What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2022-06-29 compared with 2021-06-14 · 25 added, 28 removed, 13 unchanged (80% of the section changed)

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.

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;

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

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”) .

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 “

lease ”).

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

The 135 Ludlow Ave.

1 unchanged sentence

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 (“

135 Ludlow Ave.

modified lease ”).

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

floor space in the building (“135 Ludlow Ave.

modified lease”).

135 Ludlow Ave.

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

modified lease includes an initial term, which expired 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.

including a term that began on January 1, 2017 and expired on December 31, 2021.

On June 30, 2021, the Company exercised the second of

the renewal options, with such option including a term that began on January 1, 2022 and expires on December 31, 2026.

135 Ludlow Ave.

2 unchanged sentences

and construction continue to occur as required by operations.

165 Ludlow and 135 Ludlow

are hereinafter referred to as the “

Facilities ”

or the “

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.

October 2020, the Company entered into an operating lease for office space in Pompano Beach, Florida (the “Pompano Office Lease”).

The Pompano Office Lease is for approximately 1,275 square feet of office space, with Elite taking occupancy on November 1, 2020.

Pompano Office includes a three-month rent abatement from November 2020 through February 2021 and has a term of three years, ending

on October 31, 2023.

Ludlow and 135 Ludlow are hereinafter referred to as the “Northvale Facility”, or, together with Pompano, the “Facilities.”

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