SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(Rule 13d-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. __________)
Universal Security Instruments, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
913821 30 2
(CUSIP Number)
Harvey Grossblatt, Universal Security Instruments, Inc.,
10324 South Dolfield Road
Owings Mills, Maryland 21117 (410) 363-3000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 2, 1998
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1 (b)(3) or (4), check the following
box |_|.
(Continued on following pages)
(Page 1 of 5 Pages)
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CUSIP No. 9138211 30 2 13D Page 2 of 5 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Michael Kovens ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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7 SOLE VOTING POWER
NUMBER
OF 328,295
SHARES ---------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 0
BY ---------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 328,295
PERSON ---------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
328,295
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
33.0%
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14 TYPE OF REPORTING PERSON*
IN
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SCHEDULE 13D
Item 1. Security and Issuer.
This statement relates to shares of common stock, par value $.01 per
share (the "Shares"), of Universal Security Instruments, Inc. (the "Issuer"),
10324 South Dolfield Road, Owings Mills, Maryland 21117
Item 2. Identity and Background.
(a) The name of the Reporting Person is Michael Kovens (the "Reporting
Person").
(b) The Reporting Person's business address is 10324 South Dolfield
Road, Owings Mills, Maryland 21117.
(c) The Reporting Person is Chairman of the Board of Directors of the
Issuer.
(d) No.
(e) No.
(f) The Reporting Person is a citizen of the United States of America.
Item 3. Source and Amount of Funds or Other Consideration.
The Reporting Person acquired the Shares covered by this statement with
personal funds.
Item 4. Purpose of Transaction.
The Shares reported on herein were acquired by the Reporting Person
from the Issuer to improve the cash position and increase the working capital of
the Issuer.
The Reporting Person has no current plans or proposals which relate to
or would result in any of the following:
(a) The acquisition by any person of additional securities of the
Issuer, or the disposition of securities of the Issuer;
(b) An extraordinary corporate transaction involving the Issuer or any
of its subsidiaries;
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(c) A sale or transfer of a material amount of assets of the Issuer or
any of its subsidiaries;
(d) Except as disclosed in Item 2(c), any change in the present board
of directors or management of the Issuer, including any plans or
proposals to change the number or term of directors or to fill any
existing vacancies on the board of directors;
(e) Any material change in the present capitalization or dividend
policy of the Issuer;
(f) Any other material change in the Issuer's business or corporate
structure;
(g) Changes in the Issuer's charter, bylaws or instruments
corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person;
(h) Causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be
quoted in an inter-dealer quotation system of a registered
national securities association;
(i) A class of equity securities of the issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the
Securities Exchange Act of 1934; or
(j) Any action similar to any of those enumerated above.
Notwithstanding the foregoing, the Reporting Person may from time to
time acquire beneficial ownership of additional Shares or dispose of any Shares
beneficially owned by him, including pursuant to any stock option or similar
plan of the Issuer in which the Reporting Person is eligible to participate. In
addition, as a member of the Board of Directors of the Issuer, the Reporting
Person will participate from time to time, in the consideration of possible
actions or transactions involving the Issuer, some of which may, in whole or in
part, relate to or result in one or more of the actions enumerated above.
Item 5. Interest in Securities of the Issuer.
(a) The Reporting Person is the beneficial owner of 328,295 Shares,
including 68,750 Shares which the Reporting Person presently has the right to
acquire, representing 33.0% of the class of securities covered by this
statement.
(b) The Reporting Person has sole voting and dispositive power with
respect to all Shares he beneficially owns.
(c) Except as reported in Item 3, none.
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(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer
Not applicable.
Item 7. Material to be Filed as Exhibits.
None.
Signature.
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
DATE: September 11, 1998
/s/ Michael Kovens
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Michael Kovens
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