What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2021-06-14 compared with 2020-06-29 · 29 added, 32 removed, 12 unchanged (84% of the section changed)

ITEM 2 PROPERTIES

We own a facility

located at 165 Ludlow Avenue, Northvale, New Jersey (“

165 Ludlow ”) which contains approximately 15,000 square

feet of floor space.

This real property and the improvements thereon are encumbered by a mortgage in favor of the New Jersey Economic

Development Authority (“

We own a facility located

at 165 Ludlow Avenue, Northvale, New Jersey (“

165 Ludlow ”) which contains approximately 15,000 square feet of floor

This real property and the improvements thereon are encumbered by a mortgage in favor of the New Jersey Economic Development Authority

NJEDA ”) as security for a loan through tax-exempt bonds from the NJEDA to Elite.

mortgage contains certain customary provisions including, without limitation, the right of NJEDA to foreclose upon a default by

The NJEDA has declared the payment of this bond to be in default (for more information on the NJEDA Bonds, see Part II,

Item 7 “

Management’s Discussion and Analysis of Financial Condition and Results of Operations;

Liquidity and Capital

The mortgage contains certain customary

provisions including, without limitation, the right of NJEDA to foreclose upon a default by Elite.

The NJEDA has declared the payment

of this bond to be in default (for more information on the NJEDA Bonds, see Part II, Item 7 “

Management’s Discussion and

Analysis of Financial Condition and Results of Operations;

Liquidity and Capital Resources;

NJEDA Bonds”) .

We are currently using the Facility as a laboratory, manufacturing, storage, distribution,

and office space.

entered into an operating lease for a portion of a one-story warehouse, located at 135 Ludlow Avenue, Northvale, New Jersey (the

135 Ludlow Ave.

We are currently

using the Facility as a laboratory, manufacturing, storage, distribution, and office space.

entered into an operating lease for a portion of a one-story warehouse, located at 135 Ludlow Avenue, Northvale, New Jersey (the “

lease ”).

The 135 Ludlow Ave.

lease is for approximately 15,000 square feet of floor space

and began on July 1, 2010.

lease is for approximately 15,000 square feet of floor space and began on July 1,

During July 2014, we modified the 135 Ludlow Ave.

lease in which the Company was permitted to occupy

the entire 35,000 square feet of floor space in the building (“

lease in which the Company was permitted to occupy the entire 35,000 square feet

of floor space in the building (“

135 Ludlow Ave.

1 unchanged sentence

135 Ludlow Ave.

modified lease includes an initial term, which expires on December 31, 2016 with two tenant renewal options of

five years each, at the sole discretion of the Company.

On June 22, 2016, the Company exercised the first of these renewal options,

with such option including a term that begins on January 1, 2017 and expires on December 31, 2021.

modified lease includes an initial term, which expires on December 31, 2016 with two tenant renewal options of five years

each, at the sole discretion of the Company.

On June 22, 2016, the Company exercised the first of these renewal options, with such option

including a term that begins on January 1, 2017 and expires on December 31, 2021.

135 Ludlow Ave.

property required significant leasehold improvements and qualifications, as a prerequisite, for its intended future

While manufacturing, packaging, warehousing and regulatory activities are currently conducted at this location, additional

renovations and construction continue to occur as required by operations.

165 Ludlow and 135

Ludlow are hereinafter referred to as the “

property required significant leasehold improvements and qualifications, as a prerequisite, for its intended future use.

While manufacturing, packaging, warehousing and regulatory activities are currently conducted at this location, additional renovations

and construction continue to occur as required by operations.

165 Ludlow and 135 Ludlow

are hereinafter referred to as the “

Facilities ”

1 unchanged sentence

Northvale Facility ”.

Properties used in

our operation are considered suitable for the purposes for which they are used, at the time they are placed into service, and

are believed adequate to meet our needs for the reasonably foreseeable future.

Properties used in our operation

are considered suitable for the purposes for which they are used, at the time they are placed into service, and are believed adequate

to meet our needs for the reasonably foreseeable future.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties