Elite Pharmaceuticals (ELTP) 10-Q 9 Feb 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2015	Feb. 04, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		695,168,934

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Mar. 31, 2015
CURRENT ASSETS
Cash	$ 8,103,280	$ 7,464,180
Accounts receivable (net of allowance for doubtful accounts of $0 and $272,620, respectively)	746,957	1,446,441
Inventories	3,181,613	3,032,002
Prepaid expenses and other current assets	389,116	388,061
Total Current Assets	12,420,966	12,330,684
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $6,556,108 and $6,074,117, respectively	7,656,357	6,401,802
INTANGIBLE ASSETS - net of accumulated amortization of $-0-	6,407,932	6,381,774
OTHER ASSETS
Security deposits	48,714	198,481
Restricted cash - debt service for EDA bonds	388,959	388,959
EDA bond offering costs, net of accumulated amortization of $146,508 and $135,874, respectively	207,945	218,579
Total Other Assets	645,618	806,019
TOTAL ASSETS	27,130,873	25,920,279
CURRENT LIABILITIES
Current portion of EDA bonds payable	220,000	210,000
Short term loans and current portion of long-term debt	374,546	265,165
Related Party Line of Credit	718,309	583,071
Accounts payable and accrued expenses	3,038,115	3,997,528
Deferred revenues	1,013,333	13,333
Total Current Liabilities	5,364,303	5,069,097
LONG TERM LIABILITIES
EDA bonds payable - non current	1,845,000	2,065,000
Deferred revenues	3,532,223	125,557
Other long term liabilities	607,939	629,138
Derivative liabilities	17,850,570	17,762,573
Total Long Term Liabilities	23,835,732	20,582,268
TOTAL LIABILITIES	29,200,035	25,651,365
MEZZANINE EQUITY
Convertible preferred shares	58,428,575	35,000,000
STOCKHOLDERS' DEFICIT
Common stock - par value $0.001, Authorized 995,000,000 shares and 690,000,000 shares, respectively. Issued 688,164,807 shares and 631,160,701 shares, respectively. Outstanding 687,164,807 shares and 630,060,701 shares, respectively	688,168	631,162
Additional paid-in-capital	90,284,692	106,926,328
Accumulated deficit	(151,163,756)	(141,981,735)
Treasury stock at cost (100,000 common shares)	(306,841)	(306,841)
TOTAL STOCKHOLDERS’ DEFICIT	(60,497,737)	(34,731,086)
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT	$ 27,130,873	$ 25,920,279

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Allowance for doubtful accounts (in dollars)	$ 0	$ 272,620
Accumulated depreciation on property and equipment (in dollars)	6,556,108	6,074,117
Accumulated amortization on intangible assets (in dollars)	0	0
Accumulated amortization on EDA bond offering costs (in dollars)	$ 146,508	$ 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	688,164,807	631,160,701
Common stock, shares outstanding	687,164,807	630,060,701
Treasury stock, shares	100,000	100,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
REVENUES
Manufacturing Fees	$ 1,622,052	$ 1,014,628	$ 5,851,020	$ 2,814,599
Licensing Fees	571,824	348,273	1,452,468	961,401
Lab Fee Revenues	0	0	0	5,000
Total Revenues	2,193,876	1,362,901	7,303,488	3,781,000
COSTS OF REVENUES	835,675	699,654	3,447,172	2,109,853
Gross Profit	1,358,201	663,247	3,856,316	1,671,147
OPERATING EXPENSES
Research and Development	3,174,311	2,292,957	10,012,623	9,878,465
General and Administrative	654,839	625,129	1,991,219	1,992,293
Non-cash compensation through issuance of stock options	75,025	89,505	246,495	166,647
Depreciation and Amortization	166,825	212,967	492,625	683,663
Total Operating Expenses	4,071,000	3,220,558	12,742,962	12,721,068
(LOSS) FROM OPERATIONS	(2,712,799)	(2,557,311)	(8,886,646)	(11,049,921)
OTHER INCOME / (EXPENSES)
Interest expense	(68,119)	(66,153)	(204,626)	(214,434)
Change in Fair Value of derivative Liabilities	(9,452,046)	10,040,234	(87,999)	21,161,859
Gain on Sale on Investment	0	0	0	1,670,678
Other Income (Expense)	0	0	(2,750)	3,248
Total Other Income / (Expense)	(9,520,165)	9,974,081	(295,375)	22,621,351
NET INCOME (LOSS)	(12,232,964)	7,416,770	(9,182,021)	11,571,430
Change in value of convertible preferred share mezzanine equity	(24,785,740)	13,600,000	(23,428,573)	26,423,356
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (37,018,704)	$ 21,016,770	$ (32,610,594)	$ 37,994,786
NET INCOME (LOSS) PER SHARE
Basic (in dollars per share)	$ (0.05)	$ 0.03	$ (0.05)	$ 0.07
Diluted (in dollars per share)	$ (0.05)	$ (0.01)	$ (0.05)	$ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic (in shares)	684,773,829	601,109,708	665,720,299	581,375,865
Diluted (in shares)	836,535,171	770,605,988	817,481,642	750,872,145

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT - 9 months ended Dec. 31, 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 (Loss)	(9,182,021)				(9,182,021)
Change in value of convertible preferred mezzanine equity	(23,428,573)		(23,428,575)
Common shares sold pursuant to the Lincoln Park Capital purchase agreement	3,289,198	$ 14,771	3,274,427
Common shares sold pursuant to the Lincoln Park Capital purchase agreement (in shares)		14,769,809
Non-cash compensation through the issuance of stock options	246,494		246,494
Common shares issued as commitment shares pursuant to the Lincoln Park Capital purchase agreement	0	$ 156	(156)
Common shares issued as commitment shares pursuant to the Lincoln Park Capital purchase agreement (in shares)		155,592
Common shares issued pursuant to the exercise of cash warrants	2,432,002	$ 38,912	2,393,090
Common shares issued pursuant to the exercise of cash warrants (in shares)		38,912,036
Common shares issued pursuant to the exercise of cash options	23,751	$ 113	23,638
Common shares issued pursuant to the exercise of cash options (in shares)		112,500
Common Shares Issued Pursuant to Director Salaries	12,500	$ 54	12,446
Common Shares Issued Pursuant to Director Salaries (in shares)		54,169
Milestone Issued Value For Epic Strategic Alliance Agreement	840,000	$ 3,000	837,000
Milestone Issued Shares For Epic Strategic Alliance Agreement (in shares)		3,000,000
Balance at Dec. 31, 2015	$ (60,497,737)	$ 688,168	$ 90,284,692	$ (306,841)	$ (151,163,756)
Balance (in shares) at Dec. 31, 2015		688,164,807		100,000

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$ (12,232,964)	$ 7,416,770	$ (9,182,021)	$ 11,571,430
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization			492,625	648,505
Change in fair value of derivative liabilities	9,452,046	(10,040,234)	87,999	(21,161,859)
Non-cash compensation accrued			586,167	697,666
Non-cash compensation from the issuance of common stock and options			246,494	166,644
Milestone shares issued pursuant to Epic Strategic Alliance Agreement			840,000	0
Non-cash rent expense	(5,496)	24,010	(16,488)	29,200
Non-cash lease accretion			1,206	1,136
Gain on Sale of Investment	0	0	0	(1,670,678)
Bad debt recovery			(117,095)	0
Changes in Assets and Liabilities
Accounts receivable			816,579	(982,303)
Inventories			(149,611)	(931,126)
Prepaid and other current assets			148,712	48,656
Accounts payable, accrued expenses and other current liabilities			(1,533,080)	346,007
Deferred revenues and Customer deposits			4,406,666	(10,000)
NET CASH PROVIDED BY (USED) IN OPERATING ACTIVITIES			(3,371,847)	(11,246,722)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, equipment and leasehold improvements			(1,351,847)	(1,385,227)
Costs incurred for intellectual property assets			(26,158)	(12,815)
Deposits to / (withdrawals from) restricted cash, net			0	(123,912)
Proceeds from Sale of Investment			0	5,000,000
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES			(1,378,005)	3,478,046
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common shares			3,289,198	9,678,329
Proceeds from exercise of cash warrants and options			2,455,753	545,086
Proceeds / (Payments) from draws against credit lines from related parties			135,238	137,131
Payment of bonds Principal			(210,000)	(1,110,000)
Other loan payments			(281,237)	(133,354)
Costs associated with raising capital			0	(16,364)
NET CASH PROVIDED BY FINANCING ACTIVITIES			5,388,952	9,100,828
NET CHANGE IN CASH AND CASH EQUIVALENTS			639,100	1,332,152
CASH AND CASH EQUIVALENTS - beginning of period			7,464,180	6,941,777	$ 6,941,777
CASH AND CASH EQUIVALENTS - end of period	8,103,280	8,273,929	8,103,280	8,273,929	$ 7,464,180
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest			127,912	142,772
Non-Cash Financing Transactions
Financing of equipment purchases and insurance renewal			384,699	642,477
Commitment shares issued to Lincoln Park Capital			37,067	786,527
Conversion of Preferred Shares to Common Shares			0	2,272,500
Change in maximum redemption value of convertible preferred mezzanine equity	$ (23,428,573)	$ 26,423,356	$ (23,428,573)	$ 26,423,356

DEFINITIONS

DEFINITIONS	9 Months Ended
	Dec. 31, 2015
Definitions [Abstract]
Definitions [Text Block]	NOTE 1 DEFINITIONS “Current Balance Sheet Date” “Current Fiscal Year” “Current Quarter” “Current YTD” “EPIC” “ FDA “Hakim Credit Line Limit” 1,000,000 “Hakim Credit Line Balance” 718,309 “Hakim Credit Line Interest Due” 52,875 “ Prior Year Balance Sheet Date “ Prior Fiscal Year “ Prior Year Quarter “SEC” means the Securities and Exchange Commission

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	NOTE 2 - BASIS OF PRESENTATION The Condensed Consolidated Balance Sheet as of March 31, 2015, included in this quarterly report on Form 10-Q is restated to correct errors in accounting that were identified in the Company’s annual report on form 10-K for the year ended March 31, 2015, and the Condensed Consolidated Statement of Operations for the three and nine months ended December 31, 2014 and the Condensed Consolidated Statement of Cash Flows for the nine months ended December 31, 2014, included in this quarterly report on Form 10-Q are restated to correct errors in accounting that were identified in the previously filed quarterly report on Form 10-Q for the quarter ended December 31, 2014. 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. There have been no changes in significant accounting policies since March 31, 2015, other than the accounting for license fees received pursuant to the license agreement between the Company and Epic Pharma LLC dated June 4, 2015 and the accounting for convertible preferred share mezzanine as discussed in Note 4 to these financial statements. The changes for accounting for convertible preferred share mezzanine equity are to be considered when reviewing the Annual Report on Form 10-K filed with the SEC on June 15, 2015. The change in accounting for the license fees received pursuant to the license agreement between the Company and Epic Pharma LLC dated June 4, 2015 apply to a transaction that occurred subsequent to the period included in the Annual Report on Form 10-K filed with the SEC on June 15, 2015, and accordingly is not relevant to the financials reported therein. 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 sales and distribution licensing agreement with Epic Pharma LLC, dated June 4, 2015 (the “2015 Epic License 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 in order to determine whether particular components of the arrangement represent separate units of accounting. 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 fair value can be determined. 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 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 the following two reportable segments: 1. ANDA’s for generic products; or 2. NDA’s for branded products. During the three and nine months ended December 31, 2015, the Company recognized $ 6,720 1,954

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES Management’s discussion addresses our Consolidated Financial Statements, which 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. Our most critical accounting policies include the recognition of revenue upon completion of certain phases of projects under research and development contracts. We also assess a need for an allowance to reduce our deferred tax assets to the amount that we believe is more likely than not to be realized. We 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. We assess our 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	9 Months Ended
	Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]	NOTE 4 RESTATEMENT OF PRIOR FINANCIAL INFORMATION After receiving a comment letter from the SEC in connection with its standard periodic review of our Form 10-K for the Fiscal Year Ended March 31, 2015, our Form 10-Q for the Quarterly Period Ended June 30, 2015 and, in the process of review, our Form 10-Q, as amended, for the Quarterly Period Ended September 30, 2015, we conducted further reviews of our financial statements. Based on such reviews, the following determinations were made: Error in accounting of the June 4, 2015 license agreement with Epic The Company determined that the accounting treatment for the recognition of revenue relating to a $5 million, non-refundable payment received from Epic pursuant to the licensing agreement dated June 4, 2015 (the “2015 Epic License Agreement”) was incorrect. Specifically, it has been determined that revenue relating to the $5 million, non-refundable payment, which was originally recognized in full during the quarterly period ended June 30, 2015, should instead be recognized, on a straight line basis, over the exclusivity period, currently coinciding with the five year term of the 2015 Epic License Agreement, as this payment is attributed to the exclusive license and other rights granted to Epic in the 2015 Epic License Agreement. The correction of this error affected the financial statements originally filed for the quarterly periods ended June 30, 2015 and September 30, 2015, and Amended Quarterly Reports on form 10-Q/A were filed on December 30, 2015 for each period to reflect the effects of correction of this error in accounting. The correction of this accounting error has no effect on financial statements relating to the three and nine months ended December 31, 2015, which include the correct accounting for the 2015 Epic License Agreement. As the 2015 Epic License Agreement was executed during the quarter ended June 30, 2015, all prior periods are not affected by the correction of the accounting error relating to this agreement. Please note that the $ 5 Accounting for convertible preferred shares prior to the quarter ended September 30, 2015 The Company determined that the accounting for Convertible Preferred Stock (“Mezzanine Preferred”) for periods prior to the quarter ended September 30, 2015 was incorrect. Specifically, it has been determined the Mezzanine Preferred 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 Mezzanine Preferred which were recorded at fair value each reporting period, with changes recorded in net income (loss), will instead be recorded at the maximum redemption amount each reporting period with changes to this amount being recorded in additional paid in capital. Accordingly, the change in carrying value of the Mezzanine Preferred, 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. Consequently, correction of this error in accounting has no effect on earnings per share. The correction of this accounting error has no effect on financial statements relating to the three and nine months ended December 31, 2015, which include the correct accounting for the Mezzanine Preferred. 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 Effects on financials for the quarter ended September 30, 2015 As of September 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Deferred Revenues, Current $ 13,333 $ 1,000,000 1 $ 1,013,333 Deferred Revenues, Long Term 118,890 3,666,667 1 3,785,557 Accumulated Deficit (136,943,114) (1,987,679) 3 (138,930,793) Additional paid-in capital 116,204,254 (2,678,989) 2 113,525,265 Three Months Ended September 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Licensing Fee $ 143,312 $ 250,000 1 $ 393,312 Net Income (Loss) (1,931,376) 250,000 1 (1,681,376) Net Income (Loss) attributable to common shareholders (7,002,782) 250,000 1 (6,752,782) Net Income (Loss) per share Basic $ (0.01) — $ (0.01) Diluted $ (0.00) — $ (0.00) Six Months Ended September 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) $ 6,931,921 $ (3,880,978) 3 $ 3,050,942 Change in Fair Value of derivative Liabilities (8,578,358) (785,689) 2 (9,364,047) Change in deferred revenues and customer deposits (6,667) 4,666,667 1 4,660,000 Net cash used in operating activities (1,588,019) — (1,588,019) Effects on financials for the quarter ended June 30, 2015 As of June 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Deferred Revenues, Current $ 13,333 $ 1,000,000 1 $ 1,013,333 Deferred Revenues, Long Term 122,223 3,916,667 1 4,038,890 Derivative Liabilities 39,119,741 (28,571,428) 2 10,548,312 Convertible preferred shares — 28,571,428 2 28,571,428 Additional paid-in capital 164,323,451 (47,666,669) 2 116,656,782 Accumulated Deficit (179,999,418) 42,750,003 3 (137,249,415) Three Months Ended June 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations 4 Licensing Fee $ 403,999 $ 83,333 1 $ 487,332 Product Development Licensing 5,000,000 (5,000,000) 1 — Change in Fair Value of derivative Liabilities 13,642,832 (6,428,571) 2 7,214,261 Net Income (Loss) 4 16,077,557 (11,345,237) 3 4,732,320 Change in carrying value of convertible preferred mezzanine equity — 64,285,712 6,428,571 Net Income (Loss) attributable to common shareholders 4 16,077,557 (4,916,666) 1 11,160,891 Net Income (Loss) per share Basic $ 0.02 — $ 0.02 Diluted $ (0.00) — $ (0.00) Three Months Ended June 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) 4 $ 16,077,557 $ (11,345,237) 3 $ 4,732,320 Change in Fair Value of derivative Liabilities (13,642,832) 6,428,571 2 (7,214,261) Change in deferred revenues and customer deposits (3,334) 4,916,667 1 4,913,333 Net cash used in operating activities (1,890,837) — (1,890,837) Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction) — 6,428,571 2 6,428,571 Effects on financials for the Year Ended March 31, 2015 As of March 31, 2015 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Derivative Liabilities $ 52,762,573 $ (35,000,000) 2 $ 17,762,573 Convertible preferred shares — 35,000,000 2 35,000,000 Additional paid-in capital 1,610,221,568 (54,095,240) 2 106,926,328 Accumulated Deficit (196,076,975) 54,095,240 2 (141,981,735) Year Ended March 31, 2015 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Change in Fair Value of derivative Liabilities $ 25,602,370 $ (23,709,070) 2 $ 1,893,300 Net Income (Loss) 4 28,929,674 (23,709,070) 2 5,220,604 Change in carrying value of convertible preferred mezzanine equity — 23,709,070 2 23,707,070 Net Income (Loss) attributable to common shareholders 4 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 Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) 4 $ 28,929,674 $ (23,709,070) 2 $ 5,220,604 Change in Fair Value of derivative Liabilities (25,602,370) 23,709,070 2 (1,893,300) Net cash used in operating activities (15,103,233) — (15,103,233) Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction) — 23,709,070 2 23,709,070 Effects on financials for the quarter ended December 31, 2014 As of December 31, 2014 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Derivative Liabilities $ 32,285,714 $ (32,285,714) 2 $ — Convertible preferred shares — 32,285,714 2 32,285,714 Additional paid-in capital 156,170,459 (51,380,954) 2 104,789,505 Accumulated Deficit (187,011,861) 51,380,954 2 (135,630,907) Three Months Ended December 31, 2014 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Change in Fair Value of derivative Liabilities $ 13,600,000 $ (13,600,000) 2 $ — Net Income (Loss) 4 21,016,770 (13,600,000) 2 7,416,770 Change in carrying value of convertible preferred mezzanine equity — 13,600,000 2 13,600,000 Net Income (Loss) attributable to common shareholders4 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 Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) 4 $ 37,994,786 $ (26,423,356) 2 $ 11,571,430 Change in Fair Value of derivative Liabilities (26,423,356) 26,423,356 2 — Net cash used in operating activities (11,246,722) — (11,246,722) Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction) — 26,423,356 2 26,423,356 Effects on financials for the quarter ended September 30, 2014 As of September 30, 2014 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Derivative Liabilities $ 45,885,714 $ (45,885,714) 2 $ — Convertible preferred shares — 45,885,714 2 45,885,714 Additional paid-in capital 152,380,767 (64,980,954) 2 87,399,813 Accumulated Deficit (208,028,632) 64,980,954 2 143,047,678 Three Months Ended September 30, 2014 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Change in fair value of preferred share derivatives $ 15,131,571 $ (15,131,571) 2 $ — Net Income (Loss) 4 21,379,824 (15,131,571) 2 6,248,253 Change in carrying value of convertible preferred mezzanine equity — 15,131,571 2 15,131,571 Net Income (Loss) attributable to common shareholders4 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 Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) 4 $ 16,978,014 $ (12,823,356) 2 $ 4,154,658 Change in Fair Value of derivative Liabilities (12,823,356) 12,823,356 2 — Net cash used in operating activities (8,641,036) — (8,641,036) Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction) — 12,823,356 2 12,823,356 Effects on financials for the quarter ended June 30, 2014 As of June 30, 2014 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Derivative Liabilities-Preferred Shares $ 63,289,786 $ (63,289,786) 2 $ — Convertible Preferred Shares — 63,289,786 2 63,289,786 Additional paid-in capital 144,697,772 (80,112,526) 2 64,585,246 Accumulated Deficit (229,408,456) 80,112,526 2 (149,295,930) Three Months Ended June 30, 2014 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Change in fair value of preferred share derivatives $ (2,308,216) $ 2,308,216 2 $ — Net Income (Loss) 4 (4,401,810) 2,308,216 2 (2,093,594) Change in maximum redemption value of convertible preferred mezzanine equity — (2,308,216) 2 (2,308,216) Net Income (Loss) attributable to common shareholders4 (4,401,810) — (4,401,810) Net Income (Loss) per share Basic $ (0.01) — $ (0.01) Diluted $ (0.01) — $ (0.01) Three Months Ended June 30, 2014 As Previously Adjustments As Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) 4 $ (4,401,810) $ 2,308,216 2 $ (2,093,594) Change in Fair Value of derivative Liabilities 2,308,216) (2,308,216) 2 — Net cash used in operating activities (4,212,663) — (4,212,663) Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction) — (2,308,216) 2 (2,308,216) Effects on financials for the year ended March 31, 2014 As of March 31, 2014 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Derivative Liabilities-Preferred Shares $ 60,981,570 $ (60,981,570) 2 $ — Convertible Preferred Shares — 60,981,570 2 60,981,570 Additional paid-in capital 143,555,091 (77,804,310) 2 65,750,781 Accumulated Deficit (255,006,646) 77,804,310 2 177,202,336 Year Ended March 31, 2014 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Change in fair value of preferred share derivatives $ (56,518,425) $ 55,314,374 2 $ (1,204,051) Net Income (Loss) 4 (96,575,271) 55,314,374 2 (41,260,897) Change in maximum redemption value of convertible preferred mezzanine equity — (55,314,374) 2 (55,314,374) Net Income (Loss) attributable to common shareholders 4 (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 Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) 4 $ (96,575,271) $ 55,314,374 2 $ (41,260,897) Change in Fair Value of derivative Liabilities 56,518,425 (55,314,374) 2 1,204,051 Net cash used in operating activities (4,216,875) — (4,216,875) Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction) — (55,314,374) 2 (55,314,374) 1 Adjustments relate solely to correction of errors in accounting for the 2015 Epic License Agreement. 2 Adjustments relate solely to correction of errors in accounting for convertible preferred shares. 3 Adjustments relate to both errors in accounting for the 2015 Epic License Agreement and the accounting for convertible preferred shares. 4 For periods prior to the quarter ended September 30, 2015, as previously reported Net Income (Loss) and Net Income (Loss) Attributable to Common Shareholders, as previously reported, were the same and, accordingly, both amounts were reported on a single line item identified as Net Income (Loss) Attributable to

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	9 Months Ended
	Dec. 31, 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	9 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	- INVENTORIES December 31, 2015 March 31, 2015 Raw Materials $ 2,785,015 $ 2,850,459 Work-in-Process 77,968 58,771 Finished Goods 318,630 122,772 Total Inventory $ 3,181,613 $ 3,032,002

NJEDA BONDS

NJEDA BONDS	9 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 7 - NJEDA BONDS DECEMBER 31, 2015 March 31, 2015 Refinanced NJEDA Bonds $ 2,065,000 $ 2,275,000 Current portion (220,000) (210,000) Long term portion, net of current maturities $ 1,845,000 $ 2,065,000 YEAR ENDING DECEMBER 31, AMOUNT 2016 $ 220,000 2017 85,000 2018 90,000 2019 95,000 2020 105,000 Thereafter 1,470,000 $ 2,065,000

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure [Text Block]	NOTE 8 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 method 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. December 31, March 31, 2015 2015 Intangible assets at beginning of fiscal year Patent application costs $ 334,457 $ 302,602 ANDA acquisitions 6,047,317 6,047,317 Less: Accumulated Amortization — — Net Intangible Assets at beginning of fiscal year $ 6,381,774 $ 6,349,919 Intangible asset costs capitalized during the fiscal year Patent application costs $ 26,158 $ 31,855 ANDA acquisition costs — — Total cost of intangible assets capitalized $ 26,158 $ 31,855 Intangible assets at end of fiscal period Patent application costs $ 360,615 $ 334,457 ANDA acquisitions 6,047,317 6,047,317 Less: Accumulated Amortization — — Net Intangible Assets $ 6,407,932 $ 6,381,774

PROPERTY AND EQUIPMENTS

PROPERTY AND EQUIPMENTS	9 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	NOTE 9 - PROPERTY AND EQUIPMENTS Property and equipment are stated at cost. Depreciation is provided on the straight-line method based on the estimated useful lives of the respective assets which range from five to forty years. Major repairs or improvements are capitalized. Minor replacements and maintenance and repairs which do not improve or extend asset lives are expensed currently. Upon retirement or other disposition of assets, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss, if any, is recognized in income. As of December 31, 2015 and March 31, 2015, the following costs were recorded as Property and Equipment on the Company’s balance sheet: December 31, March 31, 2015 2015 Computer Equipment $ 155,462 $ 132,897 Office Furniture and Equipment 126,458 126,458 Vehicles 66,855 66,855 Lab Equipment 1,293,077 1,244,915 Manufacturing Equipment 6,889,655 6,348,121 Land 300,000 300,000 Building Improvements 5,380,958 4,256,692 Total 14,212,465 $ 12,475,938 Less: Accumulated depreciation and amortization 6,556,108 6,074,136 Property and equipment, net $ 7,656,357 $ 6,401,802 Depreciation Expense for nine months ended on December 31, 2015 and 2014 was $ 492,625 683,663 Fixed assets with a cost of $ 2.17

LOANS PAYABLE

LOANS PAYABLE	9 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Long-term Debt [Text Block]	NOTE 10 - 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 nine months ended December 31, 2015, the Company has secured such loans with initial principal amounts totaling $ 385 December 31, March 31, Total loans $ 928,967 $ 825,503 Current Portion 374,546 265,165 Long-term portion, net of current maturities $ 540,421 $ 560,338 2016 $ 374,546 2017 223,976 2018 157,117 2019 135,169 2020 38,159 Thereafter — Total Principal Payments $ 928,967

WARRANT DERIVATIVE LIABILITIES

WARRANT DERIVATIVE LIABILITIES	9 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	- WARRANT DERIVATIVE LIABILITIES Accounting Standard Codification “ASC” 815 – Derivatives and Hedging FAIR VALUE OF WARRANT DERIVATIVE LIABILITY December 31, March 31, Risk-Free interest rate 0.08% - 0.61 % 0.05% - 0.89 % Expected volatility 65% - 97 % 93% - 113 % Expected life (in years) 0.0 – 2.3 1.2 – 3.1 Expected dividend yield — — Number of warrants 50,957,998 89,870,034 Fair Value of Warrant Derivative Liability $ 17,850,570 $ 17,762,573 CHANGE IN VALUE OF WARRANT DERIVATIVE LIABILITY Three months ended Nine months ended 2015 2014 2015 2014 Change in Warrant Derivative Liability $ (9,452,046) $ 10,040,234 $ (87,999) $ 21,161,859 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	9 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Preferred Stock [Text Block]	MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES On February 6, 2014, the Company created the Series I Convertible Preferred Stock (“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. Management has determined that the Series I Preferred host instrument is more akin to equity than debt and also that the above financial instruments are clearly and closely related to the host instrument, with bifurcation and classification as a derivative liability being not required. 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. Changes in carrying value are also subtracted from net income (loss), (in a manner similar to the treatment of dividends paid on preferred stock), in arriving at net income (loss) available to common stockholders used in the calculation of earnings per share. CONVERTIBLE PREFERRED MEZZANINE EQUITY December 31, 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 $ 0.409 $ 0.2450 Carrying value of convertible preferred mezzanine equity $ 58,428,575 $ 35,000,000 (Increase)/Decrease in Value of Convertible Preferred Stock Three Months Ended Dec 31, Nine Months Ended Dec 31, 2015 2014 2015 2014 Series I Preferred $ (24,785,740) $ 13,600,000 $ (23,428,573) $ 26,423,356

OPERATING LEASES

OPERATING LEASES	9 Months Ended
	Dec. 31, 2015
Leases, Operating [Abstract]
Operating Leases of Lessor Disclosure [Text Block]	NOTE 13 - 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 The lease term began on July 1, 2010. 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. Future minimum lease payment for the initial term for the leasing of 35,000 square feet at 135 Ludlow are as follows: 12 Months Ending December 31, Amount 2016 $ 206,892 Total future minimum lease payment $ 206,892 * 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 Nine months ended 2015 2014 2015 2014 Rent Expense $ 45,214 $ 45,214 $ 90,427 $ 108,216 Change in deferred rent liability $ (5,496) $ 24,010 $ (16,486) $ 44,604 DEFERRED RENT LIABILITY (LONG-TERM LIABILITY) June 30 September 30 December 31 Balance of Deferred Rent Liability $ 37,027 $ 31,533 $ 26,038

COMMON STOCK

COMMON STOCK	9 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 14 - COMMON STOCK Description Shares Common shares sold pursuant to the LPC-40 Purchase Agreement 14,769,809 Common shares issued as commitment shares pursuant to the LPC-40 Purchase Agreement 155,592 Common shares issued pursuant to the exercise of cash warrants 38,912,036 Common shares issued pursuant to the exercise of cash options 112,500 Common Shares issued in payment of employee salaries 54,169 Milestone shares issued pursuant to Epic Strategic Alliance Agreement 3,000,000 Total Common Shares issued during the Current YTD 57,004,106 Common shares issued pursuant to the strategic alliance agreement with Epic Investments LLC. A total of 3 Options Number of Options Range of Exercise Prices Vested Options 4,743,000 $0.07 to $2.50 Non-Vested Options 2,566,667 $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 April 10, 2016 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	9 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 15 - PER SHARE INFORMATION Basic earnings per share of common stock (“Basic EPS”) is computed by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding. Diluted earnings per share of common stock (“Diluted EPS”) are computed by dividing the net (loss) income by the weighted-average number of shares of common stock, and dilutive common stock equivalents and convertible securities then outstanding. GAAP requires the presentation of both Basic and Diluted EPS, if such Diluted EPS is not anti-dilutive, on the face of Company’s Condensed Statements of Operations. The calculation of Basic EPS and Diluted EPS is summarized as follows: For the Three Months For the Nine Months 2015 2014 2015 2014 Numerator Net Income (loss) attributable to common shareholders – Basic $ (37,018,704) $ 21,016,770 $ (32,610,594) $ 37,994,786 Effect of dilutive instruments on Net Income 0 (23,640,234) 0 (47,585,215) Net Income (loss) attributable to common shareholders - Diluted $ (37,018,704) $ (2,623,464) $ (32,610,594) $ (9,590,429) Denominator Weighted-average shares of common stock outstanding - basic 684,773,829 601,109,708 665,720,299 581,375,865 Dilutive effect of stock options, warrants and convertible securities 0 169,496,280 0 169,496,280 Weighted average shares of common stock outstanding - diluted 684,773,829 770,605,988 665,720,299 750,872,145 Net (loss) income per share Basic $ (0.05) $ 0.03 $ (0.05) $ 0.07 Diluted $ (0.05) $ (0.01) $ (0.05) $ (0.01)

COLLABORATIVE AGREEMENT WITH EP

COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC	9 Months Ended
	Dec. 31, 2015
Collaborative Arrangement [Abstract]
Collaborative Arrangement Disclosure [Text Block]	NOTE 16 - COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC 15 During the three months ended June 30, 2015, Elite received non-refundable payments totaling $ 5 Additional payments under the 2015 Epic License Agreement will be recognized as the defined elements are completed and collectability is reasonably assured.

RELATED PARTY TRANSACTION AGREE

RELATED PARTY TRANSACTION AGREEMENTS	9 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 17 - 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 2015 Epic License Agreement (please see Note 16 above) The 2015 Epic License 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 2015 Epic License 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. On January 14, 2016, the Company filed an NDA with the FDA for ELI-200, thereby earning a $2.5 million milestone pursuant to the 2015 Epic License Agreement. As of the date of filing of this quarterly report on Form 10-Q, the Company has not received payment of this amount from Epic. There can be no assurances of the Company receiving marketing authorization for ELI-200, and accordingly, there can be no assurances that the Company will earn and receive the additional $ 7.5 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 1.0 800 Both the 2015 Epic License 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 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	9 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transaction, Manufacturing And License Agreement Disclosure [Text Block]	NOTE 18 - 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 $ 500 • 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 net sales dollars realized from commercial sales of the related products. 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 the Precision Dose License 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 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.

SALE OF INVESTMENT IN NOVEL LAB

SALE OF INVESTMENT IN NOVEL LABORATORIES	9 Months Ended
	Dec. 31, 2015
Investments, All Other Investments [Abstract]
Cost-method Investments, Description [Text Block]	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	9 Months Ended
	Dec. 31, 2015
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	NOTE 20 - CONCENTRATIONS Revenue Concentrations Three customers accounted for approximately 90 49 34 11 Three customers accounted for more than 90 44 27 16 Accounts Receivable Concentrations Three customers accounted for more than 90 49 29 12 Four customers accounted for more than 90 38 23 21 16 Purchasing Concentrations Five suppliers accounted for more than 80 34 25 11 Five suppliers accounted for more than 80 December 31 34 14 13

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	9 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Legal Matters and Contingencies [Text Block]	NOTE 21 - LEGAL PROCEEDINGS In the ordinary course of business we may be subject to litigation from time to time. Except as discussed below, there is no current, pending or, to our knowledge, threatened litigation or administrative action to which we are a party or of which our property is the subject (including litigation or actions involving our officers, directors, affiliates, or other key personnel, or holders of record or beneficially of more than 5% of any class of our voting securities, or any associate of any such party) which in our opinion has, or is expected to have, a material adverse effect upon our business, prospects financial condition or operations. Arbitration with Precision Dose, Inc. On May 9, 2014, Precision Dose Inc., the parent company of TAGI Pharmaceuticals, Inc., commenced an arbitration against the Company alleging that the Company failed to properly supply, price and satisfy gross profit minimums regarding Phentermine 37.5mg tablets, as required by the parties’ agreements. Elite denies Precision Dose’s allegations and has counterclaimed that Precision Dose is no longer entitled to exclusivity rights with respect to Phentermine 37.5mg tablets, and is responsible for certain costs, expenses, price increases and lost profits relating to Phentermine 37.5mg tablets and the parties’ agreements. As of the date of filing of this current report on Form 10-Q 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 Arbitrators 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 December 31

EQUITY LINE WITH LINCOLN PARK C

EQUITY LINE WITH LINCOLN PARK CAPITAL FUND LLC	9 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Equity Line With Lincoln Park Capital Fund LLC [Text Block]	NOTE 22 - EQUITY LINE WITH LINCOLN PARK CAPITAL FUND LLC On April 10, 2014, we entered into a purchase agreement (the “LPC-40 Purchase Agreement”), together with a registration rights agreement (the “Registration Rights Agreement 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 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 nine months ended December 31, 2015, a total of 14,769,809 3,289,198 155,592 During the nine months ended December 31, 2014, a total of 31,979,479 9,646,346 471,768

STRATEGIC ALLIANCE PRODUCT APPR

STRATEGIC ALLIANCE PRODUCT APPROVAL	9 Months Ended
	Dec. 31, 2015
Strategic Alliance Product Approval [Abstract]
Strategic Alliance Product Approval [Text Block]	NOTE 23 - STRATEGIC ALLIANCE PRODUCT APPROVAL On October 27, 2015, the Company received notification from Epic of the approval by the FDA of Epic’s abbreviated new drug application (ANDA) for immediate release Oxycodone tablets USP 5mg, 10mg, 15mg and 30mg. This product was an Identified IR Product, which was developed at the Northvale Facility pursuant to the Epic Strategic Alliance. As required by the Epic Strategic Alliance, the Company issued to Epic of 3 million shares of Common Stock upon the Company’s receipt of a written Notice of Approval evidencing the FDA’s approval of the ANDA filed. In accordance with ASC 505-50 (Equity Based Payments to Non-Employess) 840 which was determined by its commitment to notify

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 24 - SUBSEQUENT EVENTS Sale of New Jersey State Net Operating Losses In January 2016, Elite Laboratories Inc., a wholly owned subsidiary of Elite Pharmaceuticals Inc. received final approval from the New Jersey Economic Development Authority for the sale of net tax benefits of $ 444,746 125,363 524,500 Nasrat Hakim named Chairman of the Board of Directors and employment agreement amended On January 13, the Company announced the resignation of Mr. Jerry Treppel as the Company’s Chairman and as a member of the Board of Directors, and the appointment of Mr. Nasrat Hakim as Chairman of the Board of Directors. Mr. Hakim is now the Company’s Chief Executive Officer and Chairman of the Board of Directors. On January 21, 2016, the Board of Directors amended the August 1, 2013 employment agreement between the Company and Mr. Hakim (the “Hakim Employment Agreement”). Pursuant to the amendment, effective January 1, 2016 and during the term of the Hakim Employment Agreement, Mr. Hakim’s base annual salary will be $ 500,000 100 FDA approves waiver of NDA filing fee On January 13, 2016, the Company announced that the United States Food and Drug Administration (“FDA”) has granted the Company a waiver of the application fee required for the filing of a New Drug Application (“NDA”). Under section 736(d)(1)(E) of the Federal Food, Drug and Cosmetic Act, the FDA may grant a waiver of the $ 2,335,200 Filing of New Drug Application for ELI-200 On January 14, 2016, the Company submitted a 505(b)(2) New Drug Application for its lead opioid abuse-deterrent candidate, ELI-200, immediate-release Oxycodone Hydrochloride 5mg, 10mg, 15mg, 20mg and 30mg capsules with sequestered Naltrexone Hydrochloride, for the treatment of moderate to severe pain with the United States Food and Drug Administration. FDA notification regarding acceptance of the submission for review is expected to take 6 to 12 weeks from submission. Common Stock sold pursuant to the LPC-40 Purchase Agreement Subsequent to the Current Balance Sheet Date and up to February 5, 2016 (the latest practicable date), a total of 1,045,285 333,286 Common Stock issued pursuant to the exercise of cash warrants Subsequent to the Current Balance Sheet Date and up to February 5, 2016 (the latest practicable date), a total of 4,955,265 309,704

RESTATEMENT OF PRIOR FINANCIA31

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Tables)	9 Months Ended
	Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	As a result of the aforementioned correction of accounting errors, the relevant financial statements have been restated as follows: Effects on financials for the quarter ended September 30, 2015 As of September 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Deferred Revenues, Current $ 13,333 $ 1,000,000 1 $ 1,013,333 Deferred Revenues, Long Term 118,890 3,666,667 1 3,785,557 Accumulated Deficit (136,943,114) (1,987,679) 3 (138,930,793) Additional paid-in capital 116,204,254 (2,678,989) 2 113,525,265 Three Months Ended September 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Licensing Fee $ 143,312 $ 250,000 1 $ 393,312 Net Income (Loss) (1,931,376) 250,000 1 (1,681,376) Net Income (Loss) attributable to common shareholders (7,002,782) 250,000 1 (6,752,782) Net Income (Loss) per share Basic $ (0.01) — $ (0.01) Diluted $ (0.00) — $ (0.00) Six Months Ended September 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) $ 6,931,921 $ (3,880,978) 3 $ 3,050,942 Change in Fair Value of derivative Liabilities (8,578,358) (785,689) 2 (9,364,047) Change in deferred revenues and customer deposits (6,667) 4,666,667 1 4,660,000 Net cash used in operating activities (1,588,019) — (1,588,019) Effects on financials for the quarter ended June 30, 2015 As of June 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Deferred Revenues, Current $ 13,333 $ 1,000,000 1 $ 1,013,333 Deferred Revenues, Long Term 122,223 3,916,667 1 4,038,890 Derivative Liabilities 39,119,741 (28,571,428) 2 10,548,312 Convertible preferred shares — 28,571,428 2 28,571,428 Additional paid-in capital 164,323,451 (47,666,669) 2 116,656,782 Accumulated Deficit (179,999,418) 42,750,003 3 (137,249,415) Three Months Ended June 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations 4 Licensing Fee $ 403,999 $ 83,333 1 $ 487,332 Product Development Licensing 5,000,000 (5,000,000) 1 — Change in Fair Value of derivative Liabilities 13,642,832 (6,428,571) 2 7,214,261 Net Income (Loss) 4 16,077,557 (11,345,237) 3 4,732,320 Change in carrying value of convertible preferred mezzanine equity — 64,285,712 6,428,571 Net Income (Loss) attributable to common shareholders 4 16,077,557 (4,916,666) 1 11,160,891 Net Income (Loss) per share Basic $ 0.02 — $ 0.02 Diluted $ (0.00) — $ (0.00) Three Months Ended June 30, 2015 As Previously Adjustments As Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) 4 $ 16,077,557 $ (11,345,237) 3 $ 4,732,320 Change in Fair Value of derivative Liabilities (13,642,832) 6,428,571 2 (7,214,261) Change in deferred revenues and customer deposits (3,334) 4,916,667 1 4,913,333 Net cash used in operating activities (1,890,837) — (1,890,837) Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction) — 6,428,571 2 6,428,571 Effects on financials for the Year Ended March 31, 2015 As of March 31, 2015 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Derivative Liabilities $ 52,762,573 $ (35,000,000) 2 $ 17,762,573 Convertible preferred shares — 35,000,000 2 35,000,000 Additional paid-in capital 1,610,221,568 (54,095,240) 2 106,926,328 Accumulated Deficit (196,076,975) 54,095,240 2 (141,981,735) Year Ended March 31, 2015 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Change in Fair Value of derivative Liabilities $ 25,602,370 $ (23,709,070) 2 $ 1,893,300 Net Income (Loss) 4 28,929,674 (23,709,070) 2 5,220,604 Change in carrying value of convertible preferred mezzanine equity — 23,709,070 2 23,707,070 Net Income (Loss) attributable to common shareholders 4 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 Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) 4 $ 28,929,674 $ (23,709,070) 2 $ 5,220,604 Change in Fair Value of derivative Liabilities (25,602,370) 23,709,070 2 (1,893,300) Net cash used in operating activities (15,103,233) — (15,103,233) Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction) — 23,709,070 2 23,709,070 Effects on financials for the quarter ended December 31, 2014 As of December 31, 2014 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Derivative Liabilities $ 32,285,714 $ (32,285,714) 2 $ — Convertible preferred shares — 32,285,714 2 32,285,714 Additional paid-in capital 156,170,459 (51,380,954) 2 104,789,505 Accumulated Deficit (187,011,861) 51,380,954 2 (135,630,907) Three Months Ended December 31, 2014 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Change in Fair Value of derivative Liabilities $ 13,600,000 $ (13,600,000) 2 $ — Net Income (Loss) 4 21,016,770 (13,600,000) 2 7,416,770 Change in carrying value of convertible preferred mezzanine equity — 13,600,000 2 13,600,000 Net Income (Loss) attributable to common shareholders4 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 Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) 4 $ 37,994,786 $ (26,423,356) 2 $ 11,571,430 Change in Fair Value of derivative Liabilities (26,423,356) 26,423,356 2 — Net cash used in operating activities (11,246,722) — (11,246,722) Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction) — 26,423,356 2 26,423,356 Effects on financials for the quarter ended September 30, 2014 As of September 30, 2014 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Derivative Liabilities $ 45,885,714 $ (45,885,714) 2 $ — Convertible preferred shares — 45,885,714 2 45,885,714 Additional paid-in capital 152,380,767 (64,980,954) 2 87,399,813 Accumulated Deficit (208,028,632) 64,980,954 2 143,047,678 Three Months Ended September 30, 2014 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Change in fair value of preferred share derivatives $ 15,131,571 $ (15,131,571) 2 $ — Net Income (Loss) 4 21,379,824 (15,131,571) 2 6,248,253 Change in carrying value of convertible preferred mezzanine equity — 15,131,571 2 15,131,571 Net Income (Loss) attributable to common shareholders4 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 Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) 4 $ 16,978,014 $ (12,823,356) 2 $ 4,154,658 Change in Fair Value of derivative Liabilities (12,823,356) 12,823,356 2 — Net cash used in operating activities (8,641,036) — (8,641,036) Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction) — 12,823,356 2 12,823,356 Effects on financials for the quarter ended June 30, 2014 As of June 30, 2014 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Derivative Liabilities-Preferred Shares $ 63,289,786 $ (63,289,786) 2 $ — Convertible Preferred Shares — 63,289,786 2 63,289,786 Additional paid-in capital 144,697,772 (80,112,526) 2 64,585,246 Accumulated Deficit (229,408,456) 80,112,526 2 (149,295,930) Three Months Ended June 30, 2014 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Change in fair value of preferred share derivatives $ (2,308,216) $ 2,308,216 2 $ — Net Income (Loss) 4 (4,401,810) 2,308,216 2 (2,093,594) Change in maximum redemption value of convertible preferred mezzanine equity — (2,308,216) 2 (2,308,216) Net Income (Loss) attributable to common shareholders4 (4,401,810) — (4,401,810) Net Income (Loss) per share Basic $ (0.01) — $ (0.01) Diluted $ (0.01) — $ (0.01) Three Months Ended June 30, 2014 As Previously Adjustments As Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) 4 $ (4,401,810) $ 2,308,216 2 $ (2,093,594) Change in Fair Value of derivative Liabilities 2,308,216) (2,308,216) 2 — Net cash used in operating activities (4,212,663) — (4,212,663) Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction) — (2,308,216) 2 (2,308,216) Effects on financials for the year ended March 31, 2014 As of March 31, 2014 As Previously Adjustments As Restated Condensed Consolidated Balance Sheet Derivative Liabilities-Preferred Shares $ 60,981,570 $ (60,981,570) 2 $ — Convertible Preferred Shares — 60,981,570 2 60,981,570 Additional paid-in capital 143,555,091 (77,804,310) 2 65,750,781 Accumulated Deficit (255,006,646) 77,804,310 2 177,202,336 Year Ended March 31, 2014 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Change in fair value of preferred share derivatives $ (56,518,425) $ 55,314,374 2 $ (1,204,051) Net Income (Loss) 4 (96,575,271) 55,314,374 2 (41,260,897) Change in maximum redemption value of convertible preferred mezzanine equity — (55,314,374) 2 (55,314,374) Net Income (Loss) attributable to common shareholders 4 (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 Restated Condensed Consolidated Statement of Cash Flows Net Income (Loss) 4 $ (96,575,271) $ 55,314,374 2 $ (41,260,897) Change in Fair Value of derivative Liabilities 56,518,425 (55,314,374) 2 1,204,051 Net cash used in operating activities (4,216,875) — (4,216,875) Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction) — (55,314,374) 2 (55,314,374) 1 Adjustments relate solely to correction of errors in accounting for the 2015 Epic License Agreement. 2 Adjustments relate solely to correction of errors in accounting for convertible preferred shares. 3 Adjustments relate to both errors in accounting for the 2015 Epic License Agreement and the accounting for convertible preferred shares. 4 For periods prior to the quarter ended September 30, 2015, as previously reported Net Income (Loss) and Net Income (Loss) Attributable to Common Shareholders, as previously reported, were the same and, accordingly, both amounts were reported on a single line item identified as Net Income (Loss) Attributable to

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Dec. 31, 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: December 31, 2015 March 31, 2015 Raw Materials $ 2,785,015 $ 2,850,459 Work-in-Process 77,968 58,771 Finished Goods 318,630 122,772 Total Inventory $ 3,181,613 $ 3,032,002

NJEDA BONDS (Tables)

NJEDA BONDS (Tables)	9 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Securities Financing Transactions [Table Text Block]	Bond financing consisting of the following, as of: DECEMBER 31, 2015 March 31, 2015 Refinanced NJEDA Bonds $ 2,065,000 $ 2,275,000 Current portion (220,000) (210,000) Long term portion, net of current maturities $ 1,845,000 $ 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 DECEMBER 31, AMOUNT 2016 $ 220,000 2017 85,000 2018 90,000 2019 95,000 2020 105,000 Thereafter 1,470,000 $ 2,065,000

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill [Table Text Block]	As December 31, March 31, 2015 2015 Intangible assets at beginning of fiscal year Patent application costs $ 334,457 $ 302,602 ANDA acquisitions 6,047,317 6,047,317 Less: Accumulated Amortization — — Net Intangible Assets at beginning of fiscal year $ 6,381,774 $ 6,349,919 Intangible asset costs capitalized during the fiscal year Patent application costs $ 26,158 $ 31,855 ANDA acquisition costs — — Total cost of intangible assets capitalized $ 26,158 $ 31,855 Intangible assets at end of fiscal period Patent application costs $ 360,615 $ 334,457 ANDA acquisitions 6,047,317 6,047,317 Less: Accumulated Amortization — — Net Intangible Assets $ 6,407,932 $ 6,381,774

PROPERTY AND EQUIPMENTS (Tables

PROPERTY AND EQUIPMENTS (Tables)	9 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	As of December 31, 2015 and March 31, 2015, the following costs were recorded as Property and Equipment on the Company’s balance sheet: December 31, March 31, 2015 2015 Computer Equipment $ 155,462 $ 132,897 Office Furniture and Equipment 126,458 126,458 Vehicles 66,855 66,855 Lab Equipment 1,293,077 1,244,915 Manufacturing Equipment 6,889,655 6,348,121 Land 300,000 300,000 Building Improvements 5,380,958 4,256,692 Total 14,212,465 $ 12,475,938 Less: Accumulated depreciation and amortization 6,556,108 6,074,136 Property and equipment, net $ 7,656,357 $ 6,401,802

LOANS PAYABLE (Tables)

LOANS PAYABLE (Tables)	9 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	Loans Payable consisted of the following as of: December 31, March 31, Total loans $ 928,967 $ 825,503 Current Portion 374,546 265,165 Long-term portion, net of current maturities $ 540,421 $ 560,338
Schedule of Maturities of Long-term Debt [Table Text Block]	Principal payments on loans for 12 months ending December 31: 2016 $ 374,546 2017 223,976 2018 157,117 2019 135,169 2020 38,159 Thereafter — Total Principal Payments $ 928,967

WARRANT DERIVATIVE LIABILITIES

WARRANT DERIVATIVE LIABILITIES (Tables)	9 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments [Table Text Block]	The portion of derivative liabilities related to outstanding warrants was valued using the Black-Scholes option valuation model and the following assumptions on the following dates: FAIR VALUE OF WARRANT DERIVATIVE LIABILITY December 31, March 31, Risk-Free interest rate 0.08% - 0.61 % 0.05% - 0.89 % Expected volatility 65% - 97 % 93% - 113 % Expected life (in years) 0.0 – 2.3 1.2 – 3.1 Expected dividend yield — — Number of warrants 50,957,998 89,870,034 Fair Value of Warrant Derivative Liability $ 17,850,570 $ 17,762,573
Schedule Of Changes In Value Of Warrant Derivative Liability [Table Text Block]	CHANGE IN VALUE OF WARRANT DERIVATIVE LIABILITY Three months ended Nine months ended 2015 2014 2015 2014 Change in Warrant Derivative Liability $ (9,452,046) $ 10,040,234 $ (87,999) $ 21,161,859

MEZZANINE EQUITY - CONVERTIBL38

MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES (Tables)	9 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Preferred Stock Activity [Table Text Block]	Changes in carrying value are also subtracted from net income (loss), (in a manner similar to the treatment of dividends paid on preferred stock), in arriving at net income (loss) available to common stockholders used in the calculation of earnings per share. CONVERTIBLE PREFERRED MEZZANINE EQUITY December 31, 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 $ 0.409 $ 0.2450 Carrying value of convertible preferred mezzanine equity $ 58,428,575 $ 35,000,000 (Increase)/Decrease in Value of Convertible Preferred Stock Three Months Ended Dec 31, Nine Months Ended Dec 31, 2015 2014 2015 2014 Series I Preferred $ (24,785,740) $ 13,600,000 $ (23,428,573) $ 26,423,356

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	9 Months Ended
	Dec. 31, 2015
Leases, Operating [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Future minimum lease payment for the initial term for the leasing of 35,000 square feet at 135 Ludlow are as follows: 12 Months Ending December 31, Amount 2016 $ 206,892 Total future minimum lease payment $ 206,892 * 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 Nine months ended 2015 2014 2015 2014 Rent Expense $ 45,214 $ 45,214 $ 90,427 $ 108,216 Change in deferred rent liability $ (5,496) $ 24,010 $ (16,486) $ 44,604
Schedule Of Deferred Rent Liability [Table Text Block]	DEFERRED RENT LIABILITY (LONG-TERM LIABILITY) June 30 September 30 December 31 Balance of Deferred Rent Liability $ 37,027 $ 31,533 $ 26,038

COMMON STOCK (Tables)

COMMON STOCK (Tables)	9 Months Ended
	Dec. 31, 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: Description Shares Common shares sold pursuant to the LPC-40 Purchase Agreement 14,769,809 Common shares issued as commitment shares pursuant to the LPC-40 Purchase Agreement 155,592 Common shares issued pursuant to the exercise of cash warrants 38,912,036 Common shares issued pursuant to the exercise of cash options 112,500 Common Shares issued in payment of employee salaries 54,169 Milestone shares issued pursuant to Epic Strategic Alliance Agreement 3,000,000 Total Common Shares issued during the Current YTD 57,004,106
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 4,743,000 $0.07 to $2.50 Non-Vested Options 2,566,667 $0.07 to $0.46

PER SHARE INFORMATION (Tables)

PER SHARE INFORMATION (Tables)	9 Months Ended
	Dec. 31, 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 For the Nine Months 2015 2014 2015 2014 Numerator Net Income (loss) attributable to common shareholders – Basic $ (37,018,704) $ 21,016,770 $ (32,610,594) $ 37,994,786 Effect of dilutive instruments on Net Income 0 (23,640,234) 0 (47,585,215) Net Income (loss) attributable to common shareholders - Diluted $ (37,018,704) $ (2,623,464) $ (32,610,594) $ (9,590,429) Denominator Weighted-average shares of common stock outstanding - basic 684,773,829 601,109,708 665,720,299 581,375,865 Dilutive effect of stock options, warrants and convertible securities 0 169,496,280 0 169,496,280 Weighted average shares of common stock outstanding - diluted 684,773,829 770,605,988 665,720,299 750,872,145 Net (loss) income per share Basic $ (0.05) $ 0.03 $ (0.05) $ 0.07 Diluted $ (0.05) $ (0.01) $ (0.05) $ (0.01)

DEFINITIONS (Details Textual)

DEFINITIONS (Details Textual) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Notes Payable, Related Parties, Current	$ 718,309	$ 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	718,309
Interest Payable, Current	$ 52,875

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2015
Accounting Policies [Line Items]
Proceeds From Sale of Generic Products	$ 6,720,000	$ 1,954,000
Proceeds From Sale of Branded Products	$ 0	$ 0

RESTATEMENT OF PRIOR FINANCIA44

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Details) - USD ($)		Dec. 31, 2015	Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 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		3,532,223					125,557
Derivative liabilities		17,850,570					17,762,573
Convertible preferred shares		58,428,575					35,000,000
Additional paid-in capital		90,284,692					106,926,328
Accumulated deficit		$ (151,163,756)					(141,981,735)
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred Revenues, Current			$ 13,333		$ 13,333
Deferred Revenues, Long Term			118,890		122,223
Derivative liabilities					39,119,741		52,762,573		$ 32,285,714		$ 45,885,714		$ 63,289,786		$ 60,981,570
Convertible preferred shares					0		0		0		0		0		0
Additional paid-in capital			116,204,254		164,323,451		1,610,221,568		156,170,459		152,380,767		144,697,772		143,555,091
Accumulated deficit			(136,943,114)		(179,999,418)		(196,076,975)		(187,011,861)		(208,028,632)		(229,408,456)		(255,006,646)
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred Revenues, Current	[1]		1,000,000		1,000,000
Deferred Revenues, Long Term	[1]		3,666,667		3,916,667
Derivative liabilities	[2]				(28,571,428)		(35,000,000)		(32,285,714)		(45,885,714)		(63,289,786)		(60,981,570)
Convertible preferred shares	[2]				28,571,428		35,000,000		32,285,714		45,885,714		63,289,786		60,981,570
Additional paid-in capital	[2]		(2,678,989)		(47,666,669)		(54,095,240)		(51,380,954)		(64,980,954)		(80,112,526)		(77,804,310)
Accumulated deficit			(1,987,679)	[3]	42,750,003	[3]	54,095,240	[2]	51,380,954	[2]	64,980,954	[2]	80,112,526	[2]	77,804,310	[2]
As Restated [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred Revenues, Current			1,013,333		1,013,333
Deferred Revenues, Long Term			3,785,557		4,038,890
Derivative liabilities					10,548,312		17,762,573		0		0		0		0
Convertible preferred shares					28,571,428		35,000,000		32,285,714		45,885,714		63,289,786		60,981,570
Additional paid-in capital			113,525,265		116,656,782		106,926,328		104,789,505		87,399,813		64,585,246		65,750,781
Accumulated deficit			$ (138,930,793)		$ (137,249,415)		$ (141,981,735)		$ (135,630,907)		$ 143,047,678		$ (149,295,930)		$ 177,202,336
[1]	Adjustments relate solely to correction of errors in accounting for the 2015 Epic License Agreement.
[2]	Adjustments relate solely to correction of errors in accounting for convertible preferred shares.
[3]	Adjustments relate to both errors in accounting for the 2015 Epic License Agreement and the accounting for convertible preferred shares.

RESTATEMENT OF PRIOR FINANCIA45

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Details 1) - USD ($)		3 Months Ended											6 Months Ended				9 Months Ended			12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015		Jun. 30, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2015	Dec. 31, 2014		Mar. 31, 2015		Mar. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Licensing fee		$ 571,824					$ 348,273										$ 1,452,468	$ 961,401
Net Income (Loss)		(12,232,964)					7,416,770										(9,182,021)	11,571,430
Change in Fair Value of derivative Liabilities		(9,452,046)					10,040,234										(87,999)	21,161,859
Change in maximum redemption value of convertible preferred mezzanine equity		(24,785,740)					13,600,000										(23,428,573)	26,423,356
Net Income (Loss) attributable to common shareholders		$ (37,018,704)					$ 21,016,770										$ (32,610,594)	$ 37,994,786
Net Income (Loss) Per Share
Basic		$ (0.05)					$ 0.03										$ (0.05)	$ 0.07
Diluted		$ (0.05)					$ (0.01)										$ (0.05)	$ (0.01)
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Licensing fee			$ 143,312		$ 403,999
Net Income (Loss)			(1,931,376)		16,077,557	[1]	$ 21,016,770	[1]	$ 21,379,824	[1]	$ (4,401,810)	[1]	$ 6,931,921		$ 16,978,014	[1]		$ 37,994,786	[1]	$ 28,929,674	[1]	$ (96,575,271)	[1]
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)		(8,578,358)		(12,823,356)			(26,423,356)		25,602,370		(56,518,425)
Change in maximum redemption value of convertible preferred mezzanine equity					0		0		0		0									0		0
Net Income (Loss) attributable to common shareholders			$ (7,002,782)		$ 16,077,557		$ 21,016,770	[1]	$ 21,379,824	[1]	$ (4,401,810)	[1]								$ 28,929,674		$ (96,575,271)	[1]
Net Income (Loss) Per Share
Basic			$ (0.01)		$ 0.02		$ 0.03		$ 0.04		$ (0.01)									$ 0.05		$ (0.21)
Diluted			$ 0		$ 0		$ 0		$ (0.01)		$ (0.01)									$ (0.02)		$ (0.21)
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Licensing fee	[2]		$ 250,000		$ 83,333
Net Income (Loss)			250,000	[2]	(11,345,237)	[1],[3]	$ (13,600,000)	[1],[4]	$ (15,131,571)	[1],[4]	$ 2,308,216	[1],[4]	(3,880,978)	[3]	(12,823,356)	[1],[4]		(26,423,356)	[1],[4]	$ (23,709,070)	[1],[4]	$ 55,314,374	[1],[4]
Product Development Licensing	[2]				(5,000,000)
Change in Fair Value of derivative Liabilities	[4]				(6,428,571)		(13,600,000)		(15,131,571)		2,308,216		(785,689)		12,823,356			26,423,356		(23,709,070)		55,314,374
Change in maximum redemption value of convertible preferred mezzanine equity					64,285,712		13,600,000	[4]	15,131,571	[4]	(2,308,216)	[4]								23,709,070	[4]	(55,314,374)	[4]
Net Income (Loss) attributable to common shareholders			$ 250,000	[2]	$ (4,916,666)	[2]	$ 0	[1]	$ 0	[1]	$ 0	[1]								$ 0		$ 0	[1]
Net Income (Loss) Per Share
Basic			$ 0		$ 0		$ 0		$ 0		$ 0									$ 0		$ 0
Diluted			$ 0		$ 0		$ 0		$ 0		$ 0									$ 0		$ 0
As Restated [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Licensing fee			$ 393,312		$ 487,332
Net Income (Loss)			(1,681,376)		4,732,320	[1]	$ 7,416,770	[1]	$ 6,248,253	[1]	$ (2,093,594)	[1]	3,050,942		4,154,658	[1]		11,571,430	[1]	$ 5,220,604	[1]	$ (41,260,897)	[1]
Product Development Licensing					0
Change in Fair Value of derivative Liabilities					7,214,261		0		0		0		$ (9,364,047)		$ 0			$ 0		1,893,300		(1,204,051)
Change in maximum redemption value of convertible preferred mezzanine equity					6,428,571		13,600,000		15,131,571		(2,308,216)									23,707,070		(55,314,374)
Net Income (Loss) attributable to common shareholders			$ (6,752,782)		$ 11,160,891		$ 21,016,770	[1]	$ 21,379,824	[1]	$ (4,401,810)	[1]								$ 28,929,674		$ (96,575,271)	[1]
Net Income (Loss) Per Share
Basic			$ (0.01)		$ 0.02		$ 0.03		$ 0.04		$ (0.01)									$ 0.05		$ (0.21)
Diluted			$ 0		$ 0		$ 0		$ (0.01)		$ (0.01)									$ (0.02)		$ (0.21)
[1]	For periods prior to the quarter ended September 30, 2015, as previously reported Net Income and Net Income Attributable to Common Shareholders, as previously reported, were the same and, accordingly, both amounts were reported on a single line item identified as Net Income Attributable to Common Shareholders.
[2]	Adjustments relate solely to correction of errors in accounting for the 2015 Epic License Agreement.
[3]	Adjustments relate to both errors in accounting for the 2015 Epic License Agreement and the accounting for convertible preferred shares.
[4]	Adjustments relate solely to correction of errors in accounting for convertible preferred shares.

RESTATEMENT OF PRIOR FINANCIA46

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Details 2) - USD ($)		3 Months Ended											6 Months Ended				9 Months Ended			12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015		Jun. 30, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2015	Dec. 31, 2014		Mar. 31, 2015		Mar. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)		$ (12,232,964)					$ 7,416,770										$ (9,182,021)	$ 11,571,430
Change in Fair Value of derivative Liabilities		(9,452,046)					10,040,234										(87,999)	21,161,859
Change in deferred revenues and customer deposits																	4,406,666	(10,000)
Net cash used in operating activities																	(3,371,847)	(11,246,722)
Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction)		$ (23,428,573)					26,423,356										$ (23,428,573)	26,423,356
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)			$ (1,931,376)		$ 16,077,557	[1]	21,016,770	[1]	$ 21,379,824	[1]	$ (4,401,810)	[1]	$ 6,931,921		$ 16,978,014	[1]		37,994,786	[1]	$ 28,929,674	[1]	$ (96,575,271)	[1]
Change in Fair Value of derivative Liabilities					13,642,832		13,600,000		15,131,571		(2,308,216)		(8,578,358)		(12,823,356)			(26,423,356)		25,602,370		(56,518,425)
Change in deferred revenues and customer deposits					(3,334)								(6,667)
Net cash used in operating activities					(1,890,837)						(4,212,663)		(1,588,019)		(8,641,036)			(11,246,722)		(15,103,233)		(4,216,875)
Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction)					0		0		0		0				0			0		0		0
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)			250,000	[2]	(11,345,237)	[1],[3]	(13,600,000)	[1],[4]	(15,131,571)	[1],[4]	2,308,216	[1],[4]	(3,880,978)	[3]	(12,823,356)	[1],[4]		(26,423,356)	[1],[4]	(23,709,070)	[1],[4]	55,314,374	[1],[4]
Change in Fair Value of derivative Liabilities	[4]				(6,428,571)		(13,600,000)		(15,131,571)		2,308,216		(785,689)		12,823,356			26,423,356		(23,709,070)		55,314,374
Change in deferred revenues and customer deposits	[2]				4,916,667								4,666,667
Net cash used in operating activities					0						0		0		0			0		0		0
Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction)	[4]				6,428,571		26,423,356		12,823,356		(2,308,216)				12,823,356			26,423,356		23,709,070		(55,314,374)
As Restated [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)			$ (1,681,376)		4,732,320	[1]	7,416,770	[1]	6,248,253	[1]	(2,093,594)	[1]	3,050,942		4,154,658	[1]		11,571,430	[1]	5,220,604	[1]	(41,260,897)	[1]
Change in Fair Value of derivative Liabilities					7,214,261		0		0		0		(9,364,047)		0			0		1,893,300		(1,204,051)
Change in deferred revenues and customer deposits					4,913,333								4,660,000
Net cash used in operating activities					(1,890,837)						(4,212,663)		$ (1,588,019)		(8,641,036)			(11,246,722)		(15,103,233)		(4,216,875)
Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction)					$ 6,428,571		$ 26,423,356		$ 12,823,356		$ (2,308,216)				$ 12,823,356			$ 26,423,356		$ 23,709,070		$ (55,314,374)
[1]	For periods prior to the quarter ended September 30, 2015, as previously reported Net Income and Net Income Attributable to Common Shareholders, as previously reported, were the same and, accordingly, both amounts were reported on a single line item identified as Net Income Attributable to Common Shareholders.
[2]	Adjustments relate solely to correction of errors in accounting for the 2015 Epic License Agreement.
[3]	Adjustments relate to both errors in accounting for the 2015 Epic License Agreement and the accounting for convertible preferred shares.
[4]	Adjustments relate solely to correction of errors in accounting for convertible preferred shares.

RESTATEMENT OF PRIOR FINANCIA47

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Details Textual) $ in Millions	9 Months Ended
	Dec. 31, 2015USD ($)
Epic [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Proceeds from Divestiture of Interest in Consolidated Subsidiaries	$ 5

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Inventory [Line Items]
Raw Materials	$ 2,785,015	$ 2,850,459
Work-in-Process	77,968	58,771
Finished Goods	318,630	122,772
Total Inventory	$ 3,181,613	$ 3,032,002

NJEDA BONDS (Details)

NJEDA BONDS (Details) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Current portion	$ (220,000)	$ (210,000)
Long term portion, net of current maturities	1,845,000	2,065,000
Njeda Bonds [Member]
Debt Instrument [Line Items]
Refinanced NJEDA Bonds	2,065,000	2,275,000
Current portion	(220,000)	(210,000)
Long term portion, net of current maturities	$ 1,845,000	$ 2,065,000

NJEDA BONDS (Details 1)

NJEDA BONDS (Details 1) - Njeda Bonds [Member]	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
2,016	$ 220,000
2,017	85,000
2,018	90,000
2,019	95,000
2,020	105,000
Thereafter	1,470,000
Long-term portion, net of current maturities	$ 2,065,000

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Net Intangible Assets at beginning of fiscal year	$ 6,381,774	$ 6,349,919
Intangible asset costs capitalized during the fiscal year	26,158	31,855
Less: Accumulated Amortization	0	0
Intangible assets at end of fiscal year	6,407,932	6,381,774
Patent Application Cost [Member]
Finite-Lived Intangible Assets [Line Items]
Net Intangible Assets at beginning of fiscal year	334,457	302,602
Intangible asset costs capitalized during the fiscal year	26,158	31,855
Intangible assets at end of fiscal year	360,615	334,457
Anda Acquisition Cost [Member]
Finite-Lived Intangible Assets [Line Items]
Net Intangible Assets at beginning of fiscal year	6,047,317	6,047,317
Intangible asset costs capitalized during the fiscal year	0	0
Intangible assets at end of fiscal year	$ 6,047,317	$ 6,047,317

INTANGIBLE ASSETS (Details Text

INTANGIBLE ASSETS (Details Textual)	9 Months Ended
	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Amortization Method	straight-line method

PROPERTY AND EQUIPMENTS (Detail

PROPERTY AND EQUIPMENTS (Details) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 14,212,465	$ 12,475,938
Less: Accumulated depreciation and amortization	6,556,108	6,074,117
Property and equipment, net	7,656,357	6,401,802
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	155,462	132,897
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	126,458	126,458
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	66,855	66,855
Lab Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,293,077	1,244,915
Manufacturing Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	6,889,655	6,348,121
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	300,000	300,000
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 5,380,958	$ 4,256,692

PROPERTY AND EQUIPMENTS (Deta54

PROPERTY AND EQUIPMENTS (Details Textual) - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Depreciation	$ 492,625	$ 683,663
Fixed Assets Not Yet Been Placed in Service	$ 2,170,000

LOANS PAYABLE (Details)

LOANS PAYABLE (Details) - Secured Debt [Member] - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Total loans	$ 928,967	$ 825,503
Current Portion	374,546	265,165
Long-term portion, net of current maturities	$ 540,421	$ 560,338

LOANS PAYABLE (Details 1)

LOANS PAYABLE (Details 1) - Secured Debt [Member] - USD ($)	Dec. 31, 2015	Mar. 31, 2015
2,016	$ 374,546
2,017	223,976
2,018	157,117
2,019	135,169
2,020	38,159
Thereafter	0
Total Principal Payments	$ 928,967	$ 825,503

LOANS PAYABLE (Details Textual)

LOANS PAYABLE (Details Textual) $ in Thousands	Dec. 31, 2015USD ($)
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 385

WARRANT DERIVATIVE LIABILITIE58

WARRANT DERIVATIVE LIABILITIES (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2015
Class of Warrant or Right [Line Items]
Expected dividend yield	0.00%	0.00%
Warrant [Member]
Class of Warrant or Right [Line Items]
Number of warrants	50,957,998	89,870,034
Fair Value of Warrant Derivative Liability	$ 17,850,570	$ 17,762,573
Warrant [Member] | Minimum [Member]
Class of Warrant or Right [Line Items]
Risk-Free interest rate	0.08%	0.05%
Expected volatility	65.00%	93.00%
Expected life (in years)	0 years	1 year 2 months 12 days
Warrant [Member] | Maximum [Member]
Class of Warrant or Right [Line Items]
Risk-Free interest rate	0.61%	0.89%
Expected volatility	97.00%	113.00%
Expected life (in years)	2 years 3 months 18 days	3 years 1 month 6 days

WARRANT DERIVATIVE LIABILITIE59

WARRANT DERIVATIVE LIABILITIES (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Change in Warrant Derivative Liability	$ (9,452,046)	$ 10,040,234	$ (87,999)	$ 21,161,859

MEZZANINE EQUITY - CONVERTIBL60

MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES (Details) - Series I Convertible Preferred Stock [Member] - USD ($)	Dec. 31, 2015	Mar. 31, 2015	Feb. 06, 2014
Shares authorized	500	500	500
Shares outstanding	100	100	100
Par value	$ 0.01	$ 0.01	$ 0.01
Stated value	$ 100,000	$ 100,000	$ 100,000
Conversion price	$ 0.07	$ 0.07	$ 0.07
Common shares to be issued upon redemption	142,857,143	142,857,143
Closing price on valuation date	$ 0.409	$ 0.245
Carrying value of convertible preferred mezzanine equity	$ 58,428,575	$ 35,000,000

MEZZANINE EQUITY - CONVERTIBL61

MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Series I Convertible Preferred Stock [Member]
(Increase)/Decrease in Value of Convertible Preferred Stock	$ (24,785,740)	$ 13,600,000	$ (23,428,573)	$ 26,423,356

MEZZANINE EQUITY - CONVERTIBL62

MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES (Details Textual) - Series I Convertible Preferred Stock [Member] - USD ($)	Dec. 31, 2015	Mar. 31, 2015	Feb. 06, 2014
Preferred Stock, Shares Authorized	500	500	500
Preferred Stock, Shares Issued			100
Preferred Stock, Shares Outstanding	100	100	100
Convertible Preferred Stock Par Value Per Share	$ 0.01	$ 0.01	$ 0.01
Convertible Preferred Stock Stated Value	$ 100,000	$ 100,000	$ 100,000
Preferred Stock Conversion Price Per Share	$ 0.07	$ 0.07	$ 0.07

OPERATING LEASES (Details)

OPERATING LEASES (Details)	Dec. 31, 2015USD ($)	[1]
12 MONTHS ENDING SEPTEMBER 30,
2,016	$ 206,892
Total future minimum lease payment	$ 206,892
[1]	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.

OPERATING LEASES (Details 1)

OPERATING LEASES (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Operating Leased Assets [Line Items]
Rent Expense	$ 45,214	$ 45,214	$ 90,427	$ 108,216
Change in deferred rent liability	$ (5,496)	$ 24,010	$ (16,488)	$ 29,200

OPERATING LEASES (Details 2)

OPERATING LEASES (Details 2) - USD ($)	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015
Operating Leased Assets [Line Items]
Balance of Deferred Rent Liability	$ 26,038	$ 31,533	$ 37,027

OPERATING LEASES (Details Textu

OPERATING LEASES (Details Textual)	9 Months Ended
	Dec. 31, 2015a	Jul. 29, 2014ft²
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]	9 Months Ended
	Dec. 31, 2015shares
Class of Stock [Line Items]
Common shares sold pursuant to the LPC-40 Purchase Agreement	14,769,809
Common shares issued as commitment shares pursuant to the LPC-40 Purchase Agreement	155,592
Common shares issued pursuant to the exercise of cash warrants	38,912,036
Common shares issued pursuant to the exercise of cash options	112,500
Common Shares issued in payment of employee salaries	54,169
Milestone shares issued pursuant to Epic Strategic Alliance Agreement	3,000,000
Total Common Shares issued during the Current YTD	57,004,106

COMMON STOCK (Details 1)

COMMON STOCK (Details 1)	Dec. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Vested Options | shares	4,743,000
Number of Nonvested Options | shares	2,566,667
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Price, Vested Options	$ 2.50
Range of Exercise Price, Non-vested 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, Non-vested Options	$ 0.07

COMMON STOCK (Details Textual)

COMMON STOCK (Details Textual) shares in Millions	9 Months Ended
	Dec. 31, 2015shares
Epic Investments LLC [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	3

PER SHARE INFORMATION (Details)

PER SHARE INFORMATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Numerator
Net Income (loss) attributable to common shareholders - Basic	$ (37,018,704)	$ 21,016,770	$ (32,610,594)	$ 37,994,786
Effect of dilutive instruments on Net Income	0	(23,640,234)	0	(47,585,215)
Net Income (loss) attributable to common shareholders - Diluted	$ (37,018,704)	$ (2,623,464)	$ (32,610,594)	$ (9,590,429)
Denominator
Weighted-average shares of common stock outstanding - basic (in shares)	684,773,829	601,109,708	665,720,299	581,375,865
Dilutive effect of stock options, warrants and convertible securities (in shares)	0	169,496,280	0	169,496,280
Weighted average shares of common stock outstanding - diluted (in shares)	836,535,171	770,605,988	817,481,642	750,872,145
Net (loss) income per share
Basic (in dollars per share)	$ (0.05)	$ 0.03	$ (0.05)	$ 0.07
Diluted (in dollars per share)	$ (0.05)	$ (0.01)	$ (0.05)	$ (0.01)

COLLABORATIVE AGREEMENT WITH 71

COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC (Details Textual) - Epic Collaborative Agreement [Member] - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2015	Dec. 31, 2015
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 2015 Epic License 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 Companys 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 2015 Epic License 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.
Proceeds from Divestiture of Interest in Consolidated Subsidiaries	$ 5

RELATED PARTY TRANSACTION AGR72

RELATED PARTY TRANSACTION AGREEMENTS (Details Textual) $ in Thousands	9 Months Ended
	Dec. 31, 2015USD ($)
Epic Pharma Llc [Member]
Milestone Payments	$ 2,500
To Be Receive Future License Fees	7,500
Due to Related Parties	1,800
Related Party Transaction, Amounts of Transaction	1,000
Epic Generic Agreement [Member]
Related Party Transaction, Amounts of Transaction	800
Epic [Member]
Milestone Payments	$ 10,000

MANUFACTURING, LICENSE AND DE73

MANUFACTURING, LICENSE AND DEVELOPMENT AGREEMENTS (Details Textual) - USD ($) $ in Thousands	Sep. 10, 2010	Dec. 31, 2015
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]
License and Maintenance Revenue	$ 200

SALE OF INVESTMENT IN NOVEL L74

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)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Sales Revenue, Net [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	90.00%	90.00%
Sales Revenue, Net [Member] | Customer Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	34.00%	27.00%
Sales Revenue, Net [Member] | Customer Three [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	11.00%	16.00%
Sales Revenue, Net [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	49.00%	44.00%
Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	90.00%	90.00%
Accounts Receivable [Member] | Customer Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	29.00%	23.00%
Accounts Receivable [Member] | Customer Three [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.00%	21.00%
Accounts Receivable [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	49.00%	38.00%
Accounts Receivable [Member] | Customer Four [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		16.00%
Cost of Goods, Total [Member] | Supplier One [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	34.00%	34.00%
Cost of Goods, Total [Member] | Supplier Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	25.00%	14.00%
Cost of Goods, Total [Member] | Supplier Three [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	11.00%	13.00%
Cost of Goods, Total [Member] | Supplier Concentration Risk [Member] | Five Suppliers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	80.00%	80.00%

EQUITY LINE WITH LINCOLN PARK76

EQUITY LINE WITH LINCOLN PARK CAPITAL FUND LLC (Details Textual) - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Equity Line With Lincoln Park Capital Fund LLC [Line Items]
Proceeds from Issuance of Common Stock	$ 3,289,198	$ 9,678,329
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	155,592	471,768
Common Stock [Member]
Equity Line With Lincoln Park Capital Fund LLC [Line Items]
Stock Issued During Period, Shares, Issued for Capital Purchase Agreement	155,592
Stock Issued During Period, Shares, New Issues	14,769,809
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	14,769,809	31,979,479
Proceeds from Issuance of Common Stock	$ 3,289,198	$ 9,646,346

STRATEGIC ALLIANCE PRODUCT AP77

STRATEGIC ALLIANCE PRODUCT APPROVAL (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 27, 2015	Dec. 31, 2015
Strategic Alliance Product Approval [Line Items]
Stock Issued During Period, Value, New Issues		$ 3,289,198
Epic Pharma Llc [Member]
Strategic Alliance Product Approval [Line Items]
Stock Issued During Period, Value, New Issues	$ 840,000

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock				$ 3,289,198	$ 9,678,329
Operating Income (Loss), Total		$ (2,712,799)	$ (2,557,311)	$ (8,886,646)	$ (11,049,921)
Subsequent Event [Member] | Hakim Employment Agreement [Member]
Subsequent Event [Line Items]
Annual Bonus	100.00%
Officers' Compensation	$ 500,000
Subsequent Event [Member] | LPC-40 Purchase Agreement [Member]
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock	$ 333,286
Stock Issued During Period, Shares, New Issues	1,045,285
Subsequent Event [Member] | Exercise of Cash Warrants [Member]
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock	$ 309,704
Stock Issued During Period, Shares, New Issues	4,955,265
Subsequent Event [Member] | Elite Laboratories Inc [Member]
Subsequent Event [Line Items]
Operating Income (Loss), Total	$ 125,363
Subsequent Event [Member] | Elite Laboratories Inc [Member] | Reaserch and Development Tax [Member]
Subsequent Event [Line Items]
Income Tax Expense (Benefit), Intraperiod Tax Allocation, Total	524,500
Subsequent Event [Member] | Elite Laboratories Inc [Member] | New Jersey Tax [Member]
Subsequent Event [Line Items]
Income Tax Expense (Benefit), Intraperiod Tax Allocation, Total	444,746
Subsequent Event [Member] | United States Food and Drug Administration [Member]
Subsequent Event [Line Items]
Waiver of Application Fee	$ 2,335,200