NVE (NVEC) 10-Q 20 Jan 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2020	Jan. 15, 2021
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	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		4,833,232
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Common stock, $0.01 par value

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($)		Dec. 31, 2020	Mar. 31, 2020
Current assets
Cash and cash equivalents		$ 13,988,308	$ 8,065,594	[1]
Marketable securities, short-term		11,115,094	19,084,814	[1]
Accounts receivable, net of allowance for uncollectible accounts of $15,000		3,161,308	2,694,018	[1]
Inventories		3,842,477	3,884,450	[1]
Prepaid expenses and other assets		570,018	655,835	[1]
Total current assets		32,677,205	34,384,711	[1]
Fixed assets
Machinery and equipment		9,280,062	9,280,062	[1]
Leasehold improvements		1,810,872	1,797,245	[1]
Property, Plant and Equipment, Gross, Ending Balance		11,090,934	11,077,307	[1]
Less accumulated depreciation and amortization		10,724,866	10,494,840	[1]
Net fixed assets		366,068	582,467	[1]
Deferred tax assets			108,119	[1]
Marketable securities, long-term		40,656,967	43,606,495	[1]
Right-of-use asset – operating lease		720,618	816,358	[1]
Total assets		74,420,858	79,498,150	[1]
Current liabilities
Accounts payable		136,673	186,993	[1]
Accrued payroll and other		505,428	482,074	[1]
Operating lease		106,843	127,134	[1]
Total current liabilities		748,944	796,201	[1]
Deferred tax liabilities		89,420		[1]
Operating lease		613,775	706,600	[1]
Total liabilities	[1]	1,452,139	1,502,801
Shareholders’ equity
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,833,232 issued and outstanding as of December 31, 2020 and 4,835,038 as of March 31, 2020		48,332	48,350	[1]
Additional paid-in capital		19,333,852	19,383,956	[1]
Accumulated other comprehensive income		1,483,409	516,523	[1]
Retained earnings		52,103,126	58,046,520	[1]
Total shareholders’ equity		72,968,719	77,995,349	[1]
Total liabilities and shareholders’ equity		$ 74,420,858	$ 79,498,150	[1]
[1]	The March 31, 2020 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, 2020.

Balance Sheets (Current Perio_2

Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Dec. 31, 2020	Mar. 31, 2020	[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)	4,833,232	4,835,038
Common stock, shares outstanding (in shares)	4,833,232	4,835,038
[1]	The March 31, 2020 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, 2020.

Statements of Income (Unaudited

Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenue
Revenue	$ 6,533,362	$ 6,464,596	$ 15,503,409	$ 19,261,237
Cost of sales	1,075,048	1,263,806	2,852,757	3,701,941
Gross profit	5,458,314	5,200,790	12,650,652	15,559,296
Expenses
Research and development	702,216	771,468	2,399,164	2,671,131
Selling, general, and administrative	311,356	327,989	1,024,549	1,026,448
Total expenses	1,013,572	1,099,457	3,423,713	3,697,579
Income from operations	4,444,742	4,101,333	9,226,939	11,861,717
Interest income	365,498	443,478	1,166,102	1,358,826
Income before taxes	4,810,240	4,544,811	10,393,041	13,220,543
Provision for income taxes	884,531	814,147	1,833,127	2,060,398
Net income	$ 3,925,709	$ 3,730,664	$ 8,559,914	$ 11,160,145
Net income per share – basic (in dollars per share)	$ 0.81	$ 0.77	$ 1.77	$ 2.30
Net income per share – diluted (in dollars per share)	0.81	0.77	1.77	2.30
Cash dividends declared per common share (in dollars per share)	$ 1	$ 1	$ 3	$ 3
Weighted average shares outstanding
Basic (in shares)	4,833,232	4,846,010	4,834,324	4,846,010
Diluted (in shares)	4,833,261	4,847,436	4,834,411	4,848,506
Product [Member]
Revenue
Revenue	$ 6,332,349	$ 6,160,967	$ 14,850,157	$ 18,434,039
Contract Research and Development [Member]
Revenue
Revenue	$ 201,013	$ 303,629	$ 653,252	$ 827,198

Statements of Comprehensive Inc

Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net income	$ 3,925,709	$ 3,730,664	$ 8,559,914	$ 11,160,145
Unrealized (loss) gain from marketable securities, net of tax	(145,452)	31,237	966,886	780,016
Comprehensive income	$ 3,780,257	$ 3,761,901	$ 9,526,800	$ 11,940,161

Statements of Shareholders' Equ

Statements of Shareholders' Equity (Unaudited) - USD ($)	Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
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 (loss) gain from 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 ($1.00 per share of common stock)					(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
Unrealized (loss) gain from marketable securities, net of tax						780,016
Net income						11,160,145
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 (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 (loss) gain from marketable securities, net of tax				178,716		178,716
Net income					3,822,062	3,822,062
Total comprehensive income						4,000,778
Stock-based compensation			48,360			48,360
Cash dividends declared ($1.00 per share of common stock)					(4,846,010)	(4,846,010)
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
Unrealized (loss) gain from 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 ($1.00 per share of common stock)					(4,846,010)	(4,846,010)
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 (in shares) at Mar. 31, 2020		4,835,038
Balance at Mar. 31, 2020		$ 48,350	19,383,956	516,523	58,046,520	77,995,349	[1]
Unrealized (loss) gain from marketable securities, net of tax				1,242,662		1,242,662
Net income					2,411,865	2,411,865
Total comprehensive income						3,654,527
Stock-based compensation			2,707			2,707
Cash dividends declared ($1.00 per share of common stock)					(4,835,038)	(4,835,038)
Balance (in shares) at Jun. 30, 2020	4,835,038
Balance at Jun. 30, 2020		$ 48,350	19,386,663	1,759,185	55,623,347	76,817,545
Balance (in shares) at Mar. 31, 2020		4,835,038
Balance at Mar. 31, 2020		$ 48,350	19,383,956	516,523	58,046,520	77,995,349	[1]
Unrealized (loss) gain from marketable securities, net of tax						966,886
Net income						8,559,914
Balance (in shares) at Dec. 31, 2020		4,833,232
Balance at Dec. 31, 2020		$ 48,332	19,333,852	1,483,409	52,103,126	72,968,719
Balance (in shares) at Jun. 30, 2020	4,835,038
Balance at Jun. 30, 2020		48,350	19,386,663	1,759,185	55,623,347	76,817,545
Unrealized (loss) gain from marketable securities, net of tax				(130,324)		(130,324)
Net income					2,222,340	2,222,340
Total comprehensive income						2,092,016
Stock-based compensation			34,315			34,315
Cash dividends declared ($1.00 per share of common stock)					(4,835,038)	(4,835,038)
Repurchase of common stock (in shares)		(1,806)
Repurchase of common stock		$ (18)	(91,401)			(91,419)
Balance (in shares) at Sep. 30, 2020		4,833,232
Balance at Sep. 30, 2020		$ 48,332	19,329,577	1,628,861	53,010,649	74,017,419
Unrealized (loss) gain from marketable securities, net of tax				(145,452)		(145,452)
Net income					3,925,709	3,925,709
Total comprehensive income						3,780,257
Stock-based compensation			4,275			4,275
Cash dividends declared ($1.00 per share of common stock)					(4,833,232)	(4,833,232)
Balance (in shares) at Dec. 31, 2020		4,833,232
Balance at Dec. 31, 2020		$ 48,332	$ 19,333,852	$ 1,483,409	$ 52,103,126	$ 72,968,719
[1]	The March 31, 2020 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, 2020.

Statements of Shareholders' E_2

Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019
Additional Paid-in Capital [Member]
Common stock per share (in dollars per share)					$ 1	$ 1
Common stock per share (in dollars per share)	$ 1	$ 1	$ 1	$ 1

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Net income	$ 8,559,914	$ 11,160,145
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	386,968	403,691
Stock-based compensation	41,297	48,360
Deferred income taxes	(73,269)	71,800
Changes in operating assets and liabilities:
Accounts receivable	(467,290)	876,601
Inventories	41,973	105,134
Prepaid expenses and other assets	181,557	80,746
Accounts payable and other liabilities	(140,082)	(210,172)
Net cash provided by operating activities	8,531,068	12,536,305
INVESTING ACTIVITIES
Purchases of fixed assets	(13,627)	(26,076)
Purchases of marketable securities		(7,196,330)
Proceeds from maturities of marketable securities	12,000,000	12,500,000
Cash provided by investing activities	11,986,373	5,277,594
FINANCING ACTIVITIES
Repurchase of common stock	(91,419)
Payment of dividends to shareholders	(14,503,308)	(14,538,030)
Cash used in financing activities	(14,594,727)	(14,538,030)
Increase in cash and cash equivalents	5,922,714	3,275,869
Cash and cash equivalents at beginning of period	8,065,594	6,877,304
Cash and cash equivalents at end of period	13,988,308	10,153,173
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes	$ 1,636,788	$ 1,931,661

Note 1 - Description of Busines

Note 1 - Description of Business	9 Months Ended
	Dec. 31, 2020
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, 2020
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	NOTE 2. Basis of Presentation not 10 March 31, 2020. nine December 31, 2020 not may March 31, 2021. Significant Accounting Policies Revenue Recognition may third not not not no December 31, 2020 March 31, 2020. 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, 2020
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	NOTE 3. 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 February 2020 No. 2020 02, Financial Instruments—Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13 three 842 March 2020, No. 2020 03, Codification Improvements to Financial Instruments 2019 10 2020 02, 2016 13 December 15, 2022 2024 not

Note 4 - Net Income Per Share

Note 4 - Net Income Per Share	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 4. Quarter Ended Dec. 31 2020 2019 Weighted average common shares outstanding – basic 4,833,232 4,846,010 Dilutive effect of stock options 29 1,426 Shares used in computing net income per share – diluted 4,833,261 4,847,436 Nine Months Ended Dec. 31 2020 2019 Weighted average common shares outstanding – basic 4,834,324 4,846,010 Dilutive effect of stock options 87 2,496 Shares used in computing net income per share – diluted 4,834,411 4,848,506

Note 5 - Fair Value of Financia

Note 5 - Fair Value of Financial Instruments	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 5. one one three December 31, 2020 Total <1 Year 1–3 Years 3–5 Years $ 65,694,022 $ 25,037,055 $ 34,142,192 $ 6,514,775 88% December 31, 2020 eight 38 1 2 2 3 As of December 31, 2020 As of March 31, 2020 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 13,921,961 $ - $ 13,921,961 $ 7,903,433 $ - $ 7,903,433 Corporate bonds - 51,772,061 51,772,061 - 62,691,309 62,691,309 Total $ 13,921,961 $ 51,772,061 $ 65,694,022 $ 7,903,433 $ 62,691,309 $ 70,594,742 December 31 March 31, 2020, As of December 31, 2020 As of March 31, 2020 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Money market funds $ 13,921,961 $ - $ - $ 13,921,961 $ 7,903,433 $ - $ - $ 7,903,433 Corporate bonds 49,873,178 1,898,883 - 51,772,061 62,030,120 752,621 (91,432 ) 62,691,309 Total $ 63,795,139 $ 1,898,883 $ - $ 65,694,022 $ 69,933,553 $ 752,621 $ (91,432 ) $ 70,594,742

Note 6 - Inventories

Note 6 - Inventories	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 6. Dec. 31, March 31, Raw materials $ 839,102 $ 1,017,451 Work in process 1,959,692 1,863,000 Finished goods 1,043,683 1,003,999 Total inventories $ 3,842,477 $ 3,884,450

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	NOTE 7. $4,275 third 2021, $41,297 first nine 2021, $48,360 first nine 2020. no third 2020.

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 8. no December 31, 2020, not 12 December 31, 2020 no 2016 2019

Note 9 - Leases

Note 9 - Leases	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE 9. March 31, 2026. not Quarter Ended Nine Months Ended Operating lease cost $ 38,641 $ 115,923 Variable lease cost 30,608 91,824 Total $ 69,249 $ 207,747 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 44,433 $ 133,299 Remaining lease term (in months) 63 Discount rate 3.5 % The following table presents the maturities of lease liabilities as of December 31, 2020: Year Ending March 31 Operating Leases 2021 $ (4,762 ) 2022 152,703 2023 156,121 2024 159,592 2025 163,224 2026 165,947 Total lease payments 792,825 Imputed lease interest (72,207 ) Total lease liabilities $ 720,618

Note 10 - Stock Repurchase Prog

Note 10 - Stock Repurchase Program	9 Months Ended
	Dec. 31, 2020
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 not may $3,762,040 December 31, 2020.

Note 11 - Information as to Emp

Note 11 - Information as to Employee Stock Purchase, Savings, and Similar Plans	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Retirement Benefits [Text Block]	NOTE 11. 401 first 21. may 100% first 3% $22,571 third 2021, $22,456 third 2020, $69,227 first nine 2021, $68,512 first nine 2020.

Note 12 - Subsequent Events

Note 12 - Subsequent Events	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 12. January 20, 2021 $1.00 February 26, 2021 February 1, 2021.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation not 10 March 31, 2020. nine December 31, 2020 not may March 31, 2021.
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition may third not not not no December 31, 2020 March 31, 2020. 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, 2020
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Quarter Ended Dec. 31 2020 2019 Weighted average common shares outstanding – basic 4,833,232 4,846,010 Dilutive effect of stock options 29 1,426 Shares used in computing net income per share – diluted 4,833,261 4,847,436 Nine Months Ended Dec. 31 2020 2019 Weighted average common shares outstanding – basic 4,834,324 4,846,010 Dilutive effect of stock options 87 2,496 Shares used in computing net income per share – diluted 4,834,411 4,848,506

Note 5 - Fair Value of Financ_2

Note 5 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Dec. 31, 2020
Notes Tables
Investments Classified by Contractual Maturity Date [Table Text Block]	Total <1 Year 1–3 Years 3–5 Years $ 65,694,022 $ 25,037,055 $ 34,142,192 $ 6,514,775
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	As of December 31, 2020 As of March 31, 2020 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 13,921,961 $ - $ 13,921,961 $ 7,903,433 $ - $ 7,903,433 Corporate bonds - 51,772,061 51,772,061 - 62,691,309 62,691,309 Total $ 13,921,961 $ 51,772,061 $ 65,694,022 $ 7,903,433 $ 62,691,309 $ 70,594,742
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	As of December 31, 2020 As of March 31, 2020 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Money market funds $ 13,921,961 $ - $ - $ 13,921,961 $ 7,903,433 $ - $ - $ 7,903,433 Corporate bonds 49,873,178 1,898,883 - 51,772,061 62,030,120 752,621 (91,432 ) 62,691,309 Total $ 63,795,139 $ 1,898,883 $ - $ 65,694,022 $ 69,933,553 $ 752,621 $ (91,432 ) $ 70,594,742

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	9 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Dec. 31, March 31, Raw materials $ 839,102 $ 1,017,451 Work in process 1,959,692 1,863,000 Finished goods 1,043,683 1,003,999 Total inventories $ 3,842,477 $ 3,884,450

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	9 Months Ended
	Dec. 31, 2020
Notes Tables
Lease, Cost [Table Text Block]	Quarter Ended Nine Months Ended Operating lease cost $ 38,641 $ 115,923 Variable lease cost 30,608 91,824 Total $ 69,249 $ 207,747 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 44,433 $ 133,299 Remaining lease term (in months) 63 Discount rate 3.5 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Year Ending March 31 Operating Leases 2021 $ (4,762 ) 2022 152,703 2023 156,121 2024 159,592 2025 163,224 2026 165,947 Total lease payments 792,825 Imputed lease interest (72,207 ) Total lease liabilities $ 720,618

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, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Basic (in shares)	4,833,232	4,846,010	4,834,324	4,846,010
Dilutive effect of stock options (in shares)	29	1,426	87	2,496
Shares used in computing net income per share – diluted (in shares)	4,833,261	4,847,436	4,834,411	4,848,506

Note 5 - Fair Value of Financ_3

Note 5 - Fair Value of Financial Instruments (Details Textual)	9 Months Ended
	Dec. 31, 2020
Available for Sale Debt Securitites, Percent of Total Assets	88.00%
Minimum [Member]
Available for Sale Debt Securities, Remaining Maturity (Week)	56 days
Maximum [Member]
Available for Sale Debt Securities, Remaining Maturity (Week)	3 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) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Total	$ 65,694,022	$ 70,594,742
Less than 1 year	25,037,055
1-3 years	34,142,192
3-5 years	$ 6,514,775

Note 5 - Fair Value of Financ_5

Note 5 - Fair Value of Financial Instruments - Assets Measured on Recurring Basis (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Total	$ 65,694,022	$ 70,594,742
Money Market Funds [Member]
Total	13,921,961	7,903,433
Corporate Bond Securities [Member]
Total	51,772,061	62,691,309
Fair Value, Recurring [Member]
Total	65,694,022	70,594,742
Fair Value, Recurring [Member] | Money Market Funds [Member]
Total	13,921,961	7,903,433
Fair Value, Recurring [Member] | Corporate Bond Securities [Member]
Total	51,772,061	62,691,309
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Total	13,921,961	7,903,433
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Total	13,921,961	7,903,433
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Bond Securities [Member]
Total
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Total	51,772,061	62,691,309
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]
Total
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member]
Total	$ 51,772,061	$ 62,691,309

Note 5 - Fair Value of Financ_6

Note 5 - Fair Value of Financial Instruments - Reconciliation of Available-for-sale Securities (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Amortized Cost	$ 63,795,139	$ 69,933,553
Gross Unrealized Holding Gains	1,898,883	752,621
Gross Unrealized Holding Losses		(91,432)
Estimated Fair Value	65,694,022	70,594,742
Money Market Funds [Member]
Amortized Cost	13,921,961	7,903,433
Gross Unrealized Holding Gains
Gross Unrealized Holding Losses
Estimated Fair Value	13,921,961	7,903,433
Corporate Bond Securities [Member]
Amortized Cost	49,873,178	62,030,120
Gross Unrealized Holding Gains	1,898,883	752,621
Gross Unrealized Holding Losses		(91,432)
Estimated Fair Value	$ 51,772,061	$ 62,691,309

Note 6 - Inventories - Summary

Note 6 - Inventories - Summary of Inventories (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Raw materials	$ 839,102	$ 1,017,451
Work in process	1,959,692	1,863,000
Finished goods	1,043,683	1,003,999
Total inventories	$ 3,842,477	$ 3,884,450	[1]
[1]	The March 31, 2020 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, 2020.

Note 7 - Stock-based Compensa_2

Note 7 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expense	$ 4,275	$ 0	$ 41,297	$ 48,360

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) $ in Thousands	9 Months Ended
	Dec. 31, 2020USD ($)
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 2019

Note 9 - Leases - Operating Lea

Note 9 - Leases - Operating Lease (Details)	3 Months Ended	9 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Operating lease cost	$ 38,641	$ 115,923
Variable lease cost	30,608	91,824
Total	69,249	207,747
Operating cash flows for leases	$ 44,433	$ 133,299
Remaining lease term (Month)	5 years 90 days	5 years 90 days
Discount rate	3.50%	3.50%

Note 9 - Leases - Maturities of

Note 9 - Leases - Maturities of Lease Liabilities (Details)	Dec. 31, 2020USD ($)
2021	$ (4,762)
2022	152,703
2023	156,121
2024	159,592
2025	163,224
2026	165,947
Total lease payments	792,825
Imputed lease interest	(72,207)
Total lease liabilities	$ 720,618

Note 10 - Stock Repurchase Pr_2

Note 10 - Stock Repurchase Program (Details Textual) - Repurchase Program 2009 [Member] - USD ($)	Dec. 31, 2020	Aug. 27, 2015	Jan. 21, 2009
Stock Repurchase Program, Authorized Amount			$ 2,500,000
Stock Repurchase Program Authorized Additional Amount		$ 5,000,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 3,762,040

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, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
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	$ 22,571	$ 22,456	$ 69,227	$ 68,512

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details Textual) - $ / shares	Jan. 20, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Common Stock, Dividends, Per Share, Declared (in dollars per share)		$ 1	$ 1	$ 3	$ 3
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 1
Subsequent Event [Member] | Common Stock [Member]
Dividends Payable, Date to be Paid	Feb. 26, 2021
Dividends Payable, Date of Record	Feb. 1, 2021