Document and Entity Information
Document and Entity Information | 9 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Details | |
Registrant CIK | 0000724910 |
Fiscal Year End | --03-31 |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Dec. 31, 2023 |
Document Transition Report | false |
Entity File Number | 000-12196 |
Entity Registrant Name | NVE CORP |
Entity Incorporation, State or Country Code | MN |
Entity Tax Identification Number | 41-1424202 |
Entity Address, Address Line One | 1409 Valley View Road |
Entity Address, City or Town | Eden Prairie |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55344 |
Entity Address, Address Description | Address of principal executive offices |
City Area Code | 952 |
Local Phone Number | 829-9217 |
Phone Fax Number Description | Registrant’s telephone number, including area code |
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 |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | NVEC |
Security Exchange Name | NASDAQ |
Entity Listing, Par Value Per Share | $ / shares | $ 0.01 |
Entity Common Stock, Shares Outstanding | shares | 4,833,401 |
Amendment Flag | false |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q3 |
BALANCE SHEETS (December 31, 20
BALANCE SHEETS (December 31, 2023 Unaudited) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 4,684,910 | $ 1,669,896 |
Marketable securities, short-term (amortized cost of $14,556,450 as of December 31, 2023, and $15,696,135 as of March 31, 2023) | 14,335,619 | 15,513,095 |
Accounts receivable, net of allowance for credit losses of $15,000 | 2,245,728 | 6,523,344 |
Inventories | 7,349,811 | 6,417,010 |
Prepaid expenses and other assets | 597,305 | 663,459 |
Total current assets | 29,213,373 | 30,786,804 |
Fixed assets | ||
Machinery and equipment | 10,501,096 | 10,484,365 |
Leasehold improvements | 1,956,309 | 1,956,309 |
Less accumulated depreciation and amortization | 11,326,985 | 11,095,236 |
Net fixed assets | 1,130,420 | 1,345,438 |
Deferred tax assets | 1,290,284 | 572,038 |
Marketable securities, long-term (amortized cost of $36,414,391 as of December 31, 2023, and $37,495,846 as of March 31, 2023) | 35,670,914 | 36,125,047 |
Right-of-use asset - operating lease | 324,451 | 425,843 |
Total assets | 67,629,442 | 69,255,170 |
Current liabilities | ||
Accounts payable | 170,701 | 281,712 |
Accrued payroll and other | 460,414 | 1,375,250 |
Operating lease | 178,490 | 175,798 |
Total current liabilities | 809,605 | 1,832,760 |
Operating lease | 218,785 | 342,908 |
Total liabilities | 1,028,390 | 2,175,668 |
Shareholders' equity | ||
Common Stock, Value | 48,334 | 48,308 |
Additional paid-in capital | 19,542,335 | 19,295,442 |
Accumulated other comprehensive loss | (753,317) | (1,213,858) |
Retained earnings | 47,763,700 | 48,949,610 |
Total shareholders' equity | 66,601,052 | 67,079,502 |
Total liabilities and shareholders' equity | $ 67,629,442 | $ 69,255,170 |
BALANCE SHEETS (December 31, _2
BALANCE SHEETS (December 31, 2023 Unaudited) - Parenthetical - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
BALANCE SHEETS (December 31, 2023 Unaudited) | ||
Debt Instrument, Unamortized Discount, Current | $ 14,556,450 | $ 15,696,135 |
Accounts Receivable, Allowance for Credit Loss | 15,000 | 15,000 |
Debt Instrument, Unamortized Discount, Noncurrent | $ 36,414,391 | $ 37,495,846 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 6,000,000 | 6,000,000 |
Common Stock, Shares, Issued | 4,833,401 | 4,830,826 |
Common Stock, Shares, Outstanding | 4,833,401 | 4,830,826 |
STATEMENTS OF INCOME (Unaudited
STATEMENTS OF INCOME (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | ||||
Product sales | $ 6,366,009 | $ 7,200,385 | $ 22,183,223 | $ 24,787,885 |
Contract research and development | 390,251 | 201,293 | 537,727 | 668,024 |
Total revenue | 6,756,260 | 7,401,678 | 22,720,950 | 25,455,909 |
Cost of sales | 1,355,067 | 1,478,372 | 5,034,556 | 5,533,000 |
Gross profit | 5,401,193 | 5,923,306 | 17,686,394 | 19,922,909 |
Expenses | ||||
Research and development | 540,895 | 700,609 | 1,920,095 | 1,972,505 |
Selling, general, and administrative | 389,311 | 403,449 | 1,298,211 | 1,210,395 |
Total expenses | 930,206 | 1,104,058 | 3,227,820 | 3,182,900 |
Provision for credit losses | 9,514 | 0 | ||
Income from operations | 4,470,987 | 4,819,248 | 14,458,574 | 16,740,009 |
Interest income | 491,671 | 406,092 | 1,440,289 | 1,040,528 |
Income before taxes | 4,962,658 | 5,225,340 | 15,898,863 | 17,780,537 |
Provision for income taxes | 778,236 | 994,016 | 2,587,145 | 3,318,723 |
Net income | $ 4,184,422 | $ 4,231,324 | $ 13,311,718 | $ 14,461,814 |
Net income per share - basic | $ 0.87 | $ 0.88 | $ 2.75 | $ 2.99 |
Net income per share - diluted | 0.87 | 0.88 | 2.75 | 2.99 |
Cash dividends declared per common share | $ 1 | $ 1 | $ 3 | $ 3 |
Weighted average shares outstanding | ||||
Weighted Average Number of Shares Outstanding, Basic | 4,833,401 | 4,830,826 | 4,832,992 | 4,830,826 |
Weighted Average Number of Shares Outstanding, Diluted | 4,837,230 | 4,832,368 | 4,839,725 | 4,831,168 |
STATEMENTS OF COMPREHENSIVE INC
STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | ||||||||
Net income | $ 4,184,422 | $ 4,723,566 | $ 4,403,730 | $ 4,231,324 | $ 6,090,373 | $ 4,140,116 | $ 13,311,718 | $ 14,461,814 |
Unrealized loss from marketable securities, net of tax | 748,830 | (53,588) | (234,701) | 332,673 | (1,127,362) | (338,553) | 460,541 | (1,133,242) |
Comprehensive income | $ 4,933,252 | $ 4,669,978 | $ 4,169,029 | $ 4,563,997 | $ 4,963,011 | $ 3,801,563 | $ 13,772,259 | $ 13,328,572 |
STATEMENTS OF SHAREHOLDERS' EQU
STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock | Additional Paid-in Capital | AOCI Including Portion Attributable to Noncontrolling Interest | Retained Earnings | Total |
Equity Balance, Starting at Mar. 31, 2022 | $ 48,308 | $ 19,256,485 | $ (318,120) | $ 45,578,456 | $ 64,565,129 |
Shares Outstanding, Starting at Mar. 31, 2022 | 4,830,826 | ||||
Unrealized loss from marketable securities, net of tax | (338,553) | (338,553) | |||
Net income | 4,140,116 | 4,140,116 | |||
Total comprehensive income | 3,801,563 | ||||
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture | 7,134 | 7,134 | |||
Cash dividends declared ($1.00 per share of common stock) | (4,830,826) | (4,830,826) | |||
Shares Outstanding, Ending at Jun. 30, 2022 | 4,830,826 | ||||
Equity Balance, Ending at Jun. 30, 2022 | $ 48,308 | 19,263,619 | (656,673) | 44,887,746 | 63,543,000 |
Equity Balance, Starting at Mar. 31, 2022 | $ 48,308 | 19,256,485 | (318,120) | 45,578,456 | 64,565,129 |
Shares Outstanding, Starting at Mar. 31, 2022 | 4,830,826 | ||||
Unrealized loss from marketable securities, net of tax | (1,133,242) | ||||
Net income | 14,461,814 | ||||
Total comprehensive income | 13,328,572 | ||||
Shares Outstanding, Ending at Dec. 31, 2022 | 4,830,826 | ||||
Equity Balance, Ending at Dec. 31, 2022 | $ 48,308 | 19,310,703 | (1,451,362) | 45,547,791 | 63,455,440 |
Equity Balance, Starting at Jun. 30, 2022 | $ 48,308 | 19,263,619 | (656,673) | 44,887,746 | 63,543,000 |
Shares Outstanding, Starting at Jun. 30, 2022 | 4,830,826 | ||||
Unrealized loss from marketable securities, net of tax | (1,127,362) | (1,127,362) | |||
Net income | 6,090,373 | 6,090,373 | |||
Total comprehensive income | 4,963,011 | ||||
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture | 39,951 | 39,951 | |||
Cash dividends declared ($1.00 per share of common stock) | (4,830,826) | (4,830,826) | |||
Shares Outstanding, Ending at Sep. 30, 2022 | 4,830,826 | ||||
Equity Balance, Ending at Sep. 30, 2022 | $ 48,308 | 19,303,570 | (1,784,035) | 46,147,293 | 63,715,136 |
Unrealized loss from marketable securities, net of tax | 332,673 | 332,673 | |||
Net income | 4,231,324 | 4,231,324 | |||
Total comprehensive income | 4,563,997 | ||||
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture | 7,133 | 7,133 | |||
Cash dividends declared ($1.00 per share of common stock) | (4,830,826) | (4,830,826) | |||
Shares Outstanding, Ending at Dec. 31, 2022 | 4,830,826 | ||||
Equity Balance, Ending at Dec. 31, 2022 | $ 48,308 | 19,310,703 | (1,451,362) | 45,547,791 | 63,455,440 |
Equity Balance, Starting at Mar. 31, 2023 | $ 48,308 | 19,295,442 | (1,213,858) | 48,949,610 | 67,079,502 |
Shares Outstanding, Starting at Mar. 31, 2023 | 4,830,826 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 26 | 117,501 | 117,527 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 2,575 | ||||
Unrealized loss from marketable securities, net of tax | (234,701) | (234,701) | |||
Net income | 4,403,730 | 4,403,730 | |||
Total comprehensive income | 4,169,029 | ||||
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture | 10,536 | 10,536 | |||
Cash dividends declared ($1.00 per share of common stock) | (4,830,826) | (4,830,826) | |||
Shares Outstanding, Ending at Jun. 30, 2023 | 4,833,401 | ||||
Equity Balance, Ending at Jun. 30, 2023 | $ 48,334 | 19,423,479 | (1,448,559) | 48,522,514 | 66,545,768 |
Equity Balance, Starting at Mar. 31, 2023 | $ 48,308 | 19,295,442 | (1,213,858) | 48,949,610 | 67,079,502 |
Shares Outstanding, Starting at Mar. 31, 2023 | 4,830,826 | ||||
Unrealized loss from marketable securities, net of tax | 460,541 | ||||
Net income | 13,311,718 | ||||
Total comprehensive income | 13,772,259 | ||||
Shares Outstanding, Ending at Dec. 31, 2023 | 4,833,401 | ||||
Equity Balance, Ending at Dec. 31, 2023 | $ 48,334 | 19,542,335 | (753,317) | 47,763,700 | 66,601,052 |
Equity Balance, Starting at Jun. 30, 2023 | $ 48,334 | 19,423,479 | (1,448,559) | 48,522,514 | 66,545,768 |
Shares Outstanding, Starting at Jun. 30, 2023 | 4,833,401 | ||||
Unrealized loss from marketable securities, net of tax | (53,588) | (53,588) | |||
Net income | 4,723,566 | 4,723,566 | |||
Total comprehensive income | 4,669,978 | ||||
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture | 106,312 | 106,312 | |||
Cash dividends declared ($1.00 per share of common stock) | (4,833,401) | (4,833,401) | |||
Shares Outstanding, Ending at Sep. 30, 2023 | 4,833,401 | ||||
Equity Balance, Ending at Sep. 30, 2023 | $ 48,334 | 19,529,791 | (1,502,147) | 48,412,679 | 66,488,657 |
Unrealized loss from marketable securities, net of tax | 748,830 | 748,830 | |||
Net income | 4,184,422 | 4,184,422 | |||
Total comprehensive income | 4,933,252 | ||||
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture | 12,544 | 12,544 | |||
Cash dividends declared ($1.00 per share of common stock) | (4,833,401) | (4,833,401) | |||
Shares Outstanding, Ending at Dec. 31, 2023 | 4,833,401 | ||||
Equity Balance, Ending at Dec. 31, 2023 | $ 48,334 | $ 19,542,335 | $ (753,317) | $ 47,763,700 | $ 66,601,052 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
OPERATING ACTIVITIES | ||
Net income | $ 13,311,718 | $ 14,461,814 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 156,073 | 187,781 |
Provision for current estimate of credit losses | 9,514 | 0 |
Stock-based compensation | 129,392 | 54,218 |
Deferred income taxes | (847,235) | (61,972) |
Changes in operating assets and liabilities | ||
Accounts receivable | 4,268,102 | 2,607,555 |
Inventories | (932,801) | (1,370,592) |
Prepaid expenses and other assets | 167,546 | (502,423) |
Accounts payable and accrued expenses | (1,147,278) | (627,470) |
Net cash provided by operating activities | 15,115,031 | 14,748,911 |
INVESTING ACTIVITIES | ||
Purchases of fixed assets | (16,731) | (907,612) |
Purchases of marketable securities | (6,103,185) | (26,618,617) |
Proceeds from maturities of marketable securities | 8,400,000 | 18,750,000 |
Receipt of tenant improvement allowance | 0 | 100,000 |
Net cash provided (used) by investing activities | 2,280,084 | (8,676,229) |
FINANCING ACTIVITIES | ||
Proceeds from exercise of stock options | 117,527 | 0 |
Payment of dividends to shareholders | (14,497,628) | (14,492,478) |
Cash used in financing activities | (14,380,101) | (14,492,478) |
Increase (decrease) in cash and cash equivalents | 3,015,014 | (8,419,796) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance | 1,669,896 | 10,449,510 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance | 4,684,910 | 2,029,714 |
Supplemental disclosures of cash flow information | ||
Cash paid during the period for income taxes | $ 3,685,861 | $ 4,130,278 |
NOTE 1. DESCRIPTION OF BUSINESS
NOTE 1. DESCRIPTION OF BUSINESS | 9 Months Ended |
Dec. 31, 2023 | |
Notes | |
NOTE 1. DESCRIPTION OF BUSINESS | NOTE 1. DESCRIPTION OF BUSINESS We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. |
NOTE 2. BASIS OF PRESENTATION A
NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2023 | |
Notes | |
NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, certain disclosures have been omitted as allowed, and it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest Annual Report on Form 10-K for the fiscal year ended March 31, 2023. The results of operations for the quarter ended December 31, 2023, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2024. Significant accounting policies A description of our significant accounting policies is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the year ended March 31, 2023. As of December 31, 2023, there were no changes to our significant accounting policies except for changes resulting from the adoption of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (ASC Topic 326) Marketable securities and credit losses Our marketable securities consist of corporate bonds and money market funds. Marketable securities are initially recognized at cost. Marketable securities considered to be “purchased financial assets with credit deterioration” are initially recognized at cost, less any allowance for expected credit losses. Unrealized holding gains and losses are reported in other comprehensive income, net of applicable taxes, until realized. All marketable securities are carried on the balance sheet at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use a three-level fair value hierarchy in estimating and reporting fair values of our marketable securities: Level 1 – Securities whose fair values are determined using quoted prices in active markets for identical securities. Level 2 – Securities whose fair values are determined using quoted prices for similar securities in active markets or quoted prices for identical securities in markets that are not active. Level 3 – Securities whose fair values are determined using unobservable inputs. Corporate bonds with remaining maturities of less than one year are classified as short-term and those with remaining maturities of one year or more are classified as long-term. We consider all highly liquid investments with maturities of three months or less when purchased, including money market funds, to be cash equivalents. We measure credit losses on our marketable securities at the individual security level, using the present value of expected cash flows method. Credit losses are measured as the amount by which the amortized cost basis of the security exceeds the present value of expected cash flows (discounted at the effective interest rate implicit in the security at the date of acquisition), limited by the amount by which the fair value of the security is less than its amortized cost basis. When estimating expected cash flows, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as, past incidences of default, credit quality as reported by credit rating agencies, extent of impairment, length of time the security has been in a continuous unrealized loss position, and adverse conditions forecasted by industry, financial and economic experts that are relevant to the collectability of expected cash flows. We do not include accrued interest receivables in amortized cost and in fair value when measuring expected credit losses. We will write off uncollectible accrued interest receivable to net income in a timely manner, by reversing interest income, and therefore do not measure credit losses for accrued interest receivable. Timely manner means one year from the date the accrued interest receivable becomes past due. Accrued interest receivables are included in the balance sheet in “prepaid expenses and other assets.” Accounts Receivable and Allowance for Credit Losses We grant credit to customers in the normal course of business and at times require customers to pay for orders before shipment. Accounts receivable are presented on the balance sheet net of any allowance for credit losses. We measure credit losses on our trade accounts receivable on a pool basis, and in some cases, on an individual basis, using the loss-rate method. Accounts receivable are pooled based on geographical locations because we believe accounts originating from the same geographical location share risk characteristics. When estimating expected credit losses on our trade accounts receivable, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as historical loss rate, current age and remaining term of the receivable relative to our current days sales outstanding ratio, pending orders of the customer relative to accounts receivable balance as of the reporting date and amounts paid by the customers subsequent to the reporting period end but before the financial statements are issued. |
NOTE 3. RECENTLY ISSUED ACCOUNT
NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS | 9 Months Ended |
Dec. 31, 2023 | |
Notes | |
NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS | NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS Recently Adopted Accounting Standard In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements Codification Improvements to Topic 326, Financial Instruments-Credit Losses Codification Improvements to Topic 326, Financial Instruments-Credit Losses Financial Instruments Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) Codification Improvements to Financial Instruments New Accounting Standard Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. We do not expect the adoption of other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date to have a material impact on our financial statements when they are adopted. |
NOTE 4. NET INCOME PER SHARE
NOTE 4. NET INCOME PER SHARE | 9 Months Ended |
Dec. 31, 2023 | |
Notes | |
NOTE 4. NET INCOME PER SHARE | NOTE 4. NET INCOME PER SHARE Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume exercise of all stock options. The following tables show the components of diluted shares: Quarter Ended December 31, 2023 2022 Weighted average common shares outstanding – basic 4,833,401 4,830,826 Dilutive effect of stock options 3,829 1,542 Shares used in computing net income per share – diluted 4,837,230 4,832,368 Nine Months Ended December 31, 2023 2022 Weighted average common shares outstanding – basic 4,832,992 4,830,826 Dilutive effect of stock options 6,733 342 Shares used in computing net income per share – diluted 4,839,725 4,831,168 |
NOTE 5. MARKETABLE SECURITIES
NOTE 5. MARKETABLE SECURITIES | 9 Months Ended |
Dec. 31, 2023 | |
Notes | |
NOTE 5. MARKETABLE SECURITIES | NOTE 5. MARKETABLE SECURITIES The following table shows the major categories of our marketable securities and their contractual maturities as of December 31, 2023: Total <1 Year 1–3 Years 3–6 Years Money market funds $ 4,259,340 $ 4,259,340 $ - $ - Corporate bonds 50,006,533 14,335,619 27,222,387 8,448,527 Total $ 54,265,873 $ 18,594,959 $ 27,222,387 $ 8,448,527 Total marketable securities represent approximately 80% of our total assets as of December 31, 2023. Marketable securities as of December 31, 2023, had remaining maturities between one day and 64 months. Money market funds are included on the balance sheets in “Cash and cash equivalents.” Corporate bonds are included on the balance sheets in “Marketable securities, short term” and “Marketable securities, long term.” Accrued interest receivables were $366,452 as of December 31, 2023, and $425,372 as of March 31, 2023, and are included in the balance sheets in “Prepaid expenses and other assets.” We monitor the credit ratings of our marketable securities at least quarterly as reported by Standard & Poor’s. The following table summarizes the fair values of our marketable securities as of December 31, 2023, aggregated by credit rating: Credit Rating Fair Value AAA $ 5,559,340 AA+ 2,179,443 AA 6,745,419 AA- 21,194,039 A+ 2,954,497 A 9,650,572 A- 5,982,563 Total $ 54,265,873 The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values: As of December 31, 2023 As of March 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 4,259,340 $ - $ 4,259,340 $ 906,141 $ - $ 906,141 Corporate bonds - 50,006,533 50,006,533 - 51,638,142 51,638,142 Total $ 4,259,340 $ 50,006,533 $ 54,265,873 $ 906,141 $ 51,638,142 $ 52,544,283 The following table shows the amortized cost, fair value, and gross unrealized holding gains and losses of our marketable securities as of December 31 and March 31, 2023: As of December 31, 2023 As of March 31, 2023 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Money market funds $ 4,259,340 $ - $ - $ 4,259,340 $ 906,141 $ - $ - $ 906,141 Corporate bonds 50,970,841 7,965 (972,273 ) 50,006,533 53,191,981 1,007 (1,554,846 ) 51,638,142 Total $ 55,230,181 $ 7,965 $ (972,273 ) $ 54,265,873 $ 54,098,122 $ 1,007 $ (1,554,846 ) $ 52,544,283 The following table shows the gross unrealized holding losses and estimated fair value of our marketable securities for which an allowance for credit losses has not been recorded, aggregated by category of securities and length of time that individual securities had been in a continuous unrealized loss position as of December 31 and March 31, 2023. Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses As of December 31, 2023 Corporate bonds $ 1,848,307 $ (17,747 ) $ 40,715,403 $ (954,526 ) $ 42,563,710 $ (972,273 ) Total $ 1,848,307 $ (17,747 ) $ 40,715,403 $ (954,526 ) $ 42,563,710 $ (972,273 ) As of March 31, 2023 Corporate bonds $ 37,084,628 $ (590,967 ) $ 13,294,817 $ (963,879 ) $ 50,379,445 $ (1,554,846 ) Total $ 37,084,628 $ (590,967 ) $ 13,294,817 $ (963,879 ) $ 50,379,445 $ (1,554,846 ) None of the securities were impaired at acquisition, and subsequent declines in fair value are attributable to interest rate increases. We do not intend to sell, and it is not more likely than not that we will be required to sell, these securities before recovery of their amortized cost basis. The issuers continue to make timely interest payments on these securities. Because we believe it is more likely than not we will recover the cost basis of our investments, we did not record any impairment attributable to credit losses. None of the marketable securities purchased during the period had experienced more-than-insignificant deterioration in credit quality since its origination and were therefore not considered “Purchased Financial Assets with Credit Deterioration.” Unrealized losses on our marketable securities and their tax effects are as follows: Quarter Ended December 31, 2023 2022 Unrealized gain from marketable securities $ 958,564 $ 425,849 Tax effects (209,734 ) (93,176 ) Unrealized gain on marketable securities, net of tax $ 748,830 $ 332,673 Nine Months Ended December 31, 2023 2022 Unrealized loss from marketable securities $ 589,530 $ (1,450,643 ) Tax effects (128,989 ) 317,401 Unrealized gain (loss) on marketable securities, net of tax $ 460,541 $ (1,133,242 ) |
NOTE 6. ALLOWANCE FOR CREDIT LO
NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES | 9 Months Ended |
Dec. 31, 2023 | |
Notes | |
NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES | NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES The following table shows a roll forward of the allowance for credit losses on our accounts receivable: Allowance for credit losses as of March 31, 2023 $ 15,000 Provision for credit losses 212,440 Change in provision for credit losses (202,926 ) Specific accounts deemed uncollectible (9,514 ) Allowance for credit losses as of December 31, 2023 $ 15,000 |
NOTE 7. INVENTORIES
NOTE 7. INVENTORIES | 9 Months Ended |
Dec. 31, 2023 | |
Notes | |
NOTE 7. INVENTORIES | NOTE 7. INVENTORIES Inventories are shown in the following table: Dec. 31, 2023 March 31, 2023 Raw materials $ 2,068,092 $ 1,601,962 Work in process 2,995,391 3,781,894 Finished goods 2,286,328 1,033,154 Total inventories $ 7,349,811 $ 6,417,010 |
NOTE 8. STOCK-BASED COMPENSATIO
NOTE 8. STOCK-BASED COMPENSATION | 9 Months Ended |
Dec. 31, 2023 | |
Notes | |
NOTE 8. STOCK-BASED COMPENSATION | NOTE 8. STOCK-BASED COMPENSATION Stock-based compensation expense was $12,544 for the third quarter of fiscal 2024, $7,133 for the third quarter of fiscal 2023, $129,392 for the first nine months of fiscal 2024, and $54,218 for the first nine months of fiscal 2023. We calculate share-based compensation expense using the Black-Scholes-Merton standard option-pricing model. |
NOTE 9. INCOME TAXES
NOTE 9. INCOME TAXES | 9 Months Ended |
Dec. 31, 2023 | |
Notes | |
NOTE 9. INCOME TAXES | NOTE 9. INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. As of December 31, 2023, federal and state estimated tax overpayments of $90,387 were included in the balance sheet in “Prepaid expenses and other assets.” We had no unrecognized tax benefits as of December 31, 2023, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2023, we had no accrued interest related to uncertain tax positions. The tax years 2019 through 2023 remain open to examination by the major taxing jurisdictions to which we are subject. |
NOTE 10. LEASES
NOTE 10. LEASES | 9 Months Ended |
Dec. 31, 2023 | |
Notes | |
NOTE 10. LEASES | NOTE 10. LEASES We conduct our operations in a leased facility under a non-cancellable lease expiring March 31, 2026. Our lease does not provide an implicit interest rate, so we used our incremental borrowing rate to determine the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. Details of our operating lease are as follows: Quarter Ended Dec. 31, 2023 Nine Months Ended Dec. 31, 2023 Operating lease cost $ 37,754 $ 113,261 Cash paid for amounts included Operating cash flows for leases $ 44,433 $ 133,299 Remaining lease term 27 months Discount rate 3.5 % The following table shows the maturities of lease liabilities as of December 31, 2023: Year Ending March 31, Operating Lease Liabilities 2024 $ 45,341 2025 182,271 2026 184,995 Total lease payments 412,607 Imputed lease interest (15,332 ) Total lease liabilities $ 397,275 |
NOTE 11. STOCK REPURCHASE PROGR
NOTE 11. STOCK REPURCHASE PROGRAM | 9 Months Ended |
Dec. 31, 2023 | |
Notes | |
NOTE 11. STOCK REPURCHASE PROGRAM | NOTE 11. STOCK REPURCHASE PROGRAM On January 21, 2009, we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock from time to time in open market, block, or privately negotiated transactions. The timing and extent of any repurchases depend on market conditions, the trading price of the company’s stock, and other factors, and subject to the restrictions relating to volume, price, and timing under applicable law. On August 27, 2015, we announced that our Board of Directors authorized up to $5,000,000 of additional repurchases. Our repurchase program does not have an expiration date and does not obligate us to purchase any shares. The Program may be modified or discontinued at any time without notice. We intend to finance any stock repurchases with cash provided by operating activities or maturing marketable securities. The remaining authorization was $3,520,369 as of December 31, 2023. We have not repurchased any of our Common Stock during fiscal 2024. |
NOTE 12. INFORMATION AS TO EMPL
NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS | 9 Months Ended |
Dec. 31, 2023 | |
Notes | |
NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS | NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS All of our employees are eligible to participate in our 401(k) savings plan the first quarter after reaching age 18. Employees may contribute up to the Internal Revenue Code maximum. We make matching contributions of 100% of the first 3% of participants’ salary deferral contributions. Our matching contributions were $27,904 for the third quarter of fiscal 2024, $21,484 for the third quarter of fiscal 2023, $79,388 for the first nine months of fiscal 2024, and $73,661 for the first nine months of fiscal 2023. |
NOTE 13. SUBSEQUENT EVENTS
NOTE 13. SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2023 | |
Notes | |
NOTE 13. SUBSEQUENT EVENTS | NOTE 13. SUBSEQUENT EVENTS On January 17, 2024, we announced that our Board of Directors had declared a quarterly cash dividend of $1.00 per share of Common Stock to be paid February 28, 2024, to shareholders of record as of the close of business January 29, 2024. |
NOTE 2. BASIS OF PRESENTATION_2
NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
Policies | |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, certain disclosures have been omitted as allowed, and it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest Annual Report on Form 10-K for the fiscal year ended March 31, 2023. The results of operations for the quarter ended December 31, 2023, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2024. |
NOTE 2. BASIS OF PRESENTATION_3
NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Significant accounting policies (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
Policies | |
Significant accounting policies | Significant accounting policies A description of our significant accounting policies is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the year ended March 31, 2023. As of December 31, 2023, there were no changes to our significant accounting policies except for changes resulting from the adoption of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (ASC Topic 326) |
NOTE 2. BASIS OF PRESENTATION_4
NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Marketable securities and credit losses (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
Policies | |
Marketable securities and credit losses | Marketable securities and credit losses Our marketable securities consist of corporate bonds and money market funds. Marketable securities are initially recognized at cost. Marketable securities considered to be “purchased financial assets with credit deterioration” are initially recognized at cost, less any allowance for expected credit losses. Unrealized holding gains and losses are reported in other comprehensive income, net of applicable taxes, until realized. All marketable securities are carried on the balance sheet at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use a three-level fair value hierarchy in estimating and reporting fair values of our marketable securities: Level 1 – Securities whose fair values are determined using quoted prices in active markets for identical securities. Level 2 – Securities whose fair values are determined using quoted prices for similar securities in active markets or quoted prices for identical securities in markets that are not active. Level 3 – Securities whose fair values are determined using unobservable inputs. Corporate bonds with remaining maturities of less than one year are classified as short-term and those with remaining maturities of one year or more are classified as long-term. We consider all highly liquid investments with maturities of three months or less when purchased, including money market funds, to be cash equivalents. We measure credit losses on our marketable securities at the individual security level, using the present value of expected cash flows method. Credit losses are measured as the amount by which the amortized cost basis of the security exceeds the present value of expected cash flows (discounted at the effective interest rate implicit in the security at the date of acquisition), limited by the amount by which the fair value of the security is less than its amortized cost basis. When estimating expected cash flows, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as, past incidences of default, credit quality as reported by credit rating agencies, extent of impairment, length of time the security has been in a continuous unrealized loss position, and adverse conditions forecasted by industry, financial and economic experts that are relevant to the collectability of expected cash flows. We do not include accrued interest receivables in amortized cost and in fair value when measuring expected credit losses. We will write off uncollectible accrued interest receivable to net income in a timely manner, by reversing interest income, and therefore do not measure credit losses for accrued interest receivable. Timely manner means one year from the date the accrued interest receivable becomes past due. Accrued interest receivables are included in the balance sheet in “prepaid expenses and other assets.” |
NOTE 2. BASIS OF PRESENTATION_5
NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Accounts Receivable and Allowance for Credit Losses (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
Policies | |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses We grant credit to customers in the normal course of business and at times require customers to pay for orders before shipment. Accounts receivable are presented on the balance sheet net of any allowance for credit losses. We measure credit losses on our trade accounts receivable on a pool basis, and in some cases, on an individual basis, using the loss-rate method. Accounts receivable are pooled based on geographical locations because we believe accounts originating from the same geographical location share risk characteristics. When estimating expected credit losses on our trade accounts receivable, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as historical loss rate, current age and remaining term of the receivable relative to our current days sales outstanding ratio, pending orders of the customer relative to accounts receivable balance as of the reporting date and amounts paid by the customers subsequent to the reporting period end but before the financial statements are issued. |
NOTE 6. ALLOWANCE FOR CREDIT _2
NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES: Schedule of Accounts, Notes, Loans and Financing Receivable (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
Policies | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Allowance for credit losses as of March 31, 2023 $ 15,000 Provision for credit losses 212,440 Change in provision for credit losses (202,926 ) Specific accounts deemed uncollectible (9,514 ) Allowance for credit losses as of December 31, 2023 $ 15,000 |
NOTE 4. NET INCOME PER SHARE_ S
NOTE 4. NET INCOME PER SHARE: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Earnings Per Share, Basic and Diluted | Quarter Ended December 31, 2023 2022 Weighted average common shares outstanding – basic 4,833,401 4,830,826 Dilutive effect of stock options 3,829 1,542 Shares used in computing net income per share – diluted 4,837,230 4,832,368 Nine Months Ended December 31, 2023 2022 Weighted average common shares outstanding – basic 4,832,992 4,830,826 Dilutive effect of stock options 6,733 342 Shares used in computing net income per share – diluted 4,839,725 4,831,168 |
NOTE 5. MARKETABLE SECURITIES_
NOTE 5. MARKETABLE SECURITIES: Contractual maturities of marketable securities (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Contractual maturities of marketable securities | Total <1 Year 1–3 Years 3–6 Years Money market funds $ 4,259,340 $ 4,259,340 $ - $ - Corporate bonds 50,006,533 14,335,619 27,222,387 8,448,527 Total $ 54,265,873 $ 18,594,959 $ 27,222,387 $ 8,448,527 |
NOTE 5. MARKETABLE SECURITIES_2
NOTE 5. MARKETABLE SECURITIES: Fair values of our marketable securities aggregated by credit rating (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Fair values of our marketable securities aggregated by credit rating | Credit Rating Fair Value AAA $ 5,559,340 AA+ 2,179,443 AA 6,745,419 AA- 21,194,039 A+ 2,954,497 A 9,650,572 A- 5,982,563 Total $ 54,265,873 |
NOTE 5. MARKETABLE SECURITIES_3
NOTE 5. MARKETABLE SECURITIES: Estimated fair value of marketable securities aggregated by fair value hierarchy inputs used in estimating their fair values (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Estimated fair value of marketable securities aggregated by fair value hierarchy inputs used in estimating their fair values | As of December 31, 2023 As of March 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 4,259,340 $ - $ 4,259,340 $ 906,141 $ - $ 906,141 Corporate bonds - 50,006,533 50,006,533 - 51,638,142 51,638,142 Total $ 4,259,340 $ 50,006,533 $ 54,265,873 $ 906,141 $ 51,638,142 $ 52,544,283 |
NOTE 5. MARKETABLE SECURITIES_4
NOTE 5. MARKETABLE SECURITIES: Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities | As of December 31, 2023 As of March 31, 2023 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Money market funds $ 4,259,340 $ - $ - $ 4,259,340 $ 906,141 $ - $ - $ 906,141 Corporate bonds 50,970,841 7,965 (972,273 ) 50,006,533 53,191,981 1,007 (1,554,846 ) 51,638,142 Total $ 55,230,181 $ 7,965 $ (972,273 ) $ 54,265,873 $ 54,098,122 $ 1,007 $ (1,554,846 ) $ 52,544,283 |
NOTE 5. MARKETABLE SECURITIES_5
NOTE 5. MARKETABLE SECURITIES: Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded | Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses As of December 31, 2023 Corporate bonds $ 1,848,307 $ (17,747 ) $ 40,715,403 $ (954,526 ) $ 42,563,710 $ (972,273 ) Total $ 1,848,307 $ (17,747 ) $ 40,715,403 $ (954,526 ) $ 42,563,710 $ (972,273 ) As of March 31, 2023 Corporate bonds $ 37,084,628 $ (590,967 ) $ 13,294,817 $ (963,879 ) $ 50,379,445 $ (1,554,846 ) Total $ 37,084,628 $ (590,967 ) $ 13,294,817 $ (963,879 ) $ 50,379,445 $ (1,554,846 ) |
NOTE 5. MARKETABLE SECURITIES_6
NOTE 5. MARKETABLE SECURITIES: Unrealized losses on marketable securities and their tax effects (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Unrealized losses on marketable securities and their tax effects | Quarter Ended December 31, 2023 2022 Unrealized gain from marketable securities $ 958,564 $ 425,849 Tax effects (209,734 ) (93,176 ) Unrealized gain on marketable securities, net of tax $ 748,830 $ 332,673 Nine Months Ended December 31, 2023 2022 Unrealized loss from marketable securities $ 589,530 $ (1,450,643 ) Tax effects (128,989 ) 317,401 Unrealized gain (loss) on marketable securities, net of tax $ 460,541 $ (1,133,242 ) |
NOTE 7. INVENTORIES_ Schedule o
NOTE 7. INVENTORIES: Schedule of Inventory (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Inventory | Dec. 31, 2023 March 31, 2023 Raw materials $ 2,068,092 $ 1,601,962 Work in process 2,995,391 3,781,894 Finished goods 2,286,328 1,033,154 Total inventories $ 7,349,811 $ 6,417,010 |
NOTE 10. LEASES_ Lease, Cost (T
NOTE 10. LEASES: Lease, Cost (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Lease, Cost | Quarter Ended Dec. 31, 2023 Nine Months Ended Dec. 31, 2023 Operating lease cost $ 37,754 $ 113,261 Cash paid for amounts included Operating cash flows for leases $ 44,433 $ 133,299 Remaining lease term 27 months Discount rate 3.5 % |
NOTE 10. LEASES_ Lessee, Operat
NOTE 10. LEASES: Lessee, Operating Lease, Liability, Maturity (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Lessee, Operating Lease, Liability, Maturity | Year Ending March 31, Operating Lease Liabilities 2024 $ 45,341 2025 182,271 2026 184,995 Total lease payments 412,607 Imputed lease interest (15,332 ) Total lease liabilities $ 397,275 |
NOTE 4. NET INCOME PER SHARE__2
NOTE 4. NET INCOME PER SHARE: Schedule of Earnings Per Share, Basic and Diluted (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Details | ||||
Weighted Average Number of Shares Outstanding, Basic | 4,833,401 | 4,830,826 | 4,832,992 | 4,830,826 |
Dilutive effect of stock options | 3,829 | 1,542 | 6,733 | 342 |
Shares used in computing net income per share - diluted | 4,837,230 | 4,832,368 | 4,839,725 | 4,831,168 |
NOTE 5. MARKETABLE SECURITIES_7
NOTE 5. MARKETABLE SECURITIES: Contractual maturities of marketable securities (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Marketable Securities | $ 54,265,873 | $ 52,544,283 |
(1 Year | 18,594,959 | |
1-3 Years | 27,222,387 | |
3-6 Years | 8,448,527 | |
Money Market Funds | ||
Marketable Securities | 4,259,340 | 906,141 |
(1 Year | 4,259,340 | |
1-3 Years | 0 | |
3-6 Years | 0 | |
Corporate Bond Securities | ||
Marketable Securities | 50,006,533 | $ 51,638,142 |
(1 Year | 14,335,619 | |
1-3 Years | 27,222,387 | |
3-6 Years | $ 8,448,527 |
NOTE 5. MARKETABLE SECURITIES (
NOTE 5. MARKETABLE SECURITIES (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Details | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ 366,452 | $ 425,372 |
NOTE 5. MARKETABLE SECURITIES_8
NOTE 5. MARKETABLE SECURITIES: Fair values of our marketable securities aggregated by credit rating (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Marketable Securities | $ 54,265,873 | $ 52,544,283 |
Standard & Poor's, AAA Rating | ||
Marketable Securities | 5,559,340 | |
Standard & Poor's, AA+ Rating | ||
Marketable Securities | 2,179,443 | |
Standard & Poor's, AA Rating | ||
Marketable Securities | 6,745,419 | |
Standard & Poor's, AA- Rating | ||
Marketable Securities | 21,194,039 | |
Standard & Poor's, A+ Rating | ||
Marketable Securities | 2,954,497 | |
Standard & Poor's, A Rating | ||
Marketable Securities | 9,650,572 | |
Standard & Poor's, A- Rating | ||
Marketable Securities | $ 5,982,563 |
NOTE 5. MARKETABLE SECURITIES_9
NOTE 5. MARKETABLE SECURITIES: Estimated fair value of marketable securities aggregated by fair value hierarchy inputs used in estimating their fair values (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Marketable Securities | $ 54,265,873 | $ 52,544,283 |
Money Market Funds | ||
Marketable Securities | 4,259,340 | 906,141 |
Corporate Bond Securities | ||
Marketable Securities | 50,006,533 | 51,638,142 |
Fair Value, Inputs, Level 1 | ||
Marketable Securities | 4,259,340 | 906,141 |
Fair Value, Inputs, Level 1 | Money Market Funds | ||
Marketable Securities | 4,259,340 | 906,141 |
Fair Value, Inputs, Level 1 | Corporate Bond Securities | ||
Marketable Securities | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Marketable Securities | 50,006,533 | 51,638,142 |
Fair Value, Inputs, Level 2 | Money Market Funds | ||
Marketable Securities | 0 | 0 |
Fair Value, Inputs, Level 2 | Corporate Bond Securities | ||
Marketable Securities | $ 50,006,533 | $ 51,638,142 |
NOTE 5. MARKETABLE SECURITIE_10
NOTE 5. MARKETABLE SECURITIES: Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Amortized Cost | $ 55,230,181 | $ 54,098,122 |
Gross Unrealized Holding Gains | 7,965 | 1,007 |
Gross Unrealized Holding Losses | (972,273) | (1,554,846) |
Marketable Securities | 54,265,873 | 52,544,283 |
Money Market Funds | ||
Amortized Cost | 4,259,340 | 906,141 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Marketable Securities | 4,259,340 | 906,141 |
Corporate Bond Securities | ||
Amortized Cost | 50,970,841 | 53,191,981 |
Gross Unrealized Holding Gains | 7,965 | 1,007 |
Gross Unrealized Holding Losses | (972,273) | (1,554,846) |
Marketable Securities | $ 50,006,533 | $ 51,638,142 |
NOTE 5. MARKETABLE SECURITIE_11
NOTE 5. MARKETABLE SECURITIES: Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Estimated Fair Value | $ 1,848,307 | $ 37,084,628 |
Gross Unrealized Holding Losses | (17,747) | (590,967) |
Estimated Fair Value | 40,715,403 | 13,294,817 |
Gross Unrealized Holding Losses | (954,526) | (963,879) |
Estimated Fair Value | 42,563,710 | 50,379,445 |
Gross Unrealized Holding Losses | (972,273) | (1,554,846) |
Corporate Bond Securities | ||
Estimated Fair Value | 1,848,307 | 37,084,628 |
Gross Unrealized Holding Losses | (17,747) | (590,967) |
Estimated Fair Value | 40,715,403 | 13,294,817 |
Gross Unrealized Holding Losses | (954,526) | (963,879) |
Estimated Fair Value | 42,563,710 | 50,379,445 |
Gross Unrealized Holding Losses | $ (972,273) | $ (1,554,846) |
NOTE 5. MARKETABLE SECURITIE_12
NOTE 5. MARKETABLE SECURITIES: Unrealized losses on marketable securities and their tax effects (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Details | ||||
Unrealized loss from marketable securities | $ 958,564 | $ 425,849 | $ 589,530 | $ (1,450,643) |
Tax effects | (209,734) | (93,176) | (128,989) | 317,401 |
Unrealized loss from marketable securities, net of tax | $ 748,830 | $ 332,673 | $ 460,541 | $ (1,133,242) |
NOTE 6. ALLOWANCE FOR CREDIT _3
NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Details | ||
Allowance for credit losses as of March 31, 2023 | $ 15,000 | |
Provision for credit losses | 212,440 | |
Change in provision for credit losses | (202,926) | |
Specific accounts deemed uncollectible | (9,514) | $ 0 |
Allowance for credit losses as of December 31, 2023 | $ 15,000 |
NOTE 7. INVENTORIES_ Schedule_2
NOTE 7. INVENTORIES: Schedule of Inventory (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Details | ||
Raw materials | $ 2,068,092 | $ 1,601,962 |
Work in process | 2,995,391 | 3,781,894 |
Finished goods | 2,286,328 | 1,033,154 |
Inventories | $ 7,349,811 | $ 6,417,010 |
NOTE 8. STOCK-BASED COMPENSAT_2
NOTE 8. STOCK-BASED COMPENSATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Details | ||||
Share-Based Payment Arrangement, Expense | $ 12,544 | $ 7,133 | $ 129,392 | $ 54,218 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Method Used | Black-Scholes-Merton standard option-pricing model |
NOTE 9. INCOME TAXES (Details)
NOTE 9. INCOME TAXES (Details) | 9 Months Ended |
Dec. 31, 2023 USD ($) | |
Accrued Income Taxes | $ 90,387 |
Unrecognized Tax Benefits | 0 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 0 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 0 |
Minimum | |
Open Tax Year | 2019 |
Maximum | |
Open Tax Year | 2023 |
NOTE 10. LEASES_ Lease, Cost (D
NOTE 10. LEASES: Lease, Cost (Details) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Details | ||
Operating lease cost | $ 37,754 | $ 113,261 |
Operating cash flows for leases | $ 44,433 | $ 133,299 |
Remaining lease term | 27 months | 27 months |
Discount rate | 3.50% | 3.50% |
NOTE 10. LEASES_ Lessee, Oper_2
NOTE 10. LEASES: Lessee, Operating Lease, Liability, Maturity (Details) | Dec. 31, 2023 USD ($) |
Details | |
2024 | $ 45,341 |
2025 | 182,271 |
2026 | 184,995 |
Total lease payments | 412,607 |
Imputed lease interest | (15,332) |
Total lease liabilities | $ 397,275 |
NOTE 11. STOCK REPURCHASE PRO_2
NOTE 11. STOCK REPURCHASE PROGRAM (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2023 | Jan. 21, 2009 | |
Details | ||
Stock Repurchase Program, Authorized Amount | $ 2,500,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 3,520,369 | |
Treasury Stock, Shares, Acquired | 0 |
NOTE 12. INFORMATION AS TO EM_2
NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Details | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3% | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 27,904 | $ 21,484 | $ 2,024 | $ 73,661 |
NOTE 13. SUBSEQUENT EVENTS (Det
NOTE 13. SUBSEQUENT EVENTS (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Jan. 17, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Details | |||||
Subsequent Event, Date | Jan. 17, 2024 | ||||
Subsequent Event, Description | we announced that our Board of Directors had declared a quarterly cash dividend | ||||
Cash dividends declared per common share | $ 1 | $ 1 | $ 1 | $ 3 | $ 3 |
Dividends Payable, Date to be Paid | Feb. 28, 2024 | ||||
Dividends Payable, Date of Record | Jan. 29, 2024 |