Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

"Going Concern" language appears to be in past tense.



From my initial reading, the auditor’s statement no longer contains an opinion expressing substantial doubt as to the company’s ability to continue as a going concern.

We have not been profitable and may not be profitable in the future.



To date, we have not been profitable, and we may never be profitable or, if we become profitable, we may be unable to sustain profitability. We have sustained losses from operations in each year since our incorporation in 1990. During the years ended March 31, 2020 and 2019, we incurred net losses from operations of approximately $2.3 million and $9.2 million, respectively. In addition, in certain years prior to the year ended March 31, 2020, including, without limitation, for the year ended March 31, 2019, the auditor’s opinion on the financial statements were qualified with respect to there being substantial doubt as to the Company’s ability to continue as a going concern due to continued losses not being sufficiently offset by operating revenues. A failure to generate sufficient revenues to offset related costs of operations will have a material adverse effect on our business, results of operations, financial condition, cash flow and ability to operate in the future.