CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
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12 Months Ended | |
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Mar. 31, 2015
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Mar. 31, 2014
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CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | $ 28,929,674us-gaap_NetIncomeLoss | $ (96,575,271)us-gaap_NetIncomeLoss |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation and amortization | 581,855us-gaap_DepreciationDepletionAndAmortization | 453,746us-gaap_DepreciationDepletionAndAmortization |
Change in fair value of warrant derivative liability | (18,447,573)eltp_ChangeInFairValueOfWarrantDerivatives | 32,997,869eltp_ChangeInFairValueOfWarrantDerivatives |
Change in fair value of preferred share derivative liability | (25,602,370)eltp_ChangeInFairValueOfPreferredShareDerivatives | 56,518,425eltp_ChangeInFairValueOfPreferredShareDerivatives |
Change in value of convertible note payable derivative | 0eltp_ChangeInFairValueOfConvertibleNoteDerivativeInstruments | 1,187,879eltp_ChangeInFairValueOfConvertibleNoteDerivativeInstruments |
Preferred share derivative interest satisfied by the issuance of common stock | 68,089us-gaap_PaidInKindInterest | |
Salaries and Directors Fees satisfied by the issuance of common stock | 959,737us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims | 478,233us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims |
Consulting expenses paid via the issuance of common stock | 23,999eltp_StockOptionPlanExpense1 | 18,836eltp_StockOptionPlanExpense1 |
Non-cash compensation satisfied by the issuance of common stock and options | 260,047us-gaap_StockOptionPlanExpense | 82,947us-gaap_StockOptionPlanExpense |
Non-cash interest expense | 0eltp_InterestExpenseNonCash | 568,395eltp_InterestExpenseNonCash |
Non-cash rent expense | 23,703us-gaap_IncreaseDecreaseInDeferredLiabilities | (49,439)us-gaap_IncreaseDecreaseInDeferredLiabilities |
Non-cash lease accretion | 1,526us-gaap_AssetRetirementObligationAccretionExpense | 1,438us-gaap_AssetRetirementObligationAccretionExpense |
Gain on Sale of Investment | (1,670,685)us-gaap_GainOnSaleOfInvestments | 0us-gaap_GainOnSaleOfInvestments |
Changes in Assets and Liabilities | ||
Accounts receivable | (714,365)us-gaap_IncreaseDecreaseInAccountsReceivable | (66,922)us-gaap_IncreaseDecreaseInAccountsReceivable |
Inventories | (1,099,518)us-gaap_IncreaseDecreaseInInventories | (574,340)us-gaap_IncreaseDecreaseInInventories |
Prepaid and other current assets | (147,188)eltp_IncreaseDecreaseInPrepaidAndOtherCurrentAssets | (169,373)eltp_IncreaseDecreaseInPrepaidAndOtherCurrentAssets |
Accounts payable, accrued expenses and other current liabilities | 1,811,258us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | 883,446us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
Deferred revenues and Customer deposits | (13,333)eltp_IncreaseDecreaseInDeferredRevenueAndCustomerDeposits | (13,333)eltp_IncreaseDecreaseInDeferredRevenueAndCustomerDeposits |
Derivative interest payable | 0eltp_IncreaseDecreaseInDerivativeInterestPayableNet | (27,500)eltp_IncreaseDecreaseInDerivativeInterestPayableNet |
NET CASH USED IN OPERATING ACTIVITIES | (15,103,233)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | (4,216,875)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (1,545,131)us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment | (455,323)us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment |
Cost of leasehold improvements | (419,887)us-gaap_PaymentsForCapitalImprovements | (46,945)us-gaap_PaymentsForCapitalImprovements |
Costs incurred for intellectual property assets | (31,853)us-gaap_PaymentsToAcquireIntangibleAssets | (58,178)us-gaap_PaymentsToAcquireIntangibleAssets |
Withdrawals from restricted cash, net | (123,916)us-gaap_IncreaseDecreaseInRestrictedCash | 2,777us-gaap_IncreaseDecreaseInRestrictedCash |
Proceeds from Sale of Investment in Novel | 5,000,000us-gaap_ProceedsFromSaleOfLongtermInvestments | 0us-gaap_ProceedsFromSaleOfLongtermInvestments |
NET CASH USED IN INVESTING ACTIVITIES | 2,879,213us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations | (557,669)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Exercise of Cash Warrants and Options | 800,853us-gaap_ProceedsFromWarrantExercises | 868,050us-gaap_ProceedsFromWarrantExercises |
Proceeds from draws against related party Credit Lines | 54,322us-gaap_ProceedsFromRepaymentsOfLinesOfCredit | 528,750us-gaap_ProceedsFromRepaymentsOfLinesOfCredit |
Payment of NJEDA Bonds | (1,110,000)us-gaap_RepaymentsOfLongTermDebt | |
Other loan payments | (219,010)us-gaap_RepaymentsOfShortTermDebt | (1,515)us-gaap_RepaymentsOfShortTermDebt |
Proceeds from sale of common stock to Lincoln Park Capital | 13,236,624us-gaap_ProceedsFromIssuanceOfCommonStock | 10,000,000us-gaap_ProceedsFromIssuanceOfCommonStock |
Costs associated with raising capital | (16,365)us-gaap_PaymentsOfStockIssuanceCosts | (47,987)us-gaap_PaymentsOfStockIssuanceCosts |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 12,746,424us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations | 11,347,299us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 522,403us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 6,572,754us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
CASH AND CASH EQUIVALENTS - beginning of period | 6,941,777us-gaap_CashAndCashEquivalentsAtCarryingValue | 369,023us-gaap_CashAndCashEquivalentsAtCarryingValue |
CASH AND CASH EQUIVALENTS - end of period | 7,464,180us-gaap_CashAndCashEquivalentsAtCarryingValue | 6,941,777us-gaap_CashAndCashEquivalentsAtCarryingValue |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for interest | 89,336us-gaap_InterestPaid | 289,494us-gaap_InterestPaid |
Cash paid for taxes | 2,500us-gaap_IncomeTaxesPaid | 3,099us-gaap_IncomeTaxesPaid |
SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Commitment shares issued to Lincoln Park Capital | 830,521eltp_CommitmentSharesIssued | 1,112,838eltp_CommitmentSharesIssued |
Conversion of Preferred Shares to Common Shares | 2,272,500us-gaap_ConversionOfStockAmountIssued1 | 9,825,066us-gaap_ConversionOfStockAmountIssued1 |
Acquisition of Intellectual Property with convertible note payable | 0us-gaap_NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1 | 5,597,317us-gaap_NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1 |
Issuance of note payable to related party in payment of balance due on line of credit owed to the same related party | 0us-gaap_DebtConversionConvertedInstrumentAmount1 | 600,000us-gaap_DebtConversionConvertedInstrumentAmount1 |
Issuance of Series I Preferred Shares in satisfaction of amounts due on Notes Payable | 0us-gaap_ConversionOfStockAmountConverted1 | 7,953,591us-gaap_ConversionOfStockAmountConverted1 |
Financing of equipment purchases | $ 804,861us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1 | $ 107,960us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1 |
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- Definition
Amount of gain (loss) from the increase (decrease) in fair value of convertible note derivative instruments. No definition available.
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- Definition
Amount of change in fair value of preferred stock derivative liabilities reported by the entity during the period. No definition available.
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- Definition
Amount of change in fair value of warrant derivatives reported by the entity during the period. No definition available.
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- Definition
The value represents the commitment shares issued. No definition available.
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- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned and in the amount of customer money held in customer accounts, including security deposits, collateral for a current or future transactions, initial payment of the cost of acquisition or for the right to enter into a contract or agreement. No definition available.
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- Definition
The increase (decrease) during the reporting period in interest payable on derivatives. No definition available.
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- Definition
The increase (decrease) during the reporting period in prepaid expenses and other current assets. No definition available.
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- Definition
This element represents non cash interest related expenses associated with operating activities of the entity. No definition available.
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- Definition
The noncash expense that accounts for the value of stock or unit options distributed to consulting persons as compensation. No definition available.
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- Details
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- Definition
Amount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The value of the stock converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The value of the financial instrument issued [noncash or part noncash] in the conversion of stock. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The difference between the carrying value and the sale price of an investment. A gain would be recognized when the sale price of the investment is greater than the carrying value of the investment. This element refers to the Gain included in earnings and not to the cash proceeds of the sale. No definition available.
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Change during the period in carrying value for all deferred liabilities due within one year or operating cycle. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Fair value of share-based compensation granted to nonemployees as payment for services rendered or acknowledged claims. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of intangibles that an Entity acquires in a noncash (or part noncash) acquisition. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Interest paid other than in cash for example by issuing additional debt securities. As a noncash item, it is added to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for acquisition of or capital improvements of property, plant and equipment, used to produce goods or deliver services, and not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net cash inflow or cash outflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from sales of all investments, including securities and other assets, having ready marketability and intended by management to be liquidated, if necessary, beyond the current operating cycle. No definition available.
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- Definition
The cash inflow associated with the amount received from holders exercising their stock warrants. No definition available.
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- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for a borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncash expense that accounts for the value of stock or unit options distributed to employees as compensation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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