Elite Pharmaceuticals Files Q1 FY25 10-Q

TL;DR

ELTP 10-Q filed for Q1 FY25. Pharma manufacturing & licensing update.

AI Summary

Elite Pharmaceuticals Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the first quarter of fiscal year 2025. The company's principal business activities are in manufacturing and licensing within the pharmaceutical sector.

Why It Matters

This filing provides investors with an update on Elite Pharmaceuticals' financial performance and operational status for the first quarter of their fiscal year.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Elite Pharmaceuticals faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• Q1 2025 — Fiscal Quarter (Reporting period)
• June 30, 2024 — End of Period Date (Financial reporting date)

Key Players & Entities

• ELITE PHARMACEUTICALS INC /NV/ (company) — Filer
• 20240630 (date) — Period of Report
• 20240814 (date) — Filing Date
• 2017502646 (dollar_amount) — Business Phone

FAQ

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) — 934KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-032154.txt ( ) — 6080KB
• eltp-20240630.xsd (EX-101.SCH) — 49KB
• eltp-20240630_cal.xml (EX-101.CAL) — 80KB
• eltp-20240630_def.xml (EX-101.DEF) — 171KB
• eltp-20240630_lab.xml (EX-101.LAB) — 422KB
• eltp-20240630_pre.xml (EX-101.PRE) — 337KB
• form10-q_htm.xml (XML) — 905KB

Financial Statements

Financial Statements F-1 Condensed Consolidated Balance Sheets as of June 30, 2024 and March 31, 2024 (Unaudited) F-1 Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 2024 and 2023 (Unaudited) F-2 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended June 30, 2024 and 2023 (Unaudited) F-3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2024 and 2023 (Unaudited) F-4 Notes to the Unaudited Condensed Consolidated Financial Statements F-5 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 10 ITEM 4.

Controls and Procedures

Controls and Procedures 10 PART II OTHER INFORMATION 12 ITEM 1.

Legal Proceedings

Legal Proceedings 12 ITEM 1A.

Risk Factors

Risk Factors 12 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 12 ITEM 3. Defaults Upon Senior Securities 12 ITEM 4. Mine Safety Disclosures 12 ITEM 5. Other Information 12 ITEM 6. Exhibits 12

SIGNATURES

SIGNATURES 13 ii ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS June 30, 2024 March 31, 2024 ASSETS Current assets: Cash $ 8,407,152 $ 7,106,262 Accounts receivable, net of allowance for expected credit losses of approximately $ 233,000 and $ 236,000 respectively 20,486,401 19,453,301 Inventory 13,831,318 12,930,464 Prepaid expenses and other current assets 435,669 524,162 Total current assets 43,160,540 40,014,189 Property and equipment, net of accumulated depreciation of $ 16,197,891 and $ 15,906,853 respectively 10,570,868 10,175,293 Intangible assets 7,241,228 6,341,228 Finance lease - right-of-use asset 1,976,049 2,079,658 Operating lease - right-of-use asset 2,222,172 2,355,201 Deferred income tax asset 22,142,686 22,160,895 Other assets: Restricted cash - debt service for NJEDA bonds 438,222 432,832 Security deposits 94,240 94,240 Total other assets 532,462 527,072 Total assets $ 87,846,005 $ 83,653,536 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,607,032 $ 2,714,306 Accrued expenses 6,228,095 5,301,747 Deferred revenue, current portion 13,333 13,333 Bonds payable, current portion, net of bond issuance costs 115,822 115,822 Loans payable, current portion 313,786 180,399 Related party loans payable (Note 7) 4,000,000 4,000,000 Lease obligation - finance lease, current portion 319,803 312,739 Lease obligation - operating lease, current portion 416,764 411,418 Total current liabilities 14,014,635 13,049,764 Long-term liabilities: Deferred revenue, net of current portion 2,222 5,556 Bonds payable, net of current portion and bond issuance costs 916,747 913,203 Loans payable, net of current portion and loan costs 2,327,980 2,366,487 Lease obligation - finance lease, net of current portion 1,401,

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View this 10-Q filing on SEC EDGAR