ELITE PHARMACEUTICALS, INC. AND SUBSIDIARIES
INDEX
Page No.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets as of June 30, 2013 (unaudited) and March 31, 2013 (audited) F-1
Condensed Consolidated Statements of Operations for the three months ended June 30, 2013 (unaudited) and June 30, 2012 (unaudited) F-3
Condensed Consolidated Statement of Changes in Stockholders’ Deficit for the three months ended June 30, 2013 (unaudited) F-4
Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2013 (unaudited) and June 30, 2012 (unaudited) F-5
Notes to Condensed Consolidated Financial Statements F-6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 1
Item 3. Quantitative and Qualitative Disclosures about Market Risk 13
Item 4. Controls and Procedures 13
PART II – OTHER INFORMATION
Item 1. Legal Proceedings 14
Item 1A. Risk Factors 14
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 14
Item 3. Defaults upon Senior Securities 14
Item 4. Mine Safety Disclosures 14
Item 5. Other Information 14
Item 6. Exhibits 16
SIGNATURES 22
ELITE PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30,
2013
(Unaudited) March 31,
2013
(Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 231,102 $ 369,023
Accounts receivable (net of allowance for doubtful accounts of -0-) 499,083 665,154
Inventories (net of reserve of -0- and $93,338, respectively) 938,624 1,358,146
Prepaid expenses and other current assets 116,218 151,051
Total Current Assets 1,785,027 2,543,374
PROPERTY AND EQUIPMENT , net of accumulated depreciation of $5,174,531 and $5,068,522, respectively 3,958,495 4,028,943
INTANGIBLE ASSETS – net of accumulated amortization of $-0- 712,922 694,426
OTHER ASSETS
Investment in Novel Laboratories, Inc. 3,329,322 3,329,322
Security deposits 14,314 14,314
Restricted cash – debt service for EDA bonds 348,650 267,820
EDA bond offering costs, net of accumulated amortization of $111,064 and $107,519, respectively 243,389 246,934
Total Other Assets 3,935,675 3,858,390
TOTAL ASSETS $ 10,392,119 $ 11,125,133
The accompanying notes are an integral part of the condensed consolidated financial statements.
F - 1
ELITE PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
