Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended June 30, 2025 OR (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 11407 Cronhill Drive, Suite A Owings Mills, Maryland 21117 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 363-3 ...

OWINGS MILLS, Md., Aug. 19, 2025 (GLOBE NEWSWIRE) -- Universal Safety Products, Inc. (NYSE American: UUU) today announced results for its fiscal quarter ended June 30, 2025. The Company reported sales of $3,824,247 for the quarter ending June 30, 2025, versus $4,598,516 for the comparable period of last year. The Company reported net income of $1,810,321 or $0.78 per basic and diluted share, compared to a net loss of $(442,206), or $(0.19) per basic and diluted share, for the same period last year. Included ...

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . Commission file number: 001-31747 UNIVERSAL SAFETY PRODUCTS, INC. Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended March 31, 2025 or (Exact name of registrant as specified in its charter) | MARYLAND | | 52-0898545 | | --- ...

OWINGS MILLS, Md., July 28, 2025 (GLOBE NEWSWIRE) -- Universal Safety Products, Inc. (formerly Universal Security Instruments, Inc.) (NYSE American LLC: UUU) today announced its financial results for the fourth quarter and its fiscal year ended March 31, 2025. The Company reported: For the fourth quarter ended March 31, 2025, sales increased $1,780,152 (40.0%) to $6,226,621 from $4,446,469 from the comparable period last year. The Company reported net income of $1,302,551, or $0.56 per basic and diluted sha ...

Core Points - Universal Safety Products, Inc. received a letter from NYSE Regulation indicating non-compliance with listing standards due to failure to timely file its Annual Report on Form 10-K for the year ended March 31, 2025 [1] - The company has a six-month period from the due date of July 15, 2025, to regain compliance by filing the Form 10-K with the SEC, with a possible extension of up to six additional months depending on circumstances [2] - The company expects to file the Form 10-K within the granted six-month period, but there is no assurance that it will be filed on time [3] Company Overview - Universal Safety Products, Inc. is a U.S.-based importer and distributor of home safety devices, including ventilation fans and ground fault circuit interrupters [3]

Core Points - Vanguard Mining Corp. is applying to list 12,690,001 common share purchase Warrants on the Canadian Securities Exchange (CSE) [1][2] - Each Warrant allows the holder to acquire one common share at an exercise price of $0.10 per share before February 6, 2028 [2] - The Warrants are expected to trade under the symbol UUU.WT and will be governed by a warrant indenture with Endeavor Trust Corporation [2][3] Company Overview - Vanguard Mining Corp. is a Canadian mineral exploration company focused on discovering and developing high-value strategic minerals [4] - The company is advancing uranium exploration projects in the United States and Paraguay, targeting assets critical to the global energy transition [4] - Vanguard is committed to responsible exploration and value creation through the acquisition and advancement of highly prospective uranium properties [4]

Core Viewpoint - Vanguard Mining Corp. has applied for a management cease trade order due to the inability to file its audited annual financial statements by the deadline, which has been granted by Canadian securities regulatory authorities [2]. Group 1: Management Cease Trade Order (MCTO) - The Company applied for an MCTO because it could not file its audited annual financial statements for the fiscal year ended December 31, 2024 by the April 30, 2025 deadline [2]. - The MCTO was granted on May 7, 2025, restricting the Chief Executive Officer and Chief Financial Officer from trading in the Company's securities until the Annual Filings are completed [2]. - Other shareholders are not affected by the MCTO and can continue to trade in the Company's securities [2]. Group 2: Filing Status and Compliance - The Company and its auditors are working diligently to complete the Annual Filings and anticipate filing them on or before June 30, 2025 [3]. - Since the Default Announcement, the Company confirms that no material changes have occurred that have not been disclosed, and it has complied with NP 12-203 guidelines [4]. - The Company will continue to meet the provisions of NP 12-203 as long as it remains in default of its filing requirements [5].

Core Viewpoint - Vanguard Mining Corp. failed to file its annual financial statements by the required deadline due to an unforeseen delay from the audit firm, which is outside the company's control [1][2]. Group 1: Financial Filings - The Annual Financial Filings for the year ended December 31, 2024, were not submitted by the April 30, 2025 deadline [1]. - The delay in filing is attributed to the audit firm's inability to complete the review, preventing the release of the audit report [2]. Group 2: Regulatory Actions - The company has received a management cease trade order from Canadian securities regulatory authorities, affecting the CEO and CFO, which prohibits them from trading the company's securities until the filings are completed [3]. - The management cease trade order will remain in effect until the Annual Financial Filings are submitted, with a target filing date around July 20, 2025 [3]. Group 3: Future Communications - Until the Annual Financial Filings are submitted, the company plans to provide information in accordance with National Policy 12-203 regarding Management Cease Trade Orders [4].

Financial Performance - For the three months ended December 31, 2024, sales increased by 18.9% to $5,535,148 compared to $4,654,978 for the same period last year [4]. - The company reported a net loss of $936,639, or $0.40 per basic and diluted share, compared to net income of $102,176, or $0.04 per basic and diluted share for the same period last year [4]. - For the nine months ended December 31, 2024, sales increased by 15.0% to $17,336,933 versus $15,071,204 for the same period last year [5]. - The company reported a net loss of $801,867, or $0.35 per basic and diluted share, compared to net income of $80,881, or $0.03 per basic and diluted share for the corresponding 2023 period [5]. Asset Purchase and Sale - The company entered into an Asset Purchase Agreement with Feit Electric Company, Inc. on October 29, 2024, which is expected to close in the second quarter of calendar 2025 if approved by shareholders [6]. - The quarterly results were impacted by bulk sales of excess and obsolete inventory at reduced gross profit margins and substantial expenses related to the potential asset sale [6]. - The company may consider alternatives, including delisting its shares from the NYSE MKT, if the asset sale is not approved [6]. Balance Sheet Changes - Total current assets increased to $9,520,526 as of December 31, 2024, compared to $8,672,131 as of December 31, 2023 [12]. - Total liabilities increased to $5,427,227 as of December 31, 2024, compared to $3,410,967 as of December 31, 2023 [12]. - Shareholders' equity decreased to $4,161,160 as of December 31, 2024, from $5,439,698 as of December 31, 2023 [12].

Core Viewpoint - Universal Security Instruments, Inc. reported its third-quarter results for the fiscal year ending December 31, 2024, highlighting significant sales growth but also a net loss compared to the previous year [1][2]. Financial Performance - For the three months ended December 31, 2024, sales increased by 18.9% to $5,535,148, compared to $4,654,978 for the same period last year [2][8]. - The company reported a net loss of $936,639, or $0.40 per basic and diluted share, compared to a net income of $102,176, or $0.04 per basic and diluted share for the same period last year [2][10]. - For the nine months ended December 31, 2024, sales increased by 15.0% to $17,336,933, compared to $15,071,204 for the same period last year [3][10]. - The company reported a net loss of $801,867, or $0.35 per basic and diluted share, compared to a net income of $80,881, or $0.03 per basic and diluted share for the corresponding 2023 period [3][10]. Strategic Developments - The CEO, Harvey Grossblatt, mentioned that the quarterly and year-to-date results were impacted by bulk sales of excess and obsolete inventory at reduced gross profit margins and substantial expenses related to a potential asset sale to Feit Electric Company, Inc. [4]. - The company is seeking shareholder approval for the asset sale, which is expected to close in the second quarter of calendar 2025 if approved [4]. - If the asset sale is not approved, the company may consider alternatives, including delisting its shares from the NYSE MKT [4]. Company Overview - Universal Security Instruments, Inc. is a U.S.-based manufacturer and distributor of safety and security devices, with a history of over 56 years in developing innovative products such as smoke, fire, and carbon monoxide alarms [5].