Universal Security Instruments Inc. Files 3Q 2024 10-Q

TL;DR

USUR 10-Q filed. Financials updated for Q3 2024. Retained earnings and paid-in capital detailed.

AI Summary

Universal Security Instruments Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial information for the company, including balance sheet items like retained earnings and additional paid-in capital as of various dates in 2023 and 2024. The company's fiscal year ends on March 31st.

Why It Matters

This filing provides investors with an update on Universal Security Instruments Inc.'s financial health and position as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new information presented.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the latest financial snapshot provided.)
• 2023-09-30 — Prior Year Period End Date (Allows for year-over-year comparison of financial health.)

Key Players & Entities

• UNIVERSAL SECURITY INSTRUMENTS INC (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2023-09-30 (date) — Comparative reporting period
• 0000102109 (company) — Central Index Key for Universal Security Instruments Inc.

FAQ

Filing Documents

• uuu-20240930x10q.htm (10-Q) — 626KB
• uuu-20240930xex31d1.htm (EX-31.1) — 10KB
• uuu-20240930xex31d2.htm (EX-31.2) — 10KB
• uuu-20240930xex32d1.htm (EX-32.1) — 6KB
• uuu-20240930xex99d1.htm (EX-99.1) — 104KB
• uuu-20240930xex99d1001.jpg (GRAPHIC) — 7KB
• uuu-20240930xex99d1002.jpg (GRAPHIC) — 3KB
• 0001410578-24-002023.txt ( ) — 2493KB
• uuu-20240930.xsd (EX-101.SCH) — 23KB
• uuu-20240930_cal.xml (EX-101.CAL) — 26KB
• uuu-20240930_def.xml (EX-101.DEF) — 54KB
• uuu-20240930_lab.xml (EX-101.LAB) — 185KB
• uuu-20240930_pre.xml (EX-101.PRE) — 117KB
• uuu-20240930x10q_htm.xml (XML) — 201KB

- Financial Information

Part I - Financial Information Page Item 1. Condensed Consolidated Financial Statements: Condensed Consolidated Balance Sheets at September 30, 2024 (unaudited) and March 31, 2024 3 Condensed Consolidated Statements of Operations for the Three Months Ended September 30, 2024, and 2023 (unaudited) 4 Condensed Consolidated Statements of Operations for the Six Months Ended September 30, 2024, and 2023 (unaudited) 5 Condensed Consolidated Statements of Shareholders' Equity for the Six Months Ended September 30, 2024, (unaudited) 6 Condensed Consolidated Statements of Shareholders' Equity for the Six Months Ended September 30, 2023, (unaudited) 7 Condensed Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2024, and 2023 (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 4.

Controls and Procedures

Controls and Procedures 16 Item 5. Other Information 17

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 17 Item 6. Exhibits 17

Signatures

Signatures 19 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNIVERSAL SECURITY INSTRUMENTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS (unaudited) (audited) September 30, 2024 March 31, 2024 CURRENT ASSETS Cash $ 234,199 $ 65,081 Accounts receivable: Trade, less provision for credit losses of $ 325,000 279,665 1,101,991 Other receivables 5,050 5,500 284,715 1,107,491 Amount due from factor 6,175,653 2,202,663 Inventories - finished goods net of allowance for excess and obsolete inventories of $ 400,000 at September 30, 2024 and $ 100,000 at March 31, 2024 5,980,798 4,751,826 Prepaid expenses 152,429 226,732 TOTAL CURRENT ASSETS 12,827,794 8,353,793 INTANGIBLE ASSETS - NET 29,065 31,301 PROPERTY AND EQUIPMENT – NET 79,827 159,656 TOTAL ASSETS $ 12,936,686 $ 8,544,750 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Line of credit - factor $ 4,216,134 $ 768,853 Short-term portion of operating lease liability 93,065 158,742 Accounts payable - trade 766,576 870,323 Accounts payable – Eyston Company, Ltd. 2,297,571 1,501,169 Accrued liabilities: Accrued payroll and employee benefits 111,866 154,878 Accrued commissions and other 353,675 114,428 TOTAL CURRENT LIABILITIES 7,838,887 3,568,393 LONG-TERM PORTION OF OPERATING LEASE LIABILITY — 13,330 TOTAL LONG-TERM LIABILITIES — 13,330 COMMITMENTS AND CONTINGENCIES — — SHAREHOLDERS' EQUITY Common stock, $ .01 par value per share; authorized 20,000,000 shares; 2,312,887 shares issued and outstanding at September 30, 2024 and March 31, 2024 23,129 23,129 Additional paid-in capital 12,885,841 12,885,841 Accumulated Deficit ( 7,811,171 ) ( 7,945,943 ) TOTAL SHAREHOLDERS' EQUITY 5,097,799 4,963,027 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 12,936,686 $ 8,544,750 The accompanying notes are an integral part of these condens

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