ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30,
2014 (Unaudited) |
March 31,
2014 (Audited) |
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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) |
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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, |
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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
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