Elite Pharmaceuticals (ELTP) 10-Q 9 Feb 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2017	Feb. 02, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Entity Registrant Name	ELITE PHARMACEUTICALS INC /NV/
Entity Central Index Key	1,053,369
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ELTP
Entity Common Stock, Shares Outstanding		791,516,926

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Current assets:
Cash	$ 7,244,388	$ 10,594,693
Accounts receivable, net of allowance for doubtful accounts of $-0-, respectively	1,161,240	934,059
Inventory	5,298,943	6,415,966
Prepaid expenses and other current assets	1,059,396	468,002
Total current assets	14,763,967	18,412,720
Property and equipment, net of accumulated depreciation of $8,122,878 and $7,426,752, respectively	9,132,998	9,039,404
Intangible assets, net of accumulated amortization of $-0-, respectively	7,704,609	6,419,091
Other assets:
Restricted cash - debt service for NJEDA bonds	390,654	389,081
Security deposits	81,932	50,846
Total other assets	472,586	439,927
Total assets	32,074,160	34,311,142
Current liabilities:
Accounts payable	1,444,178	1,049,815
Accrued expenses	1,785,603	794,628
Deferred revenue, current portion	1,013,333	1,013,333
Bonds payable, current portion, net of bond issuance costs	75,822	70,822
Loans payable, current portion	424,160	416,148
Total current liabilities	4,743,096	3,344,746
Long-term liabilities:
Deferred revenue, net of current portion	1,505,557	2,265,557
Bonds payable, net of current portion and bond issuance costs	1,504,589	1,583,956
Senior secured promissory note - related party	1,200,000	0
Loans payable, net current portion	636,701	577,612
Derivative financial instruments - warrants	2,550,254	843,464
Other long-term liabilities	39,587	31,770
Total long-term liabilities	7,436,688	5,302,359
Total liabilities	12,179,784	8,647,105
Shareholders’ equity:
Common stock; par value $0.001; 995,000,000 shares authorized; 788,801,827 shares issued and 788,701,827 outstanding as of December 31, 2017; 928,031,448 shares issued and 927,931,448 outstanding as of March 31, 2017	788,804	928,034
Additional paid-in capital	145,205,780	163,896,410
Treasury stock; 100,000 shares as of December 31, 2017 and March 31, 2017; at cost	(306,841)	(306,841)
Accumulated deficit	(139,697,324)	(138,853,566)
Total shareholders’ equity	5,990,419	25,664,037
Total liabilities, mezzanine equity and shareholders’ equity	32,074,160	34,311,142
Series J Convertible preferred stock [Member]
Mezzanine equity
Series J convertible preferred stock; par value $0.01; 50 shares authorized, 24.0344 issued and outstanding as of December 31, 2017; 0 shares authorized, 0 issued and outstanding as of March 31, 2017	$ 13,903,957	$ 0

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Allowance for Doubtful Accounts Receivable, Current	$ 0	$ 0
Accumulated depreciation	8,122,878	7,426,752
Accumulated amortization on intangible assets (in dollars)	$ 0	$ 0
Temporary Equity, Par or Stated Value Per Share	$ 0.01	$ 0.01
Temporary Equity, Shares Authorized	50	0
Temporary Equity, Shares Issued	24.0344	0
Temporary Equity, Shares Outstanding	24.0344	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	995,000,000	995,000,000
Common stock, shares issued	788,801,827	928,031,448
Common stock, shares outstanding	788,701,827	927,931,448
Treasury stock, shares	100,000	100,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Manufacturing fees	$ 2,083,826	$ 1,885,765	$ 4,160,949	$ 6,470,697
Licensing fees	451,628	444,884	1,700,856	1,816,796
Total revenue	2,535,454	2,330,649	5,861,805	8,287,493
Cost of revenue	1,419,829	1,726,751	3,049,830	5,755,997
Gross profit	1,115,625	603,898	2,811,975	2,531,496
Operating expenses:
Research and development	2,514,435	1,526,183	6,944,182	4,312,337
General and administrative	614,994	694,321	2,068,028	2,060,380
Non-cash compensation through issuance of stock options	37,961	84,785	208,719	258,954
Depreciation and amortization	7,196	21,032	21,149	64,408
Total operating expenses	3,174,586	2,326,321	9,242,078	6,696,079
Loss from operations	(2,058,961)	(1,722,423)	(6,430,103)	(4,164,583)
Other income (expense):
Interest expense and amortization of debt issuance costs	(92,458)	(55,563)	(245,730)	(181,883)
Change in fair value of derivative instruments	605,448	1,571,471	4,767,884	9,468,320
Interest income	4,461	3,151	12,862	9,407
Other income (expense), net	517,451	1,519,059	4,535,016	9,295,844
Income (loss) from operations before income tax provision	(1,541,510)	(203,364)	(1,895,087)	5,131,261
Benefit from sale of state net operating loss credits	1,051,329	1,870,114	1,051,329	1,870,114
Net income (loss)	(490,181)	1,666,750	(843,758)	7,001,375
Change in carrying value of convertible preferred share mezzanine equity	0	0	0	20,714,286
Net income (loss) attributable to common shareholders’	$ (490,181)	$ 1,666,750	$ (843,758)	$ 27,715,661
Basic income (loss) per share attributable to common shareholders’	$ 0	$ 0	$ 0	$ 0.03
Diluted income (loss) per share attributable to common shareholders’	$ 0	$ 0	$ (0.01)	$ 0
Basic weighted average common shares outstanding	788,442,363	904,763,177	796,647,284	811,794,206
Diluted weighted average common shares outstanding	795,122,364	910,505,291	803,327,285	817,536,320

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - 9 months ended Dec. 31, 2017 - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]
Balane at Mar. 31, 2017	$ 25,664,037	$ 928,034	$ 163,896,410	$ (306,841)	$ (138,853,566)
Balance (in shares) at Mar. 31, 2017		928,031,448		100,000
Net loss	(843,758)				(843,758)
Issuance of common shares pursuant to the exercise of cash warrants	181,908	$ 2,910	178,998
Issuance of common shares pursuant to the exercise of cash warrants (in shares)		2,910,532
Common shares issued as initial commitment shares pursuant to the Lincoln Park purchase agreement	919,732	$ 5,541	914,191
Common shares issued as initial commitment shares pursuant to the Lincoln Park purchase agreement (in shares)		5,540,551
Common shares issued as additional commitment shares pursuant to the Lincoln Park purchase agreement	22,922	$ 167	22,755
Common shares issued as additional commitment shares pursuant to the Lincoln Park purchase agreement (in shares)		167,336
Common shares sold pursuant to the Lincoln Park purchase agreement	1,208,100	$ 10,169	1,197,931
Common shares sold pursuant to the Lincoln Park purchase agreement (in shares)		10,169,281
Costs associated with raising capital	(992,610)		(992,610)
Non-cash compensation through the issuance of employee stock options	208,719		208,719
Retirement of common shares pursuant to the issuance of Series J convertible preferred shares	(20,378,631)	$ (158,017)	(20,220,614)
Retirement of common shares pursuant to the issuance of Series J convertible preferred shares (in shares)		(158,017,321)
Balance at Dec. 31, 2017	$ 5,990,419	$ 788,804	$ 145,205,780	$ (306,841)	$ (139,697,324)
Balance (in shares) at Dec. 31, 2017		788,801,827		100,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (843,758)	$ 7,001,375
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	706,759	504,932
Change in fair value of derivative financial instruments - warrants	(4,767,884)	(9,468,320)
Non-cash compensation accrued	925,000	1,232,950
Non-cash compensation from the issuance of common stock and options	208,719	272,705
Non-cash rent expense and lease accretion	7,820	(18,250)
Change in operating assets and liabilities:
Accounts receivable	(227,181)	985,619
Inventory	1,117,023	(2,735,085)
Prepaid expenses and other current assets	(622,480)	(388,915)
Accounts payable, accrued expenses and other current liabilities	460,338	(434,885)
Deferred revenue and customer deposits	(760,000)	(759,997)
Net cash used in operating activities	(3,795,644)	(3,807,871)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(291,115)	(804,762)
Intellectual property costs	(85,518)	(7,292)
Restricted cash	(1,573)	0
Net cash used in investing activities	(378,206)	(812,054)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of stock	1,208,100	5,770,163
Proceeds from cash warrant and options exercises	181,908	1,856,480
Proceeds and repayments of line of credit, related party - net	0	(718,309)
Payment of bond principal	(85,000)	(209,366)
Other loan payments	(431,507)	(290,189)
Costs associated with raising capital	(49,956)	(17,671)
Net cash provided by financing activities	823,545	6,391,108
Net change in cash	(3,350,305)	1,771,183
Cash, beginning of period	10,594,693	11,512,179
Cash, end of period	7,244,388	13,283,362
Supplemental disclosure of cash and non-cash transactions:
Cash paid for interest	67,573	142,351
Financing of equipment purchases and insurance renewal	498,604	308,834
Issuance of Senior Secured Promissory Note pursuant ANDA asset acquisition	1,200,000	0
Commitment shares issued to Lincoln Park Capital	942,654	69,425
Change in carrying value of convertible preferred mezzanine equity	0	20,714,286
Conversion of Series I convertible preferred shares into common shares	0	23,571,429
Retirement of common shares pursuant to the issuance of Series J convertible preferred shares	$ 20,378,631	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Elite Pharmaceuticals, Inc. (the “Company” or “Elite”) was incorporated on October 1, 1997 under the laws of the State of Delaware, and its wholly-owned subsidiary Elite Laboratories, Inc. (“Elite Labs”) which 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 (“FDA”), and thereafter, commercially exploiting such products. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and in conformity with the instructions on Form 10-Q and Rule 8-03 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Elite Laboratories, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of such statements. The results of operations for the three and nine months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the entire year. In connection with the preparation of the financial statements as of and for the nine month period ended December 31, 2017, the Company conducted an evaluation as to whether there were conditions and events, considered in the aggregate, which raised substantial doubt as to the entity’s ability to continue as a going concern within one year after the date of the issuance, or the date the financial statements were available for issuance, noting that there did not appear to be evidence of substantial doubt of the entity’s ability to continue as a going concern. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting The Company has determined that its reportable segments are products whose marketing approvals were secured via an Abbreviated New Drug Applications (“ANDA”) and products whose marketing approvals were secured via a New Drug Application (“NDA”). ANDA products are referred to as generic pharmaceuticals and NDA products are referred to as branded pharmaceuticals. There are currently no intersegment revenues. Asset information by operating segment is not presented below since the chief operating decision maker does not review this information by segment. The reporting segments follow the same accounting policies used in the preparation of the Company’s condensed unaudited consolidated financial statements. The Company enters into licensing, manufacturing and development agreements, which may include multiple revenue generating activities, including, without limitation, milestones, licensing fees, product sales and services. These multiple elements are assessed in accordance with ASC 605-25, Revenue Recognition – Multiple-Element Arrangements An arrangement component is considered to be a separate unit of accounting if the deliverable relating to the component has value to the customer on a standalone basis, and if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in control of the Company. The Company recognizes payments received pursuant to a multiple revenue agreement as revenue, only if the related delivered item(s) have stand-alone value, 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-party 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, without limitation, 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 a specific 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, and 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 · 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. 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 risk 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 entered into a Master Development and License Agreement with SunGen Pharma LLC dated August 24, 2016 (the “SunGen 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 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. As of December 31, 2017, and March 31, 2017, the Company had $ 390,654 389,081 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 is recorded at the lower of cost or market on a first-in first-out basis. 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. Property and equipment are stated at cost. Depreciation is provided on the straight-line method based on the estimated useful lives of the respective assets which range from three to forty years. Major repairs or improvements are capitalized. Minor replacements and maintenance and repairs which do not improve or extend asset lives are expensed currently. Upon retirement or other disposition of assets, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss, if any, is recognized in income. The Company capitalizes certain costs to acquire intangible assets; if such assets are determined to have a finite useful life they are amortized on a straight-line basis over the estimated useful life. Costs to acquire indefinite lived intangible assets, such as costs related to ANDAs are capitalized accordingly. The Company tests its intangible assets for impairment at least annually (as of March 31st) and whenever events or circumstances change that indicate impairment may have occurred. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others and without limitation: a significant decline in the Company’s expected future cash flows; a sustained, significant decline in the Company’s stock price and market capitalization; a significant adverse change in legal factors or in the business climate of the Company’s segments; unanticipated competition; and slower growth rates. As of December 31, 2017, the Company did not identify any indicators of impairment. Research and development expenditures are charged to expense as incurred. Occasionally, the Company may be involved in claims and legal proceedings arising from the ordinary course of its business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s condensed consolidated financial statements. Contingencies are inherently unpredictable and the assessments of the value can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and net operating loss and other tax credit carry-forwards. These items are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce the deferred income tax assets to the amount that is more likely than not to be realized. The accounting treatment of warrants and preferred share series issued is determined pursuant to the guidance provided by ASC 470, Debt Distinguishing Liabilities from Equity Derivatives and Hedging The Company accounts for stock-based compensation in accordance with ASC Topic 718, Compensation-Stock Compensation In accordance with the Company’s Director compensation policy and certain employment contracts, director’s fees and a portion of employee’s salaries are to be paid via the issuance of shares of the Company’s common stock, in lieu of cash, with the valuation of such share being calculated on a quarterly basis and equal to the average closing price of the Company’s common stock. The Company follows ASC 260, Earnings Per Share For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator Net income (loss) attributable to common shareholders - basic $ (490,181) $ 1,666,750 $ (843,758) $ 27,715,661 Effect of dilutive instrument on net income (loss) (605,448) (1,571,471) (4,767,884) (30,182,606) Net income (loss) attributable to common shareholders - diluted $ (1,095,629) $ 95,279 $ (5,611,642) $ (2,466,945) Denominator Weighted average shares of common stock outstanding - basic 788,442,363 904,763,177 796,647,284 811,794,206 Dilutive effect of stock options, warrants and convertible securities 6,680,001 5,742,114 6,680,001 5,742,114 Weighted average shares of common stock outstanding - diluted 795,122,364 910,505,291 803,327,285 817,536,320 Net income (loss) per share Basic $ (0.00) $ 0.00 $ (0.00) $ 0.03 Diluted $ (0.00) $ 0.00 $ (0.01) $ (0.00) ASC Topic 820, Fair Value Measurements and Disclosures ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC Topic 820 are described as follows: ⋅ Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. ⋅ Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. ⋅ Level 3 – Inputs that are unobservable for the asset or liability. Measured on a Recurring Basis Fair Value Measurement Using Amount at Fair Level 1 Level 2 Level 3 December 31, 2017 Liabilities Derivative financial instruments - warrants $ 2,550,254 $ - $ - $ 2,550,254 March 31, 2017 Liabilities Derivative financial instruments - warrants $ 843,464 $ - $ - $ 843,464 See Note 12 for specific inputs used in determining fair value. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses, approximate their fair values because of the short maturity of these instruments. Non-Financial Assets that are Measured at Fair Value on a Non-Recurring Basis Non-financial assets such as intangible assets, and property and equipment are measured at fair value only when an impairment loss is recognized. The Company did not record an impairment charge related to these assets in the periods presented. The Company records treasury stock at the cost to acquire it and includes treasury stock as a component of shareholders’ equity. In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2017-01, Business Combinations: Clarifying the Definition of a Business Revenue from Contracts with Customers Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) from Contracts with Customers (Topic 606): Deferral of the Effective Date. From March 2016 through September 2017, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, Revenue from Contracts with Customers (Topic 606):Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash a consensus of the FASB Emerging Issues Task Force In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception Topic 480, Distinguishing Liabilities from Equity unaudited condensed consolidated

ASSET ACQUISITION

ASSET ACQUISITION	9 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	NOTE 2. ASSET ACQUISITION On May 15, 2017, Elite Laboratories, Inc., a wholly-owned subsidiary of the Company entered into an asset purchase agreement with Mikah Pharma, LLC (“Mikah” and/or the “Seller”), a related party, to acquire the Abbreviated New Drug Applications for Trimipramine Maleate Capsules and testing data, studies, and formulations created in connection therewith including but not limited to (i) the ANDA(s) (Trimipramine Maleate Capsules, 25, 50 and 100 mg ) (the “Product”), (ii) any correspondence with the United States Food and Drug Administration in Seller’s files with respect to the ANDA(s), (iii) the right of reference to the Drug Master Files, as set forth in the ANDA(s); (iv) the ANDA(s) Technology and Scientific Materials; (v) all rights to manufacture, sell or otherwise exploit any products resulting therefrom including all rights to revenues generated therefrom; and (vi) a royalty free limited license to use any ANDA(s) Technology and Scientific Materials which is common to the Product and any other product of Seller, but only for Buyer’s use in connection with the manufacture of any product (the “Purchased Assets”). Mikah is owned by Nasrat Hakim, the CEO, President and Chairman of the Board of the Company. For consideration of the purchased assets, the Company issued a Secured Promissory Note for the principal sum of $ 1,200,000 The Company evaluated the acquisition of the purchased assets under ASC 805, Business Combinations ANDA acquisition costs $ 1,200,000 Total assets acquired $ 1,200,000

INVENTORY

INVENTORY	9 Months Ended
	Dec. 31, 2017
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	NOTE 3. INVENTORY Inventory consisted of the following: December 31, 2017 March 31, 2017 Finished goods $ 126,663 $ 221,657 Work-in-progress 6,946 283,086 Raw materials 5,165,334 5,911,223 5,298,943 6,415,966 Less: Inventory reserve - - $ 5,298,943 $ 6,415,966

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	NOTE 4. PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following: December 31, 2017 March 31, 2017 Land, building and improvements $ 7,655,317 $ 7,308,890 Laboratory, manufacturing and warehouse equipment 9,175,466 8,764,406 Office equipment and software 308,434 276,201 Furniture and fixtures 49,804 49,804 Transportation equipment 66,855 66,855 17,255,876 16,466,156 Less: Accumulated depreciation (8,122,878) (7,426,752) $ 9,132,998 $ 9,039,404 Depreciation expense was $ 285,496 166,602 696,126 504,932

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure [Text Block]	NOTE 5. INTANGIBLE ASSETS The following table summarizes the Company’s intangible assets as of December 31, 2017 and March 31, 2017: December 31, 2017 Estimated Gross Useful Carrying Accumulated Net Book Life Amount Additions Amortization Value Patent application costs * $ 371,774 $ 85,518 $ - $ 457,292 ANDA acquisition costs Indefinite 6,047,317 1,200,000 - 7,247,317 $ 6,419,091 $ 1,285,518 $ - $ 7,704,609 March 31, 2017 Estimated Gross Useful Carrying Accumulated Net Book Life Amount Additions Amortization Value Patent application costs * $ 364,482 $ 7,292 $ - $ 371,774 ANDA acquisition costs Indefinite 6,047,317 - - 6,047,317 $ 6,411,799 $ 7,292 $ - $ 6,419,091 * Patent application costs were incurred in relation to the Company’s abuse deterrent opioid technology. Amortization of the patent costs will begin upon the issuance of marketing authorization by the FDA. Amortization will then be calculated on a straight-line basis through the expiry of the related patent(s).

NJEDA BONDS

NJEDA BONDS	9 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 6. NJEDA BONDS During August 2005, the Company refinanced a bond issue occurring in 1999 through the issuance of Series A and B Notes tax-exempt bonds (the “NJEDA Bonds” and/or “Bonds”). During July 2014, the Company retired all outstanding Series B Notes, at par, along with all accrued interest due and owed. In relation to the Series A Notes, the Company is required to maintain a debt service reserve. The debt serve reserve is classified as restricted cash on the accompanying unaudited condensed consolidated balance sheets. The NJEDA Bonds require the Company to make an annual principal payment on December 1 st st st 6.5 December 31, 2017 March 31, 2017 Gross bonds payable NJEDA Bonds - Series A Notes $ 1,760,000 $ 1,845,000 Less: Current portion of bonds payable (prior to deduction of bond offering costs) (90,000) (85,000) Long-term portion of bonds payable (prior to deduction of bond offering costs) $ 1,670,000 $ 1,760,000 Bond offering costs $ 354,453 $ 354,453 Less: Accumulated amortization (174,864) (164,231) Bond offering costs, net $ 179,589 $ 190,222 Current portion of bonds payable - net of bond offering costs Current portions of bonds payable $ 90,000 $ 85,000 Less: Bonds offering costs to be amortized in the next 12 months (14,178) (14,178) Current portion of bonds payable, net of bond offering costs $ 75,822 $ 70,822 Long term portion of bonds payable - net of bond offering costs Long term portion of bonds payable $ 1,670,000 $ 1,760,000 Less: Bond offering costs to be amortized subsequent to the next 12 months (165,411) (176,044) Long term portion of bonds payable, net of bond offering costs $ 1,504,589 $ 1,583,956 Amortization expense was $ 3,544 10,633

LOANS PAYABLE

LOANS PAYABLE	9 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Long-term Debt [Text Block]	NOTE 7. LOANS PAYABLE December 31, 2017 March 31, 2017 Equipment and insurance financing loans payable, between approximately 4% and 13% interest and maturing between August 2018 and November 2022 $ 1,060,861 $ 993,760 Less: Current portion of loans payable (424,160) (416,148) Long-term portion of loans payable $ 636,701 $ 577,612 The interest expense associated with the loans payable was $ 29,853 21,603 70,634 64,932

RELATED PARTY SECURED PROMISSOR

RELATED PARTY SECURED PROMISSORY NOTE WITH MIKAH PHARMA LLC	9 Months Ended
	Dec. 31, 2017
Mikah Pharma Lic [Member] | Secured Promissory Note [Member]
Related Party Transactions Disclosure [Text Block]	NOTE 8. RELATED PARTY SECURED PROMISSORY NOTE WITH MIKAH PHARMA LLC For consideration of the assets acquired on May 15, 2017, as discussed in Note 2, the Company issued a Secured Promissory Note (the “Note”) to Mikah for the principal sum of $ 1,200,000 December 31, 2020 10 15 30,000 75,000

DEFERRED REVENUE

DEFERRED REVENUE	9 Months Ended
	Dec. 31, 2017
Deferred Revenue Disclosure [Abstract]
Deferred Revenue Disclosure [Text Block]	NOTE 9. DEFERRED REVENUE Deferred revenues in the aggregate amount of $2,518,890 as of December 31, 2017, were comprised of a current component of $1,013,333 and a long-term component of $1,505,557. Deferred revenues in the aggregate amount of $3,278,890 as of March 31, 2017, were comprised of a current component of $1,013,333 and a long-term component of $2,265,557. These line items represent the unamortized amounts of a $200,000 advance payment received for a TAGI licensing agreement with a fifteen-year term beginning in September 2010 and ending in August 2025 and the $5,000,000 advance payment Epic Collaborative Agreement with a five-year term beginning in June 2015 and ending in May 2020. These advance payments were recorded as deferred revenue when received and are earned, on a straight-line basis over the life of the licenses. The current component is equal to the amount of revenue to be earned during the 12-month period immediately subsequent to the balance date and the long-term component is equal to the amount of revenue to be earned thereafter.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2017
Loss Contingency [Abstract]
Contingencies Disclosure [Text Block]	NOTE 10. COMMITMENTS AND CONTINGENCIES Occasionally, the Company may be involved in claims and legal proceedings arising from the ordinary course of its business. The Company records a provision for a liability when it believes that is both probable that a liability has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s condensed consolidated financial statements. Contingencies are inherently unpredictable and the assessments of the value can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. Operating Leases – 135 Ludlow Ave. The Company entered into an operating lease for a portion of a one-story warehouse, located at 135 Ludlow Avenue, Northvale, New Jersey (the “135 Ludlow Ave. lease”). The 135 Ludlow Ave. lease is for approximately 15,000 35,000 The 135 Ludlow Ave. modified lease, includes an initial term, which expired on December 31, 2016 with two tenant renewal options of five years each, at the sole discretion of the Company. On June 22, 2016, the Company exercised the first of these renewal options, with such option including a term that begins on January 1, 2017 and expires on December 31, 2021. The 135 Ludlow Ave. property required significant leasehold improvements and qualifications, as a prerequisite, for its intended future use. Manufacturing, packaging, warehousing and regulatory activities are currently conducted at this location. Additional renovations and construction to further expand the Company’s manufacturing resources are in progress. Rent expense is recorded on the straight-line basis. Rents paid in excess is recognized as deferred rent. Rent expense under the 135 Ludlow Ave. modified lease for the three-month ended December 31, 2017 and 2016 was $ 54,909 45,213 164,727 135,639 8,604 2,152 The Company has an obligation for the restoration of its leased facility and the removal or dismantlement of certain property and equipment as a result of its business operation in accordance with ASC 410, Asset Retirement and Environmental Obligations – Asset Retirement Obligations 30,976 29,616

MEZZANINE EQUITY

MEZZANINE EQUITY	9 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Preferred Stock [Text Block]	NOTE 11. MEZZANINE EQUITY Series I convertible preferred stock On February 6, 2014, the Company created the Series I Convertible Preferred Stock (“Series I Preferred”). A total of 495.758 100 100,000 0.01 100 142,857,143 0.07 395.758 0 The COD for the Series I Preferred contained the following features: · 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. The Company has determined that the Series I Preferred host instrument was more akin to equity than debt and that the above financial instruments were clearly and closely related to the host instrument, with bifurcation and classification as a derivative liability being not required. Based on the Company’s review of the COD, the host instrument, the Series I Preferred Shares, was 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 was carried at the maximum redemption value, with changes in this value charged to retained earnings or to additional paid-in capital in the absence of retained earnings. Changes in carrying value are also subtracted from net income (loss), (in a manner like the treatment of dividends paid on preferred stock), in arriving at net income (loss) available to common shareholders used in the calculation of earnings per share. December 31, 2017 March 31, 2017 Shares authorized 395.758 395.758 Shares outstanding - - 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 - - Closing price on valuation date $ 0.09 $ 0.15 Carrying value of Series I convertible preferred stock $ - $ - For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Change in carrying value of convertible preferred share mezzanine equity - Series I $ - $ - $ - $ 20,714,286 Series J convertible preferred stock On April 28, 2017, the Company created the Series J Convertible Preferred Stock (“Series J Preferred”) in conjunction with the Certificate of Designations (“Series J COD”). A total of 50 24.0344 1,000,000 0.01 The issued shares were pursuant to an Exchange Agreement with Nasrat Hakim, (“Hakim”) a related party and the Company’s President, Chief Executive Officer and Chairman of the Board of Directors. Per to the Exchange Agreement the Company exchanged 158,017,321 24.0344 79,008,661 1.1521 79,008,661 0.1521 Each Series J Preferred is convertible at the option of the holder into shares of common stock, that is the earlier of (i) the date that shareholder approval is obtained and the requisite corporate action has been effected regarding a Fundamental Transaction (as defined in the Series J COD); or (ii) not less than three years subsequent to the Original Issue Date (the date of the first issuance of any shares of the Series J Preferred Stock) (the “Conversion Date”). The number of common shares is calculated by dividing the Stated Value of such share of Series J Preferred by the Conversion Price. The conversion price for the Series J Preferred shall equal $ 0.1521 Based on the current conversion price, the Series J Preferred is convertible into 158,017,321 If upon any Conversion Date there is not a sufficient number of authorized shares of Common Stock (that are not issued, outstanding or reserved for issuance) available to effect the entire conversion of the then outstanding shares of Series J Preferred Stock and the then outstanding common stock purchase warrants issued in conjunction therewith (an “Authorized Share Deficiency”), such conversion shall not exceed the Issuable Maximum (as defined in the Series J COD); however, the Company shall use its best efforts to obtain shareholder approval within two (2) years of the date of first issuance of Series J Preferred Stock to permit the balance of the conversion. If shareholder approval is not obtained due to an insufficient number of shareholder votes for passage, the Company shall continue to solicit for shareholder approval annually thereafter. As of December 31, 2017, the Company does not have a sufficient number of unreserved authorized shares to effect the entire conversion, notwithstanding that the earliest possible Conversion Date is April 28, 2020. Solely during any period of time during which an Authorized Share Deficiency exists commencing on or after the fourth anniversary of the Original Issue Date (“Dividend Commencement Date” and collectively the “Dividend Entitlement Period”), holders of Series J Preferred shall be entitled to receive, and the Company shall pay, dividends at the rate per share (as a percentage of the Stated Value per share) of 20 The holders of the Series J Preferred shall have voting rights on any matter presented to the shareholders of the Company for their action or consideration at any meeting of shareholders of the Company (or by written consent of shareholders in lieu of meeting). Each holder shall be entitled to cast the number of votes equal to the number of whole shares of common stock into which the shares of Series J Preferred held by the holder are convertible as of the record date for determining the shareholders entitled to vote on such matter regardless of whether an Authorized Share Deficiency Exists. The Company has determined that the Series J Preferred host instrument was more akin to equity than debt and that the above identified conversion feature, subject to adjustments, was clearly and closely related to the host instrument, and accordingly bifurcation and classification of the conversion feature as a derivative liability was not required. The Company has accounted for the Series J Preferred as contingently redeemable preferred stock for which redemption is not probable. Accordingly, the Series J Preferred is presented in mezzanine equity based on their initial measurement amount (fair value), as required by ASC 480-10-S99, Distinguishing Liabilities from Equity – SEC Material 13,903,957 April 28, 2017 Fair value of the Company’s common stock $ 0.1521 Conversion price $ 0.1521 Number of Series J Preferred issued 24.0344 Fully diluted shares outstanding as of measurement date 923,392,780 Risk-free rate 2.30 % Volatility 90.00 % Shareholder approval threshold $ 0.1521 Probability of approval if ending stock price is greater than threshold - midpoint 82.50 % Probability of approval if ending stock price is greater than threshold - midpoint 17.50 % Trials 200,000 December 31, 2017 March 31, 2017 Shares authorized 50.000 - Shares outstanding 20 - Par value $ 0.01 $ - Stated value $ 1,000,000 $ - Conversion price $ 0.15 $ - Common shares to be issued upon conversion 158,017,321 - Carrying value of Series J convertible preferred stock $ 13,903,957 $ -

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS - WARRANTS	9 Months Ended
	Dec. 31, 2017
Derivative Financial Instruments Warrants Disclosure [Abstract]
Derivative Financial Instruments Warrants [Text Block]	NOTE 12. DERIVATIVE FINANCIAL INSTRUMENTS – WARRANTS The Company evaluates and accounts for its freestanding instruments in accordance with ASC 815, Accounting for Derivative Instruments and Hedging Activities The Company issued 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. December 31, 2017 March 31, 2017 Warrant Shares Weighted Average Warrant Shares Weighted Balance at beginning of period 9,379,219 $ 0.0625 41,586,066 $ 0.0625 Warrants granted pursuant to the issuance of Series J convertible preferred shares 79,008,661 $ 0.1521 - $ - Warrants exercised, forfeited and/or expired, net (2,910,532) (32,206,847) Balance at end of period 85,477,348 $ 0.1426 9,379,219 $ 0.0625 December 31, 2017 March 31, 2017 Fair value of the Company’s common stock $ 0.09 $ 0.15 Volatility (based on the Company’s historical volatility) 58.2% - 58.4 % 72.5% - 73.1 % Exercise price $ 0.0625 $ 0.0625 Estimated life (in years) 0.2 - 0.3 1.0 - 1.1 Risk free interest rate (based on 1-year treasury rate) 1.39% - 1.45 % 1.02% - 1.03 % Fair value of derivative financial instruments - warrants $ 198,883 $ 843,464 On April 28, 2017, the Company entered into an exchange agreement (the “Exchange Agreement”) with Nasrat Hakim, the Chairman of the Board, President, and Chief Executive Officer of the Company, pursuant to which the Company issued to Mr. Hakim 23.0344 79,008,661 158,017,321 6,474,673 The Series J Warrants are exercisable for a period of 10 0.1521 December 31, 2017 April 28, 2017 Fair value of the Company’s common stock $ 0.0920 $ 0.1521 Initial exercise price $ 0.1521 $ 0.1521 Number of common warrants 79,008,661 79,008,661 Fully diluted shares outstanding as of measurement date 788,801,827 923,392,780 Warrant term (in years) 9.33 10.00 Risk-free rate 1.93 % 2.30 % Volatility 90.00 % 90.00 % Shareholder approval threshold $ 0.1580 $ 0.1521 Probability of approval is ending stock price is greater than threshold - midpoint 75.00 % 82.50 % Probability of approval is ending stock price is greater than threshold - midpoint 10.00 % 17.50 % Trials 100,000 200,000 Fair value of derivative financial instruments - warrants $ 2,351,371 $ 6,474,673 Balance as of March 31, 2017 $ 843,464 Fair value of warrants granted pursuant to the issuance of Series J convertible preferred shares 6,474,674 Change in fair value of derivative financial instruments - warrants (4,767,884) Balance as of December 31, 2017 $ 2,550,254

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	9 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 13. SHAREHOLDERS’ EQUITY Lincoln Park Capital – April 10, 2014 Purchase Agreement On April 10, 2014, the Company entered into a Purchase Agreement (the “2014 LPC Purchase Agreement”) and a Registration Rights Agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”). Pursuant to the terms of the 2014 LPC Purchase Agreement, Lincoln Park had agreed to purchase from the Company up to $ 40 Upon execution of the Purchase Agreement, the Company issued 1,928,641 1,928,641 40 The 2014 LPC Purchase Agreement expired on June 1, 2017. During the term of the 2014 LPC Purchase Agreement, the Company sold an aggregate of 110.6 27.0 3.2 Lincoln Park Capital – May 1, 2017 Purchase Agreement On May 1, 2017, the Company entered into a purchase agreement (the “2017 LPC Purchase Agreement”), together with a registration rights agreement (the “2017 LPC Registration Rights Agreement”), with Lincoln Park. Under the terms and subject to the conditions of the 2017 LPC Purchase Agreement, the Company has the right to sell to and Lincoln Park is obligated to purchase up to $ 40 500,000 1,000,000 1,000,000 4.99 In connection with the 2017 LPC Purchase Agreement, the Company issued to Lincoln Park 5,540,550 5,540,550 The 2017 LPC Purchase Agreement and the 2017 LPC 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 2017 LPC Purchase Agreement at any time, at no cost or penalty. Actual sales of shares of common stock to Lincoln Park under the 2017 LPC Purchase Agreement will depend on a variety of factors to be determined by us from time to time, including, among others, market conditions, the trading price of the Common Stock and determinations by us as to the appropriate sources of funding for us and our operations. There are no trading volume requirements or, other than the limitation on beneficial ownership discussed above, restrictions under the 2017 LPC Purchase Agreement. Lincoln Park has no right to require any sales by the Company but is obligated to make purchases from the Company as directed in accordance with the 2017 LPC 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 received by us under the 2017 LPC Purchase Agreement will depend on the frequency and prices at which the Company sell shares of common stock to Lincoln Park. A registration statement on form S-3 was filed with the SEC on May 10, 2017 and was declared effective on June 5, 2017. Summary of Common Stock Activity During the nine months ended December 31, 2017, the Company issued the following shares of Common Stock: Issuance of shares of common stock pursuant to the exercise of warrants The Company issued 2,910,532 181,908 Issuance of shares of common stock to Lincoln Park The Company issued 5,540,551 167,336 10,169,281 1,208,100

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 14. STOCK-BASED COMPENSATION Part 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 was instituted in October 2009 and further revised in January 2016, includes provisions that a portion of 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 quarterly basis and equal to the average closing price of the Company’s common stock. During the nine months ended December 31, 2017, the Company did not issue any shares of common stock to its Directors in payment of director’s fees. During the nine months ended December 31, 2017, the Company accrued director’s fees totaling $ 90,000 30,000 510,292 As of December 31, 2017, the Company owes its Directors a total of $ 40,000 645,492 80,000 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 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. During the nine months ended December 31, 2017, the Company did not issue any shares pursuant to employment contracts with the Company’s President and Chief Executive Officer, Chief Financial Officer or certain other employees. During the nine months ended December 31, 2017, the Company accrued salaries and fees totaling $ 621,750 5,287,898 As of December 31, 2017, the Company owes its President and Chief Executive Officer, Chief Financial Officer and certain other employees and consultants, a total of 6,688,914 829,000 Options 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. Weighted Weighted Average Shares Average Remaining Contractual Aggregate Intrinsic Underlying Options Exercise Price Term (in years) Value Outstanding at March 31, 2017 6,737,667 $ 0.20 6.7 $ 258,747 Granted 560,000 0.16 Forfeited and expired (516,667) 0.59 Outstanding at December 31, 2017 6,781,000 $ 0.17 6.3 $ 65,880 Exercisable at December 31, 2017 5,511,000 $ 0.17 5.7 $ 65,880 The aggregate intrinsic value for outstanding options is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company common stock as of December 31, 2017 and March 31, 2017 of $ 0.09 0.15 December 31, 2017 March 31, 2017 Volatility (based on the Company’s historical volatility) 121% - 123 % 120% - 121 % Exercise price $ 0.09 - 0.24 $ 0.13 - 0.33 Estimated term (in years) 10 10 Risk free interest rate (based on 1-year treasury rate) 2.2% - 2.4 % 1.5% - 2.5 % Forfeiture rate 4.7% - 20.1 % 2.3% - 4.6 % Fair value of options granted $ 79,215 $ 373,055 Non-cash compensation through issuance of stock options $ 208,719 $ 357,955

SALE OF NEW JERSEY STATE NET OP

SALE OF NEW JERSEY STATE NET OPERATING LOSSES	9 Months Ended
	Dec. 31, 2017
Sale Of Subsidiary Net Operating Losses [Abstract]
Sale Of Subsidiary Net Operating Losses Disclosure [Text Block]	NOTE 15. SALE OF NEW JERSEY STATE NET OPERATING LOSSES During the three months ended December 31, 2017, Elite Labs, a wholly owned subsidiary of Elite, received final approval from the New Jersey Economic Development Authority for the sale of net tax benefits of $ 536,233 606,516 1,051,329

CONCENTRATIONS AND CREDIT RISK

CONCENTRATIONS AND CREDIT RISK	9 Months Ended
	Dec. 31, 2017
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	NOTE 16. CONCENTRATIONS AND CREDIT RISK Revenues Three customers accounted for substantially all the Company’s revenues for the three months ended December 31, 2017. These three customers accounted for approximately 53 21 17 55 12 24 Three customers accounted for substantially all the Company’s revenues for the three months ended December 31, 2016. These three customers accounted for approximately 41 37 17 46 32 17 Accounts Receivable Three customers accounted for all the Company’s accounts receivable as of December 31, 2017. These three customers accounted for approximately 52 22 12 Four customers accounted for all the Company’s accounts receivable as of March 31, 2017. These four customers accounted for approximately 53 17 14 12 Purchasing Seven suppliers accounted for more than 69 31 9 Three suppliers accounted for more than 65 48 9 9

SEGMENT RESULTS

SEGMENT RESULTS	9 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 17. SEGMENT RESULTS FASB ASC 280-10-50 requires use of the “management approach” model for segment reporting. The management approach is based on the way a company’s management organized 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 has determined that its reportable segments are Abbreviated New Drug Applications (“ANDA”) for generic products and New Drug Applications (“NDA”) for branded products. The Company identified its reporting segments based on the marketing authorization relating to each and the financial information used by its chief operating decision maker to make decisions regarding the allocation of resources to and the financial performance of the reporting segments. Asset information by operating segment is not presented below since the chief operating decision maker does not review this information by segment. The reporting segments follow the same accounting policies used in the preparation of the Company’s unaudited condensed consolidated financial statements. For the Three Months Ended December 31, For the Nine Months Ended December 31, 2017 2016 2017 2016 Revenue by Segment ANDA $ 2,285,454 $ 2,080,649 $ 5,111,805 $ 7,537,493 NDA 250,000 250,000 750,000 750,000 $ 2,535,454 $ 2,330,649 $ 5,861,805 $ 8,287,493 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2017 2016 2017 2016 Operating Loss by Segment ANDA $ (322,063) $ (302,110) $ (1,417,044) $ (38,576) NDA (893,029) (351,186) (2,257,718) (1,240,085) $ (1,215,092) $ (653,296) $ (3,674,762) $ (1,278,661) For the Three Months Ended December 31, For the Nine Months Ended December 31, 2017 2016 2017 2016 Operating loss by segment $ (1,215,092) $ (653,296) $ (3,674,762) $ (1,278,661) Corporate unallocated costs (105,351) (1,017,047) (1,832,723) (2,017,976) Interest income 4,461 3,151 12,862 9,407 Interest expense and amortization of debt issuance costs (92,458) (55,563) (245,730) (181,883) Depreciation and amortization expense (7,196) (21,032) (21,149) (64,408) Significant non-cash items (731,322) (31,048) (901,469) (803,538) Change in fair value of derivative instruments 605,448 1,571,471 4,767,884 9,468,320 Income (loss) from operations $ (1,541,510) $ (203,364) $ (1,895,087) $ 5,131,261

COLLABORATIVE AGREEMENT WITH EP

COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC	9 Months Ended
	Dec. 31, 2017
Epic Pharma Llc [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative Arrangement Disclosure [Text Block]	NOTE 18. COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC 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 Company’s 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. In June 2015, Elite received non-refundable payments totaling $ 5 Revenue Recognition – Multiple Element Arrangements In addition, in January 2016, a New Drug Application for SequestOx™ was filed, thereby earning the Company a non-refundable $ 2.5 Revenue Recognition – Multiple Element Arrangements To date, the Company received payments totaling $ 7.5 Please note that on July 15, 2016, the FDA issued a Complete Response Letter, or CRL, regarding the NDA. The CRL stated that the review cycle for the SequestOx™ NDA is complete and the application is not ready for approval in its present form. On December 21, 2016, the Company met with the FDA for an end-of-review meeting to discuss steps that it could take to obtain approval of SequestOx™. Based on this and the meeting minutes received from the FDA on January 23, 2017, the Company formulated a plan to address the issues cited by the FDA in the CRL, with such plan including, without limitation, modifying the SequestOx™ formulation, conducting bioequivalence and bioavailability fed and fasted studies, comparing the modified formulation to the original formulation. On July 7, 2017, the Company reported topline results from a pivotal bioequivalence fed study for SequestOx™. This study resulted in a mean Tmax of 4.6 hr., with a range of 0.5 hr. to 12 hr. and a mean Tmax of the comparator, Roxicodone ® 7.5

COLLABORATIVE AGREEMENT WITH SU

COLLABORATIVE AGREEMENT WITH SUNGEN PHARMA LLC	9 Months Ended
	Dec. 31, 2017
SunGen Pharma LLC [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative Arrangement Disclosure [Text Block]	NOTE 19. COLLABORATIVE AGREEMENT WITH SUNGEN PHARMA LLC On August 24, 2016, as amended, the Company entered into the SunGen Agreement. The SunGen Agreement provides that Elite and SunGen Pharma LLC will engage in the research, development, sales, and marketing of eight generic pharmaceutical products. Two of the products are classified as CNS stimulants (the “CNS Products”), two of the products are classified as beta blockers (the “Beta Blocker Products”) and the remaining four products consist of antidepressants, antibiotics and antispasmodics. Under the terms of the SunGen Agreement, Elite and SunGen will share in the responsibilities and costs in the development of these products and will share substantially in the profits from sales of the Products. Upon approval, the know-how and intellectual property rights to the products will be owned jointly by Elite and SunGen. SunGen shall have the exclusive right to market and sell the Beta Blocker Products using SunGen’s label and Elite shall have the exclusive right to market and sell the CNS Products using Elite’s label. Elite will manufacture and package all four products on a cost-plus basis. On December 1, 2016 and July 24, 2017, Elite Labs and SunGen executed an amendment to the parties’ 2016 Development and License Agreement (the “Amended Agreement”), to undertake and engage in the research, development, sales and marketing of four additional generic pharmaceutical products bringing the total number of products under the amended agreement to eight. The product classes for the additional four products include antidepressants, antibiotics, and antispasmodics. Under the terms of the Amended Agreement, Elite and SunGen will share in the responsibilities and costs in the development of these products and will share substantially in the profits from sales of the products. Upon approval, the know-how and intellectual property rights to the products will be owned jointly by Elite and SunGen. Three products will be owned jointly by Elite and SunGen; three shall be owned by SunGen while Elite shall have the marketing rights once the products are approved by the FDA; and two shall be owned by Elite while SunGen shall have the marketing rights once the products are approved by the FDA. Elite will manufacture and package all eight products on a cost-plus basis.

RELATED PARTY TRANSACTION AGREE

RELATED PARTY TRANSACTION AGREEMENTS WITH EPIC PHARMA LLC	9 Months Ended
	Dec. 31, 2017
Epic Pharma Llc [Member]
Related Party Transactions Disclosure [Text Block]	NOTE 20. 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 at the time such agreements were executed. On June 4, 2015, the Company entered into the 2015 Epic License Agreement (please see Note 18 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. This transaction is not to be considered as an arms-length transaction. Please also note that, effective April 7, 2016, all Directors on the Company’s Board of Directors that were also owners/managers of Epic had resigned as Directors of the Company and all current members of the Company’s Board of Directors have no relationship to Epic. Accordingly, Epic no longer qualifies as a party that is related to the Company.

MANUFACTURING, LICENSE AND DEVE

MANUFACTURING, LICENSE AND DEVELOPMENT AGREEMENTS	9 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transaction, Manufacturing And License Agreement Disclosure [Text Block]	NOTE 21. MANUFACTURING, LICENSE AND DEVELOPMENT AGREEMENTS The Company has entered into the following active agreements: · License agreement with Precision Dose, dated September 10, 2010 (the “Precision Dose License Agreement”); and, · Manufacturing and Supply Agreement with Ascend Laboratories Inc., dated June 23, 2011 and as amended on September 24, 2012, January 19, 2015 and July 20, 2015, and as extended on August 9, 2016 (the “Ascend Manufacturing Agreement”); and, · Development and License Agreement with SunGen (the “July 2017 SunGen 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 (with $405k already received), 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 product, 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 and expires on December 31, 2017. The Company is evaluating extension of this agreement and there have not been any formal negotiations of such with Ascend to date. The new Development and License Agreement with SunGen is to collaborate, develop and commercialize generic pharmaceutical products based upon a unique drug delivery platform used for extended release products. The Company and SunGen intend to begin with the development of five generic extended release products and to develop additional such products subsequently. More than a dozen products utilize this type of technology. This new co-development agreement will build upon the success of the first development agreement between the Company and SunGen and signed in 2016. Under the terms of the July 2017 SunGen Agreement, the Company and SunGen will share the responsibilities and costs of the development and marketing of the products. Upon FDA approval, the products will be owned jointly by Elite and SunGen. Elite will manufacture and package all products on a cost-plus basis.

RELATED PARTY AGREEMENTS WITH M

RELATED PARTY AGREEMENTS WITH MIKAH PHARMA LLC	9 Months Ended
	Dec. 31, 2017
Mikah Pharma Llc [Member]
Related Party Transactions Disclosure [Text Block]	NOTE 22. RELATED PARTY AGREEMENTS WITH MIKAH PHARMA LLC Pursuant to the asset acquisition as discussed in Note 2 , on May 17, 2017, Elite Labs, executed an assignment agreement with Mikah, pursuant to which the Company acquired all rights, interests, and obligations under a supply and distribution agreement (the “Distribution Agreement”) with Dr. Reddy’s Laboratories, Inc. (“Dr. Reddy’s”) originally entered into by Mikah on May 7, 2017 and relating to the supply, sale and distribution of generic Trimipramine Maleate Capsules 25mg, 50mg and 100mg (“Trimipramine”). On May 22, 2017, the Company executed an assignment agreement with Mikah, pursuant to which the Company acquired all rights, interests and obligations under a manufacturing and supply agreement with Epic Pharma LLC (“Epic”) originally entered into by Mikah on June 30, 2015 and relating to the manufacture and supply of Trimipramine (the “Manufacturing Agreement”). Mikah is owned by Nasrat Hakim, the Chief Executive Officer, President and Chairman of the Board of the Company. Under the Manufacturing Agreement, Epic will manufacture Trimipramine under license from the Company pursuant to the FDA approved and currently marketed ANDA that was acquired in conjunction with the Company’s entry into these agreements (see Note 2). Under the Distribution Agreement, the Company will supply Trimipramine on an exclusive basis to Dr. Reddy’s and Dr. Reddy’s will be responsible for all marketing and distribution of Trimipramine in the United States, its territories, possessions and commonwealth. The Trimipramine will be manufactured by Epic and transferred to Dr. Reddy’s at cost, without markup. Dr. Reddy’s will pay to the Company a share of the profits, calculated without any deduction for cost of sales and marketing, derived from the sale of Trimipramine. The Company’s share of these profits is in excess of 50%

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 23. SUBSEQUENT EVENTS The Company has evaluated subsequent events from the balance sheet date through February 2, 2018, the date the accompanying financial statements were issued. The following are material subsequent events. Common Stock sold pursuant to the Lincoln Park Purchase Agreement Subsequent to December 31, 2017 and up to February 2, 2017 (the latest practicable date), a total of 2,677,495 37,604 271,475 FDA Approval of Phendimetrazine Tartrate Tablets USP On January 2, 2018, the Company announced that it received approval of its abbreviated new drug application (“ANDA”) from the U.S. Food and Drug Administration (“FDA”) for Phendimetrazine Tartrate Tablets USP, 35mg. This product approval is from an ANDA that the Company filed approximately six years ago. Subsequent to this filing, the Company obtained a second, approved ANDA for this product and the Company has been selling this product for more than five years. The Company is considering strategic options, including divestiture, for this newly approved ANDA.

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Overview Elite Pharmaceuticals, Inc. (the “Company” or “Elite”) was incorporated on October 1, 1997 under the laws of the State of Delaware, and its wholly-owned subsidiary Elite Laboratories, Inc. (“Elite Labs”) which 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 (“FDA”), and thereafter, commercially exploiting such products.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and in conformity with the instructions on Form 10-Q and Rule 8-03 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Elite Laboratories, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of such statements. The results of operations for the three and nine months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the entire year.
Going Concern Policy [Policy Text Block]	Going Concern In connection with the preparation of the financial statements as of and for the nine month period ended December 31, 2017, the Company conducted an evaluation as to whether there were conditions and events, considered in the aggregate, which raised substantial doubt as to the entity’s ability to continue as a going concern within one year after the date of the issuance, or the date the financial statements were available for issuance, noting that there did not appear to be evidence of substantial doubt of the entity’s ability to continue as a going concern.
Segment Reporting, Policy [Policy Text Block]	Segment Information Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting The Company has determined that its reportable segments are products whose marketing approvals were secured via an Abbreviated New Drug Applications (“ANDA”) and products whose marketing approvals were secured via a New Drug Application (“NDA”). ANDA products are referred to as generic pharmaceuticals and NDA products are referred to as branded pharmaceuticals. There are currently no intersegment revenues. Asset information by operating segment is not presented below since the chief operating decision maker does not review this information by segment. The reporting segments follow the same accounting policies used in the preparation of the Company’s condensed unaudited consolidated financial statements.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition The Company enters into licensing, manufacturing and development agreements, which may include multiple revenue generating activities, including, without limitation, milestones, licensing fees, product sales and services. These multiple elements are assessed in accordance with ASC 605-25, Revenue Recognition – Multiple-Element Arrangements An arrangement component is considered to be a separate unit of accounting if the deliverable relating to the component has value to the customer on a standalone basis, and if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in control of the Company. The Company recognizes payments received pursuant to a multiple revenue agreement as revenue, only if the related delivered item(s) have stand-alone value, 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-party 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, without limitation, 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 a specific 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, and 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 · 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.
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 risk 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 entered into a Master Development and License Agreement with SunGen Pharma LLC dated August 24, 2016 (the “SunGen Agreement”), which has been determined to satisfy the criteria for consideration as a collaborative agreement, and is accounted for accordingly, in accordance with GAAP.
Cash and Cash Equivalents, Unrestricted 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.
Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash As of December 31, 2017, and March 31, 2017, the Company had $ 390,654 389,081
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]	Inventory Inventory is recorded at the lower of cost or market on a first-in first-out basis.
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. Property and equipment are stated at cost. Depreciation is provided on the straight-line method based on the estimated useful lives of the respective assets which range from three to forty years. Major repairs or improvements are capitalized. Minor replacements and maintenance and repairs which do not improve or extend asset lives are expensed currently. Upon retirement or other disposition of assets, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss, if any, is recognized in income.
Intangible Assets, Finite-Lived, Policy [Policy Text Block]	Intangible Assets The Company capitalizes certain costs to acquire intangible assets; if such assets are determined to have a finite useful life they are amortized on a straight-line basis over the estimated useful life. Costs to acquire indefinite lived intangible assets, such as costs related to ANDAs are capitalized accordingly. The Company tests its intangible assets for impairment at least annually (as of March 31st) and whenever events or circumstances change that indicate impairment may have occurred. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others and without limitation: a significant decline in the Company’s expected future cash flows; a sustained, significant decline in the Company’s stock price and market capitalization; a significant adverse change in legal factors or in the business climate of the Company’s segments; unanticipated competition; and slower growth rates. As of December 31, 2017, the Company did not identify any indicators of impairment.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Research and development expenditures are charged to expense as incurred.
Commitments And Contingencies [Policy Text Block]	Contingencies Occasionally, the Company may be involved in claims and legal proceedings arising from the ordinary course of its business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s condensed consolidated financial statements. Contingencies are inherently unpredictable and the assessments of the value can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions.
Income Tax, Policy [Policy Text Block]	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and net operating loss and other tax credit carry-forwards. These items are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce the deferred income tax assets to the amount that is more likely than not to be realized.
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 ASC 470, Debt Distinguishing Liabilities from Equity Derivatives and Hedging
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC Topic 718, Compensation-Stock Compensation In accordance with the Company’s Director compensation policy and certain employment contracts, director’s fees and a portion of employee’s salaries are to be paid via the issuance of shares of the Company’s common stock, in lieu of cash, with the valuation of such share being calculated on a quarterly basis and equal to the average closing price of the Company’s common stock.
Earnings Per Share, Policy [Policy Text Block]	Earnings (Loss) Per Share Applicable to Common Shareholders’ The Company follows ASC 260, Earnings Per Share For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator Net income (loss) attributable to common shareholders - basic $ (490,181) $ 1,666,750 $ (843,758) $ 27,715,661 Effect of dilutive instrument on net income (loss) (605,448) (1,571,471) (4,767,884) (30,182,606) Net income (loss) attributable to common shareholders - diluted $ (1,095,629) $ 95,279 $ (5,611,642) $ (2,466,945) Denominator Weighted average shares of common stock outstanding - basic 788,442,363 904,763,177 796,647,284 811,794,206 Dilutive effect of stock options, warrants and convertible securities 6,680,001 5,742,114 6,680,001 5,742,114 Weighted average shares of common stock outstanding - diluted 795,122,364 910,505,291 803,327,285 817,536,320 Net income (loss) per share Basic $ (0.00) $ 0.00 $ (0.00) $ 0.03 Diluted $ (0.00) $ 0.00 $ (0.01) $ (0.00)
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurements and Disclosures ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC Topic 820 are described as follows: ⋅ Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. ⋅ Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. ⋅ Level 3 – Inputs that are unobservable for the asset or liability. Measured on a Recurring Basis Fair Value Measurement Using Amount at Fair Level 1 Level 2 Level 3 December 31, 2017 Liabilities Derivative financial instruments - warrants $ 2,550,254 $ - $ - $ 2,550,254 March 31, 2017 Liabilities Derivative financial instruments - warrants $ 843,464 $ - $ - $ 843,464 See Note 12 for specific inputs used in determining fair value. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses, approximate their fair values because of the short maturity of these instruments. Non-Financial Assets that are Measured at Fair Value on a Non-Recurring Basis Non-financial assets such as intangible assets, and property and equipment are measured at fair value only when an impairment loss is recognized. The Company did not record an impairment charge related to these assets in the periods presented.
Treasury Stock Policy [Policy Text Block]	Treasury Stock The Company records treasury stock at the cost to acquire it and includes treasury stock as a component of shareholders’ equity.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2017-01, Business Combinations: Clarifying the Definition of a Business Revenue from Contracts with Customers Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) from Contracts with Customers (Topic 606): Deferral of the Effective Date. From March 2016 through September 2017, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, Revenue from Contracts with Customers (Topic 606):Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash a consensus of the FASB Emerging Issues Task Force In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception Topic 480, Distinguishing Liabilities from Equity unaudited condensed consolidated

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following is the computation of earnings (loss) per share applicable to common shareholders for the periods indicated: For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator Net income (loss) attributable to common shareholders - basic $ (490,181) $ 1,666,750 $ (843,758) $ 27,715,661 Effect of dilutive instrument on net income (loss) (605,448) (1,571,471) (4,767,884) (30,182,606) Net income (loss) attributable to common shareholders - diluted $ (1,095,629) $ 95,279 $ (5,611,642) $ (2,466,945) Denominator Weighted average shares of common stock outstanding - basic 788,442,363 904,763,177 796,647,284 811,794,206 Dilutive effect of stock options, warrants and convertible securities 6,680,001 5,742,114 6,680,001 5,742,114 Weighted average shares of common stock outstanding - diluted 795,122,364 910,505,291 803,327,285 817,536,320 Net income (loss) per share Basic $ (0.00) $ 0.00 $ (0.00) $ 0.03 Diluted $ (0.00) $ 0.00 $ (0.01) $ (0.00)
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	The following table presents information about our liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fell: Fair Value Measurement Using Amount at Fair Level 1 Level 2 Level 3 December 31, 2017 Liabilities Derivative financial instruments - warrants $ 2,550,254 $ - $ - $ 2,550,254 March 31, 2017 Liabilities Derivative financial instruments - warrants $ 843,464 $ - $ - $ 843,464

ASSET ACQUISITION (Tables)

ASSET ACQUISITION (Tables)	9 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Accordingly, the purchase price of the purchased assets was allocated entirely to an identifiable intangible asset as follows: ANDA acquisition costs $ 1,200,000 Total assets acquired $ 1,200,000

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Dec. 31, 2017
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventory consisted of the following: December 31, 2017 March 31, 2017 Finished goods $ 126,663 $ 221,657 Work-in-progress 6,946 283,086 Raw materials 5,165,334 5,911,223 5,298,943 6,415,966 Less: Inventory reserve - - $ 5,298,943 $ 6,415,966

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment consisted of the following: December 31, 2017 March 31, 2017 Land, building and improvements $ 7,655,317 $ 7,308,890 Laboratory, manufacturing and warehouse equipment 9,175,466 8,764,406 Office equipment and software 308,434 276,201 Furniture and fixtures 49,804 49,804 Transportation equipment 66,855 66,855 17,255,876 16,466,156 Less: Accumulated depreciation (8,122,878) (7,426,752) $ 9,132,998 $ 9,039,404

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill [Table Text Block]	The following table summarizes the Company’s intangible assets as of December 31, 2017 and March 31, 2017: December 31, 2017 Estimated Gross Useful Carrying Accumulated Net Book Life Amount Additions Amortization Value Patent application costs * $ 371,774 $ 85,518 $ - $ 457,292 ANDA acquisition costs Indefinite 6,047,317 1,200,000 - 7,247,317 $ 6,419,091 $ 1,285,518 $ - $ 7,704,609 March 31, 2017 Estimated Gross Useful Carrying Accumulated Net Book Life Amount Additions Amortization Value Patent application costs * $ 364,482 $ 7,292 $ - $ 371,774 ANDA acquisition costs Indefinite 6,047,317 - - 6,047,317 $ 6,411,799 $ 7,292 $ - $ 6,419,091 * Patent application costs were incurred in relation to the Company’s abuse deterrent opioid technology. Amortization of the patent costs will begin upon the issuance of marketing authorization by the FDA. Amortization will then be calculated on a straight-line basis through the expiry of the related patent(s).

NJEDA BONDS (Tables)

NJEDA BONDS (Tables)	9 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Securities Financing Transactions [Table Text Block]	The following tables summarize the Company’s bonds payable liability: December 31, 2017 March 31, 2017 Gross bonds payable NJEDA Bonds - Series A Notes $ 1,760,000 $ 1,845,000 Less: Current portion of bonds payable (prior to deduction of bond offering costs) (90,000) (85,000) Long-term portion of bonds payable (prior to deduction of bond offering costs) $ 1,670,000 $ 1,760,000 Bond offering costs $ 354,453 $ 354,453 Less: Accumulated amortization (174,864) (164,231) Bond offering costs, net $ 179,589 $ 190,222 Current portion of bonds payable - net of bond offering costs Current portions of bonds payable $ 90,000 $ 85,000 Less: Bonds offering costs to be amortized in the next 12 months (14,178) (14,178) Current portion of bonds payable, net of bond offering costs $ 75,822 $ 70,822 Long term portion of bonds payable - net of bond offering costs Long term portion of bonds payable $ 1,670,000 $ 1,760,000 Less: Bond offering costs to be amortized subsequent to the next 12 months (165,411) (176,044) Long term portion of bonds payable, net of bond offering costs $ 1,504,589 $ 1,583,956

LOANS PAYABLE (Tables)

LOANS PAYABLE (Tables)	9 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	Loans payable consisted of the following: December 31, 2017 March 31, 2017 Equipment and insurance financing loans payable, between approximately 4% and 13% interest and maturing between August 2018 and November 2022 $ 1,060,861 $ 993,760 Less: Current portion of loans payable (424,160) (416,148) Long-term portion of loans payable $ 636,701 $ 577,612

MEZZANINE EQUITY (Tables)

MEZZANINE EQUITY (Tables)	9 Months Ended
	Dec. 31, 2017
Schedule of Preferred Stock Activity [Table Text Block]	Authorized, issued and outstanding shares, along with carrying value and change in value as of the periods presented are as follows: December 31, 2017 March 31, 2017 Shares authorized 395.758 395.758 Shares outstanding - - 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 - - Closing price on valuation date $ 0.09 $ 0.15 Carrying value of Series I convertible preferred stock $ - $ - For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Change in carrying value of convertible preferred share mezzanine equity - Series I $ - $ - $ - $ 20,714,286
Fair Value Inputs, Instruments Classified in Shareholders' Equity, Quantitative Information [Table Text Block]	The fair value of the Series J Preferred issued by the Company pursuant to the exchange agreement was calculated using a Monte Carlo Simulation of stock price and expected future behaviors related to shareholder approval provisions. The following are the key assumptions used in the Monte Carlo Simulation: April 28, 2017 Fair value of the Company’s common stock $ 0.1521 Conversion price $ 0.1521 Number of Series J Preferred issued 24.0344 Fully diluted shares outstanding as of measurement date 923,392,780 Risk-free rate 2.30 % Volatility 90.00 % Shareholder approval threshold $ 0.1521 Probability of approval if ending stock price is greater than threshold - midpoint 82.50 % Probability of approval if ending stock price is greater than threshold - midpoint 17.50 % Trials 200,000
Series J Convertible preferred stock [Member]
Schedule of Preferred Stock Activity [Table Text Block]	Authorized, issued and outstanding shares, along with carrying value and change in value as of the periods presented are as follows: December 31, 2017 March 31, 2017 Shares authorized 50.000 - Shares outstanding 20 - Par value $ 0.01 $ - Stated value $ 1,000,000 $ - Conversion price $ 0.15 $ - Common shares to be issued upon conversion 158,017,321 - Carrying value of Series J convertible preferred stock $ 13,903,957 $ -

DERIVATIVE FINANCIAL INSTRUME39

DERIVATIVE FINANCIAL INSTRUMENTS - WARRANTS (Tables)	9 Months Ended
	Dec. 31, 2017
Derivative Liabilities Warrants Disclosure [Abstract]
Schedule Of Warrants Activity [Table Text Block]	A summary of warrant activity is as follows: December 31, 2017 March 31, 2017 Warrant Shares Weighted Average Warrant Shares Weighted Balance at beginning of period 9,379,219 $ 0.0625 41,586,066 $ 0.0625 Warrants granted pursuant to the issuance of Series J convertible preferred shares 79,008,661 $ 0.1521 - $ - Warrants exercised, forfeited and/or expired, net (2,910,532) (32,206,847) Balance at end of period 85,477,348 $ 0.1426 9,379,219 $ 0.0625
Schedule Of Warrants Valuation Assumptions [Table Text Block]	The fair value of the warrants issued by the Company prior to April 1, 2017, net of warrant exercised, forfeited and/or expired, net (6,468,687 warrant shares) was calculated using the Black-Scholes model and the following assumptions: December 31, 2017 March 31, 2017 Fair value of the Company’s common stock $ 0.09 $ 0.15 Volatility (based on the Company’s historical volatility) 58.2% - 58.4 % 72.5% - 73.1 % Exercise price $ 0.0625 $ 0.0625 Estimated life (in years) 0.2 - 0.3 1.0 - 1.1 Risk free interest rate (based on 1-year treasury rate) 1.39% - 1.45 % 1.02% - 1.03 % Fair value of derivative financial instruments - warrants $ 198,883 $ 843,464
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]	The fair value of the warrants issued by the Company pursuant to the issuance of Series J convertible preferred shares (79,008,661 warrant shares) was calculated using a Monte Carlo Simulation because of the probability assumptions associated with the Shareholder Approval provisions. The following are the key assumptions used in the Monte Carlo Simulation: December 31, 2017 April 28, 2017 Fair value of the Company’s common stock $ 0.0920 $ 0.1521 Initial exercise price $ 0.1521 $ 0.1521 Number of common warrants 79,008,661 79,008,661 Fully diluted shares outstanding as of measurement date 788,801,827 923,392,780 Warrant term (in years) 9.33 10.00 Risk-free rate 1.93 % 2.30 % Volatility 90.00 % 90.00 % Shareholder approval threshold $ 0.1580 $ 0.1521 Probability of approval is ending stock price is greater than threshold - midpoint 75.00 % 82.50 % Probability of approval is ending stock price is greater than threshold - midpoint 10.00 % 17.50 % Trials 100,000 200,000 Fair value of derivative financial instruments - warrants $ 2,351,371 $ 6,474,673
Schedule Of Warrants Measurement With Unobservable Inputs Reconciliation Recurring Basis [Table Text Block]	The changes in warrants (Level 3 financial instruments) measured at fair value on a recurring basis for the nine months ended December 31, 2017 were as follows: Balance as of March 31, 2017 $ 843,464 Fair value of warrants granted pursuant to the issuance of Series J convertible preferred shares 6,474,674 Change in fair value of derivative financial instruments - warrants (4,767,884) Balance as of December 31, 2017 $ 2,550,254

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	Generally, options are granted with a vesting period of up to three years and expire ten years from the date of grant. Weighted Weighted Average Shares Average Remaining Contractual Aggregate Intrinsic Underlying Options Exercise Price Term (in years) Value Outstanding at March 31, 2017 6,737,667 $ 0.20 6.7 $ 258,747 Granted 560,000 0.16 Forfeited and expired (516,667) 0.59 Outstanding at December 31, 2017 6,781,000 $ 0.17 6.3 $ 65,880 Exercisable at December 31, 2017 5,511,000 $ 0.17 5.7 $ 65,880
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The fair value of the options was calculated using the Black-Scholes model and the following assumptions: December 31, 2017 March 31, 2017 Volatility (based on the Company’s historical volatility) 121% - 123 % 120% - 121 % Exercise price $ 0.09 - 0.24 $ 0.13 - 0.33 Estimated term (in years) 10 10 Risk free interest rate (based on 1-year treasury rate) 2.2% - 2.4 % 1.5% - 2.5 % Forfeiture rate 4.7% - 20.1 % 2.3% - 4.6 % Fair value of options granted $ 79,215 $ 373,055 Non-cash compensation through issuance of stock options $ 208,719 $ 357,955

SEGMENT RESULTS (Tables)

SEGMENT RESULTS (Tables)	9 Months Ended
	Dec. 31, 2017
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 Three Months Ended December 31, For the Nine Months Ended December 31, 2017 2016 2017 2016 Revenue by Segment ANDA $ 2,285,454 $ 2,080,649 $ 5,111,805 $ 7,537,493 NDA 250,000 250,000 750,000 750,000 $ 2,535,454 $ 2,330,649 $ 5,861,805 $ 8,287,493 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2017 2016 2017 2016 Operating Loss by Segment ANDA $ (322,063) $ (302,110) $ (1,417,044) $ (38,576) NDA (893,029) (351,186) (2,257,718) (1,240,085) $ (1,215,092) $ (653,296) $ (3,674,762) $ (1,278,661)
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The table below reconciles the Company’s operating loss by segment to income (loss) from operations before provision for income taxes as reported in the Company’s unaudited condensed consolidated statements of operations. For the Three Months Ended December 31, For the Nine Months Ended December 31, 2017 2016 2017 2016 Operating loss by segment $ (1,215,092) $ (653,296) $ (3,674,762) $ (1,278,661) Corporate unallocated costs (105,351) (1,017,047) (1,832,723) (2,017,976) Interest income 4,461 3,151 12,862 9,407 Interest expense and amortization of debt issuance costs (92,458) (55,563) (245,730) (181,883) Depreciation and amortization expense (7,196) (21,032) (21,149) (64,408) Significant non-cash items (731,322) (31,048) (901,469) (803,538) Change in fair value of derivative instruments 605,448 1,571,471 4,767,884 9,468,320 Income (loss) from operations $ (1,541,510) $ (203,364) $ (1,895,087) $ 5,131,261

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Numerator
Net income (loss) attributable to common shareholders - basic	$ (490,181)	$ 1,666,750	$ (843,758)	$ 27,715,661
Effect of dilutive instrument on net income (loss)	(605,448)	(1,571,471)	(4,767,884)	(30,182,606)
Net income (loss) attributable to common shareholders - diluted	$ (1,095,629)	$ 95,279	$ (5,611,642)	$ (2,466,945)
Denominator
Weighted average shares of common stock outstanding - basic (in shares)	788,442,363	904,763,177	796,647,284	811,794,206
Dilutive effect of stock options, warrants and convertible securities (in shares)	6,680,001	5,742,114	6,680,001	5,742,114
Weighted average shares of common stock outstanding - diluted (in shares)	795,122,364	910,505,291	803,327,285	817,536,320
Net income (loss) per share
Basic (in dollars per share)	$ 0	$ 0	$ 0	$ 0.03
Diluted (in dollars per share)	$ 0	$ 0	$ (0.01)	$ 0

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Derivative financial instruments - warrants	$ 2,550,254	$ 843,464
Fair Value, Inputs, Level 1 [Member]
Derivative financial instruments - warrants	0	0
Fair Value, Inputs, Level 2 [Member]
Derivative financial instruments - warrants	0	0
Fair Value, Inputs, Level 3 [Member]
Derivative financial instruments - warrants	$ 2,550,254	$ 843,464

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Restricted Cash and Cash Equivalents	$ 390,654	$ 389,081

ASSET ACQUISITION (Details)

ASSET ACQUISITION (Details) - Mikah Pharma, LLC [Member]	Dec. 31, 2017USD ($)
ANDA acquisition costs	$ 1,200,000
Total assets acquired	$ 1,200,000

ASSET ACQUISITION (Details Text

ASSET ACQUISITION (Details Textual)	May 15, 2017USD ($)
Secured Promissory Note [Member]
Debt Instrument, Face Amount	$ 1,200,000

INVENTORY (Details)

INVENTORY (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Inventory [Line Items]
Finished goods	$ 126,663	$ 221,657
Work-in-progress	6,946	283,086
Raw materials	5,165,334	5,911,223
Inventory, Gross	5,298,943	6,415,966
Less: Inventory reserve	0	0
Total Inventory	$ 5,298,943	$ 6,415,966

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 17,255,876	$ 16,466,156
Less: Accumulated depreciation	(8,122,878)	(7,426,752)
Property and equipment, net	9,132,998	9,039,404
Laboratory Manufacturing and Warehouse Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	9,175,466	8,764,406
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	308,434	276,201
Office Equipment And Software [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	$ 7,655,317	$ 7,308,890

PROPERTY AND EQUIPMENT, NET (49

PROPERTY AND EQUIPMENT, NET (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Depreciation	$ 285,496	$ 166,602	$ 696,126	$ 504,932

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($)		9 Months Ended	12 Months Ended
		Dec. 31, 2017	Mar. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 6,419,091	$ 6,411,799
Additions		1,285,518	7,292
Accumulated Amortization		0	0
Net Book Value		$ 7,704,609	$ 6,419,091
Patent Application Cost [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	[1]	0 years	0 years
Patent application costs, Gross Carrying Amount		$ 371,774	$ 364,482
Patent application costs, Additions		85,518	7,292
Accumulated Amortization		0	0
Net Book Value		457,292	371,774
ANDA Acquisition Cost [Member]
Finite-Lived Intangible Assets [Line Items]
ANDA acquisition costs, Gross Carrying Amount		6,047,317	6,047,317
ANDA acquisition costs, Additions		1,200,000	0
Accumulated Amortization		0	0
Net Book Value		$ 7,247,317	$ 6,047,317
[1]	Patent application costs were incurred in relation to the Company’s abuse deterrent opioid technology. Amortization of the patent costs will begin upon the issuance of marketing authorization by the FDA. Amortization will then be calculated on a straight-line basis through the expiry of the related patent(s).

NJEDA BONDS (Details)

NJEDA BONDS (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Njeda Bonds [Line Items]
Less: Current portion of bonds payable (prior to deduction of bond offering costs)	$ (75,822)	$ (70,822)
Long-term portion of bonds payable (prior to deduction of bond offering costs)	1,504,589	1,583,956
Bond offering costs	354,453	354,453
Less: Accumulated amortization	(174,864)	(164,231)
Bond offering costs, net	179,589	190,222
Secured Debt, Current	75,822	70,822
Njeda Bonds Series A Notes [Member]
Njeda Bonds [Line Items]
NJEDA Bonds - Series A Notes	1,760,000	1,845,000
Less: Current portion of bonds payable (prior to deduction of bond offering costs)	(90,000)	(85,000)
Long-term portion of bonds payable (prior to deduction of bond offering costs)	1,670,000	1,760,000
Secured Debt, Current	90,000	85,000
Njeda Bonds Current [Member]
Njeda Bonds [Line Items]
Less: Current portion of bonds payable (prior to deduction of bond offering costs)	(75,822)	(70,822)
Long-term Debt, Gross	90,000	85,000
Debt Instrument, Unamortized Discount	(14,178)	(14,178)
Secured Debt, Current	75,822	70,822
Njeda Bonds Non-Current [Member]
Njeda Bonds [Line Items]
Long-term portion of bonds payable (prior to deduction of bond offering costs)	1,504,589	1,583,956
Long-term Debt, Gross	1,670,000	1,760,000
Debt Instrument, Unamortized Discount	$ (165,411)	$ (176,044)

NJEDA BONDS (Details Textual)

NJEDA BONDS (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Series A Note [Member]
Debt Instrument, Interest Rate During Period		6.50%
Njeda Bonds [Member]
Amortization of Debt Issuance Costs	$ 3,544		$ 10,633

LOANS PAYABLE (Details)

LOANS PAYABLE (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Debt Instrument [Line Items]
Less: Current portion of loans payable	$ (424,160)	$ (416,148)
Long-term portion of loans payable	636,701	577,612
Secured Debt [Member]
Debt Instrument [Line Items]
Equipment and insurance financing loans payable, between approximately 4% and 13% interest and maturing between August 2018 and November 2022	1,060,861	993,760
Less: Current portion of loans payable	(424,160)	(416,148)
Long-term portion of loans payable	$ 636,701	$ 577,612

LOANS PAYABLE (Details Textual)

LOANS PAYABLE (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Interest Expense, Debt	$ 29,853	$ 21,603	$ 70,634	$ 64,932

RELATED PARTY SECURED PROMISS55

RELATED PARTY SECURED PROMISSORY NOTE WITH MIKAH PHARMA LLC (Details Textual) - USD ($)	May 15, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Interest Expense, Total		$ 92,458	$ 55,563	$ 245,730	$ 181,883
Secured Promissory Note [Member]
Debt Instrument Default, Interest Rate Percentage	15.00%
Debt Instrument, Face Amount	$ 1,200,000
Debt Instrument, Maturity Date	Dec. 31, 2020
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Interest Expense, Total		$ 30,000		$ 75,000

DEFERRED REVENUE (Details Textu

DEFERRED REVENUE (Details Textual) - USD ($)	9 Months Ended
	Dec. 31, 2017	Mar. 31, 2017
Deferred Revenue Arrangement [Line Items]
Deferred Revenue	$ 2,518,890	$ 3,278,890
Deferred Revenue, Current	1,013,333	1,013,333
Deferred Revenue, Noncurrent	$ 1,505,557	$ 2,265,557
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]
Finite-Lived Intangible Assets, Amortization Method	fifteen-year
Advance Rent	$ 200,000
Epic Collaborative Agreement [Member]
Deferred Revenue Arrangement [Line Items]
Finite-Lived Intangible Assets, Amortization Method	five-year
Advance Rent	$ 5,000,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual)	3 Months Ended		9 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2017USD ($)	Jul. 31, 2014a	Jul. 01, 2010a
Other Noncurrent Liabilities [Member]
Operating Leases Rental Properties [Line Items]
Deferred Rent Credit	$ 8,604		$ 8,604		$ 2,152
Asset Retirement Obligation	30,976		30,976		$ 29,616
General and Administrative Expense [Member]
Operating Leases Rental Properties [Line Items]
Operating Leases, Rent Expense	$ 54,909	$ 45,213	$ 164,727	$ 135,639
Property Subject to Operating Lease [Member] | Warehouse [Member]
Operating Leases Rental Properties [Line Items]
Area of Land | a							15,000
July 2014 Modification Agreement [Member] | Property Subject to Operating Lease [Member] | Warehouse [Member]
Operating Leases Rental Properties [Line Items]
Area of Land | a						35,000

MEZZANINE EQUITY (Details)

MEZZANINE EQUITY (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017	Feb. 06, 2014
Closing price on valuation date	$ 0.09	$ 0.15
Series I Convertible Preferred Stock [Member]
Shares authorized	395,758	395.758	495.758
Shares outstanding	0	0	100
Par value	$ 0.01	$ 0.01	$ 0.01
Stated value	$ 100,000	$ 100,000	$ 100,000
Conversion price	$ 0.07	$ 0.07
Common shares to be issued upon redemption	0	0
Carrying value of Series I convertible preferred stock	$ 0	$ 0

MEZZANINE EQUITY (Details 1)

MEZZANINE EQUITY (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Series I Convertible Preferred Stock [Member]
Change in carrying value of convertible preferred share mezzanine equity - Series I	$ 0	$ 0	$ 0	$ 20,714,286

MEZZANINE EQUITY (Details 2)

MEZZANINE EQUITY (Details 2) - $ / shares	1 Months Ended	9 Months Ended	12 Months Ended
	Apr. 28, 2017	Dec. 31, 2017	Mar. 31, 2017
Trials	200,000
Maximum [Member]
Risk-free rate		1.45%	1.03%
Volatility		58.40%	73.10%
Minimum [Member]
Risk-free rate		1.39%	1.02%
Volatility		58.20%	72.50%
Series J Convertible preferred stock [Member]
Fair value of the Company's common stock	$ 0.1521
Conversion price	$ 0.1521
Number of Series J Preferred issued	24.0344
Fully diluted shares outstanding as of measurement date	923,392,780
Risk-free rate	2.30%
Volatility	90.00%
Shareholder approval threshold	$ 0.1521
Series J Convertible preferred stock [Member] | Maximum [Member]
Probability of approval if ending stock price is greater than threshold - midpoint	82.50%
Series J Convertible preferred stock [Member] | Minimum [Member]
Probability of approval if ending stock price is greater than threshold - midpoint	17.50%

MEZZANINE EQUITY (Details 3)

MEZZANINE EQUITY (Details 3) - Series J Convertible preferred stock [Member] - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Shares authorized	50	0
Shares outstanding	20	0
Par value	$ 0.01	$ 0
Stated value	$ 1,000,000	$ 0
Conversion price	$ 0.15	$ 0
Common shares to be issued upon conversion	158,017,321	0
Carrying value of Series J convertible preferred stock	$ 13,903,957	$ 0

MEZZANINE EQUITY (Details Textu

MEZZANINE EQUITY (Details Textual) - USD ($)	1 Months Ended		9 Months Ended
	Apr. 28, 2017	Aug. 16, 2016	Dec. 31, 2017	Mar. 31, 2017	Feb. 06, 2014
Series I Convertible Preferred Stock [Member]
Preferred Stock, Shares Authorized			395,758	395.758	495.758
Preferred Stock, Shares Issued			0	0	100
Preferred Stock, Shares Outstanding			0	0	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
Fair value of the Company's common stock			$ 0.07	$ 0.07
Convertible Preferred Stock [Member]
Fair value of the Company's common stock		$ 0.07
Conversion of Stock, Shares Converted		100
Number of Series J Preferred issued		142,857,143
Series J Convertible preferred stock [Member]
Preferred Stock, Shares Authorized			50
Preferred Stock, Shares Issued			24.0344
Preferred Stock, Shares Outstanding			24.0344
Convertible Preferred Stock Stated Value	$ 1,000,000
Fair value of the Company's common stock	$ 0.1521
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	79,008,661
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.1521
Convertible Preferred Stock, Shares Issued upon Conversion			158,017,321
Preferred Stock, Dividend Rate, Percentage			20.00%
Equity, Fair Value Disclosure			$ 13,903,957
Preferred Stock, Par or Stated Value Per Share			$ 0.01
Series J Convertible preferred stock [Member] | Nasrat Hakim [Member]
Conversion of Stock, Shares Converted	158,017,321
Number of Series J Preferred issued	24.0344
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	79,008,661
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.1521

DERIVATIVE FINANCIAL INSTRUME63

DERIVATIVE FINANCIAL INSTRUMENTS - WARRANTS (Details) - $ / shares	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2017
Class of Warrant or Right [Line Items]
Warrant Shares, Balance at beginning of period	9,379,219	41,586,066
Warrants granted pursuant to the issuance of Series J convertible preferred shares	79,008,661	0
Warrants exercised, forfeited and/or expired, net	(2,910,532)	(32,206,847)
Warrant Shares, Balance at end of period	85,477,348	9,379,219
Weighted Average Exercise Price, Balance at beginning of period	$ 0.0625	$ 0.0625
Warrants granted pursuant to the issuance of Series J convertible preferred shares	0.1521	0
Weighted Average Exercise Price, Ending Balance	$ 0.1426	$ 0.0625

DERIVATIVE FINANCIAL INSTRUME64

DERIVATIVE FINANCIAL INSTRUMENTS - WARRANTS (Details 1) - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
	Apr. 28, 2017	Dec. 31, 2017	Mar. 31, 2017
Class of Warrant or Right [Line Items]
Estimated life (in years)	10 years	9 years 3 months 29 days
Minimum [Member]
Class of Warrant or Right [Line Items]
Volatility (based on the Company's historical volatility)		58.20%	72.50%
Estimated life (in years)		2 months 12 days	1 year
Risk free interest rate (based on 1-year treasury rate)		1.39%	1.02%
Maximum [Member]
Class of Warrant or Right [Line Items]
Volatility (based on the Company's historical volatility)		58.40%	73.10%
Estimated life (in years)		3 months 18 days	1 year 1 month 6 days
Risk free interest rate (based on 1-year treasury rate)		1.45%	1.03%
Warrant [Member]
Class of Warrant or Right [Line Items]
Fair value of the Company's common stock		$ 0.09	$ 0.15
Exercise price		$ 0.0625	$ 0.0625
Fair value of derivative financial instruments - warrants		$ 198,883	$ 843,464

DERIVATIVE FINANCIAL INSTRUME65

DERIVATIVE FINANCIAL INSTRUMENTS - WARRANTS (Details 2) - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
	Apr. 28, 2017	Dec. 31, 2017	Mar. 31, 2017
Estimated life (in years)	10 years	9 years 3 months 29 days
Minimum [Member]
Estimated life (in years)		2 months 12 days	1 year
Risk free interest rate (based on 1-year treasury rate)		1.39%	1.02%
Volatility		58.20%	72.50%
Maximum [Member]
Estimated life (in years)		3 months 18 days	1 year 1 month 6 days
Risk free interest rate (based on 1-year treasury rate)		1.45%	1.03%
Volatility		58.40%	73.10%
Warrant [Member]
Fair value of the Company's common stock	$ 0.1521	$ 0.092
Initial exercise price	$ 0.1521	$ 0.1521
Number of common warrants	79,008,661	79,008,661
Fully diluted shares outstanding as of measurement date	923,392,780	788,801,827
Risk free interest rate (based on 1-year treasury rate)	2.30%	1.93%
Volatility	90.00%	90.00%
Shareholder approval threshold	$ 0.1521	$ 0.158
Trials	200,000	100,000
Fair value of derivative financial instruments - warrants	$ 6,474,673	$ 2,351,371
Warrant [Member] | Minimum [Member]
Probability of approval is ending stock price is greater than threshold - midpoint	17.50%	10.00%
Warrant [Member] | Maximum [Member]
Probability of approval is ending stock price is greater than threshold - midpoint	82.50%	75.00%

DERIVATIVE FINANCIAL INSTRUME66

DERIVATIVE FINANCIAL INSTRUMENTS - WARRANTS (Details 3)	9 Months Ended
	Dec. 31, 2017USD ($)
Class of Warrant or Right [Line Items]
Balance as of March 31, 2017	$ 843,464
Fair value of warrants granted pursuant to the issuance of Series J convertible preferred shares	6,474,674
Change in fair value of derivative financial instruments - warrants	(4,767,884)
Balance as of December 31, 2017	$ 2,550,254

DERIVATIVE FINANCIAL INSTRUME67

DERIVATIVE FINANCIAL INSTRUMENTS - WARRANTS (Details Textual)	1 Months Ended
	Apr. 28, 2017USD ($)$ / sharesshares
Warrant Expiration Period	10 years
Chief Executive Officer [Member]
Conversion of Stock, Shares Issued	23.0344
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	79,008,661
Conversion of Stock, Shares Converted	158,017,321
Series J Convertible preferred stock [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	79,008,661
Warrants Not Settleable in Cash, Fair Value Disclosure | $	$ 6,474,673
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.1521

SHAREHOLDERS_ EQUITY (Details T

SHAREHOLDERS’ EQUITY (Details Textual) - USD ($)	May 01, 2017	Apr. 10, 2014	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues			$ 1,208,100
Proceeds from Issuance of Common Stock			1,208,100	$ 5,770,163
Lincoln Park [Member]
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues			$ 1,208,100
Common Stock Shares Issued During Period			40,000,000
Stock Issued During Period, Shares, New Issues			10,169,281
Park Capital Purchase Agreement Shares			167,336
Employee Stock Option [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Warrants And Stock Options Exercised			2,910,532
Stock Issued During Period, Value, Warrants And Stock Options Exercised			$ 181,908
Lincoln Park Capital Fund, LLC [Member]
Class of Stock [Line Items]
Common Stock Shares Issued During Period	5,540,550	40,000,000	1,928,641
Common Stock Additional Shares To Be Issued During Period			1,928,641
Proceeds from Issuance of Common Stock			$ 27,000,000
Maximum Common Stock Shares Directed to Purchase	500,000
Purchase of Common Stock Increasing Shares Per Purchase	1,000,000
Maximum Common Stock Value Directed to Purchase	$ 1,000,000
Maximum Percentage to Purchase Common Stock Shares	4.99%
Stock Issued During Period, Shares, New Issues			110,600,000
Common Stock Additional Shares Issued	5,540,550
Stock Issued During Period, Shares, Issued for Capital Purchase Agreement			3,200,000
Commitment Shares [Member] | Lincoln Park Capital Fund, LLC [Member]
Class of Stock [Line Items]
Common Stock Shares Issued During Period			5,540,551

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, Outstanding at March 31, 2017	6,737,667
Options, Granted	560,000
Options, Forfeited and expired	(516,667)
Options, Outstanding at December 31, 2017	6,781,000	6,737,667
Options, Exercisable at December 31, 2017	5,511,000
Weighted Average Exercise Price, Outstanding at March 31, 2017	$ 0.2
Weighted Average Exercise Price, Option Granted	0.16
Weighted Average Exercise Price, Option Forfeited and expired	0.59
Weighted Average Exercise Price, Outstanding at September 30, 2017	0.17	$ 0.2
Weighted Average Exercise Price, Exercisable at September 30, 2017	$ 0.17
Weighted Average Remaining Contractual Term, Outstanding (in years)	6 years 3 months 18 days	6 years 8 months 12 days
Weighted Average Remaining Contractual Term, Exercisable (in years) at September 30, 2017	5 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 65,880	$ 258,747
Aggregate Intrinsic Value, Exercisable at September 30, 2017	$ 65,880

STOCK-BASED COMPENSATION (Det70

STOCK-BASED COMPENSATION (Details 1) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, Minimum			121.00%		120.00%
Expected volatility, Maximum			123.00%		121.00%
Expected term (in years)			10 years		10 years
Risk-free interest rate, Minimum			2.20%		1.50%
Risk-free interest rate, Maximum			2.40%		2.50%
Fair value of options granted			$ 79,215		$ 373,055
Non-cash compensation through issuance of stock options	$ 37,961	$ 84,785	$ 208,719	$ 258,954	$ 357,955
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise prices	$ 0.09		$ 0.09		$ 0.13
Forfeiture rate			4.70%		2.30%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise prices	$ 0.24		$ 0.24		$ 0.33
Forfeiture rate			20.10%		4.60%

STOCK-BASED COMPENSATION (Det71

STOCK-BASED COMPENSATION (Details Textual) - USD ($)	9 Months Ended
	Dec. 31, 2017	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noninterest Expense Directors Fees	$ 829,000
Price Difference, Between Exercise Price And Quoted Price	$ 0.09	$ 0.15
Common Stock [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period Shares Payment Of Employee Salaries	6,688,914
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period Shares Payment Of Directors Fees	510,292
Shares For Payment Of Directors Fees Outstanding	645,492
Cash Made For Payment Of Director fees	$ 30,000
Due to Officers or Stockholders	40,000
Director [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noninterest Expense Directors Fees	$ 80,000
Stock Issued During Period Shares Payment Of Employee Salaries	5,287,898
Stock Issued During Period Value Payment Of Directors Fees	$ 90,000
Management [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period Shares Payment Of Employee Salaries	621,750

SALE OF NEW JERSEY STATE NET 72

SALE OF NEW JERSEY STATE NET OPERATING LOSSES (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Income Tax Expense (Benefit)	$ (1,051,329)	$ (1,870,114)	$ (1,051,329)	$ (1,870,114)
Net Operating Loss [Member]
Income Tax Expense (Benefit)			536,233
Research (Member)
Income Tax Expense (Benefit)			$ 606,516

CONCENTRATIONS AND CREDIT RISK

CONCENTRATIONS AND CREDIT RISK (Details Textual)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2017
Sales Revenue, Net [Member] | Customer Four [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	17.00%	17.00%	24.00%	17.00%
Sales Revenue, Net [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	53.00%	41.00%	55.00%	46.00%
Sales Revenue, Net [Member] | Customer Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	21.00%	37.00%	12.00%	32.00%
Accounts Receivable [Member] | Customer Three [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			12.00%		14.00%
Accounts Receivable [Member] | Customer Four [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage					12.00%
Accounts Receivable [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			52.00%		53.00%
Accounts Receivable [Member] | Customer Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			22.00%		17.00%
Cost of Goods, Total [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			69.00%	65.00%
Cost of Goods, Total [Member] | Supplier One [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			31.00%	48.00%
Cost of Goods, Total [Member] | Supplier Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage				9.00%
Cost of Goods, Total [Member] | Supplier Three [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			9.00%	9.00%

SEGMENT RESULTS (Details)

SEGMENT RESULTS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Revenue by Segment	$ 2,535,454	$ 2,330,649	$ 5,861,805	$ 8,287,493
Operating Loss by Segment	(2,058,961)	(1,722,423)	(6,430,103)	(4,164,583)
Business Segment [Member]
Operating Loss by Segment	(1,215,092)	(653,296)	(3,674,762)	(1,278,661)
Business Segment [Member] | Generic products ANDA [Member]
Revenue by Segment	2,285,454	2,080,649	5,111,805	7,537,493
Operating Loss by Segment	(322,063)	(302,110)	(1,417,044)	(38,576)
Business Segment [Member] | Branded products NDA [Member]
Revenue by Segment	250,000	250,000	750,000	750,000
Operating Loss by Segment	$ (893,029)	$ (351,186)	$ (2,257,718)	$ (1,240,085)

SEGMENT RESULTS (Details 1)

SEGMENT RESULTS (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Operating loss by segment	$ (2,058,961)	$ (1,722,423)	$ (6,430,103)	$ (4,164,583)
Interest income	4,461	3,151	12,862	9,407
Depreciation and amortization expense	(7,196)	(21,032)	(21,149)	(64,408)
Income (loss) from operations	(1,541,510)	(203,364)	(1,895,087)	5,131,261
Business Segment [Member]
Operating loss by segment	(1,215,092)	(653,296)	(3,674,762)	(1,278,661)
Corporate unallocated costs	(105,351)	(1,017,047)	(1,832,723)	(2,017,976)
Interest income	4,461	3,151	12,862	9,407
Interest expense and amortization of debt issuance costs	(92,458)	(55,563)	(245,730)	(181,883)
Depreciation and amortization expense	(7,196)	(21,032)	(21,149)	(64,408)
Significant non-cash items	(731,322)	(31,048)	(901,469)	(803,538)
Change in fair value of derivative instruments	605,448	1,571,471	4,767,884	9,468,320
Income (loss) from operations	$ (1,541,510)	$ (203,364)	$ (1,895,087)	$ 5,131,261

COLLABORATIVE AGREEMENT WITH 76

COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC (Details Textual) - USD ($) $ in Millions	1 Months Ended		9 Months Ended
	Jan. 31, 2016	Jun. 30, 2015	Dec. 31, 2017
Epic Collaborative Agreement [Member]
Revenue Recognition, Milestone Method [Line Items]
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
Epic Pharma Llc [Member]
Revenue Recognition, Milestone Method [Line Items]
To Be Receive Future License Fees			$ 7.5

RELATED PARTY TRANSACTION AGR77

RELATED PARTY TRANSACTION AGREEMENTS WITH EPIC PHARMA LLC (Details Textual) $ in Thousands	9 Months Ended
	Dec. 31, 2017USD ($)
Epic Pharma Llc [Member]
Milestone Payments	$ 2,500
To Be Receive Future License Fees	7,500
Due to Related Parties	1,800
Related Party Transaction, Amounts of Transaction	1,000
Epic Generic Agreement [Member]
Related Party Transaction, Amounts of Transaction	800
Epic [Member]
Milestone Payments	$ 10,000

MANUFACTURING, LICENSE AND DE78

MANUFACTURING, LICENSE AND DEVELOPMENT AGREEMENTS (Details Textual) - USD ($) $ in Thousands	Sep. 10, 2010	Dec. 31, 2017
Revenue Recognition, Milestone Method, Milestone		The milestones, totaling $500k (with $405k already received), 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

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	Feb. 02, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock		$ 1,208,100	$ 5,770,163
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock	$ 271,475
Stock Issued During Period, Shares, New Issues	2,677,495
Stock Issued During Period, Shares, Additional Commitment Issues	37,604