NVE (NVEC) 10-Q 23 Oct 19 2020 Q2 Quarterly report Financial data

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