SALE OF NEW JERSEY STATE NET OPERATING LOSSES |
9 Months Ended | |
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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. |