Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2019 | Jan. 17, 2020 | |
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 | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | [1] |
ASSETS | |||
Cash and cash equivalents | $ 10,153,173 | $ 6,877,304 | |
Marketable securities, short-term | 12,055,363 | 12,487,821 | |
Accounts receivable, net of allowance for uncollectible accounts of $15,000 | 2,119,037 | 2,995,638 | |
Inventories | 4,159,742 | 4,264,876 | |
Prepaid expenses and other assets | 845,194 | 816,045 | |
Total current assets | 29,332,509 | 27,441,684 | |
Fixed assets | |||
Machinery and equipment | 9,381,906 | 9,365,806 | |
Leasehold improvements | 1,797,245 | 1,787,269 | |
11,179,151 | 11,153,075 | ||
Less accumulated depreciation and amortization | 10,529,317 | 10,258,240 | |
Net fixed assets | 649,834 | 894,835 | |
Deferred tax assets | 63,467 | 353,735 | |
Marketable securities, long-term | 50,920,291 | 54,925,633 | |
Right-of-use asset – operating lease | 151,749 | ||
Total assets | 81,117,850 | 83,615,887 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
Accounts payable | 153,470 | 375,188 | |
Accrued payroll and other | 558,762 | 460,488 | |
Operating lease | 174,916 | ||
Total current liabilities | 887,148 | 835,676 | |
Shareholders’ equity | |||
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,846,010 issued and outstanding as of December 31, 2019 and March 31, 2019 | 48,460 | 48,460 | |
Additional paid-in capital | 19,958,918 | 19,910,558 | |
Accumulated other comprehensive income (loss) | 697,291 | (82,725) | |
Retained earnings | 59,526,033 | 62,903,918 | |
Total shareholders’ equity | 80,230,702 | 82,780,211 | |
Total liabilities and shareholders’ equity | $ 81,117,850 | $ 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 ($) | Dec. 31, 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 | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 6,464,596 | $ 6,269,405 | $ 19,261,237 | $ 20,883,386 |
Cost of sales | 1,263,806 | 1,169,406 | 3,701,941 | 3,918,256 |
Gross profit | 5,200,790 | 5,099,999 | 15,559,296 | 16,965,130 |
Research and development | 771,468 | 1,126,975 | 2,671,131 | 3,087,964 |
Selling, general, and administrative | 327,989 | 268,905 | 1,026,448 | 975,114 |
Total expenses | 1,099,457 | 1,395,880 | 3,697,579 | 4,063,078 |
Income from operations | 4,101,333 | 3,704,119 | 11,861,717 | 12,902,052 |
Interest income | 443,478 | 457,204 | 1,358,826 | 1,325,299 |
Income before taxes | 4,544,811 | 4,161,323 | 13,220,543 | 14,227,351 |
Provision for income taxes | 814,147 | 739,918 | 2,060,398 | 2,578,287 |
Net income | $ 3,730,664 | $ 3,421,405 | $ 11,160,145 | $ 11,649,064 |
Net income per share – basic (in dollars per share) | $ 0.77 | $ 0.71 | $ 2.30 | $ 2.41 |
Net income per share – diluted (in dollars per share) | 0.77 | 0.71 | 2.30 | 2.40 |
Cash dividends declared per common share (in dollars per share) | $ 1 | $ 1 | $ 3 | $ 3 |
Basic (in shares) | 4,846,010 | 4,845,010 | 4,846,010 | 4,843,355 |
Diluted (in shares) | 4,847,436 | 4,850,507 | 4,848,506 | 4,850,120 |
Product [Member] | ||||
Revenue | $ 6,160,967 | $ 5,991,241 | $ 18,434,039 | $ 19,916,864 |
Contract Research and Development [Member] | ||||
Revenue | $ 303,629 | $ 278,164 | $ 827,198 | $ 966,522 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 3,730,664 | $ 3,822,062 | $ 3,607,419 | $ 3,421,405 | $ 4,282,610 | $ 3,945,049 | $ 11,160,145 | $ 11,649,064 |
Unrealized gain from marketable securities, net of tax | 31,237 | 178,716 | 570,063 | 101,891 | 51,237 | (107,027) | 780,016 | 46,101 |
Comprehensive income | $ 3,761,901 | $ 4,000,778 | $ 4,177,482 | $ 3,523,296 | $ 4,333,847 | $ 3,838,022 | $ 11,940,161 | $ 11,695,165 |
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 | $ 48,420 | $ 19,599,298 | $ (915,635) | $ 67,709,657 | $ 86,441,740 |
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 |
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 | $ 48,420 | 19,599,298 | (1,083,027) | 66,873,061 | 85,437,752 |
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 |
Unrealized gain on marketable securities, net of tax | 46,101 | ||||
Net income | 11,649,064 | ||||
Total comprehensive income | 11,695,165 | ||||
Balance | $ 48,460 | 19,910,558 | (929,899) | 64,891,056 | 83,920,175 |
Balance (in shares) at Dec. 31, 2018 | 4,846,010 | ||||
Balance at Dec. 31, 2018 | $ 48,460 | 19,910,558 | (929,899) | 64,891,056 | 83,920,175 |
Balance | 48,420 | 19,599,298 | (1,083,027) | 66,873,061 | 85,437,752 |
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 |
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 | |||
Balance | $ 48,440 | 19,817,088 | (1,031,790) | 66,313,661 | 85,147,399 |
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 | 48,440 | 19,817,088 | (1,031,790) | 66,313,661 | 85,147,399 |
Unrealized gain on marketable securities, net of tax | 101,891 | 101,891 | |||
Net income | 3,421,405 | 3,421,405 | |||
Total comprehensive income | 3,523,296 | ||||
Cash dividends declared | (4,844,010) | (4,844,010) | |||
Balance | $ 48,460 | 19,910,558 | (929,899) | 64,891,056 | 83,920,175 |
Exercise of stock options (in shares) | 2,000 | ||||
Exercise of stock options | $ 20 | 93,470 | 93,490 | ||
Balance (in shares) at Dec. 31, 2018 | 4,846,010 | ||||
Balance at Dec. 31, 2018 | $ 48,460 | 19,910,558 | (929,899) | 64,891,056 | 83,920,175 |
Balance | 48,460 | 19,910,558 | (929,899) | 64,891,056 | 83,920,175 |
Balance | $ 48,460 | 19,910,558 | (82,725) | 62,903,918 | 82,780,211 |
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 |
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 | $ 48,460 | 19,910,558 | 487,338 | 61,665,327 | 82,111,683 |
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 |
Unrealized gain on marketable securities, net of tax | 780,016 | ||||
Net income | 11,160,145 | ||||
Total comprehensive income | 11,940,161 | ||||
Balance | $ 48,460 | 19,958,918 | 697,291 | 59,526,033 | 80,230,702 |
Balance (in shares) at Dec. 31, 2019 | 4,846,010 | ||||
Balance at Dec. 31, 2019 | $ 48,460 | 19,958,918 | 697,291 | 59,526,033 | 80,230,702 |
Balance | $ 48,460 | 19,910,558 | 487,338 | 61,665,327 | 82,111,683 |
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 |
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 | $ 48,460 | 19,958,918 | 666,054 | 60,641,379 | 81,314,811 |
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 | 48,460 | 19,958,918 | 666,054 | 60,641,379 | 81,314,811 |
Unrealized gain on marketable securities, net of tax | 31,237 | 31,237 | |||
Net income | 3,730,664 | 3,730,664 | |||
Total comprehensive income | 3,761,901 | ||||
Cash dividends declared | (4,846,010) | (4,846,010) | |||
Balance | $ 48,460 | 19,958,918 | 697,291 | 59,526,033 | 80,230,702 |
Balance (in shares) at Dec. 31, 2019 | 4,846,010 | ||||
Balance at Dec. 31, 2019 | $ 48,460 | 19,958,918 | 697,291 | 59,526,033 | 80,230,702 |
Balance | $ 48,460 | $ 19,958,918 | $ 697,291 | $ 59,526,033 | $ 80,230,702 |
Statements of Shareholders' E_2
Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | 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 | ||
Cash dividends declared per common share (in dollars per share) | $ 1 | $ 1 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
OPERATING ACTIVITIES | |||
Net income | $ 11,160,145 | $ 11,649,064 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 403,691 | 531,685 | |
Stock-based compensation | 48,360 | 93,360 | |
Deferred income taxes | 71,800 | (30,648) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 876,601 | 171,051 | |
Inventories | 105,134 | (491,042) | |
Prepaid expenses and other assets | 80,746 | (120,646) | |
Accounts payable and other liabilities | (210,172) | (123,775) | |
Net cash provided by operating activities | 12,536,305 | 11,679,049 | |
INVESTING ACTIVITIES | |||
Purchases of fixed assets | (26,076) | (68,265) | |
Purchases of marketable securities | (7,196,330) | (11,649,227) | |
Proceeds from maturities of marketable securities | 12,500,000 | 15,800,000 | |
Cash provided by investing activities | 5,277,594 | 4,082,508 | |
FINANCING ACTIVITIES | |||
Proceeds from sale of common stock | 217,940 | ||
Payment of dividends to shareholders | (14,538,030) | (14,528,030) | |
Cash used in financing activities | (14,538,030) | (14,310,090) | |
Increase in cash and cash equivalents | 3,275,869 | 1,451,467 | |
Cash and cash equivalents at beginning of period | 6,877,304 | [1] | 4,755,082 |
Cash and cash equivalents at end of period | 10,153,173 | 6,206,549 | |
Cash paid during the period for income taxes | $ 1,931,661 | $ 2,696,045 | |
[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 | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2. Basis of Presentation not 10 March 31, 2019. nine December 31, 2019 not may March 31, 2020. Significant Accounting Policies Revenue Recognition may third not not not no December 31, 2019 March 31, 2019. one one 606, Revenue from Contracts with Customers not not one |
Note 3 - Recently Issued Accoun
Note 3 - Recently Issued Accounting Standards | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 3. Recently Adopted Accounting Standards 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 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 Standards Not December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 740 2019 12 December 15, 2020 2022 not June 2016, No. 2016 13, Financial Instruments—Credit Losses (Topic 326 2016 13 November 2018 No. 2018 19, Codification Improvements to Topic 326, November 2019, No. 2019 11, Codification Improvements to Topic 326, 2016 13. November 2019 No. 2019 10, Financial Instruments—Credit Losses (Topic 326 815 842 2016 13 three 2019 10, 2016 13 December 15, 2022 2024 not |
Note 4 - Net Income Per Share
Note 4 - Net Income Per Share | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4. Quarter Ended Dec. 31 2019 2018 Weighted average common shares outstanding – basic 4,846,010 4,845,010 Dilutive effect of stock options 1,426 5,497 Shares used in computing net income per share – diluted 4,847,436 4,850,507 Nine Months Ended Dec. 31 2019 2018 Weighted average common shares outstanding – basic 4,846,010 4,843,355 Dilutive effect of stock options 2,496 6,765 Shares used in computing net income per share – diluted 4,848,506 4,850,120 |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 5. one one three December 31, 2019 Total <1 Year 1–3 Years 3–5 Years $ 72,853,414 $ 21,933,123 $ 33,904,811 $ 17,015,480 90% December 31, 2019 10 50 Level 1 2 2 3 As of December 31, 2019 As of March 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 9,877,760 $ - $ 9,877,760 $ 6,703,809 $ - $ 6,703,809 Corporate bonds - 62,975,654 62,975,654 - 67,413,454 67,413,454 Total $ 9,877,760 $ 62,975,654 $ 72,853,414 $ 6,703,809 $ 67,413,454 $ 74,117,263 December 31 March 31, 2019, As of December 31, 2019 As of March 31, 2019 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Money market funds $ 9,877,760 $ - $ - $ 9,877,760 $ 6,703,809 $ - $ - $ 6,703,809 Corporate bonds 62,083,066 902,126 (9,538 ) 62,975,654 67,519,350 315,902 (421,798 ) 67,413,454 Total $ 71,960,826 $ 902,126 $ (9,538 ) $ 72,853,414 $ 74,223,159 $ 315,902 $ (421,798 ) $ 74,117,263 December 31 March 31, 2019. Less Than 12 Months 12 Months or Greater Total Estimated Gross Estimated Gross Estimated Gross As of December 31, 2019 Corporate bonds $ 4,169,606 $ (9,538 ) $ - $ - $ 4,169,606 $ (9,538 ) Total $ 4,169,606 $ (9,538 ) $ - $ - $ 4,169,606 $ (9,538 ) 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 ) not December 31, 2019. None not not not not December 31, 2019. |
Note 6 - Inventories
Note 6 - Inventories | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 6. December 31, March 31, Raw materials $ 1,139,246 $ 1,130,917 Work in process 1,906,679 2,325,238 Finished goods 1,113,817 808,721 Total inventories $ 4,159,742 $ 4,264,876 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 7. no third 2020 2019. $48,360 first nine 2020 $93,360 first nine 2019. 1,000 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8. no December 31, 2019, not 12 December 31, 2019 no 2016 2018 |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 9. December 31, 2020. not Quarter Ended Nine Months Ended Operating lease cost $ 38,641 $ 115,923 Variable lease cost 30,227 90,681 Total 68,868 $ 206,604 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 43,365 $ 130,095 Remaining lease term (in years) 1 Discount rate 3.5 % The following table presents the maturities of lease liabilities as of December 31, 2019: Year Ending March 31 Operating Leases 2020 $ 44,433 2021 133,299 Total lease payments 177,732 Imputed lease interest (2,816 ) Total lease liabilities $ 174,916 |
Note 10 - Stock Repurchase Prog
Note 10 - Stock Repurchase Program | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stock Repurchase Plan Disclosure [Text Block] | NOTE 10. January 21, 2009 $2,500,000 August 27, 2015 $5,000,000 not December 31, 2019. $4,540,806 December 31, 2019. may |
Note 11 - Information As to Emp
Note 11 - Information As to Employee Stock Purchase, Savings, and Similar Plans | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 11. 401 first 21. may 100% first 3% $22,456 third 2020, $68,512 first nine 2020, $21,733 third 2019, $67,327 first nine 2019. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12. January 22, 2020 $1.00 February 28, 2020 February 3, 2020. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation not 10 March 31, 2019. nine December 31, 2019 not may March 31, 2020. |
Revenue from Contract with Customer [Policy Text Block] | Significant Accounting Policies Revenue Recognition may third not not not no December 31, 2019 March 31, 2019. one one 606, Revenue from Contracts with Customers not not one |
Note 4 - Net Income Per Share (
Note 4 - Net Income Per Share (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Quarter Ended Dec. 31 2019 2018 Weighted average common shares outstanding – basic 4,846,010 4,845,010 Dilutive effect of stock options 1,426 5,497 Shares used in computing net income per share – diluted 4,847,436 4,850,507 Nine Months Ended Dec. 31 2019 2018 Weighted average common shares outstanding – basic 4,846,010 4,843,355 Dilutive effect of stock options 2,496 6,765 Shares used in computing net income per share – diluted 4,848,506 4,850,120 |
Note 5 - Fair Value of Financ_2
Note 5 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Total <1 Year 1–3 Years 3–5 Years $ 72,853,414 $ 21,933,123 $ 33,904,811 $ 17,015,480 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of December 31, 2019 As of March 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 9,877,760 $ - $ 9,877,760 $ 6,703,809 $ - $ 6,703,809 Corporate bonds - 62,975,654 62,975,654 - 67,413,454 67,413,454 Total $ 9,877,760 $ 62,975,654 $ 72,853,414 $ 6,703,809 $ 67,413,454 $ 74,117,263 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | As of December 31, 2019 As of March 31, 2019 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Money market funds $ 9,877,760 $ - $ - $ 9,877,760 $ 6,703,809 $ - $ - $ 6,703,809 Corporate bonds 62,083,066 902,126 (9,538 ) 62,975,654 67,519,350 315,902 (421,798 ) 67,413,454 Total $ 71,960,826 $ 902,126 $ (9,538 ) $ 72,853,414 $ 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 December 31, 2019 Corporate bonds $ 4,169,606 $ (9,538 ) $ - $ - $ 4,169,606 $ (9,538 ) Total $ 4,169,606 $ (9,538 ) $ - $ - $ 4,169,606 $ (9,538 ) 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) | 9 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, March 31, Raw materials $ 1,139,246 $ 1,130,917 Work in process 1,906,679 2,325,238 Finished goods 1,113,817 808,721 Total inventories $ 4,159,742 $ 4,264,876 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Quarter Ended Nine Months Ended Operating lease cost $ 38,641 $ 115,923 Variable lease cost 30,227 90,681 Total 68,868 $ 206,604 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 43,365 $ 130,095 Remaining lease term (in years) 1 Discount rate 3.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending March 31 Operating Leases 2020 $ 44,433 2021 133,299 Total lease payments 177,732 Imputed lease interest (2,816 ) Total lease liabilities $ 174,916 |
Note 3 - Recently Issued Acco_2
Note 3 - Recently Issued Accounting Standards (Details Textual) - USD ($) | Dec. 31, 2019 | Apr. 01, 2019 | Mar. 31, 2019 | [1] |
Operating Lease, Liability, Total | $ 174,916 | $ 298,983 | ||
Operating Lease, Right-of-Use Asset | $ 151,749 | $ 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 | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average common shares outstanding – basic (in shares) | 4,846,010 | 4,845,010 | 4,846,010 | 4,843,355 |
Dilutive effect of stock options (in shares) | 1,426 | 5,497 | 2,496 | 6,765 |
Shares used in computing net income per share – diluted (in shares) | 4,847,436 | 4,850,507 | 4,848,506 | 4,850,120 |
Note 5 - Fair Value of Financ_3
Note 5 - Fair Value of Financial Instruments (Details Textual) | 9 Months Ended |
Dec. 31, 2019 | |
Available for Sale Debt Securitites, Percent of Total Assets | 90.00% |
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 | 300 days |
Maximum [Member] | |
Available for Sale Debt Securities, Remaining Maturity | 4 years 60 days |
Note 5 - Fair Value of Financ_4
Note 5 - Fair Value of Financial Instruments - Fair Value of Available-for-sale Securities (Details) | Dec. 31, 2019USD ($) |
Total | $ 72,853,414 |
Less than 1 year | 21,933,123 |
1-3 years | 33,904,811 |
3-5 years | $ 17,015,480 |
Note 5 - Fair Value of Financ_5
Note 5 - Fair Value of Financial Instruments - Assets Measured on Recurring Basis (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Securities available for sale | $ 72,853,414 | $ 74,117,263 |
Money Market Funds [Member] | ||
Securities available for sale | 9,877,760 | 6,703,809 |
Corporate Bond Securities [Member] | ||
Securities available for sale | 62,975,654 | 67,413,454 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 72,853,414 | 74,117,263 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Securities available for sale | 9,877,760 | 6,703,809 |
Fair Value, Recurring [Member] | Corporate Bond Securities [Member] | ||
Securities available for sale | 62,975,654 | 67,413,454 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 9,877,760 | 6,703,809 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Securities available for sale | 9,877,760 | 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 | 62,975,654 | 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 | $ 62,975,654 | $ 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 ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Amortized Cost | $ 71,960,826 | $ 74,223,159 |
Gross Unrealized Holding Gains | 902,126 | 315,902 |
Gross Unrealized Holding Losses | (9,538) | (421,798) |
Estimated Fair Value | 72,853,414 | 74,117,263 |
Money Market Funds [Member] | ||
Amortized Cost | 9,877,760 | 6,703,809 |
Gross Unrealized Holding Gains | ||
Gross Unrealized Holding Losses | ||
Estimated Fair Value | 9,877,760 | 6,703,809 |
Corporate Bond Securities [Member] | ||
Amortized Cost | 62,083,066 | 67,519,350 |
Gross Unrealized Holding Gains | 902,126 | 315,902 |
Gross Unrealized Holding Losses | (9,538) | (421,798) |
Estimated Fair Value | $ 62,975,654 | $ 67,413,454 |
Note 5 - Fair Value of Financ_7
Note 5 - Fair Value of Financial Instruments - Investment Securities With Unrealized Losses (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Fair market value, less than 12 months | $ 4,169,606 | |
Gross unrealized losses, less than 12 months | (9,538) | |
Fair market value, 12 months or greater | 51,413,428 | |
Gross unrealized losses, 12 months or greater | (421,798) | |
Total fair market value | 4,169,606 | 51,413,428 |
Total gross unrealized losses | (9,538) | (421,798) |
Corporate Bond Securities [Member] | ||
Fair market value, less than 12 months | 4,169,606 | |
Gross unrealized losses, less than 12 months | (9,538) | |
Fair market value, 12 months or greater | 51,413,428 | |
Gross unrealized losses, 12 months or greater | (421,798) | |
Total fair market value | 4,169,606 | 51,413,428 |
Total gross unrealized losses | $ (9,538) | $ (421,798) |
Note 6 - Inventories - Summary
Note 6 - Inventories - Summary of Inventories (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | |
Raw materials | $ 1,139,246 | $ 1,130,917 | |
Work in process | 1,906,679 | 2,325,238 | |
Finished goods | 1,113,817 | 808,721 | |
Total inventories | $ 4,159,742 | $ 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 | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expense | $ 0 | $ 0 | $ 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 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) $ in Thousands | 9 Months Ended |
Dec. 31, 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 | 9 Months Ended |
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Operating lease cost | $ 38,641 | $ 115,923 |
Variable lease cost | 30,227 | 90,681 |
Total | 68,868 | 206,604 |
Operating cash flows for leases | $ 43,365 | $ 130,095 |
Remaining lease term (Year) | 1 year | |
Discount rate | 3.50% | 3.50% |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Lease Liabilities (Details) - USD ($) | Dec. 31, 2019 | Apr. 01, 2019 |
2020 | $ 44,433 | |
2021 | 133,299 | |
Total lease payments | 177,732 | |
Imputed lease interest | (2,816) | |
Total lease liabilities | $ 174,916 | $ 298,983 |
Note 10 - Stock Repurchase Pr_2
Note 10 - Stock Repurchase Program (Details Textual) - Repurchase Program 2009 [Member] - USD ($) | 3 Months Ended | ||
Dec. 31, 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 | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 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 | $ 22,456 | $ 21,733 | $ 68,512 | $ 67,327 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock, Dividends, Per Share, Declared | $ 1 | $ 1 | $ 3 | $ 3 | |
Subsequent Event [Member] | |||||
Common Stock, Dividends, Per Share, Declared | $ 1 |