Recent Elite Pharmaceuticals News

ELTP News: Statement of Changes in Beneficial Ownership (4)	09/12/2014 05:38:09 PM
ELTP News: Quarterly Report (10-q)	08/14/2014 04:07:25 PM
ELTP News: Statement of Changes in Beneficial Ownership (4)	08/12/2014 01:29:59 PM
ELTP News: Securities Registration: Employee Benefit Plan (s-8)	07/29/2014 02:36:28 PM
ELTP News: Elite Pharmaceuticals Initiates Pivotal Bioequivalence Study for ELI-201	07/15/2014 10:31:55 AM

10-Q, ELTP Quarterly Report (For the quarterly period ended 06/30/2014)

 

ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

		June 30, 2014 (Unaudited)				March 31, 2014 (Audited)
ASSETS
CURRENT ASSETS
Cash		$	8,172,966			$	6,941,777
Accounts receivable (net of allowance for doubtful accounts of $111,404 and $134,083, respectively)			1,166,749				732,076
Inventories			2,525,915				1,932,486
Prepaid expenses and other current assets			215,911				318,424
Total Current Assets			12,081,541				9,924,763
PROPERTY AND EQUIPMENT , net of accumulated depreciation of $5,713,939 and $5,508,377, respectively			4,945,290				4,199,602
INTANGIBLE ASSETS – net of accumulated amortization of $-0-			6,356,533				6,349,922
OTHER ASSETS
Investment in Novel Laboratories, Inc.			—				3,329,322
Security deposits			16,314				16,314
Restricted cash – debt service for EDA bonds			339,402				265,043
EDA bond offering costs, net of accumulated amortization of $125,242 and $121,697, respectively			229,211				232,756
Total Other Assets			584,927				3,843,435
TOTAL ASSETS		$	23,968,291			$	24,317,722

 

The accompanying notes are an integral part of the condensed consolidated financial statements

  

ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

		June 30, 2014 (Unaudited)				March 31, 2014 (Audited)
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
EDA bonds payable		$	3,385,000			$	3,385,000
Short term loans and current portion of long-term debt			90,250				18,870
Related Party Line of Credit			617,064				528,750
Accounts payable and accrued expenses			3,206,314				2,214,871
Deferred revenues			13,333				13,333
Total Current Liabilities			7,311,961				6,160,824
LONG TERM LIABILITIES
Deferred revenues			135,556				138,890
Other long term liabilities			318,983				131,144
Derivative liability – preferred shares			63,289,786				60,981,570
Derivative liability – warrants			37,361,487				38,103,446
Total Long Term Liabilities			101,105,812				99,355,050
TOTAL LIABILITIES			108,417,773				105,515,874
STOCKHOLDERS’ DEFICIT
Common stock – par value $0.001, Authorized 995,000,000 shares and 690,000,000 shares, respectively. Issued 568,042,073 shares and 560,242,430 shares, respectively. Outstanding 567,972,073 shares and 560,142,430 shares, respectively			568,043				560,244
Additional paid-in-capital			144,697,772				143,555,091
Accumulated deficit			(229,408,456	)			(225,006,646	)
Treasury stock at cost (100,000 common shares)			(306,841	)			(306,841	)
TOTAL STOCKHOLDERS’ DEFICIT			(84,449,482	)			(81,198,152	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT		$	23,968,291			$	24,317,722

ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

		THREE MONTHS ENDED June 30,
		2014				2013
REVENUES
Manufacturing Fees		$	949,037			$	543,434
Licensing Fees			207,645				173,255
Lab Fee Revenues			5,000				5,000
Total Revenues			1,161,682				721,689
COSTS OF REVENUES			728,530				579,012
Gross Profit			433,152				142,677
OPERATING EXPENSES
Research and Development			4,020,325				569,492
General and Administrative			626,554				376,456
Non-cash compensation through issuance of stock options			23,662				9,487
Depreciation and Amortization			193,885				162,833
Total Operating Expenses			4,864,426				1,118,268
(LOSS) FROM OPERATIONS			(4,431,274	)			(975,592	)
OTHER INCOME / (EXPENSES)
Interest expense, net			(78,205	)			(74,778	)
Change in fair value of warrant derivatives			741,959				2,896,457
Change in fair value of preferred share derivatives			(2,308,216	)			(900,838	)
Interest expense attributable to preferred share derivatives			—				(23,584	)
Credit for Income Taxes			3,248
Gain on Sale on Investment			1,670,678				—
Total Other Income / (Expense)			29,464				1,897,258
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES			(4,401,810	)			921,666
PROVISION FOR INCOME TAXES			—				—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS		$	(4,401,810	)		$	921,666
NET INCOME (LOSS) PER SHARE
Basic		$	(0.01	)		$	(0.00	)
Diluted		$	(0.01	)		$	(0.00	)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic			565,150,231				387,969,981
Diluted			733,912,128				580,388,867

 

The accompanying notes are an integral part of the condensed consolidated financial statements

ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ DEFICIT

(Unaudited)  

 

										Additional
		Common Stock								Paid-In				Treasury Stock								Accumulated				Stockholder’
		Shares				Amount				Capital				Shares				Amount				Deficit				Deficit
Balance at March 31, 2014			560,242,430			$	560,244			$	143,555,092				100,000			$	(306,841	)		$	(225,006,646	)		$	(81,198,151	)
Net Loss																							(4,401,810	)			(4,401,810	)
Common shares sold pursuant to the Lincoln Park Capital purchase agreement			2,407,014				2,407				894,206																896,613
Non-cash compensation through the issuance of stock options											23,662																23,662
Costs associated with raising capital											(9,358	)															(9,358	)
Common shares issued as commitment shares pursuant to the Lincoln Park Capital purchase agreement			1,971,873				1,971				(1,971	)															—
Common shares issued pursuant to the exercise of cash warrants			3,420,756				3,421				236,143																239,564
Balance at June 30, 2014			568,042,073			$	568,043			$	144,697,773				100,000			$	(306,841	)		$	(229,408,456	)		$	(84,449,482	)

 

The accompanying notes are an integral part of the condensed consolidated financial statements