Elite Pharmaceuticals Files Q2 FY25 10-Q

TL;DR

**Elite Pharma Q2 FY25 10-Q filed. Financials updated.**

AI Summary

Elite Pharmaceuticals Inc. reported its financial results for the second quarter of fiscal year 2025, ending September 30, 2024. The company's filing details its financial position and operational activities during this period. Specific financial figures and operational highlights for the quarter are available within the full report.

Why It Matters

This filing provides investors with an update on Elite Pharmaceuticals' financial health and operational performance for the second quarter of fiscal year 2025, crucial for investment decisions.

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

• Q2 2025 — Fiscal Quarter (Reporting period ending September 30, 2024)
• 2024-09-30 — Period End Date (Second quarter of fiscal year 2025)
• 2024-11-14 — Filing Date (Date the 10-Q was filed with the SEC)

Key Players & Entities

• ELITE PHARMACEUTICALS INC /NV/ (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241114 (date) — Filing Date
• 001-15697 (company) — SEC File Number
• 2017502646 (dollar_amount) — Business Phone Number

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) — 1430KB
• ex31-1.htm (EX-31.1) — 21KB
• ex31-2.htm (EX-31.2) — 20KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-045933.txt ( ) — 7022KB
• eltp-20240930.xsd (EX-101.SCH) — 52KB
• eltp-20240930_cal.xml (EX-101.CAL) — 82KB
• eltp-20240930_def.xml (EX-101.DEF) — 187KB
• eltp-20240930_lab.xml (EX-101.LAB) — 441KB
• eltp-20240930_pre.xml (EX-101.PRE) — 351KB
• form10-q_htm.xml (XML) — 1069KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) F-1 Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and March 31, 2024 F-1 Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended September 30, 2024 and 2023 F-2 Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended September 30, 2024 and 2023 F-3 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2024 and 2023 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 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 13

SIGNATURES

SIGNATURES 14 i PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, 2024 March 31, 2024 ASSETS Current assets: Cash $ 9,554,963 $ 7,106,262 Accounts receivable, net of allowance for expected credit losses of $ 261,000 and $ 236,000 respectively 21,443,555 19,453,301 Inventory 14,164,945 12,930,464 Prepaid expenses and other current assets 130,386 524,162 Total current assets 45,293,849 40,014,189 Property and equipment, net of accumulated depreciation of $ 16,425,248 and $ 15,906,853 respectively 10,176,587 10,175,293 Intangible assets 7,241,228 6,341,228 Finance lease - right-of-use asset 2,010,440 2,079,658 Operating lease - right-of-use asset 2,089,024 2,355,201 Deferred income tax asset 20,843,504 22,160,895 Other assets: Restricted cash - debt service for NJEDA bonds 444,124 432,832 Security deposits 99,240 94,240 Total other assets 543,364 527,072 Total assets $ 88,197,996 $ 83,653,536 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,983,280 $ 2,714,306 Accrued expenses 5,703,464 5,301,747 Deferred revenue, current portion 12,222 13,333 Bonds payable, current portion, net of bond issuance costs 125,822 115,822 Loans payable, current portion 242,058 180,399 Related party loans payable (Note 7) 4,000,000 4,000,000 Lease obligation - finance lease, current portion 364,551 312,739 Lease obligation - operating lease, current portion 422,323 411,418 Total current liabilities 12,853,720 13,049,764 Long-term liabilities: Deferred revenue, net of current portion — 5,556 Bonds payable, net of current portion and bond issuance costs 780,292 913,203 Loans payable, net of current portion and loan costs 2,295,872 2,366,487 Lease obligation - finance lease, net of current portion 1,424,196 1,480,317

View Full Filing

View this 10-Q filing on SEC EDGAR