Elite Pharmaceuticals (ELTP) 10-K 14 Jun 18 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2018	Jun. 07, 2018	Sep. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Entity Registrant Name	ELITE PHARMACEUTICALS INC /NV/
Entity Central Index Key	1,053,369
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 79,380,644
Trading Symbol	ELTP
Entity Common Stock, Shares Outstanding		803,638,617

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Current assets:
Cash	$ 7,179,237	$ 10,594,693
Accounts receivable, net of allowance for doubtful accounts of $-0-, respectively	675,879	934,059
Inventory	4,898,001	6,415,966
Prepaid expenses and other current assets	949,284	468,002
Total current assets	13,702,401	18,412,720
Property and equipment, net of accumulated depreciation of $8,408,979 and $7,426,752, respectively	8,993,708	9,039,404
Intangible assets, net of accumulated amortization of $-0-, respectively	7,713,001	6,419,091
Other assets:
Restricted cash - debt service for NJEDA bonds	391,566	389,081
Security deposits	81,932	50,846
Total other assets	473,498	439,927
Total assets	30,882,608	34,311,142
Current liabilities:
Accounts payable	1,658,137	1,049,815
Accrued expenses	1,788,571	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	578,841	416,148
Total current liabilities	5,114,704	3,344,746
Long-term liabilities:
Deferred revenue, net of current portion	1,252,223	2,265,557
Bonds payable, net of current portion and bond issuance costs	1,508,134	1,583,956
Senior secured promissory note - related party	1,200,000	0
Loans payable, net current portion	623,020	577,612
Derivative financial instruments - warrants	2,667,871	843,464
Other long-term liabilities	41,144	31,770
Total long-term liabilities	7,292,392	5,302,359
Total liabilities	12,407,096	8,647,105
Shareholders' equity:
Common stock; par value $0.001; 995,000,000 shares authorized; 802,626,761 shares issued and 802,526,761 outstanding as of March 31, 2018; 928,031,448 shares issued and 927,931,448 outstanding as of March 31, 2017	802,629	928,034
Additional paid-in capital	146,602,502	163,896,410
Treasury stock; 100,000 shares as of March 31, 2018 and March 31, 2017; at cost	(306,841)	(306,841)
Accumulated deficit	(142,526,738)	(138,853,566)
Total shareholders' equity	4,571,552	25,664,037
Total liabilities, mezzanine equity and shareholders' equity	30,882,608	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 March 31, 2018; 0 shares authorized, 0 issued and outstanding as of March 31, 2017	$ 13,903,960	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Allowance for Doubtful Accounts Receivable, Current	$ 0	$ 0
Accumulated depreciation	8,408,979	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	802,626,761	928,031,448
Common stock, shares outstanding	802,526,761	927,931,448
Treasury stock, shares	100,000	100,000

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Manufacturing fees	$ 5,199,006	$ 7,326,959	$ 8,002,866
Licensing fees	2,259,705	2,310,756	4,495,466
Total revenue	7,458,711	9,637,715	12,498,332
Cost of revenue	3,511,123	5,898,405	4,484,162
Gross profit	3,947,588	3,739,310	8,014,170
Operating expenses:
Research and development	9,621,365	8,301,693	12,428,783
General and administrative	2,332,289	2,083,226	2,903,178
Non-cash compensation through issuance of stock options	244,753	357,955	333,362
Depreciation and amortization	800,460	352,369	665,647
Total operating expenses	12,998,867	11,095,243	16,330,970
Loss from operations	(9,051,279)	(7,355,933)	(8,316,800)
Other income (expense):
Interest expense and amortization of debt issuance costs	(335,498)	(238,223)	(280,670)
Change in fair value of derivative instruments	4,650,266	9,525,103	7,394,006
Interest income	17,510	12,620	0
Other income, net	4,332,278	9,299,500	7,113,336
Income (loss) from operations before the benefit from sale of state net operating loss credits	(4,719,001)	1,943,567	(1,203,464)
Net benefit from sale of state net operating loss credits	1,045,829	1,867,614	520,452
Net (loss) income	(3,673,172)	3,811,181	(683,012)
Change in carrying value of convertible preferred share mezzanine equity	0	20,714,286	(9,285,715)
Net (loss) income attributable to common shareholders	$ (3,673,172)	$ 24,525,467	$ (9,968,727)
Basic (loss) income per share attributable to common shareholders	$ 0	$ 0.03	$ (0.01)
Diluted loss per share attributable to common shareholders	$ (0.01)	$ (0.01)	$ (0.01)
Basic weighted average Common Stock outstanding	796,069,419	838,665,804	673,905,485
Diluted weighted average Common Stock outstanding	798,169,419	844,506,245	673,905,485

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]
Balane at Mar. 31, 2015	$ (34,731,086)	$ 631,162	$ 106,926,328	$ (306,841)	$ (141,981,735)
Balance (in shares) at Mar. 31, 2015		631,160,701		100,000
Net income (loss)	(683,012)				(683,012)
Change in value of convertible preferred mezzanine equity	(9,285,715)		(9,285,715)
Issuance of Common Stock pursuant to the exercise of cash warrants	3,017,748	$ 48,284	2,969,464
Issuance of Common Stock pursuant to the exercise of cash warrants (in shares)		48,283,968
Common Stock issued in payment of consulting expenses	24,000	$ 97	23,903
Common Stock issued in payment of consulting expenses (in shares)		97,467
Issuance of Common Stock pursuant to the exercise of cash options	23,751	$ 113	23,638
Issuance of Common Stock pursuant to the exercise of cash options (in shares)		112,500
Common Stock issued in payment of employee salaries	1,039,000	$ 4,237	1,034,763
Common Stock issued in payment of employee salaries (in shares)		4,236,555
Common Stock issued in payment of Directors' Fees	100,071	$ 409	99,662
Common Stock issued in payment of Directors' Fees (in shares)		408,892
Common Stock issued as commitment shares pursuant to the Lincoln Park purchase agreement	84,102	$ 299	83,803
Common Stock issued as commitment shares pursuant to the Lincoln Park purchase agreement (in shares)		298,923
Costs associated with raising capital	(84,102)		(84,102)
Common Stock sold pursuant to the Lincoln Park purchase agreement	6,199,643	$ 23,945	6,175,698
Common Stock sold pursuant to the Lincoln Park purchase agreement (in shares)		23,945,346
Non-cash compensation through the issuance of employee stock options	333,363		333,363
Milestone shares issued pursuant to EPIC Strategic Alliance Agreement	840,000	$ 3,000	837,000
Milestone shares issued pursuant to EPIC Strategic Alliance Agreement (in shares)		3,000,000
Retirement of Common Stock (in shares)		0
Balance at Mar. 31, 2016	(33,122,237)	$ 711,546	109,137,805	$ (306,841)	(142,664,747)
Balance (in shares) at Mar. 31, 2016		711,544,352		100,000
Net income (loss)	3,811,181				3,811,181
Change in value of convertible preferred mezzanine equity	20,714,286		20,714,286
Issuance of Common Stock pursuant to the exercise of cash warrants	1,847,680	$ 29,563	1,818,117
Issuance of Common Stock pursuant to the exercise of cash warrants (in shares)		29,562,876
Common Stock issued in payment of consulting expenses	24,167	$ 106	24,061
Common Stock issued in payment of consulting expenses (in shares)		106,416
Issuance of Common Stock pursuant to the exercise of cash options	8,800	$ 100	8,700
Issuance of Common Stock pursuant to the exercise of cash options (in shares)		100,000
Common Stock issued in payment of employee salaries	822,751	$ 3,634	819,117
Common Stock issued in payment of employee salaries (in shares)		3,633,397
Common Stock issued in payment of Directors' Fees	73,361	$ 334	73,027
Common Stock issued in payment of Directors' Fees (in shares)		334,295
Common Stock issued as commitment shares pursuant to the Lincoln Park purchase agreement	82,961	$ 366	82,595
Common Stock issued as commitment shares pursuant to the Lincoln Park purchase agreement (in shares)		366,118
Costs associated with raising capital	(121,587)		(121,587)
Common Stock sold pursuant to the Lincoln Park purchase agreement	7,593,289	$ 39,527	7,553,762
Common Stock sold pursuant to the Lincoln Park purchase agreement (in shares)		39,526,851
Non-cash compensation through the issuance of employee stock options	357,955		357,955
Common Stock issued pursuant to the conversion of Series I Convertible Preferred Shares	23,571,430	$ 142,858	23,428,572
Common Stock issued pursuant to the conversion of Series I Convertible Preferred Shares (in shares)		142,857,143
Milestone shares issued pursuant to EPIC Strategic Alliance Agreement (in shares)		0
Retirement of Common Stock (in shares)		0
Balance 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 income (loss)	(3,673,172)				(3,673,172)
Change in value of convertible preferred mezzanine equity	0
Issuance of Common Stock pursuant to the exercise of cash warrants	353,643	$ 5,658	347,985
Issuance of Common Stock pursuant to the exercise of cash warrants (in shares)		5,658,295
Common Stock issued in payment of consulting expenses	26,000	$ 211	25,789
Common Stock issued in payment of consulting expenses (in shares)		211,392
Issuance of Common Stock pursuant to the exercise of cash options (in shares)		0
Common Stock issued in payment of employee salaries	305,000	$ 2,461	302,539
Common Stock issued in payment of employee salaries (in shares)		2,460,941
Common Stock issued in payment of Directors' Fees	80,000	$ 645	79,355
Common Stock issued in payment of Directors' Fees (in shares)		645,496
Common Stock issued as additional commitment shares pursuant to the LPC purchase agreement	35,204	$ 277	34,927
Common Stock issued as additional commitment shares pursuant to the LPC purchase agreement (in shares)		277,009
Common Stock issued as commitment shares pursuant to the Lincoln Park purchase agreement	919,732	$ 5,541	914,191
Common Stock issued as commitment shares pursuant to the Lincoln Park purchase agreement (in shares)		5,540,551
Costs associated with raising capital	(1,004,892)		(1,004,892)
Common Stock sold pursuant to the Lincoln Park purchase agreement	1,999,878	$ 17,819	1,982,059
Common Stock sold pursuant to the Lincoln Park purchase agreement (in shares)		17,818,950
Non-cash compensation through the issuance of employee stock options	244,753		244,753
Milestone shares issued pursuant to EPIC Strategic Alliance Agreement (in shares)
Retirement of Common Stock	(20,378,631)	$ (158,017)	(20,220,614)
Retirement of Common Stock (in shares)		(158,017,321)
Balance at Mar. 31, 2018	$ 4,571,552	$ 802,629	$ 146,602,502	$ (306,841)	$ (142,526,738)
Balance (in shares) at Mar. 31, 2018		802,626,761		100,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (3,673,172)	$ 3,811,181	$ (683,012)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	996,406	714,530	666,461
Change in fair value of derivative financial instruments - warrants	(4,650,266)	(9,525,103)	(7,394,006)
Non-cash compensation accrued	925,000	409,750	573,667
Salaries and Directors fees satisfied by the issuance of Common Stock	385,000	896,112	1,139,071
Consulting expenses paid via the issuance of Common Stock	26,000	24,167	24,000
Non-cash compensation from the issuance of Common Stock and options	244,753	357,955	333,363
Milestone shares issued pursuant to Epic Strategies Alliance Agreement	0	0	840,000
Non-cash rent expense	7,549	(17,374)	(22,996)
Non-cash lease accretion	1,828	1,721	1,621
Bad debt recovery	0	0	(117,095)
Change in operating assets and liabilities:
Accounts receivable	258,180	596,237	33,240
Inventory	1,517,965	(3,122,237)	(261,727)
Prepaid expenses and other current assets	(512,368)	(92,382)	160,076
Accounts payable, accrued expenses and other current liabilities	677,268	(925,088)	(2,211,414)
Deferred revenue and customer deposits	(1,013,334)	(1,013,330)	4,153,330
Net cash used in operating activities	(4,809,191)	(7,883,861)	(2,765,421)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(180,937)	(1,097,562)	(1,918,804)
Intellectual property costs	(93,910)	(7,292)	(30,025)
Restricted cash	(2,485)	(122)	0
Net cash used in investing activities	(277,332)	(1,104,976)	(1,948,829)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from cash warrant and options exercises	353,643	1,856,480	3,041,499
Proceeds and repayments of line of credit, related party - net	0	(718,309)	135,238
Other loan payments	(547,496)	(401,485)	(404,131)
Costs associated with raising capital	(49,957)	(38,624)	0
Payment of NJEDA Bonds	(85,001)	(220,000)	(210,000)
Proceeds from sale of Common Stock to Lincoln Park Capital	1,999,878	7,593,289	6,199,643
Net cash provided by financing activities	1,671,067	8,071,351	8,762,249
Net change in cash	(3,415,456)	(917,486)	4,047,999
Cash, beginning of period	10,594,693	11,512,179	7,464,180
Cash, end of period	7,179,237	10,594,693	11,512,179
Supplemental disclosure of cash and non-cash transactions:
Cash paid for interest	135,146	142,351	215,878
Cash paid for taxes	5,500	2,500	4,048
Financing of equipment purchases and insurance renewal	755,594	308,834	442,399
Issuance of Senior Promissory Note pursuant ANDA asset acquisition	1,200,000	0	0
Conversion of Series I convertible preferred shares into Common Stock	0	23,571,430	0
Commitment shares issued to Lincoln Park Capital	954,936	69,425	84,102
Change in carrying value of convertible preferred mezzanine equity	0	20,714,286	(9,285,715)
Retirement of Common Stock pursuant to the issuance of Series J convertible preferred shares	$ 20,378,631	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2018
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 audited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and in conformity with the instructions on Form 10-K and Rule 8-03 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). The 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 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. In connection with the preparation of the financial statements for the year ended March 31, 2018, 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 audited consolidated financial statements. Please see note 17 for further details. 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-part evidence of selling price. If neither vendor-specific objective evidence nor third-party evidence of selling price exists for a deliverable, the Company uses its best estimate of the selling price for that deliverable when applying the relative selling price method. In deciding whether we can determine vendor-specific objective evidence or third-party evidence of selling price, the Company does not ignore information that is reasonably available without undue cost and effort. When determining the selling price for significant deliverables under a multiple-element revenue arrangement, the Company considers any or all of the following, 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, 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 The Company entered into a Master Development and License Agreement with SunGen Pharma LLC dated August 24, 2016 (the “ SunGen Agreement 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 March 31, 2018, and 2017, the Company had $ 391,566 389,081 NJEDA 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 March 31, 2018, the Company did not identify any indicators of impairment. Research and development expenditures are charged to expense as incurred. Lease agreements are evaluated to determine if they are capital leases meeting any of the following criteria at inception: (a) transfer of ownership; (b) bargain purchase option; (c) the lease term is equal to 75 percent or more of the estimated economic life of the leased property; or (d) the present value at the beginning of the lease term of the minimum lease payments, excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, including any profit thereon, equals or exceeds 90 percent of the excess of the fair value of the leased property to the lessor at lease inception over any related investment tax credit retained by the lessor and expected to be realized by the lessor. If at its inception a lease meets any of the four lease criteria above, the lease is classified by the Company as a capital lease; and if none of the four criteria are met, the lease is classified by the Company as an operating lease. 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 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 tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Where applicable, the Company records a valuation allowance to reduce any deferred tax assets that it determines will not be realizable in the future. The Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on income tax returns it files if such tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. These tax benefits are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company operates in multiple tax jurisdictions within the United States of America. The Company remains subject to examination in all tax jurisdiction until the applicable statutes of limitation expire. As of March 31, 2018, a summary of the tax years that remain subject to examination in our major tax jurisdictions are: United States – Federal, 2014 and forward, and State, 2010 and forward. The Company did not record unrecognized tax positions for the years ended March 31, 2018, 2017, and 2016. 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 simple average closing price of the Company’s common stock. The Company follows ASC 260, Earnings Per Share For the Years Ended March 31, 2018 2017 2016 Numerator Net income (loss) attributable to common shareholders - basic $ (3,673,172) $ 24,525,467 $ (9,968,727) Effect of dilutive instrument on net (loss) income (4,650,266) (30,239,389) 1,891,709 Net income (loss) attributable to common shareholders - diluted $ (8,323,438) $ (5,713,922) $ (8,077,018) Denominator Weighted average shares of common stock outstanding - basic 796,069,419 838,665,804 673,905,485 Dilutive effect of stock options, warrants and convertible securities 2,100,000 5,840,441 - Weighted average shares of common stock outstanding - diluted 798,169,419 844,506,245 673,905,485 Net income (loss) per share Basic $ (0.00) $ 0.03 $ (0.01) Diluted $ (0.01) $ (0.01) $ (0.01) ASC Topic 820, Fair Value Measurements and Disclosures ASC Topic 820 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 March 31, 2018 Liabilities Derivative financial instruments - warrants $ 2,667,871 $ - $ - $ 2,667,871 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. Based upon current borrowing rates with similar maturities the carrying value of long-term debt approximates fair value. 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 (deficit). In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2017-01, Business Combinations: Clarifying the Definition of a Business Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers On July 9, 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The Company developed an implementation plan to adopt this new guidance, which included an assessment of the impact of the new guidance on our financial position and results of operations. The Company has completed its assessment and has determined that this standard will have no material impact on its financial position or results of operations, except enhanced disclosure regarding revenue recognition, including disclosures of revenue streams, performance obligations, variable consideration and the related judgments and estimates necessary to apply the new standard. On April 1, 2018, the Company adopted the new accounting standard ASC 606, Revenue from Contracts with Customers and for all open contracts and related amendments as of April 1, 2018 using the modified retrospective method. Results for reporting periods beginning after April 1, 2018 will be presented under ASC 606, while the comparative information will not be restated and will continue to be reported under the accounting standards in effect for those periods. From March 2016 through December 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. 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 January 2017, the FASB issued ASU No 2017-04 Intangibles-Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment In May 2017, the FASB issued ASU No 2017-09 Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting 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. Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.

ASSET ACQUISITION

ASSET ACQUISITION	12 Months Ended
	Mar. 31, 2018
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	12 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	NOTE 3. INVENTORY Inventory consisted of the following: March 31, 2018 2017 Finished goods $ 229,204 $ 221,657 Work-in-progress 297,350 283,086 Raw materials 4,371,447 5,911,223 $ 4,898,001 $ 6,415,966

PROPERTY AND EQUIPMENT,NET

PROPERTY AND EQUIPMENT,NET	12 Months Ended
	Mar. 31, 2018
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: March 31, 2018 2017 Land, building and improvements $ 7,675,317 $ 7,308,890 Laboratory, manufacturing and warehouse equipment 9,302,277 8,764,406 Office equipment and software 308,434 276,201 Furniture and fixtures 49,804 49,804 Transportation equipment 66,855 66,855 17,402,687 16,466,156 Less: Accumulated depreciation (8,408,979) (7,426,752) $ 8,993,708 $ 9,039,404 Depreciation expense was $ 982,227 700,351 652,284

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure [Text Block]	NOTE 5. INTANGIBLE ASSETS March 31, 2018 Estimated Gross Useful Carrying Accumulated Net Book Life Amount Additions Amortization Value Patent application costs * $ 371,774 $ 93,910 $ - $ 465,684 ANDA acquisition costs Indefinite 6,047,317 1,200,000 - 7,247,317 $ 6,419,091 $ 1,293,910 $ - $ 7,713,001 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	12 Months Ended
	Mar. 31, 2018
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 audited consolidated balance sheets. The NJEDA Bonds require the Company to make an annual principal payment on September 1 st st st 6.5 March 31, 2018 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 Less: Accumulated amortization (178,409) (164,231) Bond offering costs, net $ (178,409) $ 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 (161,866) (176,044) Long term portion of bonds payable, net of bond offering costs $ 1,508,134 $ 1,583,956 Amortization expense was $ 14,178 Years ending March 31, Amount 2019 $ 90,000 2020 95,000 2021 105,000 2022 110,000 2023 115,000 Thereafter 1,245,000 $ 1,760,000

LOANS PAYABLE

LOANS PAYABLE	12 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Long-term Debt [Text Block]	NOTE 7. LOANS PAYABLE March 31, 2018 2017 Equipment and insurance financing loans payable, between 3% and 13% interest and maturing between August 2018 and January 2023 $ 1,201,861 $ 993,760 Less: Current portion of loans payable (578,841) (416,148) Long-term portion of loans payable $ 623,020 $ 577,612 The interest expense associated with the loans payable was $ 119,890 87,307 95,822 Years ending March 31, Amount 2019 $ 578,840 2020 309,836 2021 151,533 2022 122,339 2023 39,313 $ 1,201,861

RELATED PARTY SECURED PROMISSOR

RELATED PARTY SECURED PROMISSORY NOTE WITH MIKAH PHARMA LLC	12 Months Ended
	Mar. 31, 2018
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, the Company issued a Secured Promissory Note (the “Note”) to Mikah for the principal sum of $1,200,000. The Note matures on December 31, 2020 in which the Company shall pay the outstanding principal balance of the Note. Interest shall be computed on the unpaid principal amount at the per annum rate of ten percent (10%); provided, upon the occurrence of an Event of Default as defined within the Note, the principal balance shall bear interest from the date of such occurrence until the date of actual payment at the per annum rate of fifteen percent (15%). All interest payable hereunder shall be computed on the basis of actual days elapsed and a year of 360 days. Installment payments of interest on the outstanding principal shall be paid as follows: quarterly commencing August 1, 2017 and on November 1, February 1, May 1 and August 1 of each year thereafter. All unpaid principal and accrued but unpaid interest shall be due and payable in full on the maturity date. The interest expense associated with the Note was $105,000 for the year ended March 31, 2018.

DEFERRED REVENUE

DEFERRED REVENUE	12 Months Ended
	Mar. 31, 2018
Deferred Revenue Disclosure [Abstract]
Deferred Revenue Disclosure [Text Block]	NOTE 9. DEFERRED REVENUE Deferred revenues in the aggregate amount of $ 2,265,556 1,013,333 1,252,223 3,278,890 1,013,333 2,265,557 200,000 5,000,000

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Mar. 31, 2018
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 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 15,000 35,000 135 Ludlow Ave. modified lease The 135 Ludlow Ave. modified lease includes an initial term, which expires 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 years ended March 31, 2018, 2017, and 2016 was $ 219,636 190,550 180,854 9,702 2,152 Years ending March 31, Amount 2019 $ 216,321 2020 220,650 2021 225,063 2022 229,563 2023 234,156 Thereafter 920,076 $ 2,045,829 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 31,443 29,616

MEZZANINE EQUITY

MEZZANINE EQUITY	12 Months Ended
	Mar. 31, 2018
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 495.758 100 100,000 0.01 100 142,857,143 0.07 COD 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. March 31, 2018 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 Stock to be issued upon redemption - - Closing price on valuation date $ 0.09 $ 0.15 Carrying value of Series I convertible preferred stock $ - $ - For the Years Ended March 31, 2018 2017 2016 Change in carrying value of convertible preferred share mezzanine equity – Series I $ - $ 20,714,286 $ (9,285,715) Series J convertible preferred stock On April 28, 2017, the Company created the Series J Convertible Preferred Stock (“ Series J Preferred Series J COD 50 24.0344 1,000,000 0.01 The issued shares were pursuant to an Exchange Agreement with Nasrat Hakim, (“ Hakim 158,017,321 24.0344 79,008,661 0.1521 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 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 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 Dividend Entitlement Period 20 Dividend Share Amount 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 13,903,960 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 March 31, 2018 March 31, 2017 Shares authorized 50.000 - Shares outstanding 24.0344 - Par value $ 0.01 $ - Stated value $ 1,000,000 $ - Conversion price $ 0.1521 $ - Common Stock to be issued upon conversion 158,017,321 - Carrying value of Series J convertible preferred stock $ 13,903,960 $ -

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS - WARRANTS	12 Months Ended
	Mar. 31, 2018
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 seven to ten years, to various corporations and individuals, in connection with the sale of securities, loan agreements and consulting agreements. March 31, 2018 2017 2016 Warrant Weighted Warrant Weighted Warrant Weighted Balance at beginning of year 9,379,219 $ 0.0625 41,586,066 $ 0.0625 89,870,034 $ 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 (9,379,219) $ 0.0625 (32,206,847) $ 0.0625 (48,283,968) $ 0.0625 Balance at end of year 79,008,661 $ 0.1521 9,379,219 $ 0.0625 41,586,066 $ 0.0625 Please note that all of the warrants issued prior to Fiscal 2018 were fully exercised, forfeited and/or expired on or before March 31, 2018. At March 31, 2018, the remaining warrants outstanding are held by Mr. Nasrat Hakim, the Company’s Chief Executive Officer in conjunction with the Exchange Agreement described below. March 31, 2017 2016 Fair value of the Company's common stock $ 0.15 $ 0.31 Volatility (based on the Company's historical volatility) 72.5% - 73.1% 52% - 81% Exercise price $ 0.0625 $ 0.0625 Estimated life (in years) 1.0 - 1.1 0.2 - 2.1 Risk free interest rate (based on 1-year treasury rate) 1.02% - 1.03% 0.18% - 0.73% On April 28, 2017, the Company entered into an exchange agreement (the “ Exchange Agreement 24.0344 Series J Preferred 79,008,661 Securities 158,017,321 6,474,674 The Series J Warrants are exercisable for a period of 10 0.1521 79,008,661 March 31, 2018 April 28, 2017 Fair value of the Company's Common Stock $ 0.1000 $ 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 791,516,930 923,392,780 Warrant term (in years) 9.08 10.00 Risk-free rate 2.72 % 2.30 % Volatility 90.00 % 90.00 % Shareholder approval threshold $ 0.1580 $ 0.1521 Probability of approval if ending stock price is greater than threshold - midpoint 82.50 % 82.50 % Probability of approval if ending stock price is greater than threshold - midpoint 17.50 % 17.50 % Trials 100,000 200,000 Fair value of derivative financial instruments - warrants $ 2,667,871 $ 6,474,674 Balance as of March 31, 2016 $ 10,368,567 Change in fair value of derivative financial instruments - warrants (9,525,103) 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 (4,650,267) Balance as of March 31, 2018 $ 2,667,871

SHAREHOLDERS' EQUITY (DEFICIT)

SHAREHOLDERS' EQUITY (DEFICIT)	12 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 13. SHAREHOLDERS’ EQUITY (DEFICIT) Lincoln Park Capital – April 10, 2014 Purchase Agreement On April 10, 2014, the Company entered into a Purchase Agreement (the “ Lincoln Park Purchase Agreement Purchase Agreement Registration Rights Agreement Lincoln Park 40 Upon execution of the Purchase Agreement, the Company issued 1,928,641 1,928,641 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 2017 LPC Registration Rights Agreement 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 Regular Purchases 1,000,000 4.99 In connection with the 2017 LPC Purchase Agreement, the Company issued to Lincoln Park 5,540,551 5,540,551 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. The Company, from time to time and at the Company’s sole discretion but no more frequently than every other business day, could direct Lincoln Park to purchase (a “ Regular Purchase 500,000 800,000 760,000 0.10 In addition to Regular Purchases, on any business day on which the Company has properly submitted a Regular Purchase notice and the closing sale price is not below $ 0.15 Accelerated Purchase 30 97 In the case of both Regular Purchases and Accelerated Purchases, the purchase price per share will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction occurring during the business days used to compute the purchase price. Other than as set forth above, there are no trading volume requirements or restrictions under the Purchase Agreement, and the Company will control the timing and amount of any sales of the Company’s common stock to Lincoln Park. The Company’s sales of shares of common stock to Lincoln Park under the Purchase Agreement are limited to no more than the number of shares that would result in the beneficial ownership by Lincoln Park and its affiliates, at any single point in time, of more than 9.99 The Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties, agreements, and conditions to completing future sale transactions, indemnification rights and obligations of the parties. The Company has the right to terminate the Purchase Agreement at any time, at no cost or penalty. Actual sales of shares of common stock to Lincoln Park under the Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, including, without limitation, market conditions, the trading price of the Common Stock and determinations by the Company as to appropriate sources of funding for the Company and its operations. There are no trading volume requirements or restrictions under the Purchase Agreement. Lincoln Park has no right to require any sales by the Company but is obligated to make purchases from the Company as it directs in accordance with the Purchase Agreement. Lincoln Park has covenanted not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of Company shares. The net proceeds under the Purchase Agreement to the Company will depend on the frequency and prices at which the Company sells shares of its stock to Lincoln Park. During the year ended March 31, 2018, a total of 17,818,950 1,999,878 5,540,551 277,009 Summary of Common Stock Activity 32,612,634 216,487,096 80,383,651 Years Ended March 31, 2018 2017 2016 Common Stock sold pursuant to the Lincoln Park Capital Purchase Agreements, with net proceeds of such shares totaling $1,999,878, $7,593,289 and $6,199,643 for the years ended March 31, 2018, 2017 and 2016, respectively. 17,818,950 39,526,851 23,945,346 Common Stock issued as initial and additional commitment shares pursuant to the Lincoln Park Capital Purchase Agreements 5,817,560 366,118 298,923 Common Stock issued pursuant to the conversion of Series I Convertible Preferred Share derivatives, with such derivative liabilities totaling $0, $23,571,430, and $0 for the years ended March 31, 2018, 2017 and 2016, respectively, at the time of their conversion. - 142,857,143 - Common Stock issued in payment of Director’s fees totaling $80,000, $73,361, and $100,071 for the years ended March 31, 2018, 2017 and 2016, respectively. 645,496 334,295 408,892 Common Stock issued in payment of employee salaries totaling $305,000, $822,751, and $1,039,000 for the years ended March 31, 2018, 2017 and 2016, respectively. 2,460,941 3,633,397 4,236,555 Common Stock issued in payment of consulting expenses totaling $26,000, $24,167, and $24,000 for the years ended March 31, 2018, 2017 and 2016, respectively. 211,392 106,416 97,467 Common Stock issued pursuant to the exercise of cash warrants 5,658,295 29,562,876 48,283,968 Common Stock issued pursuant to the exercise of cash options - 100,000 112,500 Milestone Common Stock issued pursuant to EPIC Strategic Alliance Agreement totaling $0, $0, and $840,000 for the years ended March 31, 2018, 2017 and 2016, respectively. - 3,000,000 32,612,634 216,487,096 80,383,651 Retirement of Common Stock (158,017,321) - - Common Stock issued 802,626,761 928,031,448 711,544,352

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Mar. 31, 2018
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 years ended March 31, 2018, 2017, and 2016 the Company issued 645,496 334,295 408,892 80,000 73,361 100,071 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 year ended March 31, 2018, the Company issued 2,460,941 305,000 228,750 76,250 4,329,135 500,000 As of March 31, 2018, the Company owes its President and Chief Executive Officer, Chief Financial Officer and certain other employees, a total of approximately 5.9 1.3 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. Shares Underlying Weighted Weighted Average Aggregate Intrinsic Outstanding at April 1, 2015 7,642,167 $ 0.48 7.4 $ 635,996 Granted 360,000 0.38 Forfeited and expired (280,000) 0.60 Exercised (112,500) 0.21 Outstanding at March 31, 2016 7,609,667 $ 0.48 6.5 $ 904,409 Granted 1,350,000 0.20 Forfeited and expired (2,122,000) 1.18 Exercised (100,000) 0.09 Outstanding at March 31, 2017 6,737,667 $ 0.20 6.7 $ 258,747 Granted 640,000 0.16 Forfeited and expired - - Exercised (759,667) 0.56 Outstanding at March 31, 2018 6,618,000 $ 0.16 6.1 $ 90,390 Exercisable at March 31, 2018 5,418,000 $ 0.15 5.6 $ 90,000 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 March 31, 2018, 2017, and 2016 was $ 0.10 0.15 0.31 March 31, 2018 2017 2016 Volatility (based on the Company's historical volatility) 121% - 123% 120% - 121% 119% - 120% Exercise price $ 0.09 - 0.24 $ 0.13 - 0.33 $ 0.23 - 0.42 Estimated term (in years) 10 10 10 Risk free interest rate (based on 1-year treasury rate) 2.2% - 2.4% 1.5% - 2.5% 2.1% - 2.2% Forfeiture rate 0.0% - 20.1% 2.3% - 4.6% 2.7% Fair value of options granted $ 79,215 $ 373,055 $ 129,913 Non-cash compensation through issuance of stock options $ 244,753 $ 357,955 $ 333,362

SALE OF NEW JERSEY STATE NET OP

SALE OF NEW JERSEY STATE NET OPERATING LOSSES	12 Months Ended
	Mar. 31, 2018
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 year ended March 31, 2018, 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 $ 439,313 606,516 1,045,829

CONCENTRATIONS AND CREDIT RISK

CONCENTRATIONS AND CREDIT RISK	12 Months Ended
	Mar. 31, 2018
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	NOTE 16. CONCENTRATIONS AND CREDIT RISK Revenues Four customers accounted for substantially all the Company’s revenues for the year ended March 31, 2018. These four customers accounted for approximately 52 24 15 Three customers accounted for substantially all the Company’s revenues for the year ended March 31, 2017. These three customers accounted for approximately 46 29 19 Three customers accounted for substantially all the Company’s revenues for the year ended March 31, 2016. These three customers accounted for approximately 36 30 27 Accounts Receivable Four customers accounted for substantially all the Company’s accounts receivable as of March 31, 2018. These four customers accounted for approximately 52 14 12 11 Four customers accounted for substantially all the Company’s accounts receivable as of March 31, 2017. These four customers accounted for approximately 53 17 14 12 Three customers accounted for substantially all the Company’s accounts receivable as of March 31, 2016. These three customers accounted for approximately 54 30 8 Purchasing Three suppliers accounted for more than 60 29 27 5 Three suppliers accounted for more than 65 51 9 8 For the year ended March 31, 2016, the same three suppliers accounted for more than 70 42 23 10

SEGMENT RESULTS

SEGMENT RESULTS	12 Months Ended
	Mar. 31, 2018
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 audited consolidated financial statements. Years Ended March 31, 2018 2017 2016 Revenue by Segment ANDA $ 6,458,711 $ 8,637,715 $ 9,164,999 NDA 1,000,000 1,000,000 3,333,333 $ 7,458,711 $ 9,637,715 $ 12,498,332 Years Ended March 31, 2018 2017 2016 Operating Income (Loss) by Segment ANDA $ (1,827,943) $ (522,160) $ 4,940,515 NDA (3,019,859) (3,415,246) (9,305,998) $ (4,847,802) $ (3,937,406) $ (4,365,483) Years Ended March 31, 2018 2017 2016 Operating loss by segment $ (4,847,802) $ (3,937,406) $ (4,365,483) Corporate unallocated costs (2,234,264) (1,917,437) (1,772,237) Interest income 17,510 12,620 - Interest expense and amortization of debt issuance costs (335,498) (238,223) (280,670) Depreciation and amortization expense (800,460) (352,369) (665,647) Significant non-cash items (1,168,753) (1,148,721) (1,513,433) Change in fair value of derivative instruments 4,650,266 9,525,103 7,394,006 Income (loss) from operations before the benefit from sale of state net operating loss credits $ (4,719,001) $ 1,943,567 $ (1,203,464)

COLLABORATIVE AGREEMENT WITH EP

COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC	12 Months Ended
	Mar. 31, 2018
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”) 15 Epic Exclusivity Period In June 2015, Elite received non-refundable payments totaling $ 5.0 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 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. Based on subsequent meetings and communications with the FDA, the Company believes that there is a clear path forward to address the issues cited in the CRL. The Company believes that the meeting minutes, received from the FDA on January 23, 2017, supported a plan to address the issues cited by the FDA in the CRL by modifying the SequestOx™ formulation. Such plan includes, without limitation, conducting bioequivalence and bioavailability fed and fasted studies, comparing the modified formulation to the original formulation. the Company modified the SequestOx™ formulation and, on January 30, 2018 reported positive topline results from a pilot study indicating the likelihood of achieving the required bioequivalence in a pivotal trial under fed conditions. The Company is reviewing these results with the FDA and discussing pharmacokinetic study requirements for a re-submission of the NDA. The 2015 Epic License Agreement expires on June 4, 2020, and Epic has previously advised the Company of their desire to extend this agreement. While discussions are ongoing, they are directly correlated to the regulatory status of SequestOx™. Furthermore, there can be no assurances that the parties will reach mutual agreement to extend the term of this agreement and no assurances that the terms and conditions of the agreement will be similar in all material aspects in the event that the agreement is extended by mutual consent of the parties. Non-receipt by the Company of the remaining $7.5 million milestone will have a material adverse effect on the Company’s financial condition.

COLLABORATIVE AGREEMENT WITH SU

COLLABORATIVE AGREEMENT WITH SUNGEN PHARMA LLC	12 Months Ended
	Mar. 31, 2018
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, 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 four generic pharmaceutical products. Two of the products are classified as CNS stimulants (the “ CNS Products 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 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 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. On February 8, 2018, the Company filed an ANDA with the FDA for a generic version of an immediate release central nervous system (“ CNS On May 24, 2018, the Company filed an ANDA with the FDA for a generic version of an extended release CNS stimulant. The ANDA represents the second filing for a product co-developed with SunGen under the SunGen Agreement. There can be no assurances that any of these products, including the two products for which ANDAs have already been filed, will receive marketing authorization and achieve commercialization within a reasonable time period, or at all. In addition, even if marketing authorization is received, there can be no assurances that there will be future revenues of profits, or that any such future revenues or profits would be in amounts that provide adequate return on the significant investments made to secure these marketing authorizations.

RELATED PARTY TRANSACTION AGREE

RELATED PARTY TRANSACTION AGREEMENTS WITH EPIC PHARMA LLC	12 Months Ended
	Mar. 31, 2018
Epic Pharma Llc [Member]
RELATED PARTY TRANSACTION AGREEMENTS WITH EPIC PHARMA LLC [Line Items]
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 Pursuant to the Epic Generic Agreement, Elite will receive $ 1.8 1.0 800,000 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	12 Months Ended
	Mar. 31, 2018
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 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	12 Months Ended
	Mar. 31, 2018
AgreementsWithMikahPharmaLlc [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%.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 23. INCOME TAXES Years Ended March 31, 2018 2017 2016 Federal Current $ - $ - $ - Deferred - - - State Current (5,500) (2,500) (4,048) Deferred - - - Benefit from sale of state net operating loss credits 1,051,329 1,870,114 524,500 Net benefit from sale of state net operating loss credits $ 1,045,829 $ 1,867,614 $ 520,452 Years Ended March 31, 2018 2017 2016 Federal Net operating loss carry forward $ 19,213 $ 29,915 $ 27,033 Valuation allowance (19,213) (29,915) (27,033) $ - $ - $ - State Net operating loss carry forward $ 1,796 $ 1,930 $ 2,722 Valuation allowance (1,796) (1,930) (2,722) $ - $ - $ - At March 31, 2018, 2017, and 2016 a 100% valuation allowance is provided The company believes that temporary timing differences between accrual and payment of income taxes are not material to the financial position of the Company. As of March 31, 2018, Elite has a federal net operating loss carryforward of $ 92,516,164 20,991,389

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION	12 Months Ended
	Mar. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	NOTE 24. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (In thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Fiscal year ended March 31, 2018 Total revenues $ 1,597 $ 2,535 $ 1,624 $ 1,703 Costs of revenues 461 1,420 615 1,015 Gross profit 1,136 1,115 1,009 688 Operating expenses 3,759 3,175 3,139 2,926 Loss from operations (2,623) (2,060) (2,130) (2,238) Other income (expense) (203) 517 3,945 73 Income tax (credit) expense 3 - - (3) Net (loss) income (2,829) (490) 1,815 (2,169) Change in carrying value of convertible preferred mezzanine equity - - - - Benefit from sale of state net operating loss credits (5) 1,051 - - Net (loss) income attributable to common shareholders (2,830) (490) 1,815 (2,168) Earnings per share – Basic $ (0.00) $ (0.00) $ 0.00 $ (0.00) Earnings per share – Diluted $ (0.00) $ (0.00) $ 0.00 $ (0.00) (In thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Fiscal year ended March 31, 2017 Total revenues $ 1,350 $ 2,331 $ 2,686 $ 3,271 Costs of revenues 172 1,727 1,851 2,148 Gross profit 1,178 604 835 1,123 Operating expenses 4,368 2,326 2,040 2,361 Loss from operations (3,190) (1,722) (1,205) (1,238) Other income (expense) 4 1,519 5,443 2,334 Income tax (credit) expense - 1,870 - (3) Net (loss) income (3,186) 1,667 4,238 1,099 Change in carrying value of convertible preferred mezzanine equity - - 22,857 (2,143) Net (loss) income attributable to common shareholders (3,186) 1,667 27,095 (1,044) Earnings per share – Basic $ 0.03 $ 0.00 $ 0.03 $ (0.00) Earnings per share – Diluted $ (0.01) $ 0.00 $ (0.00) $ (0.00) (In thousands, except per share data) Fourth Third Second First Fiscal year ended March 31, 2016 Total revenues $ 5,195 $ 2,194 $ 2,947 $ 2,163 Costs of revenues 1,036 836 1,415 1,197 Gross profit 4,159 1,358 1,532 966 Operating expenses 3,588 4,071 5,299 3,373 Income (loss) from operations 571 (2,713) (3,767) (2,407) Other income (expense) 7,408 (9,520) 2,086 7,139 Income tax credit (520) - - - Net income (loss) 8,499 (12,233) (1,681) 4,732 Change in carrying value of convertible preferred mezzanine equity 14,142 (24,786) (5,071) 6,429 Net income (loss) attributable to common shareholders 22,641 (37,019) (6,753) 11,161 Earnings per share – Basic $ 0.03 $ (0.05) $ (0.01) $ 0.02 Earnings per share – Diluted $ 0.00 $ (0.05) $ (0.01) $ (0.00)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 25. SUBSEQUENT EVENTS The Company has evaluated subsequent events from the balance sheet date through June 7, 2018. The following are material subsequent events: Common Stock issued and sold pursuant to the Lincoln Park Purchase Agreement Subsequent to March 31, 2018 and up to June 7, 2018 (the latest practicable date), a total of 1,011,856 shares of Common Stock were issued to Lincoln Park, with such shares consisting of 1,000,000 purchase shares and 11,856 additional commitment shares. Total proceeds from these transactions was $85,600. Strategic Marketing Alliance with Glenmark Pharmaceuticals Inc. USA (“Glenmark”) On May 29, 2018 the Company signed a license, manufacturing and supply agreement with Glenmark (the “Glenmark Strategic Alliance”) to market two of Elite’s generic products in the United States, with an option to add products in the future. Through the Glenmark Strategic Alliance, Glenmark will sell and distribute the products and Elite will receive from Glenmark, manufacturing and license fees. Glenmark will have semi-exclusive marketing rights to the ANDA approved product, phendimetrazine 35mg tablets and exclusive marketing rights to an undisclosed pain product currently under review by the FDA with an expected approval date in the third quarter of this year. Collectively, the brand products and their generic equivalents had total annual sales of approximately $ 33.6 Filing of ANDA for Extended Release CNS Stimulant On May 30, 2018, the Company filed an Abbreviated New Drug Application (“ANDA”) with the US Food and Drug Administration (“FDA”) for a generic version of an extended-release Central Nervous System (“CNS”) stimulant. The ANDA represents the filing of a second product co-developed with SunGen Pharma LLC (“SunGen”). According to QuntilesIMS Health data, the branded product for the extended release CNS simulant and its generic equivalents had total U.S. sales of approximately $ 1.6

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2018
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 audited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and in conformity with the instructions on Form 10-K and Rule 8-03 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). The 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 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.
Going Concern [Policy Text Block]	Going Concern In connection with the preparation of the financial statements for the year ended March 31, 2018, 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 audited consolidated financial statements. Please see note 17 for further details.
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-part evidence of selling price. If neither vendor-specific objective evidence nor third-party evidence of selling price exists for a deliverable, the Company uses its best estimate of the selling price for that deliverable when applying the relative selling price method. In deciding whether we can determine vendor-specific objective evidence or third-party evidence of selling price, the Company does not ignore information that is reasonably available without undue cost and effort. When determining the selling price for significant deliverables under a multiple-element revenue arrangement, the Company considers any or all of the following, 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, 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 The Company entered into a Master Development and License Agreement with SunGen Pharma LLC dated August 24, 2016 (the “ SunGen Agreement
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 March 31, 2018, and 2017, the Company had $ 391,566 389,081 NJEDA
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 March 31, 2018, 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.
Lessor, Leases [Policy Text Block]	Leases Lease agreements are evaluated to determine if they are capital leases meeting any of the following criteria at inception: (a) transfer of ownership; (b) bargain purchase option; (c) the lease term is equal to 75 percent or more of the estimated economic life of the leased property; or (d) the present value at the beginning of the lease term of the minimum lease payments, excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, including any profit thereon, equals or exceeds 90 percent of the excess of the fair value of the leased property to the lessor at lease inception over any related investment tax credit retained by the lessor and expected to be realized by the lessor. If at its inception a lease meets any of the four lease criteria above, the lease is classified by the Company as a capital lease; and if none of the four criteria are met, the lease is classified by the Company as an operating lease.
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 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 tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Where applicable, the Company records a valuation allowance to reduce any deferred tax assets that it determines will not be realizable in the future. The Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on income tax returns it files if such tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. These tax benefits are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company operates in multiple tax jurisdictions within the United States of America. The Company remains subject to examination in all tax jurisdiction until the applicable statutes of limitation expire. As of March 31, 2018, a summary of the tax years that remain subject to examination in our major tax jurisdictions are: United States – Federal, 2014 and forward, and State, 2010 and forward. The Company did not record unrecognized tax positions for the years ended March 31, 2018, 2017, and 2016.
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 simple 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 Years Ended March 31, 2018 2017 2016 Numerator Net income (loss) attributable to common shareholders - basic $ (3,673,172) $ 24,525,467 $ (9,968,727) Effect of dilutive instrument on net (loss) income (4,650,266) (30,239,389) 1,891,709 Net income (loss) attributable to common shareholders - diluted $ (8,323,438) $ (5,713,922) $ (8,077,018) Denominator Weighted average shares of common stock outstanding - basic 796,069,419 838,665,804 673,905,485 Dilutive effect of stock options, warrants and convertible securities 2,100,000 5,840,441 - Weighted average shares of common stock outstanding - diluted 798,169,419 844,506,245 673,905,485 Net income (loss) per share Basic $ (0.00) $ 0.03 $ (0.01) Diluted $ (0.01) $ (0.01) $ (0.01)
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 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 March 31, 2018 Liabilities Derivative financial instruments - warrants $ 2,667,871 $ - $ - $ 2,667,871 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. Based upon current borrowing rates with similar maturities the carrying value of long-term debt approximates fair value. 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 (deficit).
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2017-01, Business Combinations: Clarifying the Definition of a Business Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers On July 9, 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The Company developed an implementation plan to adopt this new guidance, which included an assessment of the impact of the new guidance on our financial position and results of operations. The Company has completed its assessment and has determined that this standard will have no material impact on its financial position or results of operations, except enhanced disclosure regarding revenue recognition, including disclosures of revenue streams, performance obligations, variable consideration and the related judgments and estimates necessary to apply the new standard. On April 1, 2018, the Company adopted the new accounting standard ASC 606, Revenue from Contracts with Customers and for all open contracts and related amendments as of April 1, 2018 using the modified retrospective method. Results for reporting periods beginning after April 1, 2018 will be presented under ASC 606, while the comparative information will not be restated and will continue to be reported under the accounting standards in effect for those periods. From March 2016 through December 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. 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 January 2017, the FASB issued ASU No 2017-04 Intangibles-Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment In May 2017, the FASB issued ASU No 2017-09 Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting 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. Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.

SUMMARY OF SIGNIFICANT ACCOUN33

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2018
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 Years Ended March 31, 2018 2017 2016 Numerator Net income (loss) attributable to common shareholders - basic $ (3,673,172) $ 24,525,467 $ (9,968,727) Effect of dilutive instrument on net (loss) income (4,650,266) (30,239,389) 1,891,709 Net income (loss) attributable to common shareholders - diluted $ (8,323,438) $ (5,713,922) $ (8,077,018) Denominator Weighted average shares of common stock outstanding - basic 796,069,419 838,665,804 673,905,485 Dilutive effect of stock options, warrants and convertible securities 2,100,000 5,840,441 - Weighted average shares of common stock outstanding - diluted 798,169,419 844,506,245 673,905,485 Net income (loss) per share Basic $ (0.00) $ 0.03 $ (0.01) Diluted $ (0.01) $ (0.01) $ (0.01)
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 as of March 31, 2018 and March 31, 2017, 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 March 31, 2018 Liabilities Derivative financial instruments - warrants $ 2,667,871 $ - $ - $ 2,667,871 March 31, 2017 Liabilities Derivative financial instruments - warrants $ 843,464 $ - $ - $ 843,464

ASSET ACQUISITION (Tables)

ASSET ACQUISITION (Tables)	12 Months Ended
	Mar. 31, 2018
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)	12 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventory consisted of the following: March 31, 2018 2017 Finished goods $ 229,204 $ 221,657 Work-in-progress 297,350 283,086 Raw materials 4,371,447 5,911,223 $ 4,898,001 $ 6,415,966

PROPERTY AND EQUIPMENT,NET (Tab

PROPERTY AND EQUIPMENT,NET (Tables)	12 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment consisted of the following: March 31, 2018 2017 Land, building and improvements $ 7,675,317 $ 7,308,890 Laboratory, manufacturing and warehouse equipment 9,302,277 8,764,406 Office equipment and software 308,434 276,201 Furniture and fixtures 49,804 49,804 Transportation equipment 66,855 66,855 17,402,687 16,466,156 Less: Accumulated depreciation (8,408,979) (7,426,752) $ 8,993,708 $ 9,039,404

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill [Table Text Block]	The following tables summarize the Company’s intangible assets: March 31, 2018 Estimated Gross Useful Carrying Accumulated Net Book Life Amount Additions Amortization Value Patent application costs * $ 371,774 $ 93,910 $ - $ 465,684 ANDA acquisition costs Indefinite 6,047,317 1,200,000 - 7,247,317 $ 6,419,091 $ 1,293,910 $ - $ 7,713,001 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)	12 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Securities Financing Transactions [Table Text Block]	The following tables summarize the Company’s bonds payable liability: March 31, 2018 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 Less: Accumulated amortization (178,409) (164,231) Bond offering costs, net $ (178,409) $ 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 (161,866) (176,044) Long term portion of bonds payable, net of bond offering costs $ 1,508,134 $ 1,583,956
Schedule of Maturities of NJEDA Bonds [Table Text Block]	Maturities of bonds for the next five years are as follows: Years ending March 31, Amount 2019 $ 90,000 2020 95,000 2021 105,000 2022 110,000 2023 115,000 Thereafter 1,245,000 $ 1,760,000

LOANS PAYABLE (Tables)

LOANS PAYABLE (Tables)	12 Months Ended
	Mar. 31, 2018
Schedule of Long-term Debt Instruments [Table Text Block]	Loans payable consisted of the following: March 31, 2018 2017 Equipment and insurance financing loans payable, between 3% and 13% interest and maturing between August 2018 and January 2023 $ 1,201,861 $ 993,760 Less: Current portion of loans payable (578,841) (416,148) Long-term portion of loans payable $ 623,020 $ 577,612
Secured Debt [Member]
Schedule of Maturities of Long-term Debt [Table Text Block]	Loan principal payments for the next five years are as follows: Years ending March 31, Amount 2019 $ 578,840 2020 309,836 2021 151,533 2022 122,339 2023 39,313 $ 1,201,861

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	The tables below show the future minimum rental payments, exclusive of taxes, insurance and other costs, under the Ludlow Ave. lease: Years ending March 31, Amount 2019 $ 216,321 2020 220,650 2021 225,063 2022 229,563 2023 234,156 Thereafter 920,076 $ 2,045,829

MEZZANINE EQUITY (Tables)

MEZZANINE EQUITY (Tables)	12 Months Ended
	Mar. 31, 2018
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: March 31, 2018 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 Stock to be issued upon redemption - - Closing price on valuation date $ 0.09 $ 0.15 Carrying value of Series I convertible preferred stock $ - $ - For the Years Ended March 31, 2018 2017 2016 Change in carrying value of convertible preferred share mezzanine equity – Series I $ - $ 20,714,286 $ (9,285,715)
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: March 31, 2018 March 31, 2017 Shares authorized 50.000 - Shares outstanding 24.0344 - Par value $ 0.01 $ - Stated value $ 1,000,000 $ - Conversion price $ 0.1521 $ - Common Stock to be issued upon conversion 158,017,321 - Carrying value of Series J convertible preferred stock $ 13,903,960 $ -

DERIVATIVE FINANCIAL INSTRUME42

DERIVATIVE FINANCIAL INSTRUMENTS - WARRANTS (Tables)	12 Months Ended
	Mar. 31, 2018
Derivative Financial Instruments - Warrants Disclosure [Abstract]
Schedule Of Warrants Activity [Table Text Block]	A summary of warrant activity is as follows: March 31, 2018 2017 2016 Warrant Weighted Warrant Weighted Warrant Weighted Balance at beginning of year 9,379,219 $ 0.0625 41,586,066 $ 0.0625 89,870,034 $ 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 (9,379,219) $ 0.0625 (32,206,847) $ 0.0625 (48,283,968) $ 0.0625 Balance at end of year 79,008,661 $ 0.1521 9,379,219 $ 0.0625 41,586,066 $ 0.0625
Schedule Of Warrants Valuation Assumptions [Table Text Block]	The fair value of the warrants issued prior to Fiscal 2018, all was calculated using the Black-Scholes model and the following assumptions: March 31, 2017 2016 Fair value of the Company's common stock $ 0.15 $ 0.31 Volatility (based on the Company's historical volatility) 72.5% - 73.1% 52% - 81% Exercise price $ 0.0625 $ 0.0625 Estimated life (in years) 1.0 - 1.1 0.2 - 2.1 Risk free interest rate (based on 1-year treasury rate) 1.02% - 1.03% 0.18% - 0.73%
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 March 31, 2018 April 28, 2017 Fair value of the Company's Common Stock $ 0.1000 $ 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 791,516,930 923,392,780 Warrant term (in years) 9.08 10.00 Risk-free rate 2.72 % 2.30 % Volatility 90.00 % 90.00 % Shareholder approval threshold $ 0.1580 $ 0.1521 Probability of approval if ending stock price is greater than threshold - midpoint 82.50 % 82.50 % Probability of approval if ending stock price is greater than threshold - midpoint 17.50 % 17.50 % Trials 100,000 200,000 Fair value of derivative financial instruments - warrants $ 2,667,871 $ 6,474,674
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 year ended March 31, 2018 were as follows: Balance as of March 31, 2016 $ 10,368,567 Change in fair value of derivative financial instruments - warrants (9,525,103) 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 (4,650,267) Balance as of March 31, 2018 $ 2,667,871

SHAREHOLDERS_ EQUITY (DEFICIT)

SHAREHOLDERS’ EQUITY (DEFICIT) (Tables)	12 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	During the years ended March 2018, 2017, and 2016 the Company issued a total of 32,612,634 216,487,096 80,383,651 Years Ended March 31, 2018 2017 2016 Common Stock sold pursuant to the Lincoln Park Capital Purchase Agreements, with net proceeds of such shares totaling $1,999,878, $7,593,289 and $6,199,643 for the years ended March 31, 2018, 2017 and 2016, respectively. 17,818,950 39,526,851 23,945,346 Common Stock issued as initial and additional commitment shares pursuant to the Lincoln Park Capital Purchase Agreements 5,817,560 366,118 298,923 Common Stock issued pursuant to the conversion of Series I Convertible Preferred Share derivatives, with such derivative liabilities totaling $0, $23,571,430, and $0 for the years ended March 31, 2018, 2017 and 2016, respectively, at the time of their conversion. - 142,857,143 - Common Stock issued in payment of Director’s fees totaling $80,000, $73,361, and $100,071 for the years ended March 31, 2018, 2017 and 2016, respectively. 645,496 334,295 408,892 Common Stock issued in payment of employee salaries totaling $305,000, $822,751, and $1,039,000 for the years ended March 31, 2018, 2017 and 2016, respectively. 2,460,941 3,633,397 4,236,555 Common Stock issued in payment of consulting expenses totaling $26,000, $24,167, and $24,000 for the years ended March 31, 2018, 2017 and 2016, respectively. 211,392 106,416 97,467 Common Stock issued pursuant to the exercise of cash warrants 5,658,295 29,562,876 48,283,968 Common Stock issued pursuant to the exercise of cash options - 100,000 112,500 Milestone Common Stock issued pursuant to EPIC Strategic Alliance Agreement totaling $0, $0, and $840,000 for the years ended March 31, 2018, 2017 and 2016, respectively. - 3,000,000 32,612,634 216,487,096 80,383,651 Retirement of Common Stock (158,017,321) - - Common Stock issued 802,626,761 928,031,448 711,544,352

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Mar. 31, 2018
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. Shares Underlying Weighted Weighted Average Aggregate Intrinsic Outstanding at April 1, 2015 7,642,167 $ 0.48 7.4 $ 635,996 Granted 360,000 0.38 Forfeited and expired (280,000) 0.60 Exercised (112,500) 0.21 Outstanding at March 31, 2016 7,609,667 $ 0.48 6.5 $ 904,409 Granted 1,350,000 0.20 Forfeited and expired (2,122,000) 1.18 Exercised (100,000) 0.09 Outstanding at March 31, 2017 6,737,667 $ 0.20 6.7 $ 258,747 Granted 640,000 0.16 Forfeited and expired - - Exercised (759,667) 0.56 Outstanding at March 31, 2018 6,618,000 $ 0.16 6.1 $ 90,390 Exercisable at March 31, 2018 5,418,000 $ 0.15 5.6 $ 90,000
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: March 31, 2018 2017 2016 Volatility (based on the Company's historical volatility) 121% - 123% 120% - 121% 119% - 120% Exercise price $ 0.09 - 0.24 $ 0.13 - 0.33 $ 0.23 - 0.42 Estimated term (in years) 10 10 10 Risk free interest rate (based on 1-year treasury rate) 2.2% - 2.4% 1.5% - 2.5% 2.1% - 2.2% Forfeiture rate 0.0% - 20.1% 2.3% - 4.6% 2.7% Fair value of options granted $ 79,215 $ 373,055 $ 129,913 Non-cash compensation through issuance of stock options $ 244,753 $ 357,955 $ 333,362

SEGMENT RESULTS (Tables)

SEGMENT RESULTS (Tables)	12 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Revenue from External Customers by Geographic Areas [Table Text Block]	The following represents selected information for the Company’s reportable segments: Years Ended March 31, 2018 2017 2016 Revenue by Segment ANDA $ 6,458,711 $ 8,637,715 $ 9,164,999 NDA 1,000,000 1,000,000 3,333,333 $ 7,458,711 $ 9,637,715 $ 12,498,332 Years Ended March 31, 2018 2017 2016 Operating Income (Loss) by Segment ANDA $ (1,827,943) $ (522,160) $ 4,940,515 NDA (3,019,859) (3,415,246) (9,305,998) $ (4,847,802) $ (3,937,406) $ (4,365,483)
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The table below reconciles the Company’s operating income (loss) by segment to income from operations before provision for income taxes as reported in the Company’s audited consolidated statements of operations. Years Ended March 31, 2018 2017 2016 Operating loss by segment $ (4,847,802) $ (3,937,406) $ (4,365,483) Corporate unallocated costs (2,234,264) (1,917,437) (1,772,237) Interest income 17,510 12,620 - Interest expense and amortization of debt issuance costs (335,498) (238,223) (280,670) Depreciation and amortization expense (800,460) (352,369) (665,647) Significant non-cash items (1,168,753) (1,148,721) (1,513,433) Change in fair value of derivative instruments 4,650,266 9,525,103 7,394,006 Income (loss) from operations before the benefit from sale of state net operating loss credits $ (4,719,001) $ 1,943,567 $ (1,203,464)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The components of the credit for income taxes are as follows: Years Ended March 31, 2018 2017 2016 Federal Current $ - $ - $ - Deferred - - - State Current (5,500) (2,500) (4,048) Deferred - - - Benefit from sale of state net operating loss credits 1,051,329 1,870,114 524,500 Net benefit from sale of state net operating loss credits $ 1,045,829 $ 1,867,614 $ 520,452
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	Years Ended March 31, 2018 2017 2016 Federal Net operating loss carry forward $ 19,213 $ 29,915 $ 27,033 Valuation allowance (19,213) (29,915) (27,033) $ - $ - $ - State Net operating loss carry forward $ 1,796 $ 1,930 $ 2,722 Valuation allowance (1,796) (1,930) (2,722) $ - $ - $ -

QUARTERLY FINANCIAL INFORMATI47

QUARTERLY FINANCIAL INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	The Company’s consolidated results of operations are shown below: (In thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Fiscal year ended March 31, 2018 Total revenues $ 1,597 $ 2,535 $ 1,624 $ 1,703 Costs of revenues 461 1,420 615 1,015 Gross profit 1,136 1,115 1,009 688 Operating expenses 3,759 3,175 3,139 2,926 Loss from operations (2,623) (2,060) (2,130) (2,238) Other income (expense) (203) 517 3,945 73 Income tax (credit) expense 3 - - (3) Net (loss) income (2,829) (490) 1,815 (2,169) Change in carrying value of convertible preferred mezzanine equity - - - - Benefit from sale of state net operating loss credits (5) 1,051 - - Net (loss) income attributable to common shareholders (2,830) (490) 1,815 (2,168) Earnings per share – Basic $ (0.00) $ (0.00) $ 0.00 $ (0.00) Earnings per share – Diluted $ (0.00) $ (0.00) $ 0.00 $ (0.00) (In thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Fiscal year ended March 31, 2017 Total revenues $ 1,350 $ 2,331 $ 2,686 $ 3,271 Costs of revenues 172 1,727 1,851 2,148 Gross profit 1,178 604 835 1,123 Operating expenses 4,368 2,326 2,040 2,361 Loss from operations (3,190) (1,722) (1,205) (1,238) Other income (expense) 4 1,519 5,443 2,334 Income tax (credit) expense - 1,870 - (3) Net (loss) income (3,186) 1,667 4,238 1,099 Change in carrying value of convertible preferred mezzanine equity - - 22,857 (2,143) Net (loss) income attributable to common shareholders (3,186) 1,667 27,095 (1,044) Earnings per share – Basic $ 0.03 $ 0.00 $ 0.03 $ (0.00) Earnings per share – Diluted $ (0.01) $ 0.00 $ (0.00) $ (0.00) (In thousands, except per share data) Fourth Third Second First Fiscal year ended March 31, 2016 Total revenues $ 5,195 $ 2,194 $ 2,947 $ 2,163 Costs of revenues 1,036 836 1,415 1,197 Gross profit 4,159 1,358 1,532 966 Operating expenses 3,588 4,071 5,299 3,373 Income (loss) from operations 571 (2,713) (3,767) (2,407) Other income (expense) 7,408 (9,520) 2,086 7,139 Income tax credit (520) - - - Net income (loss) 8,499 (12,233) (1,681) 4,732 Change in carrying value of convertible preferred mezzanine equity 14,142 (24,786) (5,071) 6,429 Net income (loss) attributable to common shareholders 22,641 (37,019) (6,753) 11,161 Earnings per share – Basic $ 0.03 $ (0.05) $ (0.01) $ 0.02 Earnings per share – Diluted $ 0.00 $ (0.05) $ (0.01) $ (0.00)

SUMMARY OF SIGNIFICANT ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended												12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Numerator
Net income (loss) attributable to common shareholders - basic	$ (2,830,000)	$ (490,000)	$ 1,815,000	$ (2,168,000)	$ (3,186,000)	$ 1,667,000	$ 27,095,000	$ (1,044,000)	$ 22,641,000	$ (37,019,000)	$ (6,753,000)	$ 11,161,000	$ (3,673,172)	$ 24,525,467	$ (9,968,727)
Effect of dilutive instrument on net (loss) income													(4,650,266)	(30,239,389)	1,891,709
Net income (loss) attributable to common shareholders - diluted													$ (8,323,438)	$ (5,713,922)	$ (8,077,018)
Denominator
Weighted average shares of common stock outstanding - basic (in shares)													796,069,419	838,665,804	673,905,485
Dilutive effect of stock options, warrants and convertible securities (in shares)													2,100,000	5,840,441	0
Weighted average shares of common stock outstanding - diluted (in shares)													798,169,419	844,506,245	673,905,485
Net income (loss) per share
Basic (in dollars per share)	$ 0	$ 0	$ 0	$ 0	$ 0.03	$ 0	$ 0.03	$ 0	$ 0.03	$ (0.05)	$ (0.01)	$ 0.02	$ 0	$ 0.03	$ (0.01)
Diluted (in dollars per share)	$ 0	$ 0	$ 0	$ 0	$ (0.01)	$ 0	$ 0	$ 0	$ 0	$ (0.05)	$ (0.01)	$ 0	$ (0.01)	$ (0.01)	$ (0.01)

SUMMARY OF SIGNIFICANT ACCOUN49

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Derivative financial instruments - warrants	$ 2,667,871	$ 843,464	$ 10,368,567
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	$ 2,667,871	$ 843,464

SUMMARY OF SIGNIFICANT ACCOUN50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Restricted Cash and Cash Equivalents	$ 391,566	$ 389,081

ASSET ACQUISITION (Details)

ASSET ACQUISITION (Details) - Mikah Pharma Llc [Member]	Mar. 31, 2018USD ($)
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 ($)	Mar. 31, 2018	Mar. 31, 2017
Inventory [Line Items]
Finished goods	$ 229,204	$ 221,657
Work-in-progress	297,350	283,086
Raw materials	4,371,447	5,911,223
Total Inventory	$ 4,898,001	$ 6,415,966

PROPERTY AND EQUIPMENT,NET (Det

PROPERTY AND EQUIPMENT,NET (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 17,402,687	$ 16,466,156
Less: Accumulated depreciation	(8,408,979)	(7,426,752)
Property and equipment, net	8,993,708	9,039,404
Laboratory Manufacturing and Warehouse Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	9,302,277	8,764,406
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	308,434	276,201
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	49,804	49,804
Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	66,855	66,855
Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 7,675,317	$ 7,308,890

PROPERTY AND EQUIPMENT,NET (D55

PROPERTY AND EQUIPMENT,NET (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Depreciation	$ 982,227	$ 700,351	$ 652,284

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($)		12 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 6,411,799
Additions		$ 1,293,910	7,292
Accumulated Amortization		0	0
Net Book Value		$ 7,713,001	$ 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		93,910	7,292
Gross Carrying Amount		6,419,091
Accumulated Amortization		0	0
Net Book Value		465,684	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 ($)	Mar. 31, 2018	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)	1,508,134	1,583,956
Bond offering costs	0	354,453
Less: Accumulated amortization	(178,409)	(164,231)
Bond offering costs, net	(178,409)	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)	1,508,134	1,583,956
Long-term Debt, Gross	1,670,000	1,760,000
Debt Instrument, Unamortized Discount	$ (161,866)	$ (176,044)

NJEDA BONDS (Details 1)

NJEDA BONDS (Details 1) - Njeda Bonds [Member]	Mar. 31, 2018USD ($)
Debt Instrument [Line Items]
2,019	$ 90,000
2,020	95,000
2,021	105,000
2,022	110,000
2,023	115,000
Thereafter	1,245,000
Long-term portion, net of current maturities	$ 1,760,000

NJEDA BONDS (Details Textual)

NJEDA BONDS (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Series A Note [Member]
Debt Instrument, Interest Rate During Period	6.50%
Njeda Bonds [Member]
Amortization of Debt Issuance Costs	$ 14,178	$ 14,178	$ 14,178

LOANS PAYABLE (Details)

LOANS PAYABLE (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Debt Instrument [Line Items]
Less: Current portion of loans payable	$ (578,841)	$ (416,148)
Long-term portion of loans payable	623,020	577,612
Secured Debt [Member]
Debt Instrument [Line Items]
Equipment and insurance financing loans payable, between 3% and 13% interest and maturing between August 2018 and January 2023	1,201,861	993,760
Less: Current portion of loans payable	(578,841)	(416,148)
Long-term portion of loans payable	$ 623,020	$ 577,612

LOANS PAYABLE (Details 1)

LOANS PAYABLE (Details 1) - Secured Debt [Member]	Mar. 31, 2018USD ($)
2,019	$ 578,840
2,020	309,836
2,021	151,533
2,022	122,339
2,023	39,313
Total Principal Payments	$ 1,201,861

LOANS PAYABLE (Details Textual)

LOANS PAYABLE (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Debt Instrument [Line Items]
Interest Expense, Debt	$ 119,890	$ 87,307	$ 95,822
Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	13.00%
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.00%

RELATED PARTY SECURED PROMISS63

RELATED PARTY SECURED PROMISSORY NOTE WITH MIKAH PHARMA LLC (Details Textual) - USD ($)	May 15, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Interest Expense, Total		$ 335,498	$ 238,223	$ 280,670
Secured Promissory Note [Member]
Interest Expense, Total		$ 105,000
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%

DEFERRED REVENUE (Details Textu

DEFERRED REVENUE (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Deferred Revenue Arrangement [Line Items]
Deferred Revenue	$ 2,265,556	$ 3,278,890
Deferred Revenue, Current	1,013,333	1,013,333
Deferred Revenue, Noncurrent	$ 1,252,223	$ 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 CONTINGENCIES65

COMMITMENTS AND CONTINGENCIES (Details)	Mar. 31, 2018USD ($)
2,019	$ 216,321
2,020	220,650
2,021	225,063
2,022	229,563
2,023	234,156
Thereafter	920,076
Total future minimum lease payment	$ 2,045,829

COMMITMENTS AND CONTINGENCIES66

COMMITMENTS AND CONTINGENCIES (Details Textual)	12 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Jul. 31, 2014ft²	Jul. 01, 2010ft²
Other Noncurrent Liabilities [Member]
Operating Leases Rental Properties [Line Items]
Deferred Rent Credit	$ 9,702	$ 2,152
Asset Retirement Obligation	31,443	29,616
General and Administrative Expense [Member]
Operating Leases Rental Properties [Line Items]
Operating Leases, Rent Expense	$ 219,636	$ 190,550	$ 180,854
Property Subject to Operating Lease [Member] | Warehouse [Member]
Operating Leases Rental Properties [Line Items]
Area of Land | ft²					15,000
July 2014 Modification Agreement [Member] | Property Subject to Operating Lease [Member] | Warehouse [Member]
Operating Leases Rental Properties [Line Items]
Area of Land | ft²				35,000

MEZZANINE EQUITY (Details)

MEZZANINE EQUITY (Details) - Series I Convertible Preferred Stock [Member] - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Shares authorized	395.758	395.758	495.758
Shares outstanding	0	0
Par value	$ 0.01	$ 0.01	$ 0.01
Stated value	$ 100,000	$ 100,000	$ 100,000
Conversion price	$ 0.07	$ 0.07
Common Stock to be issued upon redemption	0	0
Closing price on valuation date	$ 0.09	$ 0.15
Carrying value of Series I convertible preferred stock	$ 0	$ 0

MEZZANINE EQUITY (Details 1)

MEZZANINE EQUITY (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Series I Convertible Preferred Stock [Member]
Change in carrying value of convertible preferred share mezzanine equity	$ 0	$ 20,714,286	$ (9,285,715)

MEZZANINE EQUITY (Details 2)

MEZZANINE EQUITY (Details 2) - $ / shares	1 Months Ended	12 Months Ended
	Apr. 28, 2017	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2018
Trials	200,000
Series J Convertible preferred stock [Member]
Fair value of the Company's Common Stock	$ 0.1521
Conversion price	$ 0.1521	$ 0			$ 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
Maximum [Member]
Risk-free rate		1.03%		0.73%
Volatility		73.10%	81.00%
Maximum [Member] | Series J Convertible preferred stock [Member]
Probability of approval if ending stock price is greater than threshold - midpoint	82.50%
Minimum [Member]
Risk-free rate		1.02%		0.18%
Volatility		72.50%		52.00%
Minimum [Member] | Series J Convertible preferred stock [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 ($)	Mar. 31, 2018	Apr. 28, 2017	Mar. 31, 2017
Shares authorized	50		0
Shares outstanding	24.0344		0
Par value	$ 0.01		$ 0
Stated value	$ 1,000,000		$ 0
Conversion price	$ 0.1521	$ 0.1521	$ 0
Common Stock to be issued upon conversion	158,017,321		0
Carrying value of Series J convertible preferred stock	$ 13,903,960		$ 0

MEZZANINE EQUITY (Details Textu

MEZZANINE EQUITY (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
	Apr. 28, 2017	Aug. 16, 2016	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Series I Convertible Preferred Stock [Member]
Preferred Stock, Shares Authorized			395.758	395.758	495.758
Preferred Stock, Shares Issued					100
Preferred Stock, Shares Outstanding			0	0
Convertible Preferred Stock Par Value Per Share			$ 0.01	$ 0.01	$ 0.01
Convertible Preferred Stock Stated Value			$ 100,000	$ 100,000	$ 100,000
Preferred Stock Conversion Price Per Share			$ 0.07	$ 0.07
Convertible Preferred Stock [Member]
Preferred Stock, Shares Authorized			395.758
Preferred Stock Conversion Price Per Share		$ 0.07
Conversion of Stock, Shares Converted		100
Conversion of Stock, Shares 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
Preferred Stock Conversion Price Per Share	$ 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	$ 13,903,960
Preferred Stock, Par or Stated Value Per Share			$ 0.01
Series J Convertible preferred stock [Member] | NasratHakim [Member]
Conversion of Stock, Shares Converted	158,017,321
Conversion of Stock, Shares 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	$ 0.1521

DERIVATIVE FINANCIAL INSTRUME72

DERIVATIVE FINANCIAL INSTRUMENTS - WARRANTS (Details) - $ / shares	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Class of Warrant or Right [Line Items]
Warrant Shares, Balance at beginning of year	9,379,219	41,586,066	89,870,034
Warrants granted pursuant to the issuance of Series J convertible preferred shares	79,008,661	0	0
Warrants exercised, forfeited and/or expired, net	(9,379,219)	(32,206,847)	(48,283,968)
Warrant Shares, Balance at end of year	79,008,661	9,379,219	41,586,066
Weighted Average Exercise Price, Balance at beginning of year	$ 0.0625	$ 0.0625	$ 0.0625
Warrants granted pursuant to the issuance of Series J convertible preferred shares	0.1521	0	0
Weighted Average Exercise Price, Warrants exercised, forfeited and/or expired, net	0.0625	0.0625	0.0625
Weighted Average Exercise Price, Balance at end of year	$ 0.1521	$ 0.0625	$ 0.0625

DERIVATIVE FINANCIAL INSTRUME73

DERIVATIVE FINANCIAL INSTRUMENTS - WARRANTS (Details 1) - $ / shares	1 Months Ended	12 Months Ended
	Apr. 28, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2016
Minimum [Member]
Class of Warrant or Right [Line Items]
Fair value of the Company's common stock		$ 0.15
Volatility (based on the Company's historical volatility)			72.50%		52.00%
Estimated life (in years)			1 year		2 months 12 days
Risk free interest rate (based on 1-year treasury rate)			1.02%		0.18%
Maximum [Member]
Class of Warrant or Right [Line Items]
Volatility (based on the Company's historical volatility)			73.10%	81.00%
Estimated life (in years)			1 year 1 month 6 days		2 years 1 month 6 days
Risk free interest rate (based on 1-year treasury rate)			1.03%		0.73%
Warrant [Member]
Class of Warrant or Right [Line Items]
Fair value of the Company's common stock			$ 0.15	$ 0.31	$ 0.31
Volatility (based on the Company's historical volatility)	90.00%	90.00%
Exercise price			$ 0.0625	$ 0.0625	$ 0.0625
Estimated life (in years)	10 years	9 years 29 days
Risk free interest rate (based on 1-year treasury rate)	2.30%	2.72%

DERIVATIVE FINANCIAL INSTRUME74

DERIVATIVE FINANCIAL INSTRUMENTS - WARRANTS (Details 2) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 28, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2016
Maximum [Member]
Warrant term (in years)			1 year 1 month 6 days		2 years 1 month 6 days
Risk-free rate			1.03%		0.73%
Volatility			73.10%	81.00%
Minimum [Member]
Warrant term (in years)			1 year		2 months 12 days
Risk-free rate			1.02%		0.18%
Volatility			72.50%		52.00%
Warrant [Member]
Fair value of the Company's Common Stock	$ 0.1521	$ 0.1000
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	791,516,930
Warrant term (in years)	10 years	9 years 29 days
Risk-free rate	2.30%	2.72%
Volatility	90.00%	90.00%
Shareholder approval threshold	$ 0.1521	$ 0.1580
Trials	200,000	100,000
Fair value of derivative financial instruments - warrants	$ 6,474,674	$ 2,667,871
Warrant [Member] | Maximum [Member]
Probability of approval if ending stock price is greater than threshold - midpoint	82.50%	82.50%
Warrant [Member] | Minimum [Member]
Probability of approval if ending stock price is greater than threshold - midpoint	17.50%	17.50%

DERIVATIVE FINANCIAL INSTRUME75

DERIVATIVE FINANCIAL INSTRUMENTS - WARRANTS (Details 3) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Class of Warrant or Right [Line Items]
Balance at Beginning of Fiscal Year	$ 843,464	$ 10,368,567
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	(4,650,267)	(9,525,103)
Balance at End of Fiscal Year	$ 2,667,871	$ 843,464

DERIVATIVE FINANCIAL INSTRUME76

DERIVATIVE FINANCIAL INSTRUMENTS – WARRANTS (Details Textual)	1 Months Ended
	Apr. 28, 2017USD ($)$ / sharesshares
Class of Warrant or Right [Line Items]
Warrant Expiration Period	10 years
Series J Convertible preferred stock [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	79,008,661
Warrants Not Settleable in Cash, Fair Value Disclosure | $	$ 6,474,674
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.1521
Chief Executive Officer [Member]
Class of Warrant or Right [Line Items]
Conversion of Stock, Shares Issued	24.0344
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	79,008,661
Conversion of Stock, Shares Converted	158,017,321

SHAREHOLDERS_ EQUITY (DEFICIT77

SHAREHOLDERS’ EQUITY (DEFICIT) (Details) - Common Stock [Member] - shares	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Class of Stock [Line Items]
Common Stock sold pursuant to the Lincoln Park Capital Purchase Agreements, with net proceeds of such shares totaling $1,999,878, $7,593,289 and $6,199,643 for the years ended March 31, 2018, 2017 and 2016, respectively.	17,818,950	39,526,851	23,945,346
Common Stock issued as initial and additional commitment shares pursuant to the Lincoln Park Capital Purchase Agreements	5,817,560	366,118	298,923
Common Stock issued pursuant to the conversion of Series I Convertible Preferred Share derivatives, with such derivative liabilities totaling $0, $23,571,430, and $0 for the years ended March 31, 2018, 2017 and 2016, respectively, at the time of their conversion.	0	142,857,143	0
Common Stock issued in payment of Director’s fees totaling $80,000, $73,361, and $100,071 for the years ended March 31, 2018, 2017 and 2016, respectively.	645,496	334,295	408,892
Common Stock issued in payment of employee salaries totaling $305,000, $822,751, and $1,039,000 for the years ended March 31, 2018, 2017 and 2016, respectively.	2,460,941	3,633,397	4,236,555
Common Stock issued in payment of consulting expenses totaling $26,000, $24,167, and $24,000 for the years ended March 31, 2018, 2017 and 2016, respectively.	211,392	106,416	97,467
Common Stock issued pursuant to the exercise of cash warrants	5,658,295	29,562,876	48,283,968
Common Stock issued pursuant to the exercise of cash options	0	100,000	112,500
Milestone Common Stock issued pursuant to EPIC Strategic Alliance Agreement totaling $0, $0, and $840,000 for the years ended March 31, 2018, 2017 and 2016, respectively.		0	3,000,000
Total common shares issued	32,612,634	216,487,096	80,383,651
Retirement of Common Stock	(158,017,321)	0	0
Common Stock issued	802,626,761	928,031,448	711,544,352	631,160,701

SHAREHOLDERS' EQUITY (DEFICIT)

SHAREHOLDERS' EQUITY (DEFICIT) (Details Textual) - USD ($)	May 02, 2017	Apr. 10, 2014	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Class of Stock [Line Items]
Conversion Of Series B Series C and Series E Preferred Shares Into Common Shares Value			$ 0	$ 23,571,430	$ 0
Stock Issued During Period Value Payment Of Directors Fees			80,000	73,361	100,071
Stock Issued During Period Value Payment Of Employee Salaries			305,000	822,751	1,039,000
Stock Issued During Period, Value, Issued for Services			26,000	24,167	24,000
Stock Issued During Period, Value, New Issues			1,999,878	7,593,289	6,199,643
Proceeds from Issuance of Common Stock			$ 1,999,878	7,593,289	6,199,643
Common Stock Traded Percent			30.00%
Common Stock Weighted Average Price Percent			97.00%
Milestone shares issued pursuant to Epic Strategies Alliance Agreement			$ 0	0	840,000
Park Capital Purchase Agreement			$ 919,732	82,961	84,102
Lincoln Park [Member]
Class of Stock [Line Items]
Common Stock Shares Issued During Period			40
Minimum [Member]
Class of Stock [Line Items]
Share Price			$ 0.15
Lincoln Park Capital Fund, LLC [Member]
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues			$ 27,000,000
Common Stock Shares Issued During Period	5,540,551	40,000,000	1,928,641
Common Stock Additional Shares To Be Issued During Period			1,928,641
Maximum Common Stock Shares Directed to Purchase	500,000
Purchase of Common Stock Increasing Shares Per Purchase	1,000,000
Maximum Common Stock Value Directed to Purchase	$ 1,000,000
Common Stock Floor Price Per Share			$ 0.10
Maximum Percentage to Purchase Common Stock Shares	4.99%		9.99%
Stock Issued During Period, Shares, New Issues			110,600,000
Park Capital Purchase Agreement Shares			3,200,000
Park Capital Purchase Agreement			$ 1,999,878
Common Stock Additional Shares Issued	5,540,551
Stock Issued During the Period As Initial Commitment			5,540,551
Stock Issued During the Period As Additional Commitment			277,009
Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period Value Payment Of Directors Fees			$ 645	334	409
Stock Issued During Period Value Payment Of Employee Salaries			2,461	3,634	4,237
Stock Issued During Period, Value, Issued for Services			211	106	97
Stock Issued During Period, Value, New Issues			$ 17,819	$ 39,527	$ 23,945
Stock Issued During Period, Shares, Period Increase (Decrease)			32,612,634	216,487,096	80,383,651
Stock Issued During Period, Shares, New Issues			17,818,950	39,526,851	23,945,346
Park Capital Purchase Agreement Shares			5,540,551	366,118	298,923
Park Capital Purchase Agreement			$ 5,541	$ 366	$ 299
Common Stock [Member] | Lincoln Park [Member]
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues			$ 760,000,000,000
Park Capital Purchase Agreement Shares			17,818,950
Common Stock [Member] | Maximum [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			800,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - Stock Options [Member] - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, Outstanding at Beginning	6,737,667	7,609,667	7,642,167
Options, Granted	640,000	1,350,000	360,000
Options, Forfeited and expired	0	(2,122,000)	(280,000)
Options, Exercised	(759,667)	(100,000)	(112,500)
Options, Outstanding at Ending	6,618,000	6,737,667	7,609,667	7,642,167
Options, Exercisable at March 31, 2018	5,418,000
Weighted Average Exercise Price, Outstanding at Beginning	$ 0.20	$ 0.48	$ 0.48
Weighted Average Exercise Price, Options Granted	0.16	0.20	0.38
Weighted Average Exercise Price, Options Forfeited and expired	0	1.18	0.60
Weighted Average Exercise Price, Options Exercised	0.56	0.09	0.21
Weighted Average Exercise Price, Outstanding at Ending	0.16	$ 0.20	$ 0.48	$ 0.48
Weighted Average Exercise Price, Exercisable at March 31, 2018	$ 0.15
Weighted Average Remaining Contractual Term, Outstanding	6 years 1 month 6 days	6 years 8 months 12 days	6 years 6 months	7 years 4 months 24 days
Weighted Average Remaining Contractual Term, Exercisable at March 31, 2018	5 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding	$ 90,390	$ 258,747	$ 904,409	$ 635,996
Aggregate Intrinsic Value, Exercisable at March 31, 2018	$ 90,000

STOCK-BASED COMPENSATION (Det80

STOCK-BASED COMPENSATION (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, Minimum	121.00%	120.00%	119.00%
Expected volatility, Maximum	123.00%	121.00%	120.00%
Estimated term (in years)	10 years	10 years	10 years
Risk-free interest rate, Minimum	2.20%	1.50%	2.10%
Risk-free interest rate, Maximum	2.40%	2.50%	2.20%
Forfeiture rate			2.70%
Fair value of options granted	$ 79,215	$ 373,055	$ 129,913
Non-cash compensation through issuance of stock options	$ 244,753	$ 357,955	$ 333,362
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 0.09	$ 0.13	$ 0.23
Forfeiture rate	0.00%	2.30%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 0.24	$ 0.33	$ 0.42
Forfeiture rate	20.10%	4.60%

STOCK-BASED COMPENSATION (Det81

STOCK-BASED COMPENSATION (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noninterest Expense Directors Fees	$ 1,300,000
Officers' Compensation	500,000
Stock Issued During Period Value Payment Of Directors Fees	$ 80,000	$ 73,361	$ 100,071
Price Difference, Between Exercise Price And Quoted Price	$ 0.10	$ 0.15	$ 0.31
Stock Issued During Period Value Payment Of Employee Salaries	$ 305,000	$ 822,751	$ 1,039,000
Salaries, Wages and Officers' Compensation	$ 228,750
Due to Employees, Current		$ 76,250
Additional Number of Shares to be Issued	4,329,135
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period Shares Payment Of Directors Fees	645,496	334,295	408,892
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	2,460,941
Stock Issued During Period Value Payment Of Employee Salaries	$ 305,000
Director [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period Value Payment Of Directors Fees	$ 80,000	$ 73,361	$ 100,071
Management [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares For Payment Of Employee And Management Fees Outstanding	5,900,000

SALE OF NEW JERSEY STATE NET 82

SALE OF NEW JERSEY STATE NET OPERATING LOSSES (Details Textual) - USD ($)	3 Months Ended												12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Income Tax Expense (Benefit)	$ 3,000	$ 0	$ 0	$ (3,000)	$ 0	$ 1,870,000	$ 0	$ (3,000)	$ (520,000)	$ 0	$ 0	$ 0	$ (1,045,829)	$ (1,867,614)	$ (520,452)
Net Operating Loss [Member]
Income Tax Expense (Benefit)													439,313
Research (Member)
Income Tax Expense (Benefit)													$ 606,516

CONCENTRATIONS AND CREDIT RISK

CONCENTRATIONS AND CREDIT RISK (Details Textual)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Sales Revenue, Net [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	8.00%
Sales Revenue, Net [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	52.00%	46.00%	36.00%
Sales Revenue, Net [Member] | Customer Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	24.00%	29.00%	30.00%
Sales Revenue, Net [Member] | Customer Three [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	15.00%	19.00%	27.00%
Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	11.00%	12.00%
Accounts Receivable [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	52.00%	53.00%	54.00%
Accounts Receivable [Member] | Customer Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	14.00%	17.00%	30.00%
Accounts Receivable [Member] | Customer Three [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.00%	14.00%	8.00%
Cost of Goods, Total [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	60.00%	65.00%	70.00%
Cost of Goods, Total [Member] | Supplier One [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	29.00%	51.00%	42.00%
Cost of Goods, Total [Member] | Supplier Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	27.00%	9.00%	23.00%
Cost of Goods, Total [Member] | Supplier Three [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	5.00%	8.00%	10.00%

SEGMENT RESULTS (Details)

SEGMENT RESULTS (Details) - USD ($)	3 Months Ended												12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Revenue by Segment	$ 1,597,000	$ 2,535,000	$ 1,624,000	$ 1,703,000	$ 1,350,000	$ 2,331,000	$ 2,686,000	$ 3,271,000	$ 5,195,000	$ 2,194,000	$ 2,947,000	$ 2,163,000	$ 7,458,711	$ 9,637,715	$ 12,498,332
Operating (Loss) Income by Segment	$ (2,623,000)	$ (2,060,000)	$ (2,130,000)	$ (2,238,000)	$ (3,190,000)	$ (1,722,000)	$ (1,205,000)	$ (1,238,000)	$ 571,000	$ (2,713,000)	$ (3,767,000)	$ (2,407,000)	(9,051,279)	(7,355,933)	(8,316,800)
Business Segment [Member]
Operating (Loss) Income by Segment													(4,847,802)	(3,937,406)	(4,365,483)
Business Segment [Member] | Generic products ANDA [Member]
Revenue by Segment													6,458,711	8,637,715	9,164,999
Operating (Loss) Income by Segment													(1,827,943)	(522,160)	4,940,515
Business Segment [Member] | Branded products NDA [Member]
Revenue by Segment													1,000,000	1,000,000	3,333,333
Operating (Loss) Income by Segment													$ (3,019,859)	$ (3,415,246)	$ (9,305,998)

SEGMENT RESULTS (Details 1)

SEGMENT RESULTS (Details 1) - USD ($)	3 Months Ended												12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Operating loss by segment	$ (2,623,000)	$ (2,060,000)	$ (2,130,000)	$ (2,238,000)	$ (3,190,000)	$ (1,722,000)	$ (1,205,000)	$ (1,238,000)	$ 571,000	$ (2,713,000)	$ (3,767,000)	$ (2,407,000)	$ (9,051,279)	$ (7,355,933)	$ (8,316,800)
Interest income													17,510	12,620	0
Depreciation and amortization expense													(800,460)	(352,369)	(665,647)
Income (loss) from operations before the benefit from sale of state net operating loss credits													(4,719,001)	1,943,567	(1,203,464)
Business Segment [Member]
Operating loss by segment													(4,847,802)	(3,937,406)	(4,365,483)
Corporate unallocated costs													(2,234,264)	(1,917,437)	(1,772,237)
Interest income													17,510	12,620	0
Interest expense and amortization of debt issuance costs													(335,498)	(238,223)	(280,670)
Depreciation and amortization expense													(800,460)	(352,369)	(665,647)
Significant non-cash items													(1,168,753)	(1,148,721)	(1,513,433)
Change in fair value of derivative instruments													4,650,266	9,525,103	7,394,006
Income (loss) from operations before the benefit from sale of state net operating loss credits													$ (4,719,001)	$ 1,943,567	$ (1,203,464)

COLLABORATIVE AGREEMENT WITH 86

COLLABORATIVE AGREEMENT WITH EPIC PHARMA LLC (Details Textual) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Jan. 31, 2016	Jun. 30, 2015	Mar. 31, 2018	Jan. 14, 2016
Epic Pharma Llc [Member]
Revenue Recognition, Milestone Method [Line Items]
To Be Receive Future License Fees	$ 7.5			$ 7.5
Epic Collaborative Agreement [Member]
Revenue Recognition, Milestone Method [Line Items]
Non Refundable Milestone Payments			$ 15
Revenue Recognition, Milestone Method, Description			On June 4, 2015, the Company entered into the 2015 Epic License Agreement, which provides for the exclusive right to market, sell and distribute, by Epic Pharma LLC (“Epic”) of SequestOx™, an abuse deterrent opioid which employs the 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.
Proceeds from Divestiture of Interest in Consolidated Subsidiaries		$ 5
Epic License Agreement [Member]
Revenue Recognition, Milestone Method [Line Items]
Proceeds from License Fees Received			$ 7.5
Deferred Revenue, Additions	$ 2.5

RELATED PARTY TRANSACTION AGR87

RELATED PARTY TRANSACTION AGREEMENTS WITH EPIC PHARMA LLC (Details Textual) - USD ($)	Jan. 14, 2016	Jun. 04, 2015	Oct. 02, 2013	Jan. 31, 2016
Epic Pharma Llc [Member]
Milestone Payments	$ 2,500,000
To Be Receive Future License Fees	$ 7,500,000			$ 7,500,000
Due to Related Parties			$ 1,800,000
Related Party Transaction, Amounts of Transaction			1,000,000
Epic Generic Agreement [Member]
Related Party Transaction, Amounts of Transaction			$ 800,000
Epic [Member]
Milestone Payments		$ 10,000,000

MANUFACTURING, LICENSE AND DE88

MANUFACTURING, LICENSE AND DEVELOPMENT AGREEMENTS (Details Textual) - USD ($) $ in Thousands	Sep. 10, 2010	Mar. 31, 2018
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

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Federal
Current	$ 0	$ 0	$ 0
Deferred	0	0	0
State
Current	(5,500)	(2,500)	(4,048)
Deferred	0	0	0
Benefit from sale of state net operating loss credits	1,051,329	1,870,114	524,500
Net benefit from sale of state net operating loss credits	$ 1,045,829	$ 1,867,614	$ 520,452

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Federal
Net operating loss carry forward	$ 19,213	$ 29,915	$ 27,033
Valuation allowance	(19,213)	(29,915)	(27,033)
Deferred Tax Assets, Net	0	0	0
State [Member]
Federal
Net operating loss carry forward	1,796	1,930	2,722
Valuation allowance	(1,796)	(1,930)	(2,722)
Deferred Tax Assets, Net	$ 0	$ 0	$ 0

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual)	12 Months Ended
	Mar. 31, 2018USD ($)
Valuation Allowance, Commentary	At March 31, 2018, 2017, and 2016 a 100% valuation allowance is provided
Domestic Tax Authority [Member]
Operating Loss Carryforwards	$ 92,516,164
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 20,991,389

QUARTERLY FINANCIAL INFORMATI92

QUARTERLY FINANCIAL INFORMATION (Details) - USD ($)	3 Months Ended												12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Total revenues	$ 1,597,000	$ 2,535,000	$ 1,624,000	$ 1,703,000	$ 1,350,000	$ 2,331,000	$ 2,686,000	$ 3,271,000	$ 5,195,000	$ 2,194,000	$ 2,947,000	$ 2,163,000	$ 7,458,711	$ 9,637,715	$ 12,498,332
Costs of revenues	461,000	1,420,000	615,000	1,015,000	172,000	1,727,000	1,851,000	2,148,000	1,036,000	836,000	1,415,000	1,197,000	3,511,123	5,898,405	4,484,162
Gross Profit	1,136,000	1,115,000	1,009,000	688,000	1,178,000	604,000	835,000	1,123,000	4,159,000	1,358,000	1,532,000	966,000	3,947,588	3,739,310	8,014,170
Operating expenses	3,759,000	3,175,000	3,139,000	2,926,000	4,368,000	2,326,000	2,040,000	2,361,000	3,588,000	4,071,000	5,299,000	3,373,000	12,998,867	11,095,243	16,330,970
Loss from operations	(2,623,000)	(2,060,000)	(2,130,000)	(2,238,000)	(3,190,000)	(1,722,000)	(1,205,000)	(1,238,000)	571,000	(2,713,000)	(3,767,000)	(2,407,000)	(9,051,279)	(7,355,933)	(8,316,800)
Other income (expense)	(203,000)	517,000	3,945,000	73,000	4,000	1,519,000	5,443,000	2,334,000	7,408,000	(9,520,000)	2,086,000	7,139,000
Income tax (credit) expense	3,000	0	0	(3,000)	0	1,870,000	0	(3,000)	(520,000)	0	0	0	(1,045,829)	(1,867,614)	(520,452)
Net (loss) income	(2,829,000)	(490,000)	1,815,000	(2,169,000)	(3,186,000)	1,667,000	4,238,000	1,099,000	8,499,000	(12,233,000)	(1,681,000)	4,732,000	(3,673,172)	3,811,181	(683,012)
Change in carrying value of convertible preferred mezzanine equity	0	0	0	0	0	0	22,857,000	(2,143,000)	14,142,000	(24,786,000)	(5,071,000)	6,429,000	0	20,714,286	(9,285,715)
Benefit from sale of state net operating loss credits	(5,000)	1,051,000	0	0
Net (loss) income attributable to common shareholders	$ (2,830,000)	$ (490,000)	$ 1,815,000	$ (2,168,000)	$ (3,186,000)	$ 1,667,000	$ 27,095,000	$ (1,044,000)	$ 22,641,000	$ (37,019,000)	$ (6,753,000)	$ 11,161,000	$ (3,673,172)	$ 24,525,467	$ (9,968,727)
Earnings per share - Basic	$ 0	$ 0	$ 0	$ 0	$ 0.03	$ 0	$ 0.03	$ 0	$ 0.03	$ (0.05)	$ (0.01)	$ 0.02	$ 0	$ 0.03	$ (0.01)
Earnings per share - Diluted	$ 0	$ 0	$ 0	$ 0	$ (0.01)	$ 0	$ 0	$ 0	$ 0	$ (0.05)	$ (0.01)	$ 0	$ (0.01)	$ (0.01)	$ (0.01)

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($)	2 Months Ended	12 Months Ended
	Jun. 07, 2018	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017	Mar. 31, 2016
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock		$ 1,999,878		$ 7,593,289	$ 6,199,643
Glenmark Pharmaceuticals Inc [Member]
Subsequent Event [Line Items]
Health Care Organization, Revenue				$ 33,600,000
SunGen Pharma LLC [Member]
Subsequent Event [Line Items]
Health Care Organization, Revenue			$ 1,600,000,000
Subsequent Event [Member] | LPC-40 Purchase Agreement [Member]
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	11,856
Proceeds from Issuance of Common Stock	$ 85,600
Stock Issued During Period, Shares, Issued for Capital Purchase Agreement	1,000,000
Subsequent Event [Member] | Lincoln Park Capital Fund, LLC [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues	1,011,856