环球安全产品公司2025年季度报告

Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for TABLE OF CONTENTS Part I - Financial Information Item 1.Condensed Consolidated Financial Statements: 2025 Condensed Consolidated Statements of Operations for the Three Months Ended September Condensed Consolidated Statements of Operations for the Six Months Ended September 30,2025, and 2024 (unaudited) PARTI- FINANCIAL INFORMATION UNIVERSAL SAFETY PRODUCTS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNIVERSAL SAFETY PRODUCTS,INC. AND SUBSIDIARIESNOTESTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Statement of Management Universal Safety Products, Inc., formerly “Universal Security Instruments, Inc.” (“we” or “the Company”) designs andmarkets a variety of popularly priced safety products which, during the period covered by this Quarterly Report,consisted primarily of smoke alarms, carbon monoxide alarms and related products. Most of our products requireminimal installation and are designed for easy installation by the consumer without professional assistance and aresold through retail stores. We also market products to the electrical distribution trade through our wholly ownedsubsidiary,Universal Safety Electric,Inc.,formerly,USI Electric,Inc.(“Universal Electric”).The electrical Management had been seeking access to additional funding or other resources, or the right strategic businesscombination, which would allow the Company to drive long-term value for its shareholders while taking advantage ofgrowth opportunities that the Company seeks to execute. In furtherance thereof, as previously announced on October31, 2024, the Company entered into an Asset Purchase Agreement with Feit Electric Company, Inc. (“Feit”) pursuantto which Feit agreed to acquire the smoke and carbon monoxide alarm portion of the Company’s business and the non-tangible assets of the Company, including but not limited to the trade name of Universal Security Instruments, Inc. andUniversal Electric, Inc. The Closing was subject to the approval of the transaction by the requisite vote of theshareholders of the Company. A special meeting of the shareholders to approve the sale and related actions was heldon April 15, 2025, and the asset sale was approved. Accordingly on May 22, 2025, the Company closed on the asset The condensed consolidated financial statements include the accounts of the Company and its wholly ownedsubsidiaries Universal Electric. and Universal DEFI, LLC. Except for the condensed consolidated balance sheet as ofMarch 31, 2025, which was derived from audited financial statements, the accompanying condensed consolidatedfinancial statements are unaudited. Significant inter-company accounts and transactions have been eliminated inconsolidation. In the opinion of the Company’s management, the interim condensed consolidated financial statementsinclude all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the resultsfor the interim periods. Certain information and footnote disclosures normally included in financial statements Use of Estimates Thepreparation of the condensed consolidated financial statements in conformity with US-GAAP requiresmanagement to make estimates and assumptions that affect the reported amounts of assets and liabilities anddisclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of Revenue Recognition The Company’s primary source of revenue is the sale of safety and security products based upon purchase orders orcontracts with customers. Revenue is recognized at a point in time once the Company has determined that thecustomer has obtained control over the product. Control is typically deemed to have been transferred to the customerwhen the product is shipped or delivered to the customer. Customers may not return, exchange or refuse acceptance ofgoods without our approval. Generally, the Company does not grant extended payment terms. Shipping and handling 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 practicalexpedient in ASC Topic 606 exempting the Company from disclosure of the transaction price allocated to remainingperformance obligations if the performance obligation is part of a contract that has an original expected duration ofone year or less. The amount of revenue recognized reflects the consideration which the Company expe