Cover
Cover - $ / shares | 6 Months Ended | |
Sep. 30, 2023 | Oct. 13, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-12196 | |
Entity Registrant Name | NVE CORP | |
Entity Central Index Key | 0000724910 | |
Entity Tax Identification Number | 41-1424202 | |
Entity Incorporation, State or Country Code | MN | |
Entity Address, Address Line One | 11409 Valley View Road | |
Entity Address, City or Town | Eden Prairie | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55344 | |
City Area Code | 952 | |
Local Phone Number | 829-9217 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | NVEC | |
Security Exchange Name | NASDAQ | |
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 | |
Entity Common Stock, Shares Outstanding | 4,833,401 | |
Entity Address, Address Description | Address of principal executive offices | |
Phone Fax Number Description | Registrant’s telephone number, including area code | |
Entity Listing, Par Value Per Share | $ 0.01 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 | [1] |
Current assets | |||
Cash and cash equivalents | $ 6,953,448 | $ 1,669,896 | |
Marketable securities, short-term (amortized cost of $7,302,714 as of September 30, 2023, and $15,696,135 as of March 31, 2023) | 7,224,056 | 15,513,095 | |
Accounts receivable, net of allowance for credit losses of $15,000 | 2,915,762 | 6,523,344 | |
Inventories | 6,967,766 | 6,417,010 | |
Prepaid expenses and other assets | 1,064,853 | 663,459 | |
Total current assets | 25,125,885 | 30,786,804 | |
Machinery and equipment | 10,501,096 | 10,484,365 | |
Leasehold improvements | 1,956,309 | 1,956,309 | |
Total fixed assets | 12,457,405 | 12,440,674 | |
Less accumulated depreciation and amortization | 11,250,170 | 11,095,236 | |
Net fixed assets | 1,207,235 | 1,345,438 | |
Deferred tax assets | 1,395,430 | 572,038 | |
Marketable securities, long-term (amortized cost of $41,467,512 as of September 30, 2023, and $37,495,846 as of March 31, 2023) | 39,623,299 | 36,125,047 | |
Right-of-use asset – operating lease | 358,590 | 425,843 | |
Total assets | 67,710,439 | 69,255,170 | |
Current liabilities | |||
Accounts payable | 244,236 | 281,712 | |
Accrued payroll and other | 539,452 | 1,375,250 | |
Operating lease | 177,585 | 175,798 | |
Total current liabilities | 961,273 | 1,832,760 | |
Operating lease | 260,509 | 342,908 | |
Total liabilities | 1,221,782 | 2,175,668 | |
Shareholders’ equity | |||
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,833,401 issued and outstanding as of September 30, 2023, and 4,830,826 as of March 31, 2023 | 48,334 | 48,308 | |
Additional paid-in capital | 19,529,791 | 19,295,442 | |
Accumulated other comprehensive loss | (1,502,147) | (1,213,858) | |
Retained earnings | 48,412,679 | 48,949,610 | |
Total shareholders’ equity | 66,488,657 | 67,079,502 | |
Total liabilities and shareholders’ equity | $ 67,710,439 | $ 69,255,170 | |
[1] The March 31, 2023 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, 2023. |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Debt Instrument, Unamortized Discount, Current | $ 7,302,714 | $ 15,696,135 |
Accounts Receivable, Allowance for Credit Loss | 15,000 | 15,000 |
Debt Instrument, Unamortized Discount, Noncurrent | $ 41,467,512 | $ 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 | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | ||||
Product sales | $ 7,117,122 | $ 10,514,539 | $ 15,817,214 | $ 17,587,500 |
Contract research and development | 16,154 | 203,285 | 147,476 | 466,731 |
Total revenue | 7,133,276 | 10,717,824 | 15,964,690 | 18,054,231 |
Cost of sales | 1,599,866 | 2,402,781 | 3,679,489 | 4,054,628 |
Gross profit | 5,533,410 | 8,315,043 | 12,285,201 | 13,999,603 |
Expenses | ||||
Research and development | 683,208 | 669,978 | 1,379,200 | 1,271,896 |
Selling, general, and administrative | 433,785 | 435,625 | 908,900 | 806,946 |
Provision for credit losses | (202,926) | 9,514 | ||
Total expenses | 914,067 | 1,105,603 | 2,297,614 | 2,078,842 |
Income from operations | 4,619,343 | 7,209,440 | 9,987,587 | 11,920,761 |
Interest income | 512,092 | 351,375 | 948,618 | 634,436 |
Income before taxes | 5,131,435 | 7,560,815 | 10,936,205 | 12,555,197 |
Provision for income taxes | 407,869 | 1,470,442 | 1,808,909 | 2,324,707 |
Net income | $ 4,723,566 | $ 6,090,373 | $ 9,127,296 | $ 10,230,490 |
Net income per share – basic | $ 0.98 | $ 1.26 | $ 1.89 | $ 2.12 |
Net income per share – diluted | 0.98 | 1.26 | 1.89 | 2.12 |
Cash dividends declared per common share | $ 1 | $ 1 | $ 2 | $ 2 |
Weighted average shares outstanding | ||||
Basic | 4,833,401 | 4,830,826 | 4,832,786 | 4,830,826 |
Diluted | 4,840,770 | 4,830,956 | 4,840,688 | 4,830,927 |
Net income | $ 4,723,566 | $ 6,090,373 | $ 9,127,296 | $ 10,230,490 |
STATEMENTS OF COMPREHENSIVE INC
STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net income | $ 4,723,566 | $ 6,090,373 | $ 9,127,296 | $ 10,230,490 |
Unrealized loss from marketable securities, net of tax | (53,588) | (1,127,362) | (288,289) | (1,465,915) |
Comprehensive income | $ 4,669,978 | $ 4,963,011 | $ 8,839,007 | $ 8,764,575 |
STATEMENTS OF SHAREHOLDERS' EQU
STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | |
Beginning balance, value at Mar. 31, 2022 | $ 48,308 | $ 19,256,485 | $ (318,120) | $ 45,578,456 | $ 64,565,129 | |
Beginning balance (in shares) at Mar. 31, 2022 | 4,830,826 | |||||
Comprehensive income: | ||||||
Unrealized loss on marketable securities, net of tax | (338,553) | (338,553) | ||||
Net income | 4,140,116 | 4,140,116 | ||||
Total comprehensive income | 3,801,563 | |||||
Stock-based compensation | 7,134 | 7,134 | ||||
Cash dividends declared ($1.00 per share of common stock) | (4,830,826) | (4,830,826) | ||||
Ending balance, value at Jun. 30, 2022 | $ 48,308 | 19,263,619 | (656,673) | 44,887,746 | 63,543,000 | |
Ending balance (in shares) at Jun. 30, 2022 | 4,830,826 | |||||
Beginning balance, value at Mar. 31, 2022 | $ 48,308 | 19,256,485 | (318,120) | 45,578,456 | 64,565,129 | |
Beginning balance (in shares) at Mar. 31, 2022 | 4,830,826 | |||||
Comprehensive income: | ||||||
Net income | 10,230,490 | |||||
Total comprehensive income | 8,764,575 | |||||
Ending balance, value at Sep. 30, 2022 | $ 48,308 | 19,303,570 | (1,784,035) | 46,147,293 | 63,715,136 | |
Ending balance (in shares) at Sep. 30, 2022 | 4,830,826 | |||||
Beginning balance, value at Jun. 30, 2022 | $ 48,308 | 19,263,619 | (656,673) | 44,887,746 | 63,543,000 | |
Beginning balance (in shares) at Jun. 30, 2022 | 4,830,826 | |||||
Comprehensive income: | ||||||
Unrealized loss on 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 | |||||
Stock-based compensation | 39,951 | 39,951 | ||||
Cash dividends declared ($1.00 per share of common stock) | (4,830,826) | (4,830,826) | ||||
Ending balance, value at Sep. 30, 2022 | $ 48,308 | 19,303,570 | (1,784,035) | 46,147,293 | 63,715,136 | |
Ending balance (in shares) at Sep. 30, 2022 | 4,830,826 | |||||
Beginning balance, value at Mar. 31, 2023 | $ 48,308 | 19,295,442 | (1,213,858) | 48,949,610 | 67,079,502 | [1] |
Beginning balance (in shares) at Mar. 31, 2023 | 4,830,826 | |||||
Exercise of stock options | $ 26 | 117,501 | 117,527 | |||
Exercise of stock options (in shares) | 2,575 | |||||
Comprehensive income: | ||||||
Unrealized loss on marketable securities, net of tax | (234,701) | (234,701) | ||||
Net income | 4,403,730 | 4,403,730 | ||||
Total comprehensive income | 4,169,029 | |||||
Stock-based compensation | 10,536 | 10,536 | ||||
Cash dividends declared ($1.00 per share of common stock) | (4,830,826) | (4,830,826) | ||||
Ending balance, value at Jun. 30, 2023 | $ 48,334 | 19,423,479 | (1,448,559) | 48,522,514 | 66,545,768 | |
Ending balance (in shares) at Jun. 30, 2023 | 4,833,401 | |||||
Beginning balance, value at Mar. 31, 2023 | $ 48,308 | 19,295,442 | (1,213,858) | 48,949,610 | 67,079,502 | [1] |
Beginning balance (in shares) at Mar. 31, 2023 | 4,830,826 | |||||
Comprehensive income: | ||||||
Net income | 9,127,296 | |||||
Total comprehensive income | 8,839,007 | |||||
Ending balance, value at Sep. 30, 2023 | $ 48,334 | 19,529,791 | (1,502,147) | 48,412,679 | 66,488,657 | |
Ending balance (in shares) at Sep. 30, 2023 | 4,833,401 | |||||
Beginning balance, value at Jun. 30, 2023 | $ 48,334 | 19,423,479 | (1,448,559) | 48,522,514 | 66,545,768 | |
Beginning balance (in shares) at Jun. 30, 2023 | 4,833,401 | |||||
Comprehensive income: | ||||||
Unrealized loss on marketable securities, net of tax | (53,588) | (53,588) | ||||
Net income | 4,723,566 | 4,723,566 | ||||
Total comprehensive income | 4,669,978 | |||||
Stock-based compensation | 106,312 | 106,312 | ||||
Cash dividends declared ($1.00 per share of common stock) | (4,833,401) | (4,833,401) | ||||
Ending balance, value at Sep. 30, 2023 | $ 48,334 | $ 19,529,791 | $ (1,502,147) | $ 48,412,679 | $ 66,488,657 | |
Ending balance (in shares) at Sep. 30, 2023 | 4,833,401 | |||||
[1] The March 31, 2023 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, 2023. |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net income | $ 9,127,296 | $ 10,230,490 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 114,524 | 158,851 |
Provision for current estimate of credit losses | 9,514 | |
Stock-based compensation | 116,848 | 47,085 |
Deferred income taxes | (742,649) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,598,068 | (1,155,585) |
Inventories | (550,756) | (706,214) |
Prepaid expenses and other assets | (334,141) | (114,213) |
Accounts payable and accrued expenses | (953,886) | 890,824 |
Net cash provided by operating activities | 10,384,818 | 9,351,238 |
INVESTING ACTIVITIES | ||
Purchases of fixed assets | (16,731) | (24,500) |
Purchases of marketable securities | (3,937,835) | (25,381,057) |
Proceeds from maturities of marketable securities | 8,400,000 | 18,750,000 |
Receipt of tenant improvement allowance | 100,000 | |
Net cash provided (used) by investing activities | 4,445,434 | (6,555,557) |
FINANCING ACTIVITIES | ||
Proceeds from exercise of stock options | 117,527 | |
Payment of dividends to shareholders | (9,664,227) | (9,661,652) |
Cash used in financing activities | (9,546,700) | (9,661,652) |
Increase (decrease) in cash and cash equivalents | 5,283,552 | (6,865,971) |
Cash and cash equivalents at beginning of period | 1,669,896 | 10,449,510 |
Cash and cash equivalents at end of period | 6,953,448 | 3,583,539 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for income taxes | $ 3,120,830 | $ 1,281,629 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 6 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
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 September 30, 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 September 30, 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 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 (“DSO”) 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. |
RECENTLY ADOPTED ACCOUNTING STA
RECENTLY ADOPTED ACCOUNTING STANDARD | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ADOPTED ACCOUNTING STANDARD | NOTE 3. 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 The adoption resulted in disclosure changes and required us to consider the likelihood of default and to measure our allowance for credit losses over the contractual term of our receivables. The adoption did not have a material impact on the financial statements as of September 30 or April 1, 2023. |
NET INCOME PER SHARE
NET INCOME PER SHARE | 6 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
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: Schedule of Earnings Per Share, Basic and Diluted Quarter Ended September 30, 2023 2022 Weighted average common shares outstanding – basic 4,833,401 4,830,826 Dilutive effect of stock options 7,369 130 Shares used in computing net income per share – diluted 4,840,770 4,830,956 Six Months Ended September 30, 2023 2022 Weighted average common shares outstanding – basic 4,832,786 4,830,826 Dilutive effect of stock options 7,902 101 Shares used in computing net income per share – diluted 4,840,688 4,830,927 |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 6 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 5. MARKETABLE SECURITIES The following table shows the major categories of our marketable securities and their contractual maturities as of September 30, 2023: Contractual maturities of marketable securities Total <1 Year 1–3 Years 3–6 Years Money market funds $ 6,853,047 $ 6,853,047 $ — $ — Corporate bonds 46,847,355 7,224,056 27,387,122 12,236,177 Total $ 53,700,402 $ 14,077,103 $ 27,387,122 $ 12,236,177 Total marketable securities represent approximately 79% of our total assets as of September 30, 2023. Marketable securities as of September 30, 2023, had remaining maturities between one and 67 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 $ 436,932 425,372 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 September 30, 2023, aggregated by credit rating: Fair values of our marketable securities aggregated by credit rating Credit Rating Fair Value AAA $ 8,134,255 AA 6,622,847 AA- 20,699,684 A+ 2,833,709 A 9,467,058 A- 5,942,849 Total $ 53,700,402 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 September 30, 2023 As of March 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 6,853,047 $ — $ 6,853,047 $ 906,141 $ — $ 906,141 Corporate bonds — 46,847,355 46,847,355 — 51,638,142 51,638,142 Total $ 6,853,047 $ 46,847,355 $ 53,700,402 $ 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 September 30 and March 31, 2023: As of September 30, 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 $ 6,853,047 $ — $ — $ 6,853,047 $ 906,141 $ — $ — $ 906,141 Corporate bonds 48,770,226 1 (1,922,872 ) 46,847,355 53,191,981 1,007 (1,554,846 ) 51,638,142 Total $ 55,623,273 $ 1 $ (1,922,872 ) $ 53,700,402 $ 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 September 30 and March 31, 2023. 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 September 30, 2023 Corporate bonds $ 6,998,824 $ (86,868 ) $ 39,848,531 $ (1,836,004 ) $ 46,847,355 $ (1,922,872 ) Total $ 6,998,824 $ (86,868 ) $ 39,848,531 $ (1,836,004 ) $ 46,847,355 $ (1,922,872 ) 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 September 30, 2023 2022 Unrealized loss from marketable securities $ (68,597 ) $ (252,894 ) Tax effects 15,009 55,333 Unrealized loss from marketable securities, net of tax $ (53,588 ) $ (197,561 ) Six Months Ended September 30, 2023 2022 Unrealized loss from marketable securities $ (369,034 ) $ (1,876,491 ) Tax effects 80,745 410,576 Unrealized loss from marketable securities, net of tax $ (288,289 ) $ (1,465,915 ) |
ALLOWANCE FOR CREDIT LOSSES ON
ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES | 6 Months Ended |
Sep. 30, 2023 | |
Credit Loss [Abstract] | |
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 recorded in the quarter ended June 30, 2023 212,440 Change in provision for credit losses in the quarter ended September 30, 2023 (202,926 ) Specific accounts deemed uncollectible (9,514 ) Allowance for credit losses as of September 30, 2023 $ 15,000 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 7. INVENTORIES Inventories are shown in the following table: September 30, March 31, 2023 Raw materials $ 2,066,047 $ 1,601,962 Work in process 3,104,015 3,781,894 Finished goods 1,797,704 1,033,154 Total inventories $ 6,967,766 $ 6,417,010 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 8. STOCK-BASED COMPENSATION Stock-based compensation expense was $ 106,312 39,951 116,848 47,085 Black-Scholes- Merton |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
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 September 30, 2023, federal and state estimated tax overpayments of $ 408,184 We had no not 2019 2023 |
LEASES
LEASES | 6 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
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: Lease, Cost Quarter Ended Six Months Ended Operating lease cost $ 37,754 $ 75,507 Cash paid for amounts included Operating cash flows for leases $ 44,433 $ 88,866 Remaining lease term 30 Discount rate 3.5 % The following table shows the maturities of lease liabilities as of September 30, 2023: Lessee, Operating Lease, Liability, Maturity Year Ending March 31, Operating Lease Liabilities 2024 $ 89,774 2025 182,271 2026 184,995 Total lease payments 457,040 Imputed lease interest (18,946 ) Total lease liabilities $ 438,094 |
STOCK REPURCHASE PROGRAM
STOCK REPURCHASE PROGRAM | 6 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
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 5,000,000 3,520,369 not |
INFORMATION AS TO EMPLOYEE STOC
INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS | 6 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
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 3 24,406 f 23,751 51,483 52,177 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 13. SUBSEQUENT EVENTS On October 18, 2023 we announced that our Board of Directors had declared a quarterly cash dividend 1.00 November 30, 2023 October 30, 2023 |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
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 September 30, 2023, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2024. |
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 September 30, 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 | Marketable securities and credit losses Our marketable securities consist of corporate bonds and money market funds. Marketable 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 | 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 (“DSO”) 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. |
NET INCOME PER SHARE (Tables)
NET INCOME PER SHARE (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Schedule of Earnings Per Share, Basic and Diluted Quarter Ended September 30, 2023 2022 Weighted average common shares outstanding – basic 4,833,401 4,830,826 Dilutive effect of stock options 7,369 130 Shares used in computing net income per share – diluted 4,840,770 4,830,956 Six Months Ended September 30, 2023 2022 Weighted average common shares outstanding – basic 4,832,786 4,830,826 Dilutive effect of stock options 7,902 101 Shares used in computing net income per share – diluted 4,840,688 4,830,927 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Contractual maturities of marketable securities | The following table shows the major categories of our marketable securities and their contractual maturities as of September 30, 2023: Contractual maturities of marketable securities Total <1 Year 1–3 Years 3–6 Years Money market funds $ 6,853,047 $ 6,853,047 $ — $ — Corporate bonds 46,847,355 7,224,056 27,387,122 12,236,177 Total $ 53,700,402 $ 14,077,103 $ 27,387,122 $ 12,236,177 |
Fair values of our marketable securities aggregated by credit rating | Fair values of our marketable securities aggregated by credit rating Credit Rating Fair Value AAA $ 8,134,255 AA 6,622,847 AA- 20,699,684 A+ 2,833,709 A 9,467,058 A- 5,942,849 Total $ 53,700,402 |
The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values: | 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 September 30, 2023 As of March 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 6,853,047 $ — $ 6,853,047 $ 906,141 $ — $ 906,141 Corporate bonds — 46,847,355 46,847,355 — 51,638,142 51,638,142 Total $ 6,853,047 $ 46,847,355 $ 53,700,402 $ 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 September 30 and March 31, 2023: | The following table shows the amortized cost, fair value, and gross unrealized holding gains and losses of our marketable securities as of September 30 and March 31, 2023: As of September 30, 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 $ 6,853,047 $ — $ — $ 6,853,047 $ 906,141 $ — $ — $ 906,141 Corporate bonds 48,770,226 1 (1,922,872 ) 46,847,355 53,191,981 1,007 (1,554,846 ) 51,638,142 Total $ 55,623,273 $ 1 $ (1,922,872 ) $ 53,700,402 $ 54,098,122 $ 1,007 $ (1,554,846 ) $ 52,544,283 |
Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded | 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 September 30, 2023 Corporate bonds $ 6,998,824 $ (86,868 ) $ 39,848,531 $ (1,836,004 ) $ 46,847,355 $ (1,922,872 ) Total $ 6,998,824 $ (86,868 ) $ 39,848,531 $ (1,836,004 ) $ 46,847,355 $ (1,922,872 ) 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 ) |
Unrealized losses on our marketable securities and their tax effects are as follows: | Unrealized losses on our marketable securities and their tax effects are as follows: Quarter Ended September 30, 2023 2022 Unrealized loss from marketable securities $ (68,597 ) $ (252,894 ) Tax effects 15,009 55,333 Unrealized loss from marketable securities, net of tax $ (53,588 ) $ (197,561 ) Six Months Ended September 30, 2023 2022 Unrealized loss from marketable securities $ (369,034 ) $ (1,876,491 ) Tax effects 80,745 410,576 Unrealized loss from marketable securities, net of tax $ (288,289 ) $ (1,465,915 ) |
ALLOWANCE FOR CREDIT LOSSES O_2
ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Credit Loss [Abstract] | |
The following table shows a roll forward of the allowance for credit losses on our accounts receivable: | 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 recorded in the quarter ended June 30, 2023 212,440 Change in provision for credit losses in the quarter ended September 30, 2023 (202,926 ) Specific accounts deemed uncollectible (9,514 ) Allowance for credit losses as of September 30, 2023 $ 15,000 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories are shown in the following table: | Inventories are shown in the following table: September 30, March 31, 2023 Raw materials $ 2,066,047 $ 1,601,962 Work in process 3,104,015 3,781,894 Finished goods 1,797,704 1,033,154 Total inventories $ 6,967,766 $ 6,417,010 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Lease, Cost | Lease, Cost Quarter Ended Six Months Ended Operating lease cost $ 37,754 $ 75,507 Cash paid for amounts included Operating cash flows for leases $ 44,433 $ 88,866 Remaining lease term 30 Discount rate 3.5 % |
Lessee, Operating Lease, Liability, Maturity | Lessee, Operating Lease, Liability, Maturity Year Ending March 31, Operating Lease Liabilities 2024 $ 89,774 2025 182,271 2026 184,995 Total lease payments 457,040 Imputed lease interest (18,946 ) Total lease liabilities $ 438,094 |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding - basic | 4,833,401 | 4,830,826 | 4,832,786 | 4,830,826 |
Dilutive effect of stock options | 7,369 | 130 | 7,902 | 101 |
Shares used in computing net income per share - diluted | 4,840,770 | 4,830,956 | 4,840,688 | 4,830,927 |
Contractual maturities of marke
Contractual maturities of marketable securities (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Schedule of Investments [Line Items] | ||
Marketable Securities | $ 53,700,402 | $ 52,544,283 |
(1 Year | 14,077,103 | |
1-3 Years | 27,387,122 | |
3-6 Years | 12,236,177 | |
Money Market Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Marketable Securities | 6,853,047 | 906,141 |
(1 Year | 6,853,047 | |
1-3 Years | ||
3-6 Years | ||
Corporate Bond Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Marketable Securities | 46,847,355 | $ 51,638,142 |
(1 Year | 7,224,056 | |
1-3 Years | 27,387,122 | |
3-6 Years | $ 12,236,177 |
Fair values of our marketable s
Fair values of our marketable securities aggregated by credit rating (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Marketable Securities | $ 53,700,402 | $ 52,544,283 |
Standard & Poor's, AAA Rating [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Marketable Securities | 8,134,255 | |
Standard & Poor's, AA Rating [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Marketable Securities | 6,622,847 | |
Standard & Poor's, AA- Rating [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Marketable Securities | 20,699,684 | |
Standard & Poor's, A+ Rating [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Marketable Securities | 2,833,709 | |
Standard & Poor's, A Rating [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Marketable Securities | 9,467,058 | |
Standard & Poor's, A- Rating [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Marketable Securities | $ 5,942,849 |
The following table shows the e
The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values: (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Schedule of Investments [Line Items] | ||
Marketable Securities | $ 53,700,402 | $ 52,544,283 |
Fair Value, Inputs, Level 1 [Member] | ||
Schedule of Investments [Line Items] | ||
Marketable Securities | 6,853,047 | 906,141 |
Fair Value, Inputs, Level 2 [Member] | ||
Schedule of Investments [Line Items] | ||
Marketable Securities | 46,847,355 | 51,638,142 |
Money Market Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Marketable Securities | 6,853,047 | 906,141 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Schedule of Investments [Line Items] | ||
Marketable Securities | 6,853,047 | 906,141 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Schedule of Investments [Line Items] | ||
Marketable Securities | 0 | 0 |
Corporate Bond Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Marketable Securities | 46,847,355 | 51,638,142 |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Schedule of Investments [Line Items] | ||
Marketable Securities | 0 | 0 |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Schedule of Investments [Line Items] | ||
Marketable Securities | $ 46,847,355 | $ 51,638,142 |
The following table shows the a
The following table shows the amortized cost, fair value, and gross unrealized holding gains and losses of our marketable securities as of September 30 and March 31, 2023: (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 55,623,273 | $ 54,098,122 |
Gross Unrealized Holding Gains | 1 | 1,007 |
Gross Unrealized Holding Losses | (1,922,872) | (1,554,846) |
Marketable Securities | 53,700,402 | 52,544,283 |
Money Market Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 6,853,047 | 906,141 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Marketable Securities | 6,853,047 | 906,141 |
Corporate Bond Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 48,770,226 | 53,191,981 |
Gross Unrealized Holding Gains | 1 | 1,007 |
Gross Unrealized Holding Losses | (1,922,872) | (1,554,846) |
Marketable Securities | $ 46,847,355 | $ 51,638,142 |
Gross unrealized holding losses
Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Schedule of Investments [Line Items] | ||
Estimated Fair Value | $ 6,998,824 | $ 37,084,628 |
Gross Unrealized Holding Losses | (86,868) | (590,967) |
Estimated Fair Value | 39,848,531 | 13,294,817 |
Gross Unrealized Holding Losses | (1,836,004) | (963,879) |
Estimated Fair Value | 46,847,355 | 50,379,445 |
Gross Unrealized Holding Losses | (1,922,872) | (1,554,846) |
Corporate Bond Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Estimated Fair Value | 6,998,824 | 37,084,628 |
Gross Unrealized Holding Losses | (86,868) | (590,967) |
Estimated Fair Value | 39,848,531 | 13,294,817 |
Gross Unrealized Holding Losses | (1,836,004) | (963,879) |
Estimated Fair Value | 46,847,355 | 50,379,445 |
Gross Unrealized Holding Losses | $ (1,922,872) | $ (1,554,846) |
Unrealized losses on our market
Unrealized losses on our marketable securities and their tax effects are as follows: (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Unrealized loss from marketable securities | $ (68,597) | $ (252,894) | $ (369,034) | $ (1,876,491) |
Tax effects | 15,009 | 55,333 | 80,745 | 410,576 |
Unrealized loss from marketable securities, net of tax | $ (53,588) | $ (197,561) | $ (288,289) | $ (1,465,915) |
MARKETABLE SECURITIES (Details
MARKETABLE SECURITIES (Details Narrative) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Description of securities | Total marketable securities represent approximately 79% of our total assets as of September 30, 2023. Marketable securities as of September 30, 2023, had remaining maturities between one and 67 months. | |
Debt securities, available-for-sale, excluding accrued interest | $ 436,932 | $ 425,372 |
The following table shows a rol
The following table shows a roll forward of the allowance for credit losses on our accounts receivable: (Details) | 6 Months Ended |
Sep. 30, 2023 USD ($) | |
Credit Loss [Abstract] | |
Allowance for credit losses as of March 31, 2023 | $ 15,000 |
Provision for credit losses recorded in the quarter ended June 30, 2023 | 212,440 |
Change in provision for credit losses in the quarter ended September 30, 2023 | (202,926) |
Specific accounts deemed uncollectible | (9,514) |
Allowance for credit losses as of September 30, 2023 | $ 15,000 |
Inventories are shown in the fo
Inventories are shown in the following table: (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 2,066,047 | $ 1,601,962 | |
Work in process | 3,104,015 | 3,781,894 | |
Finished goods | 1,797,704 | 1,033,154 | |
Total inventories | $ 6,967,766 | $ 6,417,010 | [1] |
[1] The March 31, 2023 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, 2023. |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||||
Share-based payment arrangement, expense | $ 106,312 | $ 39,951 | $ 116,848 | $ 47,085 |
Share-based compensation arrangement by share-based payment award, fair value assumptions, method used | Black-Scholes-Merton standard option-pricing model |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 6 Months Ended |
Sep. 30, 2023 USD ($) | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Accrued income taxes | $ 408,184 |
Unrecognized tax benefits | 0 |
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | $ 0 |
Minimum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Open Tax Year | 2019 |
Maximum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Open Tax Year | 2023 |
Lease, Cost (Details)
Lease, Cost (Details) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Leases [Abstract] | ||
Operating lease cost | $ 37,754 | $ 75,507 |
Operating cash flows for leases | $ 44,433 | $ 88,866 |
Remaining lease term | 30 months | 30 months |
Discount rate | 3.50% | 3.50% |
Lessee, Operating Lease, Liabil
Lessee, Operating Lease, Liability, Maturity (Details) | Sep. 30, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 89,774 |
2025 | 182,271 |
2026 | 184,995 |
Total lease payments | 457,040 |
Imputed lease interest | (18,946) |
Total lease liabilities | $ 438,094 |
STOCK REPURCHASE PROGRAM (Detai
STOCK REPURCHASE PROGRAM (Details Narrative) - USD ($) | 6 Months Ended | ||
Sep. 30, 2023 | Jan. 21, 2019 | Aug. 27, 2015 | |
Equity [Abstract] | |||
Additional stock repurchase | $ 2,500,000 | $ 5,000,000 | |
Stock repurchase program, remaining authorized repurchase amount | $ 3,520,369 | ||
Treasury stock, shares, acquired | 0 |
INFORMATION AS TO EMPLOYEE ST_2
INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Retirement Benefits [Abstract] | ||||
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 | $ 24,406 | $ 23,751 | $ 51,483 | $ 52,177 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Oct. 18, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Subsequent Events [Abstract] | |||||
Subsequent event, date | Oct. 18, 2023 | ||||
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 | $ 2 | $ 2 |
Dividends payable, date to be paid | Nov. 30, 2023 | ||||
Dividends payable, date of record | Oct. 30, 2023 |