Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2016 | Apr. 29, 2016 | Sep. 30, 2015 | |
Entity Registrant Name | NVE CORP /NEW/ | ||
Entity Central Index Key | 724,910 | ||
Trading Symbol | nvec | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,835,010 | ||
Entity Public Float | $ 122 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 7,534,593 | $ 9,437,262 |
Marketable securities, short-term | 19,697,384 | 20,099,288 |
Accounts receivable, net of allowance for uncollectible accounts of $15,000 | 2,244,086 | 2,963,974 |
Inventories | $ 3,205,233 | 3,742,492 |
Deferred tax assets | 102,052 | |
Prepaid expenses and other assets | $ 734,524 | 574,913 |
Total current assets | 33,415,820 | 36,919,981 |
Fixed assets | ||
Machinery and equipment | 8,840,033 | 8,604,926 |
Leasehold improvements | 1,539,965 | 1,524,298 |
10,379,998 | 10,129,224 | |
Less accumulated depreciation and amortization | 8,688,285 | 7,873,816 |
Net fixed assets | 1,691,713 | $ 2,255,408 |
Long-term deferred tax assets | 51,188 | |
Marketable securities, long-term | 65,695,335 | $ 70,913,807 |
Total assets | 100,854,056 | 110,089,196 |
Current liabilities | ||
Accounts payable | 317,990 | 358,818 |
Accrued payroll and other | 556,674 | $ 1,127,136 |
Deferred revenue | 714,805 | |
Total current liabilities | $ 1,589,469 | $ 1,485,954 |
Long-term deferred tax liabilities | 275,708 | |
Shareholders’ equity | ||
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,835,010 issued and outstanding as of March 31, 2016 and 4,857,953 issued and outstanding as of March 31, 2015 | $ 48,350 | 48,580 |
Additional paid-in capital | 19,205,682 | 20,850,762 |
Accumulated other comprehensive income | 451,359 | 746,447 |
Retained earnings | 79,559,196 | 86,681,745 |
Total shareholders’ equity | 99,264,587 | 108,327,534 |
Total liabilities and shareholders’ equity | $ 100,854,056 | $ 110,089,196 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Allowance for uncollectible accounts | $ 15,000 | $ 15,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 6,000,000 | 6,000,000 |
Common stock, shares issued (in shares) | 4,835,010 | 4,857,953 |
Common stock, shares outstanding (in shares) | 4,835,010 | 4,857,953 |
Statements of Income
Statements of Income - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenue | |||
Product sales | $ 24,410,391 | $ 29,894,045 | $ 25,512,028 |
Contract research and development | 3,306,887 | 690,043 | 422,879 |
Total revenue | 27,717,278 | 30,584,088 | 25,934,907 |
Cost of sales | 6,616,852 | 6,019,868 | 5,720,277 |
Gross profit | 21,100,426 | 24,564,220 | 20,214,630 |
Expenses | |||
Selling, general, and administrative | 1,752,962 | 2,312,076 | 2,235,475 |
Research and development | 3,061,184 | 3,000,193 | 3,585,339 |
Total expenses | 4,814,146 | 5,312,269 | 5,820,814 |
Income from operations | 16,286,280 | 19,251,951 | 14,393,816 |
Interest income | 1,890,817 | 2,187,723 | 2,122,133 |
Income before taxes | 18,177,097 | 21,439,674 | 16,515,949 |
Provision for income taxes | 5,884,782 | 7,071,320 | 5,380,074 |
Net income | $ 12,292,315 | $ 14,368,354 | $ 11,135,875 |
Net income per share – basic (in dollars per share) | $ 2.53 | $ 2.96 | $ 2.30 |
Net income per share – diluted (in dollars per share) | 2.53 | 2.95 | $ 2.29 |
Cash dividends declared per common share (in dollars per share) | $ 4 | $ 2.06 | |
Weighted average shares outstanding | |||
Basic (in shares) | 4,850,209 | 4,855,504 | 4,851,460 |
Diluted (in shares) | 4,852,602 | 4,871,935 | 4,867,691 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Net income | $ 12,292,315 | $ 14,368,354 | $ 11,135,875 |
Unrealized loss from marketable securities, net of tax | (295,088) | (131,410) | (679,869) |
Comprehensive income | $ 11,997,227 | $ 14,236,944 | $ 10,456,006 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Comprehensive income: | |||||
Balance as of March 31, 2014 (in shares) | 4,862,436 | ||||
Balance as of March 31, 2013 (in shares) at Mar. 31, 2013 | 4,862,436 | ||||
Balance as of March 31, 2013 at Mar. 31, 2013 | $ 48,624 | $ 21,200,742 | $ 1,557,726 | $ 71,177,516 | $ 93,984,608 |
Exercise of stock options (in shares) | 14,000 | ||||
Exercise of stock options | $ 140 | 416,620 | 416,760 | ||
Repurchase of common stock (in shares) | (25,393) | ||||
Repurchase of common stock | $ (254) | $ (1,263,151) | (1,263,405) | ||
Comprehensive income: | |||||
Unrealized loss from marketable securities, net of tax | $ (679,869) | (679,869) | |||
Net income | $ 11,135,875 | 11,135,875 | |||
Total comprehensive income | 10,456,006 | ||||
Stock-based compensation | $ 53,200 | 53,200 | |||
Tax benefit of stock- based compensation | 57,472 | 57,472 | |||
Balance as of March 31, 2014 (in shares) | 4,862,436 | ||||
Balance as of March 31, 2014 at Mar. 31, 2014 | $ 48,510 | 20,464,883 | $ 877,857 | $ 82,313,391 | 103,704,641 |
Comprehensive income: | |||||
Exercise of stock options (in shares) | 14,000 | ||||
Exercise of stock options | $ 140 | 416,620 | 416,760 | ||
Balance as of March 31, 2015 (in shares) at Mar. 31, 2014 | 4,851,043 | ||||
Comprehensive income: | |||||
Repurchase of common stock (in shares) | (25,393) | ||||
Repurchase of common stock | $ (254) | (1,263,151) | (1,263,405) | ||
Balance as of March 31, 2014 (in shares) | 4,851,043 | ||||
Exercise of stock options (in shares) | 6,910 | ||||
Exercise of stock options | $ 70 | $ 302,631 | 302,701 | ||
Repurchase of common stock | 0 | ||||
Unrealized loss from marketable securities, net of tax | $ (131,410) | (131,410) | |||
Net income | $ 14,368,354 | 14,368,354 | |||
Total comprehensive income | 14,236,944 | ||||
Stock-based compensation | $ 58,960 | 58,960 | |||
Tax benefit of stock- based compensation | 24,288 | 24,288 | |||
Balance as of March 31, 2014 (in shares) | 4,851,043 | ||||
Balance as of March 31, 2014 at Mar. 31, 2015 | $ 48,580 | 20,850,762 | $ 746,447 | $ 86,681,745 | 108,327,534 |
Comprehensive income: | |||||
Exercise of stock options (in shares) | 6,910 | ||||
Exercise of stock options | $ 70 | $ 302,631 | 302,701 | ||
Cash dividends declared ($2.06 per share of common stock) | $ (10,000,000) | (10,000,000) | |||
Balance as of March 31, 2015 (in shares) at Mar. 31, 2015 | 4,857,953 | ||||
Comprehensive income: | |||||
Repurchase of common stock | 0 | ||||
Balance as of March 31, 2014 (in shares) | 4,857,953 | ||||
Exercise of stock options (in shares) | 18,090 | ||||
Exercise of stock options | $ 181 | $ 292,728 | 292,909 | ||
Repurchase of common stock (in shares) | (41,033) | ||||
Repurchase of common stock | $ (411) | $ (2,311,262) | (1,695,788) | ||
Unrealized loss from marketable securities, net of tax | $ (295,088) | (295,088) | |||
Net income | $ 12,292,315 | 12,292,315 | |||
Total comprehensive income | 11,997,227 | ||||
Stock-based compensation | $ 21,160 | 21,160 | |||
Tax benefit of stock- based compensation | 352,294 | 352,294 | |||
Balance as of March 31, 2014 (in shares) | 4,857,953 | ||||
Balance as of March 31, 2014 at Mar. 31, 2016 | $ 48,350 | 19,205,682 | $ 451,359 | $ 79,559,196 | 99,264,587 |
Comprehensive income: | |||||
Exercise of stock options (in shares) | 18,090 | ||||
Exercise of stock options | $ 181 | $ 292,728 | 292,909 | ||
Cash dividends declared ($2.06 per share of common stock) | $ (19,414,864) | (19,414,864) | |||
Balance as of March 31, 2015 (in shares) at Mar. 31, 2016 | 4,835,010 | ||||
Comprehensive income: | |||||
Repurchase of common stock (in shares) | (41,033) | ||||
Repurchase of common stock | $ (411) | $ (2,311,262) | $ (1,695,788) | ||
Balance as of March 31, 2014 (in shares) | 4,835,010 |
Statement of Stockholders' Equ7
Statement of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Additional Paid-in Capital [Member] | ||
Cash dividends declared per common share (in dollars per share) | $ 4 | $ 2.06 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
OPERATING ACTIVITIES | |||
Net income | $ 12,292,315 | $ 14,368,354 | $ 11,135,875 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 850,970 | 934,371 | 844,339 |
Stock-based compensation | 21,160 | 58,960 | 53,200 |
Excess tax benefits | (352,294) | (24,288) | (57,472) |
Deferred income taxes | 295,827 | 155,713 | 121,881 |
Changes in operating assets and liabilities | |||
Accounts receivable | 719,888 | (632,400) | 189,821 |
Inventories | 537,259 | (535,159) | 129,259 |
Prepaid expenses and other assets | (159,611) | 241,363 | 141,871 |
Accounts payable and accrued expenses | (611,290) | $ 303,152 | $ (157,350) |
Deferred revenue | 714,805 | ||
Net cash provided by operating activities | 14,309,029 | $ 14,870,066 | $ 12,401,424 |
INVESTING ACTIVITIES | |||
Purchases of fixed assets | (287,275) | (185,007) | (160,718) |
Purchases of marketable securities | (14,568,089) | (8,997,086) | (22,753,916) |
Proceeds from maturities of marketable securities | 19,725,000 | 12,160,000 | 10,055,000 |
Net cash provided by (used in) investing activities | 4,869,636 | 2,977,907 | (12,859,634) |
FINANCING ACTIVITIES | |||
Proceeds from sale of common stock | 292,909 | 302,701 | 416,760 |
Excess tax benefits | 352,294 | $ 24,288 | 57,472 |
Repurchase of common stock | (2,311,673) | $ (1,263,405) | |
Payment of dividends to shareholders | (19,414,864) | $ (10,000,000) | |
Net cash used in financing activities | (21,081,334) | (9,673,011) | $ (789,173) |
(Decrease) increase in cash and cash equivalents | (1,902,669) | 8,174,962 | (1,247,383) |
Cash and cash equivalents at beginning of year | 9,437,262 | 1,262,300 | 2,509,683 |
Cash and cash equivalents at end of year | 7,534,593 | 9,437,262 | 1,262,300 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the year for income taxes | $ 5,810,000 | $ 6,800,000 | $ 5,263,033 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. DESCRIPTION OF BUSINESS |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Fair Value of Financial Instruments Marketable Securities We consider an other-than-temporary impairment of our marketable securities to exist if we determine it is probable that we will be unable to collect all amounts due according to the contractual terms of a debt security. If we judged a decline in fair value for any security to be other than temporary, the cost basis of the individual security would be written down and a charge recognized in net income. We consider a number of factors in determining whether other-than-temporary impairment exists, including: credit market conditions; the credit ratings of the securities; historical default rates for securities of comparable credit rating; the presence of insurance of the securities and, if insured, the credit rating and financial condition of the insurer; the effect of market interest rates on the value of the securities; and the duration and extent of any unrealized losses. We also consider the likelihood that we will be required to sell the securities prior to maturity based on our financial condition and anticipated cash flows. We determined that no write-downs for other-than-temporary impairment were required on available-for-sale securities during fiscal 2016, 2015, or 2014. Concentration of Risk and Financial Instruments Cash and cash equivalents have been maintained in financial institutions we believe have high credit quality, however these accounts are generally in excess of federally insured amounts. We have invested our excess cash in corporate-backed and municipal-backed bonds and money market instruments. Our investment policy prescribes purchases of only high-grade securities, and limits the amount of credit exposure to any one issuer. Our customers are throughout the world. We generally do not require collateral from our customers, but we perform ongoing credit evaluations of their financial condition. More information on accounts receivable is contained in the paragraph titled “Accounts Receivable and Allowance for Doubtful Accounts” of this note. Additionally, we are dependent on critical suppliers including our packaging vendors and suppliers of certain raw silicon and semiconductor wafers that are incorporated in our products. Accounts Receivable and Allowance for Doubtful Accounts Inventories Product Warranty Fixed Assets Revenue Recognition Product Revenue Recognition Shipping charges billed to customers are included in product sales and the related shipping costs are included in selling, general, and administrative expense. Such shipping costs were $20,721 for fiscal 2016, $12,771 for fiscal 2015, and $15,542 for fiscal 2014. Our stocking distributors take title and assume the risks and rewards of product ownership. Payments from our distributors are not contingent on resale or any other matter other than the passage of time, and delivery of products is not dependent on the number of units resold to the ultimate customer. There are no other significant acceptance criteria, pricing or payment terms that would affect revenue recognition. Accounting for Commissions and Discounts We presume consideration given to a customer is a reduction in revenue unless both of the following conditions are met: (i) we receive an identifiable benefit in exchange for the consideration and the identifiable benefit is sufficiently separable from the customer’s purchase of our products such that we could have purchased the products or services from a third party; and (ii) we can reasonably estimate the fair value of the benefit received. We recognize discounts provided to our distributors as reductions in revenue. Research and Development Contract Revenue Recognition Cost-plus-fixed-fee contracts are cost-reimbursement contracts that also provide for payment to us of a negotiated fee that is fixed at the inception of the contract. The costs for which we earn reimbursement are the actual costs incurred and are recorded in the period in which they are incurred. We recognize the contract fees pro-rata as work progresses. Income Taxes Research and Development Expense Recognition Stock-Based Compensation Net Income Per Share Year Ended March 31 2016 2015 2014 Weighted average common shares outstanding – basic 4,850,209 4,855,504 4,851,460 Effect of dilutive securities: Stock options 2,393 16,431 15,639 Warrants - - 592 Shares used in computing net income per share – diluted 4,852,602 4,871,935 4,867,691 Use of Estimates Recently Issued Accounting Standards Accounting Pronouncements Recently Adopted Balance Sheet Classification of Deferred Taxes Future Accounting Pronouncements Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation Revenue from Contracts with Customers: Principal versus Agent Considerations In February 2016, the FASB issued ASU No. 2016-02, Lease Accounting In January 2016, the FASB issued ASU No. 2016-1, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition Revenue from Contracts with Customers: Deferral of the Effective Date |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 3. FAIR VALUE MEASUREMENTS |
Note 4 - Marketable Securities
Note 4 - Marketable Securities | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 4. MARKETABLE SECURITIES Total <1 Year 1–3 Years 3–5 Years $ 85,392,719 $ 19,697,384 $ 40,772,154 $ 24,923,181 As of March 31, 2016 As of March 31, 2015 Gross Gross Fair Gross Gross Fair Corporate bonds $ 83,339,487 $ 717,206 $ (10,824 ) $ 84,045,869 $ 88,456,886 $ 1,185,469 $ (16,371 ) $ 89,625,984 Municipal bonds 1,344,328 2,522 - 1,346,850 1,383,839 3,272 - 1,387,111 Total $ 84,683,815 $ 719,728 $ (10,824 ) $ 85,392,719 $ 89,840,725 $ 1,188,741 $ (16,371 ) $ 91,013,095 Less Than 12 Months 12 Months or Greater Total Fair Gross Fair Gross Fair Gross As of March 31, 2016 Corporate bonds $ 3,003,606 $ (6,703 ) $ 2,599,870 $ (4,121 ) $ 5,603,476 $ (10,824 ) Municipal bonds - - - - - - Total $ 3,003,606 $ (6,703 ) $ 2,599,870 $ (4,121 ) $ 5,603,476 $ (10,824 ) As of March 31, 2015 Corporate bonds $ 3,015,900 $ (163 ) $ 2,590,240 $ (16,208 ) $ 5,606,140 $ (16,371 ) Municipal bonds - - - - - - Total $ 3,015,900 $ (163 ) $ 2,590,240 $ (16,208 ) $ 5,606,140 $ (16,371 ) |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5. INVENTORIES March 31 2016 2015 Raw materials $ 810,987 $ 738,169 Work in process 1,653,800 2,302,751 Finished goods 740,446 701,572 Total inventories $ 3,205,233 $ 3,742,492 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 6. STOCK-BASED COMPENSATION Valuation assumptions Year Ended March 31 2016 2015 2014 Risk-free interest rate 1.6 % 1.6 % 1.4 % Expected volatility 26 % 24 % 30 % Expected life (years) 4.3 4.2 4.3 Dividend yield 7.1 % 0 % 0 % Expected life Risk-free interest rate Volatility Dividend yield Tax effects of stock-based compensation General stock option information Ranges of Number Weighted Average Weighted Remaining $ 31.27 - 42.45 5,000 $ 37.12 2.8 51.04 - 67.69 16,000 57.77 7.2 21,000 $ 52.85 6.2 Option Shares Options Weighted Average Warrants Weighted Average At March 31, 2013 158,230 49,000 $ 30.27 4,000 $ 29.69 Granted (4,000 ) 4,000 $ 49.86 - - Exercised - (14,000 ) $ 29.77 - - Terminated 1,000 (1,000 ) $ 58.27 (2,000 ) 21.99 At March 31, 2014 155,230 38,000 $ 31.78 2,000 $ 37.38 Granted (4,000 ) 4,000 $ 67.69 - - Exercised - (6,910 ) $ 43.81 - - Terminated - - $ - (2,000 ) 37.38 At March 31, 2015 151,230 35,090 $ 33.51 - $ - Granted (4,000 ) 4,000 $ 56.76 - - Exercised - (18,090 ) $ 16.19 - - Terminated - - $ - - - At March 31, 2016 147,230 21,000 $ 52.85 - $ - |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 7. INCOME TAXES Year Ended March 31 2016 2015 2014 Current taxes Federal $ 5,754,428 $ 6,608,923 $ 5,010,734 State 186,822 330,971 304,931 Deferred taxes Federal (55,254 ) 125,070 61,306 State (1,214 ) 6,356 3,103 Income tax provision $ 5,884,782 $ 7,071,320 $ 5,380,074 Year Ended March 31 2016 2015 2014 Tax expense at U.S. statutory rate $ 6,272,341 $ 7,503,886 $ 5,667,281 State income taxes, net of Federal benefit 118,057 216,518 199,751 Domestic manufacturing deduction (476,932 ) (600,207 ) (443,708 ) Municipal interest (4,171 ) (11,489 ) (28,456 ) Other (24,513 ) (37,388 ) (14,794 ) Income tax provision $ 5,884,782 $ 7,071,320 $ 5,380,074 March 31 2016 2015 Vacation accrual $ 118,611 $ 114,217 Inventory reserve 90,825 65,394 Depreciation (30,174 ) (63,631 ) Stock-based compensation deductions 115,257 107,570 Unrealized gain on marketable securities (257,545 ) (425,922 ) Other 14,214 28,716 Net deferred tax assets (liabilities) $ 51,188 $ (173,656 ) Reported as: Deferred tax assets $ - $ 102,052 Long-term deferred tax assets 51,188 - Long-term deferred tax liabilities - (275,708 ) Net deferred tax assets (liabilities) $ 51,188 $ (173,656 ) |
Note 8 - Concentrations
Note 8 - Concentrations | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 8. CONCENTRATIONS % of Revenue for Year Ended March 31 2016 2015 2014 Customer A 23 % 20 % 17 % Customer B 20 % 16 % 19 % Customer C * 14 % 15 % Customer D * 12 % 10 % *Less than 10% Year Ended March 31 2016 2015 2014 United States $ 12,392,053 $ 11,919,548 $ 11,159,443 Europe 11,392,046 13,779,392 11,065,547 Asia 3,113,484 4,318,209 3,374,202 Other 819,695 566,939 335,715 Total Revenue $ 27,717,278 $ 30,584,088 $ 25,934,907 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9. COMMITMENTS AND CONTINGENCIES Year Ending March 31 2017 2018 2019 2020 2021 Total $ 271,318 $ 275,377 $ 278,472 $ 282,406 $ 214,207 $ 1,321,780 |
Note 10 - Stock Repurchase Prog
Note 10 - Stock Repurchase Program | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Stock Repurchase Plan Disclosure [Text Block] | NOTE 10. STOCK REPURCHASE PROGRAM |
Note 11 - Information As to Emp
Note 11 - Information As to Employee Stock Purchase, Savings, and Similar Plans | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 11. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities We consider an other-than-temporary impairment of our marketable securities to exist if we determine it is probable that we will be unable to collect all amounts due according to the contractual terms of a debt security. If we judged a decline in fair value for any security to be other than temporary, the cost basis of the individual security would be written down and a charge recognized in net income. We consider a number of factors in determining whether other-than-temporary impairment exists, including: credit market conditions; the credit ratings of the securities; historical default rates for securities of comparable credit rating; the presence of insurance of the securities and, if insured, the credit rating and financial condition of the insurer; the effect of market interest rates on the value of the securities; and the duration and extent of any unrealized losses. We also consider the likelihood that we will be required to sell the securities prior to maturity based on our financial condition and anticipated cash flows. We determined that no write-downs for other-than-temporary impairment were required on available-for-sale securities during fiscal 2016, 2015, or 2014. |
Concentration Of Risk and Financial Instruments Policy [Policy Text Block] | Concentration of Risk and Financial Instruments Cash and cash equivalents have been maintained in financial institutions we believe have high credit quality, however these accounts are generally in excess of federally insured amounts. We have invested our excess cash in corporate-backed and municipal-backed bonds and money market instruments. Our investment policy prescribes purchases of only high-grade securities, and limits the amount of credit exposure to any one issuer. Our customers are throughout the world. We generally do not require collateral from our customers, but we perform ongoing credit evaluations of their financial condition. More information on accounts receivable is contained in the paragraph titled “Accounts Receivable and Allowance for Doubtful Accounts” of this note. Additionally, we are dependent on critical suppliers including our packaging vendors and suppliers of certain raw silicon and semiconductor wafers that are incorporated in our products. |
Receivables, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts |
Inventory, Policy [Policy Text Block] | Inventories |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets |
Revenue Recognition, Sales of Goods [Policy Text Block] | Revenue Recognition Product Revenue Recognition Shipping charges billed to customers are included in product sales and the related shipping costs are included in selling, general, and administrative expense. Such shipping costs were $20,721 for fiscal 2016, $12,771 for fiscal 2015, and $15,542 for fiscal 2014. Our stocking distributors take title and assume the risks and rewards of product ownership. Payments from our distributors are not contingent on resale or any other matter other than the passage of time, and delivery of products is not dependent on the number of units resold to the ultimate customer. There are no other significant acceptance criteria, pricing or payment terms that would affect revenue recognition. |
Revenue Recognition, Services, Commissions [Policy Text Block] | Accounting for Commissions and Discounts We presume consideration given to a customer is a reduction in revenue unless both of the following conditions are met: (i) we receive an identifiable benefit in exchange for the consideration and the identifiable benefit is sufficiently separable from the customer’s purchase of our products such that we could have purchased the products or services from a third party; and (ii) we can reasonably estimate the fair value of the benefit received. We recognize discounts provided to our distributors as reductions in revenue. |
Revenue Recognition Research And Development Contract Policy [Policy Text Block] | Research and Development Contract Revenue Recognition Cost-plus-fixed-fee contracts are cost-reimbursement contracts that also provide for payment to us of a negotiated fee that is fixed at the inception of the contract. The costs for which we earn reimbursement are the actual costs incurred and are recorded in the period in which they are incurred. We recognize the contract fees pro-rata as work progresses. |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes using the liability method. Deferred income taxes are provided for temporary differences between the financial reporting and tax bases of assets and liabilities. We provide valuation allowances against deferred tax assets if we determine that it is less likely than not that we will be able to utilize the deferred tax assets. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Recognition Research and development costs are expensed as they are incurred. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation We measure stock based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is generally the vesting period. We estimate pre vesting option forfeitures at the time of grant by analyzing historical data and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. Ultimately, the total expense recognized over the vesting period will only be for those awards that vest. |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share Year Ended March 31 2016 2015 2014 Weighted average common shares outstanding – basic 4,850,209 4,855,504 4,851,460 Effect of dilutive securities: Stock options 2,393 16,431 15,639 Warrants - - 592 Shares used in computing net income per share – diluted 4,852,602 4,871,935 4,867,691 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Accounting Pronouncements Recently Adopted Balance Sheet Classification of Deferred Taxes Future Accounting Pronouncements Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation Revenue from Contracts with Customers: Principal versus Agent Considerations In February 2016, the FASB issued ASU No. 2016-02, Lease Accounting In January 2016, the FASB issued ASU No. 2016-1, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition Revenue from Contracts with Customers: Deferral of the Effective Date |
Note 2 - Summary of Significa21
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended March 31 2016 2015 2014 Weighted average common shares outstanding – basic 4,850,209 4,855,504 4,851,460 Effect of dilutive securities: Stock options 2,393 16,431 15,639 Warrants - - 592 Shares used in computing net income per share – diluted 4,852,602 4,871,935 4,867,691 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Total <1 Year 1–3 Years 3–5 Years $ 85,392,719 $ 19,697,384 $ 40,772,154 $ 24,923,181 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | As of March 31, 2016 As of March 31, 2015 Gross Gross Fair Gross Gross Fair Corporate bonds $ 83,339,487 $ 717,206 $ (10,824 ) $ 84,045,869 $ 88,456,886 $ 1,185,469 $ (16,371 ) $ 89,625,984 Municipal bonds 1,344,328 2,522 - 1,346,850 1,383,839 3,272 - 1,387,111 Total $ 84,683,815 $ 719,728 $ (10,824 ) $ 85,392,719 $ 89,840,725 $ 1,188,741 $ (16,371 ) $ 91,013,095 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less Than 12 Months 12 Months or Greater Total Fair Gross Fair Gross Fair Gross As of March 31, 2016 Corporate bonds $ 3,003,606 $ (6,703 ) $ 2,599,870 $ (4,121 ) $ 5,603,476 $ (10,824 ) Municipal bonds - - - - - - Total $ 3,003,606 $ (6,703 ) $ 2,599,870 $ (4,121 ) $ 5,603,476 $ (10,824 ) As of March 31, 2015 Corporate bonds $ 3,015,900 $ (163 ) $ 2,590,240 $ (16,208 ) $ 5,606,140 $ (16,371 ) Municipal bonds - - - - - - Total $ 3,015,900 $ (163 ) $ 2,590,240 $ (16,208 ) $ 5,606,140 $ (16,371 ) |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31 2016 2015 Raw materials $ 810,987 $ 738,169 Work in process 1,653,800 2,302,751 Finished goods 740,446 701,572 Total inventories $ 3,205,233 $ 3,742,492 |
Note 6 - Stock-based Compensa24
Note 6 - Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended March 31 2016 2015 2014 Risk-free interest rate 1.6 % 1.6 % 1.4 % Expected volatility 26 % 24 % 30 % Expected life (years) 4.3 4.2 4.3 Dividend yield 7.1 % 0 % 0 % |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Ranges of Number Weighted Average Weighted Remaining $ 31.27 - 42.45 5,000 $ 37.12 2.8 51.04 - 67.69 16,000 57.77 7.2 21,000 $ 52.85 6.2 |
Schedule of Share-based Compensation, Activity [Table Text Block] | Option Shares Options Weighted Average Warrants Weighted Average At March 31, 2013 158,230 49,000 $ 30.27 4,000 $ 29.69 Granted (4,000 ) 4,000 $ 49.86 - - Exercised - (14,000 ) $ 29.77 - - Terminated 1,000 (1,000 ) $ 58.27 (2,000 ) 21.99 At March 31, 2014 155,230 38,000 $ 31.78 2,000 $ 37.38 Granted (4,000 ) 4,000 $ 67.69 - - Exercised - (6,910 ) $ 43.81 - - Terminated - - $ - (2,000 ) 37.38 At March 31, 2015 151,230 35,090 $ 33.51 - $ - Granted (4,000 ) 4,000 $ 56.76 - - Exercised - (18,090 ) $ 16.19 - - Terminated - - $ - - - At March 31, 2016 147,230 21,000 $ 52.85 - $ - |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31 2016 2015 2014 Current taxes Federal $ 5,754,428 $ 6,608,923 $ 5,010,734 State 186,822 330,971 304,931 Deferred taxes Federal (55,254 ) 125,070 61,306 State (1,214 ) 6,356 3,103 Income tax provision $ 5,884,782 $ 7,071,320 $ 5,380,074 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31 2016 2015 2014 Tax expense at U.S. statutory rate $ 6,272,341 $ 7,503,886 $ 5,667,281 State income taxes, net of Federal benefit 118,057 216,518 199,751 Domestic manufacturing deduction (476,932 ) (600,207 ) (443,708 ) Municipal interest (4,171 ) (11,489 ) (28,456 ) Other (24,513 ) (37,388 ) (14,794 ) Income tax provision $ 5,884,782 $ 7,071,320 $ 5,380,074 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31 2016 2015 Vacation accrual $ 118,611 $ 114,217 Inventory reserve 90,825 65,394 Depreciation (30,174 ) (63,631 ) Stock-based compensation deductions 115,257 107,570 Unrealized gain on marketable securities (257,545 ) (425,922 ) Other 14,214 28,716 Net deferred tax assets (liabilities) $ 51,188 $ (173,656 ) Reported as: Deferred tax assets $ - $ 102,052 Long-term deferred tax assets 51,188 - Long-term deferred tax liabilities - (275,708 ) Net deferred tax assets (liabilities) $ 51,188 $ (173,656 ) |
Note 8 - Concentrations (Tables
Note 8 - Concentrations (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | % of Revenue for Year Ended March 31 2016 2015 2014 Customer A 23 % 20 % 17 % Customer B 20 % 16 % 19 % Customer C * 14 % 15 % Customer D * 12 % 10 % |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended March 31 2016 2015 2014 United States $ 12,392,053 $ 11,919,548 $ 11,159,443 Europe 11,392,046 13,779,392 11,065,547 Asia 3,113,484 4,318,209 3,374,202 Other 819,695 566,939 335,715 Total Revenue $ 27,717,278 $ 30,584,088 $ 25,934,907 |
Note 9 - Commitments and Cont27
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending March 31 2017 2018 2019 2020 2021 Total $ 271,318 $ 275,377 $ 278,472 $ 282,406 $ 214,207 $ 1,321,780 |
Note 2 - Summary of Significa28
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 | $ 0 |
Allowance for Doubtful Accounts Receivable, Write-offs | 0 | 0 | 0 |
Provision for Doubtful Accounts | 0 | 0 | 0 |
Shipping, Handling and Transportation Costs | $ 20,721 | $ 12,771 | $ 15,542 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,000 | 4,000 | 4,000 |
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | $ 0 |
Product Warranty Term | 1 year |
Note 2 - Weighted Average Numbe
Note 2 - Weighted Average Number of Shares (Details) - shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Basic (in shares) | 4,850,209 | 4,855,504 | 4,851,460 |
Stock options (in shares) | 2,393 | 16,431 | 15,639 |
Warrants (in shares) | 592 | ||
Shares used in computing net income per share – diluted (in shares) | 4,852,602 | 4,871,935 | 4,867,691 |
Note 3 - Fair Value Measureme30
Note 3 - Fair Value Measurements (Details Textual) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities | $ 84,045,869 | $ 89,625,984 |
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities | $ 1,346,850 | $ 1,387,111 |
Note 4 - Marketable Securitie31
Note 4 - Marketable Securities (Details Textual) | 12 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Corporate Bond Securities [Member] | Maximum [Member] | ||
Severity of Unrealized Loss, Percentage of Adjusted Cost | 0.20% | |
Corporate Bond Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 10,824 | $ 16,371 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 2,599,870 | 2,590,240 |
Number of Corporate Bonds Resulted in Loss | 2 | |
Number of Corporate Bonds | 25 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 1 | |
Number of Other-than-temporarily Impaired Marketable Securities | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 10,824 | 16,371 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 2,599,870 | $ 2,590,240 |
Note 4 - Fair Value of Marketab
Note 4 - Fair Value of Marketable Securities (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
85,392,719 | $ 85,392,719 | $ 91,013,095 |
85,392,719 | 19,697,384 | |
85,392,719 | 40,772,154 | |
85,392,719 | $ 24,923,181 |
Note 4 - Reconciliation of Mark
Note 4 - Reconciliation of Marketable Securities (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Corporate Bond Securities [Member] | ||
Adjusted Cost | $ 83,339,487 | $ 88,456,886 |
Gross Unrealized Gains | 717,206 | 1,185,469 |
Gross Unrealized Losses | (10,824) | (16,371) |
Fair Market Value | 84,045,869 | 89,625,984 |
Municipal Bonds [Member] | ||
Adjusted Cost | 1,344,328 | 1,383,839 |
Gross Unrealized Gains | $ 2,522 | $ 3,272 |
Gross Unrealized Losses | ||
Fair Market Value | $ 1,346,850 | $ 1,387,111 |
Adjusted Cost | 84,683,815 | 89,840,725 |
Gross Unrealized Gains | 719,728 | 1,188,741 |
Gross Unrealized Losses | (10,824) | (16,371) |
Fair Market Value | $ 85,392,719 | $ 91,013,095 |
Note 4 - Gross Unrealized Losse
Note 4 - Gross Unrealized Losses and Fair Value of Investments (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Corporate Bond Securities [Member] | ||
Fair market value, less than 12 months | $ 3,003,606 | $ 3,015,900 |
Gross unrealized losses, less than 12 months | (6,703) | (163) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,599,870 | 2,590,240 |
Gross unrealized losses, greater than 12 months | (4,121) | (16,208) |
Total Fair Market Value | 5,603,476 | 5,606,140 |
Total Gross Unrealized Losses | $ (10,824) | $ (16,371) |
Municipal Bonds [Member] | ||
Fair market value, less than 12 months | ||
Gross unrealized losses, less than 12 months | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Gross unrealized losses, greater than 12 months | ||
Total Fair Market Value | ||
Total Gross Unrealized Losses | ||
Fair market value, less than 12 months | $ 3,003,606 | $ 3,015,900 |
Gross unrealized losses, less than 12 months | (6,703) | (163) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,599,870 | 2,590,240 |
Gross unrealized losses, greater than 12 months | (4,121) | (16,208) |
Total Fair Market Value | 5,603,476 | 5,606,140 |
Total Gross Unrealized Losses | $ (10,824) | $ (16,371) |
Note 5 - Inventories (Details)
Note 5 - Inventories (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Raw materials | $ 810,987 | $ 738,169 |
Work in process | 1,653,800 | 2,302,751 |
Finished goods | 740,446 | 701,572 |
Total inventories | $ 3,205,233 | $ 3,742,492 |
Note 6 - Stock-based Compensa36
Note 6 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 1 year | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years 73 days | 3 years 182 days | 4 years 73 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 38,000 | 21,000 | 35,090 | 38,000 | 49,000 |
Warrants [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 146 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 0 | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,000 | 0 | 0 | 2,000 | 4,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Allocated Share-based Compensation Expense | $ 21,160 | $ 58,960 | $ 53,200 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 7.10% | 0.00% | 0.00% | ||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 7,688 | $ 21,420 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 969,704 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 126,220 | ||||
Share-based Compensation Arrangement by Share Based Payment Award Options Grants in Period Fair Value | $ 21,160 |
Note 6 - Schedule of Valuation
Note 6 - Schedule of Valuation Assumptions (Details) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Risk-free interest rate | 1.60% | 1.60% | 1.40% |
Expected volatility | 26.00% | 24.00% | 30.00% |
Expected life (years) | 4 years 109 days | 4 years 73 days | 4 years 109 days |
Dividend yield | 7.10% | 0.00% | 0.00% |
Note 6 - Summary of Options Out
Note 6 - Summary of Options Outstanding (Details) | 12 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Range One [Member] | |
Ranges of Exercise Prices, Lower Limit (in dollars per share) | $ 31.27 |
Ranges of Exercise Prices, Upper Limit (in dollars per share) | $ 5,000 |
Number Outstanding (in shares) | shares | 37.12 |
Weighted Average Exercise Price (in dollars per share) | $ 2.80 |
Range Two [Member] | |
Ranges of Exercise Prices, Lower Limit (in dollars per share) | 51.04 |
Ranges of Exercise Prices, Upper Limit (in dollars per share) | $ 16,000 |
Number Outstanding (in shares) | shares | 57.77 |
Weighted Average Exercise Price (in dollars per share) | $ 7.20 |
Number Outstanding (in shares) | shares | 52.85 |
Weighted Average Exercise Price (in dollars per share) | $ 6.20 |
Note 6 - Summary of Stock Optio
Note 6 - Summary of Stock Options and Warrants (Details) - $ / shares | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Option Shares Reserved [Member] | ||||
Options Outstanding (in shares) | 147,230 | 151,230 | 155,230 | 158,230 |
Granted (in shares) | (4,000) | (4,000) | (4,000) | |
Exercised (in shares) | ||||
Terminated (in shares) | (1,000) | |||
Employee Stock Option [Member] | ||||
Options Outstanding (in shares) | 21,000 | 35,090 | 38,000 | 49,000 |
Weighted Average Option Exercise Price (in dollars per share) | $ 52.85 | $ 33.51 | $ 31.78 | $ 30.27 |
Granted (in shares) | 4,000 | 4,000 | 4,000 | |
Granted (in dollars per share) | $ 56.76 | $ 67.69 | $ 49.86 | |
Exercised (in shares) | (18,090) | (6,910) | (14,000) | |
Exercised (in dollars per share) | $ 16.19 | $ 43.81 | $ 29.77 | |
Terminated (in shares) | (1,000) | |||
Terminated (in dollars per share) | $ 58.27 | |||
Warrants [Member] | ||||
Options Outstanding (in shares) | 0 | 0 | 2,000 | 4,000 |
Weighted Average Option Exercise Price (in dollars per share) | $ 37.38 | $ 29.69 | ||
Granted (in shares) | ||||
Granted (in dollars per share) | ||||
Exercised (in shares) | ||||
Exercised (in dollars per share) | ||||
Terminated (in shares) | (2,000) | (2,000) | ||
Terminated (in dollars per share) | $ 37.38 | $ 21.99 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Earliest Tax Year [Member] | |||
Open Tax Year | 1,999 | ||
Latest Tax Year [Member] | |||
Open Tax Year | 2,012 | ||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 352,294 | $ 24,288 | $ 57,472 |
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 |
Note 7 - Schedule of Income Tax
Note 7 - Schedule of Income Tax Provisions (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Current taxes | |||
Federal | $ 5,754,428 | $ 6,608,923 | $ 5,010,734 |
State | 186,822 | 330,971 | 304,931 |
Deferred taxes | |||
Federal | (55,254) | 125,070 | 61,306 |
State | (1,214) | 6,356 | 3,103 |
Income tax provision | $ 5,884,782 | $ 7,071,320 | $ 5,380,074 |
Note 7 - Reconciliation of Inco
Note 7 - Reconciliation of Income Tax Provisions (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Tax expense at U.S. statutory rate | $ 6,272,341 | $ 7,503,886 | $ 5,667,281 |
State income taxes, net of Federal benefit | 118,057 | 216,518 | 199,751 |
Domestic manufacturing deduction | (476,932) | (600,207) | (443,708) |
Municipal interest | (4,171) | (11,489) | (28,456) |
Other | (24,513) | (37,388) | (14,794) |
Income tax provision | $ 5,884,782 | $ 7,071,320 | $ 5,380,074 |
Note 7 - Deferred Tax Assets an
Note 7 - Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Vacation accrual | $ 118,611 | $ 114,217 |
Inventory reserve | 90,825 | 65,394 |
Depreciation and amortization | (30,174) | (63,631) |
Stock-based compensation deductions | 115,257 | 107,570 |
Unrealized gain on marketable securities | (257,545) | (425,922) |
Other | 14,214 | 28,716 |
Net deferred tax assets (liabilities) | $ 51,188 | |
Net deferred tax assets (liabilities) | (173,656) | |
Deferred tax assets | $ 102,052 | |
Long-term deferred tax assets | $ 51,188 | |
Long-term deferred tax liabilities | $ (275,708) |
Note 8 - Concentrations (Detail
Note 8 - Concentrations (Details Textual) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounts Receivable [Member] | ||
Concentration Risk, Percentage | 36.00% | 64.00% |
Number of Major Customers | 2 | 4 |
Note 8 - Revenue By Major Custo
Note 8 - Revenue By Major Customers (Details) - Sales Revenue, Net [Member] | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Customer A [Member] | |||
Percentage of concentration | 23.00% | 20.00% | 17.00% |
Customer B [Member] | |||
Percentage of concentration | 20.00% | 16.00% | 19.00% |
Customer C [Member[ | |||
Percentage of concentration | 14.00% | 15.00% | |
Customer D [Member] | |||
Percentage of concentration | 12.00% | 10.00% |
Note 8 - Revenue By Geographic
Note 8 - Revenue By Geographic Region (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
UNITED STATES | |||
Revenue | $ 12,392,053 | $ 11,919,548 | $ 11,159,443 |
Europe [Member] | |||
Revenue | 11,392,046 | 13,779,392 | 11,065,547 |
Asia [Member] | |||
Revenue | 3,113,484 | 4,318,209 | 3,374,202 |
Other Areas [Member] | |||
Revenue | 819,695 | 566,939 | 335,715 |
Revenue | $ 27,717,278 | $ 30,584,088 | $ 25,934,907 |
Note 9 - Commitments and Cont47
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Payments for (Proceeds from) Loans and Leases | $ 270,627 | $ 269,473 | $ 265,357 |
Note 9 - Schedule of Future Min
Note 9 - Schedule of Future Minimum Lease Payments (Details) | Mar. 31, 2016USD ($) |
271,318 | $ 271,318 |
271,318 | 275,377 |
271,318 | 278,472 |
271,318 | 282,406 |
271,318 | 214,207 |
271,318 | $ 1,321,780 |
Note 10 - Stock Repurchase Pr49
Note 10 - Stock Repurchase Program (Details Textual) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Aug. 27, 2015 | Jan. 21, 2009 | |
Stock Repurchased and Retired During Period, Value | $ 1,695,788 | $ 0 | $ 1,263,405 | ||
Common Stock, Shares Authorized | 6,000,000 | 6,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||
Capital Units, Authorized | 10,000,000 | ||||
Stock Repurchase Program, Authorized Amount | $ 2,500,000 | ||||
Stock Repurchase Program Authorized Additional Amount | $ 5,000,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 4,540,806 |
Note 11 - Information As to E50
Note 11 - Information As to Employee Stock Purchase, Savings, and Similar Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | ||
Defined Benefit Plan, Contributions by Employer | $ 94,831 | $ 105,554 | $ 101,100 |