XML 32 R21.htm IDEA: XBRL DOCUMENT v3.6.0.2
SALE OF NEW JERSEY STATE NET OPERATING LOSSES
9 Months Ended
Dec. 31, 2016
Sale Of Subsidiary Net Operating Losses [Abstract]  
Sale Of Subsidiary Net Operating Losses Disclosure [Text Block]
NOTE 15. SALE OF NEW JERSEY STATE NET OPERATING LOSSES
 
During the three months ended December 31, 2016, 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 $1,286,842 relating to New Jersey net operating losses and net tax benefits of $745,891 relating to R&D tax credits. The Company sold the net tax benefits approved for sale at a transfer price equal to ninety-two cents for every benefit dollar for total proceeds of $1,870,114.