Elite Pharmaceuticals Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Elite Pharmaceuticals Inc. filed its Q3 2024 10-Q report on February 14, 2024.</b>

AI Summary

ELITE PHARMACEUTICALS INC /NV/ (ELTP) filed a Quarterly Report (10-Q) with the SEC on February 14, 2024. Elite Pharmaceuticals Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on March 31. The filing was made on February 14, 2024. Elite Pharmaceuticals Inc. is incorporated in New Jersey.

Why It Matters

For investors and stakeholders tracking ELITE PHARMACEUTICALS INC /NV/, this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and operational status for the third quarter of its fiscal year 2024. Investors and stakeholders can use this report to assess the company's financial health, recent developments, and future outlook.

Risk Assessment

Risk Level: low — ELITE PHARMACEUTICALS INC /NV/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial or operational disclosures that would alter the risk profile.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Elite Pharmaceuticals' current performance and strategic direction.

Key Numbers

• 2023-12-31 — Period End Date (Conformed period of report)
• 2024-02-14 — Filing Date (Filed as of date)
• Q3 2024 — Fiscal Quarter (Indicates the reporting period within the fiscal year)
• 0331 — Fiscal Year End (Company's fiscal year end date)

Key Players & Entities

• ELITE PHARMACEUTICALS INC /NV/ (company) — Filer name
• 20231231 (date) — Period of report
• 20240214 (date) — Filing date
• 0001053369 (company) — Central Index Key
• 2834 (industry) — Standard Industrial Classification
• NJ (location) — State of incorporation
• 10-Q (form) — Form type
• 001-15697 (filing_id) — SEC file number

FAQ

Industry Context

Elite Pharmaceuticals Inc. operates within the pharmaceutical preparations industry, focusing on the development and commercialization of pharmaceutical products.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing financial and operational performance.

What Investors Should Do

1. Analyze the financial statements (income statement, balance sheet, cash flow) for the quarter ended December 31, 2023.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers and challenges.
3. Check for any new disclosures regarding product development, regulatory approvals, or strategic partnerships.

Key Dates

• 2024-02-14: 10-Q Filing — Report for the period ending December 31, 2023
• 2023-12-31: Reporting Period End — End date of the financial reporting period covered by the 10-Q
• 2023-03-31: Fiscal Year End — Indicates the end of the company's fiscal year

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 31, 2023. Previous filings would need to be compared for specific year-over-year changes.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share ELTP OTCQB Indicate by

Filing Documents

• form10-q.htm (10-Q) — 1278KB
• ex31-1.htm (EX-31.1) — 20KB
• ex31-2.htm (EX-31.2) — 20KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-006661.txt (&nbsp;) — 7541KB
• eltp-20231231.xsd (EX-101.SCH) — 61KB
• eltp-20231231_cal.xml (EX-101.CAL) — 80KB
• eltp-20231231_def.xml (EX-101.DEF) — 235KB
• eltp-20231231_lab.xml (EX-101.LAB) — 512KB
• eltp-20231231_pre.xml (EX-101.PRE) — 412KB
• form10-q_htm.xml (XML) — 1205KB

Financial Statements

Financial Statements F-1 Condensed Consolidated Balance Sheets as of December 31, 2023 and March 31, 2023 (Unaudited) F-1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended December 31, 2023 and 2022 (Unaudited) F-2 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended December 31, 2023 and 2022 (Unaudited) F-3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2023 and 2022 (Unaudited) F-5 Notes to the Unaudited Condensed Consolidated Financial Statements F-6 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 1 ITEM 3. Quantitative and Qualitative Disclosure About Market Risk 11 ITEM 4.

Controls and Procedures

Controls and Procedures 11 PART II OTHER INFORMATION 13 ITEM 1.

Legal Proceedings

Legal Proceedings 13 ITEM 1A.

Risk Factors

Risk Factors 13 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 13 ITEM 3. Defaults Upon Senior Securities 13 ITEM 4. Mine Safety Disclosures 13 ITEM 5. Other Information 13 ITEM 6. Exhibits 14

SIGNATURES

SIGNATURES 15 ii ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS December 31, 2023 March 31, 2023 ASSETS Current assets: Cash $ 5,816,211 $ 7,832,247 Accounts receivable, net of allowance for expected credit losses of $ 194,600 and $ 0 as of December 31, 2023 and March 31, 2023, respectively 16,009,614 3,094,549 Inventory 14,325,041 9,550,716 Prepaid expenses and other current assets 1,005,636 1,032,785 Total current assets 37,156,502 21,510,297 Property and equipment, net of accumulated depreciation of $ 15,578,471 and $ 14,586,335 respectively 10,095,029 10,426,158 Intangible assets, net of accumulated amortization of $- 0 - 6,341,228 6,341,228 Finance lease - right-of-use asset 408,428 — Operating lease - right-of-use asset 26,231 13,062 Deferred income tax asset 20,233,603 2,171,821 Other assets: Restricted cash - debt service for NJEDA bonds 427,999 412,434 Security deposits 7,259 21,018 Total other assets 435,258 433,452 Total assets $ 74,696,279 $ 40,896,018 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,890,717 $ 2,446,810 Accrued expenses 11,884,645 5,047,726 Deferred revenue, current portion 13,333 13,333 Bonds payable, current portion, net of bond issuance costs 115,822 110,822 Loans payable, current portion 190,607 200,032 Related party loans payable (Note 7) 4,000,000 — Lease obligation - finance lease, current portion 37,444 — Lease obligation - operating lease, current portion 26,231 14,914 Total current liabilities 19,158,799 7,833,637 Long-term liabilities: Deferred revenue, net of current portion 8,889 18,890 Bonds payable, net of current portion and bond issuance costs 909,654 1,029,018 Loans payable, net of current portion and loan costs 2,407,077 2,532,502 Lease obligation - fina

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View this 10-Q filing on SEC EDGAR