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EXCEL - IDEA: XBRL DOCUMENT - Inova Technology Inc.Financial_Report.xls
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EX-32.1 - EXHIBIT 32.1 - Inova Technology Inc.ex32_1.htm
EX-31.1 - EXHIBIT 31.1 - Inova Technology Inc.ex31_1.htm
EX-32.2 - EXHIBIT 32.2 - Inova Technology Inc.ex32_2.htm
10-Q/A - FOR THE QUARTERLY PERIOD ENDED JULY 31, 2012 - Inova Technology Inc.m91212010q.htm
EX-31.2 - EXHIBIT 31.2 - Inova Technology Inc.ex31_2.htm
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BASIS OF PRESENTATION
3 Months Ended
Jul. 31, 2012
Accounting Policies [Abstract]  
BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements of Inova Technology, Inc. (“we”, “our”, “Inova” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in Inova’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the consolidated financial statements that would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year as reported in Form 10-K have been omitted.

Fair Value Measurements

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

As of July 31, 2012, Inova measured its derivative liabilities using Level 3 inputs as defined by ASC 820 with a total fair value of $1,238,323.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.