Financial reports / Universal Security Instruments, Inc. | Tables in SEC filings

UUU Universal Security Instruments, Inc.

Quarterly report


ASSETS	(unaudited)		(audited)
	December 31, 2024		March 31, 2024
CURRENT ASSETS
Cash	$	58,882	$	65,081

Accounts receivable:
Trade, less provision for credit losses of $325,000		535,565		1,101,991
Other receivables		8,000		5,500
Total accounts receivable		543,565		1,107,491

Amount due from factor		2,734,008		2,202,663
Inventories - finished goods net of allowance for excess and obsolete inventories of $400,000 at December 31, 2024 and $100,000 at March 31, 2024		6,060,327		4,751,826
Prepaid expenses		123,744		226,732

TOTAL CURRENT ASSETS		9,520,526		8,353,793

INTANGIBLE ASSETS - NET		27,947		31,301
PROPERTY AND EQUIPMENT – NET		39,914		159,656

TOTAL ASSETS	$	9,588,387	$	8,544,750

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Line of credit - factor	$	1,499,653	$	768,853
Short-term portion of operating lease liability		53,289		158,742
Accounts payable - trade		891,183		870,323
Accounts payable – Eyston Company, Ltd.		2,540,767		1,501,169
Accrued liabilities:
Accrued payroll and employee benefits		148,449		154,878
Accrued commissions and other		293,886		114,428

TOTAL CURRENT LIABILITIES		5,427,227		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 December 31, 2024 and March 31, 2024		23,129		23,129
Additional paid-in capital		12,885,841		12,885,841
Accumulated Deficit		(8,747,810)		(7,945,943)

TOTAL SHAREHOLDERS’ EQUITY		4,161,160		4,963,027
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	9,588,387	$	8,544,750


	Nine Months Ended December 31,
	2024		2023

CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$	(801,867)	$	80,881
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization		4,313		9,426
Allowance for excess and obsolete inventory		300,000		—

Changes in operating assets and liabilities:
Decrease in accounts receivable and amount due from factor		32,581		311,821
Increase in inventories, prepaid expenses		(1,505,513)		(1,050,814)
Increase in accounts payable and accrued expenses		1,233,487		874,648

NET CASH FLOWS (USED IN) PROVIDED BY OPERATING ACTIVITIES		(736,999)		225,962

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Net borrowing (repayment) - Line of Credit – Factor		730,800		(338,286)

NET DECREASE IN CASH		(6,199)		(112,324)

Cash at beginning of period		65,081		151,502

CASH AT END OF PERIOD	$	58,882	$	39,178

SUPPLEMENTAL INFORMATION:
Interest paid	$	211,939	$	120,315


				Additional
	Common	Stock		Paid-In		Accumulated
	Shares	Amount		Capital		Deficit		Total

Balance at April 1, 2023	2,312,887	$	23,129	$	12,885,841	$	(7,550,153)	$	5,358,817

Net income							165,130		165,130

Balance at June 30, 2023	2,312,887	$	23,129	$	12,885,841	$	(7,385,023)	$	5,523,947

Net loss							(186,425)		(186,425)

Balance at September 30, 2023	2,312,887	$	23,129	$	12,885,841	$	(7,571,448)	$	5,337,522

Net income							102,176		102,176

Balance at December 31, 2023	2,312,887	$	23,129	$	12,885,841	$	(7,469,272)	$	5,439,698


	Three months ended				Nine months ended
	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Sales of products acquired from Eyston	$	4,929,918	$	4,066,699	$	15,420,952	$	12,861,878
Sales of GFCI’s and ventilation fans		605,230		588,279		1,915,981		2,209,326
	$	5,535,148	$	4,654,978	$	17,336,933	$	15,071,204

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