Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2019 | Oct. 18, 2019 | |
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 Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 4,846,010 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 | [1] |
ASSETS | |||
Cash and cash equivalents | $ 14,076,290 | $ 6,877,304 | |
Marketable securities, short-term | 12,487,821 | ||
Accounts receivable, net of allowance for uncollectible accounts of $15,000 | 3,215,785 | 2,995,638 | |
Inventories | 4,355,332 | 4,264,876 | |
Prepaid expenses and other assets | 847,259 | 816,045 | |
Total current assets | 22,494,666 | 27,441,684 | |
Fixed assets | |||
Machinery and equipment | 9,381,906 | 9,365,806 | |
Leasehold improvements | 1,787,269 | 1,787,269 | |
11,169,175 | 11,153,075 | ||
Less accumulated depreciation and amortization | 10,438,174 | 10,258,240 | |
Net fixed assets | 731,001 | 894,835 | |
Deferred tax assets | 68,495 | 353,735 | |
Marketable securities, long-term | 58,798,500 | 54,925,633 | |
Right-of-use asset – operating lease | 188,743 | ||
Total assets | 82,281,405 | 83,615,887 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
Accounts payable | 324,413 | 375,188 | |
Accrued payroll and other | 425,547 | 460,488 | |
Operating lease | 173,852 | ||
Total current liabilities | 923,812 | 835,676 | |
Operating lease | 42,782 | ||
Total liabilities | 966,594 | 835,676 | |
Shareholders’ equity | |||
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,846,010 issued and outstanding as of September 30, 2019 and March 31, 2019 | 48,460 | 48,460 | |
Additional paid-in capital | 19,958,918 | 19,910,558 | |
Accumulated other comprehensive income (loss) | 666,054 | (82,725) | |
Retained earnings | 60,641,379 | 62,903,918 | |
Total shareholders’ equity | 81,314,811 | 82,780,211 | |
Total liabilities and shareholders’ equity | $ 82,281,405 | $ 83,615,887 | |
[1] | The March 31, 2019 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, 2019. |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 | [1] |
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 | 4,846,010 | |
Common stock, shares outstanding (in shares) | 4,846,010 | 4,846,010 | |
[1] | The March 31, 2019 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, 2019. |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | ||||
Revenue | $ 6,501,945 | $ 7,506,075 | $ 12,796,641 | $ 14,613,981 |
Cost of sales | 1,346,098 | 1,352,845 | 2,438,135 | 2,748,850 |
Gross profit | 5,155,847 | 6,153,230 | 10,358,506 | 11,865,131 |
Expenses | ||||
Research and development | 926,596 | 971,963 | 1,899,663 | 1,960,989 |
Selling, general, and administrative | 368,450 | 377,448 | 698,459 | 706,209 |
Total expenses | 1,295,046 | 1,349,411 | 2,598,122 | 2,667,198 |
Income from operations | 3,860,801 | 4,803,819 | 7,760,384 | 9,197,933 |
Interest income | 456,309 | 443,325 | 915,348 | 868,095 |
Income before taxes | 4,317,110 | 5,247,144 | 8,675,732 | 10,066,028 |
Provision for income taxes | 495,048 | 964,534 | 1,246,251 | 1,838,369 |
Net income | $ 3,822,062 | $ 4,282,610 | $ 7,429,481 | $ 8,227,659 |
Net income per share – basic (in dollars per share) | $ 0.79 | $ 0.88 | $ 1.53 | $ 1.70 |
Net income per share – diluted (in dollars per share) | 0.79 | 0.88 | 1.53 | 1.70 |
Cash dividends declared per common share (in dollars per share) | $ 1 | $ 1 | $ 2 | $ 2 |
Weighted average shares outstanding | ||||
Basic (in shares) | 4,846,010 | 4,843,032 | 4,846,010 | 4,842,524 |
Diluted (in shares) | 4,847,881 | 4,852,644 | 4,849,357 | 4,851,072 |
Product [Member] | ||||
Revenue | ||||
Revenue | $ 6,187,708 | $ 7,054,977 | $ 12,273,072 | $ 13,925,623 |
Contract Research and Development [Member] | ||||
Revenue | ||||
Revenue | $ 314,237 | $ 451,098 | $ 523,569 | $ 688,358 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 3,822,062 | $ 3,607,419 | $ 4,282,610 | $ 3,945,049 | $ 7,429,481 | $ 8,227,659 |
Unrealized gain from marketable securities, net of tax | 178,716 | 570,063 | 51,237 | (107,027) | 748,779 | (55,790) |
Comprehensive income | $ 4,000,778 | $ 4,177,482 | $ 4,333,847 | $ 3,838,022 | $ 8,178,260 | $ 8,171,869 |
Statements of Shareholders' Equ
Statements of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
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 |
Comprehensive income: Unrealized gain on marketable securities, net of tax | (107,027) | (107,027) | |||
Net income | 3,945,049 | 3,945,049 | |||
Total comprehensive income | 3,838,022 | ||||
Cash dividends declared | (4,842,010) | (4,842,010) | |||
Balance (in shares) at Jun. 30, 2018 | 4,842,010 | ||||
Balance at Jun. 30, 2018 | $ 48,420 | 19,599,298 | (1,083,027) | 66,873,061 | 85,437,752 |
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 |
Comprehensive income: Unrealized gain on marketable securities, net of tax | (55,790) | ||||
Net income | 8,227,659 | ||||
Total comprehensive income | 8,171,869 | ||||
Balance (in shares) at Sep. 30, 2018 | 4,844,010 | ||||
Balance at Sep. 30, 2018 | $ 48,440 | 19,817,088 | (1,031,790) | 66,313,661 | 85,147,399 |
Cumulative effect of accounting change | (60,365) | 60,365 | |||
Balance (in shares) at Jun. 30, 2018 | 4,842,010 | ||||
Balance at Jun. 30, 2018 | $ 48,420 | 19,599,298 | (1,083,027) | 66,873,061 | 85,437,752 |
Comprehensive income: Unrealized gain on marketable securities, net of tax | 51,237 | 51,237 | |||
Net income | 4,282,610 | 4,282,610 | |||
Total comprehensive income | 4,333,847 | ||||
Cash dividends declared | (4,842,010) | (4,842,010) | |||
Stock-based compensation | 93,360 | 93,360 | |||
Exercise of stock options (in shares) | 2,000 | ||||
Exercise of stock options | $ 20 | 124,430 | 124,450 | ||
Balance (in shares) at Sep. 30, 2018 | 4,844,010 | ||||
Balance at Sep. 30, 2018 | $ 48,440 | 19,817,088 | (1,031,790) | 66,313,661 | 85,147,399 |
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: Unrealized gain on marketable securities, net of tax | 570,063 | 570,063 | |||
Net income | 3,607,419 | 3,607,419 | |||
Total comprehensive income | 4,177,482 | ||||
Cash dividends declared | (4,846,010) | (4,846,010) | |||
Balance (in shares) at Jun. 30, 2019 | 4,846,010 | ||||
Balance at Jun. 30, 2019 | $ 48,460 | 19,910,558 | 487,338 | 61,665,327 | 82,111,683 |
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: Unrealized gain on marketable securities, net of tax | 748,779 | ||||
Net income | 7,429,481 | ||||
Total comprehensive income | 8,178,260 | ||||
Balance (in shares) at Sep. 30, 2019 | 4,846,010 | ||||
Balance at Sep. 30, 2019 | $ 48,460 | 19,958,918 | 666,054 | 60,641,379 | 81,314,811 |
Balance (in shares) at Jun. 30, 2019 | 4,846,010 | ||||
Balance at Jun. 30, 2019 | $ 48,460 | 19,910,558 | 487,338 | 61,665,327 | 82,111,683 |
Comprehensive income: Unrealized gain on marketable securities, net of tax | 178,716 | 178,716 | |||
Net income | 3,822,062 | 3,822,062 | |||
Total comprehensive income | 4,000,778 | ||||
Cash dividends declared | (4,846,010) | (4,846,010) | |||
Stock-based compensation | 48,360 | 48,360 | |||
Balance (in shares) at Sep. 30, 2019 | 4,846,010 | ||||
Balance at Sep. 30, 2019 | $ 48,460 | $ 19,958,918 | $ 666,054 | $ 60,641,379 | $ 81,314,811 |
Statements of Shareholders' E_2
Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | |
Additional Paid-in Capital [Member] | ||||
Cash dividends declared per common share (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
OPERATING ACTIVITIES | |||
Net income | $ 7,429,481 | $ 8,227,659 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 266,916 | 357,166 | |
Stock-based compensation | 48,360 | 93,360 | |
Deferred income taxes | 75,521 | (36,743) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (220,147) | (156,451) | |
Inventories | (90,456) | 74,476 | |
Prepaid expenses and other assets | 41,687 | (15,588) | |
Accounts payable and other liabilities | (130,726) | (273,761) | |
Net cash provided by operating activities | 7,420,636 | 8,270,118 | |
INVESTING ACTIVITIES | |||
Purchases of fixed assets | (16,100) | (37,985) | |
Purchases of marketable securities | (3,013,530) | (6,679,727) | |
Proceeds from maturities of marketable securities | 12,500,000 | 9,300,000 | |
Cash provided by investing activities | 9,470,370 | 2,582,288 | |
FINANCING ACTIVITIES | |||
Proceeds from sale of common stock | 124,450 | ||
Payment of dividends to shareholders | (9,692,020) | (9,684,020) | |
Cash used in financing activities | (9,692,020) | (9,559,570) | |
Increase in cash and cash equivalents | 7,198,986 | 1,292,836 | |
Cash and cash equivalents at beginning of period | 6,877,304 | [1] | 4,755,082 |
Cash and cash equivalents at end of period | 14,076,290 | 6,047,918 | |
Supplemental disclosures of cash flow information: Cash paid during the period for income taxes | $ 1,230,000 | $ 1,866,045 | |
[1] | The March 31, 2019 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, 2019. |
Note 1 - Description of Busines
Note 1 - Description of Business | 6 Months Ended |
Sep. 30, 2019 | |
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 | 6 Months Ended |
Sep. 30, 2019 | |
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, 2019. six September 30, 2019 not may March 31, 2020. 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 cost of sales. 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 September 30, 2019 March 31, 2019. 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 | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 3. Recently Adopted Accounting Standards In July 2019, No. 2019 07, Codification Updates to SEC Sections—Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33 10532, 33 10231 33 10442, 2019 07 10 June 30, 2019 2019 07 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 2018 11 June 30, 2019. $298,983 $261,644 April 1, 2019. no New Accounting Standard 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 |
Note 4 - Net Income Per Share
Note 4 - Net Income Per Share | 6 Months Ended |
Sep. 30, 2019 | |
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 Sept. 30 2019 2018 Weighted average common shares outstanding – basic 4,846,010 4,843,032 Dilutive effect of stock options 1,871 9,612 Shares used in computing net income per share – diluted 4,847,881 4,852,644 Six Months Ended Sept. 30 2019 2018 Weighted average common shares outstanding – basic 4,846,010 4,842,524 Dilutive effect of stock options 3,347 8,548 Shares used in computing net income per share – diluted 4,849,357 4,851,072 |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 6 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 Total <1 Year 1–3 Years 3–5 Years $ 58,798,500 $ - $ 45,948,207 $ 12,850,293 Total available-for-sale securities represented approximately 71% September 30, 2019 13 53 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 September 30, 2019 As of March 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 13,807,888 $ - $ 13,807,888 $ 6,703,809 $ - $ 6,703,809 Corporate bonds - 58,798,500 58,798,500 - 67,413,454 67,413,454 Total $ 13,807,888 $ 58,798,500 $ 72,606,388 $ 6,703,809 $ 67,413,454 $ 74,117,263 Our available-for-sale securities as of September 30 March 31, 2019, As of September 30, 2019 As of March 31, 2019 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Money market funds $ 13,807,888 $ - $ - $ 13,807,888 $ 6,703,809 $ - $ - $ 6,703,809 Corporate bonds 57,945,899 878,961 (26,360 ) 58,798,500 67,519,350 315,902 (421,798 ) 67,413,454 Total $ 71,753,787 $ 878,961 $ (26,360 ) $ 72,606,388 $ 74,223,159 $ 315,902 $ (421,798 ) $ 74,117,263 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 September 30 March 31, 2019. Less Than 12 Months 12 Months or Greater Total Estimated Gross Estimated Gross Estimated Gross As of September 30, 2019 Corporate bonds $ - $ - $ 5,054,583 $ (26,360 ) $ 5,054,583 $ (26,360 ) Total $ - $ - $ 5,054,583 $ (26,360 ) $ 5,054,583 $ (26,360 ) 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 ) We did not September 30, 2019. None not not not not September 30, 2019. |
Note 6 - Inventories
Note 6 - Inventories | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 6. Inventories are shown in the following table: September 30, March 31, Raw materials $ 1,127,683 $ 1,130,917 Work in process 2,282,261 2,325,238 Finished goods 945,388 808,721 Total inventories $ 4,355,332 $ 4,264,876 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 7. Stock-based compensation expense was $48,360 second first six 2020, $93,360 second first six 2019. six September 30, 2019 2018 1,000 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Sep. 30, 2019 | |
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. We had no September 30, 2019, not 12 September 30, 2019 no 2016 2018 |
Note 9 - Leases
Note 9 - Leases | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 9. We conduct our operations in a leased facility under a non-cancellable lease through December 31, 2020. not Details of our operating lease are as follows: Quarter Ended Six Months Ended Operating lease cost $ 38,641 $ 77,282 Variable lease cost 30,227 60,454 Total 68,868 $ 137,736 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 43,365 $ 86,730 Remaining lease term (years) 1.25 Discount rate 3.5 % The following table presents the maturities of lease liabilities as of September 30, 2019: Year Ending March 31 Operating Leases 2020 $ 87,798 2021 133,299 Total lease payments 221,097 Imputed lease interest (4,463 ) Total lease liabilities $ 216,634 |
Note 10 - Stock Repurchase Prog
Note 10 - Stock Repurchase Program | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stock Repurchase Plan Disclosure [Text Block] | NOTE 10. On January 21, 2009 $2,500,000 August 27, 2015 $5,000,000 not September 30, 2019. $4,540,806 September 30, 2019. may |
Note 11 - Information As to Emp
Note 11 - Information As to Employee Stock Purchase, Savings, and Similar Plans | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 11. All of our employees are eligible to participate in our 401 first 21. may 100% first 3% $21,990 second 2020, $46,056 first six 2020, $22,296 second 2019, $45,594 first six 2019. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12. On October 23, 2019 $1.00 November 29, 2019 November 4, 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2019 | |
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, 2019. six September 30, 2019 not may March 31, 2020. |
Revenue from Contract with Customer [Policy Text Block] | 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 cost of sales. 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 September 30, 2019 March 31, 2019. 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) | 6 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Quarter Ended Sept. 30 2019 2018 Weighted average common shares outstanding – basic 4,846,010 4,843,032 Dilutive effect of stock options 1,871 9,612 Shares used in computing net income per share – diluted 4,847,881 4,852,644 Six Months Ended Sept. 30 2019 2018 Weighted average common shares outstanding – basic 4,846,010 4,842,524 Dilutive effect of stock options 3,347 8,548 Shares used in computing net income per share – diluted 4,849,357 4,851,072 |
Note 5 - Fair Value of Financ_2
Note 5 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Total <1 Year 1–3 Years 3–5 Years $ 58,798,500 $ - $ 45,948,207 $ 12,850,293 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of September 30, 2019 As of March 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 13,807,888 $ - $ 13,807,888 $ 6,703,809 $ - $ 6,703,809 Corporate bonds - 58,798,500 58,798,500 - 67,413,454 67,413,454 Total $ 13,807,888 $ 58,798,500 $ 72,606,388 $ 6,703,809 $ 67,413,454 $ 74,117,263 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | As of September 30, 2019 As of March 31, 2019 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Money market funds $ 13,807,888 $ - $ - $ 13,807,888 $ 6,703,809 $ - $ - $ 6,703,809 Corporate bonds 57,945,899 878,961 (26,360 ) 58,798,500 67,519,350 315,902 (421,798 ) 67,413,454 Total $ 71,753,787 $ 878,961 $ (26,360 ) $ 72,606,388 $ 74,223,159 $ 315,902 $ (421,798 ) $ 74,117,263 |
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 September 30, 2019 Corporate bonds $ - $ - $ 5,054,583 $ (26,360 ) $ 5,054,583 $ (26,360 ) Total $ - $ - $ 5,054,583 $ (26,360 ) $ 5,054,583 $ (26,360 ) 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 ) |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, March 31, Raw materials $ 1,127,683 $ 1,130,917 Work in process 2,282,261 2,325,238 Finished goods 945,388 808,721 Total inventories $ 4,355,332 $ 4,264,876 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Quarter Ended Six Months Ended Operating lease cost $ 38,641 $ 77,282 Variable lease cost 30,227 60,454 Total 68,868 $ 137,736 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 43,365 $ 86,730 Remaining lease term (years) 1.25 Discount rate 3.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending March 31 Operating Leases 2020 $ 87,798 2021 133,299 Total lease payments 221,097 Imputed lease interest (4,463 ) Total lease liabilities $ 216,634 |
Note 3 - Recently Issued Acco_2
Note 3 - Recently Issued Accounting Standards (Details Textual) - USD ($) | Sep. 30, 2019 | Apr. 01, 2019 | Mar. 31, 2019 | [1] |
Operating Lease, Liability, Total | $ 216,634 | $ 298,983 | ||
Operating Lease, Right-of-Use Asset | $ 188,743 | $ 261,644 | ||
[1] | The March 31, 2019 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, 2019. |
Note 4 - Net Income Per Share -
Note 4 - Net Income Per Share - Components of Common Shares Outstanding (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Weighted average common shares outstanding – basic (in shares) | 4,846,010 | 4,843,032 | 4,846,010 | 4,842,524 |
Dilutive effect of stock options (in shares) | 1,871 | 9,612 | 3,347 | 8,548 |
Shares used in computing net income per share – diluted (in shares) | 4,847,881 | 4,852,644 | 4,849,357 | 4,851,072 |
Note 5 - Fair Value of Financ_3
Note 5 - Fair Value of Financial Instruments (Details Textual) | 6 Months Ended |
Sep. 30, 2019 | |
Available for Sale Debt Securitites, Percent of Total Assets | 71.00% |
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 | 1 year 30 days |
Maximum [Member] | |
Available for Sale Debt Securities, Remaining Maturity | 4 years 150 days |
Note 5 - Fair Value of Financ_4
Note 5 - Fair Value of Financial Instruments - Fair Value of Available-for-sale Securities (Details) | Sep. 30, 2019USD ($) |
Total | $ 58,798,500 |
Less than 1 year | |
1-3 years | 45,948,207 |
3-5 years | $ 12,850,293 |
Note 5 - Fair Value of Financ_5
Note 5 - Fair Value of Financial Instruments - Assets Measured on Recurring Basis (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Securities available for sale | $ 72,606,388 | $ 74,117,263 |
Money Market Funds [Member] | ||
Securities available for sale | 13,807,888 | 6,703,809 |
Corporate Bond Securities [Member] | ||
Securities available for sale | 58,798,500 | 67,413,454 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 72,606,388 | 74,117,263 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Securities available for sale | 13,807,888 | 6,703,809 |
Fair Value, Recurring [Member] | Corporate Bond Securities [Member] | ||
Securities available for sale | 58,798,500 | 67,413,454 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 13,807,888 | 6,703,809 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Securities available for sale | 13,807,888 | 6,703,809 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Bond Securities [Member] | ||
Securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 58,798,500 | 67,413,454 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member] | ||
Securities available for sale | $ 58,798,500 | $ 67,413,454 |
Note 5 - Fair Value of Financ_6
Note 5 - Fair Value of Financial Instruments - Reconciliation of Available-for-sale Securities (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Amortized Cost | $ 71,753,787 | $ 74,223,159 |
Gross Unrealized Holding Gains | 878,961 | 315,902 |
Gross Unrealized Holding Losses | (26,360) | (421,798) |
Estimated Fair Value | 72,606,388 | 74,117,263 |
Money Market Funds [Member] | ||
Amortized Cost | 13,807,888 | 6,703,809 |
Gross Unrealized Holding Gains | ||
Gross Unrealized Holding Losses | ||
Estimated Fair Value | 13,807,888 | 6,703,809 |
Corporate Bond Securities [Member] | ||
Amortized Cost | 57,945,899 | 67,519,350 |
Gross Unrealized Holding Gains | 878,961 | 315,902 |
Gross Unrealized Holding Losses | (26,360) | (421,798) |
Estimated Fair Value | $ 58,798,500 | $ 67,413,454 |
Note 5 - Fair Value of Financ_7
Note 5 - Fair Value of Financial Instruments - Investment Securities With Unrealized Losses (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Fair market value, less than 12 months | ||
Gross unrealized losses, less than 12 months | ||
Fair market value, 12 months or greater | 5,054,583 | 51,413,428 |
Gross unrealized losses, 12 months or greater | (26,360) | (421,798) |
Total fair market value | 5,054,583 | 51,413,428 |
Total gross unrealized losses | (26,360) | (421,798) |
Corporate Bond Securities [Member] | ||
Fair market value, less than 12 months | ||
Gross unrealized losses, less than 12 months | ||
Fair market value, 12 months or greater | 5,054,583 | 51,413,428 |
Gross unrealized losses, 12 months or greater | (26,360) | (421,798) |
Total fair market value | 5,054,583 | 51,413,428 |
Total gross unrealized losses | $ (26,360) | $ (421,798) |
Note 6 - Inventories - Summary
Note 6 - Inventories - Summary of Inventories (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 | |
Raw materials | $ 1,127,683 | $ 1,130,917 | |
Work in process | 2,282,261 | 2,325,238 | |
Finished goods | 945,388 | 808,721 | |
Total inventories | $ 4,355,332 | $ 4,264,876 | [1] |
[1] | The March 31, 2019 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, 2019. |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement, Expense | $ 48,360 | $ 93,360 | $ 48,360 | $ 93,360 |
Non-employee Director Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,000 | 1,000 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) $ in Thousands | 6 Months Ended |
Sep. 30, 2019USD ($) | |
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 | 2016 2017 2018 |
Note 9 - Leases - Operating Lea
Note 9 - Leases - Operating Lease (Details) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Operating lease cost | $ 38,641 | $ 77,282 |
Variable lease cost | 30,227 | 60,454 |
Total | 68,868 | 137,736 |
Operating cash flows for leases | $ 43,365 | $ 86,730 |
Remaining lease term (Year) | 1 year 91 days | |
Discount rate | 3.50% | 3.50% |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Lease Liabilities (Details) - USD ($) | Sep. 30, 2019 | Apr. 01, 2019 |
2020 | $ 87,798 | |
2021 | 133,299 | |
Total lease payments | 221,097 | |
Imputed lease interest | (4,463) | |
Total lease liabilities | $ 216,634 | $ 298,983 |
Note 10 - Stock Repurchase Pr_2
Note 10 - Stock Repurchase Program (Details Textual) - Repurchase Program 2009 [Member] - USD ($) | 3 Months Ended | ||
Sep. 30, 2019 | 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 11 - Information As to E_2
Note 11 - Information As to Employee Stock Purchase, Savings, and Similar Plans (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 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 | $ 21,990 | $ 22,296 | $ 46,056 | $ 45,594 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - $ / shares | Oct. 23, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Common Stock, Dividends, Per Share, Declared | $ 1 | $ 1 | $ 2 | $ 2 | |
Subsequent Event [Member] | |||||
Common Stock, Dividends, Per Share, Declared | $ 1 | ||||
Subsequent Event [Member] | Common Stock [Member] | |||||
Dividends Payable, Date to be Paid | Nov. 29, 2019 | ||||
Dividends Payable, Date of Record | Nov. 4, 2019 |