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].
Universal Security Instruments(UUU) - 2024 Q4 - Annual Report