NVE (NVEC) 10-Q 23 Jan 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2018	Jan. 18, 2019
Document Information [Line Items]
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 Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		4,846,010
Document Type	10-Q
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
ASSETS
Cash and cash equivalents	$ 6,206,549	$ 4,755,082	[1]
Marketable securities, short-term	17,445,586	20,765,809	[1]
Accounts receivable, net of allowance for uncollectible accounts of $15,000	2,717,728	2,888,779	[1]
Inventories	4,141,481	3,650,439	[1]
Prepaid expenses and other assets	755,806	635,160	[1]
Total current assets	31,267,150	32,695,269	[1]
Fixed assets
Machinery and equipment	9,426,267	9,395,987	[1]
Leasehold improvements	1,787,269	1,749,284	[1]
	11,213,536	11,145,271	[1]
Less accumulated depreciation and amortization	10,192,504	9,819,888	[1]
Net fixed assets	1,021,032	1,325,383	[1]
Deferred tax assets	590,391	572,655	[1]
Marketable securities, long-term	51,907,552	52,838,158	[1]
Total assets	84,786,125	87,431,465	[1]
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	313,116	414,970	[1]
Accrued payroll and other	552,834	574,755	[1]
Total current liabilities	865,950	989,725	[1]
Shareholders’ equity
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,846,010 shares issued and outstanding as of Dec. 31, 2018 and 4,842,010 as of March 31, 2018	48,460	48,420
Additional paid-in capital	19,910,558	19,599,298	[1]
Accumulated other comprehensive loss	(929,899)	(915,635)	[1]
Retained earnings	64,891,056	67,709,657	[1]
Total shareholders’ equity	83,920,175	86,441,740	[1]
Total liabilities and shareholders’ equity	$ 84,786,125	$ 87,431,465	[1]
[1]	The March 31, 2018 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, 2018.

Balance Sheets (Current Perio_2

Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Allowance for uncollectible accounts	$ 15,000	$ 15,000	[1]
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)	4,846,010	4,842,010
Common stock, shares outstanding (in shares)	4,846,010	4,842,010
[1]	The March 31, 2018 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, 2018.

Statements of Income (Unaudited

Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Revenue
Revenue	$ 6,269,405	$ 7,360,789	$ 20,883,386	$ 21,964,689
Cost of sales	1,169,406	1,657,700	3,918,256	4,809,235
Gross profit	5,099,999	5,703,089	16,965,130	17,155,454
Expenses
Research and development	1,126,975	852,739	3,087,964	2,788,968
Selling, general, and administrative	268,905	313,033	975,114	1,060,757
Total expenses	1,395,880	1,165,772	4,063,078	3,849,725
Income from operations	3,704,119	4,537,317	12,902,052	13,305,729
Interest income	457,204	404,665	1,325,299	1,154,303
Income before taxes	4,161,323	4,941,982	14,227,351	14,460,032
Provision for income taxes	739,918	1,370,380	2,578,287	4,429,780
Net income	$ 3,421,405	$ 3,571,602	$ 11,649,064	$ 10,030,252
Net income per share – basic (in dollars per share)	$ 0.71	$ 0.74	$ 2.41	$ 2.07
Net income per share – diluted (in dollars per share)	0.71	0.74	2.40	2.07
Cash dividends declared per common share (in dollars per share)	$ 1	$ 1	$ 3	$ 3
Weighted average shares outstanding
Basic (in shares)	4,845,010	4,841,369	4,843,355	4,841,130
Diluted (in shares)	4,850,507	4,847,290	4,850,120	4,846,036
Product [Member]
Revenue
Revenue	$ 5,991,241	$ 6,448,831	$ 19,916,864	$ 19,718,584
Contract Research and Development [Member]
Revenue
Revenue	$ 278,164	$ 911,958	$ 966,522	$ 2,246,105

Statements of Comprehensive Inc

Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Net income	$ 3,421,405	$ 3,571,602	$ 11,649,064	$ 10,030,252
Unrealized gain (loss) from marketable securities, net of tax	101,891	(295,458)	46,101	(227,693)
Comprehensive income	$ 3,523,296	$ 3,276,144	$ 11,695,165	$ 9,802,559

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2018		Dec. 31, 2017
OPERATING ACTIVITIES
Net income	$ 11,649,064		$ 10,030,252
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	531,685		726,842
Stock-based compensation	93,360		40,920
Deferred income taxes	(30,648)		153,954
Changes in operating assets and liabilities:
Accounts receivable	171,051		1,270,936
Inventories	(491,042)		(238,028)
Prepaid expenses and other assets	(120,646)		(360,675)
Accounts payable and accrued expenses	(123,775)		(159,525)
Deferred revenue			(142,733)
Net cash provided by operating activities	11,679,049		11,321,943
INVESTING ACTIVITIES
Purchases of fixed assets	(68,265)		(604,755)
Purchases of marketable securities	(11,649,227)		(16,256,210)
Proceeds from maturities and sales of marketable securities	15,800,000		16,540,000
Net cash provided by (used in) investing activities	4,082,508		(320,965)
FINANCING ACTIVITIES
Proceeds from sale of common stock	217,940		51,040
Payment of dividends to shareholders	(14,528,030)		(14,523,030)
Net cash used in financing activities	(14,310,090)		(14,471,990)
Increase (decrease) in cash and cash equivalents	1,451,467		(3,471,012)
Cash and cash equivalents at beginning of period	4,755,082	[1]	8,199,364
Cash and cash equivalents at end of period	6,206,549		4,728,352
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes	$ 2,696,045		$ 4,615,019
[1]	The March 31, 2018 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, 2018.

Note 1 - Description of Busines

Note 1 - Description of Business	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	NOTE 1. We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	NOTE 2. 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 10 March 31, 2018. nine December 31, 2018 not may March 31, 2019. Significant Accounting Policies Revenue Recognition We recognize revenue when we satisfy performance obligations by the transfer of control of products or services to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. Revenue is disaggregated into product sales and contract research and development to depict the nature, amount, timing of revenue recognition and economic characteristics of our business, and is represented within the financial statements. We recognize revenue from product sales to customers and distributors when we satisfy our performance obligation, at a point in time, upon product shipment or delivery to our customer or distributor as determined by agreed upon shipping terms. Shipping charges billed to customers are included in product sales and the related shipping costs are included in selling, general, and administrative expenses. Under certain limited circumstances, our distributors may third We recognize contract research and development revenue over a period of time as the performance obligation is satisfied over a period of time rather than a point in time. Contracts have specifications unique to each customer and do not Accounts receivable is recognized when we have transferred a good or service to a customer and our right to receive consideration is unconditional through the completion of our performance obligation. A contract asset is recognized when we have a right to consideration from the transfer of goods or services to a customer but have not not no December 31, 2018 March 31, 2018. Our performance obligations related to product sales and contract research and development contracts are satisfied in one one 606, Revenue from Contracts with Customers not not one

Note 3 - Recently Issued Accoun

Note 3 - Recently Issued Accounting Standards	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 3. Recently Adopted Accounting Standards In August 2018, No. 2018 13, Fair Value Measurement 2018 13 2018 13 December 15, 2019, 2021 2021 2018 13 September 30, 2018. not In February 2018, No. 2018 02, Income Statement—Reporting Comprehensive Income (Topic 220 2018 02 2018” December 22, 2017. December 15, 2018, 2020 2018 02 June 30, 2018. $60,365 In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 eight 2016 15 June 30, 2018. not In January 2016, No. 2016 01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 June 30, 2018. not In May 2014, No. 2014 09, 605, Revenue Recognition 2014 09 not April 1, 2018. not Information regarding all other applicable recently issued accounting standards, on which our position have not 10 March 31, 2018. New Accounting Standards Not In June 2016, No. 2016 13, Financial Instruments—Credit Losses (Topic 326 November 2018 No. 2018 19, Codification Improvements to Topic 326, 2016 13 2016 13 2018 19 December 15, 2019 2021 not In February 2016, No. 2016 02, Lease Accounting 2016 02 July 2018, 2018 10, Codification Improvements to Topic 842 December 15, 2018, 2020 July 2018, No. 2018 11, Leases Topic ( 842

Note 4 - Net Income Per Share

Note 4 - Net Income Per Share	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 4. Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume exercise of all stock options. The following tables show the components of diluted shares: Quarter Ended Dec. 31 2018 2017 Weighted average common shares outstanding – basic 4,845,010 4,841,369 Dilutive effect of stock options 5,497 5,921 Shares used in computing net income per share – diluted 4,850,507 4,847,290 Nine Months Ended Dec. 31 2018 2017 Weighted average common shares outstanding – basic 4,843,355 4,841,130 Dilutive effect of stock options 6,765 4,906 Shares used in computing net income per share – diluted 4,850,120 4,846,036

Note 5 - Fair Value of Financia

Note 5 - Fair Value of Financial Instruments	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 5. Our corporate bonds and money market funds are classified as available-for-sale securities and carried at estimated fair value. Unrealized holding gains and losses are included in accumulated other comprehensive income (loss) in the statement of shareholders’ equity. Corporate bonds with remaining maturities less than one one three The fair value of our available-for-sale securities as of December 31, 2018 Total <1 Year 1–3 Years 3–5 Years $ 75,268,216 $ 23,360,664 $ 22,867,445 $ 29,040,107 Total available-for-sale securities represented approximately 89% December 31, 2018 two 55 Generally accepted accounting principles establish a framework for measuring fair value, provide a definition of fair value, and prescribe required disclosures about fair-value measurements. Generally accepted accounting principles define fair value as the price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Generally accepted accounting principles utilize a valuation hierarchy for disclosure of fair value measurements. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The categories within the valuation hierarchy are described as follows: Level 1 Level 2 2 Level 3 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.” The following table shows the estimated fair value of assets that were accounted for at fair value on a recurring basis: As of December 31, 2018 As of March 31, 2018 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 5,915,078 $ - $ 5,915,078 $ 3,951,032 $ - $ 3,951,032 Corporate bonds - 69,353,138 69,353,138 54,517,969 19,085,998 73,603,967 Total $ 5,915,078 $ 69,353,138 $ 75,268,216 $ 58,469,001 $ 19,085,998 $ 77,554,999 Our available-for-sale securities as of December 31 March 31, 2018, As of December 31, 2018 As of March 31, 2018 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Money market funds $ 5,915,078 $ - $ - $ 5,915,078 $ 3,951,032 $ - $ - $ 3,951,032 Corporate bonds 70,543,485 19,403 (1,209,750 ) 69,353,138 74,853,327 - (1,249,360 ) 73,603,967 Total $ 76,458,563 $ 19,403 $ (1,209,750 ) $ 75,268,216 $ 78,804,359 $ - $ (1,249,360 ) $ 77,554,999 The following table shows the gross unrealized holding losses and fair value of our available-for-sale securities with unrealized holding losses, aggregated by class of securities and length of time that individual securities had been in a continuous unrealized loss position as of December 31 March 31, 2018. Less Than 12 Months 12 Months or Greater Total Estimated Gross Estimated Gross Estimated Gross As of December 31, 2018 Corporate bonds $ 17,553,361 $ (122,792 ) $ 46,810,042 $ (1,086,958 ) $ 64,363,403 $ (1,209,750 ) Total $ 17,553,361 $ (122,792 ) $ 46,810,042 $ (1,086,958 ) $ 64,363,403 $ (1,209,750 ) As of March 31, 2018 Corporate bonds $ 61,731,248 $ (1,003,849 ) $ 9,072,719 $ (245,511 ) $ 70,803,967 $ (1,249,360 ) Total $ 61,731,248 $ (1,003,849 ) $ 9,072,719 $ (245,511 ) $ 70,803,967 $ (1,249,360 ) We did not December 31, 2018. None not not not not December 31, 2018.

Note 6 - Inventories

Note 6 - Inventories	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 6. Inventories are shown in the following table: December 31, March 31, Raw materials $ 1,155,148 $ 1,084,030 Work in process 2,265,585 1,828,492 Finished goods 720,748 737,917 Total inventories $ 4,141,481 $ 3,650,439

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 7. Stock-based compensation expense was $93,360 first nine 2019 $40,920 first nine 2018. 1,000 2019 2018

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 8. 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. The Act “To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018” December 22, 2017. January 1, 2018 18% 2019 30% 2018. We had no December 31, 2018, not 12 December 31, 2018 no 1999 2014 2017

Note 9 - Stock Repurchase Progr

Note 9 - Stock Repurchase Program	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Stock Repurchase Plan Disclosure [Text Block]	NOTE 9. On January 21, 2009 $2,500,000 August 27, 2015 $5,000,000 not December 31, 2018. $4,540,806 December 31, 2018. may

Note 10 - Subsequent Events

Note 10 - Subsequent Events	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 10. On January 23, 2019 $1.00 February 28, 2019 February 4, 2019 .

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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 10 March 31, 2018. nine December 31, 2018 not may March 31, 2019.
Revenue Recognition, Sales of Goods [Policy Text Block]	Significant Accounting Policies Revenue Recognition We recognize revenue when we satisfy performance obligations by the transfer of control of products or services to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. Revenue is disaggregated into product sales and contract research and development to depict the nature, amount, timing of revenue recognition and economic characteristics of our business, and is represented within the financial statements. We recognize revenue from product sales to customers and distributors when we satisfy our performance obligation, at a point in time, upon product shipment or delivery to our customer or distributor as determined by agreed upon shipping terms. Shipping charges billed to customers are included in product sales and the related shipping costs are included in selling, general, and administrative expenses. Under certain limited circumstances, our distributors may third We recognize contract research and development revenue over a period of time as the performance obligation is satisfied over a period of time rather than a point in time. Contracts have specifications unique to each customer and do not Accounts receivable is recognized when we have transferred a good or service to a customer and our right to receive consideration is unconditional through the completion of our performance obligation. A contract asset is recognized when we have a right to consideration from the transfer of goods or services to a customer but have not not no December 31, 2018 March 31, 2018. Our performance obligations related to product sales and contract research and development contracts are satisfied in one one 606, Revenue from Contracts with Customers not not one

Note 4 - Net Income Per Share (

Note 4 - Net Income Per Share (Tables)	9 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Quarter Ended Dec. 31 2018 2017 Weighted average common shares outstanding – basic 4,845,010 4,841,369 Dilutive effect of stock options 5,497 5,921 Shares used in computing net income per share – diluted 4,850,507 4,847,290 Nine Months Ended Dec. 31 2018 2017 Weighted average common shares outstanding – basic 4,843,355 4,841,130 Dilutive effect of stock options 6,765 4,906 Shares used in computing net income per share – diluted 4,850,120 4,846,036

Note 5 - Fair Value of Financ_2

Note 5 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Dec. 31, 2018
Notes Tables
Investments Classified by Contractual Maturity Date [Table Text Block]	Total <1 Year 1–3 Years 3–5 Years $ 75,268,216 $ 23,360,664 $ 22,867,445 $ 29,040,107
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	As of December 31, 2018 As of March 31, 2018 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 5,915,078 $ - $ 5,915,078 $ 3,951,032 $ - $ 3,951,032 Corporate bonds - 69,353,138 69,353,138 54,517,969 19,085,998 73,603,967 Total $ 5,915,078 $ 69,353,138 $ 75,268,216 $ 58,469,001 $ 19,085,998 $ 77,554,999
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	As of December 31, 2018 As of March 31, 2018 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Money market funds $ 5,915,078 $ - $ - $ 5,915,078 $ 3,951,032 $ - $ - $ 3,951,032 Corporate bonds 70,543,485 19,403 (1,209,750 ) 69,353,138 74,853,327 - (1,249,360 ) 73,603,967 Total $ 76,458,563 $ 19,403 $ (1,209,750 ) $ 75,268,216 $ 78,804,359 $ - $ (1,249,360 ) $ 77,554,999
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block]	Less Than 12 Months 12 Months or Greater Total Estimated Gross Estimated Gross Estimated Gross As of December 31, 2018 Corporate bonds $ 17,553,361 $ (122,792 ) $ 46,810,042 $ (1,086,958 ) $ 64,363,403 $ (1,209,750 ) Total $ 17,553,361 $ (122,792 ) $ 46,810,042 $ (1,086,958 ) $ 64,363,403 $ (1,209,750 ) As of March 31, 2018 Corporate bonds $ 61,731,248 $ (1,003,849 ) $ 9,072,719 $ (245,511 ) $ 70,803,967 $ (1,249,360 ) Total $ 61,731,248 $ (1,003,849 ) $ 9,072,719 $ (245,511 ) $ 70,803,967 $ (1,249,360 )

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	9 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31, March 31, Raw materials $ 1,155,148 $ 1,084,030 Work in process 2,265,585 1,828,492 Finished goods 720,748 737,917 Total inventories $ 4,141,481 $ 3,650,439

Note 3 - Recently Issued Acco_2

Note 3 - Recently Issued Accounting Standards (Details Textual)	3 Months Ended
	Jun. 30, 2018USD ($)
Accounting Standards Update 2018-02 [Member]
Tax Cuts and Jobs Act of 2017 Reclassification from AOCI to Retained Earnings Tax Effect	$ 60,365

Note 4 - Net Income Per Share -

Note 4 - Net Income Per Share - Components of Common Shares Outstanding (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Weighted average common shares outstanding – basic (in shares)	4,845,010	4,841,369	4,843,355	4,841,130
Dilutive effect of stock options (in shares)	5,497	5,921	6,765	4,906
Shares used in computing net income per share – diluted (in shares)	4,850,507	4,847,290	4,850,120	4,846,036

Note 5 - Fair Value of Financ_3

Note 5 - Fair Value of Financial Instruments (Details Textual)	9 Months Ended
	Dec. 31, 2018
Available for Sale Debt Securitites, Percent of Total Assets	89.00%
Number of Other-than-temporarily Impaired Available-for-sale Securities	0
Number of Other-than-temporarily Impaired Marketable Securities	0
Minimum [Member]
Available for Sale Debt Securities, Remaining Maturity	14 days
Maximum [Member]
Available for Sale Debt Securities, Remaining Maturity	4 years 210 days

Note 5 - Fair Value of Financ_4

Note 5 - Fair Value of Financial Instruments - Fair Value of Available-for-sale Securities (Details) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Total	$ 75,268,216	$ 77,554,999
Less than 1 year	23,360,664
1-3 years	22,867,445
3-5 years	$ 29,040,107

Note 5 - Fair Value of Financ_5

Note 5 - Fair Value of Financial Instruments - Assets Measured on Recurring Basis (Details) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Total	$ 75,268,216	$ 77,554,999
Money Market Funds [Member]
Total	5,915,078	3,951,032
Corporate Bond Securities [Member]
Total	69,353,138	73,603,967
Fair Value, Measurements, Recurring [Member]
Total	75,268,216	77,554,999
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member]
Total	5,915,078	3,951,032
Fair Value, Measurements, Recurring [Member] | Corporate Bond Securities [Member]
Total	69,353,138	73,603,967
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Total	5,915,078	58,469,001
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Total	5,915,078	3,951,032
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Bond Securities [Member]
Total		54,517,969
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Total	69,353,138	19,085,998
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]
Total
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member]
Total	$ 69,353,138	$ 19,085,998

Note 5 - Fair Value of Financ_6

Note 5 - Fair Value of Financial Instruments - Reconciliation of Available-for-sale Securities (Details) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Amortized Cost	$ 76,458,563	$ 78,804,359
Gross Unrealized Holding Gains	19,403
Gross Unrealized Holding Losses	(1,209,750)	(1,249,360)
Estimated Fair Value	75,268,216	77,554,999
Money Market Funds [Member]
Amortized Cost	5,915,078	3,951,032
Gross Unrealized Holding Gains
Gross Unrealized Holding Losses
Estimated Fair Value	5,915,078	3,951,032
Corporate Bond Securities [Member]
Amortized Cost	70,543,485	74,853,327
Gross Unrealized Holding Gains	19,403
Gross Unrealized Holding Losses	(1,209,750)	(1,249,360)
Estimated Fair Value	$ 69,353,138	$ 73,603,967

Note 5 - Fair Value of Financ_7

Note 5 - Fair Value of Financial Instruments - Investment Securities With Unrealized Losses (Details) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Fair market value, less than 12 months	$ 17,553,361	$ 61,731,248
Gross unrealized losses, less than 12 months	(122,792)	(1,003,849)
Fair market value, 12 months or greater	46,810,042	9,072,719
Gross unrealized losses, 12 months or greater	(1,086,958)	(245,511)
Total fair market value	64,363,403	70,803,967
Total gross unrealized losses	(1,209,750)	(1,249,360)
Corporate Bond Securities [Member]
Fair market value, less than 12 months	17,553,361	61,731,248
Gross unrealized losses, less than 12 months	(122,792)	(1,003,849)
Fair market value, 12 months or greater	46,810,042	9,072,719
Gross unrealized losses, 12 months or greater	(1,086,958)	(245,511)
Total fair market value	64,363,403	70,803,967
Total gross unrealized losses	$ (1,209,750)	$ (1,249,360)

Note 6 - Inventories - Summary

Note 6 - Inventories - Summary of Inventories (Details) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Raw materials	$ 1,155,148	$ 1,084,030
Work in process	2,265,585	1,828,492
Finished goods	720,748	737,917
Total inventories	$ 4,141,481	$ 3,650,439	[1]
[1]	The March 31, 2018 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, 2018.

Note 7 - Stock-based Compensa_2

Note 7 - Stock-based Compensation (Details Textual) - USD ($)	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Allocated Share-based Compensation Expense, Total	$ 93,360	$ 40,920
Non-employee Director Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,000

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Effective Income Tax Rate Reconciliation, Percent, Total			30.00%
Unrecognized Tax Benefits, Ending Balance	$ 0
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	0
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 0
Open Tax Year	1999 2014 2015 2016 2017
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, Percent, Total		18.00%

Note 9 - Stock Repurchase Pro_2

Note 9 - Stock Repurchase Program (Details Textual) - Repurchase Program 2009 [Member] - USD ($)	3 Months Ended
	Dec. 31, 2018	Aug. 27, 2015	Jan. 21, 2009
Stock Repurchase Program, Authorized Amount			$ 2,500,000
Stock Repurchase Program Authorized Additional Amount		$ 5,000,000
Stock Repurchased and Retired During Period, Value	$ 0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 4,540,806

Note 10 - Subsequent Events (De

Note 10 - Subsequent Events (Details Textual) - $ / shares	Jan. 23, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Common Stock, Dividends, Per Share, Declared		$ 1	$ 1	$ 3	$ 3
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 1
Subsequent Event [Member] | Common Stock [Member]
Dividends Payable, Date to be Paid	Feb. 28, 2019
Dividends Payable, Date of Record	Feb. 4, 2019