Commission file number: 001-31747 & UNIVERSAL SECURITY INSTRUMENTS,& INC.& ( The number of shares of common stock outstanding as of July 5, 2021 was 2,312,887. & EXPLANATORY NOTE & UNIVERSAL SECURITY INSTRUMENTS,& INC.& ( The Company imports all of its safety and other products from foreign manufacturers. Customers may not return, exchange or refuse acceptance of goods without our approval. Generally, the Company does not grant extended payment terms. Revenue is recorded at the transaction price net of estimates of variable consideration. An allowance for uncollectible receivables is provided based on that assessment. Included as a component of finished goods inventory are additional non-material costs. These costs include freight, import duty, tariffs, and inspection fees. Lease expense is recognized on a straight-line basis over the lease term. The Company considers the applicability and impact of all ASU’s. In October, 2018, we extended this operating lease to expire in April& 2022. Employees are permitted to contribute up to the amounts prescribed by law. Repair and maintenance costs are expensed as incurred. The Company subsequently reimbursed these charges in full. Mr. Grossblatt receives mileage benefits from these charges. + ReferencesNo definition available. If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. Excludes cash and cash equivalents within disposal group and discontinued operation. This excludes temporary equity and is sometimes called permanent equity. Shares issued include shares outstanding and shares held in the treasury. Actual results could differ from those estimates. Leases: The Company determines if an arrangement is a lease at inception. X - ReferencesNo definition available. Accounting policies describe all significant accounting policies of the reporting entity. Management expects sales growth to continue going forward.& & There was no cash on deposit with the Factor at March& 31, 2021 or 2020. This lease is subject to increasing rentals at 2.5% per& year. Includes, but is not limited to, quantification of the expected or actual impact. Includes proceeds from short-term and long-term debt.
