Elite Pharmaceuticals (ELTP) S-1 27 Jun 16 IPO registration Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Mar. 31, 2016
Document Information [Line Items]
Document Type	S1
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Entity Registrant Name	ELITE PHARMACEUTICALS INC /NV/
Entity Central Index Key	1,053,369
Entity Filer Category	Accelerated Filer

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2016	Mar. 31, 2015
CURRENT ASSETS
Cash	$ 11,512,179	$ 7,464,180
Accounts receivable (net of allowance for doubtful accounts of $— and $272,620 respectively)	1,530,296	1,446,441
Inventories	3,293,729	3,032,002
Prepaid expenses and other current assets	377,752	388,061
Total Current Assets	16,713,956	12,330,684
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $6,726,401 and $6,074,117, respectively	8,110,721	6,401,802
INTANGIBLE ASSETS	6,411,799	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 $150,052 and $135,874, respectively	204,401	218,579
Total Other Assets	642,074	806,019
TOTAL ASSETS	31,878,550	25,920,279
CURRENT LIABILITIES
Current portion of EDA bonds payable	220,000	210,000
Short term loans	34,681	0
Current portion of long-term debt	308,263	265,165
Related Party Lines of Credit	718,309	583,071
Accounts payable	1,804,429	3,383,533
Accrued expenses	555,352	613,995
Deferred revenues - current	1,013,333	13,333
Total Current Liabilities	4,654,367	5,069,097
LONG TERM LIABILITIES
EDA Bonds Payable - Non Current	1,845,000	2,065,000
Deferred revenues	3,278,887	125,557
Other long term liabilities	568,251	629,138
Derivative liability - warrants	10,368,567	17,762,573
Total Long Term Liabilities	16,060,705	20,582,268
TOTAL LIABILITIES	20,715,072	25,651,365
MEZZANINE EQUITY
Convertible preferred shares	44,285,715	35,000,000
STOCKHOLDERS' DEFICIT
Common stock - par value $0.001, Authorized 995,000,000 and 690,000,000 shares, respectively. Issued 711,544,352 shares and 631,160,701 shares, respectively. Outstanding 711,444,352 shares and 631,060,701 shares, respectively.	711,546	631,162
Additional paid-in-capital	109,137,805	106,926,328
Accumulated deficit	(142,664,747)	(141,981,735)
Treasury stock at cost (100,000 common shares)	(306,841)	(306,841)
TOTAL STOCKHOLDERS’ DEFICIT	(33,122,237)	(34,731,086)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 31,878,550	$ 25,920,279

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Allowance for doubtful accounts (in dollars)	$ 0	$ 272,620
Accumulated depreciation on property and equipment (in dollars)	6,726,401	6,074,117
Accumulated amortization on EDA bond offering costs (in dollars)	$ 150,052	$ 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	711,544,352	631,160,701
Common stock, shares outstanding	711,444,352	631,060,701
Treasury stock, shares	100,000	100,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
REVENUES
Manufacturing Fees	$ 8,002,866	$ 3,870,457	$ 2,982,400
Licensing Fees	4,495,466	1,139,789	1,536,039
Lab Fee Revenues	0	5,000	82,937
Total Revenues	12,498,332	5,015,246	4,601,376
COSTS OF REVENUES	4,484,162	3,013,592	3,236,106
Gross Profit	8,014,170	2,001,654	1,365,270
OPERATING EXPENSES
Research and Development	12,428,783	14,727,472	3,959,316
General and Administrative	2,903,178	2,904,114	2,105,725
Non-cash compensation through issuance of stock options	333,362	260,045	82,947
Depreciation and Amortization	665,647	616,995	500,906
Total Operating Expenses	16,330,970	18,508,626	6,648,894
(LOSS) FROM OPERATIONS	(8,316,800)	(16,506,972)	(5,283,624)
OTHER INCOME / (EXPENSES)
Interest expense, net	(280,670)	(287,231)	(859,328)
Change in fair value of derivative liabilities	7,394,006	20,340,874	(35,389,799)
Derivative interest expense	0	0	(40,588)
Gain on Sale of Investment	0	1,670,685	0
Other Income	0	0	19,831
Total Other Income / (Expense)	7,113,336	21,724,328	(36,269,884)
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES	(1,203,464)	5,217,356	(41,553,508)
CREDIT FOR INCOME TAXES	520,452	3,249	292,611
NET INCOME (LOSS)	(683,012)	5,220,605	(41,260,897)
Change in value of convertible preferred share mezzanine equity	(9,285,715)	23,709,069	(55,314,374)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (9,968,727)	$ 28,929,674	$ (96,575,271)
NET INCOME (LOSS) PER SHARE
Basic	$ (0.01)	$ 0.05	$ (0.21)
Diluted	$ (0.01)	$ (0.02)	$ (0.21)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic	673,905,485	591,214,959	463,021,991
Diluted	673,905,485	757,579,152	463,021,991

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS (DEFICIT) EQUITY - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]
Balane at Mar. 31, 2013	$ (8,673,388)	$ 374,495	$ 97,200,401	$ (306,841)	$ (105,941,443)
Balance (in shares) at Mar. 31, 2013		374,493,959		100,000
Net Income (Loss)	(41,260,897)				(41,260,897)
Change in value of convertible preferred mezzanine equity	(55,314,374)		(55,314,374)
Common shares sold pursuant to the Lincoln Park Capital purchase agreement	10,000,000	$ 65,143	9,934,857
Common shares sold pursuant to the Lincoln Park Capital purchase agreement (in shares)		65,143,216
Non-cash compensation through the issuance of stock options	82,947		82,947
Costs associated with raising capital (net of adjustments)	(47,987)		(47,987)
Common shares issued as commitment shares pursuant to the Lincoln Park purchase agreement	0	$ 5,858	(5,858)
Common shares issued as commitment shares pursuant to the Lincoln Park purchase agreement (in shares)		5,858,230
Issuance of Common Shares pursuant to the exercise of warrants	3,601,020	$ 16,904	3,584,116
Issuance of Common Shares pursuant to the exercise of warrants (in shares)		16,904,038
Issuance of Common Shares pursuant to the exercise of options	$ 24,300	$ 308	23,992
Issuance of Common Shares pursuant to the exercise of options (in shares)	308,333	308,333
Common shares issued in payment of Directors’ Fees	$ 110,000	$ 1,211	108,789
Common shares issued in payment of Directors’ Fees (in shares)		1,210,583
Common shares issued in payment of employee salaries	368,233	$ 3,439	364,794
Common shares issued in payment of employee salaries (in shares)		3,439,467
Common shares issued in payment of consulting expenses	18,836	$ 210	18,626
Common shares issued in payment of consulting expenses (in shares)		210,018
Milestone shares issued pursuant to EPIC Strategic Alliance Agreement (in shares)		0
Conversion of Series I Preferred Shares into Common Shares	9,825,066
Common shares issued in lieu of cash in payment of preferred share derivative interest expense	68,089	$ 879	67,210
Common shares issued in lieu of cash in payment of preferred share derivative interest expense (in shares)		878,543
Conversion of Series B, Series C and Series E Preferred Shares into Common Shares	9,825,066	$ 91,797	9,733,269
Conversion of Series B, Series C and Series E Preferred Shares into Common Shares (in shares)		91,796,043
Balance at Mar. 31, 2014	(81,198,155)	$ 560,244	65,750,782	$ (306,841)	(147,202,340)
Balance (in shares) at Mar. 31, 2014		560,242,430		100,000
Net Income (Loss)	5,220,605				5,220,605
Change in value of convertible preferred mezzanine equity	23,709,069		23,709,069
Common shares sold pursuant to the Lincoln Park Capital purchase agreement	13,236,624	$ 47,172	13,189,452
Common shares sold pursuant to the Lincoln Park Capital purchase agreement (in shares)		47,172,240
Non-cash compensation through the issuance of stock options	260,047		260,047
Costs associated with raising capital (net of adjustments)	(16,365)		(16,365)
Common shares issued as commitment shares pursuant to the Lincoln Park purchase agreement	0	$ 2,567	(2,567)
Common shares issued as commitment shares pursuant to the Lincoln Park purchase agreement (in shares)		2,566,861
Issuance of Common Shares pursuant to the exercise of warrants	774,853	$ 11,985	762,868
Issuance of Common Shares pursuant to the exercise of warrants (in shares)		11,985,388
Issuance of Common Shares pursuant to the exercise of options	$ 26,000	$ 223	25,777
Issuance of Common Shares pursuant to the exercise of options (in shares)	223,334	223,334
Common shares issued in payment of Directors’ Fees	$ 110,000	$ 322	109,678
Common shares issued in payment of Directors’ Fees (in shares)		321,611
Common shares issued in payment of employee salaries	849,737	$ 2,519	847,218
Common shares issued in payment of employee salaries (in shares)		2,518,668
Common shares issued in payment of consulting expenses	23,999	$ 70	23,929
Common shares issued in payment of consulting expenses (in shares)		70,169
Milestone shares issued pursuant to EPIC Strategic Alliance Agreement (in shares)		0
Conversion of Series I Preferred Shares into Common Shares	2,272,500	$ 6,060	2,266,440
Conversion of Series I Preferred Shares into Common Shares (in shares)		6,060,000
Common shares issued in lieu of cash in payment of preferred share derivative interest expense	0
Balance 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)	(683,012)				(683,012)
Change in value of convertible preferred mezzanine equity	(9,285,715)		(9,285,715)
Common shares sold pursuant to the Lincoln Park Capital purchase agreement	6,199,643	$ 23,945	6,175,698
Common shares sold pursuant to the Lincoln Park Capital purchase agreement (in shares)		23,945,346
Non-cash compensation through the issuance of stock options	333,363		333,363
Costs associated with raising capital (net of adjustments)	(84,102)		(84,102)
Common shares issued as commitment shares pursuant to the Lincoln Park purchase agreement	84,102	$ 299	83,803
Common shares issued as commitment shares pursuant to the Lincoln Park purchase agreement (in shares)		298,923
Issuance of Common Shares pursuant to the exercise of warrants	3,017,748	$ 48,284	2,969,464
Issuance of Common Shares pursuant to the exercise of warrants (in shares)		48,283,968
Issuance of Common Shares pursuant to the exercise of options	$ 23,751	$ 113	23,638
Issuance of Common Shares pursuant to the exercise of options (in shares)	112,500	112,500
Common shares issued in payment of Directors’ Fees	$ 100,071	$ 409	99,662
Common shares issued in payment of Directors’ Fees (in shares)		408,892
Common shares issued in payment of employee salaries	1,039,000	$ 4,237	1,034,763
Common shares issued in payment of employee salaries (in shares)		4,236,555
Common shares issued in payment of consulting expenses	24,000	$ 97	23,903
Common shares issued in payment of consulting expenses (in shares)		97,467
Milestone shares issued pursuant to EPIC Strategic Alliance Agreement	840,000	$ 3,000	837,000
Milestone shares issued pursuant to EPIC Strategic Alliance Agreement (in shares)		3,000,000
Conversion of Series I Preferred Shares into Common Shares	0
Common shares issued in lieu of cash in payment of preferred share derivative interest expense	0
Balance at Mar. 31, 2016	$ (33,122,237)	$ 711,546	$ 109,137,805	$ (306,841)	$ (142,664,747)
Balance (in shares) at Mar. 31, 2016		711,544,352		100,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ (683,012)	$ 5,220,605	$ (41,260,897)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	666,461	581,855	453,746
Change in fair value of derivative liabilities	(7,394,006)	(20,340,874)	35,389,799
Preferred share derivative interest satisfied by the issuance of common stock	0	0	68,089
Non-cash compensation accrued	573,667	679,771	95,000
Salaries and Directors Fees satisfied by the issuance of common stock	1,139,071	959,737	478,233
Consulting expenses paid via the issuance of common stock	24,000	23,999	18,836
Non-cash compensation satisfied by the issuance of common stock and options	333,363	260,047	82,947
Milestone shares issued pursuant to Epic Strategic Alliance Agreement	840,000	0	0
Non-cash interest expense	0	0	568,395
Non-cash rent expense	(22,996)	23,703	(49,439)
Non-cash lease accretion	1,621	1,526	1,438
Gain on Sale of Investment	0	(1,670,685)	0
Recovery of Bad Debt	(117,095)	0	0
Changes in Assets and Liabilities
Accounts receivable	33,240	(714,355)	(66,922)
Inventories	(261,727)	(1,099,518)	(574,340)
Prepaid and other current assets	160,076	(147,188)	(169,373)
Accounts payable, accrued expenses and other current liabilities	(2,211,414)	1,131,477	788,445
Deferred revenues and Customer deposits	4,153,330	(13,333)	(13,333)
Derivative interest payable	0	0	(27,500)
NET CASH USED IN OPERATING ACTIVITIES	(2,765,421)	(15,103,233)	(4,216,876)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(1,918,804)	(1,965,018)	(502,268)
Costs incurred for intellectual property assets	(30,025)	(31,853)	(58,178)
Withdrawals from restricted cash, net	0	(123,916)	2,777
Proceeds from Sale of Investment in Novel	0	5,000,000	0
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(1,948,829)	2,879,213	(557,669)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Exercise of Cash Warrants and Options	3,041,499	800,853	868,051
Proceeds from draws against related party Credit Lines	135,238	54,322	528,750
Payment of NJEDA Bonds	(210,000)	(1,110,000)	0
Other loan payments	(404,131)	(219,010)	(1,515)
Proceeds from sale of common stock to Lincoln Park Capital	6,199,643	13,236,624	10,000,000
Costs associated with raising capital	0	(16,365)	(47,987)
NET CASH PROVIDED BY FINANCING ACTIVITIES	8,762,249	12,746,424	11,347,299
NET CHANGE IN CASH AND CASH EQUIVALENTS	4,047,999	522,404	6,572,754
CASH AND CASH EQUIVALENTS - beginning of period	7,464,180	6,941,776	369,023
CASH AND CASH EQUIVALENTS - end of period	11,512,179	7,464,180	6,941,776
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	215,878	89,336	289,494
Cash paid for taxes	4,048	2,500	3,099
SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Commitment shares issued to Lincoln Park Capital	84,102	830,521	1,112,838
Conversion of Preferred Shares to Common Shares	0	2,272,500	9,825,066
Acquisition of Intellectual Property with convertible note payable	0	0	5,597,317
Issuance of note payable to related party in payment of balance due on line of credit owed to the same related party	0	0	600,000
Issuance of Series I Preferred Shares in satisfaction of amounts due on Notes Payable	0	0	7,953,591
Change in maximum redemption value of convertible preferred mezzanine equity	(9,285,715)	23,709,069	55,314,374
Financing of equipment purchases	$ 442,399	$ 804,861	$ 107,960

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying audited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated balance sheet as of March 31, 2015 and the consolidated statement of operations for the year ended March 31, 2015, the consolidated statement of cash flows for the year ended March 31, 2015 and the consolidated statement of changes in stockholders equity (deficit) for the year ended March 31, 2015, included in this prospectus are 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. Please refer to Note 2 for further details on the specifics and effects of these corrections of accounting error. The consolidated balance sheet as of March 31, 2014 and the consolidated statement of operations for the year ended March 31, 2014, the consolidated statement of cash flows for the year ended March 31, 2014 and the consolidated statement of changes in stockholders equity (deficit) for the year ended March 31, 2014, included in this prospectus are 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, 2014. Please refer to Note 2 for further details on the specifics and effects of these corrections of accounting error. The consolidated financial statements include the accounts of Elite Pharmaceuticals, Inc. and its wholly-owned subsidiary, Elite Laboratories, Inc. (“Elite Labs”, and collectively, the “Company”). The financial statements of its wholly-owned entity are consolidated and all significant intercompany accounts are eliminated upon consolidation. Elite Pharmaceuticals, Inc. was incorporated on October 1, 1997 under the laws of the State of Delaware, and its wholly-owned subsidiary Elite Laboratories, Inc. was incorporated on August 23, 1990 under the laws of the State of Delaware. On January 5, 2012, Elite Pharmaceuticals was reincorporated under the laws of the State of Nevada. Elite Labs engages primarily in researching, developing and licensing proprietary orally administered, controlled-release drug delivery systems and products with abuse deterrent capabilities and the manufacture of generic, oral dose pharmaceuticals. The Company is equipped to manufacture controlled-release products on a contract basis for third parties and itself if and when the products are approved. These products include drugs that cover therapeutic areas for pain, allergy, bariatric and infection. Research and development activities are done so with an objective of developing products that will secure marketing approvals from the United States Food and Drug Administration (“US-FDA”), and thereafter, commercially exploiting such products. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and money market instruments. The Company places its cash and cash equivalents with high-quality, U.S. financial institutions and, to date has not experienced losses on any of its balances. 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 on a periodic basis to arrive at appropriate allowances. Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value). The Company periodically evaluates the fair value of long-lived assets, which include property and equipment and intangibles, whenever events or changes in circumstances indicate that its carrying amounts may not be recoverable. Such conditions may include an economic downturn or a change in the assessment of future operations. A charge for impairment is recognized whenever the carrying amount of a long-lived asset exceeds its fair value. Management has determined that no impairment of long-lived assets has occurred. Property and equipment are stated at cost. Depreciation is provided on the straight-line method 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. 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 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 assets. Research and development expenditures are charged to expense as incurred. The Company maintains cash balances, which, at times, may exceed the amounts insured by the Federal Deposit Insurance Corp. Uninsured balances at March 31, 2016 are $ 11.5 The Company in the normal course of business extends credit to its customers based on contract terms and performs ongoing credit evaluations. An allowance for doubtful accounts due to uncertainty of collection is established based on historical collection experience. Amounts are written off when payment is not received after exhaustive collection efforts. During Fiscal 2016, Fiscal 2015 and Fiscal 2014, the Company generated all its revenues from six, seven and ten companies, respectively. The termination of the contracts with either of such companies will result in the loss of a significant amount of revenues currently being earned. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by management include, but are not limited to, the recognition of revenue, the amount of the allowance for doubtful accounts receivable and the fair value of intangible assets, stock-based awards and derivatives. The Company uses the liability method for reporting income taxes, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Under the liability method, the amounts of deferred tax liabilities and assets at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. Further tax benefits are recognized when it is more likely than not, that such benefits will be realized. Valuation allowances are provided to reduce deferred tax assets to the amount considered likely to be realized. GAAP prescribes a recognition threshold and measurement attribute for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. GAAP requires that the financial statements reflect expected future tax consequences of such positions presuming the taxing authorities’ full knowledge of the position and all relevant facts, but without considering time values. No adjustments related to uncertain tax positions were recognized during Fiscal 2016 and Fiscal 2015. The Company recognizes interest and penalties related to uncertain tax positions as a reduction of the income tax benefit. No interest and penalties related to uncertain tax positions were accrued as of March 31, 2016 and March 31, 2015. The Company operates in multiple tax jurisdictions within the United States of America. Although we do not believe that we are currently under examination in any of our major tax jurisdictions, we remain subject to examination in all of our tax jurisdiction until the applicable statutes of limitation expire. As of March 31, 2016, a summary of the tax years that remain subject to examination in our major tax jurisdictions are: United States – Federal, 2012 and forward, and State, 2008 and forward. The Company did not record unrecognized tax positions for the years ended March 31, 2016, 2015 and 2014. Basic earnings per common share is calculated by dividing net earnings by the weighted average number of shares outstanding during each period presented. Diluted earnings per share are calculated by dividing earnings by the weighted average number of shares and common stock equivalents. The Company’s common stock equivalents consist of options, warrants and convertible securities. 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. 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, 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, 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, it determines the period over which the performance obligations will be performed and revenue will be recognized. If it cannot reasonably estimate the timing and the level of effort to complete its performance obligations under a multiple-element arrangement, revenues are then recognized on a straight-line basis over the period encompassing the expected completion of such obligations, with such period being reassessed at each subsequent reporting period. Arrangement consideration is allocated at the inception of the arrangement to all deliverables on the basis of their relative selling price (the relative selling price method). When applying the relative selling price method, the selling price of each deliverable is determined using vendor-specific objective evidence of selling price, if such exists; otherwise, third-part evidence of selling price. If neither vendor-specific objective evidence nor third-party evidence of selling price exists for a deliverable, the Company uses its best estimate of the selling price for that deliverable when applying the relative selling price method. In deciding whether we can determine vendor-specific objective evidence or third-party evidence of selling price, the Company does not ignore information that is reasonably available without undue cost and effort. When determining the selling price for significant deliverables under a multiple-element revenue arrangement, the Company considers any or all of the following, depending on information available or information that could be reasonably available without undue cost and effort: vendor-specific objective evidence, third party evidence or best estimate of selling price. More specifically, factors considered can include, without limitation and as appropriate, size of market for specific a product, number of suppliers and other competitive market factors, forecast market shares and gross profits, barriers/time frames to market entry/launch, intellectual property rights and protections, exclusive or non-exclusive arrangements, costs of similar/identical deliverables from third parties, contractual terms, including, without limitation, length of contract, renewal rights, commercial terms, profit allocations, and other commercial, financial, tangible and intangible factors that may be relevant in the valuation of a specific deliverable. Milestone payments are accounted for in accordance with ASC 605-28 “Revenue Recognition-Milestone Method” for any deliverables or units of accounting under which the Company must achieve a defined performance obligation which is contingent upon future events or circumstances that are uncertain as of the inception of the arrangement providing for such future milestone payment. Determination of the substantiveness of a milestone is a matter of subjective assessment performed at the inception of the arrangement, and with consideration earned from the achievement of a milestone meeting all of the following: · It must be either commensurate with the Company's performance in achieving the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company's performance to achieve the milestone; and · It relates solely to past performance; and · It is reasonable relative to all of the deliverables and payment terms (including other potential milestone consideration) within the arrangement. 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. Asset information is not reviewed or included within the Company’s internal management reporting. Accordingly, the Company does not disclose asset information for each reportable segment. Please see note 3 for further details. LEASES Lease agreements are evaluated to determine if they are capital leases meeting any of the following criteria at inception: (a) transfer of ownership; (b) bargain purchase option; (c) the lease term is equal to 75 percent or more of the estimated economic life of the leased property; or (d) the present value at the beginning of the lease term of the minimum lease payments, excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, including any profit thereon, equals or exceeds 90 percent of the excess of the fair value of the leased property to the lessor at lease inception over any related investment tax credit retained by the lessor and expected to be realized by the lessor. If at its inception a lease meets any of the four lease criteria above, the lease is classified by the Company as a capital lease; and if none of the four criteria are met, the lease is classified by the Company as an operating lease. TREASURY STOCK The Company records common shares purchased and held in treasury at cost. The carrying amounts of current assets and liabilities approximate fair value due to the short-term nature of these instruments. The carrying amounts of noncurrent assets are reasonable estimates of their fair values based on management’s evaluation of future cash flows. The long-term liabilities are carried at amounts that approximate fair value based on borrowing rates available to the Company for obligations with similar terms, degrees of risk and remaining maturities. The accounting treatment of warrants and preferred share series issued is determined pursuant to the guidance provided by subtopics 470, “ Debt Distinguishing liabilities from equity” “Derivatives and Hedging” Please see notes 15 and 16 for further details. The Company accounts for all stock-based payments and awards under the fair value based method. Stock-based payments to non-employees are measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably measurable. The fair value of stock-based payments to non-employees is periodically re-measured until the counterparty performance is complete, and any change therein is recognized over the vesting period of the award and in the same manner as if the Company had paid cash instead of paying with or using equity based instruments on an accelerated basis. The cost of the stock-based payments to nonemployees that are fully vested and non-forfeitable as at the grant date is measured and recognized at that date, unless there is a contractual term for services in which case such compensation would be amortized over the contractual term. The Company accounts for the granting of share purchase options to employees using the fair value method whereby all awards to employees will be recorded at fair value on the date of the grant. Share based awards granted to employees with a performance condition are measured based on the probable outcome of that performance condition during the requisite service period. Such an award with a performance condition is accrued if it is probable that a performance condition will be achieved. Compensation costs for stock-based payments to employees that do not include performance conditions are recognized on a straight-line basis. The fair value of all share purchase options is expensed over their vesting period with a corresponding increase to additional capital surplus. Upon exercise of share purchase options, the consideration paid by the option holder, together with the amount previously recognized in additional capital surplus, is recorded as an increase to share capital The Company uses the Black-Scholes option valuation model to calculate the fair value of share purchase options at the date of the grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimate. The compensation expense recognized for the years ended March 31, 2016, March 31, 2015 and March 31, 2014 in relation to the granting of share purchase options to employees was $ 333,362 260,045 82,947 The Company adopted Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, for financial and non-financial assets and liabilities. ASC 820 discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The Company utilizes the market approach. The statement utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The authoritative guidance is effective for annual reporting periods beginning after December 15, 2016. In July 2015, the FASB extended the effective date of the guidance by one year to December 15, 2017. The Company is currently in the process of assessing the impact this guidance will have on the consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory — Simplifying the Measurement of Inventory. ASU 2015-11 requires inventory to be subsequently measured using the lower of cost and net realizable value, thereby eliminating the market value approach. Net realizable value is defined as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.” ASU 2015-11 is effective for reporting periods beginning after December 15, 2016 and is applied prospectively. Early adoption is permitted. The Company is evaluating the impact, if any, of adopting this new accounting guidance on its financial statements. In February, 2016, the FASB issued ASU 2016-02, Leases (Topic 842) which provides new guidance on leases. The new guidance will increase transparency and comparability among organizations that lease buildings, equipment, and other assets by recognizing the assets and liabilities that arise from lease transactions. Current off-balance sheet leasing activities will be required to be reflected on balance sheets so that investors and other users of financial statements can more readily and accurately understand the rights and obligations associated with these transactions. Consistent with the current lease standard, the new guidance addresses both finance and operating leases. Finance leases will be accounted for in substantially the same manner as capital leases are accounted for under current GAAP. Operating leases will be accounted for (both in the income statement and statement of cash flows) in a manner consistent with operating leases under existing GAAP. However, as it relates to the balance sheet, lessees will recognize lease liabilities based upon the present value of remaining lease payments and corresponding lease assets for operating leases with limited exceptions. The new guidance will also require lessees and lessors to provide additional qualitative and quantitative disclosures to help investors and other users for financials statements assess the amount, timing and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an organization’s leasing activities. The new guidance is effective annual reporting periods, including interim reporting periods with those annual periods, beginning after December 15, 2018, with early application being also permitted, but not required. The Company is evaluating the impact of adoption of this guidance on its financial position, results of operations and disclosures.

RESTATEMENT OF PRIOR FINANCIAL

RESTATEMENT OF PRIOR FINANCIAL INFORMATION	12 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]	NOTE 2 - 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 with regards to previously filed annual reports on Form 10-K: Accounting for convertible preferred shares prior to the fiscal year ended March 31, 2016 The Company determined that the accounting for Convertible Preferred Stock (“Mezzanine Preferred”) for annual periods prior to the fiscal year ended March 31, 2016 was incorrect. Specifically, it has been determined the Mezzanine Preferred which had originally been classified as derivative liabilities on annual reports filed on Form 10-K prior to the fiscal year ended March 31, 2016, 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 annual reporting period, with changes recorded in net income (loss), will instead be recorded at the maximum redemption amount each annual 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 for annual periods prior to the fiscal year ended March 31, 2016, 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 fiscal year ended March 31, 2016, 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 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) 1 $ 17,762,573 Convertible preferred shares — 35,000,000 1 35,000,000 Additional paid-in capital 1,610,221,568 (54,095,240) 1 106,926,328 Accumulated Deficit (196,076,975) 54,095,240 1 (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 $ 44,049,943 $ (23,709,070) 1 $ 20,340,874 Net Income (Loss) 2 28,929,674 (23,709,070) 1 5,220,604 Change in carrying value of convertible preferred mezzanine equity — 23,709,070 1 23,707,070 Net Income (Loss) attributable to common shareholders 2 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) 2 $ 28,929,674 $ (23,709,070) 1 $ 5,220,604 Change in Fair Value of derivative Liabilities (44,049,943) 23,709,070 1 (20,340,874) 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 1 23,709,070 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) 1 $ — Convertible Preferred Shares — 60,981,570 1 60,981,570 Additional paid-in capital 143,555,091 (77,804,310) 1 65,750,781 Accumulated Deficit (255,006,646) 77,804,310 1 177,202,336 Year Ended March 31, 2014 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Change in fair value of derivatives $ (90,704,173) $ 55,314,374 1 $ (35,389,799) Net Income (Loss) 2 (96,575,271) 55,314,374 1 (41,260,897) Change in maximum redemption value of convertible preferred mezzanine equity — (55,314,374) 1 (55,314,374) Net Income (Loss) attributable to common shareholders 2 (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) 2 $ (96,575,271) $ 55,314,374 1 $ (41,260,897) Change in Fair Value of derivative Liabilities 90,704,173 (55,314,374) 1 35,389,799 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) 1 (55,314,374) 1 Adjustments relate solely to correction of errors in accounting for convertible preferred shares. 2 For annual periods prior to the fiscal year ended March 31, 2016, as previously reported Net Income (Loss) and Net Income (Loss) Attributable to Common Shareholders, were the same and, accordingly, both amounts were reported on a single line item identified as Net Income (Loss) Attributable to Common Shareholders

SEGMENT RESULTS

SEGMENT RESULTS	12 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 3 SEGMENT RESULTS 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. Years Ended March 31, 2016 2015 2014 Revenues from External Customers ANDA $ 9,164,999 $ 5,015,246 $ 4,601,376 NDA 3,333,333 — — Total revenues from external customers $ 12,498,332 $ 5,015,246 $ 4,601,376 Adjusted income from continuing operations before income tax ANDA 4,940,515 1,650,128 1,272,172 NDA (9,305,998) (14,939,115) (3,933,203) Years Ended March 31, 2016 2015 2014 Total segment adjusted (loss) from continuing operations before income tax $ (4,365,483) $ (13,288,987) $ (2,661,031) Corporate unallocated costs (1,772,241) (1,319,939) (1,351,921) Interest revenue 9,802 7 — Interest expense (290,468) (287,231) (859,328) Depreciation and amortization expense (665,647) (616,994) (500,906) Significant noncash items other than depreciation and amortization expense (1,513,433) (1,281,052) (749,935) Change in value of derivatives 7,394,006 20,340,874 (35,430,386) Gain on sale of investment — 1,670,678 — Total income (loss) from continuing operations before income tax $ (1,203,464) $ 5,217,356 $ 41,553,507 Asset information is not reviewed or included within the Company’s internal management reporting. Accordingly, the Company has not disclosed asset for each reportable segment.

INVENTORIES

INVENTORIES	12 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	NOTE 4 INVENTORIES Inventories are recorded at the lower of cost or market on a first-in-first-out basis. Inventories at March 31, 2016 and 2015 consist of the 2016 (Audited) 2015 Finished Goods $ 225,699 $ 122,773 Work-in-Process 222,784 58,770 Raw Materials 2,845,246 2,850,459 $ 3,293,729 $ 3,032,002

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	NOTE 5 PROPERTY AND EQUIPMENT 2016 2015 Laboratory, manufacturing, and warehouse equipment $ 8,255,286 $ 7,593,017 Office equipment and Software 234,634 209,551 Furniture and fixtures 49,804 49,804 Transportation equipment 66,855 66,855 Land, building and improvements 6,230,543 4,556,692 14,837,122 12,475,919 Less: Accumulated depreciation (6,726,401) (6,074,117 $ 8,110,721 $ 6,401,802 Depreciation expense amounted to $ 652,284 566,028

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure [Text Block]	NOTE 6 INTANGIBLE ASSETS Costs to acquire intangible assets are capitalized and if such assets are determined to have a finite useful life, amortized to expense using 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, as close to year end as practical, or sooner, should events or changes in circumstances occur that may indicate a potential impairment of a listed intangible asset. 2016 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 $ 30,025 $ 31,855 ANDA acquisition costs — — Total cost of intangible assets capitalized $ 30,025 $ 31,855 Intangible assets at end of fiscal year Patent application costs $ 364,482 $ 334,457 ANDA acquisition costs 6,047,317 6,047,317 Less: Accumulated Amortization — — Net Intangible Assets $ 6,411,799 $ 6,381,774 The costs incurred in patent applications totaling $ 30,025 31,855 The ANDA acquisition costs of $ 450,000 The ANDA acquisition costs incurred during Fiscal 2014, totaling approximately $ 5.6

INVESTMENT IN NOVEL LABORATORIE

INVESTMENT IN NOVEL LABORATORIES INC.	12 Months Ended
	Mar. 31, 2016
Cost Method Investments In Joint Ventures Disclosure [Abstract]
Cost Method Investments In Joint Ventures Disclosure [Text Block]	NOTE 7 INVESTMENT IN NOVEL LABORATORIES INC. At the end of 2006, Elite entered into a joint venture with VGS Pharma, LLC (“ VGS Novel 9,800 On June 10, 2014, the Company received $ 5 9,800 3,329,322 1,670,685

NJEDA BONDS

NJEDA BONDS	12 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 8 NJEDA BONDS Summary Description and History of NJEDA Bonds Description Principal Interest Maturity Series A Note $ 3,660,000 6.50 % September 1, 2030 Series B Note 495,000 9.0 % September 1, 2012 The net proceeds, after payment of issuance costs, were used (i) to redeem the outstanding tax-exempt Bonds originally issued by the Authority on September 2, 1999, (ii) refinance other equipment financing and (iii) for the purchase of certain equipment to be used in the manufacture of pharmaceutical products. As of March 31, 2016, all of the proceeds were utilized by the Company for such stated purposes. On July 23, 2014, the Company retired all outstanding Series B notes, at par, along with all accrued interest due and owing as of such date. As of March 31, 2016, there are no amounts due and owing in relation the Series B notes. Interest is payable semiannually on March 1 and September 1 of each year. The Bonds are collateralized by a first lien on the Company’s facility and equipment acquired with the proceeds of the original and refinanced Bonds. The related Indenture requires the maintenance of a Debt Service Reserve Fund of $ 366,000 The Debt Service Reserve is maintained in restricted cash accounts that are classified in Other Assets. Description Balances Amortization Balances Bond Issue Costs $ 354,453 $ 354,453 Accumulated Amortization (135,874) (14,178) (150,052) Unamortized Balance $ 218,579 $ 204,401 The NJEDA Bonds require the Company to make an annual principal payment on September 1 st st st Balance Sheet Classification of Bond Liability Bond principal amounts scheduled to mature within 12 months of the balance sheet date were recorded as current liabilities as of such date. Bond principal amounts scheduled to mature on dates later than 12 months from the balance sheet date were recorded as non-current liabilities as of such date. 2016 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 MARCH 31, AMOUNT 2017 $ 220,000 2018 85,000 2019 90,000 2020 95,000 2021 105,000 Thereafter 1,470,000 $ 2,065,000

LOANS PAYABLE AND LONG TERM DEB

LOANS PAYABLE AND LONG TERM DEBT	12 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-term Debt [Text Block]	NOTE 9 - LOANS PAYABLE AND LONG TERM DEBT Loans Payable During the ordinary course of business, the Company has secured loans to support the collateralized financing of fixed asset acquisition, or the renewal of insurance policies. The Company has secured such loans with initial principal amounts totaling $ 442,399 909,477 9 60 6.8 12.2 Principal amounts scheduled for payment within 12 months of the balance sheet date are classified as current liabilities on the balance sheet. Principal amounts scheduled for payment on dates later than 12 months after the balance sheet date are classified as non-current liabilities on the balance sheet. March 31, 2016 March 31, 2015 Current Long- Current Long- Equipment and Insurance financing loans payable $ 342,945 $ 520,827 $ 265,165 $ 560,338 Deferred Rent-135 Ludlow Ave Lease (see note 9) 19,528 42,524 Lease termination costs – 135 Ludlow Ave lease (see note 9) — 27,896 — 26,275 TOTAL $ 342,945 $ 568,251 $ 265,165 $ 629,137 YEAR ENDING MARCH 31, AMOUNT 2017 $ 342,945 2018 199,164 2019 174,229 2020 129,476 2021 17,958 Thereafter — $ 863,772

RELATED PARTY LINES OF CREDIT A

RELATED PARTY LINES OF CREDIT AND NOTES PAYABLE	12 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions Lines Of Credit And Notes Payable [Text Block]	NOTE 10 - RELATED PARTY LINES OF CREDIT AND NOTES PAYABLE Hakim $1,000,000 Bridge Revolving Credit Line On October 15, 2013 (the “Hakim Credit Line Effective Date”), we entered into a bridge loan agreement (the “Hakim Loan Agreement”) with Mr. Nasrat Hakim, our President and CEO. Under the terms of the Hakim Loan Agreement, we have the right, in our sole discretion, to a line of credit (“Hakim Credit Line”) in the maximum principal amount of up to $ 1,000,000 March 31, 2016 10 As of March 31, 2016, the principal balance owed under the Hakim Credit Line was $ 718,309 70,784 9,134 As of March 31, 2015, the principal balance owed under the Hakim Credit Line was $ 583,071 18,105 As of March 31, 2014, the principal balance owed under the Hakim Credit Line was $ 528,750 9,810 Total interest expense accrued pursuant to the Hakim Credit Line was $ 52,678 63,947 16,674 9,134 Please note that this transaction is not to be considered as an arms-length transaction. Convertible Note Payable to Mikah Pharma LLC On August 1, 2013, Elite Laboratories Inc. (“Elite Labs”), a wholly owned subsidiary of the Company, executed an asset purchase agreement (the “Mikah Purchase Agreement”) with Mikah Pharma LLC (“Mikah”), an entity that is wholly owned by Mr. Nasrat Hakim, who, in conjunction with this transaction, was appointed as Elite’s CEO, President and a Director on August 2, 2012, and acquired from Mikah a total of 13 Abbreviated New Drug Applications (“ANDAs”) consisting of 12 ANDAs approved by the FDA and one ANDA under active review with the FDA, and all amendments thereto (the “Acquisition”) for aggregate consideration of $ 10,000,000 The Mikah Note, as amended, was interest free and due and payable on the third anniversary of its issuance. Subject to certain limitations, the principal amount of the Mikah Note was convertible at the option of Mikah into shares of Common Stock at a rate of $ 0.07 14,286 1,000 1 100,000 On February 7, 2014, Mikah converted the principal amount of $ 10,000,000 100 Please note that this transaction is not to be considered as an arms-length transaction.

LEASES OF RENTAL PROPERTIES

LEASES OF RENTAL PROPERTIES	12 Months Ended
	Mar. 31, 2016
Leases, Operating [Abstract]
Operating Leases of Lessor Disclosure [Text Block]	NOTE 11 - LEASES OF RENTAL PROPERTIES 135 Ludlow Ave Effective Date July 1, 2010 (3) Termination Date December 31, 2016 Lease term 6 years with 2 tenant renewal options for 5 years each Rent expense for the 2016 Fiscal Year $180,854 Rent expense for the 2015 Fiscal Year $153,430 Minimum 5 Year Lease Payments (1) Fiscal year ended March 31, 2017 (2) 155,169 Fiscal year ended March 31, 2018 (2) — Fiscal year ended March 31, 2019 (2) — Fiscal year ended March 31, 2020 (2) — Fiscal year ended March 31, 2021 (2) — $155,169 (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. (2) Minimum lease payments calculated for the initial term of the lease only, with such initial term expiring on December 31, 2016. (3) Inclusive of a modification of lease agreement dated July 29, 2014 Summary of Rent Expense – 135 Ludlow Avenue Fiscal Year Fiscal Year Rent Expense $ 180,854 $ 153,430 Actual lease payments 203,850 114,321 Increase (Decrease) in deferred rent liability (22,996) 39,109 Adjustments to deferred rent liability — (15,409) Balance of deferred rent liability 19,528 42,524

LEASE OF 135 LUDLOW AVENUE

LEASE OF 135 LUDLOW AVENUE	12 Months Ended
	Mar. 31, 2016
Operating Leases Rental Properties 135 Ludlow Avenue Disclosure [Abstract]
Operating Leases Rental Properties 135 Ludlow Avenue Disclosure [Text Block]	NOTE 12 - LEASE OF 135 LUDLOW AVENUE The Company entered into a lease for a portion of a one-story warehouse, located at 135 Ludlow Avenue, Northvale, New Jersey, consisting of approximately 15,000 On July 29, 2014, the Company modified this operating lease, with the material terms of the modification including the Company being permitted to occupy the entire 35,000 The lease, as modified, includes an initial term which expires on December 31, 2016 The additional 20,000 Please refer to Note 9 of these financial statements for details on minimum lease payments, rent expense and deferred rent liabilities.

LEASE TERMINATION COSTS - 135 L

LEASE TERMINATION COSTS - 135 LUDLOW AVENUE	12 Months Ended
	Mar. 31, 2016
Operating Leases Rental Properties Termination Costs Disclosure [Abstract]
Operating Leases Rental Properties Termination Costs Disclosure [Text Block]	NOTE 13 - LEASE TERMINATION COSTS - 135 LUDLOW AVENUE The lease for the property located at 135 Ludlow Avenue, Northvale NJ, includes a requirement that, at termination, the Company return the property to its condition at the inception of the lease, with normal wear and tear excepted. Such requirement accordingly represents an unconditional obligation associated with the retirement of a long-lived asset and subject to ASC 410 of the Codification. The Company estimates such costs would amount to $ 50,000

DEFERRED REVENUES

DEFERRED REVENUES	12 Months Ended
	Mar. 31, 2016
Deferred Revenue Disclosure [Abstract]
Deferred Revenue Disclosure [Text Block]	NOTE 14 - DEFERRED REVENUES Deferred revenues in the aggregate amount of $ 4,292,220 1,013,333 3,278,887 200,000 fifteen year 5,000,000 five year straight line basis

MEZZANINE EQUITY - CONVERTIBLE

MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES	12 Months Ended
	Mar. 31, 2016
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. CONVERTIBLE PREFERRED MEZZANINE EQUITY March 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 $ 0.31 $ 0.2450 Carrying value of convertible preferred mezzanine equity $ 44,285,714 $ 35,000,000 INCREASE / (DECREASE) IN VALUE OF CONVERTIBLE PREFERRED MEZZANINE EQUITY FISCAL YEAR ENDED March 31, March 31, Series I Preferred 9,285,715 (23,709,069)

DERIVATIVE LIABILITIES - WARRAN

DERIVATIVE LIABILITIES - WARRANTS	12 Months Ended
	Mar. 31, 2016
Derivative Liabilities Warrants Disclosure [Abstract]
Derivative Liabilities Warrants Disclosure [Text Block]	NOTE 16 - DERIVATIVE LIABILITIES - WARRANTS To date, the Company has authorized the issuance of Common Stock Purchase Warrants, with terms of five to seven years, to various corporations and individuals, in connection with the sale of securities, loan agreements and consulting agreements. Exercise prices on those warrants outstanding during Fiscal 2016 and Fiscal 2015 range from $ 0.0625 0.25 Fiscal Year 2016 Fiscal Year 2015 Warrant Weighted Warrant Weighted Balance at beginning of year 89,870,034 $ 0.06 102,143,091 $ 0.06 Warrant exercises, forfeited or expired 48,283,968 $ 0.06 12,273,057 $ 0.07 Ending Balance 41,586,066 $ 0.06 89,870,034 $ 0.06 Accounting Standard Codification “ASC” 815 – Derivatives and Hedging The Warrant Derivative Liabilities are measured at fair market value, using the market approach and a level 3 fair value hierarchy, on a recurring basis as of March 31, 2016 and March 31, 2015, in accordance with the valuation techniques discussed in ASC 820. March 31 March 31 March 31 2016 2015 2014 Risk-Free interest rate 0.18% - 0.73% 0.05% - 0.89% 0.05% - 1.32% Expected volatility 52% - 81% 93% - 113% 111% - 207% Expected life (in years) 0.2 – 2.1 1.2 – 3.1 0.3 - 4.1 Expected dividend yield 0% 0% 0% Number of warrants 41,586,066 89,870,034 102,143,093 Fair value – Warrant Derivative Liability $10,368,567 $17,762,573 $38,103,446 Change in warrant derivative liability for the twelve months ended $7,394,006 $(18,447,573) $32,997,869 The risk free interest rate was based on rates established by the US 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. The changes of $ 7,394,006 (18,447,573) 32,997,869 Fair value measurements of warrants using significant unobservable inputs (Level 3) March 31 March 31 March 31 2016 2015 2014 Balance at Beginning of Fiscal Year $ 17,762,573 $ 38,103,446 $ 7,862,848 Warrants Exercised (14,788,012) (2,578,300) (2,757,271) Change in fair value of warrant liability 7,394,006 (18,447,573) 32,997,869 Balance at End of Fiscal Year $ 10,368,567 $ 17,762,573 $ 38,103,446

COMMON STOCK

COMMON STOCK	12 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	COMMON STOCK Lincoln Park Capital Pursuant to an April 19, 2013 purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”) we had the right to sell to and Lincoln Park was obligated to purchase up to $ 10 10 On April 10, 2014, we entered into another Purchase Agreement and a Registration Rights Agreement with Lincoln Park. Pursuant to the terms of the Purchase Agreement, Lincoln Park has agreed to purchase from us up to $ 40 Upon execution of the Purchase Agreement, we have issued 1,928,641 1,928,641 76.7 21.2 1.0 We may, from time to time and at our sole discretion but no more frequently than every other business day, direct Lincoln Park to purchase (a “Regular Purchase”) up to 500,000 800,000 760,000 0.10 In addition to Regular Purchases, on any business day on which we have properly submitted a Regular Purchase notice and the closing sale price is not below $0.15, we may purchase (an “Accelerated Purchase”) an additional “accelerated amount” under certain circumstances. The amount of any Accelerated Purchase cannot exceed the lesser of three times the number of purchase shares purchased pursuant to the corresponding Regular Purchase; and 30 97 In the case of both Regular Purchases and Accelerated Purchases, the purchase price per share will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction occurring during the business days used to compute the purchase price. Other than as set forth above, there are no trading volume requirements or restrictions under the Purchase Agreement, and we will control the timing and amount of any sales of our common stock to Lincoln Park. Our sales of shares of Common Stock to Lincoln Park under the Lincoln Park Purchase Agreement are limited to no more than the number of shares that would result in the beneficial ownership by Lincoln Park and its affiliates, at any single point in time, of more than 9.99 The Lincoln Park Purchase Agreement and the Lincoln Park 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 Lincoln Park Purchase Agreement at any time, at no cost or penalty. Actual sales of shares of Common Stock to Lincoln Park under the Lincoln Park Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, including, without limitation, market conditions, the trading price of the Common Stock and determinations by the Company as to appropriate sources of funding for the Company and its operations. There are no trading volume requirements or restrictions under the Lincoln Park 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 Lincoln Park 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 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 Lincoln Park Purchase Agreement will be used for general corporate purposes and working capital requirements. Summary of Common Stock Activity 80,386,651 70,918,271 and 185,748,471 Fiscal Year Fiscal Year Fiscal Year Description 2016 2015 2014 Common shares sold pursuant to the Lincoln Park Capital Purchase Agreements, with net proceeds of such shares totaling $6,199,643, $13,236,624 and $10,000,000 in Fiscal 2016, Fiscal 2015, and Fiscal 2014, respectively. 23,945,346 47,172,240 65,143,216 Common shares issued as commitment shares pursuant to the Lincoln Park Capital Purchase Agreements 298,923 2,566,861 5,858,230 Common Shares issued in lieu of cash payment in payment of preferred share derivative interest expenses totaling zero, zero and $68,089 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively --- --- 878,543 Common Shares issued pursuant to the conversion of Series B, Series C, Series E and Series I Convertible Preferred Share derivatives, with such derivative liabilities totaling zero, $2,272,500, and 9,825,066 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively, at the time of their conversion. --- 6,060,000 91,796,043 Common Shares issued in payment of Director’s fees totaling $100,071, $110,000 and $110,000 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively 408,892 321,611 1,210,583 Common shares issued in payment of employee salaries totaling $1,039,000, $849,737 and $368,233 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively. 4,236,555 2,518,668 3,439,467 Common shares issued in payment of consulting expenses totaling $24,000, $23,999 and $18,836 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively 97,467 70,169 210,018 Common shares issued pursuant to warrants exercised 48,283,968 11,985,388 16,904,038 Common shares issued pursuant to options exercised 112,500 223,334 308,333 Milestone shares issued pursuant to EPIC Strategic Alliance Agreement totaling $840,000, zero and zero for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively 3,000,000 --- --- Total Common Shares issued during Fiscal 2016, Fiscal 2015 and Fiscal 2014 80,383,651 70,918,271 185,748,471 Common Shares issued at March 31, 711,544,352 631,160,701 560,242,430

PER SHARE INFORMATION

PER SHARE INFORMATION	12 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 18 - PER SHARE INFORMATION Basic earnings per share of common stock (“Basic EPS”) is computed by dividing the net income(loss) by the weighted-average number of shares of common stock outstanding. Diluted earnings per share of common stock (“Diluted EPS”) is computed by dividing the net income(loss) 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 EPS and Diluted EPS, if such Diluted EPS is not anti-dilutive, on the face of the Company’s Consolidated Statements of Operations. As the Company had a net loss for Fiscal Year 2016 and 2014, Diluted EPS is not presented as the effect of the Company’s common stock equivalents and convertible securities is anti-dilutive. Fiscal Year Fiscal Year Fiscal Year Numerator Net Income (Loss) attributable to common shareholders $ (9,968,727) $ 28,929,674 $ (96,575,271) Denominator Weighted average shares of common stock outstanding 673,905,485 591,214,959 463,021,991 Net Earnings (Loss) per Share – Basic $ (0.01) $ 0.05 $ (0.21) Potentially dilutive securities excluded from the calculation of diluted loss per share for Fiscal 2016 and 2014 Stock Options 581,020 n/a 174,359 Convertible Preferred Mezzanine Equity 142,857,143 n/a 148,917,143 Warrants 22,926,029 n/a 15,782,718 Diluted Earnings (Loss) per share (for Fiscal 2015) is calculated as follows: Fiscal Year Net Income attributable to common shareholders $ 28,929,674 Adjustments to Net Income Reversal of Change in Value of Warrant Derivatives (18,447,573) Reversal of Change in Value of Convertible Preferred Share Mezzanine Equity (25,602,370) Net loss attributable to common shareholders on a diluted basis $ (15,120,269) Denominator Weighted average shares of common stock outstanding 591,214,959 Dilutive effects of convertible preferred mezzanine equity and warrants Convertible preferred mezzanine equity 142,857,143 Warrants 22,926,029 Stock Options 581,020 Weighted average shares outstanding - diluted 757,579,152 Fully Diluted Earnings (Loss) per Share $ (0.02)

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Shareholders' Equity and Share-based Payments [Text Block]	NOTE 19 - STOCK-BASED COMPENSATION Part or all of the compensation paid by the Company to its Directors and employees consists of the issuance of Common Stock or via the granting of options to purchase Common Stock Stock-based Director Compensation The Company’s Director compensation policy instituted in October 2009 includes provisions that Director’s fees are to be paid via the issuance of shares of the Company’s Common Stock, in lieu of cash, with the valuation of such shares being calculated on a quarterly basis and equal to the average closing price of the Company’s common stock for the quarter just ended. During Fiscal 2016, the Company issued 408,892 100,071 During Fiscal 2015, the Company issued 321,611 110,000 During Fiscal 2014, the Company issued 1,210,583 110,000 As of March 31, 2016, the Company owes its Directors a total of 46,125 15,000 Stock-based Employee Compensation Employment contracts with the Company’s President and Chief Executive Officer, Chief Financial Officer and certain other employees includes provisions for a portion of each employee’s salaries to be paid via the issuance of shares of the Company’s Common, in lieu of cash, with the valuation of such shares being calculated on a quarterly basis and equal to the average closing price of the Company’s common stock for the quarter just ended. During Fiscal Year 2016, the Company issued a total of 4,236,555 1,039,000 During Fiscal Year 2015, the Company issued a total of 2,518,668 849,737 During Fiscal Year 2014, the Company issued a total of 3,439,467 368,233 As of March 31, 2016, the Company owes its President and Chief Executive Officer, Chief Financial Officer and certain other employees a total of 638,407 207,500 Stock option based Employee Compensation During Fiscal 2016, the Company issued, to various employees, options to purchase a total of 360,000 0.23 0.415 129,913 During Fiscal 2015, the Company issued, to various employees, options to purchase a total of 2,590,000 0.26 0.46 769,400 During Fiscal 2014, the Company issued, to various employees, options to purchase a total of 3,000,000 0.07 202,497 The Company measures stock-based compensation cost for options using the Black-Scholes option pricing model. The following table presents a summary of the assumptions used to estimate fair values of the stock options granted during Fiscal 2016, Fiscal 2015 and Fiscal 2014: Fiscal Fiscal Fiscal Exercise prices $0.23 - $0.42 $0.27 - $0.46 $ 0.07 Options Granted (shares) 360,000 2,590,000 3,000,000 Risk-free interest rate 2.1% - 2.2 % 2.2% - 2.8 % 2.5 % Expected volatility 119% - 120 % 120% - 121 % 130 % Expected dividend yield 0.0 % 0.0 % 0.0 % Forfeiture rate 2.7 % 0.0 % 0.0 % Expected term (in years) 10 10 10 Fair value of options granted $ 129,913 $ 769,421 $ 202,497 Non-cash compensation through issuance of stock options $ 333,363 $ 260,045 $ 82,947 As of March 31, 2016, the total remaining unrecognized non-cash compensation costs related to stock options granted was $ 462,308

STOCK OPTION PLANS

STOCK OPTION PLANS	12 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 20 - STOCK OPTION PLANS Under its 2014 Stock Option Plan and prior options plans, the Company may grant stock options to officers, selected employees, as well as members of the Board of Directors and advisory board members. All options have generally been granted at a price equal to or greater than the fair market value of the Company’s Common Stock at the date of the grant. Generally, options are granted with a vesting period of up to three years and expire ten years from the date of grant. Fiscal Year 2016 Fiscal Year 2015 Fiscal Year 2014 Options Weighted Options Weighted Options Weighted Outstanding at beginning of year 7,642,167 $ 0.48 5,435,667 $ 0.54 3,939,000 $ 1.18 Options Granted 360,000 $ 0.38 2,590,000 $ 0.31 3,000,000 $ 0.07 Options Exercised 112,500 $ 0.21 223,334 $ 0.12 308,333 $ 0.08 Options Expired/Forfeited 280,000 $ 0.60 160,166 $ 0.18 1,195,000 $ 1.60 Outstanding at end of year 7,609,667 $ 0.48 7,642,167 $ 0.48 5,435,667 $ 0.54 Range Options Weighted Weighted Options Weighted $ 0.01 – 0.25 3,766,667 6.9 $ 0.08 2,766,668 $ 0.09 $ 0.26 – 0.50 2,650,000 8.5 $ 0.32 783,333 $ 1.08 $ 0.51 – 1.00 — — — — $ 1.01 – 2.00 96,000 1.8 1.08 96,000 $ 2.01 – 3.00 1,097,000 0.7 $ 2.16 847,000 $ 2.18 $ 0.01 – 3.00 7,609,667 6.5 $ 0.48 4,493,001 $ 0.54 As of March 31, 2016, there were 5,595,066 The aggregate intrinsic value of options outstanding as of March 31, 2016, calculated as the difference between the exercise price and the closing price of the Company’s Common Stock on March 31, 2016 was $ 904,409 642,981 The total intrinsic value of options exercised during the Fiscal 2016, 2015 and 2014 was $ 22,173 31,513 101,962

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 21 - INCOME TAXES Year Ended March 31, 2016 2015 2014 Federal: Current $ — $ — $ — Deferred — — — State Current (4,048) $ (3,248) $ (3,099) Deferred — — — Sale of New Jersey Net Operating Losses 524,500 — 295,710 Net Credit for Income Taxes $ 520,452 $ (3,248) $ 292,611 March 31, 2016 2015 2014 Federal Net Operating Loss Carry forward $ 27,033 $ 24,547 $ 19,813 Valuation Allowance (27,033) (24,547) (19,813) $ — $ — $ — State Net Operating Loss Carryforwards $ 2,722 $ 2,602 $ 1,318 Valuation Allowance (2,722) (2,602) (1,318) $ — $ — $ — At March 31, 2016 and 2015, a 100% valuation allowance is provided The company believes that temporary timing differences between accrual and payment of income taxes are not material to the financial position of the Company.

CONCENTRATIONS

CONCENTRATIONS	12 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	NOTE 22 - CONCENTRATIONS Revenue Concentrations Five customers accounted for substantially all of the Company’s revenues for Fiscal 2016. Included in these customers are three customers that accounted for approximately 37 28 27 Seven customers accounted for substantially all of the Company’s revenues for Fiscal 2015. Included in these customers are three customers that accounted for approximately 55 24 11 Ten customers accounted for substantially all of the Company’s revenues for Fiscal 2014. Included in these customers are three customers that accounted for approximately 88 Accounts Receivable Concentrations Four customers accounted for substantially all of the Company’s accounts receivable as of March 31, 2016. Included in these customers are three customers that accounted for approximately 54 30 8 Five customers accounted for substantially all of the Company’s accounts receivable as of March 31, 2015. Included in these customers are four customers that accounted for approximately 46 26 17 11 Five customers accounted for substantially all of the Company’s accounts receivable as of March 31, 2014. Included in these customers are three customers that accounted for approximately 83 Purchasing Concentrations Seven suppliers accounted for more than 80 44 20 10 Seven suppliers accounted for more than 80 38 11 10 10 Seven suppliers accounted for more than 80 52

COLLABORATIVE AGREEMENT WITH EP

COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC	12 Months Ended
	Mar. 31, 2016
Collaborative Arrangement [Abstract]
Collaborative Arrangement Disclosure [Text Block]	NOTE 23 COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC 15 In June 2015, Elite received non-refundable payments totaling $ 5 In addition, in January 2016, a New Drug Application (“NDA”) for SequestOx™ was filed, thereby earning the Company a non-refundable $2.5 million milestone, pursuant to the 2015 Epic License Agreement. The filing of this NDA represents a significant deliverable element as defined within the Epic Collaborative pursuant to ASC 605-25, Revenue Recognition – Multiple Element Arrangements. Accordingly, the Company has recognized the $ 2.5 In total, during Fiscal 2016, the Company received payments totaling $ 7.5

RELATED PARTY TRANSACTION AGREE

RELATED PARTY TRANSACTION AGREEMENTS WITH EPIC PHARMA LLC	12 Months Ended
	Mar. 31, 2016
Epic Pharma Llc [Member]
Related Party Transactions Disclosure [Text Block]	- RELATED PARTY TRANSACTION AGREEMENTS WITH EPIC PHARMA LLC 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 23 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 SequestOx™, thereby earning a $ 2.5 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 SequestOx™ 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 SequestOx™ 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 SequestOx™ and the manufacture/marketing of the twelve generics related to the Epic Generic Agreement. Please note that this transaction is not to be considered as an arms-length transaction.

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES - NASRAT HAKIM AND MIKAH PHARMA LLC	12 Months Ended
	Mar. 31, 2016
Nasrat Hakim And Mikah Pharma LLC [Member]
Related Party Transactions Disclosure [Text Block]	- TRANSACTIONS WITH RELATED PARTIES – NASRAT HAKIM AND MIKAH PHARMA LLC On August 1, 2013, Elite Laboratories Inc. (“Elite Labs”), our wholly owned subsidiary, executed an asset purchase agreement (the “Mikah Purchase Agreement”) with Mikah Pharma LLC (“Mikah”), an entity that is wholly owned by Mr. Nasrat Hakim, who, in conjunction with this transaction, was appointed as our Chief Executive Officer, President and a Director on August 2, 2012, and acquired from Mikah a total of 13 Abbreviated New Drug Applications (“ANDAs”) consisting of 12 ANDAs approved by the FDA and one ANDA under active review with the FDA, and all amendments thereto (the “Acquisition”) for aggregate consideration of $ 10,000,000 The Mikah Note, as amended, was interest free and due and payable on the third anniversary of its issuance. Subject to certain limitations, the principal amount of the Mikah Note was convertible at the option of Mikah into shares of Common Stock at a rate of $ 0.07 14,286 1,000 1 share of Series I Preferred Stock for each $100,000 of principal owed on the Mikah Note On February 7, 2014, Mikah converted the principal amount of $ 10,000,000 100 On August 27, 2010, Elite executed an asset purchase with Mikah (the “Naltrexone Agreement”). Pursuant to the Naltrexone Agreement, Elite acquired from Mikah the Abbreviated New Drug Application number 75-274 (Naltrexone Hydrochloride Tablets USP, 50 mg), and all amendments thereto (the “ANDA”), that have to date been filed with the FDA seeking authorization and approval to manufacture, package, ship and sell the products described in the ANDA within the United States and its territories (including Puerto Rico) for aggregate consideration of $ 200,000 The manufacturing of Naltrexone 50mg was successfully transferred to the Company’s Northvale facility, and the first commercial shipment of this product was made in September 2013. On January 28, 2015, the Mikah Development Agreement was terminated by mutual agreement of the parties thereto. Pursuant to the Mikah Development Agreement, Mikah made advance consideration payments to the Company totaling $200,000 in exchange for product development services to be provided at a future date. Subsequent to the execution of the Mikah Development Agreement, and before any development milestones were achieved, the sole owner of Mikah, Mr. Nasrat Hakim, became the President and Chief Executive Officer of the Company. Mikah has accordingly ceased operating and is in the process of winding down and liquidating its assets. Any further development of the product related to the Mikah Development Agreement will belong to the Company, although there can be no assurances that such development will occur or be successful. The Mikah Development Agreement requires that the consideration paid in advance to the Company be refunded in the event of no milestones being achieved. Mr. Hakim, as owner of Mikah, has directed that the $ 200,000 Please note that this transaction is not to be considered as an arms-length transaction.

MANUFACTURING, LICENSE AND DEVE

MANUFACTURING, LICENSE AND DEVELOPMENT AGREEMENTS	12 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transaction, Manufacturing And License Agreement Disclosure [Text Block]	MANUFACTURING, LICENSE AND DEVELOPMENT AGREEMENTS The Company has entered into the following active 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”) 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 $ 200 The milestones, totaling $500k, consist of amounts due upon the first shipment of each identified product, as follows: Phentermine 37.5mg tablets ($145k), Phentermine 15 & 30mg capsules ($45k), Hydromorphone 8mg ($125k), Naltrexone 50mg ($95k) and the balance of $95k due in relation to the first shipment of generic products which still require marketing authorizations from the FDA, and to which there can be no assurances of such marketing authorizations being granted and accordingly there can be no assurances that the Company will earn and receive these milestone amounts. · The Company’s performance is required to achieve each milestone; and · The milestones will relate to past performance, when achieved; and · The milestones are reasonable relative to all of the deliverables and payment terms within the Precision Dose License Agreement. The license fees provided for in the Precision Dose Agreement are calculated as a percentage of 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 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.

CONVERSIONS OF PREFERRED STOCK

CONVERSIONS OF PREFERRED STOCK MEZZANINE EQUITY TO COMMON STOCK	12 Months Ended
	Mar. 31, 2016
Conversions Of Preferred Stock Derivatives To Common Stock Abstract [Abstract]
Conversions Of Preferred Stock Derivatives To Common Stock Disclosure [Text Block]	NOTE 27 - CONVERSIONS OF PREFERRED STOCK MEZZANINE EQUITY TO COMMON STOCK The Certificate of Designations of the Series I Convertible Preferred Stock Mezzanine Equity (the “Series I Mezzanine Equity”), includes provisions entitling its rights to convert shares of the Series I Mezzanine Equity into shares of Common Stock. Fiscal 2016 Fiscal 2015 Series I Preferred Derivatives Number of Derivative Shares Converted — 4.242 Number of Common Shares issued pursuant to conversion — 6,060,000 Value of Preferred Derivative shares at time of conversion (represents decrease in derivative liability resulting from conversions) — 2,272,500 Change in value of preferred share derivative liability recorded at time of conversion — (303,000) Par value of Common Shares issued — 6,060 Additional paid in capital recorded as a result of the conversions — 2,266,440 Please also see Note 15 for further details on the Series I Mezzanine Equity.

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Mar. 31, 2016
Loss Contingency [Abstract]
Contingencies Disclosure [Text Block]	NOTE 28 - CONTINGENCIES As part of the Company’s efforts to ensure the retention and continuity of key employees, officers and directors in the event of a change of control of the ownership of the Company, the Board of Directors passed a resolution whereby, in the event of a change in control of the ownership of the Company, key executives would receive an amount equal to twelve months of such executive’s salary, and certain Directors and managers would receive an amount equal to six months of such Director’s or managers fees or salaries, as applicable. In addition, the resolution passed provided for the immediate vesting of outstanding options, in the event of a change of control.

RIGHTS PLAN

RIGHTS PLAN	12 Months Ended
	Mar. 31, 2016
Distribution Of Rights Issue [Abstract]
Rights Plan Disclosure [Text Block]	NOTE 29 - RIGHTS PLAN On November 15, 2013, our board of directors declared a dividend distribution of one right for each outstanding share of our common stock and one right for each share of Common Stock into which any of our outstanding Preferred Stock is convertible, to stockholders of record at the close of business on that date. Each Right entitles the registered holder to purchase from us one “Unit” consisting of one one-millionth (1/1,000,000) of a share of Series H Junior Participating preferred stock, par value $0.01 per share (the “H Preferred Stock”), at a purchase price of $2.10 per Unit 0.000001 15 November 15, 2013

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	12 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Legal Matters and Contingencies [Text Block]	NOTE 30 - 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 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 denied 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. 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. Both parties have been complying with the agreed settlement terms and the Company has notified the Arbitrator of this settlement, requesting the issuance of proceeding termination documents. Generally Accepted Accounting Principles require that a contingency loss may only be recognized if the event is (i) probable and (ii) the amount of the loss can be reasonably estimated. There were no liabilities meeting this criteria at March 31, 2016.

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION	12 Months Ended
	Mar. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	- QUARTERLY FINANCIAL INFORMATION (UNADITED) (In thousands, except per share data) Fourth Third Second First Fiscal year ended March 31, 2016 Total revenues $ 5,195 $ 2,194 $ 2,947 $ 2,163 Costs of revenues 1,036 836 1,415 1,197 Gross Profit 4,159 1,358 1,532 966 Operating Expenses 3,588 4,071 5,299 3,373 Income (Loss) from Operations 571 (2,713) (3,767) (2,407) Other income (expense) 7,408 (9,520) 2,086 7,139 Income tax (credit) expense (520) — — — Net Income 8,499 (12,233) (1,681) 4,732 Change in carrying value of convertible preferred mezzanine equity 14,142 (24,786) (5,071) 6,429 Net income attributable to common shareholders 22,641 (37,019) (6,753) 11,161 Earnings per share – basic $ 0.03 $ (0.05) $ (0.01) $ 0.02 Earnings per share - Diluted $ 0.00 $ (0.05) $ (0.01) $ (0.00) (In thousands, except per share data) Fourth Third Second First Fiscal year ended March 31, 2015 Total revenues 1,234 1,363 1,256 1,162 Costs of revenues 904 700 682 729 Gross Profit 331 663 575 433 Operating Expenses 5,788 3,221 4,636 4,864 Income (Loss) from Operations (5,457) (2,557) (4,061) (4,431) Other income (expense) (898) 9,974 10,310 2,338 Income tax (credit) expense (3) — — — Net Income (6,350) 7,417 6,248 (2,094) Change in carrying value of convertible preferred mezzanine equity (2,715) 13,600 15,132 (2,308) Net income attributable to common shareholders (9,065) 21,017 21,380 (4,402) Earnings (Loss) per share – basic $ (0.01) $ 0.03 $ 0.04 $ (0.01) Earnings (Loss) per share - diluted $ (0.01) $ (0.01) $ (0.01) $ (0.01) (In thousands, except per share data) Fourth Third Second First Fiscal year ended March 31, 2014 Total revenues 1,028 1,693 1,159 722 Costs of revenues 1,046 995 617 579 Gross Profit (18) 699 542 143 Operating Expenses 2,365 1,936 1,229 1,118 Income (Loss) from Operations (2,384) (1,237) (687) (976) Other income (expense) (31,652) 175 (6,887) 2,095 Income tax (credit) expense (295) — 2 — Net Income (33,741) (1,061) (7,576) 1,119 Change in carrying value of convertible preferred mezzanine equity (53,056) 1 (2,061) (197) Net income attributable to common shareholders (86,798) (1,062) (9,638) 922 Earnings (Loss) per share – basic $ (0.16) $ (0.00) $ (0.02) $ 0.00 Earnings (Loss) per share - diluted $ (0.16) $ (0.00) $ (0.02) $ (0.00)

ADVERTISING COSTS

ADVERTISING COSTS	12 Months Ended
	Mar. 31, 2016
Advertising Costs [Abstract]
Advertising Costs Disclosure [Text Block]	NOTE 32 - ADVERTISING COSTS The Company's advertising costs for Fiscal 2016, Fiscal 2015 and Fiscal 2014 were immaterial.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	- SUBSEQUENT EVENTS The Company has evaluated subsequent events from the balance sheet date through June 15, 2016, the date the accompanying financial statements were issued. The following are material subsequent events: Common Stock sold pursuant to the LPC-40 Purchase Agreement Subsequent to March 31, 2016 and up to June 7, 2016 (the latest practicable date), a total of 5.5 0.1 1.7 Common Stock issued pursuant to the exercise of cash warrants Subsequent to March 31, 2016 and up to June 7, 2016 (the latest practicable date), a total of 9.3 0.6 Repayment of Hakim Credit Line On May 24, 2016 all amounts due and owing pursuant to the Hakim Credit Line, which expired on March 31, 2016, were paid in full. These payments, which totaled $ 798,227 718,309 79,918

SUMMARY OF SIGNIFICANT ACCOUN40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting, Policy [Policy Text Block]	BASIS OF PRESENTATION The accompanying audited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated balance sheet as of March 31, 2015 and the consolidated statement of operations for the year ended March 31, 2015, the consolidated statement of cash flows for the year ended March 31, 2015 and the consolidated statement of changes in stockholders equity (deficit) for the year ended March 31, 2015, included in this prospectus are 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. Please refer to Note 2 for further details on the specifics and effects of these corrections of accounting error. The consolidated balance sheet as of March 31, 2014 and the consolidated statement of operations for the year ended March 31, 2014, the consolidated statement of cash flows for the year ended March 31, 2014 and the consolidated statement of changes in stockholders equity (deficit) for the year ended March 31, 2014, included in this prospectus are 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, 2014. Please refer to Note 2 for further details on the specifics and effects of these corrections of accounting error.
Consolidation, Policy [Policy Text Block]	PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Elite Pharmaceuticals, Inc. and its wholly-owned subsidiary, Elite Laboratories, Inc. (“Elite Labs”, and collectively, the “Company”). The financial statements of its wholly-owned entity are consolidated and all significant intercompany accounts are eliminated upon consolidation.
Nature of Operations [Policy Text Block]	NATURE OF BUSINESS Elite Pharmaceuticals, Inc. was incorporated on October 1, 1997 under the laws of the State of Delaware, and its wholly-owned subsidiary Elite Laboratories, Inc. was incorporated on August 23, 1990 under the laws of the State of Delaware. On January 5, 2012, Elite Pharmaceuticals was reincorporated under the laws of the State of Nevada. Elite Labs engages primarily in researching, developing and licensing proprietary orally administered, controlled-release drug delivery systems and products with abuse deterrent capabilities and the manufacture of generic, oral dose pharmaceuticals. The Company is equipped to manufacture controlled-release products on a contract basis for third parties and itself if and when the products are approved. These products include drugs that cover therapeutic areas for pain, allergy, bariatric and infection. Research and development activities are done so with an objective of developing products that will secure marketing approvals from the United States Food and Drug Administration (“US-FDA”), and thereafter, commercially exploiting such products.
Cash and Cash Equivalents, Policy [Policy Text Block]	CASH The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and money market instruments. The Company places its cash and cash equivalents with high-quality, U.S. financial institutions and, to date has not experienced losses on any of its balances.
Receivables, Policy [Policy Text Block]	ACCOUNTS RECEIVABLE 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 on a periodic basis to arrive at appropriate allowances.
Inventory, Policy [Policy Text Block]	INVENTORIES Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value).
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	LONG-LIVED ASSETS The Company periodically evaluates the fair value of long-lived assets, which include property and equipment and intangibles, whenever events or changes in circumstances indicate that its carrying amounts may not be recoverable. Such conditions may include an economic downturn or a change in the assessment of future operations. A charge for impairment is recognized whenever the carrying amount of a long-lived asset exceeds its fair value. Management has determined that no impairment of long-lived assets has occurred. Property and equipment are stated at cost. Depreciation is provided on the straight-line method 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. 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 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 assets.
Research and Development Expense, Policy [Policy Text Block]	RESEARCH AND DEVELOPMENT Research and development expenditures are charged to expense as incurred.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	The Company maintains cash balances, which, at times, may exceed the amounts insured by the Federal Deposit Insurance Corp. Uninsured balances at March 31, 2016 are $ 11.5 The Company in the normal course of business extends credit to its customers based on contract terms and performs ongoing credit evaluations. An allowance for doubtful accounts due to uncertainty of collection is established based on historical collection experience. Amounts are written off when payment is not received after exhaustive collection efforts. During Fiscal 2016, Fiscal 2015 and Fiscal 2014, the Company generated all its revenues from six, seven and ten companies, respectively. The termination of the contracts with either of such companies will result in the loss of a significant amount of revenues currently being earned.
Use of Estimates, Policy [Policy Text Block]	USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by management include, but are not limited to, the recognition of revenue, the amount of the allowance for doubtful accounts receivable and the fair value of intangible assets, stock-based awards and derivatives.
Income Tax, Policy [Policy Text Block]	INCOME TAXES The Company uses the liability method for reporting income taxes, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Under the liability method, the amounts of deferred tax liabilities and assets at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. Further tax benefits are recognized when it is more likely than not, that such benefits will be realized. Valuation allowances are provided to reduce deferred tax assets to the amount considered likely to be realized. GAAP prescribes a recognition threshold and measurement attribute for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. GAAP requires that the financial statements reflect expected future tax consequences of such positions presuming the taxing authorities’ full knowledge of the position and all relevant facts, but without considering time values. No adjustments related to uncertain tax positions were recognized during Fiscal 2016 and Fiscal 2015. The Company recognizes interest and penalties related to uncertain tax positions as a reduction of the income tax benefit. No interest and penalties related to uncertain tax positions were accrued as of March 31, 2016 and March 31, 2015. The Company operates in multiple tax jurisdictions within the United States of America. Although we do not believe that we are currently under examination in any of our major tax jurisdictions, we remain subject to examination in all of our tax jurisdiction until the applicable statutes of limitation expire. As of March 31, 2016, a summary of the tax years that remain subject to examination in our major tax jurisdictions are: United States – Federal, 2012 and forward, and State, 2008 and forward. The Company did not record unrecognized tax positions for the years ended March 31, 2016, 2015 and 2014.
Earnings Per Share, Policy [Policy Text Block]	EARNINGS PER COMMON SHARE Basic earnings per common share is calculated by dividing net earnings by the weighted average number of shares outstanding during each period presented. Diluted earnings per share are calculated by dividing earnings by the weighted average number of shares and common stock equivalents. The Company’s common stock equivalents consist of options, warrants and convertible securities.
Collaborative Arrangement, Accounting Policy [Policy Text Block]	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, Policy [Policy Text Block]	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, 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, 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, it determines the period over which the performance obligations will be performed and revenue will be recognized. If it cannot reasonably estimate the timing and the level of effort to complete its performance obligations under a multiple-element arrangement, revenues are then recognized on a straight-line basis over the period encompassing the expected completion of such obligations, with such period being reassessed at each subsequent reporting period. Arrangement consideration is allocated at the inception of the arrangement to all deliverables on the basis of their relative selling price (the relative selling price method). When applying the relative selling price method, the selling price of each deliverable is determined using vendor-specific objective evidence of selling price, if such exists; otherwise, third-part evidence of selling price. If neither vendor-specific objective evidence nor third-party evidence of selling price exists for a deliverable, the Company uses its best estimate of the selling price for that deliverable when applying the relative selling price method. In deciding whether we can determine vendor-specific objective evidence or third-party evidence of selling price, the Company does not ignore information that is reasonably available without undue cost and effort. When determining the selling price for significant deliverables under a multiple-element revenue arrangement, the Company considers any or all of the following, depending on information available or information that could be reasonably available without undue cost and effort: vendor-specific objective evidence, third party evidence or best estimate of selling price. More specifically, factors considered can include, without limitation and as appropriate, size of market for specific a product, number of suppliers and other competitive market factors, forecast market shares and gross profits, barriers/time frames to market entry/launch, intellectual property rights and protections, exclusive or non-exclusive arrangements, costs of similar/identical deliverables from third parties, contractual terms, including, without limitation, length of contract, renewal rights, commercial terms, profit allocations, and other commercial, financial, tangible and intangible factors that may be relevant in the valuation of a specific deliverable. Milestone payments are accounted for in accordance with ASC 605-28 “Revenue Recognition-Milestone Method” for any deliverables or units of accounting under which the Company must achieve a defined performance obligation which is contingent upon future events or circumstances that are uncertain as of the inception of the arrangement providing for such future milestone payment. Determination of the substantiveness of a milestone is a matter of subjective assessment performed at the inception of the arrangement, and with consideration earned from the achievement of a milestone meeting all of the following: · It must be either commensurate with the Company's performance in achieving the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company's performance to achieve the milestone; and · It relates solely to past performance; and · It is reasonable relative to all of the deliverables and payment terms (including other potential milestone consideration) within the arrangement.
Segment Reporting, Policy [Policy Text Block]	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. Asset information is not reviewed or included within the Company’s internal management reporting. Accordingly, the Company does not disclose asset information for each reportable segment. Please see note 3 for further details.
Lease, Policy [Policy Text Block]	LEASES Lease agreements are evaluated to determine if they are capital leases meeting any of the following criteria at inception: (a) transfer of ownership; (b) bargain purchase option; (c) the lease term is equal to 75 percent or more of the estimated economic life of the leased property; or (d) the present value at the beginning of the lease term of the minimum lease payments, excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, including any profit thereon, equals or exceeds 90 percent of the excess of the fair value of the leased property to the lessor at lease inception over any related investment tax credit retained by the lessor and expected to be realized by the lessor. If at its inception a lease meets any of the four lease criteria above, the lease is classified by the Company as a capital lease; and if none of the four criteria are met, the lease is classified by the Company as an operating lease.
Treasury Stock Policy [Policy Text Block]	TREASURY STOCK The Company records common shares purchased and held in treasury at cost.
Fair Value of Financial Instruments, Policy [Policy Text Block]	FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of current assets and liabilities approximate fair value due to the short-term nature of these instruments. The carrying amounts of noncurrent assets are reasonable estimates of their fair values based on management’s evaluation of future cash flows. The long-term liabilities are carried at amounts that approximate fair value based on borrowing rates available to the Company for obligations with similar terms, degrees of risk and remaining maturities.
Warrants And Preferred Shares [Policy Text Block]	WARRANTS AND PREFERRED SHARES The accounting treatment of warrants and preferred share series issued is determined pursuant to the guidance provided by subtopics 470, “ Debt Distinguishing liabilities from equity” “Derivatives and Hedging” Please see notes 15 and 16 for further details.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	STOCK-BASED COMPENSATION The Company accounts for all stock-based payments and awards under the fair value based method. Stock-based payments to non-employees are measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably measurable. The fair value of stock-based payments to non-employees is periodically re-measured until the counterparty performance is complete, and any change therein is recognized over the vesting period of the award and in the same manner as if the Company had paid cash instead of paying with or using equity based instruments on an accelerated basis. The cost of the stock-based payments to nonemployees that are fully vested and non-forfeitable as at the grant date is measured and recognized at that date, unless there is a contractual term for services in which case such compensation would be amortized over the contractual term. The Company accounts for the granting of share purchase options to employees using the fair value method whereby all awards to employees will be recorded at fair value on the date of the grant. Share based awards granted to employees with a performance condition are measured based on the probable outcome of that performance condition during the requisite service period. Such an award with a performance condition is accrued if it is probable that a performance condition will be achieved. Compensation costs for stock-based payments to employees that do not include performance conditions are recognized on a straight-line basis. The fair value of all share purchase options is expensed over their vesting period with a corresponding increase to additional capital surplus. Upon exercise of share purchase options, the consideration paid by the option holder, together with the amount previously recognized in additional capital surplus, is recorded as an increase to share capital The Company uses the Black-Scholes option valuation model to calculate the fair value of share purchase options at the date of the grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimate. The compensation expense recognized for the years ended March 31, 2016, March 31, 2015 and March 31, 2014 in relation to the granting of share purchase options to employees was $ 333,362 260,045 82,947
Fair Value Measurement, Policy [Policy Text Block]	FAIR VALUE MEASUREMENTS The Company adopted Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, for financial and non-financial assets and liabilities. ASC 820 discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The Company utilizes the market approach. The statement utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.
New Accounting Pronouncements, Policy [Policy Text Block]	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The authoritative guidance is effective for annual reporting periods beginning after December 15, 2016. In July 2015, the FASB extended the effective date of the guidance by one year to December 15, 2017. The Company is currently in the process of assessing the impact this guidance will have on the consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory — Simplifying the Measurement of Inventory. ASU 2015-11 requires inventory to be subsequently measured using the lower of cost and net realizable value, thereby eliminating the market value approach. Net realizable value is defined as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.” ASU 2015-11 is effective for reporting periods beginning after December 15, 2016 and is applied prospectively. Early adoption is permitted. The Company is evaluating the impact, if any, of adopting this new accounting guidance on its financial statements. In February, 2016, the FASB issued ASU 2016-02, Leases (Topic 842) which provides new guidance on leases. The new guidance will increase transparency and comparability among organizations that lease buildings, equipment, and other assets by recognizing the assets and liabilities that arise from lease transactions. Current off-balance sheet leasing activities will be required to be reflected on balance sheets so that investors and other users of financial statements can more readily and accurately understand the rights and obligations associated with these transactions. Consistent with the current lease standard, the new guidance addresses both finance and operating leases. Finance leases will be accounted for in substantially the same manner as capital leases are accounted for under current GAAP. Operating leases will be accounted for (both in the income statement and statement of cash flows) in a manner consistent with operating leases under existing GAAP. However, as it relates to the balance sheet, lessees will recognize lease liabilities based upon the present value of remaining lease payments and corresponding lease assets for operating leases with limited exceptions. The new guidance will also require lessees and lessors to provide additional qualitative and quantitative disclosures to help investors and other users for financials statements assess the amount, timing and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an organization’s leasing activities. The new guidance is effective annual reporting periods, including interim reporting periods with those annual periods, beginning after December 15, 2018, with early application being also permitted, but not required. The Company is evaluating the impact of adoption of this guidance on its financial position, results of operations and disclosures.

RESTATEMENT OF PRIOR FINANCIA41

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2016
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 annual financial statements have been restated as follows: 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) 1 $ 17,762,573 Convertible preferred shares — 35,000,000 1 35,000,000 Additional paid-in capital 1,610,221,568 (54,095,240) 1 106,926,328 Accumulated Deficit (196,076,975) 54,095,240 1 (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 $ 44,049,943 $ (23,709,070) 1 $ 20,340,874 Net Income (Loss) 2 28,929,674 (23,709,070) 1 5,220,604 Change in carrying value of convertible preferred mezzanine equity — 23,709,070 1 23,707,070 Net Income (Loss) attributable to common shareholders 2 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) 2 $ 28,929,674 $ (23,709,070) 1 $ 5,220,604 Change in Fair Value of derivative Liabilities (44,049,943) 23,709,070 1 (20,340,874) 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 1 23,709,070 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) 1 $ — Convertible Preferred Shares — 60,981,570 1 60,981,570 Additional paid-in capital 143,555,091 (77,804,310) 1 65,750,781 Accumulated Deficit (255,006,646) 77,804,310 1 177,202,336 Year Ended March 31, 2014 As Previously Adjustments As Restated Condensed Consolidated Statement of Operations Change in fair value of derivatives $ (90,704,173) $ 55,314,374 1 $ (35,389,799) Net Income (Loss) 2 (96,575,271) 55,314,374 1 (41,260,897) Change in maximum redemption value of convertible preferred mezzanine equity — (55,314,374) 1 (55,314,374) Net Income (Loss) attributable to common shareholders 2 (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) 2 $ (96,575,271) $ 55,314,374 1 $ (41,260,897) Change in Fair Value of derivative Liabilities 90,704,173 (55,314,374) 1 35,389,799 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) 1 (55,314,374) 1 Adjustments relate solely to correction of errors in accounting for convertible preferred shares. 2 For annual periods prior to the fiscal year ended March 31, 2016, as previously reported Net Income (Loss) and Net Income (Loss) Attributable to Common Shareholders, were the same and, accordingly, both amounts were reported on a single line item identified as Net Income (Loss) Attributable to Common Shareholders

SEGMENT RESULTS (Tables)

SEGMENT RESULTS (Tables)	12 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Revenue from External Customers by Geographic Areas [Table Text Block]	The following represents selected information for the Company’s reportable segments for the fiscal years ended March 31, 2016, 2015 and 2014: Years Ended March 31, 2016 2015 2014 Revenues from External Customers ANDA $ 9,164,999 $ 5,015,246 $ 4,601,376 NDA 3,333,333 — — Total revenues from external customers $ 12,498,332 $ 5,015,246 $ 4,601,376 Adjusted income from continuing operations before income tax ANDA 4,940,515 1,650,128 1,272,172 NDA (9,305,998) (14,939,115) (3,933,203)
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The table below provides reconciliations of the Company’s segment adjusted income from continuing operations before income tax to our consolidated (loss) income from continuing operations before income taxes, which is determined in accordance with U.S. GAAP, for the fiscal years ended March 31, 2016, 2015 and 2014: Years Ended March 31, 2016 2015 2014 Total segment adjusted (loss) from continuing operations before income tax $ (4,365,483) $ (13,288,987) $ (2,661,031) Corporate unallocated costs (1,772,241) (1,319,939) (1,351,921) Interest revenue 9,802 7 — Interest expense (290,468) (287,231) (859,328) Depreciation and amortization expense (665,647) (616,994) (500,906) Significant noncash items other than depreciation and amortization expense (1,513,433) (1,281,052) (749,935) Change in value of derivatives 7,394,006 20,340,874 (35,430,386) Gain on sale of investment — 1,670,678 — Total income (loss) from continuing operations before income tax $ (1,203,464) $ 5,217,356 $ 41,553,507

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventories are recorded at the lower of cost or market on a first-in-first-out basis. Inventories at March 31, 2016 and 2015 consist of the 2016 (Audited) 2015 Finished Goods $ 225,699 $ 122,773 Work-in-Process 222,784 58,770 Raw Materials 2,845,246 2,850,459 $ 3,293,729 $ 3,032,002

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment at March 31, 2016 and 2015 consists of the following: 2016 2015 Laboratory, manufacturing, and warehouse equipment $ 8,255,286 $ 7,593,017 Office equipment and Software 234,634 209,551 Furniture and fixtures 49,804 49,804 Transportation equipment 66,855 66,855 Land, building and improvements 6,230,543 4,556,692 14,837,122 12,475,919 Less: Accumulated depreciation (6,726,401) (6,074,117 $ 8,110,721 $ 6,401,802

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of March 31, 2016 and 2015, the following costs were recorded as intangible assets on the Company’s balance sheet: 2016 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 $ 30,025 $ 31,855 ANDA acquisition costs — — Total cost of intangible assets capitalized $ 30,025 $ 31,855 Intangible assets at end of fiscal year Patent application costs $ 364,482 $ 334,457 ANDA acquisition costs 6,047,317 6,047,317 Less: Accumulated Amortization — — Net Intangible Assets $ 6,411,799 $ 6,381,774

NJEDA BONDS (Tables)

NJEDA BONDS (Tables)	12 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule Of Bond Issuance [Table Text Block]	On August 31, 2005, the Company successfully completed a refinancing of a prior 1999 bond issue through the issuance of new tax-exempt bonds (the “Bonds”) via the issuance of the following: Description Principal Interest Maturity Series A Note $ 3,660,000 6.50 % September 1, 2030 Series B Note 495,000 9.0 % September 1, 2012
Bond Issue Costs And Amortization [Table Text Block]	Bond issue costs were paid from the bond proceeds and are being amortized over the life of the bonds. These costs and amortization activity are summarized as follows: Description Balances Amortization Balances Bond Issue Costs $ 354,453 $ 354,453 Accumulated Amortization (135,874) (14,178) (150,052) Unamortized Balance $ 218,579 $ 204,401
Schedule of Securities Financing Transactions [Table Text Block]	Bond financing consisting of the following, as of March 31, 2016 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 MARCH 31, AMOUNT 2017 $ 220,000 2018 85,000 2019 90,000 2020 95,000 2021 105,000 Thereafter 1,470,000 $ 2,065,000

LOANS PAYABLE AND LONG TERM D47

LOANS PAYABLE AND LONG TERM DEBT (Tables)	12 Months Ended
	Mar. 31, 2016
Schedule Of Loans Payable And Long Term Debt [Table Text Block]	Loans payable and long term debt consisted of the following: March 31, 2016 March 31, 2015 Current Long- Current Long- Equipment and Insurance financing loans payable $ 342,945 $ 520,827 $ 265,165 $ 560,338 Deferred Rent-135 Ludlow Ave Lease (see note 9) 19,528 42,524 Lease termination costs – 135 Ludlow Ave lease (see note 9) — 27,896 — 26,275 TOTAL $ 342,945 $ 568,251 $ 265,165 $ 629,137
Secured Debt [Member]
Schedule of Maturities of Long-term Debt [Table Text Block]	Loan principal payments for the next five years are as follows: YEAR ENDING MARCH 31, AMOUNT 2017 $ 342,945 2018 199,164 2019 174,229 2020 129,476 2021 17,958 Thereafter — $ 863,772

LEASES OF RENTAL PROPERTIES (Ta

LEASES OF RENTAL PROPERTIES (Tables)	12 Months Ended
	Mar. 31, 2016
Leases, Operating [Abstract]
Operating Leases of Lessee Disclosure [Table Text Block]	The following leases for rental properties were operative during the year ended March 31, 2016: 135 Ludlow Ave (see notes 10 and 11) Effective Date July 1, 2010 (3) Termination Date December 31, 2016 Lease term 6 years with 2 tenant renewal options for 5 years each Rent expense for the 2016 Fiscal Year $ 180,854 Rent expense for the 2015 Fiscal Year $ 153,430 Minimum 5 Year Lease Payments (1) Fiscal year ended March 31, 2017 (2) 155,169 Fiscal year ended March 31, 2018 (2) — Fiscal year ended March 31, 2019 (2) — Fiscal year ended March 31, 2020 (2) — Fiscal year ended March 31, 2021 (2) — $ 155,169 (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. (2) Minimum lease payments calculated for the initial term of the lease only, with such initial term expiring on December 31, 2016. (3) Inclusive of a modification of lease agreement dated July 29, 2014
Schedule of Rent Expense [Table Text Block]	Rent expense related to the operating lease at 135 Ludlow was recorded using the straight line method and summarized as follows: Summary of Rent Expense – 135 Ludlow Avenue Fiscal Year Ended March 31, 2016 Fiscal Year Ended March 31, 2015 Rent Expense $ 180,854 $ 153,430 Actual lease payments 203,850 114,321 Increase (Decrease) in deferred rent liability (22,996 ) 39,109 Adjustments to deferred rent liability — (15,409 ) Balance of deferred rent liability 19,528 42,524

MEZZANINE EQUITY - CONVERTIBL49

MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES (Tables)	12 Months Ended
	Mar. 31, 2016
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 March 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 $ 0.31 $ 0.2450 Carrying value of convertible preferred mezzanine equity $ 44,285,714 $ 35,000,000 INCREASE / (DECREASE) IN VALUE OF CONVERTIBLE PREFERRED MEZZANINE EQUITY FISCAL YEAR ENDED March 31, March 31, Series I Preferred 9,285,715 (23,709,069)

DERIVATIVE LIABILITIES - WARR50

DERIVATIVE LIABILITIES - WARRANTS (Tables)	12 Months Ended
	Mar. 31, 2016
Derivative Liabilities Warrants Disclosure [Abstract]
Schedule Of Warrants Activity [Table Text Block]	A summary of warrant activity for the fiscal years indicated below is as follows: Fiscal Year 2016 Fiscal Year 2015 Warrant Weighted Warrant Weighted Balance at beginning of year 89,870,034 $ 0.06 102,143,091 $ 0.06 Warrant exercises, forfeited or expired 48,283,968 $ 0.06 12,273,057 $ 0.07 Ending Balance 41,586,066 $ 0.06 89,870,034 $ 0.06
Schedule Of Warrants Valuation Assumptions [Table Text Block]	The portion of derivative liabilities related to outstanding warrants was valued using the Black-Scholes option valuation model, a level 3 fair value hierarchy using the following assumptions: March 31 March 31 March 31 2016 2015 2014 Risk-Free interest rate 0.18% - 0.73% 0.05% - 0.89% 0.05% - 1.32% Expected volatility 52% - 81% 93% - 113% 111% - 207% Expected life (in years) 0.2 – 2.1 1.2 – 3.1 0.3 - 4.1 Expected dividend yield 0% 0% 0% Number of warrants 41,586,066 89,870,034 102,143,093 Fair value – Warrant Derivative Liability $10,368,567 $17,762,573 $38,103,446 Change in warrant derivative liability for the twelve months ended $7,394,006 $(18,447,573) $32,997,869
Schedule Of Warrants Measurement With Unobservable Inputs Reconciliation Recurring Basis [Table Text Block]	The following table summarizes, as of March 31, 2016, 2015 and 2014, the warrant activity subject to Level 3 inputs which are measured on a recurring basis: Fair value measurements of warrants using significant unobservable inputs (Level 3) March 31 March 31 March 31 2016 2015 2014 Balance at Beginning of Fiscal Year $ 17,762,573 $ 38,103,446 $ 7,862,848 Warrants Exercised (14,788,012) (2,578,300) (2,757,271) Change in fair value of warrant liability 7,394,006 (18,447,573) 32,997,869 Balance at End of Fiscal Year $ 10,368,567 $ 17,762,573 $ 38,103,446

COMMON STOCK (Tables)

COMMON STOCK (Tables)	12 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	During Fiscal Years 2016, 2015 and 2014 the Company issued a total of 80,386,651 70,918,271 and 185,748,471 Fiscal Year Fiscal Year Fiscal Year Description 2016 2015 2014 Common shares sold pursuant to the Lincoln Park Capital Purchase Agreements, with net proceeds of such shares totaling $6,199,643, $13,236,624 and $10,000,000 in Fiscal 2016, Fiscal 2015, and Fiscal 2014, respectively. 23,945,346 47,172,240 65,143,216 Common shares issued as commitment shares pursuant to the Lincoln Park Capital Purchase Agreements 298,923 2,566,861 5,858,230 Common Shares issued in lieu of cash payment in payment of preferred share derivative interest expenses totaling zero, zero and $68,089 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively --- --- 878,543 Common Shares issued pursuant to the conversion of Series B, Series C, Series E and Series I Convertible Preferred Share derivatives, with such derivative liabilities totaling zero, $2,272,500, and 9,825,066 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively, at the time of their conversion. --- 6,060,000 91,796,043 Common Shares issued in payment of Director’s fees totaling $100,071, $110,000 and $110,000 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively 408,892 321,611 1,210,583 Common shares issued in payment of employee salaries totaling $1,039,000, $849,737 and $368,233 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively. 4,236,555 2,518,668 3,439,467 Common shares issued in payment of consulting expenses totaling $24,000, $23,999 and $18,836 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively 97,467 70,169 210,018 Common shares issued pursuant to warrants exercised 48,283,968 11,985,388 16,904,038 Common shares issued pursuant to options exercised 112,500 223,334 308,333 Milestone shares issued pursuant to EPIC Strategic Alliance Agreement totaling $840,000, zero and zero for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively 3,000,000 --- --- Total Common Shares issued during Fiscal 2016, Fiscal 2015 and Fiscal 2014 80,383,651 70,918,271 185,748,471 Common Shares issued at March 31, 711,544,352 631,160,701 560,242,430

PER SHARE INFORMATION (Tables)

PER SHARE INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Basic EPS is calculated as follows: Fiscal Year Fiscal Year Fiscal Year Numerator Net Income (Loss) attributable to common shareholders $ (9,968,727) $ 28,929,674 $ (96,575,271) Denominator Weighted average shares of common stock outstanding 673,905,485 591,214,959 463,021,991 Net Earnings (Loss) per Share – Basic $ (0.01) $ 0.05 $ (0.21) Potentially dilutive securities excluded from the calculation of diluted loss per share for Fiscal 2016 and 2014 Stock Options 581,020 n/a 174,359 Convertible Preferred Mezzanine Equity 142,857,143 n/a 148,917,143 Warrants 22,926,029 n/a 15,782,718 Diluted Earnings (Loss) per share (for Fiscal 2015) is calculated as follows: Fiscal Year Net Income attributable to common shareholders $ 28,929,674 Adjustments to Net Income Reversal of Change in Value of Warrant Derivatives (18,447,573) Reversal of Change in Value of Convertible Preferred Share Mezzanine Equity (25,602,370) Net loss attributable to common shareholders on a diluted basis $ (15,120,269) Denominator Weighted average shares of common stock outstanding 591,214,959 Dilutive effects of convertible preferred mezzanine equity and warrants Convertible preferred mezzanine equity 142,857,143 Warrants 22,926,029 Stock Options 581,020 Weighted average shares outstanding - diluted 757,579,152 Fully Diluted Earnings (Loss) per Share $ (0.02)

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The following table presents a summary of the assumptions used to estimate fair values of the stock options granted during Fiscal 2016, Fiscal 2015 and Fiscal 2014: Fiscal Fiscal Fiscal Exercise prices $0.23 - $0.42 $0.27 - $0.46 $ 0.07 Options Granted (shares) 360,000 2,590,000 3,000,000 Risk-free interest rate 2.1% - 2.2 % 2.2% - 2.8 % 2.5 % Expected volatility 119% - 120 % 120% - 121 % 130 % Expected dividend yield 0.0 % 0.0 % 0.0 % Forfeiture rate 2.7 % 0.0 % 0.0 % Expected term (in years) 10 10 10 Fair value of options granted $ 129,913 $ 769,421 $ 202,497 Non-cash compensation through issuance of stock options $ 333,363 $ 260,045 $ 82,947

STOCK OPTION PLANS (Tables)

STOCK OPTION PLANS (Tables)	12 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Fiscal Year 2016 Fiscal Year 2015 Fiscal Year 2014 Options Weighted Options Weighted Options Weighted Outstanding at beginning of year 7,642,167 $ 0.48 5,435,667 $ 0.54 3,939,000 $ 1.18 Options Granted 360,000 $ 0.38 2,590,000 $ 0.31 3,000,000 $ 0.07 Options Exercised 112,500 $ 0.21 223,334 $ 0.12 308,333 $ 0.08 Options Expired/Forfeited 280,000 $ 0.60 160,166 $ 0.18 1,195,000 $ 1.60 Outstanding at end of year 7,609,667 $ 0.48 7,642,167 $ 0.48 5,435,667 $ 0.54
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Range Options Weighted Weighted Options Weighted $ 0.01 – 0.25 3,766,667 6.9 $ 0.08 2,766,668 $ 0.09 $ 0.26 – 0.50 2,650,000 8.5 $ 0.32 783,333 $ 1.08 $ 0.51 – 1.00 — — — — $ 1.01 – 2.00 96,000 1.8 1.08 96,000 $ 2.01 – 3.00 1,097,000 0.7 $ 2.16 847,000 $ 2.18 $ 0.01 – 3.00 7,609,667 6.5 $ 0.48 4,493,001 $ 0.54

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The components of the credit for income taxes are as follows: Year Ended March 31, 2016 2015 2014 Federal: Current $ — $ — $ — Deferred — — — State Current (4,048) $ (3,248) $ (3,099) Deferred — — — Sale of New Jersey Net Operating Losses 524,500 — 295,710 Net Credit for Income Taxes $ 520,452 $ (3,248) $ 292,611
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	The Major components of deferred tax assets and liabilities at March 31, 2016 and 2015 are as follows (amounts in thousands of dollars): March 31, 2016 2015 2014 Federal Net Operating Loss Carry forward $ 27,033 $ 24,547 $ 19,813 Valuation Allowance (27,033) (24,547) (19,813) $ — $ — $ — State Net Operating Loss Carryforwards $ 2,722 $ 2,602 $ 1,318 Valuation Allowance (2,722) (2,602) (1,318) $ — $ — $ —

CONVERSIONS OF PREFERRED STOC56

CONVERSIONS OF PREFERRED STOCK MEZZANINE EQUITY TO COMMON STOCK (Tables)	12 Months Ended
	Mar. 31, 2016
Conversions Of Preferred Stock Derivatives To Common Stock Abstract [Abstract]
Schedule of Conversions of Stock [Table Text Block]	Conversions of Series I Mezzanine Equity to Common Stock during Fiscal 2016 and Fiscal 2015 are summarized as follows: Fiscal 2016 Fiscal 2015 Series I Preferred Derivatives Number of Derivative Shares Converted — 4.242 Number of Common Shares issued pursuant to conversion — 6,060,000 Value of Preferred Derivative shares at time of conversion (represents decrease in derivative liability resulting from conversions) — 2,272,500 Change in value of preferred share derivative liability recorded at time of conversion — (303,000) Par value of Common Shares issued — 6,060 Additional paid in capital recorded as a result of the conversions — 2,266,440

QUARTERLY FINANCIAL INFORMATI57

QUARTERLY FINANCIAL INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	The Company’s consolidated results of operations are shown below: (In thousands, except per share data) Fourth Third Second First Fiscal year ended March 31, 2016 Total revenues $ 5,195 $ 2,194 $ 2,947 $ 2,163 Costs of revenues 1,036 836 1,415 1,197 Gross Profit 4,159 1,358 1,532 966 Operating Expenses 3,588 4,071 5,299 3,373 Income (Loss) from Operations 571 (2,713) (3,767) (2,407) Other income (expense) 7,408 (9,520) 2,086 7,139 Income tax (credit) expense (520) — — — Net Income 8,499 (12,233) (1,681) 4,732 Change in carrying value of convertible preferred mezzanine equity 14,142 (24,786) (5,071) 6,429 Net income attributable to common shareholders 22,641 (37,019) (6,753) 11,161 Earnings per share – basic $ 0.03 $ (0.05) $ (0.01) $ 0.02 Earnings per share - Diluted $ 0.00 $ (0.05) $ (0.01) $ (0.00) (In thousands, except per share data) Fourth Third Second First Fiscal year ended March 31, 2015 Total revenues 1,234 1,363 1,256 1,162 Costs of revenues 904 700 682 729 Gross Profit 331 663 575 433 Operating Expenses 5,788 3,221 4,636 4,864 Income (Loss) from Operations (5,457) (2,557) (4,061) (4,431) Other income (expense) (898) 9,974 10,310 2,338 Income tax (credit) expense (3) — — — Net Income (6,350) 7,417 6,248 (2,094) Change in carrying value of convertible preferred mezzanine equity (2,715) 13,600 15,132 (2,308) Net income attributable to common shareholders (9,065) 21,017 21,380 (4,402) Earnings (Loss) per share – basic $ (0.01) $ 0.03 $ 0.04 $ (0.01) Earnings (Loss) per share - diluted $ (0.01) $ (0.01) $ (0.01) $ (0.01) (In thousands, except per share data) Fourth Third Second First Fiscal year ended March 31, 2014 Total revenues 1,028 1,693 1,159 722 Costs of revenues 1,046 995 617 579 Gross Profit (18) 699 542 143 Operating Expenses 2,365 1,936 1,229 1,118 Income (Loss) from Operations (2,384) (1,237) (687) (976) Other income (expense) (31,652) 175 (6,887) 2,095 Income tax (credit) expense (295) — 2 — Net Income (33,741) (1,061) (7,576) 1,119 Change in carrying value of convertible preferred mezzanine equity (53,056) 1 (2,061) (197) Net income attributable to common shareholders (86,798) (1,062) (9,638) 922 Earnings (Loss) per share – basic $ (0.16) $ (0.00) $ (0.02) $ 0.00 Earnings (Loss) per share - diluted $ (0.16) $ (0.00) $ (0.02) $ (0.00)

SUMMARY OF SIGNIFICANT ACCOUN58

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Cash, Uninsured Amount	$ 11,500,000
Allocated Share-based Compensation Expense	$ 333,362	$ 260,045	$ 82,947
Property, Plant and Equipment, Depreciation Methods	straight-line method
Finite-Lived Intangible Assets, Amortization Method	straight-line method
Maximum [Member]
Property, Plant and Equipment, Useful Life		40 years
Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years

RESTATEMENT OF PRIOR FINANCIA59

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Details) - USD ($)		Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Convertible preferred shares		$ 44,285,715	$ 35,000,000
Additional paid-in capital		109,137,805	106,926,328
Accumulated Deficit		$ (142,664,747)	(141,981,735)
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Derivative Liabilities			52,762,573	$ 60,981,570
Convertible preferred shares			0	0
Additional paid-in capital			1,610,221,568	143,555,091
Accumulated Deficit			(196,076,975)	(255,006,646)
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Derivative Liabilities	[1]		(35,000,000)	(60,981,570)
Convertible preferred shares	[1]		35,000,000	60,981,570
Additional paid-in capital	[1]		(54,095,240)	(77,804,310)
Accumulated Deficit	[1]		54,095,240	77,804,310
As Restated [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Derivative Liabilities			17,762,573	0
Convertible preferred shares			35,000,000	60,981,570
Additional paid-in capital			106,926,328	65,750,781
Accumulated Deficit			$ (141,981,735)	$ 177,202,336
[1]	Adjustments relate solely to correction of errors in accounting for convertible preferred shares.

RESTATEMENT OF PRIOR FINANCIA60

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Details 1) - USD ($)		3 Months Ended												12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Change in Fair Value of derivative Liabilities														$ 7,394,006	$ 20,340,874	$ (35,389,799)
Net Income (Loss)		$ 22,641,000	$ (37,019,000)	$ (6,753,000)	$ 11,161,000	$ (9,065,000)	$ 21,017,000	$ 21,380,000	$ (4,402,000)	$ (86,798,000)	$ (1,062,000)	$ (9,638,000)	$ 922,000	(683,012)	5,220,605	(41,260,897)
Change in carrying value of convertible preferred mezzanine equity		$ 14,142,000	$ (24,786,000)	$ (5,071,000)	$ 6,429,000	$ (2,715,000)	$ 13,600,000	$ 15,132,000	$ (2,308,000)	$ (53,056,000)	$ 1,000	$ (2,061,000)	$ (197,000)	(9,285,715)	23,709,069	(55,314,374)
Net Income (Loss) attributable to common shareholders														$ (9,968,727)	$ 28,929,674	$ (96,575,271)
Net Income (Loss) Per Share
Basic		$ 0.03	$ (0.05)	$ (0.01)	$ 0.02	$ (0.01)	$ 0.03	$ 0.04	$ (0.01)	$ (0.16)	$ 0	$ (0.02)	$ 0	$ (0.01)	$ 0.05	$ (0.21)
Diluted		$ 0	$ (0.05)	$ (0.01)	$ 0	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.16)	$ 0	$ (0.02)	$ 0	$ (0.01)	$ (0.02)	$ (0.21)
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Change in Fair Value of derivative Liabilities															$ 44,049,943	$ (90,704,173)
Net Income (Loss)	[1]														28,929,674	(96,575,271)
Change in carrying value of convertible preferred mezzanine equity															0	0
Net Income (Loss) attributable to common shareholders	[1]														$ 28,929,674	$ (96,575,271)
Net Income (Loss) Per Share
Basic															$ 0.05	$ (0.21)
Diluted															$ (0.02)	$ (0.21)
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Change in Fair Value of derivative Liabilities	[2]														$ (23,709,070)	$ 55,314,374
Net Income (Loss)	[1],[2]														(23,709,070)	55,314,374
Change in carrying value of convertible preferred mezzanine equity	[2]														23,709,070	(55,314,374)
Net Income (Loss) attributable to common shareholders	[1]														$ 0	$ 0
Net Income (Loss) Per Share
Basic															$ 0	$ 0
Diluted															$ 0	$ 0
As Restated [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Change in Fair Value of derivative Liabilities															$ 20,340,874	$ (35,389,798)
Net Income (Loss)	[1]														5,220,604	(41,260,897)
Change in carrying value of convertible preferred mezzanine equity															23,707,070	(55,314,374)
Net Income (Loss) attributable to common shareholders	[1]														$ 28,929,674	$ (96,575,271)
Net Income (Loss) Per Share
Basic															$ 0.05	$ (0.21)
Diluted															$ (0.02)	$ (0.21)
[1]	For annual periods prior to the fiscal year ended March 31, 2016, as previously reported Net Income (Loss) and Net Income (Loss) Attributable to Common Shareholders, were the same and, accordingly, both amounts were reported on a single line item identified as Net Income (Loss) Attributable to Common Shareholders
[2]	Adjustments relate solely to correction of errors in accounting for convertible preferred shares.

RESTATEMENT OF PRIOR FINANCIA61

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Details 2) - USD ($)		3 Months Ended												12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)		$ 22,641,000	$ (37,019,000)	$ (6,753,000)	$ 11,161,000	$ (9,065,000)	$ 21,017,000	$ 21,380,000	$ (4,402,000)	$ (86,798,000)	$ (1,062,000)	$ (9,638,000)	$ 922,000	$ (683,012)	$ 5,220,605	$ (41,260,897)
Change in Fair Value of derivative Liabilities														(7,394,006)	(20,340,874)	35,389,799
Net cash used in operating activities														(2,765,421)	(15,103,233)	(4,216,876)
Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction)		$ (9,285,715)				23,709,069				55,314,374				$ (9,285,715)	23,709,069	55,314,374
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)	[1]														28,929,674	(96,575,271)
Change in Fair Value of derivative Liabilities															(44,049,943)	90,704,173
Net cash used in operating activities															(15,103,233)	(4,216,875)
Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction)						0				0					0	0
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)	[1],[2]														(23,709,070)	55,314,374
Change in Fair Value of derivative Liabilities	[2]														23,709,070	(55,314,374)
Net cash used in operating activities															0	0
Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction)	[2]					23,709,070				(55,314,374)					23,709,070	(55,314,374)
As Restated [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)	[1]														5,220,604	(41,260,897)
Change in Fair Value of derivative Liabilities															(20,340,874)	35,389,798
Net cash used in operating activities															(15,103,233)	(4,216,875)
Change in maximum redemption value of convertible preferred mezzanine equity (non-cash financing transaction)						$ 23,709,070				$ (55,314,374)					$ 23,709,070	$ (55,314,374)
[1]	For annual periods prior to the fiscal year ended March 31, 2016, as previously reported Net Income (Loss) and Net Income (Loss) Attributable to Common Shareholders, were the same and, accordingly, both amounts were reported on a single line item identified as Net Income (Loss) Attributable to Common Shareholders
[2]	Adjustments relate solely to correction of errors in accounting for convertible preferred shares.

SEGMENT RESULTS (Details)

SEGMENT RESULTS (Details) - USD ($)	3 Months Ended												12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Total revenues	$ 5,195,000	$ 2,194,000	$ 2,947,000	$ 2,163,000	$ 1,234,000	$ 1,363,000	$ 1,256,000	$ 1,162,000	$ 1,028,000	$ 1,693,000	$ 1,159,000	$ 722,000	$ 12,498,332	$ 5,015,246	$ 4,601,376
Adjusted income from continuing operations before income tax													(1,203,464)	5,217,356	(41,553,508)
Generic products ANDA [Member]
Total revenues													9,164,999	5,015,246	4,601,376
Adjusted income from continuing operations before income tax													4,940,515	1,650,128	1,272,172
Branded products NDA [Member]
Total revenues													3,333,333	0	0
Adjusted income from continuing operations before income tax													$ (9,305,998)	$ (14,939,115)	$ (3,933,203)

SEGMENT RESULTS (Details 1)

SEGMENT RESULTS (Details 1) - USD ($)	Jun. 10, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Total income (loss) from continuing operations before income tax		$ (1,203,464)	$ 5,217,356	$ (41,553,508)
Corporate unallocated costs		(1,772,241)	(1,319,939)	(1,351,921)
Interest revenue		9,802	7	0
Interest expense		(280,670)	(287,231)	(859,328)
Depreciation and amortization expense		(665,647)	(616,995)	(500,906)
Significant noncash items other than depreciation and amortization expense		(1,513,433)	(1,281,052)	(749,935)
Change in value of derivatives		7,394,006	20,340,874	(35,430,386)
Gain on sale of investment	$ 1,670,685	0	1,670,685	0
Business Segment [Member]
Total income (loss) from continuing operations before income tax		$ (4,365,483)	$ (13,288,987)	$ (2,661,031)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Inventory [Line Items]
Finished Goods	$ 225,699	$ 122,773
Work-in-Process	222,784	58,770
Raw Materials	2,845,246	2,850,459
Total Inventory	$ 3,293,729	$ 3,032,002

PROPERTY AND EQUIPMENTS (Detail

PROPERTY AND EQUIPMENTS (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 14,837,122	$ 12,475,919
Less: Accumulated depreciation and amortization	(6,726,401)	(6,074,117)
Property and equipment, net	8,110,721	6,401,802
Laboratory Manufacturing and Warehouse Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	8,255,286	7,593,017
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	234,634	209,551
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	49,804	49,804
Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	66,855	66,855
Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 6,230,543	$ 4,556,692

PROPERTY AND EQUIPMENTS (Deta66

PROPERTY AND EQUIPMENTS (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Depreciation	$ 652,284	$ 566,028

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Net Intangible Assets at beginning of fiscal year	$ 6,381,774	$ 6,349,919
Finite-lived Intangible Assets Acquired	30,025	31,855
Less: Accumulated Amortization	0	0
Intangible assets at end of fiscal year	6,411,799	6,381,774	$ 6,349,919
Patent Application Cost [Member]
Finite-Lived Intangible Assets [Line Items]
Net Intangible Assets at beginning of fiscal year	334,457	302,602
Finite-lived Intangible Assets Acquired	30,025	31,855
Less: Accumulated Amortization	0	0
Intangible assets at end of fiscal year	364,482	334,457	302,602
Anda Acquisition Cost [Member]
Finite-Lived Intangible Assets [Line Items]
Net Intangible Assets at beginning of fiscal year	6,047,317	6,047,317
Finite-lived Intangible Assets Acquired	0	0	5,600,000
Intangible assets at end of fiscal year	$ 6,047,317	$ 6,047,317	$ 6,047,317

INTANGIBLE ASSETS (Details Text

INTANGIBLE ASSETS (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Amortization Method	straight-line method
Finite-lived Intangible Assets Acquired	$ 30,025	$ 31,855
Patent Applications [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	30,025	31,855
ANDA Acquisition Cost [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 0	$ 0	$ 5,600,000

INVESTMENT IN NOVEL LABORATOR69

INVESTMENT IN NOVEL LABORATORIES INC.(Details Textual) - USD ($)	Jun. 10, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2006
Investment In Novel Laboratories Inc [Line Items]
Proceeds from Divestiture of Interest in Joint Venture	$ 5,000,000
Cost Method Investments	3,329,322
Gain on Sale of Investments	$ 1,670,685	$ 0	$ 1,670,685	$ 0
Novel Laboratories Inc [Member]
Investment In Novel Laboratories Inc [Line Items]
Noncontrolling Interest, Ownership Shares Held by Parent	9,800				9,800

NJEDA BONDS (Details)

NJEDA BONDS (Details)	1 Months Ended
	Aug. 31, 2005USD ($)
Series A Note [Member]
Debt Instrument [Line Items]
Principal Amount On Issue Date	$ 3,660,000
Interest Rate	6.50%
Maturity	Sep. 1, 2030
Series B Note [Member]
Debt Instrument [Line Items]
Principal Amount On Issue Date	$ 495,000
Interest Rate	9.00%
Maturity	Sep. 1, 2012

NJEDA BONDS (Details 1)

NJEDA BONDS (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Njeda Bonds [Line Items]
Bond Issue Costs	$ 354,453	$ 354,453
Accumulated Amortization	(150,052)	(135,874)
Unamortized Balance	204,401	$ 218,579
Bond [Member]
Njeda Bonds [Line Items]
Amortization Expense Current YTD	$ (14,178)

NJEDA BONDS (Details 2)

NJEDA BONDS (Details 2) - USD ($)	Mar. 31, 2016	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 3)

NJEDA BONDS (Details 3) - Njeda Bonds [Member]	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
2,017	$ 220,000
2,018	85,000
2,019	90,000
2,020	95,000
2,021	105,000
Thereafter	1,470,000
Long-term portion, net of current maturities	$ 2,065,000

NJEDA BONDS (Details Textual)

NJEDA BONDS (Details Textual)	Mar. 31, 2016USD ($)
Series A Note [Member]
Debt Service Reserve Fund	$ 366,000

LOANS PAYABLE AND LONG TERM D75

LOANS PAYABLE AND LONG TERM DEBT (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Equipment and Insurance financing loans payable, Current	$ 342,945	$ 265,165
Lease termination costs - 135 Ludlow Ave lease (see note 9), Current	0	0
TOTAL, Current	342,945	265,165
Equipment and Insurance financing loans payable, Long -Term	520,827	560,338
Deferred Rent-135 Ludlow Ave Lease (see note 9), Long - Term	19,528	42,524
Lease termination costs - 135 Ludlow Ave lease (see note 9), Long- Term	27,896	26,275
TOTAL, Long-Term	$ 568,251	$ 629,138

LOANS PAYABLE AND LONG TERM D76

LOANS PAYABLE AND LONG TERM DEBT (Details 1) - Secured Debt [Member]	Mar. 31, 2016USD ($)
2,017	$ 342,945
2,018	199,164
2,019	174,229
2,020	129,476
2,021	17,958
Thereafter	0
Total Principal Payments	$ 863,772

LOANS PAYABLE AND LONG TERM D77

LOANS PAYABLE AND LONG TERM DEBT (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 442,399	$ 909,477
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	6.80%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum	12.20%
Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	60 months
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	9 months

RELATED PARTY LINES OF CREDIT78

RELATED PARTY LINES OF CREDIT AND NOTES PAYABLE (Details Textual)	Feb. 07, 2014USD ($)shares	Oct. 15, 2013USD ($)	Aug. 01, 2013USD ($)$ / shares	May 23, 2016USD ($)	Mar. 31, 2016USD ($)$ / shares	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)
Related Party Transaction [Line Items]
Debt Instrument, Convertible, Conversion Price | $ / shares					$ 0.07
Debt Instrument, Convertible, Number of Equity Instruments					14,286
Debt Conversion, Original Debt, Amount					$ 1,000
Debt Instrument, Face Amount					$ 442,399	$ 909,477
Mikah Note Payable [Member]
Related Party Transaction [Line Items]
Debt Instrument, Convertible, Conversion Price | $ / shares			$ 0.07
Debt Instrument, Convertible, Number of Equity Instruments			1
Line of Credit Facility, Expiration Date			Aug. 31, 2016
Debt Instrument, Face Amount			$ 10,000,000
Debt Instrument Convertible Original Debt Amount			$ 1,000
Mikah Note Payable [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Debt Instrument, Convertible, Number of Equity Instruments			14,286
Mikah Note Payable [Member] | Preferred Stock [Member]
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount	$ 10,000,000
Debt Instrument Convertible Original Debt Amount			$ 100,000
Debt Conversion, Converted Instrument, Shares Issued | shares	100
Hakim Credit Line [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,000,000
Line of Credit Facility, Expiration Date		Mar. 31, 2016
Line of Credit Facility, Interest Rate at Period End					10.00%
Debt Instrument, Face Amount					$ 718,309	583,071
Interest Payable, Current					70,784	18,105	$ 9,810
Interest Expense, Related Party					9,134
Interest Expense, Debt					$ 52,678	$ 63,947	16,674
Long-term Line of Credit							$ 528,750
Hakim Credit Line [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Interest Expense, Debt				$ 9,134

LEASES OF RENTAL PROPERTIES (De

LEASES OF RENTAL PROPERTIES (Details) - USD ($)		12 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Leases Of Rental Properties [Line Items]
Effective Date	[1]	Jul. 1, 2010
Termination Date		Dec. 31, 2016
Lease term		6 years with 2 tenant renewal options for 5 years each
Rent Expense		$ 180,854	$ 153,430
Minimum 5 Year Lease Payments
Fiscal year ended March 31, 2017	[2],[3]	155,169
Fiscal year ended March 31, 2018	[2],[3]	0
Fiscal year ended March 31, 2019	[2],[3]	0
Fiscal year ended March 31, 2020	[2],[3]	0
Fiscal year ended March 31, 2021	[2],[3]	0
Operating Leases, Future Minimum Payments Due	[2]	$ 359,019
[1]	Inclusive of a modification of lease agreement dated July 29, 2014
[2]	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.
[3]	Minimum lease payments calculated for the initial term of the lease only, with such initial term expiring on December 31, 2016.

LEASES OF RENTAL PROPERTIES (80

LEASES OF RENTAL PROPERTIES (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Leases Of Rental Properties [Line Items]
Rent Expense	$ 180,854	$ 153,430
Actual lease payments	203,850	114,321
Increase (Decrease) in deferred rent liability	(22,996)	23,703	$ (49,439)
Adjustments to deferred rent liability	0	(15,409)
Balance of deferred rent liability	$ 19,528	$ 42,524

LEASE OF 135 LUDLOW AVENUE (Det

LEASE OF 135 LUDLOW AVENUE (Details Textual) - a	12 Months Ended
	Mar. 31, 2016	Jul. 29, 2014	Jul. 01, 2010
Operating Leases Rental Properties [Line Items]
Lease Expiration Date	Dec. 31, 2016
Lease Renewal Term	5 years
Property Subject to Operating Lease [Member] | Warehouse [Member]
Operating Leases Rental Properties [Line Items]
Area of Land			15,000
July 2014 Modification Agreement [Member] | Leasehold Improvements [Member] | Warehouse [Member]
Operating Leases Rental Properties [Line Items]
Area of Land	20,000
July 2014 Modification Agreement [Member] | Property Subject to Operating Lease [Member] | Warehouse [Member]
Operating Leases Rental Properties [Line Items]
Area of Land		35,000

LEASE TERMINATION COSTS - 13582

LEASE TERMINATION COSTS - 135 LUDLOW AVENUE (Details Textual)	Mar. 31, 2016USD ($)
Lease Termination Costs [Line Items]
Lease Termination Cost Payable	$ 50,000

DEFERRED REVENUES (Details Text

DEFERRED REVENUES (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Deferred Revenue Arrangement [Line Items]
Finite-Lived Intangible Assets, Amortization Method	straight-line method
Deferred Revenue	$ 4,292,220
Deferred Revenue, Current	1,013,333	$ 13,333
Deferred Revenue, Noncurrent	$ 3,278,887	$ 125,557
Licensing Agreements [Member]
Deferred Revenue Arrangement [Line Items]
Finite-Lived Intangible Assets, Amortization Method	straight line basis
TAGI licensing agreement [Member]
Deferred Revenue Arrangement [Line Items]
Advance Rent	$ 200,000
Licensing Agreement Terms	fifteen year
Epic Collaborative Agreement [Member]
Deferred Revenue Arrangement [Line Items]
Advance Rent	$ 5,000,000
Licensing Agreement Terms	five year

MEZZANINE EQUITY - CONVERTIBL84

MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES (Details) - Series I Convertible Preferred Stock [Member] - USD ($)	Mar. 31, 2016	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	$ 0.31	$ 0.245
Carrying value of convertible preferred mezzanine equity	$ 44,285,714	$ 35,000,000

MEZZANINE EQUITY - CONVERTIBL85

MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Series I Convertible Preferred Stock [Member]
INCREASE / (DECREASE) IN VALUE OF CONVERTIBLE PREFERRED MEZZANINE EQUITY	$ 9,285,715	$ (23,709,069)

MEZZANINE EQUITY - CONVERTIBL86

MEZZANINE EQUITY - CONVERTIBLE PREFERRED SHARES (Details Textual) - Series I Convertible Preferred Stock [Member] - USD ($)	Mar. 31, 2016	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

DERIVATIVE LIABILITIES - WARR87

DERIVATIVE LIABILITIES - WARRANTS (Details) - $ / shares	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Class of Warrant or Right [Line Items]
Balance at beginning of year	89,870,034	102,143,091
Warrant exercises, forfeited or expired	48,283,968	12,273,057
Ending Balance	41,586,066	89,870,034
Balance at beginning of year	$ 0.06	$ 0.06
Warrant exercises, forfeited or expired	0.06	0.07
Ending Balance	$ 0.06	$ 0.06

DERIVATIVE LIABILITIES - WARR88

DERIVATIVE LIABILITIES - WARRANTS (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Class of Warrant or Right [Line Items]
Number of warrants	41,586,066	89,870,034	102,143,091
Fair value - Warrant Derivative Liability	$ 10,368,567	$ 17,762,573	$ 38,103,446	$ 7,862,848
Change in warrant derivative liability for the twelve months ended	$ 7,394,006	$ 20,340,874	$ (35,389,799)
Warrant [Member]
Class of Warrant or Right [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Number of warrants	41,586,066	89,870,034	102,143,093
Fair value - Warrant Derivative Liability	$ 10,368,567	$ 17,762,573	$ 38,103,446
Change in warrant derivative liability for the twelve months ended	$ 7,394,006	$ (18,447,573)	$ 32,997,869
Warrant [Member] | Maximum [Member]
Class of Warrant or Right [Line Items]
Risk-Free interest rate	0.73%	0.89%	1.32%
Expected volatility	81.00%	113.00%	207.00%
Expected life (in years)	2 years 1 month 6 days	3 years 1 month 6 days	4 years 1 month 6 days
Warrant [Member] | Minimum [Member]
Class of Warrant or Right [Line Items]
Risk-Free interest rate	0.18%	0.05%	0.05%
Expected volatility	52.00%	93.00%	111.00%
Expected life (in years)	2 months 12 days	1 year 2 months 12 days	3 months 18 days

DERIVATIVE LIABILITIES - WARR89

DERIVATIVE LIABILITIES - WARRANTS (Details 2) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Class of Warrant or Right [Line Items]
Balance at Beginning of Fiscal Year	$ 17,762,573	$ 38,103,446	$ 7,862,848
Warrants Exercised	(14,788,012)	(2,578,300)	(2,757,271)
Change in fair value of warrant liability	7,394,006	(18,447,573)	32,997,869
Balance at End of Fiscal Year	$ 10,368,567	$ 17,762,573	$ 38,103,446

DERIVATIVE LIABILITIES - WARR90

DERIVATIVE LIABILITIES - WARRANTS (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Class of Warrant or Right [Line Items]
Derivative Liability, Warrants Exercise Price	$ 0.0625	$ 0.25
Change In Fair Value Of Warrant Derivatives	$ 7,394,006	$ 20,340,874	$ (35,389,799)
Warrant [Member]
Class of Warrant or Right [Line Items]
Change In Fair Value Of Warrant Derivatives	$ 7,394,006	$ (18,447,573)	$ 32,997,869
Maximum [Member]
Class of Warrant or Right [Line Items]
Derivative Liability, Warrants Maturity Period	7 years
Minimum [Member]
Class of Warrant or Right [Line Items]
Derivative Liability, Warrants Maturity Period	5 years

COMMON STOCK (Details)

COMMON STOCK (Details) - shares	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Class of Stock [Line Items]
Common shares issued pursuant to options exercised	112,500	223,334	308,333
Common Stock [Member]
Class of Stock [Line Items]
Common shares sold pursuant to the Lincoln Park Capital Purchase Agreements, with net proceeds of such shares totaling $6,199,643, $13,236,624 and $10,000,000 in Fiscal 2016, Fiscal 2015, and Fiscal 2014, respectively.	23,945,346	47,172,240	65,143,216
Common shares issued as commitment shares pursuant to the Lincoln Park Capital Purchase Agreements	298,923	2,566,861	5,858,230
Common Shares issued in lieu of cash payment in payment of preferred share derivative interest expenses totaling zero, zero and $68,089 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively	0	0	878,543
Common Shares issued pursuant to the conversion of Series B, Series C, Series E and Series I Convertible Preferred Share derivatives, with such derivative liabilities totaling zero, $2,272,500, and 9,825,066 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively, at the time of their conversion.	0	6,060,000	91,796,043
Common Shares issued in payment of Director’s fees totaling $100,071, $110,000 and $110,000 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively	408,892	321,611	1,210,583
Common shares issued in payment of employee salaries totaling $1,039,000, $849,737 and $368,233 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively.	4,236,555	2,518,668	3,439,467
Common shares issued in payment of consulting expenses totaling $24,000, $23,999 and $18,836 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively	97,467	70,169	210,018
Issuance of Common Shares pursuant to the exercise of warrants (in shares)	48,283,968	11,985,388	16,904,038
Common shares issued pursuant to options exercised	112,500	223,334	308,333
Milestone shares issued pursuant to EPIC Strategic Alliance Agreement totaling $840,000, zero and zero for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively	3,000,000	0	0
Total Common Shares issued during Fiscal 2016, Fiscal 2015 and Fiscal 2014	80,383,651	70,918,271	185,748,471
Common Shares issued at March 31,	711,544,352	631,160,701	560,242,430	374,493,959

COMMON STOCK (Details Textual)

COMMON STOCK (Details Textual) - USD ($)	Apr. 10, 2014	Apr. 19, 2013	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Class of Stock [Line Items]
Stock Issued During Period Value Payment For Preferred Share Derivative Interest			$ 0	$ 0	$ 68,089
Conversion Of Series B Series C and Series E Preferred Shares Into Common Shares Value			0	2,272,500	9,825,066
Stock Issued During Period Value Payment Of Directors Fees			100,071	110,000	110,000
Stock Issued During Period Value Payment Of Employee Salaries			1,039,000	849,737	368,233
Stock Issued During Period, Value, Issued for Services			24,000	23,999	18,836
Stock Issued During Period, Value, New Issues			6,199,643	13,236,624	10,000,000
Proceeds from Issuance of Common Stock			$ 6,199,643	13,236,624	10,000,000
Common Stock Traded Percent			30.00%
Common Stock Weighted Average Price Percent			97.00%
Milestone Issued For Epic Strategic Alliance Agreement Value			$ 840,000	0	0
Lincoln Park Capital Fund, LLC [Member]
Class of Stock [Line Items]
Obligation to Purchase Common Stock Value on Issue		$ 10,000,000
Common Stock Shares Issued During Period	40,000,000		1,928,641
Common Stock Additional Shares To Be Issued During Period			1,928,641
Maximum Common Stock Shares Directed to Purchase			500,000
Purchase of Common Stock Increasing Shares Per Purchase			800,000
Maximum Common Stock Value Directed to Purchase			$ 760,000
Common Stock Floor Price Per Share			$ 0.10
Maximum Percentage to Purchase Common Stock Shares			9.99%
Stock Issued During Period, Shares, New Issues			76,700,000
Proceeds from Issuance or Sale of Equity, Total			$ 21,200,000
Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period Value Payment For Preferred Share Derivative Interest					879
Conversion Of Series B Series C and Series E Preferred Shares Into Common Shares Value				6,060
Stock Issued During Period Value Payment Of Directors Fees			409	322	1,211
Stock Issued During Period Value Payment Of Employee Salaries			4,237	2,519	3,439
Stock Issued During Period, Value, Issued for Services			97	70	210
Stock Issued During Period, Value, New Issues			$ 23,945	$ 47,172	$ 65,143
Stock Issued During Period, Shares, Period Increase (Decrease)			80,383,651	70,918,271	185,748,471
Stock Issued During Period, Shares, New Issues			23,945,346	47,172,240	65,143,216
Commitment Shares [Member] | Lincoln Park Capital Fund, LLC [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			1,000,000

PER SHARE INFORMATION (Details)

PER SHARE INFORMATION (Details) - USD ($)	3 Months Ended												12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Numerator
Net Income (Loss) attributable to common shareholders													$ (9,968,727)	$ 28,929,674	$ (96,575,271)
Denominator
Weighted-average shares of common stock outstanding - basic (in shares)													673,905,485	591,214,959	463,021,991
Net Earnings (Loss) per Share - Basic (in dollars per share)	$ 0.03	$ (0.05)	$ (0.01)	$ 0.02	$ (0.01)	$ 0.03	$ 0.04	$ (0.01)	$ (0.16)	$ 0	$ (0.02)	$ 0	$ (0.01)	$ 0.05	$ (0.21)
Stock Option [Member]
Potentially dilutive securities excluded from the calculation of diluted loss per share for Fiscal 2016 and 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount													581,020		174,359
Convertible Preferred Mezzanine [Member]
Potentially dilutive securities excluded from the calculation of diluted loss per share for Fiscal 2016 and 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount													142,857,143		148,917,143
Warrant [Member]
Potentially dilutive securities excluded from the calculation of diluted loss per share for Fiscal 2016 and 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount													22,926,029		15,782,718

PER SHARE INFORMATION (Details

PER SHARE INFORMATION (Details 1) - USD ($)	3 Months Ended												12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Numerator
Net Income attributable to common shareholders													$ (9,968,727)	$ 28,929,674	$ (96,575,271)
Adjustments to Net Income
Reversal of Change in Value of Warrant Derivatives														(18,447,573)
Reversal of Change in Value of Convertible Preferred Share Mezzanine Equity														(25,602,370)
Net loss attributable to common shareholders on a diluted basis														$ (15,120,269)
Denominator
Weighted average shares of common stock outstanding													673,905,485	591,214,959	463,021,991
Dilutive effects of convertible preferred mezzanine equity and warrants
Convertible preferred mezzanine equity														142,857,143
Warrants														22,926,029
Stock Options														581,020
Weighted average shares outstanding - diluted													673,905,485	757,579,152	463,021,991
Fully Diluted Earnings (Loss) per Share	$ 0	$ (0.05)	$ (0.01)	$ 0	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.16)	$ 0	$ (0.02)	$ 0	$ (0.01)	$ (0.02)	$ (0.21)

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise prices			$ 0.07
Options Granted (shares)	360,000	2,590,000	3,000,000
Risk-free interest rate, Minimum	2.10%	2.20%
Risk-free interest rate, Maximum	2.20%	2.80%
Risk-free interest rate			2.50%
Expected volatility, Minimum	119.00%	120.00%
Expected volatility, Maximum	120.00%	121.00%
Expected volatility			130.00%
Expected dividend yield	0.00%	0.00%	0.00%
Forfeiture rate	2.70%	0.00%	0.00%
Expected term (in years)	10 years	10 years	10 years
Fair value of options granted	$ 129,913	$ 769,421	$ 202,497
Non-cash compensation through issuance of stock options	$ 333,362	$ 260,045	$ 82,947
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise prices	$ 0.23	$ 0.27
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise prices	$ 0.42	$ 0.46

STOCK-BASED COMPENSATION (Det96

STOCK-BASED COMPENSATION (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noninterest Expense Directors Fees		$ 100,071	$ 110,000	$ 110,000
Officers' Compensation	$ 207,500	$ 1,039,000	$ 849,737	$ 368,233
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		360,000	2,590,000	3,000,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 0.38	$ 0.31	$ 0.07
Share based Compensation Arrangements By Share based Payment Award Options Grants In Period Grant Date Fair Value		$ 129,913	$ 769,421	$ 202,497
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	462,308	$ 462,308
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		3 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 0.23	$ 0.26
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 0.415	$ 0.46
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period Shares Payment Of Directors Fees		408,892	321,611	1,210,583
Noninterest Expense Directors Fees	$ 15,000
Shares For Payment Of Directors Fees Outstanding	46,125	46,125
Stock Issued During Period Shares Payment Of Employee Salaries	638,407	4,236,555	2,518,668	3,439,467

STOCK OPTION PLANS (Details)

STOCK OPTION PLANS (Details) - $ / shares	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option, Outstanding at beginning of year	7,642,167	5,435,667	3,939,000
Options, Granted	360,000	2,590,000	3,000,000
Options, Exercised	112,500	223,334	308,333
Options, Expired/Forfeited	280,000	160,166	1,195,000
Option, Outstanding at end of year	7,609,667	7,642,167	5,435,667
Weighted Average Exercise Price, Outstanding at beginning of year	$ 0.48	$ 0.54	$ 1.18
Weighted Average Exercise Price, Options Granted	0.38	0.31	0.07
Weighted Average Exercise Price, Options Exercised	0.21	0.12	0.08
Weighted Average Exercise Price, Options Expired/Forfeited	0.60	0.18	1.60
Weighted Average Exercise Price, Outstanding at end of year	$ 0.48	$ 0.48	$ 0.54

STOCK OPTION PLANS (Details 1)

STOCK OPTION PLANS (Details 1)	12 Months Ended
	Mar. 31, 2016$ / sharesshares
Stock Option Exercise Price Range One [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding | shares	3,766,667
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	6 years 10 months 24 days
Options Outstanding, Weighted Average Exercise Price	$ 0.08
Options Exercisable | shares	2,766,668
Options Exercisable, Weighted Average Exercise Price	$ 0.09
Exercise Lower Range Limit	0.01
Exercise Upper Range Limit	$ 0.25
Stock Option Exercise Price Range Two [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding | shares	2,650,000
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	8 years 6 months
Options Outstanding, Weighted Average Exercise Price	$ 0.32
Options Exercisable | shares	783,333
Options Exercisable, Weighted Average Exercise Price	$ 1.08
Exercise Lower Range Limit	0.26
Exercise Upper Range Limit	$ 0.50
Stock Option Exercise Price Range Three [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding | shares	0
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	0 years
Options Outstanding, Weighted Average Exercise Price	$ 0
Options Exercisable | shares	0
Exercise Lower Range Limit	$ 0.51
Exercise Upper Range Limit	$ 1
Stock Option Exercise Price Range Four [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding | shares	96,000
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	1 year 9 months 18 days
Options Outstanding, Weighted Average Exercise Price	$ 1.08
Options Exercisable | shares	96,000
Exercise Lower Range Limit	$ 1.01
Exercise Upper Range Limit	$ 2
Stock Option Exercise Price Range Five [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding | shares	1,097,000
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	8 months 12 days
Options Outstanding, Weighted Average Exercise Price	$ 2.16
Options Exercisable | shares	847,000
Options Exercisable, Weighted Average Exercise Price	$ 2.18
Exercise Lower Range Limit	2.01
Exercise Upper Range Limit	$ 3
Stock Option Exercise Price Range Six [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding | shares	7,609,667
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	6 years 6 months
Options Outstanding, Weighted Average Exercise Price	$ 0.48
Options Exercisable | shares	4,493,001
Options Exercisable, Weighted Average Exercise Price	$ 0.54
Exercise Lower Range Limit	0.01
Exercise Upper Range Limit	$ 3

STOCK OPTION PLANS (Details Tex

STOCK OPTION PLANS (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	5,595,066
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 904,409
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	642,981
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 22,173	$ 31,513	$ 101,962

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Federal:
Current	$ 0	$ 0	$ 0
Deferred	0	0	0
State
Current	(4,048)	(3,248)	(3,099)
Deferred	0	0	0
Sale of New Jersey Net Operating Losses	524,500	0	295,710
Net Credit for Income Taxes	$ 520,452	$ (3,248)	$ 292,611

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Federal
Net Operating Loss Carry forward	$ 27,033	$ 24,547	$ 19,813
Valuation Allowance	(27,033)	(24,547)	(19,813)
Deferred Tax Assets, Net	0	0	0
State and Local Jurisdiction [Member]
Federal
Net Operating Loss Carry forward	2,722	2,602	1,318
Valuation Allowance	(2,722)	(2,602)	(1,318)
Deferred Tax Assets, Net	$ 0	$ 0	$ 0

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual)	12 Months Ended
	Mar. 31, 2016
Valuation Allowance, Commentary	At March 31, 2016 and 2015, a 100% valuation allowance is provided

CONCENTRATIONS (Details Textual

CONCENTRATIONS (Details Textual)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	28.00%	24.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer Three [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	27.00%	11.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	37.00%	55.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Three Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			88.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	30.00%	26.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Three [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	8.00%	17.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	54.00%	46.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Four [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		11.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			83.00%
Cost of Goods, Total [Member] | Supplier Concentration Risk [Member] | Supplier One [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	44.00%	38.00%
Cost of Goods, Total [Member] | Supplier Concentration Risk [Member] | Supplier Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	20.00%	11.00%
Cost of Goods, Total [Member] | Supplier Concentration Risk [Member] | Supplier Three [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%	10.00%
Cost of Goods, Total [Member] | Supplier Concentration Risk [Member] | Supplier Four [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		10.00%
Cost of Goods, Total [Member] | Supplier Concentration Risk [Member] | Seven Suppliers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	80.00%	80.00%	80.00%
Cost of Goods, Total [Member] | Supplier Concentration Risk [Member] | Two Out of Seven Suppliers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			52.00%

COLLABORATIVE AGREEMENT WITH104

COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC (Details Textual) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Jan. 31, 2016	Jun. 30, 2015	Mar. 31, 2016
Epic Collaborative Agreement [Member]
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 market, sell and distribute, by Epic Pharma LLC (Epic) of SequestOx, an abuse deterrent opioid which employs the Companys proprietary pharmacological abuse-deterrent technology. Epic will be responsible for payment of product development and pharmacovigilance costs, sales and marketing of SequestOx, 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 an amount equal to 50% of profits derived from net product sales as defined in the 2015 Epic License Agreement. 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
Epic License Agreement [Member]
Revenue Recognition, Milestone Method [Line Items]
Proceeds from License Fees Received			$ 7.5
Deferred Revenue, Additions	$ 2.5

RELATED PARTY TRANSACTION AG105

RELATED PARTY TRANSACTION AGREEMENTS WITH EPIC PHARMA LLC (Details Textual) $ in Thousands	12 Months Ended
	Mar. 31, 2016USD ($)
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

TRANSACTIONS WITH RELATED PA106

TRANSACTIONS WITH RELATED PARTIES - NASRAT HAKIM AND MIKAH PHARMA LLC (Details Textual)	Feb. 07, 2014USD ($)shares	Aug. 27, 2010USD ($)	Mar. 31, 2016USD ($)$ / shares	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)
Related Party Transaction [Line Items]
Business Combination, Consideration Transferred			$ 10,000,000
Debt Instrument, Convertible, Conversion Price | $ / shares			$ 0.07
Debt Instrument, Convertible, Number of Equity Instruments			14,286
Debt Conversion, Original Debt, Amount			$ 1,000
Payments To Acquire Intangible Assets			30,025	$ 31,853	$ 58,178
Naltrexone Agreement [Member]
Related Party Transaction [Line Items]
Payments To Acquire Intangible Assets		$ 200,000
Mikah Pharma Llc [Member]
Related Party Transaction [Line Items]
Due to Related Parties			$ 200,000
Series I Preferred Stock [Member]
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount	$ 10,000,000
Series I Preferred Stock [Member] | Mikah Pharma Llc [Member]
Related Party Transaction [Line Items]
Debt Conversion, Description			1 share of Series I Preferred Stock for each $100,000 of principal owed on the Mikah Note
Debt Conversion, Converted Instrument, Shares Issued | shares	100

MANUFACTURING, LICENSE AND D107

MANUFACTURING, LICENSE AND DEVELOPMENT AGREEMENTS (Details Textual) - USD ($) $ in Thousands	Sep. 10, 2010	Mar. 31, 2016
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

CONVERSIONS OF PREFERRED STO108

CONVERSIONS OF PREFERRED STOCK MEZZANINE EQUITY TO COMMON STOCK (Details) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Conversion of Stock [Line Items]
Value of Preferred Derivative shares at time of conversion (represents decrease in derivative liability resulting from conversions)			$ 9,825,066
Par value of Common Shares issued	$ 0	$ 2,272,500	$ 9,825,066
Series I Preferred Derivatives [Member]
Conversion of Stock [Line Items]
Number of Derivative Shares Converted	0	4,242
Number of Common Shares issued pursuant to conversion	0	6,060,000
Value of Preferred Derivative shares at time of conversion (represents decrease in derivative liability resulting from conversions)	$ 0	$ 2,272,500
Change in value of preferred share derivative liability recorded at time of conversion	0	(303,000)
Par value of Common Shares issued	0	6,060
Additional paid in capital recorded as a result of the conversions	$ 0	$ 2,266,440

RIGHTS PLAN (Details Textual)

RIGHTS PLAN (Details Textual) - $ / Right	1 Months Ended
	Nov. 15, 2013	Mar. 31, 2016
Rights Plan [Line Items]
Dividend Distribution Rights Issue Redemption Price Per Right		0.000001
Series H Junior Participating Preferred Stock [Member]
Rights Plan [Line Items]
Dividend Distribution Common Stock Rights Description	dividend distribution of one right for each outstanding share of our common stock and one right for each share of Common Stock into which any of our outstanding Preferred Stock is convertible, to stockholders of record at the close of business on that date.
Dividend Distribution Rights Issue Description	Each Right entitles the registered holder to purchase from us one Unit consisting of one one-millionth (1/1,000,000) of a share of Series H Junior Participating preferred stock, par value $0.01 per share (the H Preferred Stock), at a purchase price of $2.10 per Unit
Dividend Distribution Minimum Percentage For Transfer Of Rights	15.00%
Dividend Distribution Rights Issue Expiration Date	Nov. 15, 2013

QUARTERLY FINANCIAL INFORMAT110

QUARTERLY FINANCIAL INFORMATION (Details) - USD ($)	3 Months Ended												12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Total revenues	$ 5,195,000	$ 2,194,000	$ 2,947,000	$ 2,163,000	$ 1,234,000	$ 1,363,000	$ 1,256,000	$ 1,162,000	$ 1,028,000	$ 1,693,000	$ 1,159,000	$ 722,000	$ 12,498,332	$ 5,015,246	$ 4,601,376
Costs of revenues	1,036,000	836,000	1,415,000	1,197,000	904,000	700,000	682,000	729,000	1,046,000	995,000	617,000	579,000	4,484,162	3,013,592	3,236,106
Gross Profit	4,159,000	1,358,000	1,532,000	966,000	331,000	663,000	575,000	433,000	(18,000)	699,000	542,000	143,000	8,014,170	2,001,654	1,365,270
Operating Expenses	3,588,000	4,071,000	5,299,000	3,373,000	5,788,000	3,221,000	4,636,000	4,864,000	2,365,000	1,936,000	1,229,000	1,118,000	16,330,970	18,508,626	6,648,894
Income (Loss) from Operations	571,000	(2,713,000)	(3,767,000)	(2,407,000)	(5,457,000)	(2,557,000)	(4,061,000)	(4,431,000)	(2,384,000)	(1,237,000)	(687,000)	(976,000)	(8,316,800)	(16,506,972)	(5,283,624)
Other income (expense)	7,408,000	(9,520,000)	2,086,000	7,139,000	(898,000)	9,974,000	10,310,000	2,338,000	(31,652,000)	175,000	(6,887,000)	2,095,000	7,113,336	21,724,328	(36,269,884)
Income tax (credit) expense	(520,000)	0	0	0	(3,000)	0	0	0	(295,000)	0	2,000	0	(520,452)	(3,249)	(292,611)
Net Income	8,499,000	(12,233,000)	(1,681,000)	4,732,000	(6,350,000)	7,417,000	6,248,000	(2,094,000)	(33,741,000)	(1,061,000)	(7,576,000)	1,119,000
Change in carrying value of convertible preferred mezzanine equity	14,142,000	(24,786,000)	(5,071,000)	6,429,000	(2,715,000)	13,600,000	15,132,000	(2,308,000)	(53,056,000)	1,000	(2,061,000)	(197,000)	(9,285,715)	23,709,069	(55,314,374)
Net income attributable to common shareholders	$ 22,641,000	$ (37,019,000)	$ (6,753,000)	$ 11,161,000	$ (9,065,000)	$ 21,017,000	$ 21,380,000	$ (4,402,000)	$ (86,798,000)	$ (1,062,000)	$ (9,638,000)	$ 922,000	$ (683,012)	$ 5,220,605	$ (41,260,897)
Earnings per share - basic	$ 0.03	$ (0.05)	$ (0.01)	$ 0.02	$ (0.01)	$ 0.03	$ 0.04	$ (0.01)	$ (0.16)	$ 0	$ (0.02)	$ 0	$ (0.01)	$ 0.05	$ (0.21)
Earnings per share - diluted	$ 0	$ (0.05)	$ (0.01)	$ 0	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.16)	$ 0	$ (0.02)	$ 0	$ (0.01)	$ (0.02)	$ (0.21)

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($) shares in Millions	2 Months Ended	12 Months Ended
	Jun. 07, 2016	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock		$ 6,199,643	$ 13,236,624	$ 10,000,000
Hakim Credit Line [Member]
Subsequent Event [Line Items]
Debt Instrument, Periodic Payment, Total		798,227
Debt Instrument, Periodic Payment, Principal		718,309
Debt Instrument, Periodic Payment, Interest		$ 79,918
Subsequent Event [Member] | LPC-40 Purchase Agreement [Member]
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock	$ 1,700,000
Stock Issued During Period, Shares, Issued for Capital Purchase Agreement	0.1
Stock Issued During Period, Shares, New Issues	5.5
Subsequent Event [Member] | Exercise of Cash Warrants [Member]
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock	$ 600,000
Stock Issued During Period, Shares, New Issues	9.3