Universal Safety Products Q2 2025 10-Q Filed

TL;DR

Universal Safety Products 10-Q filed: Revenue concentration risk is a key factor to watch.

AI Summary

Universal Safety Products, Inc. filed its 10-Q for the period ending June 30, 2025. The filing details financial information including retained earnings and additional paid-in capital as of various dates in 2024 and 2025. It also highlights customer concentration risk, noting that revenue from one, three, and four customers is significant.

Why It Matters

This filing provides investors with an update on Universal Safety Products' financial health and highlights potential risks related to customer dependency.

Risk Assessment

Risk Level: medium — The company's reliance on a small number of customers for a significant portion of its revenue presents a concentration risk.

Key Numbers

• 2025-06-30 — Reporting Period End (Financial data reported as of this date.)
• 2024-06-30 — Prior Year Period End (Comparative financial data.)
• 2023-12-31 — Prior Year Quarter End (Comparative financial data.)

Key Players & Entities

• UNIVERSAL SAFETY PRODUCTS, INC. (company) — Filer
• 20250630 (date) — Reporting period end date
• 20250819 (date) — Filing date
• 11407 CRONHILL DRIVE, SUITES A-D (address) — Business and Mail Address
• OWINGS MILLS, MD 21117-3586 (address) — Business and Mail City, State, Zip

FAQ

Filing Documents

• uuu-20250630x10q.htm (10-Q) — 520KB
• uuu-20250630xex31d1.htm (EX-31.1) — 13KB
• uuu-20250630xex31d2.htm (EX-31.2) — 13KB
• uuu-20250630xex32d1.htm (EX-32.1) — 8KB
• uuu-20250630xex99d1.htm (EX-99.1) — 71KB
• 0001410578-25-001850.txt ( ) — 2487KB
• uuu-20250630.xsd (EX-101.SCH) — 24KB
• uuu-20250630_cal.xml (EX-101.CAL) — 25KB
• uuu-20250630_def.xml (EX-101.DEF) — 77KB
• uuu-20250630_lab.xml (EX-101.LAB) — 198KB
• uuu-20250630_pre.xml (EX-101.PRE) — 126KB
• uuu-20250630x10q_htm.xml (XML) — 151KB

- Financial Information

Part I - Financial Information Page Item 1. Condensed Consolidated Financial Statements: Condensed Consolidated Balance Sheets at June 30, 2025 (unaudited) and March 31, 2025 3 Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 2025 and 2024 (unaudited) 4 Condensed Consolidated Statement of Shareholders' Equity for the Three Months Ended June 30, 2025 (unaudited) 5 Condensed Consolidated Statement of Shareholders' Equity for the Three Months Ended June 30, 2024 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2025 and 2024 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 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 13 Item 4.

Controls and Procedures

Controls and Procedures 15

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 16 Item 5. Other Information 16 Item 6. Exhibits 16

Signatures

Signatures 17 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNIVERSAL SAFETY PRODUCTS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS (unaudited) (audited) June 30, 2025 March 31, 2025 CURRENT ASSETS Cash $ 482,166 $ 348,074 Cash – investment 3,338,228 — Accounts receivable: Trade, net of provision for credit losses of $ 470,000 as of June 30, 2025 and March 31, 2025 1,836,427 580,574 Receivables - other 8,900 8,500 1,845,327 589,074 Amount due from factor 831,216 3,666,790 Inventories – finished goods 1,012,259 3,024,114 Assets – Held for Sale — 1,681,937 Prepaid expenses 71,030 145,290 Deferred tax asset — 361,000 TOTAL CURRENT ASSETS 7,580,226 9,816,279 TOTAL ASSETS $ 7,580,226 $ 9,816,279 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Line of credit - factor $ — $ 2,100,458 Short-term portion of operating lease liability — 13,330 Accounts payable - trade 260,212 1,094,546 Accounts payable – Eyston Company Ltd. — 1,145,843 Accrued liabilities: Accrued payroll and employee benefits 143,982 108,096 Accrued commissions and other 202,000 190,295 TOTAL CURRENT LIABILITIES 606,194 4,652,568 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 June 30, 2025, and March 31, 2025 23,129 23,129 Additional paid-in capital 12,885,841 12,885,841 Accumulated Deficit ( 5,934,938 ) ( 7,745,259 ) TOTAL SHAREHOLDERS' EQUITY 6,974,032 5,163,711 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 7,580,226 $ 9,816,279 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents UNIVERSAL SAFETY PRODUCTS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, 2025 2

View Full Filing

View this 10-Q filing on SEC EDGAR