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].

Financial Performance - Net sales for the three months ended December 31, 2024, were $5,535,148, an increase of $880,170 (18.9%) compared to the same period in 2023[59] - For the nine months ended December 31, 2024, net sales were $17,336,933, an increase of $2,265,729 (15.0%) compared to the same period in 2023[66] - The company reported a net loss of $936,639 for the quarter ended December 31, 2024, compared to net income of $102,176 in the same quarter of the previous year, a decrease of $1,038,815[65] Profitability Metrics - Gross profit margin decreased to 18.5% for the quarter ended December 31, 2024, down from 32.3% in the prior year, primarily due to bulk sales of excess inventory at reduced margins[60] - Gross profit margin for the nine-month period ended December 31, 2024, was 23.7%, down from 30.0% in the prior year, due to increased costs and inventory allowances[67] Expenses - Selling, general and administrative expenses increased to $1,762,446 for the three months ended December 31, 2024, representing 31.8% of net sales, up from 28.2% in 2023[61] - Selling, general and administrative expenses for the nine months ended December 31, 2024, were $4,369,219, or 25.2% of sales, compared to 27.0% in the prior year[68] - Engineering and product development expenses increased by $53,100 (68.7%) to $130,395 for the quarter ended December 31, 2024, primarily due to higher product development costs[63] Cash Flow - The company used cash of $736,999 in operating activities for the nine months ended December 31, 2024, primarily due to a net loss and changes in working capital[72] - Financing activities provided cash of $730,800 during the nine months ended December 31, 2024, compared to cash used of $338,286 in the same period of the previous year[74]

Core Viewpoint - Universal Security Instruments, Inc. reported a significant increase in sales for the fiscal third quarter and nine months ended December 31, 2024, but also faced substantial net losses due to inventory sales and expenses related to a potential asset sale [2][3][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 [2]. - 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][7]. - 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 [3]. - 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][9]. Asset Sale and Future Outlook - The company entered into an Asset Purchase Agreement with Feit Electric Company, Inc. on October 29, 2024, which is expected to impact financial results due to bulk sales of excess and obsolete inventory at reduced margins [4]. - The company anticipates continuing normal operations while seeking shareholder approval for the asset sale, 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].

Financial Performance - Net sales for the three months ended September 30, 2024, were $7,203,269, an increase of $3,485,814 (93.8%) compared to the same period in 2023, primarily due to the timing of orders from a large retail customer [60]. - Net income for the quarter ended September 30, 2024, was $576,978, a $763,403 (409.5%) increase from a net loss of $186,425 in the same quarter of the previous year [66]. - For the six months ended September 30, 2024, net sales were $11,801,785, an increase of $1,385,559 (13.3%) compared to the same period in 2023, attributed to improved delivery times and order timing [67]. Profitability Metrics - Gross profit margin decreased to 27.7% for the quarter ended September 30, 2024, down from 35.2% in the prior year, mainly due to increased allowance for excess and obsolete inventory and rising costs of electronic components [61]. - Gross profit margin for the six-month period ended September 30, 2024, was 26.1%, down from 29.0% in the prior year, impacted by increased allowance for excess inventory and rising costs of electronic components [68]. Expenses Management - Selling, general and administrative expenses decreased to $1,209,352 for the three months ended September 30, 2024, from $1,334,351 in the prior year, representing 16.8% of net sales compared to 35.9% [62]. - Selling, general and administrative expenses for the six months ended September 30, 2024, were $2,606,773, a decrease from $2,757,290 in the prior year, representing 22.1% of sales compared to 26.5% [69]. Cash Flow - Operating activities used cash of $3,278,163 for the six months ended September 30, 2024, primarily due to increases in accounts receivable and inventory [73]. - Financing activities provided cash of $3,447,281 during the six months ended September 30, 2024, compared to cash used of $547,203 in the prior year [75]. Interest Expense - Interest expense increased to $134,530 for the six months ended September 30, 2024, compared to $84,005 in the same period of the previous year [71].

Financial Performance - Net sales for the three months ended June 30, 2024, were $4,598,516, a decrease of 31.3% compared to $6,698,771 for the same period in 2023[8] - Gross profit for the quarter was $1,087,704, down 36.3% from $1,708,200 in the prior year[8] - The company reported an operating loss of $397,318 for the three months ended June 30, 2024, compared to an operating income of $220,298 in the same period last year[8] - Net loss for the quarter was $442,206, compared to a net income of $165,130 for the same period in 2023[8] - Total revenue for the three months ended June 30, 2024, was $4,598,516, a decrease of 31.3% from $6,698,771 in the same period of 2023[25] - Sales of products acquired from Eyston decreased to $3,934,490, down 33.0% from $5,863,863 in the prior year[25] - The company reported a net loss of $442,206 for the quarter ended June 30, 2024, compared to a net income of $165,130 in the prior year, marking a decrease of $607,336 (367.8%) in net income[44] Assets and Liabilities - Total current assets increased to $8,515,532 as of June 30, 2024, from $8,353,793 as of March 31, 2024, reflecting a growth of 1.9%[5] - Total liabilities increased significantly to $4,144,636 as of June 30, 2024, compared to $3,568,393 as of March 31, 2024, marking an increase of 16.1%[5] - The accumulated deficit rose to $(8,388,149) as of June 30, 2024, compared to $(7,945,943) at the end of the previous quarter[9] Cash Flow and Financing - The company experienced a net cash used in operating activities of $1,198,108 for the three months ended June 30, 2024, compared to net cash provided of $178,366 in the same period of 2023[14] - The company reported a net increase in cash of $256,458 for the three months ended June 30, 2024, compared to an increase of $89,315 in the same period of 2023[14] - Financing activities provided cash of $1,454,566 during the three months ended June 30, 2024, from borrowings net of advances from the factor[46] - The company had $2,223,419 borrowed and outstanding under the factoring agreement as of June 30, 2024[16] Expenses - Engineering and product development expenses increased to $87,601 for the quarter, up from $64,963 in the same period last year, indicating a rise of 34.7%[8] - Selling, general and administrative expenses were $1,397,421 for the three months ended June 30, 2024, representing 30.4% of net sales, an increase from 21.2% in the same period of 2023[43] - Cash used in operating activities was $1,198,108 for the three months ended June 30, 2024, primarily due to an increase in inventories and a decrease in accounts payable[45] - Interest paid during the three months ended June 30, 2024, was $44,888, a decrease from $50,496 in the same period of 2023[14] Strategic Initiatives - The company has developed new products based on advanced smoke and gas detection technologies, trademarked under the name IoPhic[40] - The company is monitoring changes in international trade duties, particularly tariffs on products imported from China, which could impact costs[41] - The company believes its cash balances and available borrowing will be sufficient to meet cash requirements over the next twelve months[47] - The company provided an optimistic outlook for the next quarter, projecting a revenue increase of 10% to 12%[101] - New product launches are expected to contribute an additional $5 million in revenue in the upcoming quarter[101] - The company is investing in new technology development, with a budget allocation of $2 million for R&D in the next fiscal year[101] - Market expansion efforts are underway, targeting a 20% increase in market share in the next 12 months[101] - The company is exploring potential acquisition opportunities to enhance its product offerings and market presence[101] - A new strategic partnership was announced, expected to generate $3 million in additional revenue over the next year[101] - The company has set a goal to reduce operational costs by 5% through efficiency improvements[101] - The management emphasized the importance of maintaining a strong balance sheet, with a current cash position of $10 million[101]

Financial Performance - For the fiscal year ended March 31, 2024, the company reported a net loss of $395,790, a decrease of $1,116,201 (154.9%) compared to net income of $720,411 for fiscal 2023[61]. - The gross profit percentage for the fiscal year ended March 31, 2024, was 29.2%, an increase from 28.6% in fiscal 2023, attributed to variations in the mix of products sold[58]. - Working capital decreased by $391,075 from $5,176,475 on March 31, 2023, to $4,785,400 on March 31, 2024[62]. Expenses - Engineering and product development expenses increased to $427,234 for the fiscal year ended March 31, 2024, compared to $402,692 in fiscal 2023, due to independent testing of products[59]. - Financing activities used cash of $690,497 reflecting a decrease in net borrowing from the Factor during the fiscal year ended March 31, 2024[65]. - The company faces challenges due to manufacturing delays caused by shortages of critical components and increased freight costs, insurance, and professional fees[61]. Future Outlook - The company expects future sales to benefit from the market shift towards ten-year sealed alarms due to new laws in several states[56]. - The company anticipates that its sealed battery alarm and ground fault circuit interrupter products will compete effectively in price and functionality with larger competitors[66]. Cash Flow - Operating activities provided cash of $1,491,943 for the year ended March 31, 2023, primarily from a decrease in inventories of $2,165,429[64]. - As of March 31, 2024, the company received interest income of $24,746 related to refunds of customs payments made in the prior fiscal year[60].