximately $<font style=" FONT-SIZE: 10pt">390,000</font> for the six months ended June 30, 2013, an accumulated deficit of approximately $<font style=" FONT-SIZE: 10pt">22.6</font> million and a total deficit of approximately $<font style=" FONT-SIZE: 10pt">2.4</font> million at June 30, 2013. 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.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure on the substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date) and management plan in this regard.No definition available.false0falseGOING CONCERN AND MANAGEMENT'S PLANSUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.gshi-steel.com/role/GoingConcernAndManagementsPlans12