Elite Pharmaceuticals Inc (ELTP)

[Hike]

NOTE 4 - INVENTORIES

Inventories consist of raw materials, work in process and finished goods and are stated at the lower of cost (first-in, first-out basis) or market (net realizable value), and summarized as follows:

December 31, 2012.......... March 31, 2012
Raw Materials 547,455.......... 304,882
Work-in-Process 436,976.......... —
Finished Goods — —
Total Inventory 984,431.......... 304,482