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Let me help. Feb 2023 has already passed and generic Oxy hasn’t been submitted yet.
Using a little logic, which do you think was intended?
It’s a waste of a filing fee. Whether it’s Mazars or Mazers, they can clarify at next cc. Attention to detail is a basic skill set required today and is severely lacking. Refiling only further erodes the little confidence that’s left.
Fiscal year hasn’t changed yet so that is still the fiscal year end.
All of Elite’s financials through March 2023 have been audited. The new auditor starts for the fiscal year. They need the auditor to review Q1’s financials. I’m guessing they hit a snag with no qualified CFO in place to sign off. Nasrat is not qualified to do so. If there is no CFO, there is only one person that can sign off, Chairman. Would you trust financials with just his signature?
Lol. You should work for Elite’s IR team.
They also have an office in NJ.
Certainly hope not. They don’t focus in either the manufacturing or pharma space.
Change in auditor without any input from a qualified CFO. Good times.
Not even slightly surprised, but I believe they misspelled auditor’s name here. Solid.
How do you calculate future share price on drugs that haven’t been announced, filed, approved, etc? Simply a shot in the dark.
Economists are not accountants.
And those that don’t pay retail pay far less than this. Even those basic cards you get in the mail (e.g., GoodRx) you can get some amazing discounts off retail.
No, you will see. I already know. The only person that loses is you after all those legal bills and you’ll still end up in the same place. Save the whining for your blog.
Good luck with that. Not now a public company works. You are a retail shareholder. If you own a significant portion of the outstanding shares than you will likely be able to appoint a board member and have influence. Otherwise, the crying is falling on deaf ears.
Let’s see if Mikah ever exits the picture or how much ownership Mikah will have of the larger drugs in the pipeline.
CE has stated in past that the end goal for Elite is to be sold.
Funny now they are finally trying to hire some finance/acctg help. They wouldn’t make the investment before and finally after 2 CFOs leave they finally get the picture.
This precise reason is why there needs to be an IR strategy well before NASDAQ, to visit investor conferences, etc. You don’t go on a roadshow and meet with big buy side guns without getting the word out in advance.
This was play biggest concern coming out of this past cc. Nasrat has been wanting to go this route for years. He finally does and the profitability is questionable? I’m shocked and yet not shocked.
Profitability is what shareholders want, not revenue with no profitability.
That was quite the trip.
At a prior company I was at there was a Google executive on the BOD. Other members would complain the person would just be on their cell phone during meetings. Not exactly the oversight and representation shareholders want.
There’s benefit to having an old senile BOD. Can’t recall from meeting to meeting why the last CFO left or the latest way the CEO has a non-arms length deal with Elite.
There is a reason why mgmt is often incentivized with stock options. It’s because they can have a significant influence on the stock price. In our case, there is no pressure to drive the stock price up on CEO’s ownership vs stock options.
Also, trust is absolutely critical. We flush CFOs down the toilet every other month. There is absolutely a significant conflict of interest between Mikah and Elite. This fact being ignored is shooting the company in the foot. It’s the CEOs self-chosen blind spot (to his personal advantage). As a personal investor I’d much rather pay a little more in interest on debt than have a biased CEO looking for more ways to suck money from Elite. This is a situation that should simply not exist.
CEO can go to investor conferences to start getting the story out as was promised many years ago. This should be done well before moving to NASDAQ.
Really? Not having a CFO to review and sign off on financials means they don’t get published. No auditor would permit Nasrat to act as CFO without the financial background. That’s what an auditor would call an SD, or severe deficiency.
I hope it’s much earlier than that, otherwise Q1 financials are at high risk of being delayed. Nasrat is no CFO.
It’s a typo. It’s not ablation, but rather insufflation study results that are being referenced.
It’s a typo. It’s not ablation, but rather insufflation study results that are being referenced.
This has been implied every single time a question is asked about fiscal vs calendar year. It has caused great confusion to the point Nasrat is tired of explaining. Mgmt has done a poor job of clarifying fiscal vs calendar so this is a win-win for all through an administrative change. It’s kind of a pain for internal reporting for the first year.
Of course that’s possible. Should have been done years ago. No need for pharma to have an off calendar cycle fiscal year.
I’m counting in a delay and potential CRL. If approved sooner, hallelujah.
BOD approved it and the BOD is to represent shareholders. Good luck with any legal case.
That would be unlikely, but similar to the issue that Elite ran into with Pfizer several years back that we still can’t find a way around.
Twisting of truth, as usual.
Assuming no CRL. Will be worth pursuing regardless.
I won’t get hopes up since there’s very little reality to that.
Even if they are 4th or 5th it would be great. Remember that they thought they were going to be earlier on in the generic Adderall game and ended up being ~11th? Much to game than they had anticipated. It’s still early if they can keep moving forward.
Go back and read other cc’s on this. He has stated multiple times how there are others. Just don’t expect them to be the first. I’m hoping the ANDA is approved by end of next year, but won’t be the first. It’s a big pie and Elite has proving flexibility now with their own sales & distribution channel. Let’s see whether Elite can build out a profitable strategy. That is the question Nasrat is still concerned about as stated in the recent cc.
Don’t expect Elite to be the first. They are late to the line.