2023 Q4 Form 10-Q Financial Statement

#000149315223041124 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $15.54M $14.16M
YoY Change 67.99% 64.89%
Cost Of Revenue $8.498M $7.710M
YoY Change 96.21% 61.93%
Gross Profit $7.041M $6.447M
YoY Change 43.13% 68.58%
Gross Profit Margin 45.31% 45.54%
Selling, General & Admin $1.761M $1.576M
YoY Change 46.87% 31.72%
% of Gross Profit 25.01% 24.45%
Research & Development $1.404M $2.618M
YoY Change -2.74% 113.35%
% of Gross Profit 19.94% 40.61%
Depreciation & Amortization $336.6K $327.2K
YoY Change 6.99% 3.55%
% of Gross Profit 4.78% 5.08%
Operating Expenses $3.508M $4.522M
YoY Change 18.52% 64.82%
Operating Profit $3.533M $1.926M
YoY Change 80.32% 78.1%
Interest Expense $121.6K $130.4K
YoY Change -62.31% -46.27%
% of Operating Profit 3.44% 6.77%
Other Income/Expense, Net -$3.627M -$4.658M
YoY Change -445.35% -1145.38%
Pretax Income -$94.26K -$2.733M
YoY Change -103.13% -279.0%
Income Tax -$800.0K -$17.70M
% Of Pretax Income
Net Earnings $706.4K $14.93M
YoY Change -76.22% 885.69%
Net Earnings / Revenue 4.55% 105.49%
Basic Earnings Per Share $0.00 $0.01
Diluted Earnings Per Share $0.00 $0.01
COMMON SHARES
Basic Shares Outstanding 1.014B shares 1.014B shares
Diluted Shares Outstanding 1.024B shares 1.019B shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.816M $8.654M
YoY Change -67.52% -53.36%
Cash & Equivalents $5.816M $8.654M
Short-Term Investments
Other Short-Term Assets $1.006M $355.6K
YoY Change -9.24% 61.73%
Inventory $14.33M $15.22M
Prepaid Expenses
Receivables $16.01M $10.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $37.16M $34.73M
YoY Change 12.04% 13.97%
LONG-TERM ASSETS
Property, Plant & Equipment $10.10M $9.770M
YoY Change -1.32% -7.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.260K $21.02K
YoY Change -92.09% -77.09%
Other Assets $20.66M $19.86M
YoY Change 701.77% 670.51%
Total Long-Term Assets $37.54M $35.99M
YoY Change 92.01% 81.12%
TOTAL ASSETS
Total Short-Term Assets $37.16M $34.73M
Total Long-Term Assets $37.54M $35.99M
Total Assets $74.70M $70.72M
YoY Change 41.7% 40.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.891M $3.609M
YoY Change 96.35% 109.39%
Accrued Expenses $11.88M $11.16M
YoY Change 154.15% 143.71%
Deferred Revenue $13.33K $13.33K
YoY Change 0.0% 0.0%
Short-Term Debt $4.000M $4.000M
YoY Change
Long-Term Debt Due $343.9K $295.2K
YoY Change -27.06% -41.28%
Total Short-Term Liabilities $19.16M $19.08M
YoY Change 187.91% 178.79%
LONG-TERM LIABILITIES
Long-Term Debt $3.518M $3.355M
YoY Change -77.29% -78.4%
Other Long-Term Liabilities $5.606M $3.192M
YoY Change
Total Long-Term Liabilities $9.124M $6.547M
YoY Change -42.57% -59.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.16M $19.08M
Total Long-Term Liabilities $9.124M $6.547M
Total Liabilities $28.28M $25.62M
YoY Change 25.47% 10.68%
SHAREHOLDERS EQUITY
Retained Earnings -$119.7M -$120.4M
YoY Change -11.5% -12.89%
Common Stock $1.018M $1.014M
YoY Change 0.38% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $306.8K $306.8K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $46.41M $45.09M
YoY Change
Total Liabilities & Shareholders Equity $74.70M $70.72M
YoY Change 41.7% 40.47%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $706.4K $14.93M
YoY Change -76.22% 885.69%
Depreciation, Depletion And Amortization $336.6K $327.2K
YoY Change 6.99% 3.55%
Cash From Operating Activities -$2.396M -$235.9K
YoY Change 321.88% -115.78%
INVESTING ACTIVITIES
Capital Expenditures $406.0K $0.00
YoY Change 57084.51% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$406.0K $0.00
YoY Change 57084.51% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.66K -179.5K
YoY Change -60.37% -107.53%
NET CHANGE
Cash From Operating Activities -2.396M -235.9K
Cash From Investing Activities -406.0K 0.000
Cash From Financing Activities -30.66K -179.5K
Net Change In Cash -2.832M -415.4K
YoY Change 338.49% -66.08%
FREE CASH FLOW
Cash From Operating Activities -$2.396M -$235.9K
Capital Expenditures $406.0K $0.00
Free Cash Flow -$2.802M -$235.9K
YoY Change 392.76% -103.57%

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CY2022Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Earnings Per Share Basic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Stockholders Equity
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CY2023Q2 us-gaap Stockholders Equity
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CY2022Q3 us-gaap Stock Issued During Period Value Issued For Services
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us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Stock Option Plan Expense
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q3 us-gaap Restricted Cash
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CY2023Q1 us-gaap Restricted Cash
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us-gaap Exploration Abandonment And Impairment Expense
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CY2023 ELTP Finitelived Intangible Assets Impairment
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us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
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These tax benefits are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution
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CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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1013915081 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Dilutive Securities
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us-gaap Dilutive Securities
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1012228256 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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us-gaap Derivative Gain Loss On Derivative Net
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ELTP Revenue Of Percent
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0.0054 pure
CY2023Q3 srt Financing Receivable Before Allowance For Credit Loss To Total Percent
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CY2023Q3 us-gaap Inventory Finished Goods
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CY2023Q3 us-gaap Inventory Work In Process
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CY2023Q1 us-gaap Inventory Work In Process
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CY2023Q3 us-gaap Inventory Raw Materials
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CY2023Q1 us-gaap Inventory Raw Materials
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CY2023Q3 us-gaap Inventory Net
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CY2023Q1 us-gaap Inventory Net
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CY2023Q3 us-gaap Property Plant And Equipment Gross
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CY2023Q1 us-gaap Property Plant And Equipment Gross
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CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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15241857 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q3 us-gaap Property Plant And Equipment Net
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CY2023Q1 us-gaap Property Plant And Equipment Net
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CY2023Q3 us-gaap Depreciation
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CY2022Q3 us-gaap Depreciation
Depreciation
316007 usd
us-gaap Depreciation
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655522 usd
us-gaap Depreciation
Depreciation
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CY2023Q3 us-gaap Sales And Excise Tax Payable Current
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CY2023Q1 us-gaap Sales And Excise Tax Payable Current
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4125000 usd
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CY2023Q3 ELTP Codevelopment Profit Split Accrued
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CY2023Q1 us-gaap Accrued Income Taxes Current
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414989 usd
CY2023Q3 ELTP Accrued Consultant Contract Fees
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10000 usd
CY2023Q1 ELTP Accrued Consultant Contract Fees
AccruedConsultantContractFees
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CY2023Q3 us-gaap Accrued Professional Fees Current
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100000 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
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125000 usd
CY2023Q3 ELTP Accrued Director Dues
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75000 usd
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CY2023Q3 us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2023Q3 us-gaap Deferred Revenue Current
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18890 usd
CY2020Q4 ELTP Operating Lease Renewal Term
OperatingLeaseRenewalTerm
The Pompano Office Lease has a term of three years, ending on October 31, 2023. The Pompano Office Lease was extended for one additional year on November 1, 2023 ending on October 31, 2024.
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
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CY2023Q3 ELTP Operating Lease Assets
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1899 usd
CY2023Q3 us-gaap Operating Lease Liability Current
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2163 usd
CY2023Q3 us-gaap Operating Lease Liability
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2163 usd
CY2023Q3 us-gaap Payments For Rent
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CY2022Q3 us-gaap Payments For Rent
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us-gaap Payments For Rent
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us-gaap Payments For Rent
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58248 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2163 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2163 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2163 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.06 pure
ELTP Effective Income Tax Rate Change In Valuation Allowance
EffectiveIncomeTaxRateChangeInValuationAllowance
0.21 pure
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.1521
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.1521
CY2023Q3 us-gaap Warrants And Rights Outstanding Term
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CY2023Q1 us-gaap Warrants And Rights Outstanding Term
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CY2023Q1 ELTP Stock Based Compensation
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ELTP Increase Decrease In Stock Based Liabilities
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CY2023Q3 ELTP Stock Based Compensation
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CY2023Q3 ecd Rule10b51 Arr Adopted Flag
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false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
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false
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.80 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.80 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.79 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.80 pure
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0427 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0427 pure
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0432 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0432 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0299 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0401 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
15370000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.07
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y4M24D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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4000000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.09
ELTP Sharebased Compensation Arrangement By Sharebased Payment Award Weighted Average Remaining Contractual Term Granted
SharebasedCompensationArrangementBySharebasedPaymentAwardWeightedAverageRemainingContractualTermGranted
P10Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.07
ELTP Sharebased Compensation Arrangement By Sharebased Payment Award Weighted Average Remaining Contractual Term Expired And Forfeited
SharebasedCompensationArrangementBySharebasedPaymentAwardWeightedAverageRemainingContractualTermExpiredAndForfeited
P1Y9M18D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
15530000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.05
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y2M12D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
717706 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
343334 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.19
ELTP Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Outstanding Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableOutstandingWeightedAverageRemainingContractualTerm
P4Y10M24D
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
978 usd
CY2023Q3 ELTP Price Difference Between Exercise Price And Quoted Price
PriceDifferenceBetweenExercisePriceAndQuotedPrice
0.04
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PriceDifferenceBetweenExercisePriceAndQuotedPrice
0.03
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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164105 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y2M12D
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-17500000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0.0 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-17700000 usd
CY2023Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0.0 usd
ELTP Discrete Tax Benefit
DiscreteTaxBenefit
17300000 usd
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2044144 usd

Files In Submission

Name View Source Status
eltp-20230930_pre.xml Edgar Link unprocessable
eltp-20230930_cal.xml Edgar Link unprocessable
eltp-20230930_lab.xml Edgar Link unprocessable
eltp-20230930_def.xml Edgar Link unprocessable
0001493152-23-041124-index-headers.html Edgar Link pending
0001493152-23-041124-index.html Edgar Link pending
0001493152-23-041124.txt Edgar Link pending
0001493152-23-041124-xbrl.zip Edgar Link pending
eltp-20230930.xsd Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
ex32-2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
MetaLinks.json Edgar Link pending
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form10-q_htm.xml Edgar Link completed
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