$UUU
UNIVERSAL SECURITY INSTRUMENTS INC

2019 Q4 Form 10-K Financial Statement

#000114420419034727 Filed on July 15, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q2
Revenue $4.492M $4.526M $4.046M
YoY Change 26.34% 26.33% 21.93%
Cost Of Revenue $2.454M $2.532M $3.098M
YoY Change -28.47% -17.53% 10.27%
Gross Profit $1.061M $1.456M $1.240M
YoY Change -0.58% 25.69% 26.35%
Gross Profit Margin 23.63% 32.18% 30.65%
Selling, General & Admin $1.084M $1.135M $1.237M
YoY Change -3.27% 3.31% 3.26%
% of Gross Profit 102.12% 77.92% 99.73%
Research & Development $169.8K $176.7K $140.6K
YoY Change 96.35% 46.16% -8.31%
% of Gross Profit 16.0% 12.13% 11.34%
Depreciation & Amortization $3.380K -$1.110K $1.920K
YoY Change -53.7% -72.93%
% of Gross Profit 0.32% -0.08% 0.15%
Operating Expenses $1.254M $1.312M $1.377M
YoY Change 3.86% 7.56% 1.95%
Operating Profit -$192.3K $144.8K -$137.3K
YoY Change 32.01% -38.89% 23.71%
Interest Expense -$528.2K -$479.5K -$476.3K
YoY Change -555.6% -610.49% -670.97%
% of Operating Profit -331.06%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.012M -$700.8K -$609.0K
YoY Change 95.72% 484.01% 38.4%
Income Tax
% Of Pretax Income
Net Earnings -$517.0K -$121.3K -$438.8K
YoY Change -49.05% -27.75% -19.28%
Net Earnings / Revenue -11.51% -2.68% -10.85%
Basic Earnings Per Share
Diluted Earnings Per Share -$437.5K -$303.0K -$263.3K
COMMON SHARES
Basic Shares Outstanding 2.313M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $177.3K $39.56K $223.6K
YoY Change 22.85% 295.6% 179.5%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $145.7K $127.8K $130.2K
YoY Change -28.39% -50.86% -40.84%
Inventory $6.564M $7.051M $7.488M
Prepaid Expenses
Receivables $273.3K $399.4K $495.1K
Other Receivables $1.856M $1.675M $1.999M
Total Short-Term Assets $9.017M $9.293M $10.34M
YoY Change -15.38% -5.46% 18.57%
LONG-TERM ASSETS
Property, Plant & Equipment $386.3K $425.4K $465.9K
YoY Change 1684.72% 1727.21% 1473.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.004M $7.404M $7.923M
YoY Change -18.66% -17.97% -15.62%
Other Assets $4.000K $4.000K $4.000K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $7.445M $7.885M $8.446M
YoY Change -14.34% -13.44% -10.92%
TOTAL ASSETS
Total Short-Term Assets $9.017M $9.293M $10.34M
Total Long-Term Assets $7.445M $7.885M $8.446M
Total Assets $16.46M $17.18M $18.78M
YoY Change -14.91% -9.3% 3.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.031M $5.816M $6.017M
YoY Change 650.2% 1438.93% 881.25%
Accrued Expenses $607.9K $644.7K $669.9K
YoY Change 296.51% 360.49% 458.21%
Deferred Revenue
YoY Change
Short-Term Debt $1.345M $1.185M $1.695M
YoY Change -11.98% -23.53% 41.28%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.984M $7.646M $8.382M
YoY Change -4.02% 5.69% 33.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $211.5K $263.2K $283.8K
YoY Change
Total Long-Term Liabilities $211.5K $263.2K $283.8K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.984M $7.646M $8.382M
Total Long-Term Liabilities $211.5K $263.2K $283.8K
Total Liabilities $8.195M $7.909M $8.666M
YoY Change -1.48% 9.39% 38.21%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.266M $9.269M $10.12M
YoY Change
Total Liabilities & Shareholders Equity $16.46M $17.18M $18.78M
YoY Change -14.91% -9.3% 3.21%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$517.0K -$121.3K -$438.8K
YoY Change -49.05% -27.75% -19.28%
Depreciation, Depletion And Amortization $3.380K -$1.110K $1.920K
YoY Change -53.7% -72.93%
Cash From Operating Activities -$21.60K $326.1K $5.340K
YoY Change -114.44% -179.53% -98.5%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $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 159.4K -510.1K -156.2K
YoY Change -779.95% -245.74% -61.6%
NET CHANGE
Cash From Operating Activities -21.60K 326.1K 5.340K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 159.4K -510.1K -156.2K
Net Change In Cash 137.8K -184.0K -150.9K
YoY Change 9.18% 206.73% 195.31%
FREE CASH FLOW
Cash From Operating Activities -$21.60K $326.1K $5.340K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$21.60K $326.1K
YoY Change -114.44% -179.53%

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CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2018Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.44
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.23
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
921048
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
921048
CY2018Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
901050
CY2017Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
885463
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
35585
CY2019Q1 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
1851591
CY2009Q1 us-gaap Description Of Lessor Leasing Arrangements Operating Leases
DescriptionOfLessorLeasingArrangementsOperatingLeases
During January 2009, the Company entered into an operating lease for its office and warehouse location in Owings Mills, Maryland which expired in March 2019.
CY2009Q1 uuu Operating Lease Rent Increment Percentage
OperatingLeaseRentIncrementPercentage
0.025
CY2019 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
208734
CY2018 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
223355
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-283077
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-695660
CY2019 uuu Income Tax Reconciliation Non Repatriation Of Foreign Earnings
IncomeTaxReconciliationNonRepatriationOfForeignEarnings
220478
CY2018 uuu Income Tax Reconciliation Non Repatriation Of Foreign Earnings
IncomeTaxReconciliationNonRepatriationOfForeignEarnings
382027
CY2019 uuu Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
14581
CY2018 uuu Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
13336
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-8437
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-31785
CY2019 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
0
CY2018Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Returns And Allowances
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReturnsAndAllowances
36409
CY2019Q1 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
17316
CY2018Q1 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
33250
CY2019Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
68745
CY2018Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2298116
CY2018 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1102020
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2019Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Returns And Allowances
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReturnsAndAllowances
42055
CY2019Q1 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
DeferredTaxAssetsTaxCreditCarryforwardsForeign
72213
CY2018Q1 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
DeferredTaxAssetsTaxCreditCarryforwardsForeign
459199
CY2019Q1 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
61701
CY2018Q1 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
61701
CY2019Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
262030
CY2018Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2888675
CY2019Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2018Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
16106
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
278431
CY2018Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
9301000
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.308
CY2019 us-gaap Operating Loss Carryforwards Expiration Date
OperatingLossCarryforwardsExpirationDate
2033-12-31
CY2019 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
Collected cash maintained on deposit at March 31 2019 and 2018 with the factor earns interest at the factor's prime rate of interest less 2.5 percent (effective rate of 3.00% and 2.25% at March 31, 2019 and 2018, respectively.)
CY2019 us-gaap Line Of Credit Facility Borrowing Capacity Description
LineOfCreditFacilityBorrowingCapacityDescription
the Agreement with Merchant was modified to restrict borrowing solely to eligible accounts receivable and removing the Company's ability to borrow up to $1,000,000 supported by inventory. Under the modified 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.
CY2019Q1 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
2758960
CY2018Q4 uuu Operating Lease Rent Increment Percentage
OperatingLeaseRentIncrementPercentage
-0.030
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5874
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
534883
CY2019 uuu Proceeds From Cash Distributions From Joint Venture
ProceedsFromCashDistributionsFromJointVenture
0
CY2018 uuu Proceeds From Cash Distributions From Joint Venture
ProceedsFromCashDistributionsFromJointVenture
0
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-16106
CY2019 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
240437
CY2018 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-652971
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
240437
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-652971
CY2019 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
246311
CY2018 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-134194
CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
262355
CY2019 us-gaap Interest Paid Net
InterestPaidNet
398406
CY2018 us-gaap Interest Paid Net
InterestPaidNet
162446
CY2019 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2018 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
14620
CY2019 dei Trading Symbol
TradingSymbol
UUU
CY2019 dei Security Exchange Name
SecurityExchangeName
NYSE
CY2019Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
2312887

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