Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | May 01, 2020 | Sep. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | NVE CORP /NEW/ | ||
Entity Central Index Key | 0000724910 | ||
Trading Symbol | nvec | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,835,038 | ||
Entity Public Float | $ 208 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common stock, $0.01 par value |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 | |
ASSETS | |||
Cash and cash equivalents | $ 8,065,594 | $ 6,877,304 | [1] |
Marketable securities, short-term | 19,084,814 | 12,487,821 | [1] |
Accounts receivable, net of allowance for uncollectible accounts of $15,000 | 2,694,018 | 2,995,638 | [1] |
Inventories | 3,884,450 | 4,264,876 | [1] |
Prepaid expenses and other assets | 655,835 | 816,045 | [1] |
Total current assets | 34,384,711 | 27,441,684 | [1] |
Fixed assets | |||
Machinery and equipment | 9,280,062 | 9,365,806 | [1] |
Leasehold improvements | 1,797,245 | 1,787,269 | [1] |
Property, Plant and Equipment, Gross, Ending Balance | 11,077,307 | 11,153,075 | [1] |
Less accumulated depreciation and amortization | 10,494,840 | 10,258,240 | [1] |
Net fixed assets | 582,467 | 894,835 | [1] |
Deferred tax assets | 108,119 | 353,735 | [1] |
Marketable securities, long-term | 43,606,495 | 54,925,633 | [1] |
Right-of-use asset – operating lease | 816,358 | [1] | |
Total assets | 79,498,150 | 83,615,887 | [1] |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
Accounts payable | 186,993 | 375,188 | [1] |
Accrued payroll and other | 482,074 | 460,488 | [1] |
Operating lease | 127,134 | [1] | |
Total current liabilities | 796,201 | 835,676 | [1] |
Operating lease | 706,600 | ||
Total liabilities | 1,502,801 | 835,676 | |
Shareholders’ equity | |||
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,835,038 issued and outstanding as of March 31, 2020 and 4,846,010 as of March 31, 2019 | 48,350 | 48,460 | [1] |
Additional paid-in capital | 19,383,956 | 19,910,558 | [1] |
Accumulated other comprehensive income (loss) | 516,523 | (82,725) | [1] |
Retained earnings | 58,046,520 | 62,903,918 | [1] |
Total shareholders’ equity | 77,995,349 | 82,780,211 | [1] |
Total liabilities and shareholders’ equity | $ 79,498,150 | $ 83,615,887 | [1] |
[1] | The March 31, 2019 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019. |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 | [1] |
Allowance for uncollectible accounts | $ 15,000 | $ 15,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 6,000,000 | 6,000,000 | |
Common stock, shares issued (in shares) | 4,835,038 | 4,846,010 | |
Common stock, shares outstanding (in shares) | 4,835,038 | 4,846,010 | |
[1] | The March 31, 2019 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019. |
Statements of Income
Statements of Income - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 25,412,163 | $ 26,472,337 |
Cost of sales | 4,889,295 | 5,216,112 |
Gross profit | 20,522,868 | 21,256,225 |
Research and development | 3,690,539 | 4,107,692 |
Selling, general, and administrative | 1,317,543 | 1,223,971 |
Total expenses | 5,008,082 | 5,331,663 |
Income from operations | 15,514,786 | 15,924,562 |
Interest income | 1,787,117 | 1,785,277 |
Income before taxes | 17,301,903 | 17,709,839 |
Provision for income taxes | 2,775,261 | 3,201,903 |
Net income | $ 14,526,642 | $ 14,507,936 |
Net income per share – basic (in dollars per share) | $ 3 | $ 3 |
Net income per share – diluted (in dollars per share) | 3 | 2.99 |
Cash dividends declared per common share (in dollars per share) | $ 4 | $ 4 |
Weighted average common shares outstanding – basic (in shares) | 4,845,627 | 4,844,010 |
Diluted (in shares) | 4,847,294 | 4,850,567 |
Product [Member] | ||
Revenue | $ 24,400,192 | $ 25,291,306 |
Contract Research and Development [Member] | ||
Revenue | $ 1,011,971 | $ 1,181,031 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 14,526,642 | $ 14,507,936 |
Unrealized gain from marketable securities, net of tax | 599,248 | 893,275 |
Comprehensive income | $ 15,125,890 | $ 15,401,211 |
Statements of Shareholders' Equ
Statements of Shareholders' Equity - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at Mar. 31, 2018 | 4,842,010 | ||||||||||
Balance at Mar. 31, 2018 | $ 48,420 | $ 19,599,298 | $ (915,635) | $ 67,709,657 | $ 86,441,740 | ||||||
Exercise of stock options (in shares) | 4,000 | ||||||||||
Exercise of stock options | $ 40 | 217,900 | 217,940 | ||||||||
Unrealized gain on marketable securities, net of tax | 893,275 | 893,275 | |||||||||
Net income | 14,507,936 | 14,507,936 | |||||||||
Total comprehensive income | 15,401,211 | ||||||||||
Stock-based compensation | 93,360 | 93,360 | |||||||||
Cash dividends declared | (19,374,040) | (19,374,040) | |||||||||
Balance (in shares) at Mar. 31, 2019 | 4,846,010 | ||||||||||
Balance at Mar. 31, 2019 | $ (60,365) | $ 60,365 | $ 48,460 | 19,910,558 | (82,725) | 62,903,918 | 82,780,211 | [1] | |||
Exercise of stock options (in shares) | 2,000 | ||||||||||
Exercise of stock options | $ 20 | 112,340 | 112,360 | ||||||||
Unrealized gain on marketable securities, net of tax | 599,248 | 599,248 | |||||||||
Net income | 14,526,642 | 14,526,642 | |||||||||
Total comprehensive income | 15,125,890 | ||||||||||
Stock-based compensation | 48,360 | 48,360 | |||||||||
Cash dividends declared | (19,384,040) | (19,384,040) | |||||||||
Repurchase of common stock (in shares) | (12,972) | ||||||||||
Repurchase of common stock | $ (130) | (687,302) | (687,432) | ||||||||
Balance (in shares) at Mar. 31, 2020 | 4,835,038 | ||||||||||
Balance at Mar. 31, 2020 | $ 48,350 | $ 19,383,956 | $ 516,523 | $ 58,046,520 | $ 77,995,349 | ||||||
[1] | The March 31, 2019 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019. |
Statements of Shareholders' E_2
Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Additional Paid-in Capital [Member] | ||
Cash dividends declared per common share (in dollars per share) | $ 4 | $ 4 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | |||
OPERATING ACTIVITIES | ||||
Net income | $ 14,526,642 | $ 14,507,936 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 549,969 | 705,197 | ||
Stock-based compensation | 48,360 | 93,360 | ||
Deferred income taxes | 77,779 | (31,269) | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 301,620 | (106,859) | ||
Inventories | 380,426 | (614,437) | ||
Prepaid expenses and other assets | (394,504) | (180,885) | ||
Accounts payable and accrued expenses | 405,481 | (154,049) | ||
Net cash provided by operating activities | 15,895,773 | 14,218,994 | ||
INVESTING ACTIVITIES | ||||
Purchases of fixed assets | (52,041) | (68,265) | ||
Purchases of marketable securities | (7,196,330) | (13,672,407) | ||
Proceeds from maturities and sales of marketable securities | 12,500,000 | 20,800,000 | ||
Net cash provided by investing activities | 5,251,629 | 7,059,328 | ||
FINANCING ACTIVITIES | ||||
Proceeds from exercise of stock options | 112,360 | 217,940 | ||
Repurchase of common stock | (687,432) | |||
Payment of dividends to shareholders | (19,384,040) | (19,374,040) | ||
Net cash used in financing activities | (19,959,112) | (19,156,100) | ||
Increase in cash and cash equivalents | 1,188,290 | 2,122,222 | ||
Cash and cash equivalents at beginning of year | 6,877,304 | [1] | 4,755,082 | |
Cash and cash equivalents at end of year | 8,065,594 | 6,877,304 | [1] | |
Supplemental disclosures of cash flow information: | ||||
Cash paid during the year for income taxes | $ 2,586,661 | $ 3,426,045 | ||
[1] | The March 31, 2019 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019. |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2. three Fair Value of Financial Instruments Concentration of Risk and Financial Instruments one 19 may one not 19 19 Accounts Receivable and Allowance for Doubtful Accounts may no 2020 2019. Inventories first first Product Warranty one Fixed Assets five five not 2020 2019. $364,409 2020 498,813 2019. Revenue Recognition may third not not not no March 31, 2020 March 31, 2019. one one 606, Revenue from Contracts with Customers not not one Income Taxes not Research and Development Expense Recognition Stock-Based Compensation Net Income Per Share Year Ended March 31 2020 2019 Weighted average common shares outstanding – basic 4,845,627 4,844,010 Dilutive effect of stock options 1,667 6,557 Shares used in computing net income per share – diluted 4,847,294 4,850,567 Use of Estimates Recently Issued Accounting Standards Recently Adopted Accounting Standards July 2019, No. 2019 07, Codification Updates to SEC Sections—Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33 10532, 33 10231 33 10442, 2019 07 10 June 30, 2019 2019 07 February 2016, No. 2016 02, Lease Accounting 2016 02 July 2018, 2018 10, Codification Improvements to Topic 842 December 15, 2018, 2020 July 2018, No. 2018 11, Leases Topic ( 842 No. 2018 11 June 30, 2019. $298,983 $261,644 April 1, 2019. no New Accounting Standards Not December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 740 2019 12 December 15, 2020 2022 not June 2016, No. 2016 13, Financial Instruments—Credit Losses (Topic 326 2016 13 November 2018 No. 2018 19, Codification Improvements to Topic 326, November 2019, No. 2019 11, Codification Improvements to Topic 326, 2016 13. November 2019 No. 2019 10, Financial Instruments—Credit Losses (Topic 326 815 842 February 2020 No. 2020 02, Financial Instruments—Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13 three March 2020, No. 2020 03, Codification Improvements to Financial Instruments 2019 10 2020 02, 2016 13 December 15, 2022 2024 not |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 3. one one three March 31, 2020 Total <1 Year 1–3 Years 3–5 Years $ 70,594,742 $ 26,988,247 $ 28,683,823 $ 14,922,672 89% March 31, 2020 seven 47 1 2 2 3 As of March 31, 2020 As of March 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 7,903,433 $ - $ 7,903,433 $ 6,703,809 $ - $ 6,703,809 Corporate bonds - 62,691,309 62,691,309 - 67,413,454 67,413,454 Total $ 7,903,433 $ 62,691,309 $ 70,594,742 $ 6,703,809 $ 67,413,454 $ 74,117,263 March 31, 2020 2019, As of March 31, 2020 As of March 31, 2019 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Money market funds $ 7,903,433 $ - $ - $ 7,903,433 $ 6,703,809 $ - $ - $ 6,703,809 Corporate bonds 62,030,120 752,621 (91,432 ) 62,691,309 67,519,350 315,902 (421,798 ) 67,413,454 Total $ 69,933,553 $ 752,621 $ (91,432 ) $ 70,594,742 $ 74,223,159 $ 315,902 $ (421,798 ) $ 74,117,263 March 31, 2020 2019. Less Than 12 Months 12 Months or Greater Total Estimated Gross Estimated Gross Estimated Gross As of March 31, 2020 Corporate bonds $ 19,525,169 $ (91,432 ) $ - $ - $ 19,525,169 $ (91,432 ) Total $ 19,525,169 $ (91,432 ) $ - $ - $ 19,525,169 $ (91,432 ) As of March 31, 2019 Corporate bonds $ - $ - $ 51,413,428 $ (421,798 ) $ 51,413,428 $ (421,798 ) Total $ - $ - $ 51,413,428 $ (421,798 ) $ 51,413,428 $ (421,798 ) not March 31, 2020. None not 19 not not not March 31, 2020. |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4. March 31 2020 2019 Raw materials $ 1,017,451 $ 1,130,917 Work in process 1,863,000 2,325,238 Finished goods 1,003,999 808,721 Total inventories $ 3,884,450 $ 4,264,876 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 5. 2000 may five one ten not not $48,360 2020 $93,360 2019. Valuation assumptions Year Ended March 31 2020 2019 Risk-free interest rate 1.7 % 2.9 % Expected volatility 37 % 33 % Expected life (years) 4.6 4.5 Dividend yield 5.9 % 3.7 % Expected life Risk-free interest rate Volatility Dividend yield 5.9% 2020 3.7% 2019 Tax effects of stock-based compensation $10,581 2020 $19,771 2019. General stock option information March 31, 2020, Ranges of Number Weighted Average Weighted Remaining $49.86 - $67.69 16,000 $ 61.37 6.0 $76.13 - $107.86 8,000 92.00 7.9 24,000 $ 71.58 6.6 Option Shares Options Weighted Average At March 31, 2018 139,230 22,000 $ 61.19 Granted (4,000 ) 4,000 $ 107.86 Exercised - (4,000 ) $ 54.49 At March 31, 2019 135,230 22,000 $ 70.89 Granted (4,000 ) 4,000 $ 67.65 Exercised - (2,000 ) $ 56.18 At March 31, 2020 131,230 24,000 $ 71.58 6.6 March 31, 2020 6.7 March 31, 2019. March 31, 2020 2019. 2020 $32,108 March 31, 2020, $2,170, $48,360 2020. no March 31, 2020. |
Note 6 - Income Taxes
Note 6 - Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 6. 2020 2019 Year Ended March 31 2020 2019 Current taxes Federal $ 2,710,658 $ 3,107,376 State (13,176 ) 125,796 Deferred taxes Federal 74,651 (30,012 ) State 3,128 (1,257 ) Income tax provision $ 2,775,261 $ 3,201,903 2020 2019 Year Ended March 31 2020 2019 Tax expense at U.S. Statutory rate $ 3,633,400 $ 3,719,066 State income taxes, net of Federal benefit 77,989 95,430 Research and development credits (126,320 ) - Foreign-derived intangible income deduction (540,265 ) (555,256 ) Other (269,543 ) (57,337 ) Income tax provision $ 2,775,261 $ 3,201,903 March 31, 2020 2019 March 31 2020 2019 Paid time off accrual $ 55,240 $ 55,900 Inventory reserve 45,948 41,572 Depreciation and amortization 22,651 112,125 Stock-based compensation deductions 65,218 62,671 Unrealized (gain) loss on marketable securities (144,668 ) 23,170 Other 63,730 58,297 Deferred tax assets $ 108,119 $ 353,735 no March 31, 2020, not 12 March 31, 2020 no 2016 2018 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 7. March 31, 2026. March 2, 2020 fifth December 31, 2020 fifth 63 fifth 8 March 3, 2020. fifth $14,241 2021 $14,811 2020 2% 2022, 2023, 2024, 2025. fifth first three 2021 not Year Ended Operating lease cost $ 154,565 Variable lease cost 96,798 Total $ 251,363 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 174,528 Remaining lease term (years) 6 Discount rate 3.5 % March 31, 2020: Year Ending March 31 Operating Leases 2021 128,537 2022 152,703 2023 156,121 2024 159,592 2025 163,224 2026 165,947 Total lease payments 926,124 Imputed lease interest (92,390 ) Total lease liabilities $ 833,734 |
Note 8 - Concentrations
Note 8 - Concentrations | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 8. 10% two % of Revenue for 2020 2019 Customer A 24% 21% Customer B 14% 18% Customer C 10% Less than 10% 43% March 31, 2020 41% March 31, 2019. not |
Note 9 - Stock Repurchase Progr
Note 9 - Stock Repurchase Program | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stock Repurchase Plan Disclosure [Text Block] | NOTE 9. January 21, 2009 $2,500,000 August 27, 2015, $5,000,000 not not may 12,972 2020. not 2019. $3,853,459 March 31, 2020. may |
Note 10 - Information As to Emp
Note 10 - Information As to Employee Stock Purchase, Savings, and Similar Plans | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 10. 401 first 21. may 100% first 3% $92,880 2020 $91,341 2019. |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11. May 6, 2020 $1.00 May 29, 2020 May 18, 2020. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Concentration Of Risk and Financial Instruments Policy [Policy Text Block] | Concentration of Risk and Financial Instruments one 19 may one not 19 19 |
Receivable [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts may no 2020 2019. |
Inventory, Policy [Policy Text Block] | Inventories first first |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty one |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets five five not 2020 2019. $364,409 2020 498,813 2019. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition may third not not not no March 31, 2020 March 31, 2019. one one 606, Revenue from Contracts with Customers not not one |
Income Tax, Policy [Policy Text Block] | Income Taxes not |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Recognition |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share Year Ended March 31 2020 2019 Weighted average common shares outstanding – basic 4,845,627 4,844,010 Dilutive effect of stock options 1,667 6,557 Shares used in computing net income per share – diluted 4,847,294 4,850,567 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Recently Adopted Accounting Standards July 2019, No. 2019 07, Codification Updates to SEC Sections—Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33 10532, 33 10231 33 10442, 2019 07 10 June 30, 2019 2019 07 February 2016, No. 2016 02, Lease Accounting 2016 02 July 2018, 2018 10, Codification Improvements to Topic 842 December 15, 2018, 2020 July 2018, No. 2018 11, Leases Topic ( 842 No. 2018 11 June 30, 2019. $298,983 $261,644 April 1, 2019. no New Accounting Standards Not December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 740 2019 12 December 15, 2020 2022 not June 2016, No. 2016 13, Financial Instruments—Credit Losses (Topic 326 2016 13 November 2018 No. 2018 19, Codification Improvements to Topic 326, November 2019, No. 2019 11, Codification Improvements to Topic 326, 2016 13. November 2019 No. 2019 10, Financial Instruments—Credit Losses (Topic 326 815 842 February 2020 No. 2020 02, Financial Instruments—Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13 three March 2020, No. 2020 03, Codification Improvements to Financial Instruments 2019 10 2020 02, 2016 13 December 15, 2022 2024 not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended March 31 2020 2019 Weighted average common shares outstanding – basic 4,845,627 4,844,010 Dilutive effect of stock options 1,667 6,557 Shares used in computing net income per share – diluted 4,847,294 4,850,567 |
Note 3 - Fair Value of Financ_2
Note 3 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Total <1 Year 1–3 Years 3–5 Years $ 70,594,742 $ 26,988,247 $ 28,683,823 $ 14,922,672 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of March 31, 2020 As of March 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 7,903,433 $ - $ 7,903,433 $ 6,703,809 $ - $ 6,703,809 Corporate bonds - 62,691,309 62,691,309 - 67,413,454 67,413,454 Total $ 7,903,433 $ 62,691,309 $ 70,594,742 $ 6,703,809 $ 67,413,454 $ 74,117,263 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | As of March 31, 2020 As of March 31, 2019 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Money market funds $ 7,903,433 $ - $ - $ 7,903,433 $ 6,703,809 $ - $ - $ 6,703,809 Corporate bonds 62,030,120 752,621 (91,432 ) 62,691,309 67,519,350 315,902 (421,798 ) 67,413,454 Total $ 69,933,553 $ 752,621 $ (91,432 ) $ 70,594,742 $ 74,223,159 $ 315,902 $ (421,798 ) $ 74,117,263 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less Than 12 Months 12 Months or Greater Total Estimated Gross Estimated Gross Estimated Gross As of March 31, 2020 Corporate bonds $ 19,525,169 $ (91,432 ) $ - $ - $ 19,525,169 $ (91,432 ) Total $ 19,525,169 $ (91,432 ) $ - $ - $ 19,525,169 $ (91,432 ) As of March 31, 2019 Corporate bonds $ - $ - $ 51,413,428 $ (421,798 ) $ 51,413,428 $ (421,798 ) Total $ - $ - $ 51,413,428 $ (421,798 ) $ 51,413,428 $ (421,798 ) |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31 2020 2019 Raw materials $ 1,017,451 $ 1,130,917 Work in process 1,863,000 2,325,238 Finished goods 1,003,999 808,721 Total inventories $ 3,884,450 $ 4,264,876 |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended March 31 2020 2019 Risk-free interest rate 1.7 % 2.9 % Expected volatility 37 % 33 % Expected life (years) 4.6 4.5 Dividend yield 5.9 % 3.7 % |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Ranges of Number Weighted Average Weighted Remaining $49.86 - $67.69 16,000 $ 61.37 6.0 $76.13 - $107.86 8,000 92.00 7.9 24,000 $ 71.58 6.6 |
Share-based Payment Arrangement, Activity [Table Text Block] | Option Shares Options Weighted Average At March 31, 2018 139,230 22,000 $ 61.19 Granted (4,000 ) 4,000 $ 107.86 Exercised - (4,000 ) $ 54.49 At March 31, 2019 135,230 22,000 $ 70.89 Granted (4,000 ) 4,000 $ 67.65 Exercised - (2,000 ) $ 56.18 At March 31, 2020 131,230 24,000 $ 71.58 |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31 2020 2019 Current taxes Federal $ 2,710,658 $ 3,107,376 State (13,176 ) 125,796 Deferred taxes Federal 74,651 (30,012 ) State 3,128 (1,257 ) Income tax provision $ 2,775,261 $ 3,201,903 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31 2020 2019 Tax expense at U.S. Statutory rate $ 3,633,400 $ 3,719,066 State income taxes, net of Federal benefit 77,989 95,430 Research and development credits (126,320 ) - Foreign-derived intangible income deduction (540,265 ) (555,256 ) Other (269,543 ) (57,337 ) Income tax provision $ 2,775,261 $ 3,201,903 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31 2020 2019 Paid time off accrual $ 55,240 $ 55,900 Inventory reserve 45,948 41,572 Depreciation and amortization 22,651 112,125 Stock-based compensation deductions 65,218 62,671 Unrealized (gain) loss on marketable securities (144,668 ) 23,170 Other 63,730 58,297 Deferred tax assets $ 108,119 $ 353,735 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended Operating lease cost $ 154,565 Variable lease cost 96,798 Total $ 251,363 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 174,528 Remaining lease term (years) 6 Discount rate 3.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending March 31 Operating Leases 2021 128,537 2022 152,703 2023 156,121 2024 159,592 2025 163,224 2026 165,947 Total lease payments 926,124 Imputed lease interest (92,390 ) Total lease liabilities $ 833,734 |
Note 8 - Concentrations (Tables
Note 8 - Concentrations (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | % of Revenue for 2020 2019 Customer A 24% 21% Customer B 14% 18% Customer C 10% Less than 10% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Apr. 01, 2019 | ||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0 | $ 0 | ||
Product Warranty Term (Year) | 1 year | |||
Impairment of Long-Lived Assets Held-for-use | $ 0 | 0 | ||
Depreciation, Depletion and Amortization, Nonproduction, Total | 364,409 | 498,813 | ||
Operating Lease, Liability, Total | 833,734 | |||
Operating Lease, Right-of-Use Asset | $ 816,358 | [1] | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Liability, Total | $ 298,983 | |||
Operating Lease, Right-of-Use Asset | $ 261,644 | |||
Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
Leasehold Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
[1] | The March 31, 2019 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019. |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Weighted Average Number of Shares (Details) - shares | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Weighted average common shares outstanding – basic (in shares) | 4,845,627 | 4,844,010 |
Dilutive effect of stock options (in shares) | 1,667 | 6,557 |
Shares used in computing net income per share – diluted (in shares) | 4,847,294 | 4,850,567 |
Note 3 - Fair Value of Financ_3
Note 3 - Fair Value of Financial Instruments (Details Textual) | 12 Months Ended |
Mar. 31, 2020 | |
Available for Sale Debt Securitites, Percent of Total Assets | 89.00% |
Number of Other-than-temporarily Impaired Available-for-sale Securities | 0 |
Number of Other-than-temporarily Impaired Marketable Securities | 0 |
Minimum [Member] | |
Available for Sale Debt Securities, Remaining Maturity (Month) | 210 days |
Maximum [Member] | |
Available for Sale Debt Securities, Remaining Maturity (Month) | 3 years 330 days |
Note 3 - Fair Value of Financ_4
Note 3 - Fair Value of Financial Instruments - Fair Value of Available-for-sale Securities (Details) | Mar. 31, 2020USD ($) |
Total | $ 70,594,742 |
Less than 1 year | 26,988,247 |
1-3 years | 28,683,823 |
3-5 years | $ 14,922,672 |
Note 3 - Fair Value of Financ_5
Note 3 - Fair Value of Financial Instruments - Assets Measured on Recurring Basis (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Securities available for sale | $ 70,594,742 | $ 74,117,263 |
Money Market Funds [Member] | ||
Securities available for sale | 7,903,433 | 6,703,809 |
Corporate Bond Securities [Member] | ||
Securities available for sale | 62,691,309 | 67,413,454 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 70,594,742 | 74,117,263 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Securities available for sale | 7,903,433 | 6,703,809 |
Fair Value, Recurring [Member] | Corporate Bond Securities [Member] | ||
Securities available for sale | 62,691,309 | 67,413,454 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 7,903,433 | 6,703,809 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Securities available for sale | 7,903,433 | 6,703,809 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Bond Securities [Member] | ||
Securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 62,691,309 | 67,413,454 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member] | ||
Securities available for sale | $ 62,691,309 | $ 67,413,454 |
Note 3 - Fair Value of Financ_6
Note 3 - Fair Value of Financial Instruments - Reconciliation of Available-for-sale Securities (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Amortized Cost | $ 69,933,553 | $ 74,223,159 |
Gross Unrealized Holding Gains | 752,621 | 315,902 |
Gross Unrealized Holding Losses | (91,432) | (421,798) |
Estimated Fair Value | 70,594,742 | 74,117,263 |
Money Market Funds [Member] | ||
Amortized Cost | 7,903,433 | 6,703,809 |
Gross Unrealized Holding Gains | ||
Gross Unrealized Holding Losses | ||
Estimated Fair Value | 7,903,433 | 6,703,809 |
Corporate Bond Securities [Member] | ||
Amortized Cost | 62,030,120 | 67,519,350 |
Gross Unrealized Holding Gains | 752,621 | 315,902 |
Gross Unrealized Holding Losses | (91,432) | (421,798) |
Estimated Fair Value | $ 62,691,309 | $ 67,413,454 |
Note 3 - Fair Value of Financ_7
Note 3 - Fair Value of Financial Instruments - Investment Securities With Unrealized Losses (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Fair market value, less than 12 months | $ 19,525,169 | |
Gross unrealized losses, less than 12 months | (91,432) | |
Fair market value, 12 months or greater | 51,413,428 | |
Gross unrealized losses, 12 months or greater | (421,798) | |
Total fair market value | 19,525,169 | 51,413,428 |
Total gross unrealized losses | (91,432) | (421,798) |
Corporate Bond Securities [Member] | ||
Fair market value, less than 12 months | 19,525,169 | |
Gross unrealized losses, less than 12 months | (91,432) | |
Fair market value, 12 months or greater | 51,413,428 | |
Gross unrealized losses, 12 months or greater | (421,798) | |
Total fair market value | 19,525,169 | 51,413,428 |
Total gross unrealized losses | $ (91,432) | $ (421,798) |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 | |
Raw materials | $ 1,017,451 | $ 1,130,917 | |
Work in process | 1,863,000 | 2,325,238 | |
Finished goods | 1,003,999 | 808,721 | |
Total inventories | $ 3,884,450 | $ 4,264,876 | [1] |
[1] | The March 31, 2019 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019. |
Note 5 - Stock-based Compensa_3
Note 5 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |
Share-based Payment Arrangement, Expense | $ 48,360 | $ 93,360 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.90% | 3.70% |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 10,581 | $ 19,771 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 6 years 219 days | 6 years 255 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 32,108 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 2,170 | |
Share-based Compensation Arrangement by Share Based Payment Award Options Grants in Period Fair Value | 48,360 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 1 year | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 5 - Stock-based Compensa_4
Note 5 - Stock-based Compensation - Schedule of Valuation Assumptions (Details) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Risk-free interest rate | 1.70% | 2.90% |
Expected volatility | 37.00% | 33.00% |
Expected life (years) (Year) | 4 years 219 days | 4 years 182 days |
Dividend yield | 5.90% | 3.70% |
Note 5 - Stock-based Compensa_5
Note 5 - Stock-based Compensation - Summary of Options Outstanding (Details) | 12 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Number outstanding (in shares) | shares | 24,000 |
Weighted average exercise price (in dollars per share) | $ 71.58 |
Weighted average contractual life (Year) | 6 years 219 days |
Range One [Member] | |
Range of exercise prices, lower limit (in dollars per share) | $ 49.86 |
Range of exercise prices, upper limit (in dollars per share) | $ 67.69 |
Number outstanding (in shares) | shares | 16,000 |
Weighted average exercise price (in dollars per share) | $ 61.37 |
Weighted average contractual life (Year) | 6 years |
Range Two [Member] | |
Range of exercise prices, lower limit (in dollars per share) | $ 76.13 |
Range of exercise prices, upper limit (in dollars per share) | $ 107.86 |
Number outstanding (in shares) | shares | 8,000 |
Weighted average exercise price (in dollars per share) | $ 92 |
Weighted average contractual life (Year) | 7 years 328 days |
Note 5 - Stock-based Compensa_6
Note 5 - Stock-based Compensation - Summary of Stock Options (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Option Shares Reserved [Member] | |||
Option shares reserved (in shares) | 131,230 | 135,230 | 139,230 |
Granted (in shares) | (4,000) | (4,000) | |
Granted (in shares) | 4,000 | 4,000 | |
Exercised (in shares) | |||
Exercised (in shares) | |||
Share-based Payment Arrangement, Option [Member] | |||
Option shares reserved (in shares) | 24,000 | 22,000 | 22,000 |
Weighted average option exercise price (in dollars per share) | $ 71.58 | $ 70.89 | $ 61.19 |
Granted (in shares) | (4,000) | (4,000) | |
Granted (in shares) | 4,000 | 4,000 | |
Granted, weighted average option exercise price (in dollars per share) | $ 67.65 | $ 107.86 | |
Exercised (in shares) | 2,000 | 4,000 | |
Exercised (in shares) | (2,000) | (4,000) | |
Exercised, weighted average option exercise price (in dollars per share) | $ 56.18 | $ 54.49 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 0 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 0 |
Open Tax Year | 2016 2017 2018 |
Note 6 - Income Taxes - Schedul
Note 6 - Income Taxes - Schedule of Income Tax Provisions (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Current taxes | ||
Federal, Current taxes | $ 2,710,658 | $ 3,107,376 |
State, Current taxes | (13,176) | 125,796 |
Deferred taxes | ||
Federal, Deferred taxes | 74,651 | (30,012) |
State, Deferred taxes | 3,128 | (1,257) |
Income tax provision | $ 2,775,261 | $ 3,201,903 |
Note 6 - Income Taxes - Reconci
Note 6 - Income Taxes - Reconciliation of Income Tax Provisions (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Tax expense at U.S. Statutory rate | $ 3,633,400 | $ 3,719,066 |
State income taxes, net of Federal benefit | 77,989 | 95,430 |
Research and development credits | (126,320) | |
Foreign-derived intangible income deduction | (540,265) | (555,256) |
Other | (269,543) | (57,337) |
Income tax provision | $ 2,775,261 | $ 3,201,903 |
Note 6 - Income Taxes - Deferre
Note 6 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Paid time off accrual | $ 55,240 | $ 55,900 |
Inventory reserve | 45,948 | 41,572 |
Depreciation and amortization | 22,651 | 112,125 |
Stock-based compensation deductions | 65,218 | 62,671 |
Unrealized (gain) loss on marketable securities | (144,668) | |
Unrealized (gain) loss on marketable securities | 23,170 | |
Other | 63,730 | 58,297 |
Deferred tax assets | $ 108,119 | $ 353,735 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 02, 2020 | |
Lessee, Operating Lease, Renewal Term (Month) | 5 years 90 days | ||
Monthly Base Rent | $ 14,811 | ||
Monthly Base Rent, Annual Increase in Two Years, Percent | 2.00% | ||
Monthly Base Rent, Annual Increase in Three Years, Percent | 2.00% | ||
Monthly Base Rent, Annual Increase in Four Years, Percent | 2.00% | ||
Monthly Base Rent, Annual Increase in Five Years, Percent | 2.00% | ||
Forecast [Member] | |||
Monthly Base Rent | $ 14,241 |
Note 7 - Leases - Operating Lea
Note 7 - Leases - Operating Lease (Details) | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Operating lease cost | $ 154,565 |
Variable lease cost | 96,798 |
Total | 251,363 |
Operating cash flows for leases | $ 174,528 |
Remaining lease term (Year) | 6 years |
Discount rate | 3.50% |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Lease Liabilities (Details) | Mar. 31, 2020USD ($) |
2021 | $ 128,537 |
2022 | 152,703 |
2023 | 156,121 |
2024 | 159,592 |
2025 | 163,224 |
2026 | 165,947 |
Total lease payments | 926,124 |
Imputed lease interest | (92,390) |
Total lease liabilities | $ 833,734 |
Note 8 - Concentrations (Detail
Note 8 - Concentrations (Details Textual) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk, Percentage | 43.00% | 41.00% |
Note 8 - Concentrations - Reven
Note 8 - Concentrations - Revenue by Major Customers (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Customer A [Member] | ||
Percentage of concentration | 24.00% | 21.00% |
Customer B [Member] | ||
Percentage of concentration | 14.00% | 18.00% |
Customer C [Member[ | ||
Percentage of concentration | 10.00% | 10.00% |
Note 9 - Stock Repurchase Pro_2
Note 9 - Stock Repurchase Program (Details Textual) - Repurchase Program 2009 [Member] - USD ($) | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Aug. 27, 2015 | Jan. 21, 2009 | |
Stock Repurchase Program, Authorized Amount | $ 2,500,000 | |||
Stock Repurchase Program Authorized Additional Amount | $ 5,000,000 | |||
Stock Repurchased During Period, Shares (in shares) | 12,972 | 0 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 3,853,459 |
Note 10 - Information As to E_2
Note 10 - Information As to Employee Stock Purchase, Savings, and Similar Plans (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 92,880 | $ 91,341 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - $ / shares | May 06, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 4 | $ 4 | |
Subsequent Event [Member] | |||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 1 |