Elite Pharmaceuticals (ELTP) 10-Q 14 Nov 14 2015 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Sep. 30, 2014	Nov. 04, 2014
Document Information [Line Items]	'	'
Entity Registrant Name	'ELITE PHARMACEUTICALS INC /NV/	'
Entity Central Index Key	'0001053369	'
Current Fiscal Year End Date	'--03-31	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'ELTP	'
Entity Common Stock, Shares Outstanding	'	596,612,435
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2015	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Mar. 31, 2014
CURRENT ASSETS	'	'
Cash	$7,627,078	$6,941,777
Accounts receivable (net of allowance for doubtful accounts of $111,404 and $134,083, respectively)	1,097,784	732,076
Inventories	2,523,617	1,932,486
Prepaid expenses and other current assets	462,973	318,424
Total Current Assets	11,711,452	9,924,763
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $5,934,888 and $5,508,377, respectively	5,167,376	4,199,602
INTANGIBLE ASSETS - net of accumulated amortization of $-0-	6,358,470	6,349,922
OTHER ASSETS	'	'
Investment in Novel Laboratories, Inc.	0	3,329,322
Security deposits	37,242	16,314
Restricted cash - debt service for EDA bonds	388,952	265,043
EDA bond offering costs, net of accumulated amortization of $128,785 and $121,697, respectively	225,667	232,756
Total Other Assets	651,861	3,843,435
TOTAL ASSETS	23,889,159	24,317,722
CURRENT LIABILITIES	'	'
Current portion of EDA bonds payable	210,000	3,385,000
Short term loans and current portion of long-term debt	234,003	18,870
Related Party Line of Credit	666,329	528,750
Accounts payable and accrued expenses	2,682,439	2,214,871
Deferred revenues	13,333	13,333
Total Current Liabilities	3,806,105	6,160,824
LONG TERM LIABILITIES	'	'
EDA bonds payable - non current	2,065,000	0
Deferred revenues	132,223	138,890
Other long term liabilities	381,249	131,144
Derivative liability - preferred shares	45,885,714	60,981,570
Derivative liability - warrants	26,981,822	38,103,446
Total Long Term Liabilities	75,446,008	99,355,050
TOTAL LIABILITIES	79,252,113	105,515,874
STOCKHOLDERS' DEFICIT	'	'
Common stock - par value $0.001, Authorized 995,000,000 shares and 690,000,000 shares, respectively. Issued 591,752,031 shares and 560,242,430 shares, respectively. Outstanding 591,652,031 shares and 560,142,430 shares, respectively	591,753	560,244
Additional paid-in-capital	152,380,767	143,555,091
Accumulated deficit	-208,028,632	-225,006,646
Treasury stock at cost (100,000 common shares)	-306,841	-306,841
TOTAL STOCKHOLDERS' DEFICIT	-55,362,954	-81,198,152
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$23,889,159	$24,317,722

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2014	Mar. 31, 2014
Allowance for doubtful accounts (in dollars)	$111,404	$134,083
Accumulated depreciation on property and equipment (in dollars)	5,934,888	5,508,377
Accumulated amortization on intangible assets (in dollars)	0	0
Accumulated amortization on EDA bond offering costs (in dollars)	$128,785	$121,697
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	995,000,000	690,000,000
Common stock, shares issued	591,752,031	560,242,430
Common stock, shares outstanding	591,652,031	560,142,430
Treasury stock, shares	100,000	100,000

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUES	'	'	'	'
Manufacturing Fees	$850,934	$921,347	$1,799,971	$1,464,780
Licensing Fees	405,483	231,578	613,128	404,833
Lab Fee Revenues	0	5,972	5,000	10,972
Total Revenues	1,256,417	1,158,897	2,418,099	1,880,585
COSTS OF REVENUES	681,669	616,635	1,410,199	1,195,647
Gross Profit	574,748	542,262	1,007,900	684,938
OPERATING EXPENSES	'	'	'	'
Research and Development	3,565,181	854,777	7,585,508	1,424,268
General and Administrative	740,611	272,561	1,367,164	649,018
Non-cash compensation through issuance of stock options	53,481	18,937	77,143	28,424
Depreciation and Amortization	276,812	82,567	470,696	245,399
Total Operating Expenses	4,636,085	1,228,842	9,500,511	2,347,109
(LOSS) FROM OPERATIONS	-4,061,337	-686,580	-8,492,611	-1,662,171
OTHER INCOME / (EXPENSES)	'	'	'	'
Interest expense, net	-70,075	-255,945	-148,281	-330,723
Change in fair value of warrant derivatives	10,379,665	-6,129,579	11,121,624	-3,233,122
Change in fair value of preferred share derivatives	15,131,571	-2,565,495	12,823,356	-3,466,332
Interest expense attributable to preferred share derivatives	0	-17,476	0	-41,060
Gain on Sale on Investment	0	0	1,670,678	0
Other Income	0	19,831	0	19,831
Total Other Income / (Expense)	25,441,161	-8,948,664	25,467,377	-7,051,406
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES	21,379,824	-9,635,244	16,974,766	-8,713,577
PROVISION (CREDIT) FOR INCOME TAXES	0	2,269	-3,248	2,269
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$21,379,824	($9,637,513)	$16,978,014	($8,715,846)
NET INCOME (LOSS) PER SHARE	'	'	'	'
Basic (in dollars per share)	$0.04	($0.02)	$0.03	($0.02)
Diluted (in dollars per share)	($0.01)	($0.02)	($0.01)	($0.02)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	'	'	'	'
Basic (in shares)	577,691,292	421,991,654	571,455,027	405,073,773
Diluted (in shares)	739,869,496	421,991,654	733,633,231	405,073,773

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]
Balane at Mar. 31, 2014	($81,198,152)	$560,244	$143,555,092	($306,841)	($225,006,646)
Balance (in shares) at Mar. 31, 2014	'	560,242,430	'	100,000	'
Net Income	16,978,014	'	'	'	16,978,014
Common shares sold pursuant to the Lincoln Park Capital purchase agreement	6,227,485	19,004	6,208,481	'	'
Common shares sold pursuant to the Lincoln Park Capital purchase agreement (in shares)	'	19,004,103	'	'	'
Non-cash compensation through the issuance of stock options	77,143	'	77,143	'	'
Costs associated with raising capital	-16,364	'	-16,364	'	'
Common shares issued as commitment shares pursuant to the Lincoln Park Capital purchase agreement	0	2,228	-2,228	'	'
Common shares issued as commitment shares pursuant to the Lincoln Park Capital purchase agreement (in shares)	'	2,228,910	'	'	'
Common shares issued pursuant to the exercise of cash warrants	286,231	4,168	282,063	'	'
Common shares issued pursuant to the exercise of cash warrants (in shares)	'	4,167,423	'	'	'
Common shares issued pursuant to the exercise of cash options	4,000	33	3,967	'	'
Common shares issued pursuant to the exercise of cash options (in shares)	'	33,333	'	'	'
Common shares issued in payment of employee salaries	6,190	16	6,175	'	'
Common shares issued in payment of employee salaries (in shares)	'	15,842	'	'	'
Common shares issued pursuant to the conversion of Series I Preferred Shares	2,272,500	6,060	2,266,440	'	'
Common shares issued pursuant to the conversion of Series I Preferred Shares (in shares)	'	6,060,000	'	'	'
Balance at Sep. 30, 2014	($55,362,954)	$591,753	$152,380,767	($306,841)	($208,028,632)
Balance (in shares) at Sep. 30, 2014	'	591,752,041	'	100,000	'

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net Income Loss	$16,978,014	($8,715,846)
Adjustments to reconcile net loss to cash used in operating activities:	'	'
Depreciation and amortization	435,537	222,299
Change in fair value of warrant derivative liability	-11,121,624	3,233,122
Change in fair value of preferred share derivative liability	-12,823,356	3,466,332
Preferred share derivative interest satisfied by the issuance of common stock	0	52,196
Non-cash compensation accrued	679,771	154,750
Salaries satisfied by the issuance of common stock	6,190	0
Non-cash interest expense	0	183,391
Non-cash compensation from the issuance of common stock and options	77,143	28,424
Non-cash rent expense	5,189	3,799
Non-cash lease accretion	752	708
Gain on Sale of Investment	-1,670,678	0
Changes in Assets and Liabilities	'	'
Accounts receivable	-365,708	29,195
Inventories	-591,130	-361,527
Prepaid and other current assets	-60,861	-5,865
Accounts payable, accrued expenses and other current liabilities	-183,608	442,119
Deferred revenues and Customer deposits	-6,667	-6,667
Derivative interest payable	0	-11,135
NET CASH USED IN OPERATING ACTIVITIES	-8,641,036	-1,284,704
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Purchases of property, equipment and leasehold improvements	-1,005,087	-126,478
Costs incurred for intellectual property assets	-8,549	-22,261
Deposits to / (withdrawals from) restricted cash, net	-123,909	-27,642
Proceeds from Sale of Investment in Novel	5,000,000	0
NET CASH USED IN INVESTING ACTIVITIES	3,862,456	-176,381
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Proceeds from sale of common shares to Lincoln Park Capital	6,227,485	1,900,000
Proceeds from exercise of cash warrants and options	290,231	6,250
Proceeds from draws against credit lines from related parties	137,579	0
Payment of NJEDA bonds	-1,110,000	0
Other loan payments	-65,049	0
Costs associated with raising capital	-16,364	-47,987
NET CASH PROVIDED BY FINANCING ACTIVITIES	5,463,881	1,858,263
NET CHANGE IN CASH AND CASH EQUIVALENTS	685,301	397,178
CASH AND CASH EQUIVALENTS - beginning of period	6,941,777	369,023
CASH AND CASH EQUIVALENTS - end of period	7,627,078	766,201
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	'	'
Cash paid for interest	141,342	146,624
Cash paid for taxes	0	0
Non-Cash Financing Transactions	'	'
Financing of equipment purchases and insurance renewal	495,753	0
Commitment shares issued to Lincoln Park Capital	756,053	260,538
Conversion of Preferred Shares to Common Shares	2,272,500	9,597,945
Acquisition of intellectual property	0	5,597,317
Convertible note payable	$0	$5,597,317

DEFINITIONS

DEFINITIONS	6 Months Ended
	Sep. 30, 2014
Definitions [Abstract]	'
Definitions [Text Block]	'
	NOTE 1    -      DEFINITIONS
	“Current Balance Sheet Date” means September 30, 2014
	“Current Fiscal Year” means the twelve months ended March 31, 2015
	“Current Quarter” means the three months ended September 30, 2014
	“Current YTD” means the six months ended September 30, 2014
	“FDA” means the U.S. Food and Drug Administration
	“Hakim Credit Line Limit” equals $1,000,000
	“Hakim Credit Line Balance” equals $666,329
	“Hakim Credit Line Interest Due” equals $16,465
	“Prior Year Balance Sheet Date” means September 30, 2013
	“Prior Fiscal Year” means the twelve months ended March 31, 2014
	“Prior Year Quarter” means the three months ended September 30, 2013
	“SEC” means the Securities and Exchange Commission

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	'
	NOTE 2    -      BASIS OF PRESENTATION
	The information in this quarterly report on Form 10-Q includes the results of operations of Elite Pharmaceuticals, Inc. and its consolidated subsidiaries (collectively the “Company” or “Elite”) for the Current Quarter and Prior Year Quarter. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to rules and regulations of the Securities and Exchange Commission in accordance with accounting principles generally accepted for interim financial statement presentation. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the condensed consolidated financial position, results of operations and cash flows of the Company for the periods presented have been included.
	The financial results for the interim periods are not necessarily indicative of the results to be expected for the full year or future interim periods.
	The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2014 and filed with the SEC on June 30, 2014. There have been no changes in significant accounting policies since March 31, 2014.
	The Company does not anticipate being profitable for the Current Fiscal Year; therefore a current provision for income tax was not established for the Current Quarter. Only the minimum liability required for state corporation taxes was considered.
	Segment Reporting
	FASB ASC 280-10-50, “Disclosure about Segments of an Enterprise and Related Information” requires use of the “management approach” model for segment reporting. The management approach is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. The Company operates in one segment for the three and six months ended September 30, 2014.

CASH

CASH	6 Months Ended
	Sep. 30, 2014
Cash and Cash Equivalents [Abstract]	'
Cash and Cash Equivalents Disclosure [Text Block]	'
	NOTE 3    -      CASH
	Cash consists of cash on deposit with banks and money market instruments. The Company places its cash with high quality, U.S. financial institutions and, to date, has not experienced losses on any of its balances.

INVENTORIES

INVENTORIES	6 Months Ended
	Sep. 30, 2014
Inventory Disclosure [Abstract]	'
Inventory Disclosure [Text Block]	'
	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:
		September 30, 2014		March 31, 2014
	Raw Materials	$	2,390,825	$	1,523,341
	Work-in-Process		—		409,145
	Finished Goods		132,792		—
	Total Inventory	$	2,523,617	$	1,932,486

NJEDA_BONDS

NJEDA BONDS	6 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	NOTE 5    -       NJEDA BONDS
	Bond financing consisting of the following, as of:
		September 30		March 31
		2014		2014
	Refinanced NJEDA Bonds	$	2,275,000	$	3,385,000
	Current portion		-210,000		-3,385,000
	Long term portion, net of current maturities	$	2,065,000	$	—
	Maturities of Bonds for the next five years are as follows (please note that $1,110,000 in bond maturities scheduled for the fiscal year ending March 31, 2015 were paid during the quarter ended September 30, 2014):
	YEAR ENDING MARCH 31,	AMOUNT
	2016		210,000
	2017		220,000
	2018		85,000
	2019		90,000
	2020		95,000
	Thereafter		1,365,000
		$	2,065,000

LOANS_PAYABLE

LOANS PAYABLE	6 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Long-term Debt [Text Block]	'
	NOTE 6    -      LOANS PAYABLE
	During the ordinary course of business, the Company has secured loans to support the collateralized financing of fixed asset acquisitions, or the renewal of insurance policies. During the six months ended September 30, 2014, the Company has secured such loans with initial principal amounts totaling $496k, and with payment terms that range from 9 months to 60 months at interest rates that range from 5.68% to 7.97%.
	Loans Payable consisted of the following as of:
		September 30		March 31
		2014		2014
	Total loans	$	568,766	$	106,444
	Current Portion		233,827		18,870
	Long-term portion, net of current maturities	$	334,939		87,574
	Principal payments on loans for each fiscal year are:
	Fiscal year ending March 31, 2015	$	132,610
	Fiscal year ending March 31, 2016		169,275
	Fiscal year ending March 31, 2017		143,442
	Fiscal year ending March 31, 2018		72,609
	Fiscal year ending March 31, 2019		44,983
	Thereafter		5,847
	Total Principal Payments	$	568,766

DERIVATIVE_LIABILITIES

DERIVATIVE LIABILITIES	6 Months Ended
	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	NOTE 7    -       DERIVATIVE LIABILITIES
	Accounting Standard Codification “ASC” 815 – Derivatives and Hedging, which provides guidance on determining what types of instruments or embedded features in an instrument issued by a reporting entity can be considered indexed to its own stock for the purpose of evaluating the first criteria of the scope exception in the pronouncement on accounting for derivatives. These requirements can affect the accounting for warrants and convertible preferred instruments issued by the Company. As the conversion features within, and the detachable warrants issued with the Company’s Series I Preferred Stock, do not have fixed settlement provisions because their conversion and exercise prices may be lowered if the Company issues securities at lower prices in the future, we have concluded that the instruments are not indexed to the Company’s stock and are to be treated as derivative liabilities.
	Preferred Stock Derivative Liabilities
		Series I
	Preferred Shares Authorized		500
	Preferred shares Outstanding		100
	Underlying common shares into which Preferred may convert		142,857,143
	Closing price on valuation date	$	0.3212
	Preferred stock derivative liability at Current Balance Sheet Date	$	45,885,714
	Preferred stock derivative liability at March 31, 2014	$	60,981,570
	CHANGE IN VALUE OF PREFERRED STOCK DERIVATIVE LIABILITY
		Three months ended						Six months ended
		September 30,						September 30,
		2014			2013			2014			2013
	Change in Preferred Stock Derivative Liability	$	15,131,571		$	-2,565,495				12,823,356			-3,466,332
	Warrant Derivative Liabilities
	The portion of derivative liabilities related to outstanding warrants was valued using the Black-Scholes option valuation model and the following assumptions on the following dates:
	FAIR VALUE OF WARRANT DERIVATIVE LIABILITY
		March 31				June 30			Sept 30
		2014				2014			2014
	Risk-Free interest rate		0.05 % - 1.32	%			0.02 % - 1.25	%		0.6 % - 1.4	%
	Expected volatility		111 % - 207	%			86 % - 113	%		65 % - 108	%
	Expected life (in years)		0.3 – 4.1				0.3 – 3.8			0.0 – 3.6
	Expected dividend yield		—				—			—
	Number of warrants		102,143,091				98,439,666			97,692,999
	Fair Value of Warrant Derivative Liability	$	38,103,446			$	37,361,487		$	26,981,822
	CHANGE IN VALUE OF WARRANT DERIVATIVE LIABILITY
		Three months ended						Six months ended
		September 30						September 30
		2014			2013			2014			2013
	Change in Warrant Derivative Liability	$	10,379,665		$	-6,129,579		$	11,121,624		$	-3,233,122
	The risk free interest rate was based on rates established by the U.S. Treasury Department. The expected volatility was based on the historical volatility of the Company’s share price for periods equal to the expected life of the outstanding warrants at each valuation date. The expected dividend rate was based on the fact that the Company has not historically paid dividends on common stock and does not expect to pay dividends on common stock in the future.

OPERATING_LEASES

OPERATING LEASES	6 Months Ended
	Sep. 30, 2014
Leases, Operating [Abstract]	'
Operating Leases of Lessor Disclosure [Text Block]	'
	NOTE 8    -      OPERATING LEASES
	The Company entered into a lease for a portion of a one-story warehouse, located at 135-137 Ludlow Avenue, Northvale, New Jersey, consisting of approximately 15,000 square feet of floor space. The lease term began on July 1, 2010.
	On July 29, 2014, the Company agreed to a modification of this operating lease, with the material terms of the modification including the Company being permitted to occupy the entire 35,000 square feet in the building.
	The lease terms, as modified, include an initial term that expires on December 31, 2016, and the Company has the option to renew the lease for two additional terms of five years each. The lease is classified as an operating lease.
	The property related to this lease is used for the storage of pharmaceutical finished goods, raw materials, equipment and documents, as well as a site at which the Company engages in manufacturing packaging and distribution activities, inclusive of regulatory support and compliance activities.
	Minimum 5 year payments* for the initial term for the leasing of 35,000 square feet at 135 Ludlow are as follows:
	Fiscal year ended March 31, 2015		71,913
	Fiscal year ended March 31, 2016		203,850
	Fiscal year ended March 31, 2017		155,169
	Fiscal year ended March 31, 2018		—
	Fiscal year ended March 31, 2019		—
	Total Minimum 5 year lease payments	$	430,932
	* Minimum lease payments are exclusive of additional expenses related to certain expenses incurred in the operation and maintenance of the premises, including, without limitation, real estate taxes and common area charges which may be due under the terms and conditions of the lease, but which are not quantifiable at the time of filing of this quarterly report on Form 10-Q.
	Rent expense relating to the operating lease is recorded using the straight line method, and is summarized as follows:
	RENT EXPENSE
		Three months ended				Six months ended
		September 30,				September 30,
		2014		2013		2014		2013
	Rent Expense	$	45,214	$	22,584	$	63,003	$	45,169
	Change in deferred rent liability	$	24,010	$	1,899	$	20,595	$	3,799
	DEFERRED RENT LIABILITY (LONG-TERM LIABILITY)
		March 31		June 30		Sept 30
		2014		2014		2014
	Balance of Deferred Rent Liability	$	18,824	$	16,437	$	7,573

COMMON_STOCK

COMMON STOCK	6 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	NOTE 9           COMMON STOCK
	During the Current YTD, the Company issued shares of Common Stock, as follows:
		Shares
		Of
	Description	Common Stock
	Common shares sold pursuant to the LPC-40 Purchase Agreement	19,004,103
	Common shares issued as commitment shares pursuant to the LPC-40 Purchase Agreement	2,228,910
	Common shares issued pursuant to the exercise of cash warrants	4,167,423
	Common shares issued pursuant to the exercise of cash options	33,333
	Common shares issued in payment of employee salaries	15,842
	Common shares issued pursuant to the conversion of Series I Preferred Shares	6,060,000
	Total Common Shares issued during the Current YTD	31,509,611
	Options
	Options issued and outstanding as of the Current Balance Sheet Date are summarized as follows:
		Number of Options		Range of Exercise Prices
	Vested Options	2,132,333	$	$0.10 to $2.75
	Non-Vested Options	4,810,001	$	$0.07 to $0.4599
	Each option represents the right to purchase one share of common stock. The non-vested options are scheduled to vest in various increments during dates that are within the period beginning on June 19, 2015 and through September 15, 2017, or upon the occurrence of certain defined events and require that employees awarded such options be employed by the Company on the vesting date.

PER_SHARE_INFORMATION

PER SHARE INFORMATION	6 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	NOTE 10  -      PER SHARE INFORMATION
	Basic earnings per share of common stock (“Basic EPS”) is computed by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding. Diluted earnings per share of common stock (“Diluted EPS”) are computed by dividing the net (loss) income by the weighted-average number of shares of common stock, and dilutive common stock equivalents and convertible securities then outstanding. GAAP requires the presentation of both Basic and Diluted EPS, if such Diluted EPS is not anti-dilutive, on the face of Company’s Condensed Statements of Operations.
	The calculation of Basic EPS and Diluted EPS is summarized as follows:
		For the Three Months				For the Six Months
		Ended September 30,				Ended September 30,
		2014		2013		2014		2013
	Numerator
	Net Income (loss) attributable to common shareholders – Basic	$	21,379,824	$	-9,637,513		16,978,014		-8,715,846
	Effect of dilutive instruments on Net Income		-25,511,236		n/a		-23,944,980		n/a
	Net Income attributable to common shareholders – Diluted		-4,131,412		n/a		-6,966,966		n/a
	Denominator
	Weighted-average shares of common stock outstanding		577,691,292		421,991,654		571,455,027		40,073,773
	Dilutive effect of stock options, warrants and convertible securities		162,178,204		n/a		162,178,204		n/a
	Net (loss) income per share
	Basic	$	0.04	$	-0.02	$	0.03	$	-0.02
	Diluted	$	-0.01	$	-0.02	$	-0.01	$	-0.02

RELATED_PARTY_TRANSACTION_BORR

RELATED PARTY TRANSACTION - BORROWING AGAINST THE TREPPEL AND HAKIM CREDIT LINES	6 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Borrowing Against Treppel Credit Lint Disclosure [Text Block]	'
	NOTE 11 -      RELATED PARTY TRANSACTION - BORROWING AGAINST THE TREPPEL AND HAKIM CREDIT LINES
	The Treppel Credit Line expired on July 31, 2014, pursuant to the terms and conditions of the Treppel Credit. All principal and interest amounts have been repaid in full. As of the Current Balance Sheet Date, there were no amounts due and owing in relation to the Treppel Credit Line. For further details on the Treppel Credit Line, please refer to the Current Reports on Form 8-K filed with the SEC on June 13, 2012, December 10, 2012 and August 6, 2013, with such filings being herein incorporated by reference.
	As of the Current Balance Sheet Date, Elite owed the Hakim Credit Line Balance and the Hakim Credit Line Interest Due in relation to the Hakim Credit Line. Both amounts were recorded as current liabilities on Elite’s balance and included in the line item titled “Short term loans and current portion of long-term debt”.
	For further details on the Hakim Credit Line, please refer to exhibit 10.16 of the Quarterly Report on Form 10-Q filed with the SEC on November 14, 2013 and the Current Report on Form 8-K filed with the SEC on October 16, 2013 with filings being herein incorporated by reference.

RELATED_PARTY_TRANSACTION_MANU

RELATED PARTY TRANSACTION - MANUFACTURING AND LICENSE AGREEMENT WITH EPIC PHARMA LLC	6 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transaction, Manufacturing And License Agreement Disclosure [Text Block]	'
	NOTE 12 -     RELATED PARTY TRANSACTION – MANUFACTURING AND LICENSE AGREEMENT WITH EPIC PHARMA LLC
	On October 2, 2013, we executed a Manufacturing and License Agreement (the “Epic Agreement”) with Epic Pharma LLC. (“Epic”), to manufacture, market and sell in the United States and Puerto Rico 12 generic products owned by Elite. Of the 12 products, Epic will have the exclusive right to market six products as listed in Schedule A of the Epic Agreement, and a non-exclusive right to market six products as listed in Schedule D of the Epic Agreement. Epic is responsible for all regulatory and pharmacovigilance matters related to the products and for all costs related to the site transfer for all products. Pursuant to the Epic Agreement, Elite will receive a license fee and milestone payments. The license fee will be computed as a percentage of the gross profit, as defined in the Epic Agreement, earned by Epic as a result of sales of the products. The manufacturing cost used for the calculation of the license fee is a predetermined amount per unit plus the cost of the drug substance (API) and the sales cost for the calculation is predetermined based on net sales. If Elite manufactures any product for sale by Epic, then Epic shall pay to Elite that same predetermined manufacturing cost per unit plus the cost of the API. The license fee is payable monthly for the term of the Epic Agreement. Epic shall pay to Elite certain milestone payments as defined by the Epic Agreement. We received the first milestone payment in November 2013. Subsequent milestone payments are due upon the filing of each product’s supplement with the FDA and the FDA approval of site transfer for each product as specifically itemized in the Epic Agreement. The filing of the supplement with the FDA for Isradipine 2.5mg and Isradipine 5mg was made on March 24, 2014 and accordingly a milestone of $200,000 has been earned and is due and owing from Epic Pharma to Elite. The term of the Epic Agreement is five years and may be extended for an additional five years upon mutual agreement of the parties. Twelve months following the launch of a product covered by the Epic Agreement, Elite may terminate the marketing rights for any product if the license fee paid by Epic falls below a designated amount for a six month period of that product. Elite may also terminate the exclusive marketing rights if Epic is unable to meet the annual unit volume forecast for a designated Product group for any year, subject to the ability of Epic, during the succeeding six month period, to achieve at least one-half of the prior year’s minimum annual unit volume forecast. The Epic Agreement may be terminated by mutual agreement of Elite and Epic, as a result of a breach by either party that is not cured within 60 days’ notice of the breach or by Elite as a result of Epic becoming a party to a bankruptcy, reorganization or other insolvency proceeding that continues for a period of 30 days or more.
	Revenues earned pursuant to the Epic Agreement during the three months ended September 30, 2014 were $200,000.

SALE_OF_INVESTMENT_IN_NOVEL_LA

SALE OF INVESTMENT IN NOVEL LABORATORIES	6 Months Ended
	Sep. 30, 2014
Investments, All Other Investments [Abstract]	'
Cost-method Investments, Description [Text Block]	'
	NOTE 13-        SALE OF INVESTMENT IN NOVEL LABORATORIES
	At the end of 2006, Elite entered into a joint venture with VGS Pharma, LLC (“VGS”) and created Novel Laboratories, Inc. (“Novel”), a privately-held company specializing in pharmaceutical research, development, manufacturing, licensing, acquisition and marketing of specialty generic pharmaceuticals. Novel's business strategy is to focus on its core strength in identifying and timely executing niche business opportunities in the generic pharmaceutical area. Elite’s ownership interest in Novel consists of 9,800 shares of Novel’s Class A Voting Common Stock. As of October 1, 2007, Elite deconsolidated its financial statements from Novel and the investment in Novel is accounted for under the cost method of accounting.
	On June 10, 2014, the Company received $5 million in exchange for the 9,800 shares of Novel’s Class A Voting Common Stock owned by the Company.

CONCENTRATIONS

CONCENTRATIONS	6 Months Ended
	Sep. 30, 2014
Risks and Uncertainties [Abstract]	'
Concentration Risk Disclosure [Text Block]	'
	NOTE 14 -        CONCENTRATIONS
	Revenue Concentrations
	Four customers accounted for substantially all of the Company’s revenues for the six months ended September 30, 2014.
	Four customers accounted for substantially all of the Company’s revenues for the six months ended September 30, 2013.
	Accounts Receivable Concentrations
	Three customers accounted for substantially all of the Company’s accounts receivable as of September 30, 2014.
	Three customers accounted for substantially all of the Company’s accounts receivable as of September 30, 2013.
	Purchasing Concentrations
	Five suppliers accounted for more than 80% of the Company’s purchases of raw materials for the six months ended September 30, 2014. Included in these five suppliers are one supplier that accounted for approximately 44% of raw material purchases for this period.
	Four suppliers accounted for more than 80% of the Company’s purchases of raw materials for the six months ended September 30, 2013. Included in these three suppliers are one supplier that accounted for approximately 52% of raw material purchases for this period.

LEGAL_PROCEEDINGS

LEGAL PROCEEDINGS	6 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Legal Matters and Contingencies [Text Block]	'
	NOTE 15-          LEGAL PROCEEDINGS
	In the ordinary course of business we may be subject to litigation from time to time. Except as discussed below, there is no current, pending or, to our knowledge, threatened litigation or administrative action to which we are a party or of which our property is the subject (including litigation or actions involving our officers, directors, affiliates, or other key personnel, or holders of record or beneficially of more than 5% of any class of our voting securities, or any associate of any such party) which in our opinion has, or is expected to have, a material adverse effect upon our business, prospects financial condition or operations.
	Arbitration with Precision Dose, Inc.
	On May 9, 2014, Precision Dose Inc., the parent company of TAGI Pharmaceuticals, Inc., commenced an arbitration against the Company alleging that the Company failed to properly supply, price and satisfy gross profit minimums regarding Phentermine 37.5mg tablets, as required by the parties’ agreements. Elite denies Precision Dose’s allegations and has counterclaimed that Precision Dose is no longer entitled to exclusivity rights with respect to Phentermine 37.5mg tablets, and is responsible for certain costs, expenses, price increases and lost profits relating to Phentermine 37.5mg tablets and the parties’ agreements. As of the date of filing of this current report on Form 10-Q this arbitration proceeding was ongoing.
	GAAP requires that a contingency loss may only be recognized if the event is (1) probable and (2) the amount of the loss can be reasonably estimated. There were no liabilities of this type at September 30, 2014.

EQUITY_LINE_WITH_LINCOLN_PARK_

EQUITY LINE WITH LINCOLN PARK CAPITAL FUND LLC	6 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Equity Line With Lincoln Park Capital Fund LLC [Text Block]	'
	NOTE 16 -        EQUITY LINE WITH LINCOLN PARK CAPITAL FUND LLC
	On April 10, 2014, we entered into a purchase agreement (the “LPC-40 Purchase Agreement”), together with a registration rights agreement (the “Registration Rights Agreement”), with Lincoln Park Capital Fund, LLC (“Lincoln Park”).
	Under the terms and subject to the conditions of the LPC-40 Purchase Agreement, the Company has the right to sell to and Lincoln Park is obligated to purchase up to $40 million in shares of the Company’s common stock (“Common Stock”), subject to certain limitations, from time to time, over the 36-month period commencing on the date that a registration statement, which the Company agreed to file with the Securities and Exchange Commission (the “SEC”) pursuant to the Registration Rights Agreement, is declared effective by the SEC and a final prospectus in connection therewith is filed. The Company may direct Lincoln Park, at its sole discretion and subject to certain conditions, to purchase up to 500,000 shares of Common Stock on any business day, provided that at least one business day has passed since the most recent purchase, increasing to up to 800,000 shares, depending upon the closing sale price of the Common Stock (such purchases, “Regular Purchases”). However, in no event shall a Regular Purchase be more than $760,000. The purchase price of shares of Common Stock related to the future funding will be based on the prevailing market prices of such shares at the time of sales, but in no event will shares be sold to Lincoln Park on a day the Common Stock closing price is less than the floor price as set forth in the LPC-40 Purchase Agreement. In addition, the Company may direct Lincoln Park to purchase additional amounts as accelerated purchases if on the date of a Regular Purchase the closing sale price of the Common Stock is not below the threshold price as set forth in the LPC-40 Purchase Agreement. The Company’s sales of shares of Common Stock to Lincoln Park under the Purchase Agreement are limited to no more than the number of shares that would result in the beneficial ownership by Lincoln Park and its affiliates, at any single point in time, of more than 9.99% of the then outstanding shares of the Common Stock.
	In connection with the LPC-40 Purchase Agreement, the Company issued to Lincoln Park 1,928,641 shares of Common Stock and is required to issue up to 1,928,641 additional shares of Common Stock pro rata as the Company requires Lincoln Park to purchase the Company’s shares under the Purchase Agreement over the term of the agreement. Lincoln Park represented to the Company, among other things, that it was an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)), and the Company sold the securities in reliance upon an exemption from registration contained in Section 4(2) under the Securities Act. The securities sold may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
	The LPC-40 Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties, agreements and conditions to completing future sale transactions, indemnification rights and obligations of the parties. The Company has the right to terminate the LPC-40 Purchase Agreement at any time, at no cost or penalty. Actual sales of shares of Common Stock to Lincoln Park under the LPC-40 Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of the Common Stock and determinations by the Company as to the appropriate sources of funding for the Company and its operations. There are no trading volume requirements or restrictions under the LPC-40 Purchase Agreement. Lincoln Park has no right to require any sales by the Company, but is obligated to make purchases from the Company as it directs in accordance with the LPC-40 Purchase Agreement. Lincoln Park has covenanted not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of our shares.
	The net proceeds under the LPC-40 Purchase Agreement to the Company will depend on the frequency and prices at which the Company sells shares of its stock to Lincoln Park. The Company expects that any proceeds received by the Company from such sales to Lincoln Park under the Purchase Agreement will be used for general corporate purposes and working capital requirements.
	The foregoing descriptions of the LPC-40 Purchase Agreements and the Registration Rights Agreement are qualified in their entirety by reference to the full text of the LPC-40 Purchase Agreement and the Registration Rights Agreement, copies of which are attached to the Current Report on Form 8-K filed with the SEC on April 14, 2014 as Exhibit 10.1 and 10.2, respectively, and each of which is incorporated herein in its entirety by reference. The representations, warranties and covenants contained in such agreements were made only for purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such agreements, and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures exchanged between the parties in connection with execution of the agreements.
	A Registration Statement on Form S-1 was filed with the SEC in relation to this transaction with Lincoln Park and it was declared effective by the SEC as of May 1, 2014. A post-effective amendment to the Registration Statement was subsequently filed with the SEC and declared effective on July 1, 2014.
	During the six months ended September 30, 2014, a total of 19,004,103 shares of Common Stock were sold to Lincoln Park pursuant to the Purchase Agreement, with the proceeds of such sales of Common Stock totaling $6,227,485. An additional 300,269 shares of Common Stock were issued to Lincoln Park during this same period with such shares constituting additional commitment shares issued pursuant to the Purchase Agreement.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	NOTE 17 -       SUBSEQUENT EVENTS
	Common Stock sold pursuant to the LPC-40 Purchase Agreement
	Subsequent to the Current Balance Sheet Date and up to November 4, 2014 (the latest practicable date), a total of 4,582,256 shares of Common Stock were sold pursuant to the LPC-40 Purchase Agreement inclusive of purchase and commitment shares, with proceeds received from such transactions totaling $1,273,128.
	For further details on the LPC-40 Purchase Agreement and LPC Registration Rights Agreement, please refer to the Current Report on Form 8-K filed with the SEC on April 14, 2014, with such filing being herein incorporated by reference. A Registration Statement on Form S-3 was filed with the SEC on April 15, 2014, with amendments on Form S-1 being filed on April 28, 2014 and May 1, 2014. The Registration Statement was declared effective by the SEC on May 1, 2014. A post-effective amendment to the Registration Statement was filed with the SEC and declared effective on July 1, 2014.
	Common shares issued pursuant to the exercise of cash warrants and options
	Subsequent to the Current Balance Sheet Date, and up to November 4, 2014 (the latest practicable date), a total of 246,591 shares of Common Stock were issued pursuant to the exercise of cash warrants, with proceeds received from such transactions totaling $17,870.

INVENTORIES_Tables

INVENTORIES (Tables)	6 Months Ended
	Sep. 30, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
	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:
		September 30, 2014		March 31, 2014
	Raw Materials	$	2,390,825	$	1,523,341
	Work-in-Process		—		409,145
	Finished Goods		132,792		—
	Total Inventory	$	2,523,617	$	1,932,486

NJEDA_BONDS_Tables

NJEDA BONDS (Tables)	6 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Securities Financing Transactions [Table Text Block]	'
	Bond financing consisting of the following, as of:
		September 30		March 31
		2014		2014
	Refinanced NJEDA Bonds	$	2,275,000	$	3,385,000
	Current portion		-210,000		-3,385,000
	Long term portion, net of current maturities	$	2,065,000	$	—
Schedule of Maturities of NJEDA Bonds [Table Text Block]	'
	Maturities of Bonds for the next five years are as follows (please note that $1,110,000 in bond maturities scheduled for the fiscal year ending March 31, 2015 were paid during the quarter ended September 30, 2014):
	YEAR ENDING MARCH 31,	AMOUNT
	2016		210,000
	2017		220,000
	2018		85,000
	2019		90,000
	2020		95,000
	Thereafter		1,365,000
		$	2,065,000

LOANS_PAYABLE_Tables

LOANS PAYABLE (Tables)	6 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Long-term Debt Instruments [Table Text Block]	'
	Loans Payable consisted of the following as of:
		September 30		March 31
		2014		2014
	Total loans	$	568,766	$	106,444
	Current Portion		233,827		18,870
	Long-term portion, net of current maturities	$	334,939		87,574
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	Principal payments on loans for each fiscal year are:
	Fiscal year ending March 31, 2015	$	132,610
	Fiscal year ending March 31, 2016		169,275
	Fiscal year ending March 31, 2017		143,442
	Fiscal year ending March 31, 2018		72,609
	Fiscal year ending March 31, 2019		44,983
	Thereafter		5,847
	Total Principal Payments	$	568,766

DERIVATIVE_LIABILITIES_Tables

DERIVATIVE LIABILITIES (Tables)	6 Months Ended
	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	'
		Series I
	Preferred Shares Authorized		500
	Preferred shares Outstanding		100
	Underlying common shares into which Preferred may convert		142,857,143
	Closing price on valuation date	$	0.3212
	Preferred stock derivative liability at Current Balance Sheet Date	$	45,885,714
	Preferred stock derivative liability at March 31, 2014	$	60,981,570
Schedule Of Changes In Preferred Stock Derivative Liability [Table Text Block]	'
	CHANGE IN VALUE OF PREFERRED STOCK DERIVATIVE LIABILITY
		Three months ended						Six months ended
		September 30,						September 30,
		2014			2013			2014			2013
	Change in Preferred Stock Derivative Liability	$	15,131,571		$	-2,565,495				12,823,356			-3,466,332
Schedule of Derivative Instruments [Table Text Block]	'
	The portion of derivative liabilities related to outstanding warrants was valued using the Black-Scholes option valuation model and the following assumptions on the following dates:
	FAIR VALUE OF WARRANT DERIVATIVE LIABILITY
		March 31				June 30			Sept 30
		2014				2014			2014
	Risk-Free interest rate		0.05 % - 1.32	%			0.02 % - 1.25	%		0.6 % - 1.4	%
	Expected volatility		111 % - 207	%			86 % - 113	%		65 % - 108	%
	Expected life (in years)		0.3 – 4.1				0.3 – 3.8			0.0 – 3.6
	Expected dividend yield		—				—			—
	Number of warrants		102,143,091				98,439,666			97,692,999
	Fair Value of Warrant Derivative Liability	$	38,103,446			$	37,361,487		$	26,981,822
Schedule Of Changes In Value Of Warrant Derivative Liability [Table Text Block]	'
	CHANGE IN VALUE OF WARRANT DERIVATIVE LIABILITY
		Three months ended						Six months ended
		September 30						September 30
		2014			2013			2014			2013
	Change in Warrant Derivative Liability	$	10,379,665		$	-6,129,579		$	11,121,624		$	-3,233,122

OPERATING_LEASES_Tables

OPERATING LEASES (Tables)	6 Months Ended
	Sep. 30, 2014
Leases, Operating [Abstract]	'
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	'
	Minimum 5 year payments* for the initial term for the leasing of 35,000 square feet at 135 Ludlow are as follows:
	Fiscal year ended March 31, 2015		71,913
	Fiscal year ended March 31, 2016		203,850
	Fiscal year ended March 31, 2017		155,169
	Fiscal year ended March 31, 2018		—
	Fiscal year ended March 31, 2019		—
	Total Minimum 5 year lease payments	$	430,932
Schedule of Rent Expense [Table Text Block]	'
	Rent expense relating to the operating lease is recorded using the straight line method, and is summarized as follows:
	RENT EXPENSE
		Three months ended				Six months ended
		September 30,				September 30,
		2014		2013		2014		2013
	Rent Expense	$	45,214	$	22,584	$	63,003	$	45,169
	Change in deferred rent liability	$	24,010	$	1,899	$	20,595	$	3,799
Schedule Of Deferred Rent Liability [Table Text Block]	'
	DEFERRED RENT LIABILITY (LONG-TERM LIABILITY)
		March 31		June 30		Sept 30
		2014		2014		2014
	Balance of Deferred Rent Liability	$	18,824	$	16,437	$	7,573

COMMON_STOCK_Tables

COMMON STOCK (Tables)	6 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	'
	During the Current YTD, the Company issued shares of Common Stock, as follows:
		Shares
		Of
	Description	Common Stock
	Common shares sold pursuant to the LPC-40 Purchase Agreement	19,004,103
	Common shares issued as commitment shares pursuant to the LPC-40 Purchase Agreement	2,228,910
	Common shares issued pursuant to the exercise of cash warrants	4,167,423
	Common shares issued pursuant to the exercise of cash options	33,333
	Common shares issued in payment of employee salaries	15,842
	Common shares issued pursuant to the conversion of Series I Preferred Shares	6,060,000
	Total Common Shares issued during the Current YTD	31,509,611
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
	Options issued and outstanding as of the Current Balance Sheet Date are summarized as follows:
		Number of Options		Range of Exercise Prices
	Vested Options	2,132,333	$	$0.10 to $2.75
	Non-Vested Options	4,810,001	$	$0.07 to $0.4599

PER_SHARE_INFORMATION_Tables

PER SHARE INFORMATION (Tables)	6 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
	The calculation of Basic EPS and Diluted EPS is summarized as follows:
		For the Three Months				For the Six Months
		Ended September 30,				Ended September 30,
		2014		2013		2014		2013
	Numerator
	Net Income (loss) attributable to common shareholders – Basic	$	21,379,824	$	-9,637,513		16,978,014		-8,715,846
	Effect of dilutive instruments on Net Income		-25,511,236		n/a		-23,944,980		n/a
	Net Income attributable to common shareholders – Diluted		-4,131,412		n/a		-6,966,966		n/a
	Denominator
	Weighted-average shares of common stock outstanding		577,691,292		421,991,654		571,455,027		40,073,773
	Dilutive effect of stock options, warrants and convertible securities		162,178,204		n/a		162,178,204		n/a
	Net (loss) income per share
	Basic	$	0.04	$	-0.02	$	0.03	$	-0.02
	Diluted	$	-0.01	$	-0.02	$	-0.01	$	-0.02

DEFINITIONS_Details_Textual

DEFINITIONS (Details Textual) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Debt Instrument [Line Items]	'	'
Notes Payable, Related Parties, Current	$666,329	$528,750
Hakim Credit Line [Member]	'	'
Debt Instrument [Line Items]	'	'
Line of Credit Facility, Maximum Borrowing Capacity	1,000,000	'
Notes Payable, Related Parties, Current	666,329	'
Interest Payable, Current	$16,465	'

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Inventory [Line Items]	'	'
Raw Materials	$2,390,825	$1,523,341
Work-in-Process	0	409,145
Finished Goods	132,792	0
Total Inventory	$2,523,617	$1,932,486

NJEDA_BONDS_Details

NJEDA BONDS (Details) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Debt Instrument [Line Items]	'	'
Current portion	($210,000)	($3,385,000)
Long term portion, net of current maturities	2,065,000	0
Njeda Bonds [Member]	'	'
Debt Instrument [Line Items]	'	'
Refinanced NJEDA Bonds	2,275,000	3,385,000
Current portion	-210,000	-3,385,000
Long term portion, net of current maturities	$2,065,000	$0

NJEDA_BONDS_Details_1

NJEDA BONDS (Details 1) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Debt Instrument [Line Items]	'	'
2016	$132,610	'
2017	169,275	'
2018	143,442	'
2019	72,609	'
2020	5,847	'
Thereafter	44,983	'
Secured Debt	2,065,000	0
Njeda Bonds [Member]	'	'
Debt Instrument [Line Items]	'	'
2016	210,000	'
2017	220,000	'
2018	85,000	'
2019	90,000	'
2020	95,000	'
Thereafter	1,365,000	'
Secured Debt	$2,065,000	$0

NJEDA_BONDS_Details_Textual

NJEDA BONDS (Details Textual) (USD $)	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Repayments of Long-term Debt	$1,110,000	$0

LOANS_PAYABLE_Details

LOANS PAYABLE (Details) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Debt Instrument [Line Items]	'	'
Total loans	$568,766	$106,444
Current Portion	233,827	18,870
Long-term portion, net of current maturities	$334,939	$87,574

LOANS_PAYABLE_Details_1

LOANS PAYABLE (Details 1) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Fiscal year ending March 31, 2015	$132,610	'
Fiscal year ending March 31, 2016	169,275	'
Fiscal year ending March 31, 2017	143,442	'
Fiscal year ending March 31, 2018	72,609	'
Fiscal year ending March 31, 2019	44,983	'
Thereafter	5,847	'
Total Principal Payments	$568,766	$106,444

LOANS_PAYABLE_Details_Textual

LOANS PAYABLE (Details Textual) (USD $)	6 Months Ended
	Sep. 30, 2014
Debt Instrument [Line Items]	'
Debt Instrument, Face Amount	$496
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	5.68%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum	7.97%
Maximum [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Term	'60 months
Minimum [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Term	'9 months

DERIVATIVE_LIABILITIES_Details

DERIVATIVE LIABILITIES (Details) (Series I Preferred Stock Derivative Liability [Member], USD $)	Sep. 30, 2014	Mar. 31, 2014
Series I Preferred Stock Derivative Liability [Member]	'	'
Class of Stock [Line Items]	'	'
Preferred Shares Authorized	500	'
Preferred shares Outstanding	100	'
Underlying common shares into which Preferred may convert	142,857,143	'
Closing price on valuation date	$0.32	'
Preferred stock derivative liability	$45,885,714	$60,981,570

DERIVATIVE_LIABILITIES_Details1

DERIVATIVE LIABILITIES (Details 1) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative [Line Items]	'	'	'	'
Change in Preferred Stock Derivative Liability	$15,131,571	($2,565,495)	$12,823,356	($3,466,332)

DERIVATIVE_LIABILITIES_Details2

DERIVATIVE LIABILITIES (Details 2) (USD $)	3 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Class of Warrant or Right [Line Items]	'	'	'
Fair Value of Warrant Derivative Liability	26,981,822	37,361,487	38,103,446
Warrant [Member]	'	'	'
Class of Warrant or Right [Line Items]	'	'	'
Expected dividend yield	0.00%	0.00%	0.00%
Number of warrants	97,692,999	98,439,666	102,143,091
Warrant [Member] | Minimum [Member]	'	'	'
Class of Warrant or Right [Line Items]	'	'	'
Risk-Free interest rate	0.60%	0.02%	0.05%
Expected volatility	65.00%	86.00%	111.00%
Expected life (in years)	'0 years	'3 months 18 days	'3 months 18 days
Warrant [Member] | Maximum [Member]	'	'	'
Class of Warrant or Right [Line Items]	'	'	'
Risk-Free interest rate	1.40%	1.25%	1.32%
Expected volatility	108.00%	113.00%	207.00%
Expected life (in years)	'3 years 7 months 6 days	'3 years 9 months 18 days	'4 years 1 month 6 days

DERIVATIVE_LIABILITIES_Details3

DERIVATIVE LIABILITIES (Details 3) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative [Line Items]	'	'	'	'
Change in Warrant Derivative Liability	$10,379,665	($6,129,579)	$11,121,624	($3,233,122)

OPERATING_LEASES_Details

OPERATING LEASES (Details) (USD $)	Sep. 30, 2014
Minimum 5 Year Lease Payments	'
Fiscal year ended March 31, 2015	$71,913
Fiscal year ended March 31, 2016	203,850
Fiscal year ended March 31, 2017	155,169
Fiscal year ended March 31, 2018	0
Fiscal year ended March 31, 2019	0
Total Minimum 5 year lease payments	$430,932

OPERATING_LEASES_Details_1

OPERATING LEASES (Details 1) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Operating Leased Assets [Line Items]	'	'	'	'
Rent Expense	$45,214	$22,584	$63,003	$45,169
Change in deferred rent liability	$24,010	$1,899	$5,189	$3,799

OPERATING_LEASES_Details_2

OPERATING LEASES (Details 2) (USD $)	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Operating Leased Assets [Line Items]	'	'	'
Balance of Deferred Rent Liability	$7,573	$16,437	$18,824

OPERATING_LEASES_Details_Textu

OPERATING LEASES (Details Textual)	6 Months Ended
	Sep. 30, 2014
Operating Leased Assets [Line Items]	'
Description of Lessee Leasing Arrangements, Operating Leases	'initial term that expires on December 31, 2016, and the Company has the option to renew the lease for two additional terms of five years each.

COMMON_STOCK_Details

COMMON STOCK (Details) (Common Stock [Member])	6 Months Ended
	Sep. 30, 2014
Common Stock [Member]	'
Class of Stock [Line Items]	'
Common shares sold pursuant to the LPC-40 Purchase Agreement	19,004,103
Common shares issued as commitment shares pursuant to the LPC-40 Purchase Agreement	2,228,910
Common shares issued pursuant to the exercise of cash warrants	4,167,423
Common shares issued pursuant to the exercise of cash options	33,333
Common shares issued in payment of employee salaries	15,842
Common shares issued pursuant to the conversion of Series I Preferred Shares	6,060,000
Total Common Shares issued during the Current YTD	31,509,611

COMMON_STOCK_Details_1

COMMON STOCK (Details 1) (USD $)	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	2,132,333
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares	4,810,001
Maximum [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	2.75
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value	0.4599
Minimum [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	0.1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value	0.07

PER_SHARE_INFORMATION_Details

PER SHARE INFORMATION (Details) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Numerator	'	'	'	'
Net Income (loss) attributable to common shareholders - Basic	$21,379,824	($9,637,513)	$16,978,014	($8,715,846)
Effect of dilutive instruments on Net Income	-25,511,236	0	-23,944,980	0
Net Income attributable to common shareholders - Diluted	($4,131,412)	$0	($6,966,966)	$0
Denominator	'	'	'	'
Weighted-average shares of common stock outstanding	577,691,292	421,991,654	571,455,027	405,073,773
Dilutive effect of stock options, warrants and convertible securities	162,178,204	0	162,178,204	0
Net (loss) income per share	'	'	'	'
Basic (in dollars per share)	$0.04	($0.02)	$0.03	($0.02)
Diluted (in dollars per share)	($0.01)	($0.02)	($0.01)	($0.02)

RELATED_PARTY_TRANSACTION_MANU1

RELATED PARTY TRANSACTION - MANUFACTURING AND LICENSE AGREEMENT WITH EPIC PHARMA LLC (Details Textual) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]	'	'	'	'
Revenue, Net, Total	$1,256,417	$1,158,897	$2,418,099	$1,880,585
Epic Pharma Llc [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Income From Milestone Payments under Manufacturing and License Agreement	'	'	200,000	'
Revenue, Net, Total	$200,000	'	'	'

SALE_OF_INVESTMENT_IN_NOVEL_LA1

SALE OF INVESTMENT IN NOVEL LABORATORIES (Details Textual) (Novel Laboratories Inc [Member], USD $)	6 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2006
Novel Laboratories Inc [Member]	'	'
Schedule of Cost-method Investments [Line Items]	'	'
Noncontrolling Interest, Ownership Shares Held by Parent	'	9,800
Proceeds from Divestiture of Interest in Joint Venture	$5	'

CONCENTRATIONS_Details_Textual

CONCENTRATIONS (Details Textual) (Cost of Goods, Total [Member], Supplier Concentration Risk [Member])	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
	Four Suppliers [Member]	Five Suppliers [Member]	One Out of Five Suppliers [Member]	One Out Of Four Suppliers [Member]
Concentration Risk [Line Items]	'	'	'	'
Concentration Risk, Percentage	80.00%	80.00%	44.00%	52.00%

EQUITY_LINE_WITH_LINCOLN_PARK_1

EQUITY LINE WITH LINCOLN PARK CAPITAL FUND LLC (Details Textual) (USD $)	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Equity Line With Lincoln Park Capital Fund LLC [Line Items]	'	'
Proceeds from Issuance of Common Stock	$6,227,485	$1,900,000
Lincoln Park Capital Fund, LLC [Member]	'	'
Equity Line With Lincoln Park Capital Fund LLC [Line Items]	'	'
Purchase Agreement, Value of Shares, Right to Sell, Maximum Amount	40,000,000	'
Purchase Agreement, Number of Shares, Right to Sell, Maximum Shares per Business Day	500,000	'
Purchase Agreement, Number of Shares, Regular Purchases, Maximum Shares per Business Day	800,000	'
Purchase Agreement, Value of Shares, Regular Purchases, Maximum Shares per Business Day	760,000	'
Purchase Agreement, Percentage of Outstanding Shares of Common Stock	9.99%	'
Common Stock Issue One [Member] | Lincoln Park Capital Fund, LLC [Member]	'	'
Equity Line With Lincoln Park Capital Fund LLC [Line Items]	'	'
Stock Issued During Period, Shares, Issued for Capital Purchase Agreement	1,928,641	'
Common Stock Issue Two [Member] | Lincoln Park Capital Fund, LLC [Member]	'	'
Equity Line With Lincoln Park Capital Fund LLC [Line Items]	'	'
Stock Issued During Period, Shares, Issued for Capital Purchase Agreement	300,269	'
Common Stock [Member]	'	'
Equity Line With Lincoln Park Capital Fund LLC [Line Items]	'	'
Stock Issued During Period, Shares, Issued for Capital Purchase Agreement	2,228,910	'
Stock Issued During Period, Shares, New Issues	19,004,103	'
Common Stock [Member] | Lincoln Park Capital Fund, LLC [Member]	'	'
Equity Line With Lincoln Park Capital Fund LLC [Line Items]	'	'
Stock Issued During Period, Shares, New Issues	19,004,103	'
Proceeds from Issuance of Common Stock	$6,227,485	'

SUBSEQUENT_EVENTS_Details_Text

SUBSEQUENT EVENTS (Details Textual) (USD $)	6 Months Ended		0 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Nov. 04, 2014	Nov. 04, 2014
			Subsequent Event [Member]	Subsequent Event [Member]
			Common Stock [Member]	Common Stock [Member]
				LPC-40 Purchase Agreement [Member]
Subsequent Event [Line Items]	'	'	'	'
Sale of Stock, Number of Shares Issued in Transaction	'	'	'	4,582,256
Proceeds from Issuance of Common Stock	$6,227,485	$1,900,000	'	$1,273,128
Stock Issued During Period, Shares, Conversion of Units	'	'	246,591	'
Proceeds from Issuance of Warrants	'	'	$17,870	'