From Elite's conf call - some key exerts IMO!
**What I know and that is the quarter ending today (June 30, 2020 which will be reported around August 14, 2020) we will hit the $7 million in revenues and that quarter would not have any profit splits from the ER
**The growing concern -- there is no going concern opinion that's been removed and I mean the business and the financials demonstrate just why that was the case. We don't have that issue and on the internal controls, there were material weaknesses in internal controls in the 2019 10-K, all of which have been remediated.
*Revenues 137% % increase as compared to the last year. So clearly without a doubt these are our highest revenues, as well as the largest dollar increase in our revenues in Elite's history.
*Manufacturing revenues, those are earned when we make and we ship the product. So those increased from $5.4 million in 2019 to $14.5 million in 2020. It's a $9.1 million increase or a 166%.
*We do expect additional contribution from the extended release Adderall as those profit splits start to come online over the next few quarters. So you put the increases in both manufacturing revenues and profits put together, you get total revenues going up from $7.6 million to $18 million in a single year.
*Our marketing partner has done a great job with all of these products, but there's still room for growth in the future.
*We secured enough API quota from the DEA to support Lannett's sales projections through the end of this year. That is fantastic news. We struggled with that in the first quarter and a little bit in the second and finally the DEA came around and gave us enough quota to support the sales and marketing projections through the end of the year.
*Our sales and marketing partners Glenmark, TAGI and Lannett are all performing well.
*CNS, ANDA, what is the status of SunGen partnership CNS, ANDA with the potential of $1.5 billion market? As it would require a bio equivalency trial before submitting and we were led to believe this effort was on the front burner. Why the delay? Well, the delay is because SunGen is not putting in any money. So I reached an agreement with SunGen that we will take over this product. We have no further obligation to them. We are going to develop it to a point where we can run a clinical trial. And it will be 100% Elite's product.
*Yes. I think August 14th is the next filing date.
AI
