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].
Universal Security Instruments(UUU) - 2025 Q3 - Quarterly Results