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].

Core Viewpoint - Universal Security Instruments, Inc. reported a significant decline in both net sales and net income for the fourth quarter and the fiscal year ended March 31, 2024, indicating challenges in the business environment, including supply chain issues and increased costs [1][3][4]. Financial Performance - For the fourth quarter ended March 31, 2024, net sales decreased by $1,096,298 (18.5%) to $4,831,469 compared to $5,927,767 in the same period last year [2][3]. - The company reported a net loss of $476,671, or $0.21 per share, compared to a net income of $284,635, or $0.12 per share for the same period last year [2][3]. - For the fiscal year ended March 31, 2024, net sales decreased by $2,276,200 (10.3%) to $19,902,673 from $22,178,873 in the previous fiscal year [3][8]. - The company reported a net loss of $395,790, or $0.17 per share, compared to a net income of $720,411, or $0.31 per share for the same period last year [3][8]. Operational Challenges - The financial results included approximately $150,000 related to an insurance audit and an increase in the provision for credit losses of about $168,000 recorded in the fourth quarter [4]. - Sales were negatively impacted by supply chain issues and rising ocean freight rates, which contributed to the overall decline in performance [4]. Balance Sheet Highlights - As of March 31, 2024, total assets were $8,544,750, an increase from $8,399,874 in the previous year [8][9]. - Cash decreased to $65,081 from $151,502 year-over-year, while accounts receivable also saw a decline [8]. - Total current liabilities increased to $3,568,393 from $2,868,985, indicating a rise in financial obligations [8].

Financial Performance - Net sales for the three months ended December 31, 2023, were $4,654,978, a decrease of $1,103,683 (19.2%) compared to the same period in 2022[54]. - For the nine months ended December 31, 2023, net sales were $15,071,204, a decrease of $1,179,902 (7.3%) compared to the same period in 2022[60]. - Net income for the quarter ended December 31, 2023, was $102,176, a decrease of $239,136 (70.1%) from the corresponding quarter in the prior fiscal year[59]. - Net income for the nine months ended December 31, 2023, was $80,881, a decrease of $354,895 (81.4%) from the corresponding period in the prior fiscal year[65]. Profitability Metrics - Gross profit margin increased to 32.3% for the quarter ended December 31, 2023, compared to 29.5% for the same quarter in 2022[55]. - The gross profit margin for the nine-month period ended December 31, 2023, was 30.0%, compared to 28.8% for the same period in 2022[61]. Expenses - Selling, general and administrative expenses rose to $1,310,872 for the three months ended December 31, 2023, representing 28.2% of net sales, up from 20.5% in the prior year[56]. - Selling, general and administrative expenses for the nine months ended December 31, 2023, were $4,068,162, or 27.0% of sales, up from 23.1% in the prior year[62]. Cash Flow - Operating activities provided cash of $225,962 for the nine months ended December 31, 2023, compared to $347,270 for the same period in 2022[66]. - Financing activities used cash of $338,286 during the nine months ended December 31, 2023, compared to $585,850 in the prior year[68].

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 September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-31747 UNIVERSAL SECURITY INSTRUMENTS, INC. (Exact name of registrant as specified in its charter) Maryland 52-0898545 (State or other jurisdiction of ( ...

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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-31747 UNIVERSAL SECURITY INSTRUMENTS, INC. (Exact name of registrant as specified in its charter) Maryland 52-0898545 (State or other jurisdiction of (I.R.S ...

Financial Performance - For the fiscal year ended March 31, 2023, the company's net sales increased to $22,178,873, representing a 13.4% increase from $19,549,785 in the prior year[44]. - Gross profit percentage decreased to 28.6% in fiscal 2023 from 30.9% in fiscal 2022, attributed to product mix variations and tariff impacts[45]. - Selling, general and administrative expenses decreased to $4,974,453 in fiscal 2023, down from $5,524,343 in fiscal 2022, representing 22.4% of net sales compared to 28.3% in the prior year[46]. - The company reported net income of $720,411 for fiscal 2023, a significant increase of $798,561 (1,021.8%) compared to a net loss of $78,150 in fiscal 2022[50]. Cash Flow and Working Capital - Working capital increased by $724,528 from $4,451,947 on March 31, 2022, to $5,176,475 on March 31, 2023[51]. - Operating activities generated cash of $1,491,943 for the year ended March 31, 2023, primarily from a decrease in inventories of $2,165,429[52]. - Interest expense increased to $237,686 in fiscal 2023 from $147,840 in fiscal 2022, primarily due to rising interest rates on borrowings[48]. - The unused availability of the factoring facility totaled approximately $852,000 on March 31, 2023[58]. Customer and Supplier Concentration - The Company had one customer representing 18.2% of net sales for the fiscal year ended March 31, 2023, compared to no customers exceeding 10% in the previous fiscal year[70]. - Accounts receivable from Eyston Company, Ltd. amounted to $75,947 as of March 31, 2023, down from $358,958 in the previous year[70]. - Eyston Company, Ltd. accounted for approximately 88.5% of the Company's purchases in the fiscal year ended March 31, 2023, compared to 83.6% in 2022[70]. Market Outlook - The company anticipates that the shift towards ten-year sealed alarms will positively impact future sales of its sealed battery units and other electrical devices[43]. - The company’s financial condition remains dependent on the strength of the U.S. housing market, which directly affects sales through its USI Electric subsidiary[42].

For the Quarterly period ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 Commission file number 001-31747 UNIVERSAL SECURITY INSTRUMENTS, INC. (Exact name of registrant as specified in its charter) Maryland 52-0898545 (State or other jurisdiction of (I ...

Table of Contents For the Quarterly period ended June 30, 2022 OR [☐] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-31747 UNIVERSAL SECURITY INSTRUMENTS, INC. (Exact name of registrant as specified in its charter) Maryland 52-0898545 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [☒] QUARTERLY REPORT PURSU ...

Table of Contents | | | Securities registered pursuant to Section 12(g) of the Act: 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, 2022 or ☐ 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 SECURITY INSTRUMENTS, INC. (Exact name of re ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended December 31, 2021 OR [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-31747 UNIVERSAL SECURITY INSTRUMENTS, INC. (Exact name of registrant as specified in its charter) Maryland 52-0898545 11407 Cronhill Drive, Suite A ...