$UUU
UNIVERSAL SECURITY INSTRUMENTS INC

2019 Q1 Form 10-Q Financial Statement

#000114420419008907 Filed on February 19, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q3
Revenue $4.524M $3.555M $3.583M
YoY Change 2.43% 0.0% 0.0%
Cost Of Revenue $2.728M $3.430M $3.070M
YoY Change -11.44% 37.77% 26.86%
Gross Profit $1.796M $1.068M $1.159M
YoY Change 34.43% 0.0% 0.0%
Gross Profit Margin 39.7% 30.03% 32.34%
Selling, General & Admin $1.448M $1.121M $1.099M
YoY Change 21.65% -1.36% -4.12%
% of Gross Profit 80.59% 104.97% 94.8%
Research & Development $142.1K $86.46K $120.9K
YoY Change 1.49% -49.0% -28.32%
% of Gross Profit 7.91% 8.1% 10.43%
Depreciation & Amortization $2.760K $7.300K $0.00
YoY Change -72.4% -100.0%
% of Gross Profit 0.15% 0.68% 0.0%
Operating Expenses $1.590M $1.207M $1.219M
YoY Change 19.52% -7.55% -7.23%
Operating Profit $206.5K -$145.7K $237.0K
YoY Change 3238.78% -38.8% -252.21%
Interest Expense -$477.4K $115.9K $93.93K
YoY Change -11.6% 15.83% 323.13%
% of Operating Profit -231.14% 39.63%
Other Income/Expense, Net
YoY Change
Pretax Income -$270.8K -$517.0K -$120.0K
YoY Change -49.84% -48.81% -29.41%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$270.8K -$1.015M -$167.9K
YoY Change -49.46% 0.0% 0.0%
Net Earnings / Revenue -5.99% -28.54% -4.69%
Basic Earnings Per Share
Diluted Earnings Per Share -$117.1K -$223.5K -$51.95K
COMMON SHARES
Basic Shares Outstanding 2.313M 2.313M shares 2.313M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $374.5K $144.4K $10.00K
YoY Change 188.05% 188.7% -96.15%
Cash & Equivalents $374.5K $144.3K $13.07K
Short-Term Investments
Other Short-Term Assets $145.2K $203.5K $260.0K
YoY Change -48.15% 13.04% -10.34%
Inventory $6.852M $7.244M $6.673M
Prepaid Expenses $145.2K $203.5K $263.3K
Receivables $365.3K $1.015M $533.6K
Other Receivables $2.605M $2.037M $2.240M
Total Short-Term Assets $10.39M $10.65M $9.830M
YoY Change 18.27% 28.84% 13.11%
LONG-TERM ASSETS
Property, Plant & Equipment $20.00K $21.64K $23.28K
YoY Change -43.8% -45.9% -53.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.442M $8.611M $9.026M
YoY Change -15.78% -14.57% -15.17%
Other Assets $4.000K $4.000K $4.000K
YoY Change 0.0%
Total Long-Term Assets $8.520M $8.691M $9.109M
YoY Change -15.82% -14.71% -15.26%
TOTAL ASSETS
Total Short-Term Assets $10.39M $10.65M $9.830M
Total Long-Term Assets $8.520M $8.691M $9.109M
Total Assets $18.91M $19.35M $18.94M
YoY Change 0.02% 4.8% -2.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $616.4K $803.9K $377.9K
YoY Change 24.72% -80.3% -91.58%
Accrued Expenses $603.0K $153.3K $140.0K
YoY Change 187.15% 39.38% 7.69%
Deferred Revenue
YoY Change
Short-Term Debt $1.852M $1.528M $1.550M
YoY Change 15.01% 10.7% 47.62%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.033M $8.318M $7.234M
YoY Change 30.61% 49.07% 27.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.033M $8.318M $7.234M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $8.033M $8.318M $7.230M
YoY Change 30.62% 49.07% 27.74%
SHAREHOLDERS EQUITY
Retained Earnings -$2.647M -$2.376M -$1.859M
YoY Change 103.78%
Common Stock $12.91M $12.91M $12.91M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.87M $11.03M $11.70M
YoY Change
Total Liabilities & Shareholders Equity $18.91M $19.35M $18.94M
YoY Change 0.02% 4.8% -2.58%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$270.8K -$1.015M -$167.9K
YoY Change -49.46% 0.0% 0.0%
Depreciation, Depletion And Amortization $2.760K $7.300K $0.00
YoY Change -72.4% -100.0%
Cash From Operating Activities -$93.76K $149.6K -$410.0K
YoY Change -41.4% -127.71% -159.42%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 323.9K -23.44K 350.0K
YoY Change 40.82% -106.89% -151.47%
NET CHANGE
Cash From Operating Activities -93.76K 149.6K -410.0K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 323.9K -23.44K 350.0K
Net Change In Cash 230.1K 126.2K -60.00K
YoY Change 228.74% -163.09% -700.0%
FREE CASH FLOW
Cash From Operating Activities -$93.76K $149.6K -$410.0K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$93.76K $149.6K -$410.0K
YoY Change -41.4% -127.71% -159.42%

Facts In Submission

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CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-438833
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
11925733
CY2018Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-58381
CY2018Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-41463
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-121324
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
11704565
uuu Accounts Receivables Factoring Agreement Expiration Date
AccountsReceivablesFactoringAgreementExpirationDate
2020-01-06
uuu Accounts Receivables Factoring Agreement Term
AccountsReceivablesFactoringAgreementTerm
P2Y
us-gaap Line Of Credit Facility Borrowing Capacity Description
LineOfCreditFacilityBorrowingCapacityDescription
Under the Agreement the Company may borrow eighty percent (80%) of eligible accounts receivable. Additional funding, characterized by Merchant as an over advance, may be provided up to one hundred percent (100%) of eligible accounts receivable. The over advance portion, if any, may not exceed fifty percent (50%) of eligible inventory up to a maximum of $500,000.
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
bear interest at the prime commercial rate of interest, as published, plus two percent (Effective rate 7.50% at December 31, 2018).
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
57000
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
13840662
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
112941
CY2017Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-10904
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-167925
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
13774774
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
12881471
CY2018 us-gaap Net Income Loss
NetIncomeLoss
-2262310
CY2017 us-gaap Net Income Loss
NetIncomeLoss
-2058902
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2018-12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
UNIVERSAL SECURITY INSTRUMENTS INC
dei Entity Central Index Key
EntityCentralIndexKey
0000102109
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Trading Symbol
TradingSymbol
UUU
CY2019Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
2312887
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Small Business
EntitySmallBusiness
true

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0001144204-19-008907-index-headers.html Edgar Link pending
0001144204-19-008907-index.html Edgar Link pending
0001144204-19-008907.txt Edgar Link pending
0001144204-19-008907-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
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uuu-20181231.xml Edgar Link completed
uuu-20181231.xsd Edgar Link pending
uuu-20181231_cal.xml Edgar Link unprocessable
uuu-20181231_def.xml Edgar Link unprocessable
uuu-20181231_lab.xml Edgar Link unprocessable
uuu-20181231_pre.xml Edgar Link unprocessable