Elite Pharmaceuticals (ELTP) 10-Q/A 30 Dec 15 2016 Q1 Quarterly report (amended) Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	true
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	ELITE PHARMACEUTICALS INC /NV/
Entity Central Index Key	1,053,369
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ELTP
Entity Common Stock, Shares Outstanding		660,922,943
Amendment Description	This amended Form 10-Q for the quarter ended June 30, 2015 (“Form 10-Q/A”) only amends information in Part I, Item 1 and Item 2 of the original Form 10-Q, previously filed with the Commission on August 10, 2015 (the “Original Filing”). Specifically, we have restated our financial statement and revised our Management’s Discussion and Analysis of Financial Condition and Results of Operations to (i) correct our treatment of revenue recognition for the non-refundable $5,000,000 payment from Epic Pharma LLC (“Epic”) pursuant to our Licensing Agreement dated June 4, 2015 with Epic; (ii) correct our accounting treatment for Convertible Preferred Stock; and (iii) in response to certain comments received from the Securities and Exchange Commission. All other information and items as presented in the Original Filing and as included herein are unchanged. Except for the foregoing amended and restated information, this Amendment does not amend, update or change any other information presented in the Original Filing. In addition, as required by Rule 12b-15 of the Securities Exchange Act of 1934, this Form 10-Q/A contains new certifications by our principal executive officer and our principal financial and accounting officer, filed as exhibits hereto

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Mar. 31, 2015
CURRENT ASSETS
Cash	$ 11,616,636	$ 7,464,180
Accounts receivable (net of allowance for doubtful accounts of $272,620 and $272,620, respectively)	1,048,619	1,446,441
Inventories	2,863,213	3,032,002
Prepaid expenses and other current assets	256,523	388,061
Total Current Assets	15,784,991	12,330,684
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $6,232,032 and $6,074,117, respectively	6,953,593	6,401,802
INTANGIBLE ASSETS - net of accumulated amortization of $-0-	6,388,411	6,381,774
OTHER ASSETS
Security deposits	181,065	198,481
Restricted cash - debt service for EDA bonds	388,959	388,959
EDA bond offering costs, net of accumulated amortization of $139,419 and $135,874, respectively	215,034	218,579
Total Other Assets	785,058	806,019
TOTAL ASSETS	29,912,053	25,920,279
CURRENT LIABILITIES
Current portion of EDA bonds payable	210,000	210,000
Short term loans and current portion of long-term debt	235,041	265,165
Related Party Line of Credit	411,709	583,071
Accounts payable and accrued expenses	2,494,571	3,997,528
Deferred revenues	1,013,333	13,333
Total Current Liabilities	4,364,654	5,069,097
LONG TERM LIABILITIES
EDA bonds payable - non current	2,065,000	2,065,000
Deferred revenues	4,038,890	125,557
Other long term liabilities	563,224	629,138
Derivative liabilities	10,548,312	17,762,573
Total Long Term Liabilities	17,215,426	20,582,268
TOTAL LIABILITIES	21,580,080	25,651,365
STOCKHOLDERS' DEFICIT
Common stock - par value $0.001, Authorized 995,000,000 shares and 690,000,000 shares, respectively. Issued 660,013,790 shares and 631,160,701 shares, respectively. Outstanding 659,013,790 shares and 630,060,701 shares, respectively	660,019	631,162
Additional paid-in-capital	116,656,782	106,926,328
Accumulated deficit	(137,249,415)	(141,981,735)
Treasury stock at cost (100,000 common shares)	(306,841)	(306,841)
TOTAL STOCKHOLDERS’ DEFICIT	(20,239,455)	(34,731,086)
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT	29,912,053	25,920,279
MEZZANINE EQUITY [Member]
LONG TERM LIABILITIES
Convertible preferred shares	$ 28,571,428	$ 35,000,000

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Allowance for doubtful accounts (in dollars)	$ 272,620	$ 272,620
Accumulated depreciation on property and equipment (in dollars)	6,232,032	6,074,117
Accumulated amortization on intangible assets (in dollars)	0	0
Accumulated amortization on EDA bond offering costs (in dollars)	$ 139,419	$ 135,874
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	995,000,000	690,000,000
Common stock, shares issued	660,013,790	631,160,701
Common stock, shares outstanding	659,013,790	630,060,701
Treasury stock, shares	100,000	100,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
REVENUES
Manufacturing Fees	$ 1,675,773	$ 949,037
Licensing Fees	487,332	207,645
Lab Fee Revenues	0	5,000
Total Revenues	2,163,105	1,161,682
COSTS OF REVENUES	1,196,968	728,530
Gross Profit	966,137	433,152
OPERATING EXPENSES
Research and Development	2,366,262	4,020,325
General and Administrative	754,444	626,555
Non-cash compensation through issuance of stock options	90,479	23,662
Depreciation and Amortization	161,460	193,885
Total Operating Expenses	3,372,645	4,864,427
INCOME (LOSS) FROM OPERATIONS	(2,406,508)	(4,431,275)
OTHER INCOME / (EXPENSES)
Interest expense	(72,683)	(78,205)
Change in fair value of derivative liabilities	7,214,261	741,960
Gain on Sale on Investment	0	1,670,678
Other Income (Expense)	(2,750)	3,248
Total Other Income / (Expense)	7,138,828	2,337,681
NET INCOME (LOSS)	4,732,320	(2,093,594)
Change in carrying value of convertible preferred share mezzanine equity	6,428,571	(2,308,216)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 11,160,891	$ (4,401,810)
NET INCOME (LOSS) PER SHARE
Basic (in dollars per share)	$ 0.02	$ (0.01)
Diluted (in dollars per share)	$ 0	$ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic (in shares)	646,851,543	565,150,231
Diluted (in shares)	812,605,460	733,912,128

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT - 3 months ended Jun. 30, 2015 - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]
Balane at Mar. 31, 2015	$ (34,731,086)	$ 631,162	$ 106,926,328	$ (306,841)	$ (141,981,735)
Balance (in shares) at Mar. 31, 2015		631,160,701		100,000
Net Income	4,732,320				4,732,320
Change in carrying value of convertible preferred mezzanine equity	6,428,571		6,428,571
Common shares sold pursuant to the Lincoln Park Capital purchase agreement	2,040,591	$ 9,565	2,031,026
Common shares sold pursuant to the Lincoln Park Capital purchase agreement (in shares)		9,559,945
Non-cash compensation through the issuance of stock options	90,478		90,478
Common shares issued as commitment shares pursuant to the Lincoln Park Capital purchase agreement	0	$ 98	(98)
Common shares issued as commitment shares pursuant to the Lincoln Park Capital purchase agreement (in shares)		98,388
Common shares issued pursuant to the exercise of cash warrants	1,199,671	$ 19,194	1,180,477
Common shares issued pursuant to the exercise of cash warrants (in shares)		19,194,756
Balance at Jun. 30, 2015	$ (20,239,455)	$ 660,019	$ 116,656,782	$ (306,841)	$ (137,249,415)
Balance (in shares) at Jun. 30, 2015		660,013,790		100,000

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ 4,732,320	$ (2,093,594)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Depreciation and amortization	161,460	209,395
Change in fair value of derivative liabilities	(7,214,261)	(741,960)
Non-cash compensation accrued	573,667	451,271
Non-cash compensation from the issuance of common stock and options	90,478	23,662
Non-cash rent expense	(5,495)	(2,387)
Non-cash lease accretion	396	373
Gain on Sale of Investment	0	(1,670,678)
Changes in Assets and Liabilities
Accounts receivable	397,822	(434,673)
Inventories	168,789	(593,429)
Prepaid expenses and other current assets	148,953	102,513
Accounts payable, accrued expenses and other current liabilities	(2,076,625)	540,177
Deferred revenues and Customer deposits	4,913,333	(3,334)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	1,890,838	(4,212,664)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, equipment and leasehold improvements	(709,706)	(678,811)
Costs incurred for intellectual property assets	(6,637)	(6,611)
Deposits to / (withdrawals from) restricted cash, net	0	(74,359)
Proceeds from Sale of Investment	0	5,000,000
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(716,343)	4,240,219
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common shares	2,040,591	896,613
Proceeds from exercise of cash warrants and options	1,199,671	239,564
Proceeds / (Payments) from draws against credit lines from related parties	(171,362)	88,314
Other loan payments	(90,938)	(11,498)
Costs associated with raising capital	0	(9,360)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	2,977,962	1,203,633
NET CHANGE IN CASH AND CASH EQUIVALENTS	4,152,457	1,231,189
CASH AND CASH EQUIVALENTS - beginning of period	7,464,180	6,941,777
CASH AND CASH EQUIVALENTS - end of period	11,616,636	8,172,965
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	22,552	77,832
Cash paid for taxes	0	0
Non-Cash Financing Transactions
Financing of equipment purchases and insurance renewal	0	272,727
Commitment shares issued to Lincoln Park Capital	849,897	653,264
Change in carrying value of convertible preferred mezzanine equity	$ 6,428,571	$ (2,308,216)

DEFINITIONS

DEFINITIONS	3 Months Ended
	Jun. 30, 2015
Definitions [Abstract]
Definitions [Text Block]	NOTE 1 - DEFINITIONS “Current Balance Sheet Date” means June 30, 2015 “Current Fiscal Year” means the twelve months ended March 31, 2016 “Current Quarter” means the three months ended June 30, 2015 “Current YTD” means the three months ended June 30, 2015 “EPIC” “ FDA “Hakim Credit Line Limit” equals $ 1,000,000 “Hakim Credit Line Balance” equals $ 411,709 “Hakim Credit Line Interest Due” equals $ 31,281 “ Prior Year Balance Sheet Date “ Prior Fiscal Year “ Prior Year Quarter “SEC” means the Securities and Exchange Commission

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	NOTE 2 - BASIS OF PRESENTATION The financial statements in this amended quarterly report on Form 10-Q are restated to correct errors in accounting that were identified in the previously issued quarterly report on Form 10-Q which was filed with the SEC on August 10, 2015. Please refer to Note 4 for further details on the specifics and effects of these corrections of accounting error. 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 and restated condensed consolidated financial statements have been prepared pursuant to rules and regulations of the SEC 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 and restated 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, 2015 and filed with the SEC on June 15, 2015. 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. Collaborative Arrangements Contracts are considered to be collaborative arrangements when they satisfy the following criteria defined in ASC 808, “Collaborative Arrangements”: ⋅ The parties to the contract must actively participate in the joint operating activity; and ⋅ The joint operating activity must expose the parties to the possibility of significant risks and rewards, based on whether or not the activity is successful. The Company entered into a licensing agreement with Epic Pharma LLC, dated June 4, 2015 (the “Epic Collaborative Agreement”), which has been determined to satisfy the criteria for consideration as a collaborative agreement, and is accounted for accordingly, in accordance with GAAP. Revenue Recognition The Company enters into licensing, manufacturing and development agreements which may include multiple revenue generating activities, including, without limitation, milestones, license fees, product sales and services. These multiple elements are assessed in accordance ASC 605-25 Revenue Recognition for Multiple-Element Arrangements . An arrangement component is considered to be a separate unit of accounting if the deliverable relating to the component has value to the customer on a standalone basis, and if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in control of the Company. The Company recognizes payments received pursuant to a multiple revenue agreement as revenue, only if the related delivered item(s) have stand-alone value and the fair value can be determined, with the arrangement being accordingly accounted for as a separate unit of accounting. If such delivered item(s) are considered to either not have stand-alone value, or if the fair value cannot be determined, the arrangement is accounted for as a single unit of accounting, and the payments received are recognized as revenue over the estimated period of when performance obligations relating to the item(s) will be performed. Whenever the Company determines that an arrangement should be accounted for as a single unit of accounting, we determine the period over which the performance obligations will be performed and revenue will be recognized. If we cannot reasonably estimate the timing and the level of effort to complete our performance obligations under a multiple-element arrangement, revenues are then recognized on a straight-line basis over the period encompassing the expected completion of such obligations, with such period being reassessed at each subsequent reporting period. Arrangement consideration is allocated at the inception of the arrangement to all deliverables on the basis of their relative selling price (the relative selling price method). When applying the relative selling price method, the selling price of each deliverable is determined using vendor-specific objective evidence of selling price, if such exists; otherwise, third-part evidence of selling price. If neither vendor-specific objective evidence nor third-party evidence of selling price exists for a deliverable, the Company uses its best estimate of the selling price for that deliverable when applying the relative selling price method. In deciding whether we can determine vendor-specific objective evidence or third-party evidence of selling price, the Company does not ignore information that is reasonably available without undue cost and effort. When determining the selling price for significant deliverables under a multiple-element revenue arrangement, the Company considers any or all of the following, depending on information available or information that could be reasonably available without undue cost and effort: vendor-specific objective evidence, third party evidence or best estimate of selling price. More specifically, factors considered can include, without limitation and as appropriate, size of market for specific a product, number of suppliers and other competitive market factors, forecast market shares and gross profits, barriers/time frames to market entry/launch, intellectual property rights and protections, exclusive or non-exclusive arrangements, costs of similar/identical deliverables from third parties, contractual terms, including, without limitation, length of contract, renewal rights, commercial terms, profit allocations, and other commercial, financial, tangible and intangible factors that may be relevant in the valuation of a specific deliverable. 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 disaggregates its product revenues into the type of marketing authorization relating to each product, specifically ANDA’s for generic products or NDA’s for branded products. 2,080 1,157

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	3 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES Our Condensed Consolidated Financial Statements, have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates and judgment, including those related to bad debts, intangible assets, income taxes, workers compensation, and contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Management believes the following critical accounting policies, among others, affect its more significant judgments and estimates used in the preparation of its Consolidated Financial Statements. The most critical accounting policies include the recognition of revenue upon completion of certain phases of projects under research and development contracts. Management also assess a need for an allowance to reduce the deferred tax assets to the amount that is more likely than not to be realized. Management assess the recoverability of inventory, long-lived assets and intangible assets whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Management assess exposure to current commitments and contingencies. It should be noted that actual results may differ from these estimates under different assumptions or conditions. Accounts receivable are comprised of balances due from customers net of estimated allowances for uncollectible accounts. In determining collectability, historical trends are evaluated and specific customer issues are reviewed to arrive at appropriate allowances. The accounting treatment of warrants and preferred share series issued is determined pursuant to the guidance provided by subtopics 470, 480, 815 and 270 of the Accounting Standard Codification. Each feature of these instruments, including, without limitation, any rights relating to subsequent dilutive issuances, dividend issuances, equity sales, rights offerings, forced conversions, optional redemptions, automatic monthly conversions, dividends and exercise are assessed with determinations made regarding the proper classification on the Company’s statement of financial position, results of operations, cash flow statement and statement of changes in equity.

RESTATEMENT OF PRIOR FINANCIAL

RESTATEMENT OF PRIOR FINANCIAL INFORMATION	3 Months Ended
	Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]	- RESTATEMENT OF PRIOR FINANCIAL INFORMATION After receiving a comment letter from the SEC in connection with its standard periodic reviews by the Commission of the Company’s Form 10-K for the Fiscal Year Ended March 31, 2015, Form 10-Q for the Quarterly Period Ended June 30, 2015 and, in the process of review, Form 10-Q, as amended, for the Quarterly Period Ended September 30, 2015, the Company conducted further reviews of the financial statements. Based on such reviews, the following determinations were made: Error in Accounting for License Agreement with EPIC The Company determined that the accounting treatment for the recognition of revenue relating to a $ 5 The correction of this accounting error only has no effect on periods prior to the quarter ended June 30, 2015. Please note that the $5 million payment received from Epic is non-refundable. Recognition of this payment as revenue on its date of receipt or over the exclusivity period (currently coinciding with the five year term of the Epic Collaborative Agreement), does not alter the fact that the Company is not required to return any portion of this $5 million received from Epic, and the Company can, and have used these funds to advance the Company’s business objectives. Accordingly, management believes that this correction of error has no material effect on the Company’s operations or future prospects. Based on a straight line amortization over the exclusivity period, currently coinciding with the 5 year term of the Epic Collaborative Agreement, subsequent quarterly periods will include the recognition of $ 250,000 Please also see Note 15 for further details of the Epic Collaborative Agreement. As of June 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Deferred Revenues, Current $ 13,333 $ 1,000,000 $ 1,013,333 Deferred Revenues, Long Term $ 122,223 $ 3,916,667 $ 4,038,890 Accumulated deficit $ (179,999,418) $ 42,750,003 1 $ (137,249,415) 1 Please note that the adjustments to accumulated deficit include those amounts relating to the correction of accounting error for the convertible preferred stock (see below) as well as relating to the correction of accounting error for revenue recognition from the Epic Collaborative Agreement (see above). Three Months Ended June 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Licensing fee $ 403,999 $ 83,333 $ 487,332 Product Development Licensing $ 5,000,000 $ (5,000,000) $ - Net Income (Loss) Attributable to common shareholders $ 16,077,557 $ (4,916,653) $ 11,160,891 Net Income (Loss) Per Share Basic $ 0.02 $ - $ 0.02 Diluted $ (0.00) $ - $ (0.00) Accounting for convertible preferred shares prior to the quarter ended September 30, 2015 The Company determined that the accounting for Convertible Preferred Stock (“Preferred Derivatives”) for periods prior to the quarter ended September 30, 2015 was incorrect. Specifically, it has been determined the Preferred Derivatives which had originally been classified as derivative liabilities prior to the quarter ended September 30, 2015, should instead be accounted for as quasi equity instruments and recorded as mezzanine equity. In addition, the Preferred Derivatives which were recorded at fair value each reporting period, with changes recorded in net income, will instead be recorded at the maximum redemption amount each reporting period with changes recorded in additional paid in capital. Accordingly, the change in carrying value of the Preferred Derivatives, which was originally included in the calculation of net income as well as the calculation of net income attributable to common shareholders prior to the quarter ended September 30, 2015, should instead be included only in the calculation of net income attributable to common shareholders. Correction of this error in accounting has no effect on earnings per share. In accordance with the guidance provided by the SEC’s Staff Accounting Bulletin 99, Materiality Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements As of June 30, 2015 As Previously Adjustments As Corrected Condensed Consolidated Balance Sheet Derivative liabilities $ 39,119,741 $ (28,571,429) $ 10,548,312 Convertible preferred shares $ — $ 28,571,428 $ 28,571,428 Additional paid-in capital $ 164,323,451 $ (47,666,669) $ 116,656,782 Accumulated deficit $ (179,999,418) $ 42,750,003 2 $ (137,249,415) 2 Please note that the adjustments to accumulated deficit include those amounts relating to the correction of accounting error for the convertible preferred stock (see above) as well as relating to the correction of accounting error for revenue recognition from the Epic Collaborative Agreement (see above) Three Months Ended June 30, 2015 As Previously Adjustments As Corrected Condensed Consolidated Statement of Operations Change in fair value of derivative liabilities $ 13,642,832 $ (6,428,571) $ 7,214,261 Change in carrying value of convertible preferred share mezzanine equity $ - $ 6,428,571 $ 6,428,571 Net Income (Loss) Attributable to common shareholders $ 16,077,557 $ (4,916,666) 3 $ 11,160,891 Net Income (Loss) Per Share Basic $ 0.02 $ — $ 0.02 Diluted $ (0.00 ) $ — $ (0.00 ) 3 Adjustments to net income (loss) attributable to common shareholders relate only to the correction of accounting error for revenue recognition from the Epic Collaborative Agreement (see above). The correction in accounting error relating to the convertible preferred shares has no effect on net income (loss) attributable to common shareholders. Three Months Ended June 30, 2015 As Previously Adjustments As Corrected Condensed Consolidated Statement of Cash Flows Net Income (Loss) $ 16,077,557 $ (11,345,237) $ 4,732,320 Change in fair value of derivative liabilities $ (13,642,832) $ 6,428,571 $ (7,214,261) Net cash used in operating activities $ 1,890,837 $ — $ 1,890,837 As of March 31, 2015 As Previously Adjustments As Corrected Condensed Consolidated Balance Sheet Derivative liabilities $ 52,762,573 $ (35,000,000) $ 17,762,573 Convertible preferred shares $ — $ 35,000,000 $ 35,000,000 Additional paid-in capital $ 161,021,568 $ (54,095,240) $ 106,926,328 Accumulated deficit $ (196,076,975) $ 54,095,240 $ (141,981,735) Year Ended March 31, 2015 As Previously Adjustments As Corrected Condensed Consolidated Statement of Operations Change in fair value of derivative liabilities $ 25,602,370 $ (23,709,070) $ 1,893,300 Change in carrying value of convertible preferred share mezzanine equity $ — $ 23,709,070 $ 23,709,070 Net Income (Loss) Attributable to common shareholders $ 28,929,674 $ — $ 28,929,674 Net Income (Loss) Per Share Basic $ 0.05 $ — $ 0.05 Diluted $ (0.02) $ — $ (0.02) Year Ended March 31, 2015 As Previously Adjustments As Corrected Condensed Consolidated Statement of Cash Flows Net Income (Loss) $ 28,929,674 $ — $ 28,929,674 Change in fair value of derivative liabilities $ (25,602,370) $ 23,709,070 $ (1,893,300) Change in carrying value of convertible preferred share mezzanine equity $ — $ (23,709,070) $ (23,709,070) Net cash used in operating activities $ (15,103,233) $ — $ (15,103,233) As of December 31, 2014 As Previously Adjustments As Corrected Condensed Consolidated Balance Sheet Derivative liabilities $ 32,285,714 $ (32,285,714) $ — Convertible preferred shares $ — $ 32,285,714 $ 32,285,714 Additional paid-in capital $ 156,170,459 $ (51,380,954) $ 104,789,505 Accumulated deficit $ (187,011,861) $ 51,380,954 $ (135,630,907) Three Months Ended December 31, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Operations Change in fair value of derivative liabilities $ 13,600,000 $ (13,600,000) $ — Change in carrying value of convertible preferred share mezzanine equity $ — $ 13,600,000 $ 13,600,000 Net Income (Loss) Attributable to common shareholders $ 21,016,770 $ — $ 21,016,770 Net Income (Loss) Per Share Basic $ 0.03 $ — $ 0.03 Diluted $ (0.00) $ — $ (0.00) Nine Months Ended December 31, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Cash Flows Net Income (Loss) $ 37,994,786 $ — $ 37,994,786 Change in fair value of derivative liabilities $ (26,423,356) $ 26,423,356 $ — Change in carrying value of convertible preferred share mezzanine equity $ — $ (26,423,356) $ (26,423,356) Net cash used in operating activities $ (11,246,722) $ — $ (11,246,722) As of September 30, 2014 As Previously Adjustments As Corrected Condensed Consolidated Balance Sheet Derivative liabilities $ 45,885,714 $ (45,885,714) $ — Convertible preferred shares $ — $ 45,885,714 $ 45,885,714 Additional paid-in capital $ 152,380,767 $ (64,980,954) $ 87,399,813 Accumulated deficit $ (208,028,632) $ 64,980,954 $ 143,047,678 Three Months Ended September 30, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Operations Change in fair value of preferred share derivatives $ 15,131,571 $ (15,131,571) $ — Change in carrying value of convertible preferred share mezzanine equity $ — $ 15,131,571 $ 15,131,571 Net Income (Loss) Attributable to common shareholders $ 21,379,824 $ — $ 21,379,824 Net Income (Loss) Per Share Basic $ 0.04 $ — $ 0.04 Diluted $ (0.01) $ — $ (0.01) Six Months Ended September 30, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Cash Flows Net Income (Loss) $ 16,978,014 $ — $ 16,978,014 Change in fair value of derivative liabilities $ (12,823,356) $ 12,823,356 $ — Change in carrying value of convertible preferred share mezzanine equity $ — $ (12,823,356) $ (12,823,356) Net cash used in operating activities $ (8,641,036) $ — $ (8,641,036) As of June 30, 2014 As Previously Adjustments As Corrected Condensed Consolidated Balance Sheet Derivative liabilities $ 63,289,786 $ (63,289,786) $ — Convertible preferred shares $ — $ 63,289,786 $ 63,289,786 Additional paid-in capital $ 144,697,772 $ (80,112,526) $ 64,585,246 Accumulated deficit $ (229,408,456) $ 80,112,526 $ (149,295,930) Three Months Ended June 30, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Operations Change in fair value of derivative liabilities1 $ (2,308,216) $ 2,308,216 $ — Change in carrying value of convertible preferred share mezzanine equity $ — $ 2,308,216 $ 2,308,216 Net Income (Loss) Attributable to common shareholders $ (4,401,810) $ — $ (4,401,810) Net Income (Loss) Per Share Basic $ (0.01) $ — $ (0.01) Diluted $ (0.01) $ — $ (0.01) 1 Balance in financial statements presented of $ 741,960 Three Months Ended June 30, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Cash Flows Net Income (Loss)2 $ (4,401,810) $ — $ (4,401,810) Change in fair value of derivative liabilities $ 2,308,216 $ (2,308,216) $ — Change in carrying value of convertible preferred share mezzanine equity $ — $ (2,308,216) $ (2,308,216) Net cash used in operating activities $ (4,212,663) $ — $ (4,212,663) 2 In previously reported financial statements Net Income (Loss) Attributable to common shareholders was used to reconcile net income (loss) to cash provided by (used in) operating activities. As of March 31, 2014 As Previously Adjustments As Corrected Condensed Consolidated Balance Sheet Derivative liabilities $ 60,981,570 $ (60,981,570) $ — Convertible preferred shares $ — $ 60,981,570 $ 60,981,570 Additional paid-in capital $ 143,555,091 $ (77,804,310) $ 65,750,781 Accumulated deficit $ (255,006,646) $ 77,804,310 $ 177,202,336 Year Ended March 31, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Operations Change in fair value of derivative liabilities $ (56,518,425) $ 55,314,374 $ 1,204,051 Change in carrying value of convertible preferred share mezzanine equity $ — $ (55,314,374) $ (55,314,374) Net Income (Loss) Attributable to common shareholders $ (96,575,271) $ — $ (96,575,271) Net Income (Loss) Per Share Basic $ (0.21) $ — $ (0.21) Diluted $ (0.21) $ — $ (0.21) Year Ended March 31, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Cash Flows Net Income (Loss) $ (96,575,271) $ — $ (96,575,271) Change in fair value of derivative liabilities $ 56,518,425 $ (55,314,374) $ (1,204,051) Change in carrying value of convertible preferred share mezzanine equity $ — $ 55,314,374 $ 55,314,374 Net cash used in operating activities $ (4,216,875) $ — $ (4,216,875)

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	3 Months Ended
	Jun. 30, 2015
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents Disclosure [Text Block]	NOTE 5 - CASH AND CASH EQUIVALENTS 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	3 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	NOTE 6 - INVENTORIES June 30, 2015 March 31, 2015 Raw Materials $ 2,590,233 $ 2,850,459 Work-in-Process 160,394 58,771 Finished Goods 112,586 122,772 Total Inventory $ 2,863,213 $ 3,032,002

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure [Text Block]	NOTE 7 - INTANGIBLE ASSETS Costs to acquire intangible assets are capitalized and if such assets are determined to have a finite useful life, amortized to expense on a straight-line Patent application costs capitalized were incurred in relation to the Company’s abuse deterrent opioid technology. Amortization of such patent costs will begin upon the issuance of marketing authorization by the FDA of a product incorporating such patented technology and be calculated on a straight line basis through the expiry of the related patent(s). All intangible assets are tested for impairment on at least an annual basis, or sooner, should events or changes in circumstances occur that may indicate a potential impairment of a listed intangible asset. June 30, 2015 March 31, 2015 Patent application costs $ 341,094 $ 334,457 ANDA acquisitions 6,047,317 6,047,317 Less: accumulated amortization — — Net Intangible Assets $ 6,388,411 $ 6,381,774

NJEDA BONDS

NJEDA BONDS	3 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 8 - NJEDA BONDS Bond financing consisting of the following, as of: June 30, 2015 March 31, 2015 Refinanced NJEDA Bonds $ 2,275,000 $ 2,275,000 Current portion (210,000) (210,000) Long term portion, net of current maturities $ 2,065,000 $ 2,065,000 YEAR ENDING MARCH 31, AMOUNT 2016 $ 210,000 2017 220,000 2018 85,000 2019 90,000 2020 95,000 Thereafter 1,575,000 $ 2,275,000

LOANS PAYABLE

LOANS PAYABLE	3 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-term Debt [Text Block]	NOTE 9 - 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 three months ended June 30, 2015, the Company has not secured such loans. June 30, 2015 March 31, 2015 Total loans $ 734,566 $ 825,503 Current Portion 235,041 265,165 Long-term portion, net of current maturities $ 499,525 $ 560,338 Fiscal year ending March 31, 2016 $ 174,228 Fiscal year ending March 31, 2017 251,967 Fiscal year ending March 31, 2018 136,601 Fiscal year ending March 31, 2019 104,676 Fiscal year ending March 31, 2020 67,095 Thereafter — Total Principal Payments $ 734,567

WARRANT DERIVATIVE LIABILITIES

WARRANT DERIVATIVE LIABILITIES	3 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE 10 - WARRANT DERIVATIVE LIABILITIES Accounting Standard Codification “ASC” 815 – Derivatives and Hedging FAIR VALUE OF WARRANT DERIVATIVE LIABILITY March 31 June 30 2015 2015 Risk-Free interest rate 0.05% - 0.89% 0.3% - 1.0% Expected volatility 93% - 113% 74% - 95% Expected life (in years) 1.2 – 3.1 0.0 – 2.8 Expected dividend yield — — Number of warrants 89,870,034 70,675,278 Fair Value of Warrant Derivative Liability $ 17,762,573 $ 10,548,312 Three months ended June 30 2015 2014 Change in Warrant Derivative Liability $ (7,214,261) $ 741,960 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.

MEZZANINE EQUITY - CONVERTIBLE

MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES	3 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Preferred Stock [Text Block]	NOTE 11 - MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES On February 6, 2014, the Company created the Series I Convertible Preferred Shares (“Series I Preferred”). A total of 500 100 100,000 0.01 ⋅ Conversion feature - the Series I Preferred Shares may be converted, at the option of the Holder, into the Company’s Common Stock at a stated conversion price of $ 0.07 ⋅ Subsequent dilutive issuances - if the Company issues options at a price below the Conversion Price, then the Conversion Price will be reduced. ⋅ Subsequent dividend issuances - if the Company issues Common Stock in lieu of cash in satisfaction of its dividend obligation on its Series C Certificate, the applicable Conversion Price of the Series I Preferred is adjusted. Based on Management’s review of the COD, the host instrument, the Series I Preferred Shares, will be classified as mezzanine equity. The above identified embedded financial instruments: Conversion Feature, Subsequent Dilutive Issuances and Subsequent Dividend Issuances will not be bifurcated from the host and are therefore classified as mezzanine equity with the Series I Preferred. The Series I Preferred will be carried at the maximum redemption value, with changes in this value charged to retained earnings or to additional paid-in capital in the absence of retained earnings. CONVERTIBLE PREFERRED MEZZANINE EQUITY June 30, March 31, Shares authorized 500 500 Shares outstanding 100 100 Par value $ 0.01 $ 0.01 Stated value $ 100,000 $ 100,000 Conversion price $ 0.07 $ 0.07 Common shares to be issued upon redemption 142,857,143 142,857,143 Closing price on valuation date $ 0.2000 $ 0.2450 Carrying value of convertible preferred mezzanine equity $ 28,571,428 $ 35,000,000

OPERATING LEASES

OPERATING LEASES	3 Months Ended
	Jun. 30, 2015
Leases, Operating [Abstract]
Operating Leases of Lessor Disclosure [Text Block]	NOTE 12 - 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 On July 29, 2014, the Company modified this operating lease, with the material terms of the modification including the Company being permitted to occupy the entire 35,000 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 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. 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 — Fiscal year ended March 31, 2020 — Total Minimum 5 year lease payments $ 359,019 * 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 Three months ended June 30, 2015 2014 Rent Expense $ 45,214 $ 17,789 Change in deferred rent liability $ (5,496) $ (3,415) June 30 2015 Balance of Deferred Rent Liability $ 37,027

COMMON STOCK

COMMON STOCK	3 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 13 COMMON STOCK Shares Of Description Common Stock Common shares sold pursuant to the LPC-40 Purchase Agreement 9,559,945 Common shares issued as commitment shares pursuant to the LPC-40 Purchase Agreement 98,388 Common shares issued pursuant to the exercise of cash warrants 19,194,756 Total Common Shares issued during the Current YTD 28,853,089 Options Number of Options Range of Exercise Prices Vested Options 3,317,167 $0.07 to $2.75 Non-Vested Options 4,325,000 $0.07 to $0.46 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 July 23, 2015 and through October 20, 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	3 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 14 - 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. For the Three Months Ended June 30, 2015 2014 Numerator Net Income (loss) attributable to common shareholders – Basic $ 11,160,891 $ (4,401,810) Effect of dilutive instruments on Net Income (13,642,832) n/a Net Income attributable to common shareholders – Diluted $ (2,481,941) $ (4,401,810) Denominator Weighted-average shares of common stock outstanding - basic $ 646,851,543 $ 565,150,231 Dilutive effect of stock options, warrants and convertible securities 165,753,917 n/a Weighted average shares of common stock outstanding - diluted $ 812,605,460 $ 565,150,231 Net (loss) income per share Basic $ 0.02 $ (0.01) Diluted $ 0.00 $ (0.01)

COLLABORATIVE AGREEMENT WITH EP

COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC	3 Months Ended
	Jun. 30, 2015
Collaborative Arrangement [Abstract]
Collaborative Arrangement Disclosure [Text Block]	NOTE 15 - COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC 15 During the three months ended June 30, 2015, Elite received non-refundable payments totaling $5 million from Epic for the exclusive right to product development sales and distribution of ELI-200 pursuant to the Epic Collaborative Agreement, under which it agreed to not permit marketing or selling of ELI-200 within the United States of America to any other party. Such exclusive rights are considered a deliverable element of the Epic Collaborative Agreement pursuant to ASC 605-25, Revenue Recognition – Multiple Element Arrangements. These nonrefundable payments represent consideration for certain exclusive rights to ELI-200 and will be recognized ratably over the Epic Exclusivity Period. Additional payments under the Epic Collaborative Agreement will be recognized as the defined elements are completed and collectability is reasonably assured .

SALE OF INVESTMENT IN NOVEL LAB

SALE OF INVESTMENT IN NOVEL LABORATORIES	3 Months Ended
	Jun. 30, 2015
Investments, All Other Investments [Abstract]
Cost-method Investments, Description [Text Block]	NOTE 16 - SALE OF INVESTMENT IN NOVEL LABORATORIES At the end of 2006, Elite entered into a joint venture with VGS Pharma, LLC (“ VGS Novel On June 10, 2014, the Company received $ 5

CONCENTRATIONS

CONCENTRATIONS	3 Months Ended
	Jun. 30, 2015
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	NOTE 17 - CONCENTRATIONS Revenue Concentrations The Company disaggregates its product revenues into the type of marketing authorization relating to each product, specifically the following two reportable segments: 1. ANDA’s for generic products; or 2. NDA’s for branded products. During the 3 months ended June 30, 2015 and June 30, 2014, the Company recognized $ 2,163 1,157 Three customers accounted for substantially all of the Company’s revenues for the three months ended June 30, 2015 and June 30, 2015 Accounts Receivable Concentrations Th ree customers accounted for substantially all of the Company’s accounts receivable as of June 30, 2015 and June 30, 2014. Purchasing Concentrations Six suppliers accounted for more than 80 43 Five suppliers accounted for more than 80 44

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	3 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Legal Matters and Contingencies [Text Block]	NOTE 18 - LEGAL PROCEEDINGS In the ordinary course of business the Company 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 the Company 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 amended current report on Form 10-Q/A, the parties have reached agreement in settlement of these issues, with Precision Dose agreeing to pay certain amounts to the Company in exchange for Elite agreeing to restore exclusivity rights with respect to Phentermine 37.5mg tablets, subject to certain defined conditions. The Company has notified the Arbitrator of this settlement and is awaiting the Arbitrator’s issuance of the proceeding termination document. 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 June 30, 2015.

EQUITY LINE WITH LINCOLN PARK C

EQUITY LINE WITH LINCOLN PARK CAPITAL FUND LLC	3 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Equity Line With Lincoln Park Capital Fund LLC [Text Block]	NOTE 19 - EQUITY LINE WITH LINCOLN PARK CAPITAL FUND LLC On April 10, 2014, the Company 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 $ 40 500,000 800,000 760,000 9.99 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 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. 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 three months ended June 30, 2015, a total of 9,559,945 2,031,026 98,388 2,407,014 896,613 1,971,873

RELATED PARTY TRANSACTION AGREE

RELATED PARTY TRANSACTION AGREEMENTS	3 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 20 - RELATED PARTY TRANSACTION AGREEMENTS The Company has entered into two agreements with Epic which constitute agreements with a related party due to the management of Epic including a member on our Board of Directors. On June 4, 2015, the Company entered into the Epic Collaborative Agreement (please see Note 15 above) The Epic Collaborative Agreement includes milestone payments totaling $ 10 • The Company’s performance is required to achieve each milestone; and • The milestones will relate to past performance, when achieved; and • The milestones are reasonable relative to all of the deliverables and payment terms within the Epic Collaborative Agreement. After marketing authorization is received from the FDA, Elite will receive a license fee which is based on profits achieved from the commercial sales of ELI-200. There can be no assurances of the Company filing an NDA and receiving marketing authorization for ELI-200, and accordingly, there can be no assurances that the Company will earn and receive the additional $ 10 On October 2, 2013, Elite executed the Epic Pharma Manufacturing and License Agreement (the “Epic Generic Agreement”), which granted rights to Epic to manufacture twelve generic products whose ANDA’s are owned by Elite, and to market, in the United States and Puerto Rico, six of these products on an exclusive basis, and the remaining six products on a non-exclusive basis. These products will be manufactured at Epic, with Epic being responsible for the manufacturing site transfer supplements that are a prerequisite to each product being approved for commercial sale. In addition, Epic is responsible for all regulatory and pharmacovigilance matters, as well as all marketing and distribution activities. Elite has no further obligations or deliverables under the Epic Generic Agreement. Pursuant to the Epic Generic Agreement, Elite will receive $ 1.8 Both the Epic Collaborative Agreement and the Epic Generic Agreement contain license fees that will be earned and payable to the Company, after the FDA has issued marketing authorization(s) for the related product(s). License fees are based on commercial sales of the products achieved by Epic and calculated as a percentage of not less than 50% and not more than 60% of net sales dollars realized from such commercial sales. Net sales dollars consist of gross invoiced sales less those costs and deductions directly attributable to each invoiced sale, including, without limitation, cost of goods sold, cash discounts, Medicaid rebates, state program rebates, price adjustments, returns, short date adjustments, charge backs, promotions and marketing costs. The rate applied to the net sales dollars to determine license fees due to the Company is equal to an amount negotiated and agreed to by the parties to each agreement, with the following significant factors, inputs, assumptions and methods, without limitation, being considered by either or both parties: • Assessment of the opportunity for each product in the market, including consideration of the following, without limitation: market size, number of competitors, the current and estimated future regulatory, legislative and social environment for abuse deterrent opioids and the other generic products to which the underlying contracts are relevant; • Assessment of various avenues for monetizing ELI-200 and the twelve ANDA’s owned by the Company, including the various combinations of sites of manufacture and marketing options; • Elite’s resources and capabilities with regards to the concurrent development of abuse deterrent opioids and expansion of its generic business segment, including financial and operational resources required to achieve manufacturing site transfers for twelve approved ANDA’s; • Capabilities of each party with regards to various factors, including, one or more of the following: manufacturing, marketing, regulatory and financial resources, distribution capabilities, ownership structure, personnel, assessments of operational efficiencies and entity stability, company culture and image; • Stage of development of ELI-200 and manufacturing site transfer and regulatory requirements relating to the commercialization of the generic products at the time of the discussions/negotiations, and an assessment of the risks, probability and time frames for achieving marketing authorizations from the FDA for each product. • Assessment of consideration offered; and • Comparison of the above factors among the various entities with whom the Company was engaged in discussions relating to the commercialization of ELI-200 and the manufacture/marketing of the twelve generics related to the Epic Generic Agreement.

MANUFACTURING, LICENSE AND DEVE

MANUFACTURING, LICENSE AND DEVELOPMENT AGREEMENTS	3 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transaction, Manufacturing And License Agreement Disclosure [Text Block]	NOTE 21 - MANUFACTURING, LICENSE AND DEVELOPMENT AGREEMENTS The Company has entered into the following agreements: • License agreement with Precision Dose, dated September 10, 2010 (the “Precision Dose License Agreement”) • Manufacturing and Supply Agreement with Ascend Laboratories Inc., dated June 23, 2011 and as amended on September 24, 2012 and January 19, 2015 (the “Ascend Manufacturing Agreement”) • Development and license agreement with a private, Hong Kong based company, dated March 16, 2012 (the “Hong Kong Development Agreement”); and • Development agreement with Akorn Pharmaceuticals, dated January 10, 2011 (the “Akorn Agreement”). The Precision Dose Agreement provides for the marketing and distribution, by Precision Dose and its wholly owned subsidiary, TAGI Pharma, of Phentermine 37.5mg tablets (launched in April 2011), Phentermine 15mg capsules (launched in April 2013), Phentermine 30mg capsules (launched in April 2013), Hydromorphone 8mg tablets (launched in March 2012), Naltrexone 50mg tablets (launched in September 2013) and certain additional products that require approval from the FDA which has not been received. Precision Dose will have the exclusive right to market these products in the United States and Puerto Rico and a non-exclusive right to market the products in Canada. Pursuant to the Precision Dose License Agreement, Elite received $200k at signing, and is receiving milestone payments and a license fee which is based on profits achieved from the commercial sale of the products included in the agreement. Revenue from the $200k payment made upon signing of the Precision Dose Agreement is being recognized over the life of the Precision Dose Agreement. The milestones, totaling $500k, consist of amounts due upon the first shipment of each identified product, as follows: Phentermine 37.5mg tablets ($145k), Phentermine 15 & 30mg capsules ($45k), Hydromorphone 8mg ($125k), Naltrexone 50mg ($95k) and the balance of $95k due in relation to the first shipment of generic products which still require marketing authorizations from the FDA, and to which there can be no assurances of such marketing authorizations being granted and accordingly there can be no assurances that the Company will earn and receive these milestone amounts. • The Company’s performance is required to achieve each milestone; and • The milestones will relate to past performance, when achieved; and • The milestones are reasonable relative to all of the deliverables and payment terms within the Precision Dose License Agreement. The license fees provided for in the Precision Dose Agreement are calculated as a percentage of not less than 50 60 • Assessment of the opportunity for each generic product in the market, including consideration of the following, without limitation: market size, number of competitors, the current and estimated future regulatory, legislative and social environment for each generic product, and the maturity of the market; • Assessment of various avenues for monetizing the generic products, including the various combinations of sites of manufacture and marketing options; • Capabilities of each party with regards to various factors, including, one or more of the following: manufacturing resources, marketing resources, financial resources, distribution capabilities, ownership structure, personnel, assessment of operational efficiencies and stability, company culture and image; • Stage of development of each generic products, all of which did not have FDA approval at the time of the discussions/negotiations and an assessment of the risks, probability and time frame for achieving marketing authorizations from the FDA for the products; • Assessment of consideration offered by Precision and other entities with whom discussions were conducted; and • Comparison of the above factors among the various entities with whom the Company was engaged in discussions relating to the commercialization of the generic products. The Ascend Manufacturing Agreement provides for the manufacturing by Elite of Methadone 10mg for supply to Ascend Laboratories LLC (“Ascend”). Ascend is the owner of the approved ANDA for Methadone 10mg, and the Northvale Facility is an approved manufacturing site for this ANDA. There are no license fees or milestones relating to this agreement. All revenues earned are recognized as manufacturing revenues on the date of shipment of the product, when title for the goods is transferred, and for which the price is agreed to and it has been determined that collectability is reasonably assured. The initial shipment of Methadone 10mg pursuant to the Ascend Manufacturing Agreement occurred in January 2012. The Hong Kong Development Agreement provides for Elite to develop a branded prescription pharmaceutical product (the “Prescription Product”) for a private Hong Kong-based company (the “Hong Kong Customer”). There is currently no development activity being conducted pursuant to this agreement, and there was no activity conducted during the last fiscal year as well. There can be no assurances that development activities will resume or that a resumption of development activities will result in the successful development of the relevant product. The Akorn Agreement was executed on January 10, 2011 between Hi-Tech Pharmacal Inc. (subsequently acquired by Akorn Pharmaceuticals) and provides for Elite to develop an intermediate product which will be incorporated into the finished formulation of a generic version of a prescription product for Akorn Pharmaceuticals (“Akorn”). There is currently no development activity being conducted pursuant to this agreement and there was no activity during the last fiscal year as well. There can be no assurances that development activities will resume or that a resumption of development activities will result in the successful development of the relevant product.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 22 - SUBSEQUENT EVENTS Common Stock sold pursuant to the LPC-40 Purchase Agreement Subsequent to the Current Balance Sheet Date and up to August 3, 2015 (the latest practicable date), a total of 614,191 121,246 Common shares issued pursuant to the exercise of cash warrants and options Subsequent to the Current Balance Sheet Date, and up to August 3, 2015 (the latest practicable date), a total of 294,962 18,435

RESTATEMENT OF PRIOR FINANCIA29

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Tables)	3 Months Ended
	Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	As a result of the aforementioned changes, the financial statements have been restated as follows: As of June 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Deferred Revenues, Current $ 13,333 $ 1,000,000 $ 1,013,333 Deferred Revenues, Long Term $ 122,223 $ 3,916,667 $ 4,038,890 Accumulated deficit $ (179,999,418) $ 42,750,003 1 $ (137,249,415) 1 Please note that the adjustments to accumulated deficit include those amounts relating to the correction of accounting error for the convertible preferred stock (see below) as well as relating to the correction of accounting error for revenue recognition from the Epic Collaborative Agreement (see above). Three Months Ended June 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Licensing fee $ 403,999 $ 83,333 $ 487,332 Product Development Licensing $ 5,000,000 $ (5,000,000) $ - Net Income (Loss) Attributable to common shareholders $ 16,077,557 $ (4,916,653) $ 11,160,891 Net Income (Loss) Per Share Basic $ 0.02 $ - $ 0.02 Diluted $ (0.00) $ - $ (0.00) As of June 30, 2015 As Previously Adjustments As Corrected Condensed Consolidated Balance Sheet Derivative liabilities $ 39,119,741 $ (28,571,429) $ 10,548,312 Convertible preferred shares $ — $ 28,571,428 $ 28,571,428 Additional paid-in capital $ 164,323,451 $ (47,666,669) $ 116,656,782 Accumulated deficit $ (179,999,418) $ 42,750,003 2 $ (137,249,415) 2 Please note that the adjustments to accumulated deficit include those amounts relating to the correction of accounting error for the convertible preferred stock (see above) as well as relating to the correction of accounting error for revenue recognition from the Epic Collaborative Agreement (see above) Three Months Ended June 30, 2015 As Previously Adjustments As Corrected Condensed Consolidated Statement of Operations Change in fair value of derivative liabilities $ 13,642,832 $ (6,428,571) $ 7,214,261 Change in carrying value of convertible preferred share mezzanine equity $ - $ 6,428,571 $ 6,428,571 Net Income (Loss) Attributable to common shareholders $ 16,077,557 $ (4,916,666) 3 $ 11,160,891 Net Income (Loss) Per Share Basic $ 0.02 $ — $ 0.02 Diluted $ (0.00 ) $ — $ (0.00 ) 3 Adjustments to net income (loss) attributable to common shareholders relate only to the correction of accounting error for revenue recognition from the Epic Collaborative Agreement (see above). The correction in accounting error relating to the convertible preferred shares has no effect on net income (loss) attributable to common shareholders. Three Months Ended June 30, 2015 As Previously Adjustments As Corrected Condensed Consolidated Statement of Cash Flows Net Income (Loss) $ 16,077,557 $ (11,345,237) $ 4,732,320 Change in fair value of derivative liabilities $ (13,642,832) $ 6,428,571 $ (7,214,261) Net cash used in operating activities $ 1,890,837 $ — $ 1,890,837 As of March 31, 2015 As Previously Adjustments As Corrected Condensed Consolidated Balance Sheet Derivative liabilities $ 52,762,573 $ (35,000,000) $ 17,762,573 Convertible preferred shares $ — $ 35,000,000 $ 35,000,000 Additional paid-in capital $ 161,021,568 $ (54,095,240) $ 106,926,328 Accumulated deficit $ (196,076,975) $ 54,095,240 $ (141,981,735) Year Ended March 31, 2015 As Previously Adjustments As Corrected Condensed Consolidated Statement of Operations Change in fair value of derivative liabilities $ 25,602,370 $ (23,709,070) $ 1,893,300 Change in carrying value of convertible preferred share mezzanine equity $ — $ 23,709,070 $ 23,709,070 Net Income (Loss) Attributable to common shareholders $ 28,929,674 $ — $ 28,929,674 Net Income (Loss) Per Share Basic $ 0.05 $ — $ 0.05 Diluted $ (0.02) $ — $ (0.02) Year Ended March 31, 2015 As Previously Adjustments As Corrected Condensed Consolidated Statement of Cash Flows Net Income (Loss) $ 28,929,674 $ — $ 28,929,674 Change in fair value of derivative liabilities $ (25,602,370) $ 23,709,070 $ (1,893,300) Change in carrying value of convertible preferred share mezzanine equity $ — $ (23,709,070) $ (23,709,070) Net cash used in operating activities $ (15,103,233) $ — $ (15,103,233) As of December 31, 2014 As Previously Adjustments As Corrected Condensed Consolidated Balance Sheet Derivative liabilities $ 32,285,714 $ (32,285,714) $ — Convertible preferred shares $ — $ 32,285,714 $ 32,285,714 Additional paid-in capital $ 156,170,459 $ (51,380,954) $ 104,789,505 Accumulated deficit $ (187,011,861) $ 51,380,954 $ (135,630,907) Three Months Ended December 31, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Operations Change in fair value of derivative liabilities $ 13,600,000 $ (13,600,000) $ — Change in carrying value of convertible preferred share mezzanine equity $ — $ 13,600,000 $ 13,600,000 Net Income (Loss) Attributable to common shareholders $ 21,016,770 $ — $ 21,016,770 Net Income (Loss) Per Share Basic $ 0.03 $ — $ 0.03 Diluted $ (0.00) $ — $ (0.00) Nine Months Ended December 31, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Cash Flows Net Income (Loss) $ 37,994,786 $ — $ 37,994,786 Change in fair value of derivative liabilities $ (26,423,356) $ 26,423,356 $ — Change in carrying value of convertible preferred share mezzanine equity $ — $ (26,423,356) $ (26,423,356) Net cash used in operating activities $ (11,246,722) $ — $ (11,246,722) As of September 30, 2014 As Previously Adjustments As Corrected Condensed Consolidated Balance Sheet Derivative liabilities $ 45,885,714 $ (45,885,714) $ — Convertible preferred shares $ — $ 45,885,714 $ 45,885,714 Additional paid-in capital $ 152,380,767 $ (64,980,954) $ 87,399,813 Accumulated deficit $ (208,028,632) $ 64,980,954 $ 143,047,678 Three Months Ended September 30, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Operations Change in fair value of preferred share derivatives $ 15,131,571 $ (15,131,571) $ — Change in carrying value of convertible preferred share mezzanine equity $ — $ 15,131,571 $ 15,131,571 Net Income (Loss) Attributable to common shareholders $ 21,379,824 $ — $ 21,379,824 Net Income (Loss) Per Share Basic $ 0.04 $ — $ 0.04 Diluted $ (0.01) $ — $ (0.01) Six Months Ended September 30, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Cash Flows Net Income (Loss) $ 16,978,014 $ — $ 16,978,014 Change in fair value of derivative liabilities $ (12,823,356) $ 12,823,356 $ — Change in carrying value of convertible preferred share mezzanine equity $ — $ (12,823,356) $ (12,823,356) Net cash used in operating activities $ (8,641,036) $ — $ (8,641,036) As of June 30, 2014 As Previously Adjustments As Corrected Condensed Consolidated Balance Sheet Derivative liabilities $ 63,289,786 $ (63,289,786) $ — Convertible preferred shares $ — $ 63,289,786 $ 63,289,786 Additional paid-in capital $ 144,697,772 $ (80,112,526) $ 64,585,246 Accumulated deficit $ (229,408,456) $ 80,112,526 $ (149,295,930) Three Months Ended June 30, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Operations Change in fair value of derivative liabilities1 $ (2,308,216) $ 2,308,216 $ — Change in carrying value of convertible preferred share mezzanine equity $ — $ 2,308,216 $ 2,308,216 Net Income (Loss) Attributable to common shareholders $ (4,401,810) $ — $ (4,401,810) Net Income (Loss) Per Share Basic $ (0.01) $ — $ (0.01) Diluted $ (0.01) $ — $ (0.01) 1 Balance in financial statements presented of $ 741,960 Three Months Ended June 30, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Cash Flows Net Income (Loss)2 $ (4,401,810) $ — $ (4,401,810) Change in fair value of derivative liabilities $ 2,308,216 $ (2,308,216) $ — Change in carrying value of convertible preferred share mezzanine equity $ — $ (2,308,216) $ (2,308,216) Net cash used in operating activities $ (4,212,663) $ — $ (4,212,663) 2 In previously reported financial statements Net Income (Loss) Attributable to common shareholders was used to reconcile net income (loss) to cash provided by (used in) operating activities. As of March 31, 2014 As Previously Adjustments As Corrected Condensed Consolidated Balance Sheet Derivative liabilities $ 60,981,570 $ (60,981,570) $ — Convertible preferred shares $ — $ 60,981,570 $ 60,981,570 Additional paid-in capital $ 143,555,091 $ (77,804,310) $ 65,750,781 Accumulated deficit $ (255,006,646) $ 77,804,310 $ 177,202,336 Year Ended March 31, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Operations Change in fair value of derivative liabilities $ (56,518,425) $ 55,314,374 $ 1,204,051 Change in carrying value of convertible preferred share mezzanine equity $ — $ (55,314,374) $ (55,314,374) Net Income (Loss) Attributable to common shareholders $ (96,575,271) $ — $ (96,575,271) Net Income (Loss) Per Share Basic $ (0.21) $ — $ (0.21) Diluted $ (0.21) $ — $ (0.21) Year Ended March 31, 2014 As Previously Adjustments As Corrected Condensed Consolidated Statement of Cash Flows Net Income (Loss) $ (96,575,271) $ — $ (96,575,271) Change in fair value of derivative liabilities $ 56,518,425 $ (55,314,374) $ (1,204,051) Change in carrying value of convertible preferred share mezzanine equity $ — $ 55,314,374 $ 55,314,374 Net cash used in operating activities $ (4,216,875) $ — $ (4,216,875)

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jun. 30, 2015
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: June 30, 2015 March 31, 2015 Raw Materials $ 2,590,233 $ 2,850,459 Work-in-Process 160,394 58,771 Finished Goods 112,586 122,772 Total Inventory $ 2,863,213 $ 3,032,002

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of June 30, 2015 and March 31, 2015, the following costs were recorded as intangible assets on the Company’s balance sheet: June 30, 2015 March 31, 2015 Patent application costs $ 341,094 $ 334,457 ANDA acquisitions 6,047,317 6,047,317 Less: accumulated amortization — — Net Intangible Assets $ 6,388,411 $ 6,381,774

NJEDA BONDS (Tables)

NJEDA BONDS (Tables)	3 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Securities Financing Transactions [Table Text Block]	Bond financing consisting of the following, as of: June 30, 2015 March 31, 2015 Refinanced NJEDA Bonds $ 2,275,000 $ 2,275,000 Current portion (210,000) (210,000) Long term portion, net of current maturities $ 2,065,000 $ 2,065,000
Schedule of Maturities of NJEDA Bonds [Table Text Block]	Maturities of Bonds for the next five years are as follows: YEAR ENDING MARCH 31, AMOUNT 2016 $ 210,000 2017 220,000 2018 85,000 2019 90,000 2020 95,000 Thereafter 1,575,000 $ 2,275,000

LOANS PAYABLE (Tables)

LOANS PAYABLE (Tables)	3 Months Ended
	Jun. 30, 2015
Schedule of Long-term Debt Instruments [Table Text Block]	Loans Payable consisted of the following as of: June 30, 2015 March 31, 2015 Total loans $ 734,566 $ 825,503 Current Portion 235,041 265,165 Long-term portion, net of current maturities $ 499,525 $ 560,338
Schedule of Maturities of Long-term Debt [Table Text Block]	Principal payments on loans for each fiscal year are: Fiscal year ending March 31, 2016 $ 174,228 Fiscal year ending March 31, 2017 251,967 Fiscal year ending March 31, 2018 136,601 Fiscal year ending March 31, 2019 104,676 Fiscal year ending March 31, 2020 67,095 Thereafter — Total Principal Payments $ 734,567

WARRANT DERIVATIVE LIABILITIES

WARRANT DERIVATIVE LIABILITIES (Tables)	3 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments [Table Text Block]	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 2015 2015 Risk-Free interest rate 0.05% - 0.89% 0.3% - 1.0% Expected volatility 93% - 113% 74% - 95% Expected life (in years) 1.2 – 3.1 0.0 – 2.8 Expected dividend yield — — Number of warrants 89,870,034 70,675,278 Fair Value of Warrant Derivative Liability $ 17,762,573 $ 10,548,312
Schedule Of Changes In Value Of Warrant Derivative Liability [Table Text Block]	CHANGE IN VALUE OF WARRANT DERIVATIVE LIABILITY Three months ended June 30 2015 2014 Change in Warrant Derivative Liability $ (7,214,261) $ 741,960

MEZZANINE EQUITY - CONVERTIBL35

MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES (Tables)	3 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule Of Preferred Stock Activity [Table Text Block]	Changes in the maximum redemption value are also subtracted from net income, (in a manner similar to the treatment of dividends paid on preferred stock), in arriving at income available to common stockholders used in the calculation of earnings per share. CONVERTIBLE PREFERRED MEZZANINE EQUITY June 30, March 31, Shares authorized 500 500 Shares outstanding 100 100 Par value $ 0.01 $ 0.01 Stated value $ 100,000 $ 100,000 Conversion price $ 0.07 $ 0.07 Common shares to be issued upon redemption 142,857,143 142,857,143 Closing price on valuation date $ 0.2000 $ 0.2450 Carrying value of convertible preferred mezzanine equity $ 28,571,428 $ 35,000,000

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	3 Months Ended
	Jun. 30, 2015
Leases, Operating [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	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 — Fiscal year ended March 31, 2020 — Total Minimum 5 year lease payments $ 359,019 * 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.
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 June 30, 2015 2014 Rent Expense $ 45,214 $ 17,789 Change in deferred rent liability $ (5,496) $ (3,415)
Schedule Of Deferred Rent Liability [Table Text Block]	DEFERRED RENT LIABILITY (LONG-TERM LIABILITY) June 30 2015 Balance of Deferred Rent Liability $ 37,027

COMMON STOCK (Tables)

COMMON STOCK (Tables)	3 Months Ended
	Jun. 30, 2015
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 9,559,945 Common shares issued as commitment shares pursuant to the LPC-40 Purchase Agreement 98,388 Common shares issued pursuant to the exercise of cash warrants 19,194,756 Total Common Shares issued during the Current YTD 28,853,089
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 3,317,167 $0.07 to $2.75 Non-Vested Options 4,325,000 $0.07 to $0.46

PER SHARE INFORMATION (Tables)

PER SHARE INFORMATION (Tables)	3 Months Ended
	Jun. 30, 2015
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 Ended June 30, 2015 2014 Numerator Net Income (loss) attributable to common shareholders – Basic $ 11,160,891 $ (4,401,810) Effect of dilutive instruments on Net Income (13,642,832) n/a Net Income attributable to common shareholders – Diluted $ (2,481,941) $ (4,401,810) Denominator Weighted-average shares of common stock outstanding - basic $ 646,851,543 $ 565,150,231 Dilutive effect of stock options, warrants and convertible securities 165,753,917 n/a Weighted average shares of common stock outstanding - diluted $ 812,605,460 $ 565,150,231 Net (loss) income per share Basic $ 0.02 $ (0.01) Diluted $ 0.00 $ (0.01)

DEFINITIONS (Details Textual)

DEFINITIONS (Details Textual) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Notes Payable, Related Parties, Current	$ 411,709	$ 583,071
Hakim Credit Line [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	1,000,000
Notes Payable, Related Parties, Current	411,709
Interest Payable, Current	$ 31,281

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Proceeds From Sale Of Generic Products	$ 2,080	$ 1,157

RESTATEMENT OF PRIOR FINANCIA41

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Details) - USD ($)	Jun. 30, 2015		Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Mar. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred Revenues, Current	$ 1,013,333		$ 13,333
Deferred Revenues, Long Term	4,038,890		125,557
Accumulated deficit	(137,249,415)		(141,981,735)
Derivative liabilities	10,548,312		17,762,573
Additional paid-in capital	116,656,782		106,926,328
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred Revenues, Current	13,333
Deferred Revenues, Long Term	122,223
Accumulated deficit	(179,999,418)		(196,076,975)	$ (187,011,861)	$ (208,028,632)	$ (255,006,646)
Derivative liabilities	39,119,741		52,762,573	32,285,714	45,885,714	60,981,570
Convertible preferred shares	0		0	0	0	0
Additional paid-in capital	164,323,451		161,021,568	156,170,459	152,380,767	143,555,091
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred Revenues, Current	1,000,000
Deferred Revenues, Long Term	3,916,667
Accumulated deficit	42,750,003	[1]	54,095,240	51,380,954	64,980,954	77,804,310
Derivative liabilities	(28,571,429)		(35,000,000)	(32,285,714)	(45,885,714)	(60,981,570)
Convertible preferred shares	28,571,428		35,000,000	32,285,714	45,885,714	60,981,570
Additional paid-in capital	(47,666,669)		(54,095,240)	(51,380,954)	(64,980,954)	(77,804,310)
As Restated [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred Revenues, Current	1,013,333
Deferred Revenues, Long Term	4,038,890
Accumulated deficit	(137,249,415)		(141,981,735)	(135,630,907)	143,047,678	177,202,336
Derivative liabilities	10,548,312		17,762,573	0	0	0
Convertible preferred shares	28,571,428		35,000,000	32,285,714	45,885,714	60,981,570
Additional paid-in capital	$ 116,656,782		$ 106,926,328	$ 104,789,505	$ 87,399,813	$ 65,750,781
[1]	Please note that the adjustments to accumulated deficit include those amounts relating to the correction of accounting error for the convertible preferred stock (see below) as well as relating to the correction of accounting error for revenue recognition from the Epic Collaborative Agreement (see above).

RESTATEMENT OF PRIOR FINANCIA42

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Details 1) - USD ($)	3 Months Ended						6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2015		Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014		Sep. 30, 2014	Dec. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Licensing fee	$ 487,332				$ 207,645
Change in carrying value of convertible preferred share mezzanine equity	6,428,571				(2,308,216)
Net Income (Loss) Attributable to common shareholders	$ 11,160,891				$ (4,401,810)
Net Income (Loss) Per Share
Basic	$ 0.02				$ (0.01)
Diluted	$ 0				$ (0.01)
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Licensing fee	$ 403,999
Product Development Licensing	5,000,000
Change in fair value of derivative liabilities	13,642,832		$ 13,600,000	$ 15,131,571	$ (2,308,216)	[1]	$ 12,823,356	$ 26,423,356	$ 25,602,370	$ (56,518,425)
Change in carrying value of convertible preferred share mezzanine equity	0		0	0	0		0	0	0	0
Net Income (Loss) Attributable to common shareholders	$ 16,077,557		$ 21,016,770	$ 21,379,824	$ (4,401,810)				$ 28,929,674
Net Income (Loss) Per Share
Basic	$ 0.02		$ 0.03	$ 0.04	$ (0.01)				$ 0.05
Diluted	$ 0		$ 0	$ (0.01)	$ (0.01)				$ (0.02)
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Licensing fee	$ 83,333
Product Development Licensing	(5,000,000)
Change in fair value of derivative liabilities	(6,428,571)		$ (13,600,000)	$ (15,131,571)	$ 2,308,216	[1]	(12,823,356)	(26,423,356)	$ (23,709,070)	55,314,374
Change in carrying value of convertible preferred share mezzanine equity	6,428,571		13,600,000	15,131,571	2,308,216		12,823,356	26,423,356	23,709,070	(55,314,374)
Net Income (Loss) Attributable to common shareholders	$ (4,916,666)	[2]	$ 0	$ 0	$ 0				$ 0
Net Income (Loss) Per Share
Basic	$ 0		$ 0	$ 0	$ 0				$ 0
Diluted	$ 0		$ 0	$ 0	$ 0				$ 0
As Restated [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Licensing fee	$ 487,332
Product Development Licensing	0
Change in fair value of derivative liabilities	7,214,261		$ 0	$ 0	$ 0	[1]	0	0	$ 1,893,300	1,204,051
Change in carrying value of convertible preferred share mezzanine equity	6,428,571		13,600,000	15,131,571	2,308,216		$ 12,823,356	$ 26,423,356	23,709,070	$ (55,314,374)
Net Income (Loss) Attributable to common shareholders	$ 11,160,891		$ 21,016,770	$ 21,379,824	$ (4,401,810)				$ 28,929,674
Net Income (Loss) Per Share
Basic	$ 0.02		$ 0.03	$ 0.04	$ (0.01)				$ 0.05
Diluted	$ 0		$ 0	$ (0.01)	$ (0.01)				$ (0.02)
[1]	Balance in financial statements presented of $741,960 relates to Change in fair value of warrant derivatives
[2]	Adjustments to net income (loss) attributable to common shareholders relate only to the correction of accounting error for revenue recognition from the Epic Collaborative Agreement (see above). The correction in accounting error relating to the convertible preferred shares has no effect on net income (loss) attributable to common shareholders.

RESTATEMENT OF PRIOR FINANCIA43

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Details 2) - USD ($)	3 Months Ended					6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014		Sep. 30, 2014	Dec. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)	$ 4,732,320			$ (2,093,594)
Change in carrying value of convertible preferred share mezzanine equity	(6,428,571)			2,308,216
Net cash used in operating activities	1,890,838			(4,212,664)
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)	16,077,557			(4,401,810)	[1]	$ 16,978,014	$ 37,994,786	$ 28,929,674	$ (96,575,271)
Change in fair value of derivative liabilities	(13,642,832)	$ (13,600,000)	$ (15,131,571)	2,308,216	[2]	(12,823,356)	(26,423,356)	(25,602,370)	56,518,425
Change in carrying value of convertible preferred share mezzanine equity	0	0	0	0		0	0	0	0
Net cash used in operating activities	1,890,837			(4,212,663)		(8,641,036)	(11,246,722)	(15,103,233)	(4,216,875)
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)	(11,345,237)			0	[1]	0	0	0	0
Change in fair value of derivative liabilities	6,428,571	13,600,000	15,131,571	(2,308,216)	[2]	12,823,356	26,423,356	23,709,070	(55,314,374)
Change in carrying value of convertible preferred share mezzanine equity	(6,428,571)	(13,600,000)	(15,131,571)	(2,308,216)		(12,823,356)	(26,423,356)	(23,709,070)	55,314,374
Net cash used in operating activities	0			0		0	0	0	0
As Restated [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)	4,732,320			(4,401,810)	[1]	16,978,014	37,994,786	28,929,674	(96,575,271)
Change in fair value of derivative liabilities	(7,214,261)	0	0	0	[2]	0	0	(1,893,300)	(1,204,051)
Change in carrying value of convertible preferred share mezzanine equity	(6,428,571)	$ (13,600,000)	$ (15,131,571)	(2,308,216)		(12,823,356)	(26,423,356)	(23,709,070)	55,314,374
Net cash used in operating activities	$ 1,890,837			$ (4,212,663)		$ (8,641,036)	$ (11,246,722)	$ (15,103,233)	$ (4,216,875)
[1]	In previously reported financial statements Net Income (Loss) Attributable to common shareholders was used to reconcile net income (loss) to cash provided by (used in) operating activities.
[2]	Balance in financial statements presented of $741,960 relates to Change in fair value of warrant derivatives

RESTATEMENT OF PRIOR FINANCIA44

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Details Textual)	3 Months Ended
	Jun. 30, 2015USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Non Refundable Quarterly Revenue Recognition	$ 250,000
Fair Value Adjustments Of Warrant Derivatives	741,960
Epic Collaborative Agreement [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue Recognition, Milestone Method, Revenue Recognized	5,000,000
Non Refundable Milestone Payments	$ 5,000,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Inventory [Line Items]
Raw Materials	$ 2,590,233	$ 2,850,459
Work-in-Process	160,394	58,771
Finished Goods	112,586	122,772
Total Inventory	$ 2,863,213	$ 3,032,002

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Less: Accumulated Amortization	$ 0	$ 0
Net Intangible Assets	6,388,411	6,381,774
Patent Application Cost [Member]
Finite-Lived Intangible Assets [Line Items]
Net Intangible Assets	341,094	334,457
Anda Acquisition Cost [Member]
Finite-Lived Intangible Assets [Line Items]
Net Intangible Assets	$ 6,047,317	$ 6,047,317

INTANGIBLE ASSETS (Details Text

INTANGIBLE ASSETS (Details Textual)	3 Months Ended
	Jun. 30, 2015
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Amortization Method	straight-line

NJEDA BONDS (Details)

NJEDA BONDS (Details) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Current portion	$ (210,000)	$ (210,000)
Long term portion, net of current maturities	2,065,000	2,065,000
Njeda Bonds [Member]
Debt Instrument [Line Items]
Refinanced NJEDA Bonds	2,275,000	2,275,000
Current portion	(210,000)	(210,000)
Long term portion, net of current maturities	$ 2,065,000	$ 2,065,000

NJEDA BONDS (Details 1)

NJEDA BONDS (Details 1) - Njeda Bonds [Member]	Jun. 30, 2015USD ($)
Debt Instrument [Line Items]
2,016	$ 210,000
2,017	220,000
2,018	85,000
2,019	90,000
2,020	95,000
Thereafter	1,575,000
Long-term portion, net of current maturities	$ 2,275,000

LOANS PAYABLE (Details)

LOANS PAYABLE (Details) - Secured Debt [Member] - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Total loans	$ 734,566	$ 825,503
Current Portion	235,041	265,165
Long-term portion, net of current maturities	$ 499,525	$ 560,338

LOANS PAYABLE (Details 1)

LOANS PAYABLE (Details 1) - Secured Debt [Member] - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Fiscal year ending March 31, 2016	$ 174,228
Fiscal year ending March 31, 2017	251,967
Fiscal year ending March 31, 2018	136,601
Fiscal year ending March 31, 2019	104,676
Fiscal year ending March 31, 2020	67,095
Thereafter	0
Total Principal Payments	$ 734,566	$ 825,503

WARRANT DERIVATIVE LIABILITIE52

WARRANT DERIVATIVE LIABILITIES (Details) - Warrant [Member] - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Class of Warrant or Right [Line Items]
Expected dividend yield	0.00%	0.00%
Number of warrants	70,675,278	89,870,034
Fair Value of Warrant Derivative Liability	$ 10,548,312	$ 17,762,573
Minimum [Member]
Class of Warrant or Right [Line Items]
Risk-Free interest rate	0.30%	0.05%
Expected volatility	74.00%	93.00%
Expected life (in years)	0 years	1 year 2 months 12 days
Maximum [Member]
Class of Warrant or Right [Line Items]
Risk-Free interest rate	1.00%	0.89%
Expected volatility	95.00%	113.00%
Expected life (in years)	2 years 9 months 18 days	3 years 1 month 6 days

WARRANT DERIVATIVE LIABILITIE53

WARRANT DERIVATIVE LIABILITIES (Details1) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Derivative [Line Items]
Change in Warrant Derivative Liability	$ 7,214,261	$ 741,960

MEZZANINE EQUITY - CONVERTIBL54

MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES (Details) - Series I Convertible Preferred Stock [Member] - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Shares authorized	500	500
Shares outstanding	100	100
Par value	$ 0.01	$ 0.01
Stated value	$ 100,000	$ 100,000
Conversion price	$ 0.07	$ 0.07
Common shares to be issued upon redemption	142,857,143	142,857,143
Closing price on valuation date	$ 0.2000	$ 0.2450
Carrying value of convertible preferred mezzanine equity	$ 28,571,428	$ 35,000,000

MEZZANINE EQUITY - CONVERTIBL55

MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES (Details Textual) - Series I Convertible Preferred Stock [Member] - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Preferred Stock, Shares Authorized	500	500
Preferred Stock, Shares Issued	100	100
Preferred Stock, Shares Outstanding	100	100
Convertible Preferred Stock Par Value Per Share	$ 0.01	$ 0.01
Convertible Preferred Stock Stated Value	$ 100,000	$ 100,000
Preferred Stock Conversion Price Per Share	$ 0.07	$ 0.07

OPERATING LEASES (Details)

OPERATING LEASES (Details)	Jun. 30, 2015USD ($)
Minimum 5 Year Lease Payments
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
Fiscal year ended March 31, 2020	0
Total Minimum 5 year lease payments	$ 359,019

OPERATING LEASES (Details 1)

OPERATING LEASES (Details 1) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Leased Assets [Line Items]
Rent Expense	$ 45,214	$ 17,789
Change in deferred rent liability	$ (5,495)	$ (2,387)

OPERATING LEASES (Details 2)

OPERATING LEASES (Details 2)	Jun. 30, 2015USD ($)
Operating Leased Assets [Line Items]
Balance of Deferred Rent Liability	$ 37,027

OPERATING LEASES (Details Textu

OPERATING LEASES (Details Textual) - a	3 Months Ended
	Jun. 30, 2015	Jul. 29, 2014
Operating Leased Assets [Line Items]
Description of Lessee Leasing Arrangements, Operating Leases	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
Land Subject to Ground Leases	15,000	35,000
Lease Period Description	The lease term began on July 1, 2010

COMMON STOCK (Details)

COMMON STOCK (Details) - Common Stock [Member]	3 Months Ended
	Jun. 30, 2015shares
Class of Stock [Line Items]
Common shares sold pursuant to the LPC-40 Purchase Agreement	9,559,945
Common shares issued as commitment shares pursuant to the LPC-40 Purchase Agreement	98,388
Common shares issued pursuant to the exercise of cash warrants	19,194,756
Total Common Shares issued during the Current YTD	28,853,089

COMMON STOCK (Details 1)

COMMON STOCK (Details 1)	Jun. 30, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Vested Options | shares	3,317,167
Number of Nonvested Options | shares	4,325,000
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Price, Vested Options	$ 2.75
Range of Exercise Price, Nonvested Options	0.46
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Price, Vested Options	0.07
Range of Exercise Price, Nonvested Options	$ 0.07

PER SHARE INFORMATION (Details)

PER SHARE INFORMATION (Details) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Numerator
Net Income (loss) attributable to common shareholders - Basic	$ 11,160,891	$ (4,401,810)
Effect of dilutive instruments on Net Income	(13,642,832)	0
Net Income attributable to common shareholders - Diluted	$ (2,481,941)	$ (4,401,810)
Denominator
Weighted-average shares of common stock outstanding - basic	646,851,543	565,150,231
Dilutive effect of stock options, warrants and convertible securities	165,753,917	0
Weighted average shares of common stock outstanding - diluted	812,605,460	733,912,128
Net (loss) income per share
Basic (in dollars per share)	$ 0.02	$ (0.01)
Diluted (in dollars per share)	$ 0	$ (0.01)

COLLABORATIVE AGREEMENT WITH 63

COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC (Details Textual) - Epic Collaborative Agreement [Member] $ in Millions	3 Months Ended
	Jun. 30, 2015USD ($)
Revenue Recognition, Milestone Method [Line Items]
Non Refundable Milestone Payments	$ 15
Revenue Recognition, Milestone Method, Description	On June 4, 2015, the Company entered into the Epic Collaborative Agreement, which provides for the exclusive right to product development sales and distribution by Epic Pharma LLC (“Epic”) of ELI-200, an abuse deterrent opioid which employs the Company’s proprietary pharmacological abuse-deterrent technology. Epic will be responsible for payment of product development costs, sales and marketing of ELI-200, and Elite will be responsible for the manufacture of the product. Under the Epic Collaborative Agreement, Epic will pay Elite non-refundable payments totaling $15 million, with such amount representing the cost of an exclusive license to ELI-200, the cost of developing the product and certain filings and a royalty based on net product sales. The initial term of the exclusive right to product development sales and distribution is five years (“Epic Exclusivity Period”); the license is renewable upon mutual agreement at the end of the initial term.
Non Refundable Payment Received	$ 5

SALE OF INVESTMENT IN NOVEL L64

SALE OF INVESTMENT IN NOVEL LABORATORIES (Details Textual) $ in Millions	1 Months Ended
	Jun. 10, 2014USD ($)
Novel Laboratories Inc [Member]
Schedule of Cost-method Investments [Line Items]
Proceeds from Divestiture of Interest in Consolidated Subsidiaries	$ 5

CONCENTRATIONS (Details Textual

CONCENTRATIONS (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Concentration Risk [Line Items]
Proceeds From Sale Of Generic Products	$ 2,080	$ 1,157
Abbreviated New Drug Application [Member]
Concentration Risk [Line Items]
Proceeds From Sale Of Generic Products	$ 2,163	$ 1,157
Cost of Goods, Total [Member] | Supplier Concentration Risk [Member] | Five Suppliers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		80.00%
Cost of Goods, Total [Member] | Supplier Concentration Risk [Member] | Six Suppliers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	80.00%
Cost of Goods, Total [Member] | Supplier Concentration Risk [Member] | One Supplier [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	43.00%	44.00%

EQUITY LINE WITH LINCOLN PARK66

EQUITY LINE WITH LINCOLN PARK CAPITAL FUND LLC (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Equity Line With Lincoln Park Capital Fund LLC [Line Items]
Proceeds from Issuance of Common Stock	$ 2,040,591	$ 896,613
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	98,388	1,971,873
Common Stock [Member]
Equity Line With Lincoln Park Capital Fund LLC [Line Items]
Stock Issued During Period, Shares, Issued for Capital Purchase Agreement	98,388
Stock Issued During Period, Shares, New Issues	9,559,945
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	9,559,945	2,407,014
Proceeds from Issuance of Common Stock	$ 2,031,026	$ 896,613

RELATED PARTY TRANSACTION AGR67

RELATED PARTY TRANSACTION AGREEMENTS (Details Textual) $ in Thousands	3 Months Ended
	Jun. 30, 2015USD ($)
Epic Generic Agreement [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 800
Epic Generic Agreement [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Realized From Commercial Percentage	50.00%
Epic Generic Agreement [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Realized From Commercial Percentage	60.00%
Epic Pharma Llc [Member]
Related Party Transaction [Line Items]
Due to Related Parties	$ 1,800
Milestone Payments	10,000
To Be Receive Future License Fees	10,000
Related Party Transaction, Amounts of Transaction	$ 1,000

MANUFACTURING, LICENSE AND DE68

MANUFACTURING, LICENSE AND DEVELOPMENT AGREEMENTS (Details Textual) - USD ($)	Sep. 10, 2010	Jun. 30, 2015
Manufacturing License And Development Agreements [Line Items]
Revenue Recognition, Milestone Method, Milestone		The milestones, totaling $500k, consist of amounts due upon the first shipment of each identified product, as follows: Phentermine 37.5mg tablets ($145k), Phentermine 15 & 30mg capsules ($45k), Hydromorphone 8mg ($125k), Naltrexone 50mg ($95k) and the balance of $95k due in relation to the first shipment of generic products which still require marketing authorizations from the FDA, and to which there can be no assurances of such marketing authorizations being granted and accordingly there can be no assurances that the Company will earn and receive these milestone amounts.
Precision Dose License Agreement [Member]
Manufacturing License And Development Agreements [Line Items]
License and Maintenance Revenue	$ 200,000
Precision Dose License Agreement [Member] | Minimum [Member]
Manufacturing License And Development Agreements [Line Items]
Realized From Commercial Percentage		50.00%
Precision Dose License Agreement [Member] | Maximum [Member]
Manufacturing License And Development Agreements [Line Items]
Realized From Commercial Percentage		60.00%

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Aug. 03, 2015	Jun. 30, 2015	Jun. 30, 2014
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock		$ 2,040,591	$ 896,613
Subsequent Event [Member] | LPC-40 Purchase Agreement [Member]
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	614,191
Proceeds from Issuance of Common Stock	$ 121,246
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	294,962
Proceeds from Issuance of Common Stock	$ 18,435