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 ...