Elite Pharmaceuticals Inc (ELTP)

[jour_trader]

No, the company did not say otherwise:

NOTE 21. SUBSEQUENT EVENTS

The Company has evaluated subsequent events from the balance sheet date through February 9, 2017, the date the accompanying financial statements were issued. The following are material subsequent events.

Common Stock sold pursuant to the Lincoln Park Purchase Agreement

Subsequent to December, 2016 and up to February 1, 2017 (the latest practicable date), a total of 6,604,914 shares of Common Stock were sold and 48,354 additional commitment shares were issued, pursuant to the Lincoln Park Purchase Agreement. Proceeds received from such transactions totaled $1.0 million.

Might want to also check the definition of sequential. Quarterly revs have fallen sequentially the past few quarters. IR's job is to make the script as positive as possible. Comparing year/year is the ONLY way to make the financials look any bit positive, but this is not sequential. Any introductory investor knows sequential means quarter over quarter.

See the sequential flow of revenues:
Jun '16: $3.3M
Sep '16: $2.7M
Dec '16: $2.3M

That is clearly not sequential growth. Now let's take a look at gross margin for the same time periods:
Jun '16: 34.3%
Sep '16: 29.9%
Dec '16: 25.9%

Again, sequentially these margins are getting hammered. Cherry picking quotes does no good.