NVE (NVEC) 10-Q 25 Jan 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	9 Months Ended
	Dec. 31, 2022	Jan. 20, 2023
Details
Registrant CIK	0000724910
Fiscal Year End	--03-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	000-12196
Entity Registrant Name	NVE CORP
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1424202
Entity Address, Address Line One	1409 Valley View Road
Entity Address, City or Town	Eden Prairie
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55344
Entity Address, Address Description	Address of principal executive offices
City Area Code	952
Local Phone Number	829-9217
Phone Fax Number Description	Registrant’s telephone number, including area code
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NVEC
Security Exchange Name	NASDAQ
Entity Listing, Par Value Per Share	$ 0.01
Entity Common Stock, Shares Outstanding		4,830,826
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

BALANCE SHEETS (December 31, 20

BALANCE SHEETS (December 31, 2022 Unaudited) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Current assets
Cash and cash equivalents	$ 2,029,714	$ 10,449,510
Marketable securities, short-term	10,337,621	20,839,683
Accounts receivable, net of allowance for uncollectible accounts of $15,000	2,097,274	4,704,829
Inventories	6,459,227	5,088,635
Prepaid expenses and other assets	924,161	420,520
Total current assets	21,847,997	41,503,177
Fixed assets
Machinery and equipment	10,486,161	9,739,244
Leasehold improvements	1,926,334	1,810,872
Less accumulated depreciation and amortization	11,018,857	10,943,731
Net fixed assets	1,393,638	606,385
Deferred tax assets	862,424	483,469
Marketable securities, long-term	41,167,242	24,314,211
Right-of-use asset - operating lease	459,032	560,250
Total assets	65,730,333	67,467,492
Current liabilities
Accounts payable	470,929	943,535
Accrued payroll and other	1,245,390	1,356,689
Operating lease	161,271	156,121
Total current liabilities	1,877,590	2,456,345
Operating lease	397,303	446,018
Total liabilities	2,274,893	2,902,363
Shareholders' equity
Common Stock, Value	48,308	48,308
Additional paid-in capital	19,310,703	19,256,485
Accumulated other comprehensive loss	(1,451,362)	(318,120)
Retained earnings	45,547,791	45,578,456
Total shareholders' equity	63,455,440	64,565,129
Total liabilities and shareholders' equity	$ 65,730,333	$ 67,467,492

BALANCE SHEETS (December 31, _2

BALANCE SHEETS (December 31, 2022 Unaudited) - Parenthetical - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Details
Accounts Receivable, Allowance for Credit Loss, Current	$ 15,000	$ 15,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	6,000,000	6,000,000
Common Stock, Shares, Issued	4,830,826	4,830,826
Common Stock, Shares, Outstanding	4,830,826	4,830,826

STATEMENTS OF INCOME (Unaudited

STATEMENTS OF INCOME (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenue
Product sales	$ 7,200,385	$ 5,916,790	$ 24,787,885	$ 19,500,567
Contract research and development	201,293	374,019	668,024	766,866
Total revenue	7,401,678	6,290,809	25,455,909	20,267,433
Cost of sales	1,478,372	1,385,006	5,533,000	4,698,720
Gross profit	5,923,306	4,905,803	19,922,909	15,568,713
Expenses
Research and development	700,609	596,492	1,972,505	2,112,630
Selling, general, and administrative	403,449	272,159	1,210,395	1,221,893
Total expenses	1,104,058	868,651	3,182,900	3,334,523
Income from operations	4,819,248	4,037,152	16,740,009	12,234,190
Interest income	406,092	283,940	1,040,528	868,519
Income before taxes	5,225,340	4,321,092	17,780,537	13,102,709
Provision for income taxes	994,016	855,685	3,318,723	2,411,228
Net income	$ 4,231,324	$ 3,465,407	$ 14,461,814	$ 10,691,481
Net income per share - basic	$ 0.88	$ 0.72	$ 2.99	$ 2.21
Net income per share - diluted	0.88	0.72	2.99	2.21
Cash dividends declared per common share	$ 1	$ 1	$ 3	$ 3
Weighted average shares outstanding
Weighted Average Number of Shares Outstanding, Basic	4,830,826	4,833,604	4,830,826	4,833,356
Weighted Average Number of Shares Outstanding, Diluted	4,832,368	4,835,770	4,831,168	4,835,781

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended						9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Details
Net income	$ 4,231,324	$ 6,090,373	$ 4,140,116	$ 3,465,407	$ 3,646,507	$ 3,579,566	$ 14,461,814	$ 10,691,481
Unrealized gain (loss) from marketable securities, net of tax	332,673	(1,127,362)	(338,553)	(380,161)	(197,034)	(90,165)	(1,133,242)	(667,361)
Comprehensive income	$ 4,563,997	$ 4,963,011	$ 3,801,563	$ 3,085,246	$ 3,449,473	$ 3,489,401	$ 13,328,572	$ 10,024,120

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	AOCI Including Portion Attributable to Noncontrolling Interest	Retained Earnings	Total
Equity Balance, Starting at Mar. 31, 2021	$ 48,332	$ 19,338,127	$ 1,101,119	$ 50,404,364	$ 70,891,942
Shares Outstanding, Starting at Mar. 31, 2021	4,833,232
Unrealized gain (loss) from marketable securities, net of tax			(90,165)		(90,165)
Net income				3,579,566	3,579,566
Total comprehensive income					3,489,401
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		7,238			7,238
Cash dividends declared ($1.00 per share of common stock)				(4,833,232)	(4,833,232)
Shares Outstanding, Ending at Jun. 30, 2021	4,833,232
Equity Balance, Ending at Jun. 30, 2021	$ 48,332	19,345,365	1,010,954	49,150,698	69,555,349
Equity Balance, Starting at Mar. 31, 2021	$ 48,332	19,338,127	1,101,119	50,404,364	70,891,942
Shares Outstanding, Starting at Mar. 31, 2021	4,833,232
Unrealized gain (loss) from marketable securities, net of tax					(667,361)
Net income					10,691,481
Total comprehensive income					10,024,120
Shares Outstanding, Ending at Dec. 31, 2021	4,833,714
Equity Balance, Ending at Dec. 31, 2021	$ 48,337	19,411,158	433,759	46,596,148	66,489,402
Equity Balance, Starting at Jun. 30, 2021	$ 48,332	19,345,365	1,010,954	49,150,698	69,555,349
Shares Outstanding, Starting at Jun. 30, 2021	4,833,232
Unrealized gain (loss) from marketable securities, net of tax			(197,034)		(197,034)
Net income				3,646,507	3,646,507
Total comprehensive income					3,449,473
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		56,999			56,999
Cash dividends declared ($1.00 per share of common stock)				(4,833,232)	(4,833,232)
Shares Outstanding, Ending at Sep. 30, 2021	4,833,232
Equity Balance, Ending at Sep. 30, 2021	$ 48,332	19,402,364	813,920	47,963,973	68,228,589
Unrealized gain (loss) from marketable securities, net of tax			(380,161)		(380,161)
Net income				3,465,407	3,465,407
Total comprehensive income					3,085,246
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		8,799			8,799
Cash dividends declared ($1.00 per share of common stock)				(4,833,232)	(4,833,232)
Stock Issued During Period, Value, Stock Options Exercised	$ 5	(5)			0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	482
Shares Outstanding, Ending at Dec. 31, 2021	4,833,714
Equity Balance, Ending at Dec. 31, 2021	$ 48,337	19,411,158	433,759	46,596,148	66,489,402
Equity Balance, Starting at Mar. 31, 2022	$ 48,308	19,256,485	(318,120)	45,578,456	64,565,129
Shares Outstanding, Starting at Mar. 31, 2022	4,830,826
Unrealized gain (loss) from marketable securities, net of tax			(338,553)		(338,553)
Net income				4,140,116	4,140,116
Total comprehensive income					3,801,563
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		7,134			7,134
Cash dividends declared ($1.00 per share of common stock)				(4,830,826)	(4,830,826)
Shares Outstanding, Ending at Jun. 30, 2022	4,830,826
Equity Balance, Ending at Jun. 30, 2022	$ 48,308	19,263,619	(656,673)	44,887,746	63,543,000
Equity Balance, Starting at Mar. 31, 2022	$ 48,308	19,256,485	(318,120)	45,578,456	64,565,129
Shares Outstanding, Starting at Mar. 31, 2022	4,830,826
Unrealized gain (loss) from marketable securities, net of tax					(1,133,242)
Net income					14,461,814
Total comprehensive income					13,328,572
Shares Outstanding, Ending at Dec. 31, 2022	4,830,826
Equity Balance, Ending at Dec. 31, 2022	$ 48,308	19,310,703	(1,451,362)	45,547,791	63,455,440
Equity Balance, Starting at Jun. 30, 2022	$ 48,308	19,263,619	(656,673)	44,887,746	63,543,000
Shares Outstanding, Starting at Jun. 30, 2022	4,830,826
Unrealized gain (loss) from marketable securities, net of tax			(1,127,362)		(1,127,362)
Net income				6,090,373	6,090,373
Total comprehensive income					4,963,011
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		39,951			39,951
Cash dividends declared ($1.00 per share of common stock)				(4,830,826)	(4,830,826)
Shares Outstanding, Ending at Sep. 30, 2022	4,830,826
Equity Balance, Ending at Sep. 30, 2022	$ 48,308	19,303,570	(1,784,035)	46,147,293	63,715,136
Unrealized gain (loss) from marketable securities, net of tax			332,673		332,673
Net income				4,231,324	4,231,324
Total comprehensive income					4,563,997
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		7,133			7,133
Cash dividends declared ($1.00 per share of common stock)				(4,830,826)	(4,830,826)
Shares Outstanding, Ending at Dec. 31, 2022	4,830,826
Equity Balance, Ending at Dec. 31, 2022	$ 48,308	$ 19,310,703	$ (1,451,362)	$ 45,547,791	$ 63,455,440

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net income	$ 14,461,814	$ 10,691,481
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	187,781	358,828
Stock-based compensation	54,218	73,036
Deferred income taxes	(61,972)	319
Changes in operating assets and liabilities
Accounts receivable	2,607,555	(1,073,922)
Inventories	(1,370,592)	(466,898)
Prepaid expenses and other assets	(502,423)	(435,067)
Accounts payable and accrued expenses	(627,470)	(49,447)
Net cash provided by operating activities	14,748,911	9,098,330
INVESTING ACTIVITIES
Purchases of fixed assets	(907,612)	(58,317)
Purchases of marketable securities	(26,618,617)	0
Proceeds from maturities of marketable securities	18,750,000	4,000,000
Receipt of tenant improvement allowance	100,000	0
Net cash provided (used) by investing activities	(8,676,229)	3,941,683
FINANCING ACTIVITIES
Payment of dividends to shareholders	(14,492,478)	(14,499,696)
Cash used in financing activities	(14,492,478)	(14,499,696)
Decrease in cash and cash equivalents	(8,419,796)	(1,459,683)
Cash and cash equivalents	10,449,510	10,427,340
Cash and cash equivalents	2,029,714	8,967,657
Supplemental disclosures of cash flow information
Cash paid during the period for income taxes	$ 4,130,278	$ 2,490,000

NOTE 1. DESCRIPTION OF BUSINESS

NOTE 1. DESCRIPTION OF BUSINESS	9 Months Ended
	Dec. 31, 2022
Notes
NOTE 1. DESCRIPTION OF BUSINESS	NOTE 1. DESCRIPTION OF BUSINESS 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 A

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2022
Notes
NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES 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 misleading, certain disclosures have been omitted as allowed, and it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest annual financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022. The results of operations for the quarter and nine months ended December 31, 2022 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2023. Significant accounting policies A description of our significant accounting policies is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the year ended March 31, 2022. As of December 31, 2022, there were no changes to our significant accounting policies.

NOTE 3. RECENTLY ISSUED ACCOUNT

NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS	9 Months Ended
	Dec. 31, 2022
Notes
NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS	NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS Recently Adopted Accounting Standard In May 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options New Accounting Standard Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements Codification Improvements to Topic 326, Financial Instruments-Credit Losses Codification Improvements to Topic 326, Financial Instruments-Credit Losses Financial Instruments Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) Codification Improvements to Financial Instruments

NOTE 4. NET INCOME PER SHARE

NOTE 4. NET INCOME PER SHARE	9 Months Ended
	Dec. 31, 2022
Notes
NOTE 4. NET INCOME PER SHARE	NOTE 4. NET INCOME PER SHARE 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 December 31, 2022 2021 Weighted average common shares outstanding – basic 4,830,826 4,833,604 Dilutive effect of stock options 1,542 2,166 Shares used in computing net income per share – diluted 4,832,368 4,835,770 Nine Months Ended December 31, 2022 2021 Weighted average common shares outstanding – basic 4,830,826 4,833,356 Dilutive effect of stock options 342 2,425 Shares used in computing net income per share – diluted 4,831,168 4,835,781

NOTE 5. FAIR VALUE OF FINANCIAL

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Dec. 31, 2022
Notes
NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS 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 year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. We consider all highly-liquid investments with maturities of three months or less when purchased, including money market funds, to be cash equivalents. Gains and losses on marketable security transactions are reported on the specific-identification method. Contractual maturities of available-for-sale securities as of December 31, 2022 are as follows: Total <1 Year 1–3 Years 3–7 Years $ 52,020,382 $ 10,853,140 $ 25,270,655 $ 15,896,587 Total available-for-sale securities represented approximately 79% of our total assets as of December 31, 2022. Marketable securities as of December 31, 2022 had remaining maturities between six days and 76 months. 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 – Financial instruments with quoted prices in active markets for identical assets or liabilities. Level 2 – Financial instruments with quoted prices in active markets for similar assets or liabilities. Level 2 fair value measurements are determined using either prices for similar instruments or inputs that are either directly or indirectly observable, such as interest rates. Level 3 – Inputs to the fair value measurement are unobservable inputs or valuation techniques. 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 December 31, 2022 As of March 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 515,519 $ - $ 515,519 $ 6,756,993 $ - $ 6,756,993 Corporate bonds - 51,504,863 51,504,863 - 45,153,894 45,153,894 Total $ 515,519 $ 51,504,863 $ 52,020,382 $ 6,756,993 $ 45,153,894 $ 51,910,887 Our available-for-sale securities as of December 31 and March 31, 2022, aggregated into classes of securities, were as follows: As of December 31, 2022 As of March 31, 2022 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Money market funds $ 515,519 $ - $ - $ 515,519 $ 6,756,993 $ - $ - $ 6,756,993 Corporate bonds 53,362,727 372 (1,858,236 ) 51,504,863 45,561,114 230,085 (637,305 ) 45,153,894 Total $ 53,878,246 $ 372 $ (1,858,236 ) $ 52,020,382 $ 52,318,107 $ 230,085 $ (637,305 ) $ 51,910,887 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 December 31 and March 31, 2022. Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses As of December 31, 2022 Corporate bonds $ 38,850,214 $ (1,014,674 ) $ 9,410,692 $ (843,562 ) $ 48,260,906 $ (1,858,236 ) Total $ 38,850,214 $ (1,014,674 ) $ 9,410,692 $ (843,562 ) $ 48,260,906 $ (1,858,236 ) As of March 31, 2022 Corporate bonds $ 6,306,750 $ (23,727 ) $ 9,738,338 $ (613,578 ) $ 16,045,088 $ (637,305 ) Total $ 6,306,750 $ (23,727 ) $ 9,738,338 $ (613,578 ) $ 16,045,088 $ (637,305 ) None of the securities were impaired at acquisition, and subsequent declines in fair value are not attributed to declines in credit quality. When evaluating for impairment we assess indicators that include, but are not limited to, earnings performance, changes in underlying credit ratings, market conditions, bona fide offers to purchase or sell, and ability to hold until maturity. Because we believe it is more likely than not we will recover the cost basis of our investments, we did not consider any of our marketable securities to be impaired as of December 31, 2022.

NOTE 6. INVENTORIES

NOTE 6. INVENTORIES	9 Months Ended
	Dec. 31, 2022
Notes
NOTE 6. INVENTORIES	NOTE 6. INVENTORIES Inventories are shown in the following table: December 31, 2022 March 31, 2022 Raw materials $ 1,340,276 $ 987,062 Work in process 4,153,063 3,355,838 Finished goods 965,888 745,735 Total inventories $ 6,459,227 $ 5,088,635

Share-Based Payment Arrangement

Share-Based Payment Arrangement	9 Months Ended
	Dec. 31, 2022
Notes
Share-Based Payment Arrangement	NOTE 7. STOCK-BASED COMPENSATION Stock-based compensation expense was $7,133 for the third quarter of fiscal 2023, $8,799 for the third quarter of fiscal 2022, $54,218 for the first nine months of fiscal 2023, and $73,036 for the first nine months of fiscal 2022. We calculate the share-based compensation expense using the Black-Scholes standard option-pricing model.

NOTE 8. INCOME TAXES

NOTE 8. INCOME TAXES	9 Months Ended
	Dec. 31, 2022
Notes
NOTE 8. INCOME TAXES	NOTE 8. INCOME TAXES 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. As of December 31, 2022, federal and state estimated tax overpayments of $291,000 were included in prepaid assets. We had no unrecognized tax benefits as of December 31, 2022, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2022 we had no accrued interest related to uncertain tax positions. The tax years 2018 through 2022 remain open to examination by the major taxing jurisdictions to which we are subject.

NOTE 9. LEASES

NOTE 9. LEASES	9 Months Ended
	Dec. 31, 2022
Notes
NOTE 9. LEASES	NOTE 9. LEASES We conduct our operations in a leased facility under a non-cancellable lease expiring March 31, 2026. Our lease does not provide an implicit rate, so we used our incremental borrowing rate to determine the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. Variable lease costs consist primarily of common area maintenance and real estate taxes which are paid based on actual costs incurred by the lessor. Details of our operating lease are as follows: Quarter Ended December 31, 2022 Nine Months Ended December 31, 2022 Operating lease cost $ 4,419 $ 89,450 Variable lease cost 33,460 94,775 Total $ 37,879 $ 184,225 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 43,578 130,735 Remaining lease term 39 months Discount rate 3.5 % The following table presents the maturities of lease liabilities as of December 31, 2022: As of December 31, 2022 Operating Leases Fiscal 2023 44,433 Fiscal 2024 178,640 Fiscal 2025 182,271 Fiscal 2026 184,995 Total lease payments 590,339 Imputed lease interest (31,765 ) Total lease liabilities $ 558,574

NOTE 10. STOCK REPURCHASE PROGR

NOTE 10. STOCK REPURCHASE PROGRAM	9 Months Ended
	Dec. 31, 2022
Notes
NOTE 10. STOCK REPURCHASE PROGRAM	NOTE 10. STOCK REPURCHASE PROGRAM On January 21, 2009 we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock from time to time in open market, block, or privately negotiated transactions. The timing and extent of any repurchases depends on market conditions, the trading price of the company’s stock, and other factors, and subject to the restrictions relating to volume, price, and timing under applicable law. On August 27, 2015, we announced that our Board of Directors authorized up to $5,000,000 of additional repurchases. Our repurchase program does not have an expiration date and does not obligate us to purchase any shares. The Program may be modified or discontinued at any time without notice. We intend to finance any stock repurchases with cash provided by operating activities or maturating marketable securities. The remaining authorization was $3,598,519 as of December 31, 2022. We did not repurchase any of our Common Stock during the first nine months of fiscal 2023.

NOTE 11. INFORMATION AS TO EMPL

NOTE 11. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS	9 Months Ended
	Dec. 31, 2022
Notes
NOTE 11. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS	NOTE 11. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS All of our employees are eligible to participate in our 401(k) savings plan the first quarter after reaching age 21. Employees may contribute up to the Internal Revenue Code maximum. We make matching contributions of 100% of the first 3% of participants’ salary deferral contributions. Our matching contributions were $21,484 for the third quarter of fiscal 2023, $21,579 for the third quarter of fiscal 2022, $73,661 for the first nine months of fiscal 2023, and $76,995 for the first nine months of fiscal 2022.

NOTE 12. SUBSEQUENT EVENTS

NOTE 12. SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2022
Notes
NOTE 12. SUBSEQUENT EVENTS	NOTE 12. SUBSEQUENT EVENTS On January 25, 2023 we announced that our Board of Directors had declared a quarterly cash dividend of $1.00 per share of Common Stock to be paid February 28, 2023 to shareholders of record as of the close of business January 30, 2023.

NOTE 2. BASIS OF PRESENTATION_2

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies)	9 Months Ended
	Dec. 31, 2022
Policies
Basis of Presentation	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 misleading, certain disclosures have been omitted as allowed, and it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest annual financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022. The results of operations for the quarter and nine months ended December 31, 2022 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2023.

NOTE 2. BASIS OF PRESENTATION_3

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Significant accounting policies (Policies)	9 Months Ended
	Dec. 31, 2022
Policies
Significant accounting policies	Significant accounting policies A description of our significant accounting policies is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the year ended March 31, 2022. As of December 31, 2022, there were no changes to our significant accounting policies.

NOTE 4. NET INCOME PER SHARE_ S

NOTE 4. NET INCOME PER SHARE: Schedule of Earnings Per Share, Basic and Diluted (Tables)	9 Months Ended
	Dec. 31, 2022
Tables/Schedules
Schedule of Earnings Per Share, Basic and Diluted	Quarter Ended December 31, 2022 2021 Weighted average common shares outstanding – basic 4,830,826 4,833,604 Dilutive effect of stock options 1,542 2,166 Shares used in computing net income per share – diluted 4,832,368 4,835,770 Nine Months Ended December 31, 2022 2021 Weighted average common shares outstanding – basic 4,830,826 4,833,356 Dilutive effect of stock options 342 2,425 Shares used in computing net income per share – diluted 4,831,168 4,835,781

NOTE 5. FAIR VALUE OF FINANCI_2

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS: Contractual maturities of available-for-sale securities (Tables)	9 Months Ended
	Dec. 31, 2022
Tables/Schedules
Contractual maturities of available-for-sale securities	Total <1 Year 1–3 Years 3–7 Years $ 52,020,382 $ 10,853,140 $ 25,270,655 $ 15,896,587

NOTE 5. FAIR VALUE OF FINANCI_3

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS: Estimated fair value of assets that were accounted for at fair value on a recurring basis (Tables)	9 Months Ended
	Dec. 31, 2022
Tables/Schedules
Estimated fair value of assets that were accounted for at fair value on a recurring basis	The following table shows the estimated fair value of assets that were accounted for at fair value on a recurring basis: As of December 31, 2022 As of March 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 515,519 $ - $ 515,519 $ 6,756,993 $ - $ 6,756,993 Corporate bonds - 51,504,863 51,504,863 - 45,153,894 45,153,894 Total $ 515,519 $ 51,504,863 $ 52,020,382 $ 6,756,993 $ 45,153,894 $ 51,910,887

NOTE 5. FAIR VALUE OF FINANCI_4

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS: Available-for-Sale Securities (Tables)	9 Months Ended
	Dec. 31, 2022
Tables/Schedules
Available-for-Sale Securities	Our available-for-sale securities as of December 31 and March 31, 2022, aggregated into classes of securities, were as follows: As of December 31, 2022 As of March 31, 2022 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Money market funds $ 515,519 $ - $ - $ 515,519 $ 6,756,993 $ - $ - $ 6,756,993 Corporate bonds 53,362,727 372 (1,858,236 ) 51,504,863 45,561,114 230,085 (637,305 ) 45,153,894 Total $ 53,878,246 $ 372 $ (1,858,236 ) $ 52,020,382 $ 52,318,107 $ 230,085 $ (637,305 ) $ 51,910,887

NOTE 5. FAIR VALUE OF FINANCI_5

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS: Gross unrealized holding losses and fair value of available-for-sale securities with unrealized holding losses (Tables)	9 Months Ended
	Dec. 31, 2022
Tables/Schedules
Gross unrealized holding losses and fair value of available-for-sale securities with unrealized holding losses	Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses As of December 31, 2022 Corporate bonds $ 38,850,214 $ (1,014,674 ) $ 9,410,692 $ (843,562 ) $ 48,260,906 $ (1,858,236 ) Total $ 38,850,214 $ (1,014,674 ) $ 9,410,692 $ (843,562 ) $ 48,260,906 $ (1,858,236 ) As of March 31, 2022 Corporate bonds $ 6,306,750 $ (23,727 ) $ 9,738,338 $ (613,578 ) $ 16,045,088 $ (637,305 ) Total $ 6,306,750 $ (23,727 ) $ 9,738,338 $ (613,578 ) $ 16,045,088 $ (637,305 )

NOTE 6. INVENTORIES_ Schedule o

NOTE 6. INVENTORIES: Schedule of Inventory (Tables)	9 Months Ended
	Dec. 31, 2022
Tables/Schedules
Schedule of Inventory	December 31, 2022 March 31, 2022 Raw materials $ 1,340,276 $ 987,062 Work in process 4,153,063 3,355,838 Finished goods 965,888 745,735 Total inventories $ 6,459,227 $ 5,088,635

NOTE 9. LEASES_ Lease, Cost (Ta

NOTE 9. LEASES: Lease, Cost (Tables)	9 Months Ended
	Dec. 31, 2022
Tables/Schedules
Lease, Cost	Quarter Ended December 31, 2022 Nine Months Ended December 31, 2022 Operating lease cost $ 4,419 $ 89,450 Variable lease cost 33,460 94,775 Total $ 37,879 $ 184,225 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 43,578 130,735 Remaining lease term 39 months Discount rate 3.5 %

NOTE 9. LEASES_ Lessee, Operati

NOTE 9. LEASES: Lessee, Operating Lease, Liability, Maturity (Tables)	9 Months Ended
	Dec. 31, 2022
Tables/Schedules
Lessee, Operating Lease, Liability, Maturity	As of December 31, 2022 Operating Leases Fiscal 2023 44,433 Fiscal 2024 178,640 Fiscal 2025 182,271 Fiscal 2026 184,995 Total lease payments 590,339 Imputed lease interest (31,765 ) Total lease liabilities $ 558,574

NOTE 4. NET INCOME PER SHARE__2

NOTE 4. NET INCOME PER SHARE: Schedule of Earnings Per Share, Basic and Diluted (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Details
Weighted Average Number of Shares Outstanding, Basic	4,830,826	4,833,604	4,830,826	4,833,356
Dilutive effect of stock options	1,542	2,166	342	2,425
Shares used in computing net income per share - diluted	4,832,368	4,835,770	4,831,168	4,835,781

NOTE 5. FAIR VALUE OF FINANCI_6

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS: Contractual maturities of available-for-sale securities (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Details
Debt Securities, Available-for-Sale	$ 52,020,382	$ 51,910,887
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	10,853,140
Available for Sale Securities, Debt Maturities after One through Three Years, Fair Value	25,270,655
Available for Sale Securities, Debt Maturities after Three through Seven Years, Fair Value	$ 15,896,587

NOTE 5. FAIR VALUE OF FINANCI_7

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS: Estimated fair value of assets that were accounted for at fair value on a recurring basis (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Debt Securities, Available-for-Sale	$ 52,020,382	$ 51,910,887
Money Market Funds
Debt Securities, Available-for-Sale	515,519	6,756,993
Corporate Bond Securities
Debt Securities, Available-for-Sale	51,504,863	45,153,894
Fair Value, Inputs, Level 1
Debt Securities, Available-for-Sale	515,519	6,756,993
Fair Value, Inputs, Level 1 | Money Market Funds
Debt Securities, Available-for-Sale	515,519	6,756,993
Fair Value, Inputs, Level 1 | Corporate Bond Securities
Debt Securities, Available-for-Sale	0	0
Fair Value, Inputs, Level 2
Debt Securities, Available-for-Sale	51,504,863	45,153,894
Fair Value, Inputs, Level 2 | Money Market Funds
Debt Securities, Available-for-Sale	0	0
Fair Value, Inputs, Level 2 | Corporate Bond Securities
Debt Securities, Available-for-Sale	$ 51,504,863	$ 45,153,894

NOTE 5. FAIR VALUE OF FINANCI_8

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS: Available-for-Sale Securities (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Amortized Cost	$ 53,878,246	$ 52,318,107
Gross Unrealized Holding Gains	372	230,085
Gross Unrealized Holding Losses	(1,858,236)	(637,305)
Debt Securities, Available-for-Sale	52,020,382	51,910,887
Money Market Funds
Amortized Cost	515,519	6,756,993
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Debt Securities, Available-for-Sale	515,519	6,756,993
Corporate Bond Securities
Amortized Cost	53,362,727	45,561,114
Gross Unrealized Holding Gains	372	230,085
Gross Unrealized Holding Losses	(1,858,236)	(637,305)
Debt Securities, Available-for-Sale	$ 51,504,863	$ 45,153,894

NOTE 5. FAIR VALUE OF FINANCI_9

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS: Gross unrealized holding losses and fair value of available-for-sale securities with unrealized holding losses (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Estimated Fair Value	$ 38,850,214	$ 6,306,750
Gross Unrealized Holding Losses	(1,014,674)	(23,727)
Estimated Fair Value	9,410,692	9,738,338
Gross Unrealized Holding Losses	(843,562)	(613,578)
Estimated Fair Value	48,260,906	16,045,088
Gross Unrealized Holding Losses	(1,858,236)	(637,305)
Corporate Bond Securities
Estimated Fair Value	38,850,214	6,306,750
Gross Unrealized Holding Losses	(1,014,674)	(23,727)
Estimated Fair Value	9,410,692	9,738,338
Gross Unrealized Holding Losses	(843,562)	(613,578)
Estimated Fair Value	48,260,906	16,045,088
Gross Unrealized Holding Losses	$ (1,858,236)	$ (637,305)

NOTE 6. INVENTORIES_ Schedule_2

NOTE 6. INVENTORIES: Schedule of Inventory (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Details
Raw materials	$ 1,340,276	$ 987,062
Work in process	4,153,063	3,355,838
Finished goods	965,888	745,735
Inventories	$ 6,459,227	$ 5,088,635

Share-Based Payment Arrangeme_2

Share-Based Payment Arrangement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Details
Share-Based Payment Arrangement, Expense	$ 7,133	$ 8,799	$ 54,218	$ 73,036

NOTE 8. INCOME TAXES (Details)

NOTE 8. INCOME TAXES (Details)	9 Months Ended
	Dec. 31, 2022 USD ($)
Accrued Income Taxes	$ 291,000
Unrecognized Tax Benefits	0
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	0
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 0
Minimum
Open Tax Year	2018
Maximum
Open Tax Year	2022

NOTE 9. LEASES_ Lease, Cost (De

NOTE 9. LEASES: Lease, Cost (Details)	3 Months Ended	9 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Details
Operating lease cost	$ 4,419	$ 89,450
Variable lease cost	33,460	94,775
Total	37,879	184,225
Operating cash flows for leases	$ 43,578	$ 130,735
Remaining lease term	39 months	39 months
Discount rate	3.50%	3.50%

NOTE 9. LEASES_ Lessee, Opera_2

NOTE 9. LEASES: Lessee, Operating Lease, Liability, Maturity (Details)	Dec. 31, 2022 USD ($)
Details
Fiscal 2023	$ 44,433
Fiscal 2024	178,640
Fiscal 2025	182,271
Fiscal 2026	184,995
Total lease payments	590,339
Imputed lease interest	(31,765)
Total lease liabilities	$ 558,574

NOTE 10. STOCK REPURCHASE PRO_2

NOTE 10. STOCK REPURCHASE PROGRAM (Details) - USD ($)	9 Months Ended
	Dec. 31, 2022	Jan. 21, 2009
Details
Stock Repurchase Program, Authorized Amount		$ 2,500,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 3,598,519
Treasury Stock, Shares, Acquired	0

NOTE 11. INFORMATION AS TO EM_2

NOTE 11. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Details
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay			100%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent			3%
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 21,484	$ 21,579	$ 73,661	$ 76,995

NOTE 12. SUBSEQUENT EVENTS (Det

NOTE 12. SUBSEQUENT EVENTS (Details) - $ / shares		3 Months Ended		9 Months Ended
	Jan. 25, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Details
Subsequent Event, Date	Jan. 25, 2023
Subsequent Event, Description	we announced that our Board of Directors had declared a quarterly cash dividend
Cash dividends declared per common share	$ 1	$ 1	$ 1	$ 3	$ 3
Dividends Payable, Date to be Paid	Feb. 28, 2023
Dividends Payable, Date of Record	Jan. 30, 2023