Financial Performance - Net sales for the three months ended December 31, 2020, were $5,124,750, an increase of $1,901,072 (59.0%) compared to the same period in 2019[65] - Net income for the quarter ended December 31, 2020, was $78,318, a significant improvement of $1,090,151 (107.7%) from a net loss of $(1,011,833) in the same quarter of the previous year[70] - For the nine months ended December 31, 2020, net sales were $14,522,813, an increase of $3,333,575 (29.8%) compared to the same period in 2019[71] Profitability - Gross profit margin improved to 29.7% for the quarter ended December 31, 2020, up from 23.9% in the prior year, positively impacted by reduced tariffs[66] - The gross profit margin for the nine months ended December 31, 2020, was 32.4%, up from 27.8% in the prior year, benefiting from tariff refunds[72] Expenses - Research and development expenses decreased by $63,160 (37.2%) to $106,608 for the quarter ended December 31, 2020, due to lower payments to engineering consultants[68] - Interest expense for the quarter ended December 31, 2020, was $14,086, a decrease of $105,222 (88.2%) from $119,308 in the same quarter of 2019[69] Working Capital and Financing - The Company anticipates sufficient working capital for the next twelve months, supported by increased sales and funds from the Paycheck Protection Program[62] - The unused availability under the factoring agreement totaled approximately $3,482,000 at December 31, 2020[79] - Financing activities used cash of $1,340,265 during the nine months ended December 31, 2020, compared to $506,930 for the same period in 2019[83] - Loan proceeds of $221,400 were received under the Paycheck Protection Program of the CARES Act for the nine months ended December 31, 2020[83] - Repayments, net of advances on the line of credit from the factor, amounted to $1,561,665 for the nine months ended December 31, 2020, compared to $506,930 for the same period in 2019[83] Compliance and Accounting - The Company is executing a plan to regain compliance with NYSE listing requirements by increasing sales and reducing liabilities, including a $4,000,000 reduction from the sale of its interest in the Hong Kong Joint Venture[77] - There have been no material changes to the significant accounting policies since the filing of the Form 10-K[84] - The accounting principles used in preparing the unaudited condensed consolidated financial statements conform to U.S. generally accepted accounting principles[84]

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 September 30, 2020 OR 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.) 11407 Cronhill Drive, Suite A Owings Mills ...

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 June 30, 2020 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 incorpo ...

Financial Performance - Net sales for the fiscal year 2020 were $14,803,024, a decrease of $2,785,016 (15.8%) compared to $17,588,040 in fiscal 2019[51] - Gross profit percentage for fiscal year 2020 was 25.4%, down from 31.6% in fiscal 2019, attributed to the mix of products sold[52] - The company reported a net loss of $5,813,891 for fiscal year 2020, an increase of $4,465,905 (331.3%) from a net loss of $1,347,986 in fiscal 2019[57] - The Hong Kong Joint Venture's sales decreased to $8,054,070 in fiscal 2020 from $13,252,710 in fiscal 2019, primarily due to reduced sales to the company[67] - Gross margins for the Hong Kong Joint Venture fell to 3.4% in fiscal 2020 from 13.0% in the prior fiscal year[68] Expenses - Selling, general and administrative expenses decreased to $4,628,881 in fiscal 2020 from $4,864,522 in fiscal 2019, but increased as a percentage of net sales to 31.3%[53] - Research and development expenses rose to $691,886 in fiscal 2020, with approximately $200,000 allocated for new product development, compared to $502,845 in fiscal 2019[54] Working Capital - Working capital increased by $2,705,185 from $2,354,313 on March 31, 2019, to $5,059,498 on March 31, 2020[59] Future Outlook - The company anticipates improved profitability with the expected growth in sales of sealed battery alarms and ground fault circuit interrupters[66] - The company received a Paycheck Protection Program loan of $221,400 under the CARES Act, which is expected to be forgiven[66] Revenue Recognition - The Company recognizes revenue from the sale of safety and security products at the point when control is transferred to the customer, typically upon shipment or delivery[76] - Revenue is recorded at the transaction price net of estimates of variable consideration, which may include trade discounts and product returns[77] Inventory and Valuation - Inventories are valued at the lower of cost or net realizable value, with cost determined using the first in/first out method[79] - The Company evaluates inventories quarterly and writes down obsolete or unmarketable inventory based on future demand assumptions[79] Allowances and Tax Positions - The Company has established allowances for anticipated doubtful accounts based on historical experience[78] - Deferred tax assets are reviewed periodically for recoverability, and a valuation allowance is established if it is more likely than not that the tax benefits will not be realized[74] - The Company follows ASC 740-10 for tax positions, recognizing the impact of a tax position if it is more likely than not to be sustained[75] Management Estimates - Management's estimates and judgments in preparing financial statements are based on historical experiences and current economic trends[74] Shipping and Handling - Shipping and handling costs after control has transferred are recorded as fulfillment costs in selling, general, and administrative expenses[76] Off-Balance Sheet Arrangements - The Company does not have any off-balance sheet arrangements that could materially affect liquidity or capital resources[80]

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, 2019 11407 Cronhill Drive, Suite A Owings Mills, Maryland 21117 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 363-3000 Inapplicable (Former name, former address and former fiscal year if changed from last report.) Indicate by check ...

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 September 30, 2019 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 in ...

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 June 30, 2019 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 incorpo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended March 31, 2019 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 registrant as specified in its charter) | MARYLAND | 52-0898545 | | --- | --- | | (Sta ...

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, 2018 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) (State or other jurisdiction of (I.R.S. Employer incorporation or organi ...