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NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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”) 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, licensing, manufacturing, and sales 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 product candidates are approved. These products include drugs that cover therapeutic areas for allergy, bariatric, attention deficit, infection and Parkinson's disease. Research and development activities are performed with an objective of developing product candidates that will secure marketing approvals from the United States Food and Drug Administration (“FDA”), and thereafter, commercially exploiting such products. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Elite Labs. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain information or footnote disclosures normally included in condensed financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Form 10-K as filed with the SEC on June 29, 2026. The interim results for the three months ended June 30, 2026 are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2027 or for any future periods. The Company’s significant accounting policies and recent accounting standards are summarized in Note 1 of the Company’s consolidated financial statements for the year ended March 31, 2026. There were no significant changes to these accounting policies during the three months ended June 30, 2026. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, as well as reported amounts of revenues and expenses during the reporting period. Such management estimates and assumptions include, but are not limited to, chargeback liabilities related to revenue recognition, valuation of intangible assets, the useful life of property and equipment and identifiable intangible assets, stock-based compensation expense and income taxes. The Company continuously evaluates its estimates, which are based on the information that is currently available to the Company and on various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates. Segment Information Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 280 (“ASC 280”), Segment Reporting, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The Company’s CODM is the Chief Executive Officer, who reviews the financial performance and the results of operations of the segments prepared in accordance with GAAP when making decisions about allocating resources and assessing performance of the Company. The Company identifies its operating and reportable segments based on the financial information regularly reviewed by its CODM for purposes of assessing operating performance, allocating resources, and making strategic decisions. The Company’s operations consist of its generic pharmaceuticals product portfolio whose marketing approvals were secured via an Abbreviated New Drug Application (“ANDA”). The CODM evaluates the business, manages resources, and reviews financial results of the Company on a consolidated basis. Additionally, the Company’s ANDA products share similar economic characteristics, operating processes, and regulatory environments, and are managed as a single business unit. Accordingly, as of June 30, 2026, the Company has determined that it operates in a 1single operating and reportable segment. Asset information by operating segment is not presented below since the chief operating decision maker does not review this information by segment. The ANDA segment follows the same accounting policies used in the preparation of the Company’s consolidated financial statements. Please see Note 14 for further details. <p id="xdx_847_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zUD8dWeIwc9i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Revenue Recognition The Company primarily generates revenue from manufacturing fees and direct sales to pharmaceutical distributors for pharmacies and institutions. Manufacturing fees include the development of pain management products, manufacturing of a line of generic pharmaceutical products with approved ANDA, through the manufacture of formulations and the development of new products. The Company also generates revenue from licensing fees from the commercialization of products either by license and the collection of royalties, or the expansion of licensing agreements with other pharmaceutical companies, including co-development projects, joint ventures and other collaborations. Under ASC 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when the customer obtains control of promised goods or services, in an amount that reflects the consideration which is expected to be received in exchange for those goods or services. The Company recognizes revenues following the five-step model prescribed under ASC 606: (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenues when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue. Nature of goods and services The Company is equipped to manufacture controlled-release products on a contract basis for third parties, if, and when, the products are approved. These products include products using controlled-release drug technology. The Company also develops and markets (either on its own or by license to other companies) generic and proprietary controlled-release pharmaceutical products. The Company recognizes manufacturing fees related to revenue generated from wholesale customers and from direct sale customers. Wholesalers represent customers that purchase the Company’s products and sell them to end customers such as hospitals, group purchasing organizations, institutions, and pharmacies. Direct sales customers purchase products directly from the Company. The Company provides for chargebacks to wholesalers for sales to various end-customers to include, but not limited to, hospitals, group purchasing organizations, and pharmacies. Chargebacks represent the difference between the price the wholesaler pays and the price that the end-customer pays for a product. The Company’s estimate for chargebacks is developed based upon management’s assumption of anticipated claims as well as historical information. Chargebacks represent variable consideration within the Company’s contracts and therefore as such, revenue recognized is limited to the amount for which a significant reversal of revenue related to this variable consideration is not probable. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The Company recognizes revenue when the customer obtains control of the Company’s product based on the contractual shipping terms of the contract, at which time the performance obligation is deemed to be completed. The Company is primarily responsible for ensuring that the product is produced in accordance with the related supply agreement, and fulfilling the promise to deliver the product and bearing the risk of loss while the inventory is in-transit to the purchaser or commercial partner. Revenue is measured as the amount of consideration the Company expects to receive from the sale of its products, including Elite-labeled pharmaceutical products, and is recorded at net realizable value which consists of gross amounts invoiced reduced by contractual reductions, including, without limitation, chargebacks, discounts and program rebates, as applicable. Disaggregation of revenue In the following table, revenue is disaggregated by type of revenue generated by the Company. The Company recognizes revenue at a point in time for all performance obligations. Selected information on the Company’s reportable segment and the reconciliation of operating income by segment to income from operations and to income (loss) before income taxes are disclosed within Note 14. The Company disaggregates manufacturing fees revenue by sales channel, consisting of revenues from direct and indirect wholesalers, which have different cash flows and contract economics as margins generated differ between direct and indirect revenues. Additionally, although the underlying arrangements are substantially similar, pricing to direct wholesalers yields higher margins than pricing to indirect wholesalers, while the timing and uncertainty of cash flows do not differ materially. Additionally, The Company enters into licensing and development agreements, which may include multiple revenue generating activities, including milestones payments, licensing fees, product sales and services. <p id="xdx_89D_eus-gaap--DisaggregationOfRevenueTableTextBlock_gL3DORTTB-UKQRE_zMWzn3Ns5aQ1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The following table summarizes manufacturing fees by sales channel and revenues from licensing fees for the three months ended June 30, 2026 and 2025: SCHEDULE OF DISAGGREGATION OF REVENUE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260401__20260630_znCY8FEi28v1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250401__20250630_z3AgVShpCvW9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--DirectSalesToWholesalersMember_zgMk241k3CF7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Direct sales to Wholesalers</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">16,403,265</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,032,232</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--IndirectSalesToWholesalersMember_zzXArN30unLg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Indirect sales to Wholesalers</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,731,055</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">20,745,531</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--AbbreviatedNewDrugApplicationsRevenueMember_zw8rFFpmx6id" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total ANDA revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,134,320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,777,763</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--LicensingMember_z5cIDH0zxWt4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Licensing Fees</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">220,963</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">433,334</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_z526rQgprRZh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,355,283</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">40,211,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company’s revenue-generating products consist of two categories: (i) products containing an active ingredient listed by the United States Drug Enforcement Agency as a scheduled substance under the Controlled Substances Act of 1970 (“Scheduled Products”) and (ii) products not containing such a scheduled active ingredient (“Unscheduled Products”). The following table summarizes the breakdown of revenues by product category for the three months ended June 30, 2026 and 2025: <div id="xdx_C0F_gL3DORTTB-UKQRE_z7rRNYMMpude"><table cellpadding="0" cellspacing="0" id="xdx_307_134_zlYhjOSuIOp1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF DISAGGREGATION OF REVENUE (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260401__20260630_zfcHEsSJujlh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250401__20250630_zOT3PtNsV3Sh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--ScheduledProductsManufacturingFeesMember_zSQK7BD8zfPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Scheduled Products - Manufacturing Fees</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">27,809,738</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">38,913,885</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--ScheduledProductsLicensingFeesMember_z3w2Y2Ong5G9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Scheduled Products - Licensing Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">220,963</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--UnScheduledProductsManufacturingFeesMember_zjGSuhKbbFNa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unscheduled Products - Manufacturing Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,324,582</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">863,878</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--UnscheduledProductsLicensingFeesMember_zOYv99uB4lFg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Unscheduled Products - Licensing Fees</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">433,334</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zwehFwEMFvS2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Total Revenue</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">32,355,283</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">40,211,097</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> </div> ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) <p id="xdx_84D_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_zjfGMCpOgjoj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Restricted Cash As of June 30, 2026 and March 31, 2026, the Company had $475,441 and $471,520, of restricted cash, respectively, related to debt service reserve in regard to the New Jersey Economic Development Authority (“NJEDA”) bonds (see Note 6). 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. Due to temporary differences in the timing of recognition of items included in income for accounting and tax purposes, deferred tax assets or liabilities are recorded to reflect the impact arising from these differences on future tax payments. 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 June 30, 2026, a summary of the tax years that remain subject to examination in the Company’s major tax jurisdictions are: United States – Federal, 2022 and forward, and State, 2022 and forward. The Company did not have any unrecognized tax positions for the three months ended June 30, 2026 and 2025. Earnings (Loss) Per Share The Company follows ASC 260, Earnings Per Share, which requires presentation of basic and diluted income (loss) per share (“EPS”) on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of Common Stock outstanding during the period. The computation of diluted net income (loss) per share includes the assumed exercise of options and warrants if the effect is dilutive. The assumed exercise of the Series J Warrants and stock options were dilutive for the three months ended June 30, 2026, and are therefore included in the diluted EPS calculation for that period. For the three months ended June 30, 2026, there were no potentially diluted shares excluded from the calculation of diluted EPS. As the Company was in a net loss position for the three months ended June 30, 2025, the potential dilution from the Series J Warrants converting into <span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250401__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zqvHm8905g67" title="Conversion of warrants into stock">79,008,661 shares of Common Stock and the stock options converting into <span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250401__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zJv3NxnRpsdk" title="Conversion of warrants and options into common stock">15,640,000 shares of Common Stock for these periods have been excluded from the number of shares used in calculating diluted net income (loss) per share as their inclusion would have been antidilutive. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) <p id="xdx_892_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zRfr674Mk3Se" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The following is the computation of net income (loss) per share applicable to common shareholders for the periods indicated: SCHEDULE OF EARNINGS (LOSS) PER SHARE APPLICABLE TO COMMON SHAREHOLDERS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260401__20260630_z5e9DzdYZbjb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250401__20250630_z5DHaJHq60qb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline">Numerator</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_maNILATztZi_zsqz2Rbh33nh" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Net income (loss) - basic</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,910,565</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,884,715</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--DilutiveSecuritiesEffectOnBasicEarningsPerShareOther_maNILATztZi_zvH2HsQdKcva" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Effect of dilutive instrument on net income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(94,247</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_iT_mtNILATztZi_zAg10h8Zob06" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net income (loss) - diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,816,318</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,884,715</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline">Denominator</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_ma1_zQkRudKmcW6b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average shares of Common Stock outstanding - basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,077,236,002</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,068,363,108</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DilutiveSecurities_ma1_zQbzGOzjGJ1f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Dilutive effect of stock options and convertible securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,425,495</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_iT_mt1_zGRYikrLkR2h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Weighted average shares of Common Stock outstanding - diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,128,661,497</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,068,363,108</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--EarningsPerShareAbstract_iB_zpc4ZASQxOA4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareBasic_i01_zrrOWFeMX9Z7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Basic</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.01</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.01</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--EarningsPerShareDiluted_i01_z3ZNbXzvvtn3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.01</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.01</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_845_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zWE15D75bN25" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Recently Issued Accounting Pronouncements - Adopted In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU introduces a practical expedient and an accounting policy election to simplify the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. The practical expedient allows entities to assume that conditions at the balance sheet date remain unchanged for the asset’s remaining life when preparing forecasts as part of estimating expected credit losses. The ASU is effective for fiscal years beginning after December 15, 2025, and is to be adopted on a prospective basis. The Company adopted the ASU during the three months ending June 30, 2026 and the adoption did not have a material impact on the unaudited condensed consolidated financial statements. <p id="xdx_841_ecustom--RecentlyIssuedAccountingPronouncementsNotYetEffectivePolicyTextBlock_zyx822ZxYEPd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Recently Issued Accounting Pronouncements - Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date (“ASU-2024-03”). ASU 2024-03 requires public companies to disclose, in interim and reporting periods, additional information about certain expenses in the financial statements. ASU 2024-03, as clarified by ASU 2025-01, is effective for public entities for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the impact that the updated standard will have on the Company’s disclosures within the unaudited condensed consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The ASU is effective for fiscal years beginning after December 15, 2026 with updates to be applied on a retrospective or modified retrospective basis. Early adoption is permitted. The Company is evaluating the impact that this standard will have on the Company’s unaudited condensed consolidated financial statements. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270)—Narrow-Scope Improvements. The ASU clarifies the scope of interim reporting guidance, reorganizes disclosure requirements for ease of navigation, and introduces a principle requiring disclosure of material events occurring after the last annual reporting period but before interim financial statements are issued. The ASU is effective for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on the Company’s unaudited condensed consolidated financial statements. Management has evaluated recently issued accounting pronouncements outside of those mentioned above and does not believe that any of these pronouncements will have a significant impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.

Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Elite Labs. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain information or footnote disclosures normally included in condensed financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Form 10-K as filed with the SEC on June 29, 2026. The interim results for the three months ended June 30, 2026 are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2027 or for any future periods. The Company’s significant accounting policies and recent accounting standards are summarized in Note 1 of the Company’s consolidated financial statements for the year ended March 31, 2026. There were no significant changes to these accounting policies during the three months ended June 30, 2026.

Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, as well as reported amounts of revenues and expenses during the reporting period. Such management estimates and assumptions include, but are not limited to, chargeback liabilities related to revenue recognition, valuation of intangible assets, the useful life of property and equipment and identifiable intangible assets, stock-based compensation expense and income taxes. The Company continuously evaluates its estimates, which are based on the information that is currently available to the Company and on various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Segment Information Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 280 (“ASC 280”), Segment Reporting, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The Company’s CODM is the Chief Executive Officer, who reviews the financial performance and the results of operations of the segments prepared in accordance with GAAP when making decisions about allocating resources and assessing performance of the Company. The Company identifies its operating and reportable segments based on the financial information regularly reviewed by its CODM for purposes of assessing operating performance, allocating resources, and making strategic decisions. The Company’s operations consist of its generic pharmaceuticals product portfolio whose marketing approvals were secured via an Abbreviated New Drug Application (“ANDA”). The CODM evaluates the business, manages resources, and reviews financial results of the Company on a consolidated basis. Additionally, the Company’s ANDA products share similar economic characteristics, operating processes, and regulatory environments, and are managed as a single business unit. Accordingly, as of June 30, 2026, the Company has determined that it operates in a 1single operating and reportable segment. Asset information by operating segment is not presented below since the chief operating decision maker does not review this information by segment. The ANDA segment follows the same accounting policies used in the preparation of the Company’s consolidated financial statements. Please see Note 14 for further details.

<p id="xdx_847_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zUD8dWeIwc9i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Revenue Recognition The Company primarily generates revenue from manufacturing fees and direct sales to pharmaceutical distributors for pharmacies and institutions. Manufacturing fees include the development of pain management products, manufacturing of a line of generic pharmaceutical products with approved ANDA, through the manufacture of formulations and the development of new products. The Company also generates revenue from licensing fees from the commercialization of products either by license and the collection of royalties, or the expansion of licensing agreements with other pharmaceutical companies, including co-development projects, joint ventures and other collaborations. Under ASC 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when the customer obtains control of promised goods or services, in an amount that reflects the consideration which is expected to be received in exchange for those goods or services. The Company recognizes revenues following the five-step model prescribed under ASC 606: (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenues when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.

Nature of goods and services The Company is equipped to manufacture controlled-release products on a contract basis for third parties, if, and when, the products are approved. These products include products using controlled-release drug technology. The Company also develops and markets (either on its own or by license to other companies) generic and proprietary controlled-release pharmaceutical products. The Company recognizes manufacturing fees related to revenue generated from wholesale customers and from direct sale customers. Wholesalers represent customers that purchase the Company’s products and sell them to end customers such as hospitals, group purchasing organizations, institutions, and pharmacies. Direct sales customers purchase products directly from the Company. The Company provides for chargebacks to wholesalers for sales to various end-customers to include, but not limited to, hospitals, group purchasing organizations, and pharmacies. Chargebacks represent the difference between the price the wholesaler pays and the price that the end-customer pays for a product. The Company’s estimate for chargebacks is developed based upon management’s assumption of anticipated claims as well as historical information. Chargebacks represent variable consideration within the Company’s contracts and therefore as such, revenue recognized is limited to the amount for which a significant reversal of revenue related to this variable consideration is not probable. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The Company recognizes revenue when the customer obtains control of the Company’s product based on the contractual shipping terms of the contract, at which time the performance obligation is deemed to be completed. The Company is primarily responsible for ensuring that the product is produced in accordance with the related supply agreement, and fulfilling the promise to deliver the product and bearing the risk of loss while the inventory is in-transit to the purchaser or commercial partner. Revenue is measured as the amount of consideration the Company expects to receive from the sale of its products, including Elite-labeled pharmaceutical products, and is recorded at net realizable value which consists of gross amounts invoiced reduced by contractual reductions, including, without limitation, chargebacks, discounts and program rebates, as applicable.

Disaggregation of revenue In the following table, revenue is disaggregated by type of revenue generated by the Company. The Company recognizes revenue at a point in time for all performance obligations. Selected information on the Company’s reportable segment and the reconciliation of operating income by segment to income from operations and to income (loss) before income taxes are disclosed within Note 14. The Company disaggregates manufacturing fees revenue by sales channel, consisting of revenues from direct and indirect wholesalers, which have different cash flows and contract economics as margins generated differ between direct and indirect revenues. Additionally, although the underlying arrangements are substantially similar, pricing to direct wholesalers yields higher margins than pricing to indirect wholesalers, while the timing and uncertainty of cash flows do not differ materially. Additionally, The Company enters into licensing and development agreements, which may include multiple revenue generating activities, including milestones payments, licensing fees, product sales and services. <p id="xdx_89D_eus-gaap--DisaggregationOfRevenueTableTextBlock_gL3DORTTB-UKQRE_zMWzn3Ns5aQ1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The following table summarizes manufacturing fees by sales channel and revenues from licensing fees for the three months ended June 30, 2026 and 2025: SCHEDULE OF DISAGGREGATION OF REVENUE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260401__20260630_znCY8FEi28v1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250401__20250630_z3AgVShpCvW9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--DirectSalesToWholesalersMember_zgMk241k3CF7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Direct sales to Wholesalers</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">16,403,265</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,032,232</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--IndirectSalesToWholesalersMember_zzXArN30unLg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Indirect sales to Wholesalers</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,731,055</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">20,745,531</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--AbbreviatedNewDrugApplicationsRevenueMember_zw8rFFpmx6id" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total ANDA revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,134,320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,777,763</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--LicensingMember_z5cIDH0zxWt4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Licensing Fees</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">220,963</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">433,334</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_z526rQgprRZh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,355,283</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">40,211,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company’s revenue-generating products consist of two categories: (i) products containing an active ingredient listed by the United States Drug Enforcement Agency as a scheduled substance under the Controlled Substances Act of 1970 (“Scheduled Products”) and (ii) products not containing such a scheduled active ingredient (“Unscheduled Products”). The following table summarizes the breakdown of revenues by product category for the three months ended June 30, 2026 and 2025: <div id="xdx_C0F_gL3DORTTB-UKQRE_z7rRNYMMpude"><table cellpadding="0" cellspacing="0" id="xdx_307_134_zlYhjOSuIOp1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF DISAGGREGATION OF REVENUE (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260401__20260630_zfcHEsSJujlh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250401__20250630_zOT3PtNsV3Sh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--ScheduledProductsManufacturingFeesMember_zSQK7BD8zfPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Scheduled Products - Manufacturing Fees</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">27,809,738</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">38,913,885</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--ScheduledProductsLicensingFeesMember_z3w2Y2Ong5G9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Scheduled Products - Licensing Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">220,963</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--UnScheduledProductsManufacturingFeesMember_zjGSuhKbbFNa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unscheduled Products - Manufacturing Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,324,582</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">863,878</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--UnscheduledProductsLicensingFeesMember_zOYv99uB4lFg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Unscheduled Products - Licensing Fees</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">433,334</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zwehFwEMFvS2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Total Revenue</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">32,355,283</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">40,211,097</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> </div> ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

<p id="xdx_89D_eus-gaap--DisaggregationOfRevenueTableTextBlock_gL3DORTTB-UKQRE_zMWzn3Ns5aQ1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The following table summarizes manufacturing fees by sales channel and revenues from licensing fees for the three months ended June 30, 2026 and 2025: SCHEDULE OF DISAGGREGATION OF REVENUE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260401__20260630_znCY8FEi28v1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250401__20250630_z3AgVShpCvW9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--DirectSalesToWholesalersMember_zgMk241k3CF7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Direct sales to Wholesalers</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">16,403,265</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,032,232</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--IndirectSalesToWholesalersMember_zzXArN30unLg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Indirect sales to Wholesalers</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,731,055</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">20,745,531</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--AbbreviatedNewDrugApplicationsRevenueMember_zw8rFFpmx6id" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total ANDA revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,134,320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,777,763</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--LicensingMember_z5cIDH0zxWt4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Licensing Fees</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">220,963</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">433,334</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_z526rQgprRZh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,355,283</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">40,211,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_307_134_zlYhjOSuIOp1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF DISAGGREGATION OF REVENUE (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260401__20260630_zfcHEsSJujlh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250401__20250630_zOT3PtNsV3Sh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--ScheduledProductsManufacturingFeesMember_zSQK7BD8zfPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Scheduled Products - Manufacturing Fees</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">27,809,738</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">38,913,885</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--ScheduledProductsLicensingFeesMember_z3w2Y2Ong5G9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Scheduled Products - Licensing Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">220,963</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--UnScheduledProductsManufacturingFeesMember_zjGSuhKbbFNa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unscheduled Products - Manufacturing Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,324,582</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">863,878</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--UnscheduledProductsLicensingFeesMember_zOYv99uB4lFg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Unscheduled Products - Licensing Fees</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">433,334</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zwehFwEMFvS2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Total Revenue</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">32,355,283</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">40,211,097</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

16403265

19032232

15731055

20745531

32134320

39777763

220963

433334

32355283

40211097

27809738

38913885

220963

4324582

863878

433334

32355283

40211097

<p id="xdx_84D_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_zjfGMCpOgjoj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Restricted Cash As of June 30, 2026 and March 31, 2026, the Company had $475,441 and $471,520, of restricted cash, respectively, related to debt service reserve in regard to the New Jersey Economic Development Authority (“NJEDA”) bonds (see Note 6).

475441

471520

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. Due to temporary differences in the timing of recognition of items included in income for accounting and tax purposes, deferred tax assets or liabilities are recorded to reflect the impact arising from these differences on future tax payments. 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 June 30, 2026, a summary of the tax years that remain subject to examination in the Company’s major tax jurisdictions are: United States – Federal, 2022 and forward, and State, 2022 and forward. The Company did not have any unrecognized tax positions for the three months ended June 30, 2026 and 2025.

These tax benefits are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution.

Earnings (Loss) Per Share The Company follows ASC 260, Earnings Per Share, which requires presentation of basic and diluted income (loss) per share (“EPS”) on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of Common Stock outstanding during the period. The computation of diluted net income (loss) per share includes the assumed exercise of options and warrants if the effect is dilutive. The assumed exercise of the Series J Warrants and stock options were dilutive for the three months ended June 30, 2026, and are therefore included in the diluted EPS calculation for that period. For the three months ended June 30, 2026, there were no potentially diluted shares excluded from the calculation of diluted EPS. As the Company was in a net loss position for the three months ended June 30, 2025, the potential dilution from the Series J Warrants converting into <span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250401__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zqvHm8905g67" title="Conversion of warrants into stock">79,008,661 shares of Common Stock and the stock options converting into <span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250401__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zJv3NxnRpsdk" title="Conversion of warrants and options into common stock">15,640,000 shares of Common Stock for these periods have been excluded from the number of shares used in calculating diluted net income (loss) per share as their inclusion would have been antidilutive. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) <p id="xdx_892_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zRfr674Mk3Se" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The following is the computation of net income (loss) per share applicable to common shareholders for the periods indicated: SCHEDULE OF EARNINGS (LOSS) PER SHARE APPLICABLE TO COMMON SHAREHOLDERS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260401__20260630_z5e9DzdYZbjb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250401__20250630_z5DHaJHq60qb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline">Numerator</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_maNILATztZi_zsqz2Rbh33nh" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Net income (loss) - basic</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,910,565</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,884,715</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--DilutiveSecuritiesEffectOnBasicEarningsPerShareOther_maNILATztZi_zvH2HsQdKcva" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Effect of dilutive instrument on net income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(94,247</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_iT_mtNILATztZi_zAg10h8Zob06" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net income (loss) - diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,816,318</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,884,715</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline">Denominator</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_ma1_zQkRudKmcW6b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average shares of Common Stock outstanding - basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,077,236,002</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,068,363,108</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DilutiveSecurities_ma1_zQbzGOzjGJ1f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Dilutive effect of stock options and convertible securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,425,495</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_iT_mt1_zGRYikrLkR2h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Weighted average shares of Common Stock outstanding - diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,128,661,497</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,068,363,108</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--EarningsPerShareAbstract_iB_zpc4ZASQxOA4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareBasic_i01_zrrOWFeMX9Z7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Basic</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.01</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.01</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--EarningsPerShareDiluted_i01_z3ZNbXzvvtn3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.01</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.01</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

79008661

15640000

<p id="xdx_892_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zRfr674Mk3Se" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The following is the computation of net income (loss) per share applicable to common shareholders for the periods indicated: SCHEDULE OF EARNINGS (LOSS) PER SHARE APPLICABLE TO COMMON SHAREHOLDERS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260401__20260630_z5e9DzdYZbjb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250401__20250630_z5DHaJHq60qb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline">Numerator</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_maNILATztZi_zsqz2Rbh33nh" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Net income (loss) - basic</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,910,565</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,884,715</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--DilutiveSecuritiesEffectOnBasicEarningsPerShareOther_maNILATztZi_zvH2HsQdKcva" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Effect of dilutive instrument on net income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(94,247</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_iT_mtNILATztZi_zAg10h8Zob06" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net income (loss) - diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,816,318</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,884,715</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline">Denominator</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_ma1_zQkRudKmcW6b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average shares of Common Stock outstanding - basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,077,236,002</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,068,363,108</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DilutiveSecurities_ma1_zQbzGOzjGJ1f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Dilutive effect of stock options and convertible securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,425,495</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_iT_mt1_zGRYikrLkR2h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Weighted average shares of Common Stock outstanding - diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,128,661,497</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,068,363,108</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--EarningsPerShareAbstract_iB_zpc4ZASQxOA4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Net income (loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareBasic_i01_zrrOWFeMX9Z7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Basic</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.01</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.01</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--EarningsPerShareDiluted_i01_z3ZNbXzvvtn3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.01</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.01</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

5910565

-5884715

-94247

5816318

-5884715

1077236002

1068363108

51425495

1128661497

1068363108

0.01

-0.01

0.01

-0.01

<p id="xdx_845_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zWE15D75bN25" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Recently Issued Accounting Pronouncements - Adopted In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU introduces a practical expedient and an accounting policy election to simplify the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. The practical expedient allows entities to assume that conditions at the balance sheet date remain unchanged for the asset’s remaining life when preparing forecasts as part of estimating expected credit losses. The ASU is effective for fiscal years beginning after December 15, 2025, and is to be adopted on a prospective basis. The Company adopted the ASU during the three months ending June 30, 2026 and the adoption did not have a material impact on the unaudited condensed consolidated financial statements.

<p id="xdx_841_ecustom--RecentlyIssuedAccountingPronouncementsNotYetEffectivePolicyTextBlock_zyx822ZxYEPd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Recently Issued Accounting Pronouncements - Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date (“ASU-2024-03”). ASU 2024-03 requires public companies to disclose, in interim and reporting periods, additional information about certain expenses in the financial statements. ASU 2024-03, as clarified by ASU 2025-01, is effective for public entities for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the impact that the updated standard will have on the Company’s disclosures within the unaudited condensed consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The ASU is effective for fiscal years beginning after December 15, 2026 with updates to be applied on a retrospective or modified retrospective basis. Early adoption is permitted. The Company is evaluating the impact that this standard will have on the Company’s unaudited condensed consolidated financial statements. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270)—Narrow-Scope Improvements. The ASU clarifies the scope of interim reporting guidance, reorganizes disclosure requirements for ease of navigation, and introduces a principle requiring disclosure of material events occurring after the last annual reporting period but before interim financial statements are issued. The ASU is effective for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on the Company’s unaudited condensed consolidated financial statements. Management has evaluated recently issued accounting pronouncements outside of those mentioned above and does not believe that any of these pronouncements will have a significant impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.

NOTE 2. INVENTORY <p id="xdx_89A_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_z6UdjtjJCUFa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Inventory consisted of the following: SCHEDULE OF INVENTORY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260630_zaqIHCgUAvLf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260331_zEM1zHFYsw52" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--InventoryFinishedGoods_iI_maINzVRp_zOo73F2J0lLl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Finished goods</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,956,873</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,389,291</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--InventoryWorkInProcess_iI_maINzVRp_zGHczF8AD0cf" style="vertical-align: bottom; background-color: White"> <td>Work-in-progress</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,133,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,267,705</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InventoryRawMaterials_iI_maINzVRp_zIYmpt75JdG4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Raw materials</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,110,143</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,602,902</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryNet_iTI_mtINzVRp_zBS31nfKYXZh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Inventory</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,200,388</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,259,898</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_89A_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_z6UdjtjJCUFa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Inventory consisted of the following: SCHEDULE OF INVENTORY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260630_zaqIHCgUAvLf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260331_zEM1zHFYsw52" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--InventoryFinishedGoods_iI_maINzVRp_zOo73F2J0lLl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Finished goods</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,956,873</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,389,291</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--InventoryWorkInProcess_iI_maINzVRp_zGHczF8AD0cf" style="vertical-align: bottom; background-color: White"> <td>Work-in-progress</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,133,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,267,705</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InventoryRawMaterials_iI_maINzVRp_zIYmpt75JdG4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Raw materials</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,110,143</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,602,902</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryNet_iTI_mtINzVRp_zBS31nfKYXZh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Inventory</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,200,388</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,259,898</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

7956873

5389291

2133372

3267705

14110143

12602902

24200388

21259898

<p id="xdx_805_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zWDK1SE3LF38" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">NOTE 3. PROPERTY AND EQUIPMENT, NET <p id="xdx_89B_eus-gaap--PropertyPlantAndEquipmentTextBlock_zai7bIT7Yflf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260630_zwCvhE01IN4a" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260331_zPjAFophJrQ7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandBuildingsAndImprovementsMember_zPp3TypOFS39" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Land, building and improvements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,907,253</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,649,918</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryManufacturingWarehouseAndTransportationEquipmentMember_zZnQVi9tu7a7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Laboratory, manufacturing, warehouse and transportation equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,253,263</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,701,634</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeEquipmentAndSoftwareMember_zAOqstowpAIh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office equipment and software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">373,601</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">373,601</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zJwtlOluDqn4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Furniture and fixtures</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">556,418</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">556,418</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzDF9_zna90vZfXBKc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,090,535</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,281,571</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzDF9_zGlqVYN0rxP" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,353,218</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,100,243</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzDF9_zWtT0SilPoZ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,737,317</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,181,328</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Depreciation expense was $252,975 and $275,413 for the three months ended June 30, 2026 and 2025, respectively.

<p id="xdx_89B_eus-gaap--PropertyPlantAndEquipmentTextBlock_zai7bIT7Yflf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260630_zwCvhE01IN4a" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260331_zPjAFophJrQ7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandBuildingsAndImprovementsMember_zPp3TypOFS39" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Land, building and improvements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,907,253</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,649,918</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryManufacturingWarehouseAndTransportationEquipmentMember_zZnQVi9tu7a7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Laboratory, manufacturing, warehouse and transportation equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,253,263</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,701,634</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeEquipmentAndSoftwareMember_zAOqstowpAIh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office equipment and software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">373,601</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">373,601</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zJwtlOluDqn4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Furniture and fixtures</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">556,418</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">556,418</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzDF9_zna90vZfXBKc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,090,535</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,281,571</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzDF9_zGlqVYN0rxP" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,353,218</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,100,243</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzDF9_zWtT0SilPoZ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,737,317</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,181,328</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

11907253

11649918

16253263

15701634

373601

556418

29090535

28281571

18353218

18100243

10737317

10181328

252975

275413

<p id="xdx_808_eus-gaap--GoodwillAndIntangibleAssetsDisclosureTextBlock_zcLb9Ua1ene" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">NOTE 4. INTANGIBLE ASSETS <p id="xdx_894_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_gL3SOFLIATTB-CWUNZGX_zU11EvSSbOFb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The following table summarizes the Company’s intangible assets as of and for the periods ended June 30, 2026 and March 31, 2026: SCHEDULE OF INTANGIBLE ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="21" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Estimated Useful Life</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gross Carrying Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Additions</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Impairment losses</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Net Book Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left; padding-bottom: 1pt">ANDA acquisition costs</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 8%; text-align: center; padding-bottom: 1pt"><span id="xdx_906_eus-gaap--ImpairedIntangibleAssetDescription_c20260401__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_z5a6XLch2ra9" title="Estimated Useful Life">Indefinite</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zVOzFC9DCQJk" style="border-bottom: Black 1pt solid; width: 8%; text-align: right" title="Gross Carrying Amount">4,790,790</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--FinitelivedIntangibleAssetsAcquired1_c20260401__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zF2vbyRN87A4" style="border-bottom: Black 1pt solid; width: 8%; text-align: right" title="Additions">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--OtherAssetImpairmentCharges_iN_di_c20260401__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zKsmLHZYGg27" style="border-bottom: Black 1pt solid; width: 8%; text-align: right" title="Impairment losses">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zT7Q40yR2oWb" style="border-bottom: Black 1pt solid; width: 8%; text-align: right" title="Accumulated Amortization">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zFEnZ0G11jU8" style="border-bottom: Black 1pt solid; width: 8%; text-align: right" title="Net Book Value">4,790,790</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20260630_zv76lQfpZhjf" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross Carrying Amount">4,790,790</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--FinitelivedIntangibleAssetsAcquired1_c20260401__20260630_zvEkao3dxz7k" style="border-bottom: Black 2.5pt double; text-align: right" title="Additions">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--OtherAssetImpairmentCharges_iN_di_c20260401__20260630_zV2NMZ9VwIS1" style="border-bottom: Black 2.5pt double; text-align: right" title="Impairment losses">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20260630_znxdzSNOG5ek" style="border-bottom: Black 2.5pt double; text-align: right" title="Accumulated Amortization">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20260630_zKt5leK3behg" style="border-bottom: Black 2.5pt double; text-align: right" title="Net Book Value">4,790,790</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="21" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Estimated Useful Life</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gross Carrying Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Additions</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Impairment losses</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Net Book Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left">Patent application costs</td><td style="width: 2%"> </td> <td style="width: 8%; text-align: center">-*</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentApplicationCostsMember_zVppDLpG7dCk" style="width: 8%; text-align: right" title="Gross Carrying Amount">289,039</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--FinitelivedIntangibleAssetsAcquired1_c20250401__20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentApplicationCostsMember_zIiaWjPWd5oj" style="width: 8%; text-align: right" title="Additions">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--OtherAssetImpairmentCharges_iN_di_c20250401__20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentApplicationCostsMember_zi7gUm9md1Lk" style="width: 8%; text-align: right" title="Impairment losses">(289,039</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentApplicationCostsMember_zvuhQqvVaKRc" style="width: 8%; text-align: right" title="Accumulated Amortization">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentApplicationCostsMember_zqmilPPINCgh" style="width: 8%; text-align: right" title="Net Book Value">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">ANDA acquisition costs</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><span id="xdx_903_eus-gaap--ImpairedIntangibleAssetDescription_c20250401__20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zhXL9WE4IsY8" title="Estimated Useful Life">Indefinite</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_z38haal0NLB6" style="border-bottom: Black 1pt solid; text-align: right" title="Gross Carrying Amount">5,348,763</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--FinitelivedIntangibleAssetsAcquired1_c20250401__20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_z3lvE6whzLK1" style="border-bottom: Black 1pt solid; text-align: right" title="Additions">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--OtherAssetImpairmentCharges_iN_di_c20250401__20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zTlFv69OcyXi" style="border-bottom: Black 1pt solid; text-align: right" title="Impairment losses">(557,973</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zyyFP17G1yC2" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated Amortization">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zVNRQOY9xrt3" style="border-bottom: Black 1pt solid; text-align: right" title="Net Book Value">4,790,790</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20260331_zasw1K2z7PP3" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross Carrying Amount">5,637,802</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--FinitelivedIntangibleAssetsAcquired1_c20250401__20260331_zCveimj60IA5" style="border-bottom: Black 2.5pt double; text-align: right" title="Additions">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--OtherAssetImpairmentCharges_iN_di_c20250401__20260331_zyWTyebWuzVa" style="border-bottom: Black 2.5pt double; text-align: right" title="Impairment losses">(847,012</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20260331_zYGWbEMKxyS" style="border-bottom: Black 2.5pt double; text-align: right" title="Accumulated Amortization">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20260331_zN4cevmvCud2" style="border-bottom: Black 2.5pt double; text-align: right" title="Net Book Value">4,790,790</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F04_zWhAF6XZhsp7" style="text-align: right; width: 15pt">*</td><td style="width: 5pt"></td><td style="text-align: justify">Patent application costs were incurred in relation to the Company’s abuse deterrent opioid technology. Amortization of the patent costs would have begun upon the issuance of marketing authorization by the FDA. During the year ended March 31, 2026, these costs were impaired in full.</td> </tr> </table> The Company tests its intangible assets for impairment at least annually (as of March 31st) and whenever events or circumstances indicate that impairment may have occurred. Indicators of impairment may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in stock price and market capitalization; a significant adverse change in legal factors or business climate; unanticipated competition; and slower growth rates. No such impairment was recorded during the three months ended June 30, 2026 and 2025. <div id="xdx_C08_gL3SOFLIATTB-CWUNZGX_zaOMERQyLGO4">* Patent application costs were incurred in relation to the Company’s abuse deterrent opioid technology. Amortization of the patent costs would have begun upon the issuance of marketing authorization by the FDA. During the year ended March 31, 2026, these costs were impaired in full. </div>

<p id="xdx_894_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_gL3SOFLIATTB-CWUNZGX_zU11EvSSbOFb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The following table summarizes the Company’s intangible assets as of and for the periods ended June 30, 2026 and March 31, 2026: SCHEDULE OF INTANGIBLE ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="21" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Estimated Useful Life</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gross Carrying Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Additions</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Impairment losses</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Net Book Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left; padding-bottom: 1pt">ANDA acquisition costs</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 8%; text-align: center; padding-bottom: 1pt"><span id="xdx_906_eus-gaap--ImpairedIntangibleAssetDescription_c20260401__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_z5a6XLch2ra9" title="Estimated Useful Life">Indefinite</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zVOzFC9DCQJk" style="border-bottom: Black 1pt solid; width: 8%; text-align: right" title="Gross Carrying Amount">4,790,790</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--FinitelivedIntangibleAssetsAcquired1_c20260401__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zF2vbyRN87A4" style="border-bottom: Black 1pt solid; width: 8%; text-align: right" title="Additions">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--OtherAssetImpairmentCharges_iN_di_c20260401__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zKsmLHZYGg27" style="border-bottom: Black 1pt solid; width: 8%; text-align: right" title="Impairment losses">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zT7Q40yR2oWb" style="border-bottom: Black 1pt solid; width: 8%; text-align: right" title="Accumulated Amortization">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zFEnZ0G11jU8" style="border-bottom: Black 1pt solid; width: 8%; text-align: right" title="Net Book Value">4,790,790</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20260630_zv76lQfpZhjf" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross Carrying Amount">4,790,790</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--FinitelivedIntangibleAssetsAcquired1_c20260401__20260630_zvEkao3dxz7k" style="border-bottom: Black 2.5pt double; text-align: right" title="Additions">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--OtherAssetImpairmentCharges_iN_di_c20260401__20260630_zV2NMZ9VwIS1" style="border-bottom: Black 2.5pt double; text-align: right" title="Impairment losses">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20260630_znxdzSNOG5ek" style="border-bottom: Black 2.5pt double; text-align: right" title="Accumulated Amortization">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20260630_zKt5leK3behg" style="border-bottom: Black 2.5pt double; text-align: right" title="Net Book Value">4,790,790</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="21" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Estimated Useful Life</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gross Carrying Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Additions</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Impairment losses</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Net Book Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left">Patent application costs</td><td style="width: 2%"> </td> <td style="width: 8%; text-align: center">-*</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentApplicationCostsMember_zVppDLpG7dCk" style="width: 8%; text-align: right" title="Gross Carrying Amount">289,039</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--FinitelivedIntangibleAssetsAcquired1_c20250401__20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentApplicationCostsMember_zIiaWjPWd5oj" style="width: 8%; text-align: right" title="Additions">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--OtherAssetImpairmentCharges_iN_di_c20250401__20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentApplicationCostsMember_zi7gUm9md1Lk" style="width: 8%; text-align: right" title="Impairment losses">(289,039</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentApplicationCostsMember_zvuhQqvVaKRc" style="width: 8%; text-align: right" title="Accumulated Amortization">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentApplicationCostsMember_zqmilPPINCgh" style="width: 8%; text-align: right" title="Net Book Value">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">ANDA acquisition costs</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><span id="xdx_903_eus-gaap--ImpairedIntangibleAssetDescription_c20250401__20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zhXL9WE4IsY8" title="Estimated Useful Life">Indefinite</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_z38haal0NLB6" style="border-bottom: Black 1pt solid; text-align: right" title="Gross Carrying Amount">5,348,763</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--FinitelivedIntangibleAssetsAcquired1_c20250401__20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_z3lvE6whzLK1" style="border-bottom: Black 1pt solid; text-align: right" title="Additions">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--OtherAssetImpairmentCharges_iN_di_c20250401__20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zTlFv69OcyXi" style="border-bottom: Black 1pt solid; text-align: right" title="Impairment losses">(557,973</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zyyFP17G1yC2" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated Amortization">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20260331__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ANDAAcquisitionCostsMember_zVNRQOY9xrt3" style="border-bottom: Black 1pt solid; text-align: right" title="Net Book Value">4,790,790</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_c20260331_zasw1K2z7PP3" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross Carrying Amount">5,637,802</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--FinitelivedIntangibleAssetsAcquired1_c20250401__20260331_zCveimj60IA5" style="border-bottom: Black 2.5pt double; text-align: right" title="Additions">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--OtherAssetImpairmentCharges_iN_di_c20250401__20260331_zyWTyebWuzVa" style="border-bottom: Black 2.5pt double; text-align: right" title="Impairment losses">(847,012</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_c20260331_zYGWbEMKxyS" style="border-bottom: Black 2.5pt double; text-align: right" title="Accumulated Amortization">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20260331_zN4cevmvCud2" style="border-bottom: Black 2.5pt double; text-align: right" title="Net Book Value">4,790,790</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> * Patent application costs were incurred in relation to the Company’s abuse deterrent opioid technology. Amortization of the patent costs would have begun upon the issuance of marketing authorization by the FDA. During the year ended March 31, 2026, these costs were impaired in full.

Indefinite

4790790

289039

Indefinite

5348763

557973

4790790

5637802

847012

4790790

<p id="xdx_80D_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zWlzoKp5TzVj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">NOTE 5. ACCRUED EXPENSES <p id="xdx_895_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zDUPIDV0p1w1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">As of June 30, 2026 and March 31, 2026, the Company’s accrued expenses consisted of the following: SCHEDULE OF ACCRUED EXPENSES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630_z5eVllfzKGR7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260331_zNxFdJvLpeAa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_ecustom--AccruedCodevelopmentProfitSplit_iI_maALCzIQJ_zg6wVdic5x6f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Co-development profit split</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,776,060</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,616,950</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccruedBonusesCurrent_iI_maALCzIQJ_zXuVsiRa3Eoa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Employee bonuses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,580,813</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,285,256</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccruedIncomeTaxesCurrent_iI_maALCzIQJ_zEhAsQIvd3sd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,058,880</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">594,181</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LitigationReserveCurrent_iI_maALCzIQJ_zV7cWCBh5DB3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Legal and professional expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,672</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALCzIQJ_zGIN0LaR10E8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Audit fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AccruedDirectorDues_iI_maALCzIQJ_zebmrsxThpNa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Director dues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,500</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccruedSalariesCurrent_iI_maALCzIQJ_z4JCVt6l3QGc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Salaries and fees payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73,907</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">273,059</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzIQJ_zVZCMCZFOTBh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other accrued expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">493,416</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">619,604</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzIQJ_zeOLpRNMrkhh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,429,800</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,194,222</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_895_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zDUPIDV0p1w1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">As of June 30, 2026 and March 31, 2026, the Company’s accrued expenses consisted of the following: SCHEDULE OF ACCRUED EXPENSES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630_z5eVllfzKGR7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260331_zNxFdJvLpeAa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_ecustom--AccruedCodevelopmentProfitSplit_iI_maALCzIQJ_zg6wVdic5x6f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Co-development profit split</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,776,060</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,616,950</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccruedBonusesCurrent_iI_maALCzIQJ_zXuVsiRa3Eoa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Employee bonuses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,580,813</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,285,256</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccruedIncomeTaxesCurrent_iI_maALCzIQJ_zEhAsQIvd3sd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,058,880</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">594,181</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LitigationReserveCurrent_iI_maALCzIQJ_zV7cWCBh5DB3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Legal and professional expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,672</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALCzIQJ_zGIN0LaR10E8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Audit fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AccruedDirectorDues_iI_maALCzIQJ_zebmrsxThpNa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Director dues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,500</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccruedSalariesCurrent_iI_maALCzIQJ_z4JCVt6l3QGc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Salaries and fees payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73,907</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">273,059</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzIQJ_zVZCMCZFOTBh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other accrued expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">493,416</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">619,604</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzIQJ_zeOLpRNMrkhh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,429,800</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,194,222</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2776060 2616950

1580813

5285256

1058880

594181

174224

282672

250000

500000

22500 22500

73907

273059

493416

619604

6429800

10194222

NOTE 6. NJEDA BONDS During August 2005, the Company refinanced a prior 1999 bond issue occurring in 1999 through the issuance of Series A and B Notes new tax-exempt bonds (the “NJEDA Bonds”). The refinancing involved borrowing $4,155,000, evidenced by a <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20050831__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_z0WoymVmvpX3" title="Interest rate stated percentage">6.5% Series A Note in the principal amount of $3,660,000 maturing on September 1, 2030 and a <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20050831__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesBNotesMember_zuOAmhfENFrg" title="Interest rate stated percentage">9% Series B Note in the principal amount of $495,000 maturing on September 1, 2012. During July 2014, the Company retired all the 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 fund. The debt service reserve is classified as restricted cash on the accompanying unaudited condensed consolidated balance sheets. The NJEDA Bonds require the Company to make an annual principal payment on September 1st based on the amount specified in the loan documents and semi-annual interest payments on March 1st and September 1st, equal to interest due on the outstanding principal. The annual interest rate on the Series A Note is 6.5%. The NJEDA Bonds are collateralized by a first lien on the Company’s facility and equipment acquired with the proceeds of the original and refinanced bonds. The bonds mature on September 1, 2030. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) <p id="xdx_899_eus-gaap--ScheduleOfDebtTableTextBlock_zrtgs2LejW7k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The following tables summarize the Company’s bonds payable liability: SCHEDULE OF BONDS PAYABLE LIABILITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">Gross bonds payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">NJEDA Bonds - Series A Notes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_ecustom--BondsPayableGross_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zWnXhmJq8C14" style="width: 16%; text-align: right" title="NJEDA Bonds - Series A Notes">850,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_ecustom--BondsPayableGross_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zAkCugvFgC31" style="width: 16%; text-align: right" title="NJEDA Bonds - Series A Notes">850,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Less: Current portion of bonds payable (prior to deduction of bond offering costs)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--BondsPayableCurrentGross_iNI_pp0p0_di_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zA3f2oPTQBa4" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Current portion of bonds payable (prior to deduction of bond offering costs)">(150,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_ecustom--BondsPayableCurrentGross_iNI_pp0p0_di_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zooPSmD8kh06" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Current portion of bonds payable (prior to deduction of bond offering costs)">(150,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Long-term portion of bonds payable (prior to deduction of bond offering costs)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_ecustom--LongTermBondsPayableGross_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zHDA797QPwoa" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term portion of bonds payable (prior to deduction of bond offering costs)">700,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_ecustom--LongTermBondsPayableGross_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zB1n4efZN4Sd" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term portion of bonds payable (prior to deduction of bond offering costs)">700,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Bond offering costs</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--DeferredFinanceCostsGross_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zQQCRJIGrjZh" style="text-align: right" title="Bond offering costs">354,454</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--DeferredFinanceCostsGross_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zZPoAXW7MKEc" style="text-align: right" title="Bond offering costs">354,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Less: Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--AccumulatedAmortizationDeferredFinanceCosts_iNI_pp0p0_di_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zXIkHKvIxPx1" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Accumulated amortization">(295,379</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--AccumulatedAmortizationDeferredFinanceCosts_iNI_pp0p0_di_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zHX0YhAKwsa3" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Accumulated amortization">(291,835</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Bond offering costs, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zmD5AFv4tdJg" style="border-bottom: Black 2.5pt double; text-align: right" title="Bond offering costs, net">59,075</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zLOFJJYZJVPl" style="border-bottom: Black 2.5pt double; text-align: right" title="Bond offering costs, net">62,619</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left">Current portion of bonds payable - net of bond offering costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Current portions of bonds payable</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_ecustom--BondsPayableGrossCurrent_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsCurrentMember_zWRh5Zx7p9k5" style="text-align: right" title="Current portions of bonds payable">150,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecustom--BondsPayableGrossCurrent_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsCurrentMember_zYcqqJ3W7bNl" style="text-align: right" title="Current portions of bonds payable">150,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Less: Bonds offering costs to be amortized in the next 12 months</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--DeferredFinanceCostsCurrentNet_iNI_pp0p0_di_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsCurrentMember_zLlqF3Qn8G6f" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Bonds offering costs to be amortized in the next 12 months">(14,178</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--DeferredFinanceCostsCurrentNet_iNI_pp0p0_di_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsCurrentMember_zAxvGVQVWhM" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Bonds offering costs to be amortized in the next 12 months">(14,178</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Current portion of bonds payable, net of bond offering costs</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--DebtSecuritiesCurrent_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsCurrentMember_zCedL5QQIxVe" style="border-bottom: Black 2.5pt double; text-align: right" title="Current portion of bonds payable, net of bond offering costs">135,822</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--DebtSecuritiesCurrent_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsCurrentMember_zbCMiuW1uqt3" style="border-bottom: Black 2.5pt double; text-align: right" title="Current portion of bonds payable, net of bond offering costs">135,822</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">Long term portion of bonds payable - net of bond offering costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Long term portion of bonds payable</td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_ecustom--LongTermBondsPayableGross_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsNoncurrentMember_zpgVoyDx0G2d" style="text-align: right" title="Long term portion of bonds payable">700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecustom--LongTermBondsPayableGross_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsNoncurrentMember_zl1zba7QiYa2" style="text-align: right" title="Long term portion of bonds payable">700,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Less: Bond offering costs to be amortized subsequent to the next 12 months</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--DeferredFinanceCostsNoncurrentNet_iNI_pp0p0_di_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsNoncurrentMember_zl6JfxDETSk4" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Bond offering costs to be amortized subsequent to the next 12 months">(44,897</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--DeferredFinanceCostsNoncurrentNet_iNI_pp0p0_di_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsNoncurrentMember_zK0mBl6uv9Gj" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Bond offering costs to be amortized subsequent to the next 12 months">(48,441</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Long term portion of bonds payable, net of bond offering costs</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--LongTermDebt_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsNoncurrentMember_zqJzq4P0Cjq1" style="border-bottom: Black 2.5pt double; text-align: right" title="Long term portion of bonds payable, net of bond offering costs">655,103</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--LongTermDebt_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsNoncurrentMember_zHRDnCmWYhhk" style="border-bottom: Black 2.5pt double; text-align: right" title="Long term portion of bonds payable, net of bond offering costs">651,559</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Amortization expense was $3,544 and $3,545 for the three months ended June 30, 2026 and 2025, respectively. Interest payable was $18,417 and $4,604 as of June 30, 2026 and March 31, 2026, respectively. Interest expense was $13,813 and $16,087 for the three months ended June 30, 2026 and 2025, respectively. <p id="xdx_892_esrt--ContractualObligationFiscalYearMaturityScheduleTableTextBlock_zoHFqfDxdPSg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Maturities of bonds for the next five years are as follows: SCHEDULE OF MATURITIES OF BONDS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Years ending March 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260630__us-gaap--LongtermDebtTypeAxis__custom--NJEDABondsMember_z3j4ZNGxKUz4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_maLTDzzZi_zPx0vU9CSjfd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 80%">Remainder of 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">150,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maLTDzzZi_z90X71SSUHWk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maLTDzzZi_zLXMBCj5lnXd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_maLTDzzZi_z6xM84kAuqY8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_maLTDzzZi_zFKPLlGsgPL6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2031</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">190,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebt_iTI_mtLTDzzZi_zYfonj8w500e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">850,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4155000

0.065

3660000

2030-09-01

0.09

495000

2012-09-01

0.065

<p id="xdx_899_eus-gaap--ScheduleOfDebtTableTextBlock_zrtgs2LejW7k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The following tables summarize the Company’s bonds payable liability: SCHEDULE OF BONDS PAYABLE LIABILITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">Gross bonds payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">NJEDA Bonds - Series A Notes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_ecustom--BondsPayableGross_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zWnXhmJq8C14" style="width: 16%; text-align: right" title="NJEDA Bonds - Series A Notes">850,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_ecustom--BondsPayableGross_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zAkCugvFgC31" style="width: 16%; text-align: right" title="NJEDA Bonds - Series A Notes">850,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Less: Current portion of bonds payable (prior to deduction of bond offering costs)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--BondsPayableCurrentGross_iNI_pp0p0_di_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zA3f2oPTQBa4" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Current portion of bonds payable (prior to deduction of bond offering costs)">(150,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_ecustom--BondsPayableCurrentGross_iNI_pp0p0_di_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zooPSmD8kh06" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Current portion of bonds payable (prior to deduction of bond offering costs)">(150,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Long-term portion of bonds payable (prior to deduction of bond offering costs)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_ecustom--LongTermBondsPayableGross_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zHDA797QPwoa" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term portion of bonds payable (prior to deduction of bond offering costs)">700,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_ecustom--LongTermBondsPayableGross_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zB1n4efZN4Sd" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term portion of bonds payable (prior to deduction of bond offering costs)">700,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Bond offering costs</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--DeferredFinanceCostsGross_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zQQCRJIGrjZh" style="text-align: right" title="Bond offering costs">354,454</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--DeferredFinanceCostsGross_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zZPoAXW7MKEc" style="text-align: right" title="Bond offering costs">354,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Less: Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--AccumulatedAmortizationDeferredFinanceCosts_iNI_pp0p0_di_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zXIkHKvIxPx1" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Accumulated amortization">(295,379</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--AccumulatedAmortizationDeferredFinanceCosts_iNI_pp0p0_di_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zHX0YhAKwsa3" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Accumulated amortization">(291,835</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Bond offering costs, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zmD5AFv4tdJg" style="border-bottom: Black 2.5pt double; text-align: right" title="Bond offering costs, net">59,075</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsSeriesANotesMember_zLOFJJYZJVPl" style="border-bottom: Black 2.5pt double; text-align: right" title="Bond offering costs, net">62,619</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left">Current portion of bonds payable - net of bond offering costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Current portions of bonds payable</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_ecustom--BondsPayableGrossCurrent_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsCurrentMember_zWRh5Zx7p9k5" style="text-align: right" title="Current portions of bonds payable">150,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecustom--BondsPayableGrossCurrent_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsCurrentMember_zYcqqJ3W7bNl" style="text-align: right" title="Current portions of bonds payable">150,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Less: Bonds offering costs to be amortized in the next 12 months</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--DeferredFinanceCostsCurrentNet_iNI_pp0p0_di_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsCurrentMember_zLlqF3Qn8G6f" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Bonds offering costs to be amortized in the next 12 months">(14,178</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--DeferredFinanceCostsCurrentNet_iNI_pp0p0_di_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsCurrentMember_zAxvGVQVWhM" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Bonds offering costs to be amortized in the next 12 months">(14,178</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Current portion of bonds payable, net of bond offering costs</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--DebtSecuritiesCurrent_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsCurrentMember_zCedL5QQIxVe" style="border-bottom: Black 2.5pt double; text-align: right" title="Current portion of bonds payable, net of bond offering costs">135,822</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--DebtSecuritiesCurrent_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsCurrentMember_zbCMiuW1uqt3" style="border-bottom: Black 2.5pt double; text-align: right" title="Current portion of bonds payable, net of bond offering costs">135,822</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">Long term portion of bonds payable - net of bond offering costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Long term portion of bonds payable</td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_ecustom--LongTermBondsPayableGross_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsNoncurrentMember_zpgVoyDx0G2d" style="text-align: right" title="Long term portion of bonds payable">700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecustom--LongTermBondsPayableGross_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsNoncurrentMember_zl1zba7QiYa2" style="text-align: right" title="Long term portion of bonds payable">700,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Less: Bond offering costs to be amortized subsequent to the next 12 months</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--DeferredFinanceCostsNoncurrentNet_iNI_pp0p0_di_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsNoncurrentMember_zl6JfxDETSk4" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Bond offering costs to be amortized subsequent to the next 12 months">(44,897</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--DeferredFinanceCostsNoncurrentNet_iNI_pp0p0_di_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsNoncurrentMember_zK0mBl6uv9Gj" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Bond offering costs to be amortized subsequent to the next 12 months">(48,441</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Long term portion of bonds payable, net of bond offering costs</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--LongTermDebt_iI_pp0p0_c20260630__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsNoncurrentMember_zqJzq4P0Cjq1" style="border-bottom: Black 2.5pt double; text-align: right" title="Long term portion of bonds payable, net of bond offering costs">655,103</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--LongTermDebt_iI_pp0p0_c20260331__us-gaap--LongtermDebtTypeAxis__custom--NjedaBondsNoncurrentMember_zHRDnCmWYhhk" style="border-bottom: Black 2.5pt double; text-align: right" title="Long term portion of bonds payable, net of bond offering costs">651,559</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

850000 850000 150000 150000 700000 700000

354454

295379

291835

59075

62619

150000 150000

14178

135822

700000 700000

44897

48441

655103

651559

3544

3545

18417

4604

13813

16087

<p id="xdx_892_esrt--ContractualObligationFiscalYearMaturityScheduleTableTextBlock_zoHFqfDxdPSg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Maturities of bonds for the next five years are as follows: SCHEDULE OF MATURITIES OF BONDS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Years ending March 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260630__us-gaap--LongtermDebtTypeAxis__custom--NJEDABondsMember_z3j4ZNGxKUz4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_maLTDzzZi_zPx0vU9CSjfd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 80%">Remainder of 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">150,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maLTDzzZi_z90X71SSUHWk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maLTDzzZi_zLXMBCj5lnXd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_maLTDzzZi_z6xM84kAuqY8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_maLTDzzZi_zFKPLlGsgPL6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2031</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">190,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebt_iTI_mtLTDzzZi_zYfonj8w500e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">850,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

150000

160000

170000

180000

190000

850000

NOTE 7. LOANS PAYABLE <p id="xdx_890_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_z4miGfGM7kx4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Loans payable consisted of the following: SCHEDULE OF LOANS PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260630_zLXP5AgSi1Xg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260331_zugUT4M9pOGc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_ecustom--MortgageLoanPayable_iI_zWXY2AGg10L9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Mortgage loan payable <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPQU5TIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20260630__us-gaap--LongtermDebtTypeAxis__custom--MortgageLoanMember_zwa7ZyGmUdB4" title="Mortgage loan interest rate"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPQU5TIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20260331__us-gaap--LongtermDebtTypeAxis__custom--MortgageLoanMember_zbHEwqTyZEWf" title="Mortgage loan interest rate">4.75% interest and maturing June 2032</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,223,181</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,245,743</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LoansPayableCurrent_iNI_di_zsYuRcHg7a7a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion of loans payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(93,904</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(92,774</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--LongTermLoansPayable_iI_zvNPq0b3rGX9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Long-term portion of loans payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,129,277</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,152,969</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The interest expense associated with the loans payable was $27,170 and $28,797 for the three months ended June 30, 2026 and 2025, respectively. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) <p id="xdx_895_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zrQK9GCjMwYe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Loan principal payments for the next five years are as follows: SCHEDULE OF LOAN PRINCIPAL PAYMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">Future principal balances</td><td> </td> <td colspan="2" id="xdx_497_20260630__us-gaap--LongtermDebtTypeAxis__us-gaap--LoansPayableMember_zEkiqQa5R5a1"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Years ending March 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_maLPz2Cv_zBBXmzcX28ec" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 80%">Remainder of 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">70,212</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maLPz2Cv_zvICeUXeUGXe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">94,433</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maLPz2Cv_za0Jt96C7wKa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,447</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_maLPz2Cv_zzQvU05CBUB6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103,817</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_maLPz2Cv_zDCBrtwy6Izk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,482</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour_iI_maLPz2Cv_zLnVU88IOUa7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,746,790</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebt_iTI_mtLPz2Cv_zJ3v23kcT2l8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total remaining principal balance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,223,181</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

<p id="xdx_890_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_z4miGfGM7kx4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Loans payable consisted of the following: SCHEDULE OF LOANS PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260630_zLXP5AgSi1Xg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260331_zugUT4M9pOGc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_ecustom--MortgageLoanPayable_iI_zWXY2AGg10L9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Mortgage loan payable <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPQU5TIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20260630__us-gaap--LongtermDebtTypeAxis__custom--MortgageLoanMember_zwa7ZyGmUdB4" title="Mortgage loan interest rate"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPQU5TIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20260331__us-gaap--LongtermDebtTypeAxis__custom--MortgageLoanMember_zbHEwqTyZEWf" title="Mortgage loan interest rate">4.75% interest and maturing June 2032</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,223,181</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,245,743</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LoansPayableCurrent_iNI_di_zsYuRcHg7a7a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion of loans payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(93,904</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(92,774</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--LongTermLoansPayable_iI_zvNPq0b3rGX9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Long-term portion of loans payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,129,277</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,152,969</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

0.0475

2223181 2245743

93904

92774

2129277

2152969

27170

28797

<p id="xdx_895_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zrQK9GCjMwYe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Loan principal payments for the next five years are as follows: SCHEDULE OF LOAN PRINCIPAL PAYMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">Future principal balances</td><td> </td> <td colspan="2" id="xdx_497_20260630__us-gaap--LongtermDebtTypeAxis__us-gaap--LoansPayableMember_zEkiqQa5R5a1"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Years ending March 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_maLPz2Cv_zBBXmzcX28ec" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 80%">Remainder of 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">70,212</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maLPz2Cv_zvICeUXeUGXe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">94,433</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maLPz2Cv_za0Jt96C7wKa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,447</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_maLPz2Cv_zzQvU05CBUB6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103,817</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_maLPz2Cv_zDCBrtwy6Izk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,482</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour_iI_maLPz2Cv_zLnVU88IOUa7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,746,790</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebt_iTI_mtLPz2Cv_zJ3v23kcT2l8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total remaining principal balance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,223,181</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

70212

94433

98447

103817

109482

1746790

2223181

<p id="xdx_802_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zL7ZHIrI3Dp4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">NOTE 8. RELATED PARTY LOANS On June 2, 2023, the Company entered into a Promissory Note with Nasrat Hakim, President, Chief Executive Officer and Chairman of the Board of Directors of the Company (the “Board”), pursuant to which the Company borrowed funds in the aggregate principal amount of $3,000,000 (the “Hakim Promissory Note”). The Hakim Promissory Note had an interest rate of <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20230602__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NasratHakimCEOAndChairmanMember__custom--DebtInstrumentPeriodAxis__custom--FirstYearMember_ztrnRwBcx65h">9% for the first year and <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_c20230602__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DavisCaskeyMember__custom--DebtInstrumentPeriodAxis__custom--SecondYearMember_z2sf78h5QxI5" title="Promissory note, interest rate">10% for an optional second year and the proceeds were used for working capital and other business purposes. For the three months ended June 30, 2026 there was no interest expense on the Hakim Promissory Note. For the three months ended June 30, 2025, interest expense on the Hakim Promissory Note totaled $<span id="xdx_904_eus-gaap--InterestExpenseShortTermBorrowings_c20250401__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NasratHakimCEOAndChairmanMember_zCIIKdZnAmS4" title="Interest expense, short term borrowings">50,000 and was recorded on the unaudited condensed consolidated statements of operations in interest expense and amortization of debt issuance costs. On June 2, 2025, the Hakim Promissory Note was paid in full and no balance was outstanding as of June 2, 2025. On June 30, 2023, the Company entered into a collateralized promissory note with Davis Caskey (the “Caskey Promissory Note”). The Caskey Promissory Note had a principal balance of $1,000,000 and an interest rate of <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20230630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DavisCaskeyMember__custom--DebtInstrumentPeriodAxis__custom--FirstYearMember_zJEAC6rtWWB3">9% for the first year and <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_c20230630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DavisCaskeyMember__custom--DebtInstrumentPeriodAxis__custom--SecondYearMember_zu91B1FJUaWa">10% for an optional second year. For the three months ended June 30, 2026 there was no interest expense on the Caskey Promissory Note. For the three months ended June 30, 2025, interest on the Caskey Promissory Note totaled $25,000 and was recorded on the unaudited condensed consolidated statements of operations in interest expense and amortization of debt issuance costs. On June 26, 2025, the Caskey Promissory Note was paid in full and no balance was outstanding as of June 26, 2025. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3000000

0.09

0.10

50000

1000000

0.09

0.10

<p id="xdx_801_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z6OjLWREKNaj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">NOTE 9. 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 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. On August 17, 2023, Elite filed a paragraph IV certification with its ANDA to generic OxyContin® and after Elite got acceptance of the ANDA by the FDA on September 19, 2023, Elite sent the patentee and NDA holder a Notice Letter as required under the Hatch-Waxman Act. On November 14, 2023, a patent infringement suit was filed in the District Court of New Jersey by Purdue Pharma. The Parties agreed to a stipulated dismissal of the case and the judge signed the order dismissing the case on June 12, 2026. Elite’s launch of a generic OxyContin® will depend on the approval by the FDA. Operating Leases The Company entered into an operating lease for office space in North Bay Village, Pompano FL (the “NBV Pompano Office Lease”). The Company took occupancy on October 1, 2024. The NBV Pompano Office Lease has a term of three years, ending on September 30, 2027. The Company entered into a lease agreement for a portion of a one-story warehouse, located at 144 Ludlow Avenue, Northvale, New Jersey (the “144 Ludlow Ave. Lease”). The lease agreement began on January 22, 2024, and has a term of <span id="xdx_90E_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dc_c20240122__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OneHundredFortyLudlowLeaseMember_zeGQXDcmA7ze" title="Operating lease term">five years. The 144 Ludlow Ave. Lease will expire on December 31, 2028. The Company assesses whether an arrangement is a lease or contains a lease at inception. For arrangements considered leases or that contain a lease that is accounted for separately, the Company determines the classification and initial measurement of the right-of-use asset and lease liability at the lease commencement date, which is the date that the underlying asset becomes available for use. The Company has elected to account for non-lease components associated with its leases and lease components as a single lease component. The Company recognizes a right-of-use asset, which represents the Company’s right to use the underlying asset for the lease term, and a lease liability, which represents the present value of the Company’s obligation to make payments arising over the lease term. The present value of the lease payments is calculated using either the implicit interest rate in the lease or an incremental borrowing rate. Operating leases are included in operating lease right-of-use assets and lease liabilities in the consolidated balance sheets. Lease expense for operating expense payment is recognized on a straight-line basis over the lease term. Finance Leases In November 2023, the Company entered into a finance lease for equipment (the “Waters Equipment Lease”). The Waters Equipment Lease is related to lab equipment with an acquisition cost of $<span id="xdx_90E_eus-gaap--PaymentsToAcquireEquipmentOnLease_c20231101__20231130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WaterEquipmentLeaseMember_z7iKqF3779F4" title="Finance lease acquisition cost">499,775, with the Company taking ownership of the asset on December 1, 2023. The Waters Equipment Lease has a term of five years, ending on November 29, 2028. The Company also has the option to purchase the asset at the end of the lease term for the amount of $<span id="xdx_902_ecustom--FinanceLeaseOptionToPurchaseOfAsset_iI_c20231130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WaterEquipmentLeaseMember_z4wctc8LD277" title="Finance lease purchase of asset">1, which is probable to be exercised. In February 2024, the Company entered into a finance lease for warehouse equipment (the “Warehouse Equipment Lease”). The Warehouse Equipment Lease is related to warehouse equipment with an acquisition cost of $<span id="xdx_908_eus-gaap--PaymentsToAcquireEquipmentOnLease_c20240201__20240229__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WarehouseEquipmentLeaseMember_zTQR54Dohk8g" title="Finance lease acquisition cost">37,500, with the Company taking ownership of the asset during February 2024. The Warehouse Equipment Lease had a term of <span id="xdx_909_eus-gaap--LesseeFinanceLeaseTermOfContract1_iI_c20240229__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FebruaryTwoThousandTwentyFourEquipmentLeaseMember_zlkgIef60rv5" title="Finance lease term">two years, which ended in February 2026. The Company had the option to purchase the asset at the end of the lease term for the amount of $<span id="xdx_901_ecustom--FinanceLeaseOptionToPurchaseOfAsset_iI_c20240229__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WarehouseEquipmentLeaseMember_z0OkN06Yzm2i" title="Finance lease purchase of asset">1, which the Company exercised. In February 2024, the Company entered into a finance lease for equipment (the “February 2024 Equipment Lease”). The February 2024 Equipment Lease is related to manufacturing equipment with an acquisition cost of $<span id="xdx_90A_eus-gaap--PaymentsToAcquireEquipmentOnLease_c20240201__20240229__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FebruaryTwoThousandTwentyFourEquipmentLeaseMember_zeOFZFxArl4a" title="Finance lease acquisition cost">455,000, with the Company taking ownership of the asset during February 2024. The February 2024 Equipment Lease has a term of five years, ending in <span id="xdx_90E_ecustom--LeaseExpirationDate_c20240201__20240229__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FebruaryTwoThousandTwentyFourEquipmentLeaseMember_zzEZvq6j3DFj" title="Finance lease expiration">February 2029. <span id="xdx_90C_eus-gaap--LesseeFinanceLeaseOptionToTerminate_c20240201__20240229__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FebruaryTwoThousandTwentyFourEquipmentLeaseMember_z6YMDU5dSSa3" title="Finance lease option to terminate">The Company will retain ownership of the equipment at lease termination. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) In March 2024, the Company entered into three separate finance leases for manufacturing assets (the “March 2024 Equipment Leases”). The March 2024 Equipment Leases are related to manufacturing equipment and vault installed at the Company’s facility located at 144 Ludlow Avenue, Northvale NJ with an aggregate acquisition cost of $<span id="xdx_900_eus-gaap--PaymentsToAcquireEquipmentOnLease_c20240301__20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MarchTwoThousandTwentyFourEquipmentLeaseMember_z72SbI7hxmdb" title="Finance lease acquisition cost">1,085,177. Each of the separate leases included in the March 2024 Equipment Leases has a term of <span id="xdx_900_eus-gaap--LesseeFinanceLeaseTermOfContract1_iI_dc_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MarchTwoThousandTwentyFourEquipmentLeaseMember_z7gFWcUpc3k5" title="Finance lease term">five years, ending in <span id="xdx_90F_ecustom--LeaseExpirationDate_c20240301__20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MarchTwoThousandTwentyFourEquipmentLeaseMember_zKKttbvt74A5" title="Finance lease expire">March 2029. <span id="xdx_909_eus-gaap--LesseeFinanceLeaseOptionToTerminate_c20240301__20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MarchTwoThousandTwentyFourEquipmentLeaseMember_z4wrcVQQzpc7" title="Finance lease option to terminate">The Company will retain ownership of all related assets at lease termination. In July 2024, the Company entered into two separate finance leases for manufacturing assets (the “July 2024 Equipment Leases”). The July 2024 Equipment Leases are related to warehouse and laboratory equipment with an aggregate acquisition cost of $<span id="xdx_905_eus-gaap--PaymentsToAcquireEquipmentOnLease_c20240701__20240731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--JulyTwoThousandTwentyFourEquipmentLeaseMember_zEuCOebAHRRl" title="Finance lease acquisition cost">153,745. One of the July 2024 Equipment Leases has a term of <span id="xdx_90A_eus-gaap--LesseeFinanceLeaseTermOfContract1_iI_dc_c20240731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--JulyTwoThousandTwentyFourEquipmentLeaseMember_zThZU4uSSLkb" title="Finance lease term">five years, ending in <span id="xdx_90F_ecustom--LeaseExpirationDate_c20240701__20240731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--JulyTwoThousandTwentyFourEquipmentLeaseMember_zmWuXaiZEWHd" title="Finance lease expire">July 2029, and the other lease has a term of two years, ending in July 2026. <span id="xdx_903_eus-gaap--LesseeFinanceLeaseOptionToTerminate_c20240701__20240731__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--JulyTwoThousandTwentyFourEquipmentLeaseMember_z0LyYmIRjSzi" title="Finance lease option to terminate">The Company will retain ownership of all related assets at lease terminations. A lease is classified as a finance lease if any of the following criteria are met: (i) ownership of the underlying asset transfers to the Company by the end of the lease term; (ii) the lease contains an option to purchase the underlying asset that the Company is reasonably expected to exercise; (iii) the lease term is for a major part of the remaining economic life of the underlying asset; (iv) the present value of the sum of lease payments and any residual value guaranteed by the Company equals or exceeds substantially all of the fair value of the underlying asset; or (v) the underlying asset is of a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease that does not meet any of the criteria to be classified as a finance lease is classified as an operating lease. As the Company expects to exercise the option to purchase the asset at the end of the lease term, the Waters equipment lease was determined to be a finance lease. The finance lease is included on the consolidated balance sheets as Finance lease - right-of-use asset and Lease obligation - finance lease. The finance lease costs are split between Depreciation and amortization expense related to the asset and interest expense on the lease liability, using the effective rate charged by the lessor. The Company has elected to account for lease and non-lease components separately. <p id="xdx_89C_ecustom--ScheduleOfRentExpensesTableTextBlock_z8JVw85Bn31e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Rent expense is recorded on the straight-line basis and in cost of manufacturing in the unaudited condensed consolidated statements of operations. Rent expense is as follows: SCHEDULE OF RENT EXPENSE STRAIGHT-LINE BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Lease</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260401__20260630_zvftmIX3E1P7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250401__20250630_zRymWQHUsHVh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Lease</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--PaymentsForRent_hus-gaap--NatureOfExpenseAxis__custom--LudlowOneFortyFourMember_zmyKAwyaCn6c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Ludlow-144</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">158,317</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">154,777</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PaymentsForRent_hus-gaap--NatureOfExpenseAxis__custom--NbvSixHundredTenMember_zCarABF2aIea" style="vertical-align: bottom; background-color: White"> <td>NBV-610</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,303</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PaymentsForRent_hus-gaap--NatureOfExpenseAxis__custom--NbvSixHundredTenMember_z4xEMZHDL5lg" style="display: none; vertical-align: bottom; background-color: White"> <td>Rent expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,303</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_896_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zu1uy6ZEJNWa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The table below shows the future minimum rental payments, exclusive of taxes, insurance and other costs: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Years ending March 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating Lease Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Financing Lease Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 46%">Remainder of 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths_iI_c20260630_zhS8Z41kSLob" style="width: 14%; text-align: right" title="Operating Lease Amount, 2027">501,723</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths_iI_c20260630_zsIQSZsgXdYd" style="width: 14%; text-align: right" title="Financing Lease Amount, 2027">359,494</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--LeaseLiabilityPaymentsDueNextTwelveMonths_iI_c20260630_z2uGzlpUr9rj" style="width: 14%; text-align: right" title="Total Lease Amount, 2027">861,217</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_c20260630_zY3CGusK5Zfl" style="text-align: right" title="Operating Lease Amount 2028">666,207</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_c20260630_zD9JVbAm7zPh" style="text-align: right" title="Financing Lease Amount 2028">479,337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--LeaseLiabilityPaymentsDueYearTwo_iI_c20260630_z0obIR1GD7e8" style="text-align: right" title="Total Lease Amount 2028">1,145,544</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_c20260630_zYbQ7TZBBEae" style="text-align: right" title="Operating Lease Amount 2029">440,159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_c20260630_zARLmKVsD58l" style="text-align: right" title="Financing Lease Amount 2029">438,045</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--LeaseLiabilityPaymentsDueYearThree_iI_c20260630_zXHARCe2coLc" style="text-align: right" title="Total Lease Amount 2029">878,204</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">2030</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_c20260630_zeZ8QA9TFbCf" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Lease Amount 2030">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_c20260630_zgUy4Xbf6fXj" style="border-bottom: Black 1pt solid; text-align: right" title="Financing Lease Amount 2030">13,740</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--LeaseLiabilityPaymentsDueYearFour_iI_c20260630_zQC693pnQ8ah" style="border-bottom: Black 1pt solid; text-align: right" title="Total Lease Amount 2030">13,740</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total future minimum lease payments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_c20260630_zz5XG23uZFLc" style="text-align: right" title="Operating Lease Total future minimum lease payments">1,608,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_c20260630_zsM57XR347md" style="text-align: right" title="Financing Lease Total future minimum lease payments">1,290,616</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--TotalFutureMinimumLeaseLiabilitiesPayments_iI_c20260630_zq90mb7pFk22" style="text-align: right" title="Total future minimum lease payments">2,898,705</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20260630_zCZ7VPJulpXe" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Lease Amount Less: interest">(183,969</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20260630_zmmhgQoblGI5" style="border-bottom: Black 1pt solid; text-align: right" title="Financing Lease Amount Less: interest">(156,273</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--LeaseLiabilityUndiscountedExcessAmount_iNI_di_c20260630_z27VHibJGFh6" style="border-bottom: Black 1pt solid; text-align: right" title="Total Lease Amount Less: interest">(340,242</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Present value of lease payments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--OperatingLeaseLiability_iI_c20260630_zoNfD5fx1UY5" style="border-bottom: Black 2.5pt double; text-align: right" title="Operating Lease Amount Present value of lease payments">1,424,120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--FinanceLeaseLiability_iI_c20260630_zJQJuTxlmLaf" style="border-bottom: Black 2.5pt double; text-align: right" title="Financing Lease Amount Present value of lease payments">1,134,343</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_ecustom--LeaseLiabilities_iI_c20260630_zwnm1jmEeQtj" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Lease Amount Present value of lease payments">2,558,463</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_89C_ecustom--ScheduleOfWeightedaverageRemainingLeaseTermAndWeightedaverageDiscountRateTextBlock_zVzGoSfRzKC2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The weighted-average remaining lease term and the weighted-average discount rate of our leases were as follows: SCHEDULE OF WEIGHTED -AVERAGE REMAINING TERM AND THE WEIGHTED-AVERAGE DISCOUNT RATE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">Lease Term and Discount Rate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Remaining lease term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.4</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.4</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.6</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.5</td><td style="text-align: left">%</td></tr> </table>

P3Y

2027-09-30

P5Y

499775

2028-11-29

37500

P2Y

2026-02 1

455000

2029-02

The Company will retain ownership of the equipment at lease termination.

1085177

P5Y

2029-03

The Company will retain ownership of all related assets at lease termination.

153745

P5Y

2029-07 2026-07

The Company will retain ownership of all related assets at lease terminations.

(i) ownership of the underlying asset transfers to the Company by the end of the lease term; (ii) the lease contains an option to purchase the underlying asset that the Company is reasonably expected to exercise; (iii) the lease term is for a major part of the remaining economic life of the underlying asset; (iv) the present value of the sum of lease payments and any residual value guaranteed by the Company equals or exceeds substantially all of the fair value of the underlying asset; or (v) the underlying asset is of a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

<p id="xdx_89C_ecustom--ScheduleOfRentExpensesTableTextBlock_z8JVw85Bn31e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Rent expense is recorded on the straight-line basis and in cost of manufacturing in the unaudited condensed consolidated statements of operations. Rent expense is as follows: SCHEDULE OF RENT EXPENSE STRAIGHT-LINE BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Lease</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260401__20260630_zvftmIX3E1P7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250401__20250630_zRymWQHUsHVh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Lease</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--PaymentsForRent_hus-gaap--NatureOfExpenseAxis__custom--LudlowOneFortyFourMember_zmyKAwyaCn6c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Ludlow-144</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">158,317</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">154,777</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PaymentsForRent_hus-gaap--NatureOfExpenseAxis__custom--NbvSixHundredTenMember_zCarABF2aIea" style="vertical-align: bottom; background-color: White"> <td>NBV-610</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,303</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PaymentsForRent_hus-gaap--NatureOfExpenseAxis__custom--NbvSixHundredTenMember_z4xEMZHDL5lg" style="display: none; vertical-align: bottom; background-color: White"> <td>Rent expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,303</td><td style="text-align: left"> </td></tr> </table>

158317

154777

4563

7303

4563

7303

<p id="xdx_896_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zu1uy6ZEJNWa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The table below shows the future minimum rental payments, exclusive of taxes, insurance and other costs: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Years ending March 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating Lease Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Financing Lease Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 46%">Remainder of 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths_iI_c20260630_zhS8Z41kSLob" style="width: 14%; text-align: right" title="Operating Lease Amount, 2027">501,723</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths_iI_c20260630_zsIQSZsgXdYd" style="width: 14%; text-align: right" title="Financing Lease Amount, 2027">359,494</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--LeaseLiabilityPaymentsDueNextTwelveMonths_iI_c20260630_z2uGzlpUr9rj" style="width: 14%; text-align: right" title="Total Lease Amount, 2027">861,217</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_c20260630_zY3CGusK5Zfl" style="text-align: right" title="Operating Lease Amount 2028">666,207</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_c20260630_zD9JVbAm7zPh" style="text-align: right" title="Financing Lease Amount 2028">479,337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--LeaseLiabilityPaymentsDueYearTwo_iI_c20260630_z0obIR1GD7e8" style="text-align: right" title="Total Lease Amount 2028">1,145,544</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_c20260630_zYbQ7TZBBEae" style="text-align: right" title="Operating Lease Amount 2029">440,159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_c20260630_zARLmKVsD58l" style="text-align: right" title="Financing Lease Amount 2029">438,045</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--LeaseLiabilityPaymentsDueYearThree_iI_c20260630_zXHARCe2coLc" style="text-align: right" title="Total Lease Amount 2029">878,204</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">2030</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_c20260630_zeZ8QA9TFbCf" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Lease Amount 2030">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_c20260630_zgUy4Xbf6fXj" style="border-bottom: Black 1pt solid; text-align: right" title="Financing Lease Amount 2030">13,740</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--LeaseLiabilityPaymentsDueYearFour_iI_c20260630_zQC693pnQ8ah" style="border-bottom: Black 1pt solid; text-align: right" title="Total Lease Amount 2030">13,740</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total future minimum lease payments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_c20260630_zz5XG23uZFLc" style="text-align: right" title="Operating Lease Total future minimum lease payments">1,608,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_c20260630_zsM57XR347md" style="text-align: right" title="Financing Lease Total future minimum lease payments">1,290,616</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--TotalFutureMinimumLeaseLiabilitiesPayments_iI_c20260630_zq90mb7pFk22" style="text-align: right" title="Total future minimum lease payments">2,898,705</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20260630_zCZ7VPJulpXe" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Lease Amount Less: interest">(183,969</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20260630_zmmhgQoblGI5" style="border-bottom: Black 1pt solid; text-align: right" title="Financing Lease Amount Less: interest">(156,273</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--LeaseLiabilityUndiscountedExcessAmount_iNI_di_c20260630_z27VHibJGFh6" style="border-bottom: Black 1pt solid; text-align: right" title="Total Lease Amount Less: interest">(340,242</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Present value of lease payments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--OperatingLeaseLiability_iI_c20260630_zoNfD5fx1UY5" style="border-bottom: Black 2.5pt double; text-align: right" title="Operating Lease Amount Present value of lease payments">1,424,120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--FinanceLeaseLiability_iI_c20260630_zJQJuTxlmLaf" style="border-bottom: Black 2.5pt double; text-align: right" title="Financing Lease Amount Present value of lease payments">1,134,343</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_ecustom--LeaseLiabilities_iI_c20260630_zwnm1jmEeQtj" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Lease Amount Present value of lease payments">2,558,463</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

501723

359494

861217

666207

479337

1145544

440159

438045

878204

13740

1608089

1290616

2898705

183969

156273

340242

1424120

1134343

2558463 <p id="xdx_89C_ecustom--ScheduleOfWeightedaverageRemainingLeaseTermAndWeightedaverageDiscountRateTextBlock_zVzGoSfRzKC2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The weighted-average remaining lease term and the weighted-average discount rate of our leases were as follows: SCHEDULE OF WEIGHTED -AVERAGE REMAINING TERM AND THE WEIGHTED-AVERAGE DISCOUNT RATE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">Lease Term and Discount Rate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Remaining lease term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.4</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.4</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.6</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.5</td><td style="text-align: left">%</td></tr> </table>

P2Y4M24D

P3Y4M24D

P2Y8M12D

P3Y7M6D

0.100

0.095

NOTE 10. PREFERRED STOCK Series J convertible preferred stock On April 28, 2017, the Company created the Series J Convertible Preferred Stock (“Series J Preferred”) in conjunction with the Certificate of Designations. A total of <span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_c20170428__us-gaap--StatementClassOfStockAxis__custom--SeriesJConvertiblePreferredStockMember_zy8nSpud3FNb" title="Preferred stock, share authorized">50 shares of Series J Preferred were authorized, <span id="xdx_903_eus-gaap--PreferredStockSharesIssued_iI_dc_c20170428__us-gaap--StatementClassOfStockAxis__custom--SeriesJConvertiblePreferredStockMember_zhiMUaWQmCI9" title="Preferred stock, shares issued"><span id="xdx_90E_eus-gaap--PreferredStockSharesOutstanding_iI_dc_c20170428__us-gaap--StatementClassOfStockAxis__custom--SeriesJConvertiblePreferredStockMember_z4f9MlEKsf3i" title="Preferred stock, shares outstanding">zero shares are issued and outstanding, with a stated value of $<span id="xdx_90C_ecustom--ConvertiblePreferredStockStatedValue_iI_c20170428__us-gaap--StatementClassOfStockAxis__custom--SeriesJConvertiblePreferredStockMember_zXMbzEUk5Cz3" title="Convertible preferred stock stated value">1,000,000 per share and a par value of $<span id="xdx_902_ecustom--ConvertiblePreferredStockParValuePerShare_iI_c20170428__us-gaap--StatementClassOfStockAxis__custom--SeriesJConvertiblePreferredStockMember_zbvAXClHiLud" title="Convertible preferred stock par value per share">0.01. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1000000 0.01

NOTE 11. 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 a term of ten years, to affiliates in connection with an exchange agreement dated April 28, 2017. The warrants are exercisable from the date of issuance, commencing April 28, 2020. The Company has <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z50N6meWap12" title="Warrant to purchase shares"><span id="xdx_909_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zYIV1zbLjmCb" title="Warrant to purchase shares">79,008,661 total warrants to purchase shares of Common Stock outstanding with a weighted average exercise price of $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z83eKA1Nspqg" title="Weighted Average Exercise Price"><span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zoHlUCSqworh" title="Weighted Average Exercise Price">0.1521 as of June 30, 2026 and March 31, 2026. As a result of the net cash settlement at the option of the holder, such warrants are classified as liabilities and measured initially and subsequently at fair value. The fair value of the Series J Warrants was calculated using a Black-Scholes model. The following assumptions were used in the Black-Scholes model to calculate the fair value of the Series J Warrants: <p id="xdx_895_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zjiEUJzGAR8b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"> SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Fair value of the Company’s Common Stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_z9KHryTUJnhe" style="width: 16%; text-align: right" title="Warrants and Rights Outstanding, Measurement Input">0.3651</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_ztAH3fMLVIUc" style="width: 16%; text-align: right" title="Warrants and Rights Outstanding, Measurement Input">0.3601</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zfmyeQn4oetk" title="Warrants and Rights Outstanding, Measurement Input">50.90</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zthVlIMN7UE2" title="Warrants and Rights Outstanding, Measurement Input">63.96</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Initial exercise price</td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember_zsfs9J6LRCf6" style="text-align: right" title="Warrants and Rights Outstanding, Measurement Input">0.1521</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember_zCydrQ0yStN2" style="text-align: right" title="Warrants and Rights Outstanding, Measurement Input">0.1521</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Warrant term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zLticx883Mt7" title="Warrants and rights outstanding, measurement input">3.47</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_z3MSIIAAaZ7k" title="Warrants and rights outstanding, measurement input">3.47</td><td style="text-align: left">%</td></tr> </table> <p id="xdx_892_ecustom--ScheduleOfWarrantsMeasurementWithUnobservableInputsReconciliationRecurringBasisTableTextBlock_zhl0xcGgaOm8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The changes in warrants (Level 3 financial instruments) measured at fair value on a recurring basis were as follows for the periods ended three months ended June 30, 2026 and 2025: SCHEDULE OF CHANGES IN WARRANTS MEASURED AT FAIR VALUE ON A RECURRING BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; width: 80%">Balance at March 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--DerivativeLiabilityFairValueOfCollateral_iS_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--WarrantMember_zS21dFWIgy7k" style="width: 16%; text-align: right" title="Beginning balance">25,199,193</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value of derivative financial instruments - warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--DerivativeGainLossOnDerivativeNet_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--WarrantMember_z2T9qxEy2wEf" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative financial instruments - warrants">22,109,537</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--DerivativeLiabilityFairValueOfCollateral_iE_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--WarrantMember_zPmrPn7d9tp8" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">47,308,730</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; vertical-align: top; width: 82%">Balance at March 31, 2026</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%">$</td> <td id="xdx_982_eus-gaap--DerivativeLiabilityFairValueOfCollateral_iS_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--WarrantMember_zCegZN8EzQMa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 15%; text-align: right" title="Beginning balance">17,343,586</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Change in fair value of derivative financial instruments - warrants</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td id="xdx_982_eus-gaap--DerivativeGainLossOnDerivativeNet_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--WarrantMember_zOo4lANvgbPh" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right" title="Change in fair value of derivative financial instruments - warrants">(94,247</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Balance at June 30, 2026</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td id="xdx_98E_eus-gaap--DerivativeLiabilityFairValueOfCollateral_iE_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--WarrantMember_zzu4yieDbGuf" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right" title="Ending balance">17,249,339</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td></tr> </table> Measured on a Recurring Basis The following table presents information about the Company’s liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fell: SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount at Fair Value</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; width: 36%; font-weight: bold">Balance as of March 31, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--DerivativeLiabilities_iS_c20260401__20260630_zqbj0R4NKtld" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">17,343,586</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilities_iS_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zeCAh6mHlE1c" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--DerivativeLiabilities_iS_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zjNNKPSajO53" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--DerivativeLiabilities_iS_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zxV0WrBqfvZg" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">17,343,586</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value of derivative financial instruments - warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20260401__20260630_zHy74PIDHOvh" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">(94,247</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zbawg0rDLg67" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z150WlM5Tt16" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zz9xCSil0iBc" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">(94,247</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; font-weight: bold; padding-bottom: 2.5pt">Balance as of June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--DerivativeLiabilities_iE_c20260401__20260630_z2cAx670mN77" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">17,249,339</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--DerivativeLiabilities_iE_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zQcryBA3Tj04" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--DerivativeLiabilities_iE_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zFLFLUqh8eO9" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--DerivativeLiabilities_iE_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zntJJd2WKWLi" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">17,249,339</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount at Fair Value</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; width: 36%; font-weight: bold">Balance as of March 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--DerivativeLiabilities_iS_c20250401__20250630_zRViTAHBlzTc" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">25,199,193</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--DerivativeLiabilities_iS_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zlmwv3AI69k1" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--DerivativeLiabilities_iS_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zB74tAhUFUb4" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--DerivativeLiabilities_iS_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z5YYb2uqyXQ6" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">25,199,193</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value of derivative financial instruments - warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20250401__20250630_zW9ajMifRGyb" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">22,109,537</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zN6Buw9ZbmZf" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zNBmez4fz6x5" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zaHhuSjjr553" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">22,109,537</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; font-weight: bold; padding-bottom: 2.5pt">Balance as of June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--DerivativeLiabilities_iE_c20250401__20250630_zdPuKfoAal3f" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">47,308,730</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--DerivativeLiabilities_iE_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zrhfsjeuDAs4" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilities_iE_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zlbQF27zfAL3" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--DerivativeLiabilities_iE_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zoB6JQGbAChe" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">47,308,730</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

P10Y

79008661

0.1521

<p id="xdx_895_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zjiEUJzGAR8b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"> SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Fair value of the Company’s Common Stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_z9KHryTUJnhe" style="width: 16%; text-align: right" title="Warrants and Rights Outstanding, Measurement Input">0.3651</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_ztAH3fMLVIUc" style="width: 16%; text-align: right" title="Warrants and Rights Outstanding, Measurement Input">0.3601</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zfmyeQn4oetk" title="Warrants and Rights Outstanding, Measurement Input">50.90</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zthVlIMN7UE2" title="Warrants and Rights Outstanding, Measurement Input">63.96</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Initial exercise price</td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember_zsfs9J6LRCf6" style="text-align: right" title="Warrants and Rights Outstanding, Measurement Input">0.1521</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember_zCydrQ0yStN2" style="text-align: right" title="Warrants and Rights Outstanding, Measurement Input">0.1521</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Warrant term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zLticx883Mt7" title="Warrants and rights outstanding, measurement input">3.47</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_z3MSIIAAaZ7k" title="Warrants and rights outstanding, measurement input">3.47</td><td style="text-align: left">%</td></tr> </table>

0.3651

0.3601

50.90

63.96

0.1521

P0Y9M18D

P1Y1M6D

3.47

<p id="xdx_892_ecustom--ScheduleOfWarrantsMeasurementWithUnobservableInputsReconciliationRecurringBasisTableTextBlock_zhl0xcGgaOm8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The changes in warrants (Level 3 financial instruments) measured at fair value on a recurring basis were as follows for the periods ended three months ended June 30, 2026 and 2025: SCHEDULE OF CHANGES IN WARRANTS MEASURED AT FAIR VALUE ON A RECURRING BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; width: 80%">Balance at March 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--DerivativeLiabilityFairValueOfCollateral_iS_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--WarrantMember_zS21dFWIgy7k" style="width: 16%; text-align: right" title="Beginning balance">25,199,193</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value of derivative financial instruments - warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--DerivativeGainLossOnDerivativeNet_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--WarrantMember_z2T9qxEy2wEf" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative financial instruments - warrants">22,109,537</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--DerivativeLiabilityFairValueOfCollateral_iE_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--WarrantMember_zPmrPn7d9tp8" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">47,308,730</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; vertical-align: top; width: 82%">Balance at March 31, 2026</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%">$</td> <td id="xdx_982_eus-gaap--DerivativeLiabilityFairValueOfCollateral_iS_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--WarrantMember_zCegZN8EzQMa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 15%; text-align: right" title="Beginning balance">17,343,586</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Change in fair value of derivative financial instruments - warrants</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td id="xdx_982_eus-gaap--DerivativeGainLossOnDerivativeNet_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--WarrantMember_zOo4lANvgbPh" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right" title="Change in fair value of derivative financial instruments - warrants">(94,247</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Balance at June 30, 2026</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td id="xdx_98E_eus-gaap--DerivativeLiabilityFairValueOfCollateral_iE_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--WarrantMember_zzu4yieDbGuf" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right" title="Ending balance">17,249,339</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td></tr> </table>

25199193

22109537

47308730

17343586

-94247

17249339

The following table presents information about the Company’s liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fell: SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount at Fair Value</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; width: 36%; font-weight: bold">Balance as of March 31, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--DerivativeLiabilities_iS_c20260401__20260630_zqbj0R4NKtld" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">17,343,586</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilities_iS_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zeCAh6mHlE1c" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--DerivativeLiabilities_iS_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zjNNKPSajO53" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--DerivativeLiabilities_iS_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zxV0WrBqfvZg" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">17,343,586</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value of derivative financial instruments - warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20260401__20260630_zHy74PIDHOvh" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">(94,247</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zbawg0rDLg67" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z150WlM5Tt16" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zz9xCSil0iBc" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">(94,247</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; font-weight: bold; padding-bottom: 2.5pt">Balance as of June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--DerivativeLiabilities_iE_c20260401__20260630_z2cAx670mN77" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">17,249,339</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--DerivativeLiabilities_iE_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zQcryBA3Tj04" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--DerivativeLiabilities_iE_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zFLFLUqh8eO9" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--DerivativeLiabilities_iE_c20260401__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zntJJd2WKWLi" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">17,249,339</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount at Fair Value</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; width: 36%; font-weight: bold">Balance as of March 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--DerivativeLiabilities_iS_c20250401__20250630_zRViTAHBlzTc" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">25,199,193</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--DerivativeLiabilities_iS_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zlmwv3AI69k1" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--DerivativeLiabilities_iS_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zB74tAhUFUb4" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--DerivativeLiabilities_iS_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z5YYb2uqyXQ6" style="width: 12%; text-align: right" title="Derivative liabilities, beginning balance">25,199,193</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value of derivative financial instruments - warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20250401__20250630_zW9ajMifRGyb" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">22,109,537</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zN6Buw9ZbmZf" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zNBmez4fz6x5" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zaHhuSjjr553" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value of derivative instruments">22,109,537</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; font-weight: bold; padding-bottom: 2.5pt">Balance as of June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--DerivativeLiabilities_iE_c20250401__20250630_zdPuKfoAal3f" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">47,308,730</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--DerivativeLiabilities_iE_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zrhfsjeuDAs4" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilities_iE_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zlbQF27zfAL3" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--DerivativeLiabilities_iE_c20250401__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zoB6JQGbAChe" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liabilities, ending balance">47,308,730</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

17343586

94247

17249339

25199193

-22109537

47308730

NOTE 12. STOCK-BASED COMPENSATION Under its 2014 Equity Incentive Plan and its 2024 Equity Incentive Plan, the Company did grant and may grant stock options to officers, selected employees, as well as members of the Board of Directors and advisory board members. On July 1, 2024 the Company restated the 2014 Equity Incentive Plan to increase the shares reserved under the option plan by <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_pid_c20240701__20240701__us-gaap--PlanNameAxis__custom--TwoThousandFourteenEquityIncentivePlanMember_zI5M311qh0S" title="Increase in shares reserved">12,730,000. Under the 2024 Equity Incentive Plan, <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20240701__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_zfcWmaFirGZk" title="Options available for grant">80,000,000 options are available for grant. 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. Generally, options are granted with a vesting period of up to three years and expire ten years from the date of grant. The fair value of option awards is estimated on the date of grant using the Black-Scholes option-pricing model. The exercise price of each award is generally not less than the per share fair value in effect as of that award date. The determination of fair value using the Black-Scholes model is affected by the Company’s share fair value as well as assumptions regarding a number of complex and subjective variables, including expected price volatility, risk-free interest rate and projected employee share option exercise behaviors. The Company estimates its expected volatility by using a combination of historical share price volatilities of similar companies within the Company’s industry. The expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards, since the Company does not have sufficient exercise history to estimate term of its historical option awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. <p id="xdx_891_eus-gaap--DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock_zXon2ZjxbXcg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">A summary of the activity of Company’s 2024 Equity Incentive plan and prior equity incentive plans for the three months ended June 30, 2026 is as follows: SCHEDULE OF STOCK OPTION PLAN <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Shares</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted Average</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted Average Remaining Contractual</td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Underlying</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Term </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Options</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(in years)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; padding-bottom: 1pt">Outstanding at March 31, 2026</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20260401__20260630_z6liMfAuTur4" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Shares Underlying Options, Outstanding, Beginning Balance">6,906,666</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20260401__20260630_z0FCpZCAfTD1" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Beginning Balance">0.07</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250401__20260331_z2Jcbnh4jE5f" title="Weighted Average Remaining Contractual Term (in years), Outstanding">6.8</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20260401__20260630_zuOZ2JShD586" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Aggregate Intrinsic Value, Outstanding, Beginning Balance">2,002,996</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260401__20260630_zlAkGDmLV6uj" style="text-align: right" title="Shares Underlying Options, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20260401__20260630_zxbS5icvfoe8" style="text-align: right" title="Weighted Average Exercise Price, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20260401__20260630_zLrV1g49hsmk" style="text-align: right" title="Shares Underlying Options, Exercised">(40,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20260401__20260630_zRSZcng2c1th" style="text-align: right" title="Weighted Average Exercise Price, Exercised">0.10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Expired and Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20260401__20260630_zTlryiRn37Cj" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options, Expired and Forfeited">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20260401__20260630_zu2UrfgcfMe6" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Expired and Forfeited">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Outstanding at June 30, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20260401__20260630_zHFjPSY9MnZi" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options, Outstanding, Ending Balance">6,866,666</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20260401__20260630_zvwGtOODg2w7" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Outstanding, Ending Balance">0.07</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260401__20260630_zYYu8iB5E0Na" title="Weighted Average Remaining Contractual Term (in years), Outstanding">6.6</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20260401__20260630_zK2YXJfR1quh" style="border-bottom: Black 1pt solid; text-align: right" title="Aggregate Intrinsic Value, Outstanding, Ending Balance">2,026,965</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Exercisable at June 30, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20260401__20260630_zetAhBbfqMNh" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options, Exercisable">5,400,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20260401__20260630_zgHScgKFZ1Qb" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Exercisable">0.06</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260401__20260630_z8iCBrn6mC9c" title="Weighted Average Remaining Contractual Term (in years), Exercisable">6.4</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_981_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pp0d_c20260401__20260630_zeeXa7eBoQtf" style="border-bottom: Black 1pt solid; text-align: right" title="Aggregate Intrinsic Value, Outstanding, Exerciseable">1,627,492</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> 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’s Common Stock as of June 30, 2026 of $0.37 for those awards with strike prices lower than the quoted price of the Company’s Common Stock as of June 30, 2026. As of June 30, 2026, there was $23,183 in unrecognized stock-based compensation expense that will be recognized over a weighted average <span id="xdx_90B_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260401__20260630_z6AIK38OXqD9" title="Weighted average period">0.27 year period.

12730000

80000000

<p id="xdx_891_eus-gaap--DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock_zXon2ZjxbXcg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">A summary of the activity of Company’s 2024 Equity Incentive plan and prior equity incentive plans for the three months ended June 30, 2026 is as follows: SCHEDULE OF STOCK OPTION PLAN <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Shares</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted Average</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted Average Remaining Contractual</td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Underlying</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Term </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Options</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(in years)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; padding-bottom: 1pt">Outstanding at March 31, 2026</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20260401__20260630_z6liMfAuTur4" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Shares Underlying Options, Outstanding, Beginning Balance">6,906,666</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20260401__20260630_z0FCpZCAfTD1" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Beginning Balance">0.07</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250401__20260331_z2Jcbnh4jE5f" title="Weighted Average Remaining Contractual Term (in years), Outstanding">6.8</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20260401__20260630_zuOZ2JShD586" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Aggregate Intrinsic Value, Outstanding, Beginning Balance">2,002,996</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260401__20260630_zlAkGDmLV6uj" style="text-align: right" title="Shares Underlying Options, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20260401__20260630_zxbS5icvfoe8" style="text-align: right" title="Weighted Average Exercise Price, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20260401__20260630_zLrV1g49hsmk" style="text-align: right" title="Shares Underlying Options, Exercised">(40,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20260401__20260630_zRSZcng2c1th" style="text-align: right" title="Weighted Average Exercise Price, Exercised">0.10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Expired and Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20260401__20260630_zTlryiRn37Cj" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options, Expired and Forfeited">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20260401__20260630_zu2UrfgcfMe6" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Expired and Forfeited">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Outstanding at June 30, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20260401__20260630_zHFjPSY9MnZi" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options, Outstanding, Ending Balance">6,866,666</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20260401__20260630_zvwGtOODg2w7" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Outstanding, Ending Balance">0.07</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260401__20260630_zYYu8iB5E0Na" title="Weighted Average Remaining Contractual Term (in years), Outstanding">6.6</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20260401__20260630_zK2YXJfR1quh" style="border-bottom: Black 1pt solid; text-align: right" title="Aggregate Intrinsic Value, Outstanding, Ending Balance">2,026,965</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Exercisable at June 30, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20260401__20260630_zetAhBbfqMNh" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options, Exercisable">5,400,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20260401__20260630_zgHScgKFZ1Qb" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Exercisable">0.06</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260401__20260630_z8iCBrn6mC9c" title="Weighted Average Remaining Contractual Term (in years), Exercisable">6.4</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_981_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pp0d_c20260401__20260630_zeeXa7eBoQtf" style="border-bottom: Black 1pt solid; text-align: right" title="Aggregate Intrinsic Value, Outstanding, Exerciseable">1,627,492</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

6906666

0.07

P6Y9M18D

2002996

40000

0.10

6866666

0.07

P6Y7M6D

2026965

5400000

0.06

P6Y4M24D

1627492

0.37

23183

P0Y3M7D

NOTE 13. CONCENTRATIONS AND CREDIT RISK Revenues Two customers accounted for approximately <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20260401__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_zS4niPBEDAP" title="Concentration risk, percentage">73 % of the Company’s revenues for the three months ended June 30, 2026. These customers accounted for approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260401__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zOmfjRJflh1k" title="Concentration risk, percentage">60% and <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260401__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zk59rAlkau4b" title="Concentration risk, percentage">13% of revenues, respectively. Three customers accounted for approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20250401__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_z7Ma6mjApY23" title="Concentration risk, percentage">76% of the Company’s revenues for the three months ended June 30, 2025. These three customers accounted for approximately <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250401__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zNk380Bud46g" title="Concentration risk, percentage">51%, <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250401__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zUYyOu4ZtM78" title="Concentration risk, percentage">15% and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250401__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_zRv2UaVAPmW" title="Concentration risk, percentage">10% of revenues, respectively. ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Accounts Receivable Two customers accounted for approximately <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260401__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_z5CjMKkM7JHe" title="Concentration risk, percentage">76 % of the Company’s accounts receivable as of June 30, 2026. These two customers accounted for approximately <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20260401__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zu99T6wJaBkl" title="Concentration risk, percentage">66% and <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260401__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zz6cKEUzmQP8" title="Concentration risk, percentage">10% of receivables, respectively. Three customers accounted for approximately <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250401__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zO5C9kcgbmf3" title="Concentration risk, percentage">77% of the Company’s accounts receivable as of June 30, 2025. These three customers accounted for approximately <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20250401__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zpDNDr51u9nh" title="Concentration risk, percentage">54%, <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250401__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zEL4mxy1gGjc" title="Concentration risk, percentage">12% and <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250401__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_zRgg4XnDCQ1b" title="Concentration risk, percentage">11% of accounts receivable, respectively. Purchasing Three suppliers accounted for approximately <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260401__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeSuppliersMember_zjhcJCSZ8cuh" title="Concentration risk, percentage">78% of the Company’s purchases of raw materials for the three months ended June 30, 2026. These three suppliers accounted for approximately <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260401__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierOneMember_zwfhOJ9yvXC" title="Concentration risk, percentage">32%, <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260401__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierTwoMember_ziBgpuIY2Ir2" title="Concentration risk, percentage">31%, and <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260401__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierThreeMember_zARYZfhxYykh" title="Concentration risk, percentage">14% of purchasing, respectively. Three suppliers accounted for approximately <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250401__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeSuppliersMember_z9V2EidQUyw" title="Concentration risk, percentage">75% of the Company’s purchases of raw materials for the three months ended June 30, 2025. These three suppliers accounted for approximately <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250401__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierOneMember_zYr9PHwmz3tb" title="Concentration risk, percentage">31%, <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250401__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierTwoMember_z3wybKQrkZ2b" title="Concentration risk, percentage">25%, and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250401__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierThreeMember_zYudJucT6Prl" title="Concentration risk, percentage">19% of purchasing, respectively.

0.73

0.60

0.13

0.76

0.51

0.15

0.10

0.76

0.66

0.10

0.77

0.54

0.12

0.11

0.78

0.32

0.31

0.14

0.75

0.31

0.25

0.19

NOTE 14. 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. Consolidated income from operations, which is reported in the accompanying consolidated statements of operations, is the measure of segment profit or loss that is regularly reviewed by the CODM. This enables the CODM to assess the overall level of available resources and determine how best to deploy these resources across research and development projects in line with the long-term company-wide strategic goals. There are no significant segment expenses or other segment items that are separately provided to the CODM beyond research and development and general and administrative expenses. The CODM does not receive segment level information related to depreciation, amortization, capital expenditures, or other non-cash items, and therefore such items are excluded. The ANDA segment follows the same accounting policies used in the preparation of the Company’s consolidated financial statements. <p id="xdx_89B_ecustom--ScheduleOfSelectedSegmentReportingInformationByReportableSegmentTableTextBlock_zcqDTESFIZJl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following represents selected information for the Company’s reportable segment: SCHEDULE OF SELECTED INFORMATION FOR REPORTABLE SEGMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260401__20260630_zXnJ9OocFuK7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250401__20250630_zRE0vkz3bK3k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left">Operating Income by Segment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--SegmentOperatingIncomeLoss_pp0p0_hus-gaap--StatementBusinessSegmentsAxis__custom--AbbreviatedNewDrugApplicationsMember_zzrjbxjySrha" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; padding-bottom: 1pt">ANDA</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">11,475,074</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">25,551,006</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--SegmentOperatingIncomeLoss_pp0p0_zlR84TsgJIPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Operating income by Segment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,475,074</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,551,006</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) <p id="xdx_895_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_z8F1oZzEmDra" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The table below reconciles the Company’s operating income by segment to income (loss) before income taxes as reported in the Company’s condensed consolidated statements of operations: SCHEDULE OF OPERATING INCOME BY SEGMENT TO INCOME FROM OPERATIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260401__20260630_zE7FlhFkXRb4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250401__20250630_zNAbMPCO1Lbe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_ecustom--SegmentOperatingIncomeLoss_maOILz5Kj_zHILUO6BjkN3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Operating income by segment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,475,074</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">25,551,006</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--CorporateUnallocatedCosts_iN_pp0p0_di_msOILz5Kj_zkCQXqb5x1vb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Corporate unallocated costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,549,556</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,404,084</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_msOILz5Kj_zUqL2iZI8Wz3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Depreciation and amortization expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(367,761</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(394,886</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--AllocatedShareBasedCompensationExpense_iN_pp0p0_di_msOILz5Kj_zvtniHshXl67" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Non-cash compensation through issuance of stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(28,476</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(52,329</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingIncomeLoss_iT_pp0p0_mtOILz5Kj_maILFCOzCWi_z7jORTYypXC3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Income from operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,529,281</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,699,707</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InvestmentIncomeInterest_pp0p0_maILFCOzCWi_zs9y3oMNkjWj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166,117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,542</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InterestAndDebtExpense_iN_pp0p0_di_msILFCOzCWi_z6zDLou6wwmi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Interest expense and amortization of debt issuance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(73,103</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(158,926</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--GainLossOnSaleOfDerivatives_pp0p0_maILFCOzCWi_zjLAunTlRzqh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value of derivative instruments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">94,247</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(22,109,537</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pp0p0_mtILFCOzCWi_zGSDII7YLpKj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Income (loss) before income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,716,542</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(564,214</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

<p id="xdx_89B_ecustom--ScheduleOfSelectedSegmentReportingInformationByReportableSegmentTableTextBlock_zcqDTESFIZJl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following represents selected information for the Company’s reportable segment: SCHEDULE OF SELECTED INFORMATION FOR REPORTABLE SEGMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260401__20260630_zXnJ9OocFuK7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250401__20250630_zRE0vkz3bK3k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left">Operating Income by Segment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--SegmentOperatingIncomeLoss_pp0p0_hus-gaap--StatementBusinessSegmentsAxis__custom--AbbreviatedNewDrugApplicationsMember_zzrjbxjySrha" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; padding-bottom: 1pt">ANDA</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">11,475,074</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">25,551,006</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--SegmentOperatingIncomeLoss_pp0p0_zlR84TsgJIPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Operating income by Segment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,475,074</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,551,006</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 11475074 25551006 11475074 25551006

<p id="xdx_895_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_z8F1oZzEmDra" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The table below reconciles the Company’s operating income by segment to income (loss) before income taxes as reported in the Company’s condensed consolidated statements of operations: SCHEDULE OF OPERATING INCOME BY SEGMENT TO INCOME FROM OPERATIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260401__20260630_zE7FlhFkXRb4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250401__20250630_zNAbMPCO1Lbe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_ecustom--SegmentOperatingIncomeLoss_maOILz5Kj_zHILUO6BjkN3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Operating income by segment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,475,074</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">25,551,006</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--CorporateUnallocatedCosts_iN_pp0p0_di_msOILz5Kj_zkCQXqb5x1vb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Corporate unallocated costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,549,556</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,404,084</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_msOILz5Kj_zUqL2iZI8Wz3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Depreciation and amortization expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(367,761</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(394,886</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--AllocatedShareBasedCompensationExpense_iN_pp0p0_di_msOILz5Kj_zvtniHshXl67" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Non-cash compensation through issuance of stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(28,476</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(52,329</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingIncomeLoss_iT_pp0p0_mtOILz5Kj_maILFCOzCWi_z7jORTYypXC3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Income from operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,529,281</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,699,707</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InvestmentIncomeInterest_pp0p0_maILFCOzCWi_zs9y3oMNkjWj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166,117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,542</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InterestAndDebtExpense_iN_pp0p0_di_msILFCOzCWi_z6zDLou6wwmi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Interest expense and amortization of debt issuance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(73,103</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(158,926</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--GainLossOnSaleOfDerivatives_pp0p0_maILFCOzCWi_zjLAunTlRzqh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value of derivative instruments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">94,247</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(22,109,537</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pp0p0_mtILFCOzCWi_zGSDII7YLpKj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Income (loss) before income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,716,542</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(564,214</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

11475074 25551006 3549556 3404084

367761

394886

28476

52329

7529281

21699707

166117

4542

73103

158926

94247

-22109537

7716542

-564214

NOTE 15. RELATED PARTY AGREEMENTS Mikah Pharma, LLC Agreements In May 2020, Praxgen (formerly known as SunGen Pharma LLC), pursuant to an asset purchase agreement, assigned its rights and obligations under the Praxgen Agreement for Amphetamine IR and Amphetamine ER to Mikah Pharma LLC (“Mikah”). The ANDAs for Amphetamine IR and Amphetamine ER are now registered under Elite’s name. Mikah will now be Elite’s partner with respect to Amphetamine IR and ER and will assume all the rights and obligations for these products from Praxgen. Mikah was founded in 2009 by Nasrat Hakim, a related party and the Company’s President, Chief Executive Officer and Chairman of the Board. In June 2021, the Company entered into a development and license agreement with Mikah, pursuant to which Mikah will engage in the research, development, sales and licensing of generic pharmaceutical products. In addition, Mikah will collaborate to develop and commercialize generic products including formulation development, analytical method development, manufacturing, sales and marketing of generic products. Initially two generic products were identified for the parties to develop. As of June 30, 2026 and March 31, 2026, the Company owed an aggregate of $2,776,060 and $2,616,950, respectively, to Mikah in accordance with the agreements, with such amount being recorded as an accrued expense on the unaudited condensed consolidated balance sheets.

2776060

2616950

NOTE 16. INCOME TAXES The determination of income tax expense in the accompanying unaudited condensed consolidated statements of income is based on the effective tax rate for the year, adjusted for the impact of any discrete items which are accounted for in the period in which they occur. The Company’s income tax expense was $1,805,977 and $5,320,501 for the three months ended June 30, 2026 and 2025, respectively. The Company recorded tax expense of approximately 23.4 % and (943.0)% of income before income tax expense, for the three months ended June 30, 2026 and 2025, respectively. The Company’s effective tax rate is subject to volatility as changes in the fair value adjustments in the Company’s derivative liabilities significantly impact pre-tax earnings.

1805977

5320501

0.234

-9.430

NOTE 17. SUBSEQUENT EVENTS On August 4, 2026, the Company issued a press release to announce the launch of Elite’s generic version of Requip XL® (Ropinirole Extended-Release Tablets USP), with strengths of 2 mg, 4 mg, 6 mg, 8 mg, and 12 mg tablets. Ropinirole belongs to a class of drugs known as a non-ergoline dopamine agonist used to treat Parkinson’s disease. This product is marketed and sold under the Elite Laboratories, Inc. label.

false false false false Patent application costs were incurred in relation to the Company’s abuse deterrent opioid technology. Amortization of the patent costs would have begun upon the issuance of marketing authorization by the FDA. During the year ended March 31, 2026, these costs were impaired in full.