Elite Pharmaceuticals Files 2024 Annual Report

Ticker: ELTP · Form: 10-K · Filed: Jul 1, 2024 · CIK: 1053369

Elite Pharmaceuticals INC /NV/ 10-K Filing Summary
FieldDetail
CompanyElite Pharmaceuticals INC /NV/ (ELTP)
Form Type10-K
Filed DateJul 1, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.001, $2.3 million
Sentimentneutral

Sentiment: neutral

Topics: annual-report, 10-K, pharmaceuticals

Related Tickers: ELTP

TL;DR

Elite Pharma (ELTP) filed its 2024 10-K. All good.

AI Summary

Elite Pharmaceuticals, Inc. filed its annual report for the fiscal year ended March 31, 2024. The company's common stock trades under the symbol ELTP on the OTCQB exchange. Elite Pharmaceuticals is incorporated in Nevada and headquartered in Northvale, New Jersey.

Why It Matters

This filing provides investors with a comprehensive overview of Elite Pharmaceuticals' financial performance and operational status for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant new risks.

Key Players & Entities

FAQ

What is the trading symbol and exchange for Elite Pharmaceuticals, Inc. common stock?

The trading symbol is ELTP, and it is registered on the OTCQB exchange.

For what fiscal year did Elite Pharmaceuticals, Inc. file this 10-K report?

The report is for the fiscal year ended March 31, 2024.

In which state was Elite Pharmaceuticals, Inc. incorporated?

Elite Pharmaceuticals, Inc. was incorporated in Nevada.

What is the address of Elite Pharmaceuticals, Inc.'s principal executive offices?

The principal executive offices are located at 165 Ludlow Avenue, Northvale, New Jersey 07647.

Does Elite Pharmaceuticals, Inc. have securities registered under Section 12(g) of the Act?

No, Elite Pharmaceuticals, Inc. does not have securities registered pursuant to Section 12(g) of the Act.

Filing Stats: 4,377 words · 18 min read · ~15 pages · Grade level 16 · Accepted 2024-07-01 16:59:27

Key Financial Figures

Filing Documents

BUSINESS

BUSINESS 1 ITEM 1A

RISK FACTORS

RISK FACTORS 16 ITEM 1B UNRESOLVED STAFF COMMENTS 43 ITEM 1C CYBERSECURITY 43 ITEM 2

PROPERTIES

PROPERTIES 44 ITEM 3

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 44 ITEM 4 MINE SAFETY DISCLOSURES 44 PART II 45 ITEM 5 MARKET FOR COMPANY'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 45 ITEM 6 RESERVED 47 ITEM 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION 48 ITEM 7A

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 56 ITEM 8

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 56 ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 56 ITEM 9A

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 57 ITEM 9B OTHER INFORMATION 58 ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 58 PART III 59 ITEM 10 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 59 ITEM 11

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 62 ITEM 12

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 67 ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 68 ITEM 14 PRINCIPAL ACCOUNTANT FEES AND SERVICES 68 PART IV 69 ITEM 15 EXHIBITS, FINANCIAL STATEMENTS AND SCHEDULES 69 ITEM 16 FORM 10-K SUMMARY 72

SIGNATURES

SIGNATURES 73 i PART I ITEM 1. BUSINESS General Elite Pharmaceuticals, Inc., a Nevada corporation (the "Company", "Elite", "Elite Pharmaceuticals", the "registrant", "we", "us" or "our") was incorporated on October 1, 1997 under the laws of the State of Delaware, and its wholly-owned subsidiary, Elite Laboratories, Inc. ("Elite Labs"), was incorporated on August 23, 1990 under the laws of the State of Delaware. On January 5, 2012, Elite Pharmaceuticals was reincorporated under the laws of the We are a specialty pharmaceutical company principally engaged in the development and manufacture of oral, controlled-release products, and the manufacture of generic pharmaceuticals. Our strategy includes developing generic versions of controlled-release drug products with high barriers to entry. We occupy manufacturing, warehouse, laboratory and office space at 135, 144 and 165 Ludlow Avenue in Northvale, NJ (the "Northvale Facility"). The Northvale Facility operates under Current Good Manufacturing Practice ("cGMP") and is a United States Drug Enforcement Agency ("DEA") registered facility for research, development, and manufacturing. Our website address is www.elitepharma.com. Strategy We focus our efforts on the following areas: (i) manufacturing of a line of generic pharmaceutical products with approved Abbreviated New Drug Applications ("ANDAs"); (ii) development of additional generic pharmaceutical products; (iii) development of the other product candidates in our pipeline including products co-developed with partners; (iv) commercial exploitation of our product candidates either by sales under our own label, license and the collection of royalties, or through the manufacture of our formulations; and (v) development of new products for sale under our own label, and the expansion of our licensing agreements with other pharmaceutical companies, including co-development projects, joint ventures and other collaborations. We continue to e

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