Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Apr. 26, 2019 | Sep. 28, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | NVE CORP /NEW/ | ||
Entity Central Index Key | 0000724910 | ||
Trading Symbol | nvec | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,846,010 | ||
Entity Public Float | $ 294 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 6,877,304 | $ 4,755,082 |
Marketable securities, short-term | 12,487,821 | 20,765,809 |
Accounts receivable, net of allowance for uncollectible accounts of $15,000 | 2,995,638 | 2,888,779 |
Inventories | 4,264,876 | 3,650,439 |
Prepaid expenses and other assets | 816,045 | 635,160 |
Total current assets | 27,441,684 | 32,695,269 |
Fixed assets | ||
Machinery and equipment | 9,365,806 | 9,395,987 |
Leasehold improvements | 1,787,269 | 1,749,284 |
11,153,075 | 11,145,271 | |
Less accumulated depreciation and amortization | 10,258,240 | 9,819,888 |
Net fixed assets | 894,835 | 1,325,383 |
Deferred tax assets | 353,735 | 572,655 |
Marketable securities, long-term | 54,925,633 | 52,838,158 |
Total assets | 83,615,887 | 87,431,465 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable | 375,188 | 414,970 |
Accrued payroll and other | 460,488 | 574,755 |
Total current liabilities | 835,676 | 989,725 |
Shareholders’ equity | ||
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,846,010 issued and outstanding as of March 31, 2019 and 4,842,010 as of March 31, 2018 | 48,460 | 48,420 |
Additional paid-in capital | 19,910,558 | 19,599,298 |
Accumulated other comprehensive loss | (82,725) | (915,635) |
Retained earnings | 62,903,918 | 67,709,657 |
Total shareholders’ equity | 82,780,211 | 86,441,740 |
Total liabilities and shareholders’ equity | $ 83,615,887 | $ 87,431,465 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
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) | 4,846,010 | 4,842,010 |
Common stock, shares outstanding (in shares) | 4,846,010 | 4,842,010 |
Statements of Income
Statements of Income - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | ||
Revenue | $ 26,472,337 | $ 29,863,881 |
Cost of sales | 5,216,112 | 6,274,744 |
Gross profit | 21,256,225 | 23,589,137 |
Expenses | ||
Research and development | 4,107,692 | 3,702,918 |
Selling, general, and administrative | 1,223,971 | 1,435,592 |
Total expenses | 5,331,663 | 5,138,510 |
Income from operations | 15,924,562 | 18,450,627 |
Interest income | 1,785,277 | 1,558,197 |
Income before taxes | 17,709,839 | 20,008,824 |
Provision for income taxes | 3,201,903 | 6,096,152 |
Net income | $ 14,507,936 | $ 13,912,672 |
Net income per share – basic (in dollars per share) | $ 3 | $ 2.87 |
Net income per share – diluted (in dollars per share) | 2.99 | 2.87 |
Cash dividends declared per common share (in dollars per share) | $ 4 | $ 4 |
Weighted average shares outstanding | ||
Basic (in shares) | 4,844,010 | 4,841,347 |
Diluted (in shares) | 4,850,567 | 4,846,212 |
Product [Member] | ||
Revenue | ||
Revenue | $ 25,291,306 | $ 27,321,810 |
Contract Research and Development [Member] | ||
Revenue | ||
Revenue | $ 1,181,031 | $ 2,542,071 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 14,507,936 | $ 13,912,672 |
Unrealized gain (loss) from marketable securities, net of tax | 893,275 | (877,337) |
Comprehensive income | $ 15,401,211 | $ 13,035,335 |
Statements of Shareholders' Equ
Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2017 | 4,841,010 | ||||
Balance at Mar. 31, 2017 | $ 48,410 | $ 19,507,348 | $ (38,298) | $ 73,162,025 | $ 92,679,485 |
Exercise of stock options (in shares) | 1,000 | ||||
Exercise of stock options | $ 10 | 51,030 | 51,040 | ||
Comprehensive income: | |||||
Unrealized gain (loss) from marketable securities, net of tax | (877,337) | (877,337) | |||
Net income | 13,912,672 | 13,912,672 | |||
Total comprehensive income | 13,035,335 | ||||
Stock-based compensation | 40,920 | 40,920 | |||
Cash dividends declared | (19,365,040) | (19,365,040) | |||
Exercise of stock options (in shares) | 1,000 | ||||
Exercise of stock options | $ 10 | 51,030 | 51,040 | ||
Balance (in shares) at Mar. 31, 2018 | 4,842,010 | ||||
Balance at Mar. 31, 2018 | $ 48,420 | 19,599,298 | (915,635) | 67,709,657 | 86,441,740 |
Exercise of stock options (in shares) | 4,000 | ||||
Exercise of stock options | $ 40 | 217,900 | 217,940 | ||
Comprehensive income: | |||||
Unrealized gain (loss) from marketable securities, net of tax | 893,275 | 893,275 | |||
Net income | 14,507,936 | 14,507,936 | |||
Total comprehensive income | 15,401,211 | ||||
Stock-based compensation | 93,360 | 93,360 | |||
Cash dividends declared | (19,374,040) | (19,374,040) | |||
Exercise of stock options (in shares) | 4,000 | ||||
Exercise of stock options | $ 40 | 217,900 | 217,940 | ||
Balance (in shares) at Mar. 31, 2019 | 4,846,010 | ||||
Balance at Mar. 31, 2019 | $ 48,460 | 19,910,558 | (82,725) | 62,903,918 | 82,780,211 |
Comprehensive income: | |||||
Cumulative effect of accounting change | $ (60,365) | $ 60,365 |
Statements of Shareholders' E_2
Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Additional Paid-in Capital [Member] | ||
Cash dividends declared per common share (in dollars per share) | $ 4 | $ 4 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES | ||
Net income | $ 14,507,936 | $ 13,912,672 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 705,197 | 979,652 |
Stock-based compensation | 93,360 | 40,920 |
Deferred income taxes | (31,269) | 96,275 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (106,859) | 548,023 |
Inventories | (614,437) | (292,141) |
Prepaid expenses and other assets | (180,885) | (27,877) |
Accounts payable and accrued expenses | (154,049) | 37,137 |
Deferred revenue | (142,733) | |
Net cash provided by operating activities | 14,218,994 | 15,151,928 |
INVESTING ACTIVITIES | ||
Purchases of fixed assets | (68,265) | (604,800) |
Purchases of marketable securities | (13,672,407) | (18,217,410) |
Proceeds from maturities and sales of marketable securities | 20,800,000 | 19,540,000 |
Net cash provided by investing activities | 7,059,328 | 717,790 |
FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | 217,940 | 51,040 |
Payment of dividends to shareholders | (19,374,040) | (19,365,040) |
Net cash used in financing activities | (19,156,100) | (19,314,000) |
Increase (decrease) in cash and cash equivalents | 2,122,222 | (3,444,282) |
Cash and cash equivalents at beginning of year | 4,755,082 | 8,199,364 |
Cash and cash equivalents at end of year | 6,877,304 | 4,755,082 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the year for income taxes | $ 3,426,045 | $ 5,966,425 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2. three Fair Value of Financial Instruments Concentration of Risk and Financial Instruments one not Accounts Receivable and Allowance for Doubtful Accounts may no 2019 2018. Inventories first first Product Warranty one Fixed Assets five five not 2019 2018. $498,813 2019 $692,665 2018. Revenue Recognition may third not not not no March 31, 2019 March 31, 2018. one one 606, Revenue from Contracts with Customers not not one Income Taxes not Research and Development Expense Recognition Stock-Based Compensation Net Income Per Share Year Ended March 31 2019 2018 Weighted average common shares outstanding – basic 4,844,010 4,841,347 Dilutive effect of stock options 6,557 4,865 Shares used in computing net income per share – diluted 4,850,567 4,846,212 Use of Estimates Recently Issued Accounting Standards Recently Adopted Accounting Standards August 2018, No. 2018 13, Fair Value Measurement 2018 13 2018 13 December 15, 2019, 2021 2021 2018 13 September 30, 2018. not 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 August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 eight 2016 15 June 30, 2018. not January 2016, No. 2016 01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 June 30, 2018. not May 2014, No. 2014 09, 605, Revenue Recognition 2014 09 not April 1, 2018. not New Accounting Standards Not 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 February 2016, No. 2016 02, Lease Accounting 2016 02 July 2018, 2018 10, Codification Improvements to Topic 842 December 15, 2018, 2020 July 2018, No. 2018 11, Leases Topic ( 842 No. 2018 11 one |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 3. one one three March 31, 2019 Total <1 Year 1–3 Years 3–5 Years $ 74,117,263 $ 19,191,630 $ 26,733,361 $ 28,192,272 89% March 31, 2019 five 59 1 2 2 3 As of March 31, 2019 As of March 31, 2018 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 6,703,809 $ - $ 6,703,809 $ 3,951,032 $ - $ 3,951,032 Corporate bonds - 67,413,454 67,413,454 54,517,969 19,085,998 73,603,967 Total $ 6,703,809 $ 67,413,454 $ 74,117,263 $ 58,469,001 $ 19,085,998 $ 77,554,999 March 31, 2019 2018, As of March 31, 2019 As of March 31, 2018 Amortized Gross Gains Gross Losses Estimated Amortized Gross Gross Estimated Money market funds $ 6,703,809 $ - $ - $ 6,703,809 $ 3,951,032 $ - $ - $ 3,951,032 Corporate bonds 67,519,350 315,902 (421,798 ) 67,413,454 74,853,327 - (1,249,360 ) 73,603,967 Total $ 74,223,159 $ 315,902 $ (421,798 ) $ 74,117,263 $ 78,804,359 $ - $ (1,249,360 ) $ 77,554,999 March 31, 2019 2018. Less Than 12 Months 12 Months or Greater Total Estimated Gross Losses Estimated Gross Losses Estimated Gross Losses As of March 31, 2019 Corporate bonds $ - $ - $ 51,413,428 $ (421,798 ) $ 51,413,428 $ (421,798 ) Total $ - $ - $ 51,413,428 $ (421,798 ) $ 51,413,428 $ (421,798 ) 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 ) not March 31, 2019. None not not not not March 31, 2019. |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4. March 31 2019 2018 Raw materials $ 1,130,917 $ 1,084,030 Work in process 2,325,238 1,828,492 Finished goods 808,721 737,917 Total inventories $ 4,264,876 $ 3,650,439 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 5. 2000 may five one ten not not $93,360 2019 $40,920 2018. Valuation assumptions Year Ended March 31 2019 2018 Risk-free interest rate 2.9 % 1.8 % Expected volatility 33 % 28 % Expected life (years) 4.5 4.4 Dividend yield 3.7 % 5.3 % Expected life Risk-free interest rate Volatility Dividend yield 3.7% 2019 5.3% 2018 Tax effects of stock-based compensation $19,771 2019 $8,953 2018. General stock option information March 31, 2019, Ranges of Number Weighted Average Weighted Remaining $49.86 - $67.69 14,000 $ 58.83 5.5 $76.13 - $107.86 8,000 92.00 8.9 22,000 $ 70.89 6.7 Option Shares Options Weighted Average At March 31, 2017 143,230 19,000 $ 57.51 Granted (4,000 ) 4,000 $ 76.13 Exercised - (1,000 ) $ 51.04 At March 31, 2018 139,230 22,000 $ 61.19 Granted (4,000 ) 4,000 $ 107.86 Exercised - (4,000 ) $ 54.49 At March 31, 2019 135,230 22,000 $ 70.89 6.7 March 31, 2019 6.6 March 31, 2018. March 31, 2019 2018. 2019 $180,093 March 31, 2019, $633,840, $93,360 2019. no March 31, 2019. |
Note 6 - Income Taxes
Note 6 - Income Taxes | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 6. 2019 2018 Year Ended March 31 2019 2018 Current taxes Federal $ 3,107,376 $ 5,899,574 State 125,796 160,670 Deferred taxes Federal (30,012 ) 31,800 State (1,257 ) 4,108 Income tax provision $ 3,201,903 $ 6,096,152 2019 2018 Year Ended March 31 2019 2018 Tax expense at U.S. statutory rate $ 3,719,066 $ 6,282,771 State income taxes, net of Federal benefit 95,430 103,240 Domestic manufacturing deduction - (495,361 ) Foreign-derived intangible income deduction (555,256 ) - Municipal interest - (1,378 ) Tax Reform Act effect on deferred tax assets - 206,693 Other (57,337 ) 187 Income tax provision $ 3,201,903 $ 6,096,152 March 31, 2019 2018 March 31 2019 2018 Paid time off accrual $ 55,900 $ 59,171 Inventory reserve 41,572 41,572 Depreciation and amortization 112,125 81,385 Stock-based compensation deductions 62,671 55,886 Unrealized loss on marketable securities 23,170 273,360 Other 58,297 61,281 Deferred tax assets $ 353,735 $ 572,655 2018” December 22, 2017. January 1, 2018 2018 one $206,693 March 31, 2018, March 31, 2018. no March 31, 2019, not 12 March 31, 2019 no 2015 2017 |
Note 7 - Concentrations
Note 7 - Concentrations | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 7. 10% two % of Revenue for Year Ended 2019 2018 Customer A 21 % 18 % Customer B 18 % 19 % two 41% March 31, 2019 51% March 31, 2018. not |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 8. $283,779 2019 $278,429 2018. December 31, 2020. Year Ending March 31 2020 2021 2022 2023 2024 Total $ 295,436 $ 223,981 $ - $ - $ - $ 519,417 |
Note 9 - Stock Repurchase Progr
Note 9 - Stock Repurchase Program | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stock Repurchase Plan Disclosure [Text Block] | NOTE 9. six million $0.01 ten million may $4,540,806 March 31, 2019 January 21, 2009. not 2019 2018. may |
Note 10 - Information As to Emp
Note 10 - Information As to Employee Stock Purchase, Savings, and Similar Plans | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 10. 401 first 21. may 100% first 3% $91,341 2019 $100,904 2018. |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11. May 1, 2019 $1.00 May 31, 2019 May 13, 2019 . |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Concentration Of Risk and Financial Instruments Policy [Policy Text Block] | Concentration of Risk and Financial Instruments one not |
Receivables, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts may no 2019 2018. |
Inventory, Policy [Policy Text Block] | Inventories first first |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty one |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets five five not 2019 2018. $498,813 2019 $692,665 2018. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition may third not not not no March 31, 2019 March 31, 2018. one one 606, Revenue from Contracts with Customers not not one |
Income Tax, Policy [Policy Text Block] | Income Taxes not |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Recognition |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share Year Ended March 31 2019 2018 Weighted average common shares outstanding – basic 4,844,010 4,841,347 Dilutive effect of stock options 6,557 4,865 Shares used in computing net income per share – diluted 4,850,567 4,846,212 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Recently Adopted Accounting Standards August 2018, No. 2018 13, Fair Value Measurement 2018 13 2018 13 December 15, 2019, 2021 2021 2018 13 September 30, 2018. not 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 August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 eight 2016 15 June 30, 2018. not January 2016, No. 2016 01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 June 30, 2018. not May 2014, No. 2014 09, 605, Revenue Recognition 2014 09 not April 1, 2018. not New Accounting Standards Not 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 February 2016, No. 2016 02, Lease Accounting 2016 02 July 2018, 2018 10, Codification Improvements to Topic 842 December 15, 2018, 2020 July 2018, No. 2018 11, Leases Topic ( 842 No. 2018 11 one |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended March 31 2019 2018 Weighted average common shares outstanding – basic 4,844,010 4,841,347 Dilutive effect of stock options 6,557 4,865 Shares used in computing net income per share – diluted 4,850,567 4,846,212 |
Note 3 - Fair Value of Financ_2
Note 3 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Total <1 Year 1–3 Years 3–5 Years $ 74,117,263 $ 19,191,630 $ 26,733,361 $ 28,192,272 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of March 31, 2019 As of March 31, 2018 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 6,703,809 $ - $ 6,703,809 $ 3,951,032 $ - $ 3,951,032 Corporate bonds - 67,413,454 67,413,454 54,517,969 19,085,998 73,603,967 Total $ 6,703,809 $ 67,413,454 $ 74,117,263 $ 58,469,001 $ 19,085,998 $ 77,554,999 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | As of March 31, 2019 As of March 31, 2018 Amortized Gross Gains Gross Losses Estimated Amortized Gross Gross Estimated Money market funds $ 6,703,809 $ - $ - $ 6,703,809 $ 3,951,032 $ - $ - $ 3,951,032 Corporate bonds 67,519,350 315,902 (421,798 ) 67,413,454 74,853,327 - (1,249,360 ) 73,603,967 Total $ 74,223,159 $ 315,902 $ (421,798 ) $ 74,117,263 $ 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 Losses Estimated Gross Losses Estimated Gross Losses As of March 31, 2019 Corporate bonds $ - $ - $ 51,413,428 $ (421,798 ) $ 51,413,428 $ (421,798 ) Total $ - $ - $ 51,413,428 $ (421,798 ) $ 51,413,428 $ (421,798 ) 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 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31 2019 2018 Raw materials $ 1,130,917 $ 1,084,030 Work in process 2,325,238 1,828,492 Finished goods 808,721 737,917 Total inventories $ 4,264,876 $ 3,650,439 |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended March 31 2019 2018 Risk-free interest rate 2.9 % 1.8 % Expected volatility 33 % 28 % Expected life (years) 4.5 4.4 Dividend yield 3.7 % 5.3 % |
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 $49.86 - $67.69 14,000 $ 58.83 5.5 $76.13 - $107.86 8,000 92.00 8.9 22,000 $ 70.89 6.7 |
Share-based Compensation, Activity [Table Text Block] | Option Shares Options Weighted Average At March 31, 2017 143,230 19,000 $ 57.51 Granted (4,000 ) 4,000 $ 76.13 Exercised - (1,000 ) $ 51.04 At March 31, 2018 139,230 22,000 $ 61.19 Granted (4,000 ) 4,000 $ 107.86 Exercised - (4,000 ) $ 54.49 At March 31, 2019 135,230 22,000 $ 70.89 |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31 2019 2018 Current taxes Federal $ 3,107,376 $ 5,899,574 State 125,796 160,670 Deferred taxes Federal (30,012 ) 31,800 State (1,257 ) 4,108 Income tax provision $ 3,201,903 $ 6,096,152 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31 2019 2018 Tax expense at U.S. statutory rate $ 3,719,066 $ 6,282,771 State income taxes, net of Federal benefit 95,430 103,240 Domestic manufacturing deduction - (495,361 ) Foreign-derived intangible income deduction (555,256 ) - Municipal interest - (1,378 ) Tax Reform Act effect on deferred tax assets - 206,693 Other (57,337 ) 187 Income tax provision $ 3,201,903 $ 6,096,152 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31 2019 2018 Paid time off accrual $ 55,900 $ 59,171 Inventory reserve 41,572 41,572 Depreciation and amortization 112,125 81,385 Stock-based compensation deductions 62,671 55,886 Unrealized loss on marketable securities 23,170 273,360 Other 58,297 61,281 Deferred tax assets $ 353,735 $ 572,655 |
Note 7 - Concentrations (Tables
Note 7 - Concentrations (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | % of Revenue for Year Ended 2019 2018 Customer A 21 % 18 % Customer B 18 % 19 % |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending March 31 2020 2021 2022 2023 2024 Total $ 295,436 $ 223,981 $ - $ - $ - $ 519,417 |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) | 12 Months Ended |
Mar. 31, 2019 | |
Number of Reportable Segments | 1 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Provision for Doubtful Accounts | $ 0 | $ 0 | |
Allowance for Doubtful Accounts Receivable, Write-offs | $ 0 | 0 | |
Product Warranty Term | 1 year | ||
Impairment of Long-Lived Assets Held-for-use | $ 0 | 0 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 498,813 | $ 692,665 | |
Accounting Standards Update 2018-02 [Member] | |||
Tax Cuts and Jobs Act of 2017 Reclassification from AOCI to Retained Earnings Tax Effect | $ 60,365 | ||
Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Weighted Average Number of Shares (Details) - shares | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Basic (in shares) | 4,844,010 | 4,841,347 |
Dilutive effect of stock options (in shares) | 6,557 | 4,865 |
Shares used in computing net income per share – diluted (in shares) | 4,850,567 | 4,846,212 |
Note 3 - Fair Value of Financ_3
Note 3 - Fair Value of Financial Instruments (Details Textual) | 12 Months Ended |
Mar. 31, 2019 | |
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 | 35 days |
Maximum [Member] | |
Available for Sale Debt Securities, Remaining Maturity | 4 years 330 days |
Note 3 - Fair Value of Financ_4
Note 3 - Fair Value of Financial Instruments - Fair Value of Available-for-sale Securities (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Total | $ 74,117,263 | $ 77,554,999 |
Less than 1 year | 19,191,630 | |
1-3 years | 26,733,361 | |
3-5 years | $ 28,192,272 |
Note 3 - Fair Value of Financ_5
Note 3 - Fair Value of Financial Instruments - Assets Measured on Recurring Basis (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Total | $ 74,117,263 | $ 77,554,999 |
Money Market Funds [Member] | ||
Total | 6,703,809 | 3,951,032 |
Corporate Bond Securities [Member] | ||
Total | 67,413,454 | 73,603,967 |
Fair Value, Measurements, Recurring [Member] | ||
Total | 74,117,263 | 77,554,999 |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||
Total | 6,703,809 | 3,951,032 |
Fair Value, Measurements, Recurring [Member] | Corporate Bond Securities [Member] | ||
Total | 67,413,454 | 73,603,967 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total | 6,703,809 | 58,469,001 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Total | 6,703,809 | 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 | 67,413,454 | 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 | $ 67,413,454 | $ 19,085,998 |
Note 3 - Fair Value of Financ_6
Note 3 - Fair Value of Financial Instruments - Reconciliation of Available-for-sale Securities (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Amortized Cost | $ 74,223,159 | $ 78,804,359 |
Gross Unrealized Holding Gains | 315,902 | |
Gross Unrealized Holding Losses | (421,798) | (1,249,360) |
Estimated Fair Value | 74,117,263 | 77,554,999 |
Money Market Funds [Member] | ||
Amortized Cost | 6,703,809 | 3,951,032 |
Gross Unrealized Holding Gains | ||
Gross Unrealized Holding Losses | ||
Estimated Fair Value | 6,703,809 | 3,951,032 |
Corporate Bond Securities [Member] | ||
Amortized Cost | 67,519,350 | 74,853,327 |
Gross Unrealized Holding Gains | 315,902 | |
Gross Unrealized Holding Losses | (421,798) | (1,249,360) |
Estimated Fair Value | $ 67,413,454 | $ 73,603,967 |
Note 3 - Fair Value of Financ_7
Note 3 - Fair Value of Financial Instruments - Investment Securities With Unrealized Losses (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Fair market value, less than 12 months | $ 61,731,248 | |
Gross unrealized losses, less than 12 months | (1,003,849) | |
Fair market value, 12 months or greater | 51,413,428 | 9,072,719 |
Gross unrealized losses, 12 months or greater | (421,798) | (245,511) |
Total fair market value | 51,413,428 | 70,803,967 |
Total gross unrealized losses | (421,798) | (1,249,360) |
Corporate Bond Securities [Member] | ||
Fair market value, less than 12 months | 61,731,248 | |
Gross unrealized losses, less than 12 months | (1,003,849) | |
Fair market value, 12 months or greater | 51,413,428 | 9,072,719 |
Gross unrealized losses, 12 months or greater | (421,798) | (245,511) |
Total fair market value | 51,413,428 | 70,803,967 |
Total gross unrealized losses | $ (421,798) | $ (1,249,360) |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Raw materials | $ 1,130,917 | $ 1,084,030 |
Work in process | 2,325,238 | 1,828,492 |
Finished goods | 808,721 | 737,917 |
Total inventories | $ 4,264,876 | $ 3,650,439 |
Note 5 - Stock-based Compensa_3
Note 5 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Allocated Share-based Compensation Expense, Total | $ 93,360 | $ 40,920 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.70% | 5.30% |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 19,771 | $ 8,953 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 255 days | 6 years 219 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 180,093 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 633,840 | |
Share-based Compensation Arrangement by Share Based Payment Award Options Grants in Period Fair Value | 93,360 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 0 | |
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 |
Note 5 - Stock-based Compensa_4
Note 5 - Stock-based Compensation - Schedule of Valuation Assumptions (Details) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Risk-free interest rate | 2.90% | 1.80% |
Expected volatility | 33.00% | 28.00% |
Expected life (years) (Year) | 4 years 182 days | 4 years 146 days |
Dividend yield | 3.70% | 5.30% |
Note 5 - Stock-based Compensa_5
Note 5 - Stock-based Compensation - Summary of Options Outstanding (Details) | 12 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Number outstanding (in shares) | shares | 22,000 |
Weighted average exercise price (in dollars per share) | $ 70.89 |
Weighted average contractual life (Year) | 6 years 255 days |
Range One [Member] | |
Range of exercise prices, lower limit (in dollars per share) | $ 49.86 |
Range of exercise prices, upper limit (in dollars per share) | $ 67.69 |
Number outstanding (in shares) | shares | 14,000 |
Weighted average exercise price (in dollars per share) | $ 58.83 |
Weighted average contractual life (Year) | 5 years 182 days |
Range Two [Member] | |
Range of exercise prices, lower limit (in dollars per share) | $ 76.13 |
Range of exercise prices, upper limit (in dollars per share) | $ 107.86 |
Number outstanding (in shares) | shares | 8,000 |
Weighted average exercise price (in dollars per share) | $ 92 |
Weighted average contractual life (Year) | 8 years 328 days |
Note 5 - Stock-based Compensa_6
Note 5 - Stock-based Compensation - Summary of Stock Options (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Option Shares Reserved [Member] | |||
Option shares reserved (in shares) | 135,230 | 139,230 | 143,230 |
Granted (in shares) | (4,000) | (4,000) | |
Granted (in shares) | 4,000 | 4,000 | |
Exercised (in shares) | |||
Exercised (in shares) | |||
Employee Stock Option [Member] | |||
Option shares reserved (in shares) | 22,000 | 22,000 | 19,000 |
Weighted average option exercise price (in dollars per share) | $ 70.89 | $ 61.19 | $ 57.51 |
Granted (in shares) | (4,000) | (4,000) | |
Granted (in shares) | 4,000 | 4,000 | |
Granted, weighted average option exercise price (in dollars per share) | $ 107.86 | $ 76.13 | |
Exercised (in shares) | 4,000 | 1,000 | |
Exercised (in shares) | (4,000) | (1,000) | |
Exercised, weighted average option exercise price (in dollars per share) | $ 54.49 | $ 51.04 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) | 12 Months Ended |
Mar. 31, 2019USD ($) | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 206,693 |
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 | 2015 2016 2017 |
Note 6 - Income Taxes - Schedul
Note 6 - Income Taxes - Schedule of Income Tax Provisions (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Current taxes | ||
Federal, Current taxes | $ 3,107,376 | $ 5,899,574 |
State, Current taxes | 125,796 | 160,670 |
Deferred taxes | ||
Federal, Deferred taxes | (30,012) | 31,800 |
State, Deferred taxes | (1,257) | 4,108 |
Income tax provision | $ 3,201,903 | $ 6,096,152 |
Note 6 - Income Taxes - Reconci
Note 6 - Income Taxes - Reconciliation of Income Tax Provisions (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Tax expense at U.S. statutory rate | $ 3,719,066 | $ 6,282,771 |
State income taxes, net of Federal benefit | 95,430 | 103,240 |
Domestic manufacturing deduction | (495,361) | |
Foreign-derived intangible income deduction | (555,256) | |
Municipal interest | (1,378) | |
Tax Reform Act effect on deferred tax assets | 206,693 | |
Other | (57,337) | 187 |
Income tax provision | $ 3,201,903 | $ 6,096,152 |
Note 6 - Income Taxes - Deferre
Note 6 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Paid time off accrual | $ 55,900 | $ 59,171 |
Inventory reserve | 41,572 | 41,572 |
Depreciation and amortization | 112,125 | 81,385 |
Stock-based compensation deductions | 62,671 | 55,886 |
Unrealized loss on marketable securities | 23,170 | 273,360 |
Other | 58,297 | 61,281 |
Deferred tax assets | $ 353,735 | $ 572,655 |
Note 7 - Concentrations (Detail
Note 7 - Concentrations (Details Textual) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Number of Major Customers | 2 | 2 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A and B [Member] | ||
Concentration Risk, Percentage | 41.00% | 51.00% |
Note 7 - Concentrations - Reven
Note 7 - Concentrations - Revenue by Major Customers (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Customer A [Member] | ||
Percentage of concentration | 21.00% | 18.00% |
Customer B [Member] | ||
Percentage of concentration | 18.00% | 19.00% |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Payments for (Proceeds from) Loans and Leases, Total | $ 283,779 | $ 278,429 |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) | Mar. 31, 2019USD ($) |
2020 | $ 295,436 |
2021 | 223,981 |
2022 | |
2023 | |
2024 | |
Total | $ 519,417 |
Note 9 - Stock Repurchase Pro_2
Note 9 - Stock Repurchase Program (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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 | |
Repurchase Program 2009 [Member] | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 4,540,806 | |
Stock Repurchased and Retired During Period, Value | $ 0 | $ 0 |
Note 10 - Information As to E_2
Note 10 - Information As to Employee Stock Purchase, Savings, and Similar Plans (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 91,341 | $ 100,904 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - $ / shares | May 01, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Common Stock, Dividends, Per Share, Declared | $ 4 | $ 4 | |
Subsequent Event [Member] | |||
Common Stock, Dividends, Per Share, Declared | $ 1 | ||
Subsequent Event [Member] | Common Stock [Member] | |||
Dividends Payable, Date to be Paid | May 31, 2019 | ||
Dividends Payable, Date of Record | May 13, 2019 |