Universal Security Instruments (UUU) 10-Q 19 Aug 24 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2024	Aug. 19, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity File Number	001-31747
Entity Registrant Name	UNIVERSAL SECURITY INSTRUMENTS INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-0898545
Entity Address, Address Line One	11407 Cronhill Drive
Entity Address, Address Line Two	Suite A
Entity Address, City or Town	Owings Mills
Entity Address, Country	MD
Entity Address, Postal Zip Code	21117
City Area Code	410
Local Phone Number	363-3000
Title of 12(b) Security	Common Stock
Trading Symbol	UUU
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,312,887
Entity Central Index Key	0000102109
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Mar. 31, 2024
CURRENT ASSETS
Cash	$ 321,539	$ 65,081
Accounts receivable:
Trade, net of provision for credit losses of $325,000	602,383	1,101,991
Receivables - other	5,500	5,500
Total accounts receivable	607,883	1,107,491
Amount due from factor	2,347,281	2,202,663
Inventories - finished goods	5,106,588	4,751,826
Prepaid expenses	132,241	226,732
TOTAL CURRENT ASSETS	8,515,532	8,353,793
PROPERTY AND EQUIPMENT - NET	30,183	31,301
PROPERTY AND EQUIPMENT - NET	119,742	159,656
TOTAL ASSETS	8,665,457	8,544,750
CURRENT LIABILITIES
Line of credit - factor	2,223,419	768,853
Short-term portion of operating lease liability	132,659	158,742
Accounts payable - trade	910,486	870,323
Accounts payable - Eyston Company Ltd.	616,119	1,501,169
Accrued liabilities:
Accrued payroll and employee benefits	155,588	154,878
Accrued commissions and other	106,365	114,428
TOTAL CURRENT LIABILITIES	4,144,636	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 June 30, 2024, and March 31, 2024	23,129	23,129
Additional paid-in capital	12,885,841	12,885,841
Accumulated Deficit	(8,388,149)	(7,945,943)
TOTAL SHAREHOLDERS' EQUITY	4,520,821	4,963,027
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 8,665,457	$ 8,544,750

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS
Provision for credit losses	$ 325,000	$ 325,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	2,312,887	2,312,887
Common stock, shares outstanding	2,312,887	2,312,887

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 4,598,516	$ 6,698,771
Cost of goods sold	3,510,812	4,990,571
GROSS PROFIT	1,087,704	1,708,200
Selling, general and administrative expense	1,397,421	1,422,939
Engineering and product development expense	87,601	64,963
Operating (loss) income	(397,318)	220,298
Other expense:
Interest expense	(44,888)	(50,496)
Net (loss) income before taxes	(442,206)	169,802
Provision for income taxes		4,672
NET (LOSS) INCOME	$ (442,206)	$ 165,130
(Loss)earnings per share:
Basic	$ (0.19)	$ 0.07
Diluted	$ (0.19)	$ 0.07
Shares used in computing (loss) earnings per share:
Weighted average basic shares outstanding	2,312,887	2,312,887
Weighted average diluted shares outstanding	2,312,887	2,312,887

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Mar. 31, 2023	$ 23,129	$ 12,885,841	$ (7,550,153)	$ 5,358,817
Balance (in shares) at Mar. 31, 2023	2,312,887
Net Income (loss)			165,130	165,130
Balance at Jun. 30, 2023	$ 23,129	12,885,841	(7,385,023)	5,523,947
Balance (in shares) at Jun. 30, 2023	2,312,887
Balance at Mar. 31, 2024	$ 23,129	12,885,841	(7,945,943)	4,963,027
Balance (in shares) at Mar. 31, 2024	2,312,887
Net Income (loss)			(442,206)	(442,206)
Balance at Jun. 30, 2024	$ 23,129	$ 12,885,841	$ (8,388,149)	$ 4,520,821
Balance (in shares) at Jun. 30, 2024	2,312,887

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES:
Net (loss) income	$ (442,206)	$ 165,130
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	1,619	3,315
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable and amount due from factor	354,990	(1,005,999)
(Increase) decrease in inventories, prepaid expenses, and other	(260,271)	1,070,043
Decrease in accounts payable and accrued liabilities	(852,240)	(54,123)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(1,198,108)	178,366
FINANCING ACTIVITIES:
Net borrowing (repayment) - line of credit - factor	1,454,566	(89,051)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	1,454,566	(89,051)
NET INCREASE IN CASH	256,458	89,315
Cash at beginning of period	65,081	151,502
CASH AT END OF PERIOD	321,539	240,817
SUPPLEMENTAL INFORMATION:
Interest paid	$ 44,888	$ 50,496

Statement of Management

Statement of Management	3 Months Ended
	Jun. 30, 2024
Statement of Management
Statement of Management	Statement of Management The condensed consolidated financial statements include the accounts of Universal Security Instruments, Inc. (USI or the Company) and its wholly owned subsidiaries. Except for the condensed consolidated balance sheet as of March 31, 2024, which was derived from audited financial statements, the accompanying condensed consolidated financial statements are unaudited. Significant inter-company accounts and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the interim condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (US-GAAP) have been condensed or omitted. The interim condensed consolidated financial statements should be read in conjunction with the Company’s March 31, 2024, audited financial statements filed with the Securities and Exchange Commission on Form 10-K as filed on July 12, 2024. The interim operating results are not necessarily indicative of the operating results for the full fiscal year.

Line of Credit - Factor

Line of Credit - Factor	3 Months Ended
	Jun. 30, 2024
Line of Credit - Factor
Line of Credit - Factor	Line of Credit – Factor The Company entered into an Agreement with Merchant Financial Group (Merchant) for the purpose of factoring the Company’s trade accounts receivable. Under the Agreement the Company may borrow eighty percent (80%) of eligible accounts receivable. The Agreement, as supplemented, provides for additional financing at the sole discretion of Merchant to be secured by inventory. The Agreement, which was extended and expires on January 6, 2026, provides for continuation of the program for successive two-year

Use of Estimates

Use of Estimates	3 Months Ended
	Jun. 30, 2024
Use of Estimates
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with US-GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2024
Revenue Recognition
Revenue Recognition	Revenue Recognition The Company’s primary source of revenue is the sale of safety and security products based upon purchase orders or contracts with customers. Revenue is recognized at a point in time once the Company has determined that the customer has obtained control over the product. Control is typically deemed to have been transferred to the customer when the product is shipped or delivered to the customer. Customers may not return, exchange or refuse acceptance of goods without our approval. Generally, the Company does not grant extended payment terms. Shipping and handling costs associated with outbound freight, after control over a product has transferred to a customer, are accounted for as a cost to complete the sale and are recorded in selling, general and administrative expense. Remaining performance obligations represent the transaction price of firm orders for satisfied or partially satisfied performance obligations on contracts with an original expected duration of one year or more. The Company’s contracts are predominantly short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient in ASC Topic 606 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for products sold. Purchase orders may contain stand-alone pricing applied to each of the multiple products ordered. Revenue is recorded at the transaction price net of estimates of variable consideration. The Company uses the expected value method based on historical data in considering the impact of estimates of variable consideration, which may include trade discounts, allowances, product returns (including rights of return) or warranty replacements. Estimates of variable consideration are included in revenue to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Disaggregation of Revenue The Company presents below revenue associated with sales of products acquired from Eyston Company Ltd. (Eyston) separately from revenue associated with sales of ground fault circuit interrupters (GFCI’s) and ventilation fans. The Company believes this disaggregation best depicts how our various product lines perform and are affected by economic factors. Revenue recognized by these categories for the three months ended June 30, 2024, and 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ June 30, 2024 June 30, 2023 Sales of products acquired from Eyston ​ $ 3,934,490 ​ $ 5,863,863 Sales of GFCI’s and ventilation fans ​ ​ 664,026 ​ ​ 834,908 ​ ​ $ 4,598,516 ​ $ 6,698,771 ​

Concentrations

Concentrations	3 Months Ended
	Jun. 30, 2024
Concentrations
Concentrations	Concentrations The Company is primarily a distributor of safety products for use in home and business under both its trade names and private labels for other companies. The Company acquires all of the smoke alarm and carbon monoxide alarm safety products that it sells from Eyston Company, Ltd. The Company did not have any customers that exceeded ten percent of sales for the three month period ended June 30, 2024. The Company had three customers that represented 13.2 %, 10.4 %, and 10.3 % of the Company’s total trade accounts receivable at June 30, 2024. The Company had two customers in the three-month period ended June 30, 2023, that represented 25.1 % and 18.7 % of the Company’s net sales, respectively. In addition, the Company had one customer that represented 20.0 % of the Company’s total trade accounts receivable at June 30, 2023. Related Party Transactions During the three-month periods ended June 30, 2024, and 2023, inventory purchases and other company expenses of approximately $560,000 and $325,000 respectively, were charged to credit card accounts of Harvey B. Grossblatt, the Company’s Chief Executive Officer and certain of his immediate family members. The Company subsequently reimbursed these charges in full. Mr. Grossblatt receives mileage benefits from these charges. The maximum amount outstanding and due to Mr. Grossblatt at any point during the three-month periods ended June 30, 2024, and 2023, amounted to $285,333 and $138,270, respectively. No amounts were due to Mr. Grossblatt at June 30, 2024. Receivables Receivables are recorded when the Company has an unconditional right to consideration. We have established a provision for credit losses based upon historical experience and the consideration of current and future economic conditions.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2024
Income Taxes
Income Taxes	Income Taxes We calculate our interim tax provision in accordance with the guidance for accounting for income taxes in interim periods. We estimate the annual effective tax rate and apply that tax rate to our ordinary quarterly pre-tax income. The tax expense or benefit related to discrete events during the interim period is recognized in the interim period in which those events occurred. The Company recognizes a liability or asset for the deferred tax consequences of temporary differences between the tax basis of assets or liabilities and their reported amounts in the condensed consolidated financial statements. These temporary differences may result in taxable or deductible amounts in future years when the reported amounts of the assets or liabilities are recovered or settled. Management reviews net operating loss carry forwards and income tax credit carry forwards to evaluate if those amounts are recoverable. After a review of projected taxable income, the components of the deferred tax asset, and the current global economic conditions including unresolved supply chain issues related to the acquisition of electronic microchips, it was determined that it is more likely than not that the tax benefits associated with the remaining components of the deferred tax assets will not be realized. This determination was made based on the Company’s prior history of losses from operations and the uncertainty as to whether the Company will generate sufficient taxable income to use the deferred tax assets prior to their expiration. Accordingly, a valuation allowance was established to fully offset the value of the deferred tax assets. Our ability to realize the tax benefits associated with the deferred tax assets depends primarily upon the timing of future taxable income and the expiration dates of the components of the deferred tax assets. If sufficient future taxable income is generated, we may be able to offset a portion of future tax expenses. The Company follows ASC 740-10 which provides guidance for tax positions related to the recognition and measurement of a tax position taken or expected to be taken in a tax return and requires that we recognize in our condensed consolidated financial statements the impact of a tax position, if that position is more likely than not to be sustained upon an examination, based on the technical merits of the position. Interest and penalties, if any, related to income tax matters are recorded as income tax expenses.

Accounts Receivable and Amount

Accounts Receivable and Amount Due From Factor	3 Months Ended
	Jun. 30, 2024
Accounts Receivable and Amount Due From Factor
Accounts Receivable and Amount Due From Factor	Accounts Receivable and Amount Due From Factor The Company assigns the majority of its short-term receivables arising in the ordinary course of business to our factor. At the time a receivable is assigned to our factor the credit risk associated with the credit worthiness of the debtor is assumed by the factor. The Company continues to bear any credit risk associated with sales to customers that are denied credit by the factor, dispute delivery, and/or have warranty issues related to the products sold. Management assesses the credit risk of both its trade accounts receivable and its financing receivables based on the specific identification of accounts. A provision for credit losses is provided based on that assessment. Changes in the provision are charged to operations in the period the change is determined. Amounts ultimately determined to be uncollectible are eliminated from the receivable accounts and from the provision for credit losses in the period that the receivables’ status is determined to be uncollectible. Based on the nature of the factoring agreement and prior experience, no provision for credit losses related to Amounts Due from Factor has been provided. At June 30, 2024 and March 31, 2024. a provision for credit losses of approximately $325,000 has been provided for uncollectible trade accounts receivable. ​

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Jun. 30, 2024
Earnings per Common Share
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the periods presented. Diluted earnings per common share is computed based on the weighted average number of common shares outstanding plus the effect of stock options and other potentially dilutive common stock equivalents. The dilutive effect of stock options and other potentially dilutive common stock equivalents is determined using the treasury stock method based on the Company’s average stock price. There were no potentially dilutive common stock equivalents outstanding during the three months ended June 30, 2024, or 2023. As a result, basic and diluted weighted average common shares outstanding are identical for the three-month period ended June 30, 2024, and 2023.

Contingencies

Contingencies	3 Months Ended
	Jun. 30, 2024
Contingencies
Contingencies	Contingencies From time to time, the Company is involved in various claims and routine litigation matters. In the opinion of management, after consultation with legal counsel, the outcomes of such matters are not anticipated to have a material adverse effect on the Company’s condensed consolidated financial position, results of operations, or cash flows in future years.

Leases

Leases	3 Months Ended
	Jun. 30, 2024
Leases
Leases	Leases The Company is a lessee in lease agreements for office space. Certain of the Company’s leases contain provisions that provide for one or more options to terminate or extend the lease at the Company’s sole discretion. The Company’s leases are comprised of fixed lease payments, with its real estate leases including lease payments subject to a rate or index which may be variable. Certain real estate leases also include executory costs such as common area maintenance (non-lease component). As a practical expedient permitted under ASC 842, the Company has elected to account for the lease and non-lease components as a single lease component. The Company utilizes certain practical expedients for short-term leases, including the election not to reassess its prior conclusions about lease identification, lease classification and initial direct costs, as well as the election not to separate lease and non-lease components for arrangements where the Company is a lessee. Lease payments, which may include lease components and non-lease components, are included in the measurement of the Company’s lease liabilities to the extent that such payments are either fixed amounts or variable lease amounts based on a rate or index (fixed in substance) as stipulated in the lease contract. Effective March 2022, we extended our operating lease for a 15,000 square foot office and warehouse located in Baltimore County, Maryland to expire in April 2025 subject to a right to terminate the lease if the Company enters into a binding agreement to sell the assets of the Company. No option to continue the lease beyond April 2025 has been provided in the lease extension. Monthly rental expense, with common area maintenance, currently approximates $15,000 and increases 3.0% per year. None of the Company’s lease agreements contain any residual value guarantees or material restrictive covenants. Lease expense for payments related to the Company’s operating leases is recognized on a straight-line basis over the related lease term, which includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments as specified in the lease. Right-of-use assets and lease liabilities related to the Company’s operating leases are recognized at the lease commencement date based on the present value of the remaining lease payments over the lease term. When the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s borrowing rates at the lease commencement date in determining the present value of lease payments. The right-of use asset also includes any lease payments made at or before lease commencement less any lease incentives. As of June 30, 2024, the Company had right-of-use assets of $116,822 and The future minimum payments under operating leases that expire in 2026 were as follows for the fiscal periods ended March 31: ​ ​ ​ ​ ​ 2025 $ 120,425 2026 ​ ​ 13,351 Total operating lease payments ​ $ 133,776 Less: amounts representing interest ​ (1,117) Present value of net operating lease payments $ 132,659 Less: current portion ​ — Long-term portion of operating lease obligations $ 132,659 ​

Recently Adopted Accounting Sta

Recently Adopted Accounting Standards	3 Months Ended
	Jun. 30, 2024
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards ​ Changes to US-GAAP are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates (ASU’s) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASU’s. Management is considering the adoption of ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Reporting and ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Management currently believes that adoption of the guidance of the ASU’s will not have a material impact on the consolidated financial statements on the date of adoption or for the fiscal year ending March 31, 2025.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2024
Revenue Recognition
Schedule of revenue recognized by categories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ June 30, 2024 June 30, 2023 Sales of products acquired from Eyston ​ $ 3,934,490 ​ $ 5,863,863 Sales of GFCI’s and ventilation fans ​ ​ 664,026 ​ ​ 834,908 ​ ​ $ 4,598,516 ​ $ 6,698,771 ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2024
Leases
Schedule of future minimum payments under operating leases	The future minimum payments under operating leases that expire in 2026 were as follows for the fiscal periods ended March 31: ​ ​ ​ ​ ​ 2025 $ 120,425 2026 ​ ​ 13,351 Total operating lease payments ​ $ 133,776 Less: amounts representing interest ​ (1,117) Present value of net operating lease payments $ 132,659 Less: current portion ​ — Long-term portion of operating lease obligations $ 132,659 ​

Line of Credit - Factor (Detail

Line of Credit - Factor (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2015	Mar. 31, 2024
Line of Credit - Factor
Percentage of maximum borrowing capacity of eligible accounts receivables under the line of credit		80%
Additional funding amount	$ 1,600,000
Variable rate on the debt instrument (as a percent)	2%
Effective interest rate (as a percent)	10.50%
Line of credit - factor	$ 2,223,419		$ 768,853
Accounts receivables factoring agreement term	2 years
Line of credit facility of remaining borrowing capacity	$ 806,000
Merchant Factors Corporation
Line of Credit - Factor
Line of credit - factor	$ 2,223,419

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue Recognition
Revenue recognition	$ 4,598,516	$ 6,698,771
Sales of products acquired from Eyston
Revenue Recognition
Revenue recognition	3,934,490	5,863,863
Sales of GFCI's and ventilation fans
Revenue Recognition
Revenue recognition	$ 664,026	$ 834,908

Concentrations (Details)

Concentrations (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Concentrations
Purchase of inventory and other company	$ 560,000	$ 325,000
Due to related parties	0
Maximum amount outstanding	$ 285,333	$ 138,270
One Customer | Net Sales | Customer Concentration Risk
Concentrations
Concentration risk, percentage		25.10%
One Customer | Accounts Receivable | Customer Concentration Risk
Concentrations
Concentration risk, percentage	13.20%	20%
Two Customer | Net Sales | Customer Concentration Risk
Concentrations
Concentration risk, percentage		18.70%
Two Customer | Accounts Receivable | Customer Concentration Risk
Concentrations
Concentration risk, percentage	10.40%
Three Customer | Accounts Receivable | Customer Concentration Risk
Concentrations
Concentration risk, percentage	10.30%

Accounts Receivable and Amoun_2

Accounts Receivable and Amount Due From Factor (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Accounts Receivable and Amount Due From Factor
Provision for credit losses related to amounts due from factor	$ 0
Provision for credit losses	$ 325,000	$ 325,000

Earnings per Common Share (Deta

Earnings per Common Share (Details) - shares	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Earnings per Common Share
Number of potentially dilutive common stock equivalents outstanding	0	0

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Jun. 30, 2024 USD ($) ft²	Mar. 31, 2024 USD ($)
Leases
Monthly rental expense	$ 15,000
Operating lease rent increment percentage	3%
Right-of-use lease assets	$ 116,822
Right-of-use lease assets	Property, Plant and Equipment, Net
Lease liabilities	$ 132,659	$ 132,659
Weighted-average remaining lease term	10 months
Weighted-average discount rate	5.50%
Cash paid for amounts included in measurement of lease liabilities	$ 40,142
Operating lease costs	$ 38,941
Office In Baltimore
Leases
Land subject to ground leases | ft²	15,000

Leases (Details)

Leases (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Future minimum payments under operating leases
2025		$ 120,425
2026		13,351
Total operating lease payments		133,776
Less: amounts representing interest		(1,117)
Present value of net operating lease payments	$ 132,659	132,659
Long-term portion of operating lease obligations		$ 132,659