0001104659-20-022854.txt : 20200219 0001104659-20-022854.hdr.sgml : 20200219 20200219163920 ACCESSION NUMBER: 0001104659-20-022854 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 48 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200219 DATE AS OF CHANGE: 20200219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIVERSAL SECURITY INSTRUMENTS INC CENTRAL INDEX KEY: 0000102109 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 520898545 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-31747 FILM NUMBER: 20630391 BUSINESS ADDRESS: STREET 1: 11407 CRONHILL DRIVE, SUITES A-D CITY: OWINGS MILLS STATE: MD ZIP: 21117-3586 BUSINESS PHONE: 4103633000 MAIL ADDRESS: STREET 1: 11407 CRONHILL DRIVE, SUITES A-D CITY: OWINGS MILLS STATE: MD ZIP: 21117-3586 10-Q 1 tm205254d1_10q.htm FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly period ended December 31, 2019

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-31747

UNIVERSAL SECURITY INSTRUMENTS, INC.

(Exact name of registrant as specified in its charter)

Maryland

52-0898545

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

11407 Cronhill Drive, Suite A

Owings Mills, Maryland

21117

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (410) 363-3000

Inapplicable

(Former name, former address and former fiscal year if changed from last report.)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark if the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ¨ Accelerated filer ¨ Non-Accelerated Filer x Smaller Reporting Company x Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	UUU	NYSE MKT LLC

At February 14, 2020, the number of shares outstanding of the registrant’s common stock was 2,312,887.

TABLE OF CONTENTS

			Page
Part I - Financial Information

	Item 1.	Condensed Consolidated Financial Statements:

		Condensed Consolidated Balance Sheets at December 31, 2019 (unaudited) and March 31, 2019	3

		Condensed Consolidated Statements of Operations for the Three Months Ended December 31, 2019 and 2018 (unaudited)	4

		Condensed Consolidated Statements of Operations for the Nine Months Ended December 31, 2019 and 2018 (unaudited)	5

		Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended December 31, 2019 and 2018 (unaudited)	6

		Condensed Consolidated Statements of Shareholders’ Equity for the Nine Months Ended December 31, 2019 (unaudited)	7

		Condensed Consolidated Statements of Shareholders’ Equity for the Nine Months Ended December 31, 2018 (unaudited)	8

		Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2019 and 2018 (unaudited)	9


		Notes to Condensed Consolidated Financial Statements (unaudited)	10

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15

	Item 4.	Controls and Procedures	19

Part II - Other Information

	Item 1.	Legal Proceedings	20

	Item 6.	Exhibits	20

		Signatures	22

PART I - FINANCIAL INFORMATION

ITEM 1.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

UNIVERSAL SECURITY INSTRUMENTS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

	(unaudited)			(audited)
	December 31, 2019			March 31, 2019
ASSETS
CURRENT ASSETS
Cash	$	177,337		$	374,472
Accounts receivable:
Trade, less allowance for doubtful accounts		1,848			365,293
Receivables from employees		55,549			54,916
Receivable from Hong Kong Joint Venture		271,467			45,217
		328,864			465,426

Amount due from factor		1,800,891			2,549,986
Inventories – finished goods		6,563,829			6,852,305
Prepaid expenses		145,711			145,190

TOTAL CURRENT ASSETS		9,016,632			10,387,379

INVESTMENT IN HONG KONG JOINT VENTURE		7,004,447			8,441,889
INTANGIBLE ASSET - NET		50,307			53,660
PROPERTY AND EQUIPMENT – NET		386,252			19,998
OTHER ASSETS		4,000			4,000

TOTAL ASSETS	$	16,461,638		$	18,906,926

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Line of credit - factor	$	1,344,661		$	1,851,591
Short-term portion of lease liability		155,564			-
Accounts payable - Hong Kong Joint Venture		5,616,296			4,962,023
Accounts payable - trade		414,778			616,444
Accrued liabilities:
Accrued payroll and employee benefits		216,551			132,132
Accrued commissions and other		235,816			470,876

TOTAL CURRENT LIABILITIES		7,983,666			8,033,066

LONG-TERM PORTION OF LEASE LIABILITY		211,528			-
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, 2019 and March 31, 2019		23,129			23,129
Additional paid-in capital		12,885,841			12,885,841
Accumulated Deficit		(4,968,467	)		(2,646,866	)
Accumulated other comprehensive income		325,941			611,756
TOTAL SHAREHOLDERS’ EQUITY		8,266,444			10,873,860
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	16,461,638		$	18,906,926

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL SECURITY INSTRUMENTS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended December 31,
	2019			2018
Net sales	$	3,223,678		$	4,491,862
Cost of goods sold – acquired from Joint Venture		2,240,801			2,974,182
Cost of goods sold – other		212,885			456,302

GROSS PROFIT		769,992			1,061,378

Selling, general and administrative expense		1,083,913			1,120,585
Research and development expense		169,768			86,461

Operating loss		(483,689	)		(145,668	)

Other expense:
Loss from investment in Hong Kong Joint Venture		(408,836	)		(255,401	)
Interest expense		(119,308	)		(115,924	)

NET LOSS	$	(1,011,833	)	$	(516,993	)

Loss per share:
Basic and diluted	$	(0.44	)	$	(0.22	)

Shares used in computing net loss per share:
Weighted average basic and diluted shares outstanding		2,312,887			2,312,887

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL SECURITY INSTRUMENTS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Nine Months Ended December 31,
	2019			2018
Net sales	$	11,189,238		$	13,064,110
Cost of goods sold – acquired from Joint Venture		7,312,941			8,389,977
Cost of goods sold – other		771,130			916,119

GROSS PROFIT		3,105,167			3,758,014

Selling, general and administrative expense		3,455,661			3,416,924
Research and development expense		487,144			360,766

Operating loss		(837,638	)		(19,676	)

Other expense:
Loss from investment in Hong Kong Joint Venture		(1,151,627	)		(764,197	)
Interest expense		(332,336	)		(293,277	)

NET LOSS	$	(2,321,601	)	$	(1,077,150	)

Loss per share:
Basic and diluted	($	1.00	)	($	0.47	)

Shares used in computing net loss per share:
Weighted average basic and diluted shares outstanding		2,312,887			2,312,887

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL SECURITY INSTRUMENTS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS

(Unaudited)

	Three Months Ended Dec. 31,						Nine Months Ended Dec. 31,
	2019			2018			2019			2018
NET LOSS	$	(1,011,833	)	$	(516,993	)	$	(2,321,601	)	$	(1,077,150	)

Other Comprehensive (Loss) Income Company’s portion of Hong Kong Joint Venture’s other comprehensive (loss) income:
Currency translation		10,549			(218,016	)		(243,418	)		(655,876	)
Unrealized (loss) gain on investment securities		(1,412	)		58,631			(42,397	)		7,877
Total Other Comprehensive (Loss) Income		9,137			(159,385	)		(285,815	)		(647,999	)
COMPREHENSIVE LOSS	$	(1,002,696	)	$	(676,378	)	$	(2,607,416	)	$	(1,725,149	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL SECURITY INSTRUMENTS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

NINE MONTHS ENDED DECEMBER 31, 2019

	Common Shares		Stock Amount		Additional Paid-In Capital		Accumulated Deficit			AOCI*			Total
Balance at April 1, 2019		2,312,887	$	23,129	$	12,885,841	$	(2,646,866	)	$	611,756		$	10,873,860

Currency translation											(100,773	)		(100,773	)
Unrealized loss on investment securities											(48,797	)		(48,797	)

Net loss								(608,954	)					(608,954	)

Balance at June 30, 2019		2,312,887	$	23,129	$	12,885,841	$	(3,255,820	)	$	462,186		$	10,115,336

Currency translation											(153,194	)		(153,194	)
Unrealized gain on investment securities											7,812			7,812

Net loss								(700,814	)					(700,814	)

Balance at Sept. 30, 2019		2,312,887	$	23,129	$	12,885,841	$	(3,956,634	)	$	316,804		$	9,269,140

Currency translation											10,549			10,549
Unrealized loss on investment securities											(1,412	)		(1,412	)

Net loss								(1,011,833	)					(1,011,833	)

Balance at Dec. 31, 2019		2,312,887	$	23,129	$	12,885,841	$	(4,968,467	)	$	325,941		$	8,266,444

* Accumulated Other Comprehensive Income

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL SECURITY INSTRUMENTS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

NINE MONTHS ENDED DECEMBER 31, 2018

	Common Shares		Stock Amount		Additional Paid-In Capital		Accumulated Deficit			AOCI*			Total
Balance at April 1, 2018		2,312,887	$	23,129	$	12,885,841	$	(1,298,880	)	$	1,143,246		$	12,753,336

Currency translation											(379,479	)		(379,479	)
Unrealized loss on investment securities											(9,291	)		(9,291	)

Net loss								(438,833	)					(438,833	)

Balance at June 30, 2018		2,312,887	$	23,129	$	12,885,841	$	(1,737,713	)	$	754,476		$	11,925,733

Currency translation											(58,381	)		(58,381	)
Unrealized loss on investment securities											(41,463	)		(41,463	)

Net loss								(121,324	)					(121,324	)

Balance at Sept. 30, 2018		2,312,887	$	23,129	$	12,885,841	$	(1,859,037	)	$	654,632		$	11,704,565

Currency translation											(218,016	)		(218,016	)
Unrealized gain on investment securities											58,631			58,631

Net loss								(516,993	)					(516,993	)

Balance at Dec. 31, 2018		2,312,887	$	23,129	$	12,885,841	$	(2,376,030	)	$	495,247		$	11,028,187

* Accumulated Other Comprehensive Income

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL SECURITY INSTRUMENTS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended December 31,
	2019			2018
OPERATING ACTIVITIES:
Net loss	$	(2,321,601	)	$	(1,077,150	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		4,191			17,297
Loss from investment in Hong Kong Joint Venture		1,151,627			764,197
Changes in operating assets and liabilities:
Decrease (Increase) in accounts receivable and amounts due from factor		885,657			(178,028	)
Decrease (Increase) in inventories, prepaid expenses, and other		287,955			(1,677,649	)
Increase in accounts payable and accrued expenses		301,966			2,250,962

NET CASH PROVIDED BY OPERATING ACTIVITIES		309,795			99,629

INVESTING ACTIVITIES:
Purchase of equipment		-			-
NET CASH USED IN INVESTING ACTIVITIES		-			-

FINANCING ACTIVITIES:
Net repayment of Line of Credit - Factor		(506,930	)		(83,442	)

NET CASH USED IN FINANCING ACTIVITIES		(506,930	)		(83,442	)

NET (DECREASE) INCREASE IN CASH		(197,135	)		16,187

Cash at beginning of period		374,472			128,161

CASH AT END OF PERIOD	$	177,337		$	144,348

SUPPLEMENTAL INFORMATION:
Interest paid	$	299,738		$	208,860
Income taxes paid		-			-
Supplemental disclosures of non-cash activities:
Right-of-use asset in exchange for operating lease liability	$	475,538			-

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL SECURITY INSTRUMENTS, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Statement of Management

The condensed consolidated financial statements include the accounts of Universal Security Instruments, Inc. (USI or the Company) and its wholly-owned subsidiary. Except for the condensed consolidated balance sheet as of March 31, 2019, 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, 2019 audited financial statements filed with the Securities and Exchange Commission on Form 10-K on July 16, 2019. The interim operating results are not necessarily indicative of the operating results for the full fiscal year.

Management Plans

The Company had net losses of $2,321,601 for the nine months ended December 31, 2019 and $1,347,986 and $2,262,310 for the years ended March 31, 2019 and 2018, respectively. Furthermore, as of December 31, 2019, working capital (computed as the excess of current assets over current liabilities) decreased by $1,321,347 from $2,354,313 at March 31, 2019, to $1,032,966 at December 31, 2019.

Our short-term borrowings to finance operating losses, trade accounts receivable, and foreign inventory purchases are provided pursuant to the terms of our Factoring Agreement with Merchant Factors Corporation (Merchant or Factor). Borrowings under our Factoring Agreement bear interest at prime plus 2% and are secured by trade accounts receivable and inventory. Advances from Merchant are at the sole discretion of Merchant based on their assessment of the Company’s receivables, inventory and financial condition at the time of each request for an advance. The unused availability of this facility totaled approximately $466,000 at December 31, 2019. In addition, we have secured extended payment terms for purchases up to $4,000,000 from our Hong Kong Joint Venture for the purchase of sealed battery alarms. These amounts are unsecured, bear interest at 5.5% per annum on amounts outstanding at November 13, 2019 and 5.125% per annum on amounts outstanding thereafter, and provide for repayment terms of 120 days for each purchase. The balance outstanding under this agreement at December 31, 2019 was $5,616,296 with $3,939,884 of this amount being beyond agreed repayment terms. The Hong Kong Joint Venture has provided discretionary approval to allow the Company to exceed the agreed upon repayment terms and has indicated it has no plans or intentions that would materially impact the financial position, operations, or cash flows of the Company.

The Company has a history of sales that are insufficient to generate profitable operations, and has limited sources of financing. Management’s plan in response to these conditions includes increasing sales resulting from the delivery of the Company’s line of sealed battery ionization smoke alarms, carbon monoxide products, and ground fault circuit interrupters. Notwithstanding the above, the Company has seen substantial increases in its cost structure including the imposition of tariffs on the importation of its products from the Peoples Republic of China and in interest incurred on its credit facilities through December 31, 2019. In addition, sales revenue for the nine months ended December 31, 2019 has not met management’s expectations. Though no assurances can be given, if management’s plan is successful over the next twelve months, the Company anticipates that it should be able to meet its cash needs. Cash flows and credit availability from the Factor and the Hong Kong Joint Venture is expected to be adequate to fund operations for one year from the issuance date of this report.

Line of Credit – Factor

On January 15, 2015, the Company entered into the Agreement with Merchant for the purpose of factoring the Company’s trade accounts receivable and to provide financing secured by finished goods inventory. 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. The Agreement has been extended and now expires on January 6, 2022, and provides for continuation of the program for successive two year periods until terminated by one of the parties to the Agreement. As of December 31, 2019, the Company had borrowings of $1,344,661 under the Agreement, and the Company had remaining availability under the Agreement of approximately $466,000. Advances on factored trade accounts receivable are secured by all of the Company’s trade accounts receivable and inventories, are repaid periodically as collections are made by Merchant but are otherwise due upon demand, and bear interest at the prime commercial rate of interest, as published, plus two percent (Effective rate 6.75% at December 31, 2019). Advances under the factoring agreement are made at the sole discretion of Merchant, based on their assessment of the receivables, inventory and our financial condition at the time of each request for an advance.

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

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 fulfillment cost and are recorded in selling, general and administrative expense.

The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for products sold. 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.

We have established allowances to cover anticipated doubtful accounts based upon historical experience.

Disaggregation of Revenue

The Company presents below revenue associated with sales of products acquired from our Hong Kong Joint Venture 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 and nine months ended December 31, 2019 and 2018 are as follows:

	Three months ended				Nine months ended
	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2019		Dec. 31, 2018
Sales of products acquired from our HKJV	$	2,722,428	$	3,965,173	$	9,943,661	$	11,857,131
Sales of GFCI’s and ventilation fans		501,250		526,689		1,245,577		1,206,979
	$	3,223,678	$	4,491,862	$	11,189,238	$	13,064,110

Receivables

Receivables are recorded when the Company has an unconditional right to consideration. We have established allowances to cover anticipated doubtful accounts based upon historical experience.

Remaining Performance Obligations

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.

Joint Venture

The Company and its joint venture partner, a Hong Kong corporation, each owns a 50% interest in the Hong Kong joint venture that manufactures security products in its facilities located in the People’s Republic of China. There are no material differences between US-GAAP and the basis of accounting used by the Hong Kong Joint Venture. The following represents summarized balance sheet and income statement information of the Hong Kong Joint Venture as of and for the nine months ended December 31, 2019 and 2018:

	2019 (Unaudited)			2018 (Unaudited)
Net sales	$	6,600,373		$	11,175,101
Gross profit		354,003			1,536,150
Net loss		(2,399,054	)		(1,175,720	)
Total current assets		12,008,548			14,382,102
Total assets		17,924,029			20,699,448
Total current liabilities		2,694,435			2,759,398
Total liabilities		3,594,691			3,148,268

During the nine months ended December 31, 2019 and 2018 the Company purchased $6,204,745 and $9,316,375, respectively, of products directly from the Hong Kong Joint Venture for resale. For the nine months ended December 31, 2019 the Company has increased its investment in the Joint Venture to reflect a decrease of $47,900 in inter-Company profit on purchases held by the Company in inventory. For the nine months ended December 31, 2018 the Company has decreased its investment in the net earnings of the Joint Venture to reflect an increase of $176,337 in inter-company profit on purchases held by the Company in inventory.

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. The deferred tax assets are reviewed periodically for recoverability and a valuation allowance is provided whenever it is more likely than not that a deferred tax asset will not be realized. After a review of projected taxable income and the components of the deferred tax asset in accordance with applicable accounting guidance 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 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 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.

The Deemed Repatriation Transition Tax (“Transition Tax”) is a tax on previously untaxed accumulated and current earnings and profits (“E&P”) of our Hong Kong Joint Venture. To determine the amount of the Transition Tax, the Company must determine, in addition to other factors, the amount of post-1986 E&P of the Hong Kong Joint Venture, as well as the amount of non-U.S. income taxes paid on such earnings. The Company has determined that it does not owe a Transition Tax since it has sufficient net operating loss carryforwards and foreign tax credit carryforwards to offset the E&P of its Hong Kong Joint Venture that are subject to the tax.

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 delivery or 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 that have exceeded credit terms. An allowance for uncollectible receivables is provided based on that assessment. Changes in the allowance account 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 allowance account in the period that the receivables’ status is determined to be uncollectible.

Based on the nature of the factoring agreement and prior experience, no allowance related to Amounts Due from Factor has been provided. At December 31, 2019 and 2018, an allowance of approximately $57,000 has been provided for uncollectible trade accounts receivable.

Net Loss per Common Share

Basic net loss 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 or nine month periods ended December 31, 2019 or 2018. As a result, basic and diluted weighted average common shares outstanding are identical for the three and nine month periods ended December 31, 2019 and 2018.

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.

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.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less are accounted for similar to previous guidance for operating leases with the election of the practical expedient. The new standard requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. The Company adopted the standard on April 1, 2019, the date it became effective for public companies based on the Company’s fiscal year, using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to the accumulated deficit as of April 1, 2019 as a result of this adoption. Upon adoption, the Company elected the package of practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classification. The Company also elected the practical expedient provided in a subsequent amendment to the standard that removed the requirement to separate lease and non-lease components, provided certain conditions were met.

The impact of the adoption of this guidance on the Company’s condensed consolidated financial statements is discussed below:

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 renew 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. 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.

None of the Company’s lease agreements contain any residual value guarantees or material restrictive covenants. As a result of the Company’s election of the package of practical expedients permitted within ASC 842, which among other things, allows for the carryforward of historical lease classification, all of the Company’s lease agreements in existence at the date of adoption that were classified as operating leases under ASC 840 have been classified as operating leases under ASC 842. 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 and amounted to $475,538 at the date of adoption. 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 December 31, 2019, the Company had right-of-use assets of $368,670 and lease liabilities of $367,092 related to its operating leases. Right-of-use assets are included in property and equipment, net, on the condensed consolidated balance sheet and lease liabilities related to the Company’s operating leases are included in short-term and long-term lease liability on the condensed consolidated balance sheet. As of December 31, 2019 the Company’s weighted-average remaining lease term and weighted-average discount rate related to its operating leases were 2.33 years and 6.0%, respectively. During the nine months ended December 31, 2019, the cash paid for amounts included in the measurement of lease liabilities related to the Company’s operating leases was $125,415, which is included as an operating cash outflow within the condensed consolidated statements of cash flows. During the nine months ended December 31, 2019, the operating lease costs related to the Company’s operating leases was $117,674, which is included in operating costs and expenses in the condensed consolidated statements of operations. During the nine months ended December 31, 2019, the Company did not enter into any lease agreements set to commence in the future and there were no newly leased assets for which a right-of use asset was recorded in exchange for a new lease liability, other than those lease assets recorded upon implementation.

The future minimum payments under operating leases were as follows at December 31, 2019 for the fiscal year ending March 31, 2020:

2020 (remainder)	$	27,156
2021		171,462
2022		175,792
2023		14,670

Total operating lease payments	$	389,080
Less: amounts representing interest		(21,988	)
Present value of net operating lease payments	$	367,092
Less: current portion		155,564
Long-term portion of operating lease obligations	$	211,528

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

As used throughout this Report, “we,” “our,” “the Company” “USI” and similar words refers to Universal Security Instruments, Inc.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains certain forward-looking statements reflecting our current expectations with respect to our operations, performance, financial condition, and other developments. These forward-looking statements may generally be identified by the use of the words “may”, “will”, “believes”, “should”, “expects”, “anticipates”, “estimates”, and similar expressions. These statements are necessarily estimates reflecting management’s best judgment based upon current information and involve a number of risks and uncertainties. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and readers are advised that various factors could affect our financial performance and could cause our actual results for future periods to differ materially from those anticipated or projected. While it is impossible to identify all such factors, such factors include, but are not limited to, those risks identified in our periodic reports filed with the Securities and Exchange Commission.

overview

We are in the business of marketing and distributing safety and security products which are primarily manufactured through our 50%-owned Hong Kong Joint Venture. Our financial statements detail our sales and other operational results only, and report the financial results of the Hong Kong Joint Venture using the equity method. Accordingly, the following discussion and analysis of the three and nine month periods ended December 31, 2019 and 2018 relate to the operational results of the Company. A discussion and analysis of the Hong Kong Joint Venture’s operational results for these periods is presented below under the heading “Joint Venture.”

The Company has developed new products based on new smoke and gas detection technologies, with what the Company believes are improved sensing technology and product features. To date we have applied for thirteen patents on these new technologies and features. We have been granted ten patents (including six for new technologies and features). Most of our new technologies and features have been trademarked under the trade name IoPhic.

Changes in international trade duties and other aspects of international trade policy, both in the U.S. and abroad, could materially impact the cost of our products. All of our products are imported from the Peoples Republic of China (PRC). To date, only certain of our products such as Carbon Monoxide and Photoelectric alarms, and USB devices, have been subjected to tariffs of 25%. We are monitoring these developments and will determine our strategies as additional information becomes available. Any increase in tariffs that is not offset by an increase in our sales prices could have an adverse effect on our business, financial position, results of operations or cash flows.

Results of Operations

Three Months Ended December 31, 2019 and 2018

Sales. Net sales for the three months ended December 31, 2019 were $3,223,678 compared to $4,491,862 for the comparable three months in the prior year, a decrease of $1,268,184 (28.2%). Sales decreased principally due to reduced sales for rebuilding projects in Puerto Rico due to the delay in emergency management funding and to resistance to the pass through of increased costs associated with tariffs on goods imported from the Peoples Republic of China.

Gross Profit Margin. Gross profit margin is calculated as net sales less cost of goods sold expressed as a percentage of net sales. Our gross profit margin was 23.9% and 23.6% of sales for the quarters ended December 31, 2019 and 2018, respectively.

Expenses. Selling, general and administrative expenses were $1,083,913 for the three months ended December 31, 2019, compared to $1,120,585 for the comparable three months in the prior year. As a percentage of net sales, these expenses increased to 33.6% for the three month period ended December 31, 2019, from 24.9% for the 2018 period. These expenses increased as a percentage of net sales since selling, general, and administrative expenses do not fluctuate in direct proportion to sales.

Research and development expenses were $169,768 for the three month period ended December 31, 2019 compared to $86,461 for the comparable quarter of the prior year, an increase of $83,307 (96.4%). The primary reason for the increase is amounts paid to engineering consultants for services towards meeting revised smoke alarm testing standards proposed for the year 2020.

Interest Expense. Our interest expense was $119,308 for the quarter ended December 31, 2019, compared to interest expense of $115,924 for the quarter ended December 31, 2018. Interest expense is dependent upon the total amounts borrowed on average from the Factor and on extended trade payables due to the Hong Kong Joint Venture and on interest rates which vary with the prime rate of interest.

Net Loss. We reported a net loss of $1,011,833 for the quarter ended December 31, 2019, compared to a net loss of $516,993 for the corresponding quarter of the prior fiscal year, a $494,840 (95.7%) increase in the net loss. The primary reason for the increase in the net loss is the decrease in sales as discussed above, the imposition of tariffs, and the increase in our net loss of the Hong Kong Joint Venture.

Nine Months Ended December 31, 2019 and 2018

Sales. Net sales for the nine months ended December 31, 2019 were $11,189,238 compared to $13,064,110 for the comparable nine months in the prior period, a decrease of $1,874,872 (14.3%). Sales decreased principally due to reduced sales for rebuilding projects in Puerto Rico due to the delay in emergency management funding and to resistance to the pass through of increased costs associated with tariffs on goods imported from the Peoples Republic of China.

Gross Profit Margin. The gross profit margin is calculated as net sales less cost of goods sold expressed as a percentage of net sales. The Company’s gross profit margin was 27.8% for the nine month period ended December 31, 2019 and 28.8% for the nine month period ended December 31, 2018. The decrease in gross profit margin was primarily due to the imposition of tariffs and the mix of products sold to differing customers.

Expenses. Selling, general and administrative expenses were $3,455,661 for the nine months ended December 31, 2019 compared to $3,416,924 for the comparable nine months in the prior year. As a percentage of sales, these expenses were 30.9% for the nine month period ended December 31, 2019 and 26.2% for the comparable 2018 period. These expenses increased as a percentage of net sales since selling, general, and administrative expenses do not fluctuate in direct proportion to sales.

Research and development expenses were $487,144 for the nine months ended December 31, 2019 compared to $360,766 for the comparable period of the prior year, an increase of $126,378 (35.0%). The primary reason for the increase is amounts paid to engineering consultants for services towards meeting revised smoke alarm testing standards proposed for the year 2020.

Interest Expense. Our interest expense was $332,336 for the nine months ended December 31, 2019, compared to interest expense of $293,277 for the nine months ended December 31, 2018. Interest expense is dependent upon the total amounts borrowed on average from the Factor and on extended trade payables due to the Hong Kong Joint Venture and on interest rates which vary with the prime rate of interest.

Net Loss. We reported a net loss of $2,321,601 for the nine months ended December 31, 2019 compared to a net loss of $1,077,150 for the corresponding period of the prior fiscal year, an increase in the net loss of $1,244,451 (115.5%). The primary reason for the increase in the net loss is the decrease in sales as discussed above, the imposition of tariffs, and the increase in our net loss of the Hong Kong Joint Venture.

Joint Venture

Net Sales. Net sales of the Joint Venture for the three and nine months ended December 31, 2019 were $1,680,617 and $6,600,373 respectively, compared to $3,218,878 and $11,175,101, respectively, for the comparable period in the prior fiscal year. The 47.8% and 40.9% decreases in net sales by the Joint Venture for the respective three and nine month periods are due to decreased sales to the Company and to unaffiliated customers.

Gross Profit Margin. Gross margins of the Joint Venture for the three month period ended December 31, 2019 decreased to (0.9)% from 13.1% for the 2018 corresponding period. For the nine month period ended December 31, 2019, gross margins were 5.4% compared to 13.8% for the same period of the prior year. Gross margins depend on sales volume of various products, with varying margins. Lower sales and manufacturing production during the December 31, 2019 period do not allow the full absorption of fixed factory costs and negatively impact gross margins. In addition, foreign currency exchange gains and/or losses and changes in inventory reserves impact gross margins.

Expenses. Selling, general and administrative expenses were $984,358 and $3,068,158 respectively, for the three and nine month periods ended December 31, 2019, compared to $1,022,455 and $3,265,526 in the prior year’s respective periods. As a percentage of sales, expenses were 58.6% and 46.5% for the three and nine month periods ended December 31, 2019, compared to 31.8% and 29.2% for the three and nine month periods ended December 31, 2018. The changes in selling, general and administrative expense as a percent of sales for the three and nine month periods were primarily due to costs that do not change at the same rate as changes in sales volume.

Interest Income. Interest income on assets held for investment was $64,501 and $293,375 respectively, for the three and nine month periods ended December 31, 2019, compared to interest income of $67,287 and $281,976, respectively, for the prior year’s periods. Interest income is dependent on yields and on the average balance of assets held for investment and amounts due from the Company.

Net Loss. Net losses for the three and nine months ended December 31, 2019 were $902,247 and $2,399,054 respectively, compared to net losses of $426,316 and $1,175,720, respectively, in the comparable periods last year. The decrease in net earnings for the three and nine month periods ended December 31, 2019 is due primarily to decreased sales to the company and to unaffiliated customers.

Liquidity. Cash needs of the Joint Venture are currently met by funds generated from the sale of assets held for investment. During the nine months ended December 31, 2019, working capital decreased by $2,294,585 from $11,608,698 on March 31, 2019 to $9,314,113 on December 31, 2019.

Management Plans and Liquidity

Operating activities provided cash of $309,795 for the nine months ended December 31, 2019. This was primarily due to a decrease in accounts receivable and amounts due from factor of $885,657, an increase in accounts payable and accrued expenses of $301,966, a decrease in inventories, prepaid expenses and other of $287,955,and offset by a net loss of $2,321,601. The net loss includes a non-cash loss from the investment in the Hong Kong Joint Venture of $1,151,627. Operating activities provided cash of $99,629 for the nine months ended December 31, 2018. This was primarily due to an increase in accounts payable and accrued expenses of $2,250,962 and offset by a net loss of $1,077,150 and an increase in accounts receivable and amounts due from factor of $178,028, and an increase in inventories, prepaid expenses and other of $1,677,649. The net loss includes a non-cash loss from the investment in the Hong Kong Joint Venture of $764,197.

There were no investing activities for the nine months ended December 31 2019 or 2018

Financing activities used cash of $506,930 during the nine months ended December 31, 2019 and used cash of $83,442 during the nine months ended December 31, 2018, which is comprised of repayments net of advances on the line of credit from our factor.

Critical Accounting Policies

In the notes to the consolidated financial statements, and in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Form 10-K, we have disclosed those accounting policies that we consider to be significant in determining our results of Operations and financial condition. Except as disclosed below, there have been no material changes to those policies that we consider to be significant since the filing of our Form 10-K. The accounting principles used in preparing our unaudited condensed consolidated financial statements conform in all material respects to accounting principles generally accepted in the U.S.

The impact of the adoption of this guidance on the Company’s condensed consolidated financial statements is discussed below:

ITEM 4.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain a system of disclosure controls and procedures (as such item is defined in Rules 13a – 15(e) and 15d – 15(e) of the Exchange Act) that is designed to provide reasonable assurance that information, which is required to be disclosed by us in the reports that we file or submit under the Securities and Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission, and is accumulated and communicated to management in a timely manner. Our Chief Executive Officer and Chief Financial Officer have evaluated this system of disclosure controls and procedures in accordance with applicable Securities and Exchange Commission guidance as of the end of the period covered by this quarterly report, and have concluded that disclosure controls and procedures were not effective because of the material weakness in internal control over financial reporting as discussed below.

Material weaknesses arose in our oversight of the accounting function as well as the disclosure controls and procedures of the Hong Kong Joint Venture (HKJV). The HKJV is a material component of the Company’s consolidated financial statements. With respect to our internal control over financial reporting, these matters above are being discussed among management, the HKJV and our Audit Committee. Management intends to review, revise and improve our internal controls over financial reporting until the material weaknesses in internal control over financial reporting are eliminated. Management’s specific remediation to address these material weaknesses will include among other items: a) enhancing corporate financial reporting resources, particularly for oversight, and process improvement, and b) reinforcing internal policies with all process owners.

Changes in Internal Control over Financial Reporting. There have not been any changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

From time to time, the Company is involved in various lawsuits and legal matters. It is the opinion of management, based on the advice of legal counsel, that these matters will not have a material adverse effect on the Company’s financial statements.

ITEM 6.

EXHIBITS

Exhibit No.

3.1

Articles of Incorporation (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the period ended December 31, 1988, File No. 1-31747)

3.2

Articles Supplementary, filed October 14, 2003 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed October 31, 2002, file No. 1-31747)

3.3

Bylaws, as amended (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed July 13, 2011, File No. 1-31747)

10.1

2011 Non-Qualified Stock Option Plan (incorporated by reference to the Company’s Proxy Statement with respect to the Company’s 2011 Annual Meeting of Shareholders, filed July 26, 2011, File No. 1-31747)

10.2

Hong Kong Joint Venture Agreement, as amended (incorporated by reference to Exhibit 10.1 to the Company’s Annual Report on Form 10-K for the year ended March 31, 2003, File No. 1-31747)

10.3

Discount Factoring Agreement between the Registrant and Merchant Factors Corp., dated January 6, 2015 (substantially identical agreement entered into by USI’s wholly-owned subsidiary, USI Electric, Inc.) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed January 16, 2015, file No. 1-31747)

10.4

Lease between Universal Security Instruments, Inc. and St. John Properties, Inc. dated November 4, 2008 for its office and warehouse located at 11407 Cronhill Drive, Suites A-D, Owings Mills, Maryland 21117 (incorporated by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the period ended December 31, 2008, File No. 1-31747)

10.5

Amendment to Lease between Universal Security Instruments, Inc. and St. John Properties, Inc. dated June 23, 2009 (incorporated by reference to Exhibit 10.9 to the Company’s Annual Report on Form 10-K for the year ended March 31, 2009, File No. 1-31747)

10.6

31.1

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer*

31.2

Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer*

32.1

Section 1350 Certifications*

99.1

Press Release dated February 19, 2020*

101

Interactive data files providing financial information from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2019 in XBRL (eXtensible Business Reporting Language) pursuant to Rule 405 of Regulation S-T: (i) Condensed Consolidated Balance Sheets as of December 31, 2019 and March 31, 2019, (ii) Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2019 and 2018, (iii) Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2019 and 2018, (iv) Condensed Consolidated Statements of Shareholders’ Equity for the nine months ended December 31, 2019 and 2018, and (v) Notes to Condensed Consolidated Financial Statements*

*Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		UNIVERSAL SECURITY INSTRUMENTS, INC.
		(Registrant)


Date:	February 19, 2020	By:	/s/ Harvey B. Grossblatt
			Harvey B. Grossblatt
			President, Chief Executive Officer


		By:	/s/ James B. Huff
			James B. Huff
			Vice President, Chief Financial Officer

EX-31.1 2 tm205254d1_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION

I, Harvey B. Grossblatt, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Universal Security Instruments, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of Registrant’s board of directors (or persons performing the equivalent function):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

February 19, 2020	/s/ Harvey B. Grossblatt
	Harvey B. Grossblatt
	Chief Executive Officer

EX-31.2 3 tm205254d1_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION

I, James B. Huff, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Universal Security Instruments, Inc.;

(a)

(b)

(c)

(d)

5.   The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of Registrant’s board of directors (or persons performing the equivalent function):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

February 19, 2020	/s/ James B. Huff
	James B. Huff
	Chief Financial Officer

EX-32.1 4 tm205254d1_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

SECTION 1350 CERTIFICATIONS

In connection with the Quarterly Report of Universal Security Instruments, Inc. (the “Company”) on Form 10-Q for the period ending December 31, 2019 as filed with the Securities and Exchange Commission and to which this Certification is an exhibit (the “Report”), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company for the periods reflected therein.

February 19, 2020	/s/ Harvey B. Grossblatt
	Harvey B. Grossblatt
	Chief Executive Officer


	/s/ James B. Huff
	James B. Huff
	Chief Financial Officer

EX-99.1 5 tm205254d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

For Immediate Release

Contact: Harvey Grossblatt, CEO

Universal Security Instruments, Inc.

410-363-3000, Ext. 224

Don Hunt, Jeff Lambert

Lambert, Edwards & Associates, Inc.

616-233-0500

Universal Security Instruments Reports Third-Quarter Results

OWINGS MILLS, MD. February 19, 2020: - Universal Security Instruments, Inc. (NYSE AMEX: UUU) today announced results for its fiscal third quarter and nine months ended December 31, 2019.

For the three months ended December 31, 2019, sales declined approximately 28% to $3,223,678 compared to sales of $4,491,862 for the same period last year. The Company reported a net loss of $1,011,833, or $0.44 per basic and diluted share, compared to a net loss of $516,993 or $0.22 per basic and diluted share for the same period last year.

For the nine months ended December 31, 2019, sales declined approximately 14% to $11,189,238 versus $13,064,110 for the same period last year. The Company reported a net loss of $2,321,601, or $1.00 per basic and diluted share, compared to a net loss of $1,077,150 or $0.47, per basic and diluted share for the corresponding 2018 period.

“Our sales and net loss for the third quarter and nine months were disappointing primarily due to lower Puerto Rico rebuilding sales caused by a delay in FEMA funding and the increased cost of certain of our products manufactured in China due to tariffs. Universal is very pleased to announce that it has received approval for the new UL 217 8^th Edition smoke and combination alarms which we believe are the first 10 year sealed battery models to be approved. We anticipate sales from these products to start later this fiscal year.“, said Harvey Grossblatt President and CEO.

UNIVERSAL SECURITY INSTRUMENTS, INC. is a U.S.-based manufacturer (through its Hong Kong Joint Venture) and distributor of safety and security devices. Founded in 1969, the Company has an over 40-year heritage of developing innovative and easy-to-install products, including smoke, fire and carbon monoxide alarms. For more information on Universal Security Instruments, visit our website at www.universalsecurity.com.

"Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the federal securities laws that inherently include certain risks and uncertainties. Actual results could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, among other items, our Hong Kong Joint Venture's respective ability to maintain operating profitability, currency fluctuations, the impact of current and future laws and governmental regulations affecting us and our Hong Kong Joint Venture and other factors which may be identified from time to time in our Securities and Exchange Commission filings and other public announcements. We do not undertake and specifically disclaim any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements. We will revise our outlook from time to time and frequently will not disclose such revisions publicly

-- more --

Universal/Page 2

UNIVERSAL SECURITY INSTRUMENTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – (UNAUDITED)

	Three Months Ended December 31,
	2019			2018
Sales	$	3,223,678		$	4,491,862
Net loss		(1,011,833	)		(516,993	)
Loss per share:
Basic and diluted	$	(0.44	)	$	(0.22	)
Weighted average number of common shares outstanding:
Basic and diluted		2,312,887			2,312,887

	Nine Months Ended December 31,
	2019			2018
Sales	$	11,189,238		$	13,064,110
Net loss		(2,321,601	)		(1,077,150	)
Loss per share:
Basic and diluted	$	(1.00	)	$	(0.47	)
Weighted average number of common shares outstanding:
Basic and diluted		2,312,887			2,312,887

CONDENSED CONSOLIDATED BALANCE SHEETS – (UNAUDITED)

ASSETS
	December 31,
	2019			2018
Cash	$	177,337		$	144,348
Accounts receivable and amount due from factor		2,129,755			3,062,826
Inventory		6,563,829			7,244,161
Prepaid expenses		145,711			203,480
TOTAL CURRENT ASSETS		9,016,632			10,654,815

INVESTMENT IN HONG KONG JOINT VENTURE		7,004,447			8,611,079
PROPERTY, EQUIPMENT, AND INTANGIBLE ASSET – NET		436,559			76,420
OTHER ASSETS		4,000			4,000
TOTAL ASSETS	$	16,461,638		$	19,346,314

LIABILITIES AND SHAREHOLDERS’ EQUITY

Line of credit – factor	$	1,344,661		$	1,527,712
Short-term lease asset liability		155,564			-
Accounts payable		6,031,074			6,637,095
Accrued liabilities		452,367			153,320
TOTAL CURRENT LIABILITIES		7,983,666			8,318,127
LONG-TERM LEASE ASSET LIABILITY		211,528			-
COMMITMENTS AND CONTINGENCIES		-			-
SHAREHOLDERS’ EQUITY
Common stock, $.01 par value per share; authorized 20,000,000 shares; issued and outstanding 2,312,887 at December 31, 2019 and 2018		23,129			23,129
Additional paid-in capital		12,885,841			12,885,841
Accumulated Deficit		(4,968,467	)		(2,376,030	)
Accumulated other comprehensive income		325,941			495,247
TOTAL SHAREHOLDERS’ EQUITY		8,266,444			11,028,187

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	16,461,638		$	19,346,314

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#D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:14.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:14.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2018 </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> (Unaudited) </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> (Unaudited) </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Net sales </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 6,600,373 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 11,175,101 </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Gross profit </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 354,003 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,536,150 </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Net loss </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (2,399,054) </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (1,175,720) </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total current assets </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 12,008,548 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 14,382,102 </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 17,924,029 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 20,699,448 </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total current liabilities </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2,694,435 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2,759,398 </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total liabilities </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3,594,691 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3,148,268 </td> </tr> </table></div>   <div /></div> </div>

465426

328864

616444

414778

4962023

5616296

3939884

365293

1848

611756

325941

12885841

57000

18906926

16461638

10387379

9016632

128161

144348

374472

177337

16187

-197135

<div> <div> 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. <div /></div> </div>

0.01

20000000

2312887

23129

-1725149

-676378

-2607416

-1002696

0.02

0.0675

17297

4191

<div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:37.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:37.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:28.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Three months ended </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine months ended  </td> </tr> <tr> <td valign="bottom" style="width:37.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Dec. 31, 2019 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Dec. 31, 2018 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:14.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Dec. 31, 2019 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:14.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Dec. 31, 2018 </td> </tr> <tr> <td valign="bottom" style="width:37.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Sales of products acquired from our HKJV </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2,722,428 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3,965,173 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 9,943,661 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 11,857,131 </td> </tr> <tr> <td valign="bottom" style="width:37.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Sales of GFCI’s and ventilation fans </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 501,250 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 526,689 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,245,577 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,206,979 </td> </tr> <tr> <td valign="bottom" style="width:37.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3,223,678 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 4,491,862 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 11,189,238 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 13,064,110 </td> </tr> </table></div>   <div /></div> </div>

45217

271467

-0.47

-0.22

-1.00

-0.44

<div> <div> Net Loss per Common Share Basic net loss 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 or nine  month periods ended December 31, 2019 or 2018. As a result, basic and diluted weighted average common shares outstanding are identical for the three and nine month periods ended December 31, 2019 and 2018. <div /></div> </div>

132132

216551

0.50

8441889

7004447

<div> <div> Joint Venture The Company and its joint venture partner, a Hong Kong corporation, each owns a 50% interest in the Hong Kong joint venture that manufactures security products in its facilities located in the People’s Republic of China. There are no material differences between US-GAAP and the basis of accounting used by the Hong Kong Joint Venture. The following represents summarized balance sheet and income statement information of the Hong Kong Joint Venture as of and for the nine months ended December 31, 2019 and 2018:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:14.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:14.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2018 </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> (Unaudited) </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> (Unaudited) </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Net sales </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 6,600,373 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 11,175,101 </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Gross profit </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 354,003 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,536,150 </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Net loss </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (2,399,054) </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (1,175,720) </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total current assets </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 12,008,548 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 14,382,102 </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 17,924,029 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 20,699,448 </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total current liabilities </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2,694,435 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2,759,398 </td> </tr> <tr> <td valign="bottom" style="width:67.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total liabilities </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3,594,691 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3,148,268 </td> </tr> </table></div>   During the nine months ended December 31, 2019 and 2018 the Company purchased $6,204,745 and $9,316,375, respectively, of products directly from the Hong Kong Joint Venture for resale. For the nine months ended December 31, 2019 the Company has increased its investment in the Joint Venture to reflect a decrease of $47,900 in inter-Company profit on purchases held by the Company in inventory. For the nine months ended December 31, 2018 the Company has decreased its investment in the net earnings of the Joint Venture to reflect an increase of $176,337 in inter-company profit on purchases held by the Company in inventory. <div /></div> </div>

20699448

17924029

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3148268

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6600373

<div> <div> Receivables Receivables are recorded when the Company has an unconditional right to consideration. We have established allowances to cover anticipated doubtful accounts based upon historical experience. Remaining Performance Obligations 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. <div /></div> </div>

53660

50307

3758014

1061378

3105167

769992

-764197

-255401

-1151627

-408836

<div> <div> 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. The deferred tax assets are reviewed periodically for recoverability and a valuation allowance is provided whenever it is more likely than not that a deferred tax asset will not be realized. After a review of projected taxable income and the components of the deferred tax asset in accordance with applicable accounting guidance 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 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 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. The Deemed Repatriation Transition Tax (“Transition Tax”) is a tax on previously untaxed accumulated and current earnings and profits (“E&P”) of our Hong Kong Joint Venture. To determine the amount of the Transition Tax, the Company must determine, in addition to other factors, the amount of post-1986 E&P of the Hong Kong Joint Venture, as well as the amount of non-U.S. income taxes paid on such earnings. The Company has determined that it does not owe a Transition Tax since it has sufficient net operating loss carryforwards and foreign tax credit carryforwards to offset the E&P of its Hong Kong Joint Venture that are subject to the tax. <div /></div> </div>

2250962

301966

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119308

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299738

6852305

6563829

true

<div> <div> The future minimum payments under operating leases were as follows at December 31, 2019 for the fiscal year ending March 31, 2020:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 99.90%;"> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2020 (remainder) </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 27,156 </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2021 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 171,462 </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2022 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 175,792 </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2023 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 14,670 </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total operating lease payments </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 389,080 </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Less: amounts representing interest </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (21,988) </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Present value of net operating lease payments </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 367,092 </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Less: current portion </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 155,564 </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Long-term portion of operating lease obligations </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 211,528 </td> </tr> </table></div>   <div /></div> </div>

389080

14670

175792

171462

27156

21988

18906926

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500000

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0.055

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1851591

1344661

<div> <div> 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 delivery or 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 that have exceeded credit terms. An allowance for uncollectible receivables is provided based on that assessment. Changes in the allowance account 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 allowance account in the period that the receivables’ status is determined to be uncollectible. Based on the nature of the factoring agreement and prior experience, no allowance related to Amounts Due from Factor has been provided. At December 31, 2019 and 2018, an allowance of approximately $57,000 has been provided for uncollectible trade accounts receivable. <div /></div> </div>

-83442

-506930

99629

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2262310

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1347986

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-700814

-1011833

<div> <div> 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. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification.   Leases with a term of 12 months or less are accounted for similar to previous guidance for operating leases with the election of the practical expedient. The new standard requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. The Company adopted the standard on April 1, 2019, the date it became effective for public companies based on the Company’s fiscal year, using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to the accumulated deficit as of April 1, 2019 as a result of this adoption. Upon adoption, the Company elected the package of practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classification. The Company also elected the practical expedient provided in a subsequent amendment to the standard that removed the requirement to separate lease and non-lease components, provided certain conditions were met. The impact of the adoption of this guidance on the Company’s condensed consolidated financial statements is discussed below: 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 renew 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.  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. None of the Company’s lease agreements contain any residual value guarantees or material restrictive covenants. As a result of the Company’s election of the package of practical expedients permitted within ASC 842, which among other things, allows for the carryforward of historical lease classification, all of the Company’s lease agreements in existence at the date of adoption that were classified as operating leases under ASC 840 have been classified as operating leases under ASC 842. 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 and amounted to $475,538 at the date of adoption.  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 December 31, 2019, the Company had right-of-use assets of $368,670 and lease liabilities of $367,092 related to its operating leases.  Right-of-use assets are included in property and equipment, net, on the condensed consolidated balance sheet and lease liabilities related to the Company’s operating leases are included in short-term and long-term lease liability on the condensed consolidated balance sheet. As of December 31, 2019 the Company’s weighted-average remaining lease term and weighted-average discount rate related to its operating leases were 2.33 years and 6.0%, respectively. During the nine months ended December 31, 2019, the cash paid for amounts included in the measurement of lease liabilities related to the Company’s operating leases was $125,415, which is included as an operating cash outflow within the condensed consolidated statements of cash flows. During the nine months ended December 31, 2019, the operating lease costs related to the Company’s operating leases was $117,674 which is included in operating costs and expenses in the condensed consolidated statements of operations.   During the nine months ended December 31, 2019, the Company did not enter into any lease agreements set to commence in the future and there were no newly leased assets for which a right-of use asset was recorded in exchange for a new lease liability, other than those lease assets recorded upon implementation. The future minimum payments under operating leases were as follows at December 31, 2019 for the fiscal year ending March 31, 2020:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 99.90%;"> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2020 (remainder) </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 27,156 </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2021 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 171,462 </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2022 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 175,792 </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2023 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 14,670 </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total operating lease payments </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">      </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 389,080 </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Less: amounts representing interest </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (21,988) </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Present value of net operating lease payments </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 367,092 </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Less: current portion </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 155,564 </td> </tr> <tr> <td valign="bottom" style="width:85.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Long-term portion of operating lease obligations </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 211,528 </td> </tr> </table></div>   <div /></div> </div>

-19676

-145668

-837638

-483689

117674

367092

155564

211528

125415

368670

0.060

P2Y3M29D

<div> <div> Management Plans The Company had net losses of $2,321,601 for the nine months ended December 31, 2019 and $1,347,986 and $2,262,310 for the years ended March 31, 2019 and 2018, respectively. Furthermore, as of December 31, 2019, working capital (computed as the excess of current assets over current liabilities) decreased by $1,321,347 from $2,354,313 at March 31, 2019, to $1,032,966 at December 31, 2019. Our short-term borrowings to finance operating losses, trade accounts receivable, and foreign inventory purchases are provided pursuant to the terms of our Factoring Agreement with Merchant Factors Corporation (Merchant or Factor).  Borrowings under our Factoring Agreement bear interest at prime plus 2% and are secured by trade accounts receivable and inventory.  Advances from Merchant are at the sole discretion of Merchant based on their assessment of the Company’s receivables, inventory and financial condition at the time of each request for an advance. The unused availability of this facility totaled approximately $466,000 at December 31, 2019. In addition, we have secured extended payment terms for purchases up to $4,000,000 from our Hong Kong Joint Venture for the purchase of sealed battery alarms. These amounts are unsecured, bear interest at 5.5% per annum  on amounts outstanding at November 13, 2019 and 5.125% per annum on amounts outstanding thereafter, and provide for repayment terms of 120 days for each purchase. The balance outstanding under this agreement at December 31, 2019 was $5,616,296 with $3,939,884 of this amount being beyond agreed repayment terms. The Hong Kong Joint Venture has provided discretionary approval to allow the Company to exceed the agreed upon repayment terms and has indicated it has no plans or intentions that would materially impact the financial position, operations, or cash flows of the Company. The Company has a history of sales that are insufficient to generate profitable operations, and has limited sources of financing. Management’s plan in response to these conditions includes increasing sales resulting from the delivery of the Company’s line of sealed battery ionization smoke alarms, carbon monoxide products, and ground fault circuit interrupters.  Notwithstanding the above, the Company has seen substantial increases in its cost structure including the imposition of tariffs on the importation of its products from the Peoples Republic of China and in interest incurred on its credit facilities through December 31, 2019.  In addition, sales revenue for the nine months ended December 31, 2019 has not met management’s expectations.  Though no assurances can be given, if management’s plan is successful over the next twelve months, the Company anticipates that it should be able to meet its cash needs. Cash flows and credit availability from the Factor and the Hong Kong Joint Venture is expected to be adequate to fund operations for one year from the issuance date of this report. <div /></div> </div>

4000

-9291

7877

-41463

58631

-48797

-42397

7812

-1412

-379479

-655876

-58381

-218016

-100773

-243418

-153194

10549

-647999

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-285815

9137

54916

55549

145190

145711

-83442

-506930

19998

386252

360766

86461

487144

169768

-2646866

-4968467

13064110

1206979

11857131

4491862

526689

3965173

11189238

1245577

9943661

3223678

501250

2722428

3416924

1120585

3455661

1083913

2312887

12753336

1143246

12885841

23129

-1298880

11925733

754476

12885841

23129

-1737713

11704565

654632

12885841

23129

-1859037

11028187

495247

12885841

23129

-2376030

10873860

611756

12885841

23129

-2646866

10115336

462186

12885841

23129

-3255820

9269140

316804

12885841

23129

-3956634

8266444

325941

12885841

23129

-4968467

2312887

P2Y <div> <div> Line of Credit – Factor On January 15, 2015, the Company entered into the Agreement with Merchant for the purpose of factoring the Company’s trade accounts receivable and to provide financing secured by finished goods inventory. 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. The Agreement has been extended and now expires on January 6, 2022, and provides for continuation of the program for successive two year periods until terminated by one of the parties to the Agreement. As of December 31, 2019, the Company had borrowings of $1,344,661 under the Agreement, and the Company had remaining availability under the Agreement of approximately $466,000. Advances on factored trade accounts receivable are secured by all of the Company’s trade accounts receivable and inventories, are repaid periodically as collections are made by Merchant but are otherwise due upon demand, and bear interest at the prime commercial rate of interest, as published, plus two percent (Effective rate 6.75% at December 31, 2019). Advances under the factoring agreement are made at the sole discretion of Merchant, based on their assessment of the receivables, inventory and our financial condition at the time of each request for an advance. <div /></div> </div> 470876 235816 8389977 2974182 7312941 2240801 916119 456302 771130 212885 P120D 2549986 1800891 178028 -885657 1321347 176337 47900 0.50 475538 475538 0 0.80 1.00 9316375 6204745 <div> <div> 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 fulfillment cost and are recorded in selling, general and administrative expense. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for products sold. 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. We have established allowances to cover anticipated doubtful accounts based upon historical experience. Disaggregation of Revenue The Company presents below revenue associated with sales of products acquired from our Hong Kong Joint Venture 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 and nine months ended December 31, 2019 and 2018 are as follows:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:37.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:37.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:28.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Three months ended </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine months ended  </td> </tr> <tr> <td valign="bottom" style="width:37.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Dec. 31, 2019 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Dec. 31, 2018 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:14.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Dec. 31, 2019 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:14.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Dec. 31, 2018 </td> </tr> <tr> <td valign="bottom" style="width:37.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Sales of products acquired from our HKJV </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2,722,428 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3,965,173 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 9,943,661 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 11,857,131 </td> </tr> <tr> <td valign="bottom" style="width:37.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Sales of GFCI’s and ventilation fans </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 501,250 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 526,689 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,245,577 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,206,979 </td> </tr> <tr> <td valign="bottom" style="width:37.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3,223,678 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 4,491,862 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 11,189,238 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 13,064,110 </td> </tr> </table></div>   <div /></div> </div> <div> <div> Statement of Management The condensed consolidated financial statements include the accounts of Universal Security Instruments, Inc. (USI or the Company) and its wholly-owned subsidiary. Except for the condensed consolidated balance sheet as of March 31, 2019, 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, 2019 audited financial statements filed with the Securities and Exchange Commission on Form 10‑K on July 16, 2019. The interim operating results are not necessarily indicative of the operating results for the full fiscal year. <div /></div> </div> <div> <div> 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. <div /></div> </div> 2354313 1032966 Accumulated Other Comprehensive Income

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Commissions and Other Accrued commissions and other Liabilities, Current TOTAL CURRENT LIABILITIES Operating Lease, Liability, Noncurrent LONG-TERM PORTION OF LEASE LIABILITY Long-term portion of operating lease obligations Commitments and Contingencies COMMITMENTS AND CONTINGENCIES Stockholders' Equity Attributable to Parent [Abstract] SHAREHOLDERS' EQUITY Common Stock, Value, Issued Common stock, $.01 par value per share; authorized 20,000,000 shares; 2,312,887 shares issued and outstanding at December 31, 2019 and March 31, 2019 Additional Paid in Capital, Common Stock Additional paid-in capital Retained Earnings (Accumulated Deficit) Accumulated Deficit Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive income Stockholders' Equity Attributable to Parent Balance Balance TOTAL SHAREHOLDERS' EQUITY Liabilities and Equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Common Stock, Par or Stated Value Per Share Common stock, par value (in dollars per share) Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Outstanding Common stock, shares outstanding CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Revenues Net sales Total costs related to goods acquired from Joint Venture in Hong Kong and sold during the reporting period. Cost Of Goods Sold - Acquired From Joint Venture Cost of goods sold - acquired from Joint Venture Total costs related to goods produced and not acquired by Joint venture in Hong Kong and sold during the reporting period. Cost Of Goods Sold - Other Cost of goods sold - other Gross Profit GROSS PROFIT Selling, General and Administrative Expense Selling, general and administrative expense Research and Development Expense Research and development expense Operating Income (Loss) Operating loss Nonoperating Income (Expense) [Abstract] Other expense: Income (Loss) from Equity Method Investments Loss from investment in Hong Kong Joint Venture Loss from investment in Hong Kong Joint Venture Interest Expense Interest expense Net Income (Loss) Attributable to Parent NET LOSS NET LOSS Net loss Net Loss per Common Share Loss per share: Earnings Per Share, Basic and Diluted Basic and diluted Weighted Average Number of Shares Outstanding, Diluted [Abstract] Shares used in computing net loss per share: Weighted Average Number of Shares Outstanding, Basic and Diluted Weighted average basic and diluted shares outstanding CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] Other Comprehensive (Loss) Income Company's portion of Hong Kong Joint Venture's other comprehensive (loss) income: Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent Currency translation Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent Unrealized (loss) gain on investment securities Unrealized gain (loss) on investment securities Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Total Other Comprehensive (Loss) Income Comprehensive Income (Loss), Net of Tax, Attributable to Parent COMPREHENSIVE LOSS CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Common Stock [Member] Common Stock [Member] Additional Paid In Capital [Member] Additional Paid-in Capital [Member] Retained Earnings [Member] Retained Earnings (Accumulated Deficit) [Member] Accumulated Other Comprehensive Income [Member] AOCI [Member] Shares, Outstanding Balance (in shares) Balance (in shares) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Cash and Cash Equivalents, Period Increase (Decrease) [Abstract] Cash and Cash Equivalents, Period Increase (Decrease) [Abstract] Net Cash Provided by (Used in) Operating Activities [Abstract] OPERATING ACTIVITIES: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation, Depletion and Amortization Depreciation and amortization Increase (Decrease) in Operating Capital [Abstract] Changes in operating assets and liabilities: The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Also includes amounts due from factor. (Increase) Decrease In Accounts Receivable and Due From Factor Decrease (Increase) in accounts receivable and amounts due from factor Increase (Decrease) in Inventories Decrease (Increase) in inventories, prepaid expenses, and other Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase in accounts payable and accrued expenses Net Cash Provided by (Used in) Operating Activities NET CASH PROVIDED BY OPERATING ACTIVITIES Net Cash Provided by (Used in) Financing Activities [Abstract] FINANCING ACTIVITIES: Proceeds from (Repayments of) Lines of Credit Net repayment of Line of Credit - Factor Net Cash Provided by (Used in) Financing Activities NET CASH USED IN FINANCING ACTIVITIES Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect NET (DECREASE) INCREASE IN CASH Supplemental Cash Flow Information [Abstract] SUPPLEMENTAL INFORMATION: Interest Paid, Excluding Capitalized Interest, Operating Activities Interest paid Noncash Investing and Financing Items [Abstract] Supplemental disclosures of non-cash activities: The value of the right-of-use asset exchanged for an operating lease liability in a non-cash transaction. Non Cash Right Of Use Asset In Exchange For Operating Lease Liability Right-of-use asset in exchange for operating lease liability Statement of Management Disclosure relating to the consolidation and presentation of interim financial statements. Statement Of Management [Text Block] Statement of Management NA Management Plans Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Management Plans Line of Credit - Factor The entire disclosure for amount due from factor. Amounts Due From Factor [Text Block] Line of Credit - Factor Use of Estimates Provides an entity's explanation that the preparation of financial statements in conformity with generally accepted accounting principles requires the use of management estimates. Use Of Estimates [Text Block] Use of Estimates Revenue Recognition The entire disclosure for revenue recognition at the end of the reporting period, Revenue Recognition [Text Block] Revenue Recognition Receivables Financing Receivables [Text Block] Receivables Joint Venture Equity Method Investments and Joint Ventures Disclosure [Text Block] Joint Venture Income Taxes Income Tax Disclosure [Text Block] Income Taxes Accounts Receivable and Amount Due From Factor Loans, Notes, Trade and Other Receivables Disclosure [Text Block] Accounts Receivable and Amount Due From Factor Earnings Per Share [Text Block] Net Loss per Common Share Contingencies Commitments and Contingencies Disclosure [Text Block] Contingencies Recently Adopted Accounting Standards New Accounting Pronouncements and Changes in Accounting Principles [Text Block] Recently Adopted Accounting Standards Disaggregation of Revenue [Table Text Block] Schedule of revenue recognized by these categories Condensed Financial Statements [Table Text Block] Schedule of the Hong Kong Joint Venture Lessee, Operating Lease, Liability, Maturity [Table Text Block] Summary of future minimum payments under operating leases Organization Consolidation And Presentation Of Financial Statements [Table] Legal Entity [Axis] Entity [Domain] Entity [Domain] Hong Kong Joint Venture [Member] Hong Kong Joint Venture [Member] Variable Rate [Axis] Variable Rate [Domain] Variable Rate [Domain] Prime Rate [Member] Prime Rate Organization Consolidation And Presentation OF Financial Statements [Line Items] It represents the increase (decrease) in working capital. Increase Decrease in Working Capital Decrease in Working Capital It represents the working capital outstanding. Working Capital Debt Instrument, Basis Spread on Variable Rate Variable rate on the debt instrument (as a percent) Variable spread rate (as a percent) Line of Credit Facility, Interest Rate at Period End Long-term Line of Credit Accounts Payable, Related Parties Accounts Payable, Related Parties Line of Credit Facility, Capacity Available for Trade Purchases Period of time for repayment of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Debt Instrument Repayment Term Repayment term for each advance Line of Credit Facility, Remaining Borrowing Capacity Line of Credit Facility [Table] Line of Credit Facility [Line Items] The percentage of maximum borrowing capacity of eligible accounts receivables under the line of credit. Percentage Of Line Of Credit Facility Maximum Borrowing Capacity Of Eligible Accounts Receivable Percentage of maximum borrowing capacity of eligible accounts receivables under the line of credit The over advance percentage of maximum borrowing capacity of eligible accounts receivables under the line of credit. Percentage Of Over Advance Of Line Of Credit Facility Maximum Borrowing Capacity Of Eligible Accounts Receivable Over advance percentage of maximum borrowing capacity of eligible accounts receivables under the line of credit The over advance maximum percentage of maximum borrowing capacity of eligible accounts receivables under the line of credit. Maximum Percentage Of Over Advance Of Line Of Credit Facility Maximum Borrowing Capacity Of Eligible Accounts Receivable Over advance maximum percentage of maximum borrowing capacity of eligible accounts receivables under the line of credit It represents the term of the account receivable factoring agreement. Accounts Receivables Factoring Agreement Term Debt Instrument, Interest Rate, Effective Percentage Effective interest rate (as a percent) Product and Service [Axis] Products And Services [Domain] Product and Service [Domain] Products Acquired From Our HKJV Products Acquired From Our H K J V [Member] Products Acquired From Our H K J V [Member] GFCIs And Ventilation Fans G F C I S And Ventilation Fans [Member] G F C I s And Ventilation Fans [Member] Schedule of Equity Method Investments [Table] Schedule of Equity Method Investments [Line Items] Equity Method Investment, Summarized Financial Information, Revenue Net sales Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) Gross profit Equity Method Investment, Summarized Financial Information, Net Income (Loss) Net loss Equity Method Investment, Summarized Financial Information, Current Assets Total current assets Equity Method Investment, Summarized Financial Information, Assets Total assets Equity Method Investment, Summarized Financial Information, Current Liabilities Total current liabilities Equity Method Investment, Summarized Financial Information, Liabilities Total liabilities Class of Stock [Axis] Class Of Stock [Domain] Class of Stock [Domain] Equity Method Investment, Ownership Percentage Cost of products purchased from Joint Venture during the period Products Purchased From Joint Venture The increase (decrease) during the reporting period in the inter-Company profit in inventory. Increase Or Decrease In Inter Company Profit In Inventory Allowance for Doubtful Accounts Receivable, Current The number of potentially dilutive common stock equivalents outstanding. Number Of Potentially Dilutive Common Stock Equivalents Number of potentially dilutive common stock equivalents outstanding Operating Lease Liabilities, Payments Due [Abstract] Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year 2020 (remainder) 2021 2022 2023 Lessee, Operating Lease, Liability, Payments, Due Total operating lease payments Lessee, Operating Lease, Liability, Undiscounted Excess Amount Less: amounts representing interest Operating Lease, Liability Lease liabilities Present value of net operating lease payments Lease, Practical Expedients, Package [true false] Operating Lease, Right-of-Use Asset Right-of-use assets Operating Lease, Weighted Average Remaining Lease Term Weighted-average remaining lease term Operating Lease, Weighted Average Discount Rate, Percent Weighted-average discount rate Operating Lease, Payments Cash paid for amounts included in measurement of lease liabilities EX-101.PRE 12 uuu-20191231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 13 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 3,223,678	$ 4,491,862	$ 11,189,238	$ 13,064,110
Cost of goods sold - acquired from Joint Venture	2,240,801	2,974,182	7,312,941	8,389,977
Cost of goods sold - other	212,885	456,302	771,130	916,119
GROSS PROFIT	769,992	1,061,378	3,105,167	3,758,014
Selling, general and administrative expense	1,083,913	1,120,585	3,455,661	3,416,924
Research and development expense	169,768	86,461	487,144	360,766
Operating loss	(483,689)	(145,668)	(837,638)	(19,676)
Other expense:
Loss from investment in Hong Kong Joint Venture	(408,836)	(255,401)	(1,151,627)	(764,197)
Interest expense	(119,308)	(115,924)	(332,336)	(293,277)
NET LOSS	$ (1,011,833)	$ (516,993)	$ (2,321,601)	$ (1,077,150)
Loss per share:
Basic and diluted	$ (0.44)	$ (0.22)	$ (1.00)	$ (0.47)
Shares used in computing net loss per share:
Weighted average basic and diluted shares outstanding	2,312,887	2,312,887	2,312,887	2,312,887

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Statement of Management	9 Months Ended
Statement of Management	Dec. 31, 2019
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 subsidiary. Except for the condensed consolidated balance sheet as of March 31, 2019, 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, 2019 audited financial statements filed with the Securities and Exchange Commission on Form 10‑K on July 16, 2019. The interim operating results are not necessarily indicative of the operating results for the full fiscal year.

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Accounts Receivable and Amount Due From Factor	9 Months Ended
Accounts Receivable and Amount Due From Factor	Dec. 31, 2019
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 delivery or 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 that have exceeded credit terms. An allowance for uncollectible receivables is provided based on that assessment. Changes in the allowance account 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 allowance account in the period that the receivables’ status is determined to be uncollectible. Based on the nature of the factoring agreement and prior experience, no allowance related to Amounts Due from Factor has been provided. At December 31, 2019 and 2018, an allowance of approximately $57,000 has been provided for uncollectible trade accounts receivable.

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Revenue Recognition

9 Months Ended

Dec. 31, 2019

Revenue Recognition

Revenue Recognition

We have established allowances to cover anticipated doubtful accounts based upon historical experience.

Disaggregation of Revenue


	Three months ended				Nine months ended
	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2019		Dec. 31, 2018
Sales of products acquired from our HKJV	$	2,722,428	$	3,965,173	$	9,943,661	$	11,857,131
Sales of GFCI’s and ventilation fans		501,250		526,689		1,245,577		1,206,979
	$	3,223,678	$	4,491,862	$	11,189,238	$	13,064,110

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Recently Adopted Accounting Standards- Additional Information (Details) - USD ($)	1 Months Ended	9 Months Ended
	Feb. 29, 2016	Dec. 31, 2019
Recently Adopted Accounting Standards
Lease, Practical Expedients, Package [true false]	true
Non Cash Right Of Use Asset In Exchange For Operating Lease Liability		$ 475,538
Right-of-use assets		368,670
Lease liabilities		$ 367,092
Weighted-average remaining lease term		2 years 3 months 29 days
Weighted-average discount rate		6.00%
Cash paid for amounts included in measurement of lease liabilities		$ 125,415
Operating lease costs		$ 117,674

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Line of Credit - Factor (Details) - USD ($)		9 Months Ended
Line of Credit - Factor (Details) - USD ($)	Jan. 15, 2015	Dec. 31, 2019
Line of Credit - Factor
Percentage of maximum borrowing capacity of eligible accounts receivables under the line of credit	80.00%
Over advance percentage of maximum borrowing capacity of eligible accounts receivables under the line of credit	100.00%
Over advance maximum percentage of maximum borrowing capacity of eligible accounts receivables under the line of credit	50.00%
Line of Credit Facility, Capacity Available for Trade Purchases	$ 500,000
Accounts Receivables Factoring Agreement Term		2 years
Line of Credit Facility, Remaining Borrowing Capacity		$ 1,344,661
Long-term Line of Credit		$ 466,000
Variable rate on the debt instrument (as a percent)		2.00%
Effective interest rate (as a percent)		6.75%

XML 19 R20.htm IDEA: XBRL DOCUMENT

Revenue Recognition (Tables)

9 Months Ended

Dec. 31, 2019

Revenue Recognition

Schedule of revenue recognized by these categories


	Three months ended				Nine months ended
	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2019		Dec. 31, 2018
Sales of products acquired from our HKJV	$	2,722,428	$	3,965,173	$	9,943,661	$	11,857,131
Sales of GFCI’s and ventilation fans		501,250		526,689		1,245,577		1,206,979
	$	3,223,678	$	4,491,862	$	11,189,238	$	13,064,110

XML 20 R28.htm IDEA: XBRL DOCUMENT

Accounts Receivable and Amount Due From Factor (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable and Amount Due From Factor
Allowance for Doubtful Accounts Receivable, Current	$ 57,000	$ 57,000

XML 21 R29.htm IDEA: XBRL DOCUMENT

Net Loss per Common Share (Details)	21 Months Ended
Net Loss per Common Share (Details)	Dec. 31, 2019 shares
Net Loss per Common Share
Number of potentially dilutive common stock equivalents outstanding	0

XML 22 R25.htm IDEA: XBRL DOCUMENT

Revenue Recognition (Details) - USD ($)	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Revenues	$ 3,223,678	$ 4,491,862	$ 11,189,238	$ 13,064,110
Products Acquired From Our H K J V [Member]
Revenues	2,722,428	3,965,173	9,943,661	11,857,131
G F C I s And Ventilation Fans [Member]
Revenues	$ 501,250	$ 526,689	$ 1,245,577	$ 1,206,979

XML 23 R21.htm IDEA: XBRL DOCUMENT

Joint Venture (Tables)

9 Months Ended

Dec. 31, 2019

Joint Venture

Schedule of the Hong Kong Joint Venture


	2019		2018
	(Unaudited)		(Unaudited)
Net sales	$	6,600,373	$	11,175,101
Gross profit		354,003		1,536,150
Net loss		(2,399,054)		(1,175,720)
Total current assets		12,008,548		14,382,102
Total assets		17,924,029		20,699,448
Total current liabilities		2,694,435		2,759,398
Total liabilities		3,594,691		3,148,268

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Management Plans	9 Months Ended
Management Plans	Dec. 31, 2019
Management Plans
Management Plans	Management Plans The Company had net losses of $2,321,601 for the nine months ended December 31, 2019 and $1,347,986 and $2,262,310 for the years ended March 31, 2019 and 2018, respectively. Furthermore, as of December 31, 2019, working capital (computed as the excess of current assets over current liabilities) decreased by $1,321,347 from $2,354,313 at March 31, 2019, to $1,032,966 at December 31, 2019. Our short-term borrowings to finance operating losses, trade accounts receivable, and foreign inventory purchases are provided pursuant to the terms of our Factoring Agreement with Merchant Factors Corporation (Merchant or Factor). Borrowings under our Factoring Agreement bear interest at prime plus 2% and are secured by trade accounts receivable and inventory. Advances from Merchant are at the sole discretion of Merchant based on their assessment of the Company’s receivables, inventory and financial condition at the time of each request for an advance. The unused availability of this facility totaled approximately $466,000 at December 31, 2019. In addition, we have secured extended payment terms for purchases up to $4,000,000 from our Hong Kong Joint Venture for the purchase of sealed battery alarms. These amounts are unsecured, bear interest at 5.5% per annum on amounts outstanding at November 13, 2019 and 5.125% per annum on amounts outstanding thereafter, and provide for repayment terms of 120 days for each purchase. The balance outstanding under this agreement at December 31, 2019 was $5,616,296 with $3,939,884 of this amount being beyond agreed repayment terms. The Hong Kong Joint Venture has provided discretionary approval to allow the Company to exceed the agreed upon repayment terms and has indicated it has no plans or intentions that would materially impact the financial position, operations, or cash flows of the Company. The Company has a history of sales that are insufficient to generate profitable operations, and has limited sources of financing. Management’s plan in response to these conditions includes increasing sales resulting from the delivery of the Company’s line of sealed battery ionization smoke alarms, carbon monoxide products, and ground fault circuit interrupters. Notwithstanding the above, the Company has seen substantial increases in its cost structure including the imposition of tariffs on the importation of its products from the Peoples Republic of China and in interest incurred on its credit facilities through December 31, 2019. In addition, sales revenue for the nine months ended December 31, 2019 has not met management’s expectations. Though no assurances can be given, if management’s plan is successful over the next twelve months, the Company anticipates that it should be able to meet its cash needs. Cash flows and credit availability from the Factor and the Hong Kong Joint Venture is expected to be adequate to fund operations for one year from the issuance date of this report.

XML 26 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
NET LOSS	$ (1,011,833)	$ (516,993)	$ (2,321,601)	$ (1,077,150)
Other Comprehensive (Loss) Income Company's portion of Hong Kong Joint Venture's other comprehensive (loss) income:
Currency translation	10,549	(218,016)	(243,418)	(655,876)
Unrealized (loss) gain on investment securities	(1,412)	58,631	(42,397)	7,877
Total Other Comprehensive (Loss) Income	9,137	(159,385)	(285,815)	(647,999)
COMPREHENSIVE LOSS	$ (1,002,696)	$ (676,378)	$ (2,607,416)	$ (1,725,149)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 27 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Dec. 31, 2019	Feb. 14, 2020
Document And Entity Information
Document Type	10-Q
Document Period End Date	Dec. 31, 2019
Entity Registrant Name	UNIVERSAL SECURITY INSTRUMENTS INC
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
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Trading Symbol	UUU

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Net Loss per Common Share	9 Months Ended
Net Loss per Common Share	Dec. 31, 2019
Net Loss per Common Share
Net Loss per Common Share	Net Loss per Common Share Basic net loss 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 or nine month periods ended December 31, 2019 or 2018. As a result, basic and diluted weighted average common shares outstanding are identical for the three and nine month periods ended December 31, 2019 and 2018.

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Receivables	9 Months Ended
Receivables	Dec. 31, 2019
Receivables
Receivables	Receivables Receivables are recorded when the Company has an unconditional right to consideration. We have established allowances to cover anticipated doubtful accounts based upon historical experience. Remaining Performance Obligations 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.

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Recently Adopted Accounting Standards (Details)	Dec. 31, 2019 USD ($)
Operating Lease Liabilities, Payments Due [Abstract]
2020 (remainder)	$ 27,156
2021	171,462
2022	175,792
2023	14,670
Total operating lease payments	389,080
Less: amounts representing interest	(21,988)
Present value of net operating lease payments	367,092
Less: current portion	155,564
Long-term portion of operating lease obligations	$ 211,528

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Joint Venture - Additional Information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Increase Or Decrease In Inter Company Profit In Inventory	$ 47,900	$ 176,337
Hong Kong Joint Venture [Member]
Equity Method Investment, Ownership Percentage	50.00%
Products Purchased From Joint Venture	$ 6,204,745	$ 9,316,375

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Management Plans (Details) - USD ($)	3 Months Ended						9 Months Ended		12 Months Ended
Management Plans (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Nov. 13, 2019	Jan. 15, 2015
Organization Consolidation And Presentation OF Financial Statements [Line Items]
Decrease in Working Capital							$ 1,321,347
Working Capital	$ 1,032,966						$ 1,032,966		$ 2,354,313
Variable spread rate (as a percent)							2.00%
Long-term Line of Credit	466,000						$ 466,000
Accounts Payable, Related Parties	5,616,296						5,616,296
Line of Credit Facility, Capacity Available for Trade Purchases												$ 500,000
Net Income (Loss) Attributable to Parent	(1,011,833)	$ (700,814)	$ (608,954)	$ (516,993)	$ (121,324)	$ (438,833)	(2,321,601)	$ (1,077,150)	$ 1,347,986	$ 2,262,310
Line of Credit Facility, Remaining Borrowing Capacity	$ 1,344,661						$ 1,344,661
Prime Rate
Organization Consolidation And Presentation OF Financial Statements [Line Items]
Variable spread rate (as a percent)							2.00%
Hong Kong Joint Venture [Member]
Organization Consolidation And Presentation OF Financial Statements [Line Items]
Line of Credit Facility, Interest Rate at Period End	5.125%						5.125%				5.50%
Accounts Payable, Related Parties	$ 3,939,884						$ 3,939,884
Line of Credit Facility, Capacity Available for Trade Purchases	4,000,000						$ 4,000,000
Repayment term for each advance							120 days
Line of Credit Facility, Remaining Borrowing Capacity	$ 466,000						$ 466,000

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
OPERATING ACTIVITIES:
Net loss	$ (2,321,601)	$ (1,077,150)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	4,191	17,297
Loss from investment in Hong Kong Joint Venture	1,151,627	764,197
Changes in operating assets and liabilities:
Decrease (Increase) in accounts receivable and amounts due from factor	885,657	(178,028)
Decrease (Increase) in inventories, prepaid expenses, and other	287,955	(1,677,649)
Increase in accounts payable and accrued expenses	301,966	2,250,962
NET CASH PROVIDED BY OPERATING ACTIVITIES	309,795	99,629
FINANCING ACTIVITIES:
Net repayment of Line of Credit - Factor	(506,930)	(83,442)
NET CASH USED IN FINANCING ACTIVITIES	(506,930)	(83,442)
NET (DECREASE) INCREASE IN CASH	(197,135)	16,187
Cash at beginning of period	374,472	128,161
CASH AT END OF PERIOD	177,337	144,348
SUPPLEMENTAL INFORMATION:
Interest paid	299,738	$ 208,860
Supplemental disclosures of non-cash activities:
Right-of-use asset in exchange for operating lease liability	$ 475,538

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Mar. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
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

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Income Taxes
9 Months Ended

Dec. 31, 2019

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. The deferred tax assets are reviewed periodically for recoverability and a valuation allowance is provided whenever it is more likely than not that a deferred tax asset will not be realized. After a review of projected taxable income and the components of the deferred tax asset in accordance with applicable accounting guidance 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 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 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.

The Deemed Repatriation Transition Tax (“Transition Tax”) is a tax on previously untaxed accumulated and current earnings and profits (“E&P”) of our Hong Kong Joint Venture. To determine the amount of the Transition Tax, the Company must determine, in addition to other factors, the amount of post-1986 E&P of the Hong Kong Joint Venture, as well as the amount of non-U.S. income taxes paid on such earnings. The Company has determined that it does not owe a Transition Tax since it has sufficient net operating loss carryforwards and foreign tax credit carryforwards to offset the E&P of its Hong Kong Joint Venture that are subject to the tax.

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Use of Estimates
9 Months Ended

Dec. 31, 2019

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.

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Recently Adopted Accounting Standards
9 Months Ended

Dec. 31, 2019

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.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less are accounted for similar to previous guidance for operating leases with the election of the practical expedient. The new standard requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. The Company adopted the standard on April 1, 2019, the date it became effective for public companies based on the Company’s fiscal year, using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to the accumulated deficit as of April 1, 2019 as a result of this adoption. Upon adoption, the Company elected the package of practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classification. The Company also elected the practical expedient provided in a subsequent amendment to the standard that removed the requirement to separate lease and non-lease components, provided certain conditions were met.

The impact of the adoption of this guidance on the Company’s condensed consolidated financial statements is discussed below:

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 renew 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. 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.

None of the Company’s lease agreements contain any residual value guarantees or material restrictive covenants. As a result of the Company’s election of the package of practical expedients permitted within ASC 842, which among other things, allows for the carryforward of historical lease classification, all of the Company’s lease agreements in existence at the date of adoption that were classified as operating leases under ASC 840 have been classified as operating leases under ASC 842. 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 and amounted to $475,538 at the date of adoption. 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 December 31, 2019, the Company had right-of-use assets of $368,670 and lease liabilities of $367,092 related to its operating leases. Right-of-use assets are included in property and equipment, net, on the condensed consolidated balance sheet and lease liabilities related to the Company’s operating leases are included in short-term and long-term lease liability on the condensed consolidated balance sheet. As of December 31, 2019 the Company’s weighted-average remaining lease term and weighted-average discount rate related to its operating leases were 2.33 years and 6.0%, respectively. During the nine months ended December 31, 2019, the cash paid for amounts included in the measurement of lease liabilities related to the Company’s operating leases was $125,415, which is included as an operating cash outflow within the condensed consolidated statements of cash flows. During the nine months ended December 31, 2019, the operating lease costs related to the Company’s operating leases was $117,674 which is included in operating costs and expenses in the condensed consolidated statements of operations. During the nine months ended December 31, 2019, the Company did not enter into any lease agreements set to commence in the future and there were no newly leased assets for which a right-of use asset was recorded in exchange for a new lease liability, other than those lease assets recorded upon implementation.

The future minimum payments under operating leases were as follows at December 31, 2019 for the fiscal year ending March 31, 2020:

2020 (remainder)



$

27,156

2021

171,462

2022

175,792

2023

14,670

Total operating lease payments



$

389,080

Less: amounts representing interest

(21,988)

Present value of net operating lease payments

$

367,092

Less: current portion

155,564

Long-term portion of operating lease obligations

$

211,528

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CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings (Accumulated Deficit) [Member]

AOCI [Member]

Total

Balance at Mar. 31, 2018 $ 23,129 $ 12,885,841 $ (1,298,880) $ 1,143,246 $ 12,753,336

Balance (in shares) at Mar. 31, 2018 2,312,887

Currency translation (379,479) (379,479)

Unrealized gain (loss) on investment securities (9,291) (9,291)

Net loss (438,833) (438,833)

Balance at Jun. 30, 2018 $ 23,129 12,885,841 (1,737,713) 754,476 11,925,733

Balance (in shares) at Jun. 30, 2018 2,312,887

Balance at Mar. 31, 2018 $ 23,129 12,885,841 (1,298,880) 1,143,246 12,753,336

Balance (in shares) at Mar. 31, 2018 2,312,887

Currency translation (655,876)

Unrealized gain (loss) on investment securities 7,877

Net loss (1,077,150)

Balance at Dec. 31, 2018 $ 23,129 12,885,841 (2,376,030) 495,247 11,028,187

Balance (in shares) at Dec. 31, 2018 2,312,887

Balance at Mar. 31, 2018 $ 23,129 12,885,841 (1,298,880) 1,143,246 12,753,336

Balance (in shares) at Mar. 31, 2018 2,312,887

Net loss 1,347,986

Balance at Mar. 31, 2019 $ 23,129 12,885,841 (2,646,866) 611,756 ^[1] 10,873,860

Balance (in shares) at Mar. 31, 2019 2,312,887

Balance at Jun. 30, 2018 $ 23,129 12,885,841 (1,737,713) 754,476 11,925,733

Balance (in shares) at Jun. 30, 2018 2,312,887

Currency translation (58,381) (58,381)

Unrealized gain (loss) on investment securities (41,463) (41,463)

Net loss (121,324) (121,324)

Balance at Sep. 30, 2018 $ 23,129 12,885,841 (1,859,037) 654,632 11,704,565

Balance (in shares) at Sep. 30, 2018 2,312,887

Currency translation (218,016) (218,016)

Unrealized gain (loss) on investment securities 58,631 58,631

Net loss (516,993) (516,993)

Balance at Dec. 31, 2018 $ 23,129 12,885,841 (2,376,030) 495,247 11,028,187

Balance (in shares) at Dec. 31, 2018 2,312,887

Balance at Mar. 31, 2019 $ 23,129 12,885,841 (2,646,866) 611,756 ^[1] 10,873,860

Balance (in shares) at Mar. 31, 2019 2,312,887

Currency translation (100,773) ^[1] (100,773)

Unrealized gain (loss) on investment securities (48,797) ^[1] (48,797)

Net loss (608,954) (608,954)

Balance at Jun. 30, 2019 $ 23,129 12,885,841 (3,255,820) 462,186 ^[1] 10,115,336

Balance (in shares) at Jun. 30, 2019 2,312,887

Balance at Mar. 31, 2019 $ 23,129 12,885,841 (2,646,866) 611,756 ^[1] 10,873,860

Balance (in shares) at Mar. 31, 2019 2,312,887

Currency translation (243,418)

Unrealized gain (loss) on investment securities (42,397)

Net loss (2,321,601)

Balance at Dec. 31, 2019 $ 23,129 12,885,841 (4,968,467) 325,941 ^[1] 8,266,444

Balance (in shares) at Dec. 31, 2019 2,312,887

Balance at Jun. 30, 2019 $ 23,129 12,885,841 (3,255,820) 462,186 ^[1] 10,115,336

Balance (in shares) at Jun. 30, 2019 2,312,887

Currency translation (153,194) ^[1] (153,194)

Unrealized gain (loss) on investment securities 7,812 ^[1] 7,812

Net loss (700,814) (700,814)

Balance at Sep. 30, 2019 $ 23,129 12,885,841 (3,956,634) 316,804 ^[1] 9,269,140

Balance (in shares) at Sep. 30, 2019 2,312,887

Currency translation 10,549 ^[1] 10,549

Unrealized gain (loss) on investment securities (1,412) ^[1] (1,412)

Net loss (1,011,833) (1,011,833)

Balance at Dec. 31, 2019 $ 23,129 $ 12,885,841 $ (4,968,467) $ 325,941 ^[1] $ 8,266,444

Balance (in shares) at Dec. 31, 2019 2,312,887

[1] Accumulated Other Comprehensive Income

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)

Dec. 31, 2019

Mar. 31, 2019

CURRENT ASSETS

Cash $ 177,337 $ 374,472

Accounts receivable:

Trade, less allowance for doubtful accounts 1,848 365,293

Receivables from employees 55,549 54,916

Receivable from Hong Kong Joint Venture 271,467 45,217

Accounts, Notes, Loans and Financing Receivable, Net, Current 328,864 465,426

Amount due from factor 1,800,891 2,549,986

Inventories - finished goods 6,563,829 6,852,305

Prepaid expenses 145,711 145,190

TOTAL CURRENT ASSETS 9,016,632 10,387,379

INVESTMENT IN HONG KONG JOINT VENTURE 7,004,447 8,441,889

INTANGIBLE ASSET - NET 50,307 53,660

PROPERTY AND EQUIPMENT - NET 386,252 19,998

OTHER ASSETS 4,000 4,000

TOTAL ASSETS 16,461,638 18,906,926

CURRENT LIABILITIES

Line of credit - factor 1,344,661 1,851,591

Short-term portion of lease liability 155,564

Accounts payable - Hong Kong Joint Venture 5,616,296 4,962,023

Accounts payable - trade 414,778 616,444

Accrued liabilities:

Accrued payroll and employee benefits 216,551 132,132

Accrued commissions and other 235,816 470,876

TOTAL CURRENT LIABILITIES 7,983,666 8,033,066

LONG-TERM PORTION OF LEASE LIABILITY 211,528

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, 2019 and March 31, 2019 23,129 23,129

Additional paid-in capital 12,885,841 12,885,841

Accumulated Deficit (4,968,467) (2,646,866)

Accumulated other comprehensive income 325,941 611,756

TOTAL SHAREHOLDERS' EQUITY 8,266,444 10,873,860

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 16,461,638 $ 18,906,926

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Contingencies
9 Months Ended

Dec. 31, 2019

Contingencies

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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.

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Joint Venture
9 Months Ended

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Joint Venture

Joint Venture

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The Company and its joint venture partner, a Hong Kong corporation, each owns a 50% interest in the Hong Kong joint venture that manufactures security products in its facilities located in the People’s Republic of China. There are no material differences between US-GAAP and the basis of accounting used by the Hong Kong Joint Venture. The following represents summarized balance sheet and income statement information of the Hong Kong Joint Venture as of and for the nine months ended December 31, 2019 and 2018:



2019



2018

(Unaudited)

(Unaudited)

Net sales

$

6,600,373

$

11,175,101

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1,536,150

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(1,175,720)

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14,382,102

Total assets

17,924,029

20,699,448

Total current liabilities

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2,759,398

Total liabilities

3,594,691

3,148,268

During the nine months ended December 31, 2019 and 2018 the Company purchased $6,204,745 and $9,316,375, respectively, of products directly from the Hong Kong Joint Venture for resale. For the nine months ended December 31, 2019 the Company has increased its investment in the Joint Venture to reflect a decrease of $47,900 in inter-Company profit on purchases held by the Company in inventory. For the nine months ended December 31, 2018 the Company has decreased its investment in the net earnings of the Joint Venture to reflect an increase of $176,337 in inter-company profit on purchases held by the Company in inventory.

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Line of Credit - Factor
9 Months Ended

Dec. 31, 2019

Line of Credit - Factor

Line of Credit - Factor

Line of Credit – Factor

On January 15, 2015, the Company entered into the Agreement with Merchant for the purpose of factoring the Company’s trade accounts receivable and to provide financing secured by finished goods inventory. 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. The Agreement has been extended and now expires on January 6, 2022, and provides for continuation of the program for successive two year periods until terminated by one of the parties to the Agreement. As of December 31, 2019, the Company had borrowings of $1,344,661 under the Agreement, and the Company had remaining availability under the Agreement of approximately $466,000. Advances on factored trade accounts receivable are secured by all of the Company’s trade accounts receivable and inventories, are repaid periodically as collections are made by Merchant but are otherwise due upon demand, and bear interest at the prime commercial rate of interest, as published, plus two percent (Effective rate 6.75% at December 31, 2019). Advances under the factoring agreement are made at the sole discretion of Merchant, based on their assessment of the receivables, inventory and our financial condition at the time of each request for an advance.

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Dec. 31, 2018

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Gross profit 354,003 1,536,150

Net loss (2,399,054) (1,175,720)

Total current assets 12,008,548 14,382,102

Total assets 17,924,029 20,699,448

Total current liabilities 2,694,435 2,759,398

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XML 49 R22.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Recently Adopted Accounting Standards (Tables)
9 Months Ended

Dec. 31, 2019

Recently Adopted Accounting Standards

Summary of future minimum payments under operating leases

The future minimum payments under operating leases were as follows at December 31, 2019 for the fiscal year ending March 31, 2020:

2020 (remainder)



$

27,156

2021

171,462

2022

175,792

2023

14,670

Total operating lease payments



$

389,080

Less: amounts representing interest

(21,988)

Present value of net operating lease payments

$

367,092

Less: current portion

155,564

Long-term portion of operating lease obligations

$

211,528

X

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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2019	Mar. 31, 2019
CURRENT ASSETS
Cash	$ 177,337	$ 374,472
Accounts receivable:
Trade, less allowance for doubtful accounts	1,848	365,293
Receivables from employees	55,549	54,916
Receivable from Hong Kong Joint Venture	271,467	45,217
Accounts, Notes, Loans and Financing Receivable, Net, Current	328,864	465,426
Amount due from factor	1,800,891	2,549,986
Inventories - finished goods	6,563,829	6,852,305
Prepaid expenses	145,711	145,190
TOTAL CURRENT ASSETS	9,016,632	10,387,379
INVESTMENT IN HONG KONG JOINT VENTURE	7,004,447	8,441,889
INTANGIBLE ASSET - NET	50,307	53,660
PROPERTY AND EQUIPMENT - NET	386,252	19,998
OTHER ASSETS	4,000	4,000
TOTAL ASSETS	16,461,638	18,906,926
CURRENT LIABILITIES
Line of credit - factor	1,344,661	1,851,591
Short-term portion of lease liability	155,564
Accounts payable - Hong Kong Joint Venture	5,616,296	4,962,023
Accounts payable - trade	414,778	616,444
Accrued liabilities:
Accrued payroll and employee benefits	216,551	132,132
Accrued commissions and other	235,816	470,876
TOTAL CURRENT LIABILITIES	7,983,666	8,033,066
LONG-TERM PORTION OF LEASE LIABILITY	211,528
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, 2019 and March 31, 2019	23,129	23,129
Additional paid-in capital	12,885,841	12,885,841
Accumulated Deficit	(4,968,467)	(2,646,866)
Accumulated other comprehensive income	325,941	611,756
TOTAL SHAREHOLDERS' EQUITY	8,266,444	10,873,860
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 16,461,638	$ 18,906,926

Joint Venture (Details) - USD ($)	9 Months Ended
Joint Venture (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Joint Venture
Net sales	$ 6,600,373	$ 11,175,101
Gross profit	354,003	1,536,150
Net loss	(2,399,054)	(1,175,720)
Total current assets	12,008,548	14,382,102
Total assets	17,924,029	20,699,448
Total current liabilities	2,694,435	2,759,398
Total liabilities	$ 3,594,691	$ 3,148,268