NVE (NVEC) 10-K 3 May 23 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Details
Registrant CIK	0000724910
Fiscal Year End	--03-31
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2023
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	11409 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
Phone Fax Number Description	Registrant’s telephone number, including area code
City Area Code	952
Local Phone Number	829-9217
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NVEC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float	$ 169
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	FY
Auditor Name	Boulay PLLP
Auditor Firm ID	542
Auditor Location	Minneapolis, Minnesota

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Current assets
Cash and cash equivalents	$ 1,669,896	$ 10,449,510
Marketable securities, short-term	15,513,095	20,839,683
Accounts receivable, net of allowance for uncollectible accounts of $15,000	6,523,344	4,704,829
Inventories	6,417,010	5,088,635
Prepaid expenses and other assets	663,459	420,520
Total current assets	30,786,804	41,503,177
Fixed assets
Machinery and equipment	10,484,365	9,739,244
Leasehold improvements	1,956,309	1,810,872
Less accumulated depreciation and amortization	11,095,236	10,943,731
Net fixed assets	1,345,438	606,385
Deferred tax assets	572,038	483,469
Marketable securities, long-term	36,125,047	24,314,211
Right-of-use asset - operating lease	425,843	560,250
Total assets	69,255,170	67,467,492
Current liabilities
Accounts payable	281,712	943,535
Accrued payroll and other	1,375,250	1,356,689
Operating lease	175,798	156,121
Total current liabilities	1,832,760	2,456,345
Operating lease	342,908	446,018
Total liabilities	2,175,668	2,902,363
Shareholders' equity
Common Stock, Value	48,308	48,308
Additional paid-in capital	19,295,442	19,256,485
Accumulated other comprehensive income (loss)	(1,213,858)	(318,120)
Retained earnings	48,949,610	45,578,456
Total shareholders' equity	67,079,502	64,565,129
Total liabilities and shareholders' equity	$ 69,255,170	$ 67,467,492

BALANCE SHEETS - Parenthetical

BALANCE SHEETS - Parenthetical - USD ($)	Mar. 31, 2023	Mar. 31, 2022
BALANCE SHEETS
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

STATEMENTS OF INCOME - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Product sales	$ 37,196,717	$ 25,867,649
Contract research and development	1,056,875	1,119,321
Total revenue	38,253,592	26,986,970
Cost of sales	8,062,311	6,263,090
Gross profit	30,191,281	20,723,880
Expenses
Research and development	2,583,994	2,925,874
Selling, general, and administrative	1,963,105	1,469,321
Total expenses	4,547,099	4,395,195
Income from operations	25,644,182	16,328,685
Interest income	1,448,655	1,171,128
Income before taxes	27,092,837	17,499,813
Provision for income taxes	4,398,379	2,992,312
Net income	$ 22,694,458	$ 14,507,501
Net income per share - basic	$ 4.70	$ 3
Net income per share - diluted	4.70	3
Cash dividends declared per common share	$ 4	$ 4
Weighted average shares outstanding
Weighted Average Number of Shares Outstanding, Basic	4,830,826	4,833,661
Weighted Average Number of Shares Outstanding, Diluted	4,832,096	4,835,639

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 22,694,458	$ 14,507,501
Unrealized gain (loss) from marketable securities, net of tax	(895,738)	(1,419,239)
Comprehensive income	$ 21,798,720	$ 13,088,262

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY - 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
Repurchase of common stock	$ (29)	(163,492)			(163,521)
Repurchase of common stock	(2,888)
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				5,000
Unrealized gain (loss) from marketable securities, net of tax			(1,419,239)		$ (1,419,239)
Net income				14,507,501	14,507,501
Total comprehensive income					13,088,262
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		81,855			81,855
Cash dividends declared ($4.00 per share of common stock)				(19,333,409)	(19,333,409)
Shares Outstanding, Ending at Mar. 31, 2022	4,830,826
Equity Balance, Ending at Mar. 31, 2022	$ 48,308	19,256,485	(318,120)	45,578,456	64,565,129
Repurchase of common stock	$ (3)	(20,697)			(20,700)
Repurchase of common stock	(264)
Stock Issued During Period, Value, Stock Options Exercised	$ 3	(3)			$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	264				1,000
Unrealized gain (loss) from marketable securities, net of tax			(895,738)		$ (895,738)
Net income				22,694,458	22,694,458
Total comprehensive income					21,798,720
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		59,657			59,657
Cash dividends declared ($4.00 per share of common stock)				(19,323,304)	(19,323,304)
Shares Outstanding, Ending at Mar. 31, 2023	4,830,826
Equity Balance, Ending at Mar. 31, 2023	$ 48,308	$ 19,295,442	$ (1,213,858)	$ 48,949,610	$ 67,079,502

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net income	$ 22,694,458	$ 14,507,501
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	257,606	424,981
Stock-based compensation	59,657	81,855
Deferred income taxes	161,894	24,457
Changes in operating assets and liabilities
Accounts receivable	(1,818,515)	(2,740,548)
Inventories	(1,328,375)	(1,187,858)
Prepaid expenses and other assets	(208,532)	99,724
Accounts payable and accrued expenses	(726,695)	1,293,567
Net cash provided by operating activities	19,091,498	12,503,679
INVESTING ACTIVITIES
Purchases of fixed assets	(935,791)	(484,579)
Purchases of marketable securities	(28,441,317)	0
Proceeds from maturities of marketable securities	20,750,000	7,500,000
Receipt of tenant improvement allowance	100,000	0
Net cash (used in) provided by investing activities	(8,527,108)	7,015,421
FINANCING ACTIVITIES
Repurchase of common stock	(20,700)	(163,521)
Payment of dividends to shareholders	(19,323,304)	(19,333,409)
Net cash used in financing activities	(19,344,004)	(19,496,930)
(Decrease) increase in cash and cash equivalents	(8,779,614)	22,170
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	10,449,510	10,427,340
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	1,669,896	10,449,510
Supplemental disclosures of cash flow information
Cash paid during the year for income taxes	$ 4,501,656	$ 2,520,000

NOTE 1. DESCRIPTION OF BUSINESS

NOTE 1. DESCRIPTION OF BUSINESS	12 Months Ended
	Mar. 31, 2023
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. We operate in one reportable segment.

NOTE 2. SUMMARY OF SIGNIFICANT

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2023
Notes
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximates fair value because of the short maturity of these instruments. Fair values of marketable securities are based on quoted market prices. Concentration of Risk and Financial Instruments Financial instruments potentially subject to significant concentrations of credit risk consist principally of cash equivalents, marketable securities, and accounts receivable. Cash and cash equivalents have been maintained in financial institutions we believe have high credit quality, however, these accounts are generally in excess of federally insured amounts. We have invested our excess cash in corporate-backed and municipal-backed bonds and money market instruments. Our investment policy prescribes purchases of only high-grade securities, and limits the amount of credit exposure to any one issuer. Our customers are throughout the world. We generally do not require collateral from our customers, but we perform ongoing credit evaluations of their financial condition. More information on accounts receivable is contained in the paragraph titled “Accounts Receivable and Allowance for Doubtful Accounts” of this note. Additionally, we are dependent on critical suppliers including our packaging vendors and suppliers of certain raw silicon and semiconductor wafers that are incorporated in our products. Industry shortages and supply-chain disruptions in the past several years have increased the risks of supply interruptions. Accounts Receivable and Allowance for Doubtful Accounts We grant credit to customers in the normal course of business and at times may require customers to prepay for an order prior to shipment. Accounts receivable are recorded net of an allowance for doubtful accounts. We make estimates of the uncollectibility of accounts receivable. We specifically analyze accounts receivable, historical bad debts, and customer creditworthiness when evaluating the adequacy of the allowance. We had no charges or provisions to our allowance for doubtful accounts in fiscal 2023 or 2022. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. We record inventory reserves when we determine certain inventory is unlikely to be sold based on sales trends, turnover, competition, and other market factors. Product Warranty In general, we warranty our products to be free from defects in material and workmanship for one year. Fixed Assets Fixed assets are stated at cost. Depreciation of machinery and equipment is recorded over the estimated useful lives of the assets, generally five years, using the straight-line method. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the lease term or five-year useful life. We record losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. We did not identify any indicators of impairment during fiscal 2023 or 2022. Depreciation expense related to fixed assets was $196,738 for fiscal 2023 and $214,877 for fiscal 2022. Revenue Recognition We recognize revenue when we satisfy performance obligations by the transfer of control of products or services to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. Revenue is disaggregated into product sales and contract research and development to depict the nature, amount, timing of revenue recognition and economic characteristics of our business, and is represented within the financial statements. We recognize revenue from product sales to customers and distributors when we satisfy our performance obligation, at a point in time, on product shipment or delivery to our customer or distributor as determined by agreed on shipping terms. Shipping charges billed to customers are included in product sales and the related shipping costs are included in cost of sales. Under certain limited circumstances, our distributors may earn commissions for activities unrelated to their purchases of our products, such as for facilitating the sale of custom products or research and development contracts with third parties. We recognize any such commissions as selling, general, and administrative expenses. We recognize discounts provided to our distributors as reductions in revenue. We recognize contract research and development revenue over a period of time as the performance obligation is satisfied over a period of time rather than a point in time. Contracts have specifications unique to each customer and do not create an asset with an alternate use, and we have an enforceable right to payment for performance completed to date. We recognize revenue over a period of time using costs incurred as the measurement of progress towards completion. Accounts receivable is recognized when we have transferred a good or service to a customer and our right to receive consideration is unconditional through the completion of our performance obligation. A contract asset is recognized when we have a right to consideration from the transfer of goods or services to a customer but have not completed our performance obligation. A contract liability is recognized when we have been paid by a customer but have not yet satisfied the performance obligation by transferring goods or services. We had no material contract assets or contract liabilities as of March 31, 2023 or March 31, 2022. Our performance obligations related to product sales and contract research and development contracts are satisfied in one year or less. Unsatisfied performance obligations represent contracts with an original expected duration of one year or less. As permitted under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers Income Taxes We account for income taxes using the asset and liability method. Deferred income taxes are provided for temporary differences between the financial reporting and tax bases of assets and liabilities. We provide valuation allowances against deferred tax assets if we determine that it is less likely than not that we will be able to utilize the deferred tax assets. Research and Development Expense Recognition Research and development costs are expensed as they are incurred. Customer-sponsored research and development costs are included in cost of sales. Stock-Based Compensation We measure stock-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is generally the vesting period. We recognize any forfeitures as they occur. 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 year. Net income per diluted share amounts assume exercise of all stock options. The following table shows the components of diluted shares: Year Ended March 31, 2023 2022 Weighted average common shares outstanding – basic 4,830,826 4,833,661 Dilutive effect of stock options 1,270 1,978 Shares used in computing net income per share – diluted 4,832,096 4,835,639 Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 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 3. FAIR VALUE OF FINANCIAL

NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Mar. 31, 2023
Notes
NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 3. 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 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. The fair value of our available-for-sale securities as of March 31, 2023 by maturity were as follows: Total <1 Year 1–3 Years 3–7 Years $ 52,544,283 $ 16,419,236 $ 21,694,499 $ 14,430,548 Total available-for-sale securities represented approximately 76% of our total assets. Marketable securities as of March 31, 2023 had remaining maturities between 12 days and 73 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 March 31, 2023 As of March 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 906,141 $ - $ 906,141 $ 6,756,993 $ - $ 6,756,993 Corporate bonds - 51,638,142 51,638,142 - 45,153,894 45,153,894 Total $ 906,141 $ 51,638,142 $ 52,544,283 $ 6,756,993 $ 45,153,894 $ 51,910,887 Our available-for-sale securities as of March 31, 2023 and 2022, aggregated into classes of securities, were as follows: As of March 31, 2023 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 $ 906,141 $ - $ - $ 906,141 $ 6,756,993 $ - $ - $ 6,756,993 Corporate bonds 53,191,981 1,007 (1,554,846 ) 51,638,142 45,561,114 230,085 (637,305 ) 45,153,894 Total $ 54,098,122 $ 1,007 $ (1,554,846 ) $ 52,544,283 $ 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 March 31, 2023 and 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 March 31, 2023 Corporate bonds $ 37,084,628 $ (590,967 ) $ 13,294,817 $ (963,879 ) $ 50,379,445 $ (1,554,846 ) Total $ 37,084,628 $ (590,967 ) $ 13,294,817 $ (963,879 ) $ 50,379,445 $ (1,554,846 ) 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 ) We did not consider any of our available-for-sale securities to be impaired as of March 31, 2023. 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 March 31, 2023.

NOTE 4. INVENTORIES

NOTE 4. INVENTORIES	12 Months Ended
	Mar. 31, 2023
Notes
NOTE 4. INVENTORIES	NOTE 4. INVENTORIES Inventories are shown in the following table: March 31, 2023 2022 Raw materials $ 1,601,962 $ 987,062 Work in process 3,781,894 3,355,838 Finished goods 1,033,154 745,735 Total inventories $ 6,417,010 $ 5,088,635

NOTE 5. STOCK-BASED COMPENSATIO

NOTE 5. STOCK-BASED COMPENSATION	12 Months Ended
	Mar. 31, 2023
Notes
NOTE 5. STOCK-BASED COMPENSATION	NOTE 5. STOCK-BASED COMPENSATION Stock Option Plan Our 2000 Stock Option Plan, as amended, provides for issuance to employees, directors, and certain service providers of incentive stock options and nonstatutory stock options. Generally, the options may be exercised at any time prior to expiration, subject to vesting based on terms of employment. The period ranges from immediate vesting to vesting over a five-year period. The options have exercisable lives ranging from one year to ten years from the date of grant, and are generally not eligible to vest early in the event of retirement, death, disability, or change in control. Exercise prices are not less than fair market value of the underlying Common Stock at the date the options are granted. Stock-based compensation expense was $59,657 in fiscal 2023 and $81,855 in fiscal 2022. Valuation assumptions We use the Black-Scholes-Merton option-pricing model to determine the fair value of stock options. The following assumptions were used to estimate the fair value of options granted: Year Ended March 31, 2023 2022 Risk-free interest rate 0.9% – 3.0% 0.7% – 0.9% Expected volatility 35% – 39% 35% – 36% Expected life (years) 4.6% 4.6 Dividend yield 5.0% – 5.5% 5.0% – 5.4% The determination of the fair value of the awards on the date of grant using the Black-Scholes-Merton model is affected by our stock price as well as assumptions of other variables, including projected stock option exercise behaviors, risk-free interest rate, and expected volatility of our stock price in future periods. Our estimates and assumptions affect the amounts reported in the financial statements and accompanying notes. Expected life We analyze historical exercise and termination data to estimate the expected life assumption. We believe historical data currently represents the best estimate of the expected life of a new option. Risk-free interest rate The risk-free rate is based on the yield of U.S. Treasury securities on the grant date for maturities similar to the expected lives of the options. Volatility We use historical volatility to estimate the expected volatility of our common stock. Dividend yield We assumed a 5.0% to 5.5% dividend yield for fiscal 2023 and 5.0% to 5.4% for fiscal 2022 based on the dividend yield on the date the options were granted. Tax effects of stock-based compensation Stock-based compensation reduced deferred tax assets by $16,976 General stock option information The following table summarizes the activity for all stock options outstanding for the years ended March 31: 2023 2022 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 29,000 $ 69.52 30,500 $ 68.28 Granted 6,500 50.35 6,500 74.22 Exercised (1,000 ) 57.46 (5,000 )) 61.36 Terminated - - (3,000 ) 80.75 At March 31, 34,500 $ 66.26 29,000 $ 69.52 Options exercisable at March 31, 32,000 $ 63.60 24,000 $ 64.32 Weighted average grant date fair value of options granted during the year $ 9.06 $ 13.04 The following table summarizes additional information about stock options outstanding and exercisable at March 31, 2023: Options Outstanding Options Exercisable Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value Options Outstanding 34,500 5.67 $ 66.26 $ 562,415 32,000 $ 63.60 $ 562,415 The remaining weighted-average exercisable life was 5.9 years as of March 31, 2023 and 5.0 years as of March 31, 2022. 32,000 outstanding options were exercisable as of March 31, 2023 and 24,000 outstanding options were exercisable as of March 31, 2022. The total intrinsic value of options outstanding March 31, 2023, based on our closing stock price for that day, was $562,415, all of which was exercisable. The total fair value of option grants was $58,900 in fiscal 2023. There was $2,173 of unrecognized stock-based compensation as of March 31, 2023 related to nonvested options, which we expect to recognize in the first quarter of fiscal 2024.

NOTE 6. INCOME TAXES

NOTE 6. INCOME TAXES	12 Months Ended
	Mar. 31, 2023
Notes
NOTE 6. INCOME TAXES	NOTE 6. INCOME TAXES Income tax provisions for fiscal 2023 and 2022 consisted of the following: Year Ended March 31, 2023 2022 Current taxes Federal $ 4,039,848 $ 2,863,915 State 195,939 140,822 Deferred taxes Federal 156,053 (11,926 ) State 6,539 (499 ) Income tax provision $ 4,398,379 $ 2,992,312 A reconciliation of income tax provisions at the U.S. statutory rate for fiscal 2023 and 2022 is as follows: Year Ended March 31, 2023 2022 Tax expense at U.S. Statutory rate $ 5,689,294 $ 3,674,961 State income taxes, net of Federal benefit 180,091 136,144 Research & development and manufacturing tax credits (255,713 ) (42,688 ) Foreign-derived intangible income deduction (1,265,055 ) (662,467 ) Other 49,762 (113,638 ) Income tax provision $ 4,398,379 $ 2,992,312 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. Significant components of our deferred tax assets and liabilities as of March 31, 2023 and 2022 were as follows: March 31, 2023 2022 Paid time off accrual $ 52,525 $ 63,055 Inventory reserve 47,042 47,042 Depreciation and amortization (167,551 ) 88,690 Stock-based compensation deductions 71,734 88,710 Unrealized gain on marketable securities 339,980 89,102 UNICAP 263A inventory 204,424 103,588 Other 23,884 3,282 Deferred tax assets $ 572,038 $ 483,469 We had no unrecognized tax benefits as of March 31, 2023, 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 March 31, 2023 we had no accrued interest related to uncertain tax positions. Income taxes payable were $161,092 as of March 31, 2023 and $432,506 as of March 31, 2022. The tax years 2019 through 2021 Unrealize losses on our available-for-sale securities and their tax effects are as follows: Year Ended March 31, 2023 2022 Unrealized loss from available-for-sale securities $ (1,146,618 ) $ (1,816,742 ) Tax effects 250,880 397,503 Unrealized loss from available-for-sale securities, net of tax (895,738 ) (1,419,239 )

NOTE 7. LEASES

NOTE 7. LEASES	12 Months Ended
	Mar. 31, 2023
Notes
NOTE 7. LEASES	NOTE 7. 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. Details of our operating lease are as follows: Year Ended March 31, 2023 2022 Operating lease cost $ 151,014 $ 170,062 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 75,168 $ 174,313 Remaining lease term (years) 3 4 Discount rate 3.5 % 3.5 % The following table presents the maturities of lease liabilities as of March 31, 2023: Year Ending March 31, Operating Leases 2024 178,640 2025 182,271 2026 184,995 Total lease payments 545,906 Imputed lease interest (27,200 ) Total lease liabilities $ 518,706

NOTE 8. CONCENTRATIONS

NOTE 8. CONCENTRATIONS	12 Months Ended
	Mar. 31, 2023
Notes
NOTE 8. CONCENTRATIONS	NOTE 8. CONCENTRATIONS The following table summarizes customers comprising 10% or more of revenue for the two most recent fiscal years: % of Revenue for Year Ended March 31 2023 2022 Customer A 22% 25% Customer B - 11% These customers accounted for 19% of our accounts receivable as of March 31, 2023 and 40% as of March 31, 2022. We believe the receivable balances from these customers do not represent a significant credit risk based on past collection experience.

NOTE 9. STOCK REPURCHASE PROGRA

NOTE 9. STOCK REPURCHASE PROGRAM	12 Months Ended
	Mar. 31, 2023
Notes
NOTE 9. STOCK REPURCHASE PROGRAM	NOTE 9. 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, tax considerations, 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. Our Board of Directors has resolved to forgo stock buybacks for five years if, under Government policies, such a voluntary agreement would result in preferential treatment for grants under the CHIPS and Science Act of 2022. We intend to finance any stock repurchases with cash provided by operating activities or maturating marketable securities. We repurchased 1,000 shares of our Common Stock in fiscal 2023 and 2,888 shares in fiscal 2022. The remaining authorization was $3,520,369 as of March 31, 2023.

NOTE 10. INFORMATION AS TO EMPL

NOTE 10. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS	12 Months Ended
	Mar. 31, 2023
Notes
NOTE 10. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS	NOTE 10. 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’ before-tax salary deferral contributions. Our matching contributions were $98,029 for fiscal 2023 and $101,735 for fiscal 2022.

NOTE 11. SUBSEQUENT EVENTS

NOTE 11. SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2023
Notes
NOTE 11. SUBSEQUENT EVENTS	NOTE 11. SUBSEQUENT EVENTS On May 3, 2023 we announced that our Board had declared a quarterly cash dividend of $1.00 per share of Common Stock to be paid May 31, 2023 to shareholders of record as of the close of business May 15, 2023.

NOTE 2. SUMMARY OF SIGNIFICAN_2

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.

NOTE 2. SUMMARY OF SIGNIFICAN_3

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value of Financial Instruments (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximates fair value because of the short maturity of these instruments. Fair values of marketable securities are based on quoted market prices.

NOTE 2. SUMMARY OF SIGNIFICAN_4

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Concentration of Risk and Financial Instruments (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Concentration of Risk and Financial Instruments	Concentration of Risk and Financial Instruments Financial instruments potentially subject to significant concentrations of credit risk consist principally of cash equivalents, marketable securities, and accounts receivable. Cash and cash equivalents have been maintained in financial institutions we believe have high credit quality, however, these accounts are generally in excess of federally insured amounts. We have invested our excess cash in corporate-backed and municipal-backed bonds and money market instruments. Our investment policy prescribes purchases of only high-grade securities, and limits the amount of credit exposure to any one issuer. Our customers are throughout the world. We generally do not require collateral from our customers, but we perform ongoing credit evaluations of their financial condition. More information on accounts receivable is contained in the paragraph titled “Accounts Receivable and Allowance for Doubtful Accounts” of this note. Additionally, we are dependent on critical suppliers including our packaging vendors and suppliers of certain raw silicon and semiconductor wafers that are incorporated in our products. Industry shortages and supply-chain disruptions in the past several years have increased the risks of supply interruptions.

NOTE 2. SUMMARY OF SIGNIFICAN_5

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Accounts Receivable and Allowance for Doubtful Accounts (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts We grant credit to customers in the normal course of business and at times may require customers to prepay for an order prior to shipment. Accounts receivable are recorded net of an allowance for doubtful accounts. We make estimates of the uncollectibility of accounts receivable. We specifically analyze accounts receivable, historical bad debts, and customer creditworthiness when evaluating the adequacy of the allowance. We had no charges or provisions to our allowance for doubtful accounts in fiscal 2023 or 2022.

NOTE 2. SUMMARY OF SIGNIFICAN_6

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Inventories (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. We record inventory reserves when we determine certain inventory is unlikely to be sold based on sales trends, turnover, competition, and other market factors.

NOTE 2. SUMMARY OF SIGNIFICAN_7

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Product Warranty (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Product Warranty	Product Warranty In general, we warranty our products to be free from defects in material and workmanship for one year.

NOTE 2. SUMMARY OF SIGNIFICAN_8

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fixed Assets (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Fixed Assets	Fixed Assets Fixed assets are stated at cost. Depreciation of machinery and equipment is recorded over the estimated useful lives of the assets, generally five years, using the straight-line method. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the lease term or five-year useful life. We record losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. We did not identify any indicators of impairment during fiscal 2023 or 2022. Depreciation expense related to fixed assets was $196,738 for fiscal 2023 and $214,877 for fiscal 2022.

NOTE 2. SUMMARY OF SIGNIFICAN_9

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Revenue Recognition	Revenue Recognition We recognize revenue when we satisfy performance obligations by the transfer of control of products or services to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. Revenue is disaggregated into product sales and contract research and development to depict the nature, amount, timing of revenue recognition and economic characteristics of our business, and is represented within the financial statements. We recognize revenue from product sales to customers and distributors when we satisfy our performance obligation, at a point in time, on product shipment or delivery to our customer or distributor as determined by agreed on shipping terms. Shipping charges billed to customers are included in product sales and the related shipping costs are included in cost of sales. Under certain limited circumstances, our distributors may earn commissions for activities unrelated to their purchases of our products, such as for facilitating the sale of custom products or research and development contracts with third parties. We recognize any such commissions as selling, general, and administrative expenses. We recognize discounts provided to our distributors as reductions in revenue. We recognize contract research and development revenue over a period of time as the performance obligation is satisfied over a period of time rather than a point in time. Contracts have specifications unique to each customer and do not create an asset with an alternate use, and we have an enforceable right to payment for performance completed to date. We recognize revenue over a period of time using costs incurred as the measurement of progress towards completion. Accounts receivable is recognized when we have transferred a good or service to a customer and our right to receive consideration is unconditional through the completion of our performance obligation. A contract asset is recognized when we have a right to consideration from the transfer of goods or services to a customer but have not completed our performance obligation. A contract liability is recognized when we have been paid by a customer but have not yet satisfied the performance obligation by transferring goods or services. We had no material contract assets or contract liabilities as of March 31, 2023 or March 31, 2022. Our performance obligations related to product sales and contract research and development contracts are satisfied in one year or less. Unsatisfied performance obligations represent contracts with an original expected duration of one year or less. As permitted under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers

NOTE 2. SUMMARY OF SIGNIFICA_10

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Income Taxes	Income Taxes We account for income taxes using the asset and liability method. Deferred income taxes are provided for temporary differences between the financial reporting and tax bases of assets and liabilities. We provide valuation allowances against deferred tax assets if we determine that it is less likely than not that we will be able to utilize the deferred tax assets.

NOTE 2. SUMMARY OF SIGNIFICA_11

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Research and Development Expense Recognition (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Research and Development Expense Recognition	Research and Development Expense Recognition Research and development costs are expensed as they are incurred. Customer-sponsored research and development costs are included in cost of sales.

NOTE 2. SUMMARY OF SIGNIFICA_12

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Stock-Based Compensation (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Stock-Based Compensation	Stock-Based Compensation We measure stock-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is generally the vesting period. We recognize any forfeitures as they occur.

NOTE 2. SUMMARY OF SIGNIFICA_13

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Net Income Per Share (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Net Income Per Share	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 year. Net income per diluted share amounts assume exercise of all stock options. The following table shows the components of diluted shares: Year Ended March 31, 2023 2022 Weighted average common shares outstanding – basic 4,830,826 4,833,661 Dilutive effect of stock options 1,270 1,978 Shares used in computing net income per share – diluted 4,832,096 4,835,639

NOTE 2. SUMMARY OF SIGNIFICA_14

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

NOTE 2. SUMMARY OF SIGNIFICA_15

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recently Adopted Accounting Standard (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Recently Adopted Accounting Standard	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

NOTE 2. SUMMARY OF SIGNIFICA_16

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: New Accounting Standard Not Yet Adopted (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
New Accounting Standard Not Yet Adopted	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 6. INCOME TAXES_ Schedule

NOTE 6. INCOME TAXES: Schedule of Deferred Tax Assets and Liabilities (Policies)	12 Months Ended
	Mar. 31, 2023
Policies
Schedule of Deferred Tax Assets and Liabilities	March 31, 2023 2022 Paid time off accrual $ 52,525 $ 63,055 Inventory reserve 47,042 47,042 Depreciation and amortization (167,551 ) 88,690 Stock-based compensation deductions 71,734 88,710 Unrealized gain on marketable securities 339,980 89,102 UNICAP 263A inventory 204,424 103,588 Other 23,884 3,282 Deferred tax assets $ 572,038 $ 483,469

NOTE 2. SUMMARY OF SIGNIFICA_17

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Net Income Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables)	12 Months Ended
	Mar. 31, 2023
Tables/Schedules
Schedule of Earnings Per Share, Basic and Diluted	Year Ended March 31, 2023 2022 Weighted average common shares outstanding – basic 4,830,826 4,833,661 Dilutive effect of stock options 1,270 1,978 Shares used in computing net income per share – diluted 4,832,096 4,835,639

NOTE 3. FAIR VALUE OF FINANCI_2

NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS: Fair Value of available-for-sale securities (Tables)	12 Months Ended
	Mar. 31, 2023
Tables/Schedules
Fair Value of available-for-sale securities	Total <1 Year 1–3 Years 3–7 Years $ 52,544,283 $ 16,419,236 $ 21,694,499 $ 14,430,548

NOTE 3. FAIR VALUE OF FINANCI_3

NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS: Estimated fair value of assets that were accounted for at fair value on a recurring basis (Tables)	12 Months Ended
	Mar. 31, 2023
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 March 31, 2023 As of March 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 906,141 $ - $ 906,141 $ 6,756,993 $ - $ 6,756,993 Corporate bonds - 51,638,142 51,638,142 - 45,153,894 45,153,894 Total $ 906,141 $ 51,638,142 $ 52,544,283 $ 6,756,993 $ 45,153,894 $ 51,910,887

NOTE 3. FAIR VALUE OF FINANCI_4

NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS: Available-for-Sale Securities (Tables)	12 Months Ended
	Mar. 31, 2023
Tables/Schedules
Available-for-Sale Securities	Our available-for-sale securities as of March 31, 2023 and 2022, aggregated into classes of securities, were as follows: As of March 31, 2023 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 $ 906,141 $ - $ - $ 906,141 $ 6,756,993 $ - $ - $ 6,756,993 Corporate bonds 53,191,981 1,007 (1,554,846 ) 51,638,142 45,561,114 230,085 (637,305 ) 45,153,894 Total $ 54,098,122 $ 1,007 $ (1,554,846 ) $ 52,544,283 $ 52,318,107 $ 230,085 $ (637,305 ) $ 51,910,887

NOTE 3. FAIR VALUE OF FINANCI_5

NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS: Gross unrealized holding losses and fair value of available-for-sale securities with unrealized holding losses (Tables)	12 Months Ended
	Mar. 31, 2023
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 March 31, 2023 Corporate bonds $ 37,084,628 $ (590,967 ) $ 13,294,817 $ (963,879 ) $ 50,379,445 $ (1,554,846 ) Total $ 37,084,628 $ (590,967 ) $ 13,294,817 $ (963,879 ) $ 50,379,445 $ (1,554,846 ) 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 4. INVENTORIES_ Schedule o

NOTE 4. INVENTORIES: Schedule of Inventory (Tables)	12 Months Ended
	Mar. 31, 2023
Tables/Schedules
Schedule of Inventory	Inventories are shown in the following table: March 31, 2023 2022 Raw materials $ 1,601,962 $ 987,062 Work in process 3,781,894 3,355,838 Finished goods 1,033,154 745,735 Total inventories $ 6,417,010 $ 5,088,635

NOTE 5. STOCK-BASED COMPENSAT_2

NOTE 5. STOCK-BASED COMPENSATION: Schedule of Fair value of stock options (Tables)	12 Months Ended
	Mar. 31, 2023
Tables/Schedules
Schedule of Fair value of stock options	Year Ended March 31, 2023 2022 Risk-free interest rate 0.9% – 3.0% 0.7% – 0.9% Expected volatility 35% – 39% 35% – 36% Expected life (years) 4.6% 4.6 Dividend yield 5.0% – 5.5% 5.0% – 5.4%

NOTE 5. STOCK-BASED COMPENSAT_3

NOTE 5. STOCK-BASED COMPENSATION: Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award (Tables)	12 Months Ended
	Mar. 31, 2023
Tables/Schedules
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	2023 2022 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 29,000 $ 69.52 30,500 $ 68.28 Granted 6,500 50.35 6,500 74.22 Exercised (1,000 ) 57.46 (5,000 )) 61.36 Terminated - - (3,000 ) 80.75 At March 31, 34,500 $ 66.26 29,000 $ 69.52 Options exercisable at March 31, 32,000 $ 63.60 24,000 $ 64.32 Weighted average grant date fair value of options granted during the year $ 9.06 $ 13.04

NOTE 5. STOCK-BASED COMPENSAT_4

NOTE 5. STOCK-BASED COMPENSATION: Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value (Tables)	12 Months Ended
	Mar. 31, 2023
Tables/Schedules
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value	Options Outstanding Options Exercisable Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value Options Outstanding 34,500 5.67 $ 66.26 $ 562,415 32,000 $ 63.60 $ 562,415

NOTE 6. INCOME TAXES_ Schedul_2

NOTE 6. INCOME TAXES: Schedule of Components of Income Tax Expense (Benefit) (Tables)	12 Months Ended
	Mar. 31, 2023
Tables/Schedules
Schedule of Components of Income Tax Expense (Benefit)	Year Ended March 31, 2023 2022 Current taxes Federal $ 4,039,848 $ 2,863,915 State 195,939 140,822 Deferred taxes Federal 156,053 (11,926 ) State 6,539 (499 ) Income tax provision $ 4,398,379 $ 2,992,312

NOTE 6. INCOME TAXES_ Schedul_3

NOTE 6. INCOME TAXES: Schedule of Effective Income Tax Rate Reconciliation (Tables)	12 Months Ended
	Mar. 31, 2023
Tables/Schedules
Schedule of Effective Income Tax Rate Reconciliation	Year Ended March 31, 2023 2022 Tax expense at U.S. Statutory rate $ 5,689,294 $ 3,674,961 State income taxes, net of Federal benefit 180,091 136,144 Research & development and manufacturing tax credits (255,713 ) (42,688 ) Foreign-derived intangible income deduction (1,265,055 ) (662,467 ) Other 49,762 (113,638 ) Income tax provision $ 4,398,379 $ 2,992,312

NOTE 6. INCOME TAXES_ Unrealize

NOTE 6. INCOME TAXES: Unrealized Gain (Loss) on Investments (Tables)	12 Months Ended
	Mar. 31, 2023
Tables/Schedules
Unrealized Gain (Loss) on Investments	Year Ended March 31, 2023 2022 Unrealized loss from available-for-sale securities $ (1,146,618 ) $ (1,816,742 ) Tax effects 250,880 397,503 Unrealized loss from available-for-sale securities, net of tax (895,738 ) (1,419,239 )

NOTE 7. LEASES_ Lease, Cost (Ta

NOTE 7. LEASES: Lease, Cost (Tables)	12 Months Ended
	Mar. 31, 2023
Tables/Schedules
Lease, Cost	Year Ended March 31, 2023 2022 Operating lease cost $ 151,014 $ 170,062 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 75,168 $ 174,313 Remaining lease term (years) 3 4 Discount rate 3.5 % 3.5 %

NOTE 7. LEASES_ Lessee, Operati

NOTE 7. LEASES: Lessee, Operating Lease, Liability, Maturity (Tables)	12 Months Ended
	Mar. 31, 2023
Tables/Schedules
Lessee, Operating Lease, Liability, Maturity	Year Ending March 31, Operating Leases 2024 178,640 2025 182,271 2026 184,995 Total lease payments 545,906 Imputed lease interest (27,200 ) Total lease liabilities $ 518,706

NOTE 8. CONCENTRATIONS_ Schedul

NOTE 8. CONCENTRATIONS: Schedule of Customers comprising 10% or more of revenue (Tables)	12 Months Ended
	Mar. 31, 2023
Tables/Schedules
Schedule of Customers comprising 10% or more of revenue	% of Revenue for Year Ended March 31 2023 2022 Customer A 22% 25% Customer B - 11%

NOTE 2. SUMMARY OF SIGNIFICA_18

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Details
Accounts Receivable, Credit Loss Expense (Reversal)	$ 0	$ 0

NOTE 2. SUMMARY OF SIGNIFICA_19

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fixed Assets (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Details
Depreciation	$ 196,738	$ 214,877

NOTE 2. SUMMARY OF SIGNIFICA_20

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Net Income Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Details
Weighted Average Number of Shares Outstanding, Basic	4,830,826	4,833,661
Dilutive effect of stock options	$ 1,270	$ 1,978
Weighted Average Number of Shares Outstanding, Diluted	4,832,096	4,835,639

NOTE 3. FAIR VALUE OF FINANCI_6

NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS: Fair Value of available-for-sale securities (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Details
Debt Securities, Available-for-Sale	$ 52,544,283	$ 51,910,887
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	16,419,236
Available for Sale Securities, Debt Maturities after One through Three Years, Fair Value	21,694,499
Available for Sale Securities, Debt Maturities after Three through Seven Years, Fair Value	$ 14,430,548

NOTE 3. FAIR VALUE OF FINANCI_7

NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS: Estimated fair value of assets that were accounted for at fair value on a recurring basis (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Debt Securities, Available-for-Sale	$ 52,544,283	$ 51,910,887
Money Market Funds
Debt Securities, Available-for-Sale	906,141	6,756,993
Corporate Bond Securities
Debt Securities, Available-for-Sale	51,638,142	45,153,894
Fair Value, Inputs, Level 1
Debt Securities, Available-for-Sale	906,141	6,756,993
Fair Value, Inputs, Level 1 | Money Market Funds
Debt Securities, Available-for-Sale	906,141	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	51,638,142	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	$ 51,638,142	$ 45,153,894

NOTE 3. FAIR VALUE OF FINANCI_8

NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS: Available-for-Sale Securities (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Amortized Cost	$ 54,098,122	$ 52,318,107
Gross Unrealized Holding Gains	1,007	230,085
Gross Unrealized Holding Losses	(1,554,846)	(637,305)
Debt Securities, Available-for-Sale	52,544,283	51,910,887
Money Market Funds
Amortized Cost	906,141	6,756,993
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Debt Securities, Available-for-Sale	906,141	6,756,993
Corporate Bond Securities
Amortized Cost	53,191,981	45,561,114
Gross Unrealized Holding Gains	1,007	230,085
Gross Unrealized Holding Losses	(1,554,846)	(637,305)
Debt Securities, Available-for-Sale	$ 51,638,142	$ 45,153,894

NOTE 3. FAIR VALUE OF FINANCI_9

NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS: Gross unrealized holding losses and fair value of available-for-sale securities with unrealized holding losses (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Estimated Fair Value	$ 37,084,628	$ 6,306,750
Gross Unrealized Holding Losses	(590,967)	(23,727)
Estimated Fair Value	13,294,817	9,738,338
Gross Unrealized Holding Losses	(963,879)	(613,578)
Estimated Fair Value	50,379,445	16,045,088
Gross Unrealized Holding Losses	(1,554,846)	(637,305)
Corporate Bond Securities
Estimated Fair Value	37,084,628	6,306,750
Gross Unrealized Holding Losses	(590,967)	(23,727)
Estimated Fair Value	13,294,817	9,738,338
Gross Unrealized Holding Losses	(963,879)	(613,578)
Estimated Fair Value	50,379,445	16,045,088
Gross Unrealized Holding Losses	$ (1,554,846)	$ (637,305)

NOTE 4. INVENTORIES_ Schedule_2

NOTE 4. INVENTORIES: Schedule of Inventory (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Details
Raw materials	$ 1,601,962	$ 987,062
Work in process	3,781,894	3,355,838
Finished goods	1,033,154	745,735
Inventories	$ 6,417,010	$ 5,088,635

NOTE 5. STOCK-BASED COMPENSAT_5

NOTE 5. STOCK-BASED COMPENSATION (Details)	12 Months Ended
	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($) shares
Details
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture	$ 59,657	$ 81,855
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Method Used	Black-Scholes-Merton option-pricing model
Remaining weighted-average exercisable life (years)	5.9	5
Outstanding Options Exercisable | shares	32,000	24,000
Total fair value of option grants	$ 58,900
Unrecognized stock-based compensation	$ 2,173

NOTE 5. STOCK-BASED COMPENSAT_6

NOTE 5. STOCK-BASED COMPENSATION: Schedule of Fair value of stock options (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Expected life (years)	4 years 7 months 6 days	4 years 7 months 6 days
Minimum
Risk-free interest rate	0.90%	0.70%
Expected volatility	35%	35%
Dividend yield	5%	5%
Maximum
Risk-free interest rate	3%	0.90%
Expected volatility	39%	36%
Dividend yield	5.50%	5.40%

NOTE 5. STOCK-BASED COMPENSAT_7

NOTE 5. STOCK-BASED COMPENSATION: Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award (Details) - $ / shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Details
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance	29,000	30,500
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance	$ 69.52	$ 68.28
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	6,500	6,500
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 50.35	$ 74.22
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	(1,000)	(5,000)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 57.46	$ 61.36
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period	0	3,000
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price	$ 0	$ 80.75
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period	0	(3,000)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance	34,500	29,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance	$ 66.26	$ 69.52
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number	32,000	24,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 63.60	$ 64.32
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 9.06	$ 13.04

NOTE 5. STOCK-BASED COMPENSAT_8

NOTE 5. STOCK-BASED COMPENSATION: Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Details
Options Outstanding	34,500
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	5 years 8 months 1 day
Options Outstanding, Weighted Average Exercise Price	$ 66.26	$ 69.52	$ 68.28
Options Outstanding, Aggregate Intrinsic Value	$ 562,415
Options Exercisable	32,000	24,000
Options Exercisable, Weighted Average Exercise Price	$ 63.60	$ 64.32
Options Exercisable, Aggregate Intrinsic Value	$ 562,415

NOTE 6. INCOME TAXES_ Schedul_4

NOTE 6. INCOME TAXES: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Details
Federal	$ 4,039,848	$ 2,863,915
State	195,939	140,822
Federal	156,053	(11,926)
State	6,539	(499)
Income tax provision	$ 4,398,379	$ 2,992,312

NOTE 6. INCOME TAXES_ Schedul_5

NOTE 6. INCOME TAXES: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Details
Tax expense at U.S. Statutory rate	$ 5,689,294	$ 3,674,961
State income taxes, net of Federal benefit	180,091	136,144
Research & development and manufacturing tax credits	(255,713)	(42,688)
Foreign-derived intangible income deduction	(1,265,055)	(662,467)
Other	49,762	(113,638)
Income tax provision	$ 4,398,379	$ 2,992,312

NOTE 6. INCOME TAXES_ Schedul_6

NOTE 6. INCOME TAXES: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Details
Components of Deferred Tax Assets and Liabilities, Paid time off accrual	$ 52,525	$ 63,055
Components of Deferred Tax Assets and Liabilities, Inventory reserve	47,042	47,042
Components of Deferred Tax Assets and Liabilities, Depreciation and amortization	(167,551)	88,690
Components of Deferred Tax Assets and Liabilities, Stock-based compensation deductions	71,734	88,710
Components of Deferred Tax Assets and Liabilities, Unrealized gain on marketable securities	339,980	89,102
Components of Deferred Tax Assets and Liabilities, UNICAP 263A inventory	204,424	103,588
Components of Deferred Tax Assets and Liabilities, Other	23,884	3,282
Components of Deferred Tax Assets and Liabilities, Deferred tax assets	$ 572,038	$ 483,469

NOTE 6. INCOME TAXES_ Unreali_2

NOTE 6. INCOME TAXES: Unrealized Gain (Loss) on Investments (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Details
Unrealized loss from available-for-sale securities	$ (1,146,618)	$ (1,816,742)
Unrealized loss from available-for-sale securities, tax effects	250,880	397,503
Unrealized loss from available-for-sale securities, net of tax	$ (895,738)	$ (1,419,239)

NOTE 7. LEASES_ Lease, Cost (De

NOTE 7. LEASES: Lease, Cost (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Details
Operating lease cost	$ 151,014	$ 170,062
Operating cash flows for leases	$ 75,168	$ 174,313
Remaining lease term (years)	3 years	4 years
Discount rate	3.50%	3.50%

NOTE 7. LEASES_ Lessee, Opera_2

NOTE 7. LEASES: Lessee, Operating Lease, Liability, Maturity (Details)	Mar. 31, 2023 USD ($)
Details
2024	$ 178,640
2025	182,271
2026	184,995
Total lease payments	545,906
Imputed lease interest	(27,200)
Total lease liabilities	$ 518,706

NOTE 8. CONCENTRATIONS_ Sched_2

NOTE 8. CONCENTRATIONS: Schedule of Customers comprising 10% or more of revenue (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Customer A
Percent of Revenue	22%	25%
Customer B
Percent of Revenue	0%	11%

NOTE 9. STOCK REPURCHASE PROG_2

NOTE 9. STOCK REPURCHASE PROGRAM (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jan. 21, 2009
Details
Stock Repurchase Program, Authorized Amount			$ 2,500,000
Stock Repurchased During Period, Shares	1,000	2,888
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 3,520,369

NOTE 10. INFORMATION AS TO EM_2

NOTE 10. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	$ 98,029	$ 101,735

NOTE 11. SUBSEQUENT EVENTS (Det

NOTE 11. SUBSEQUENT EVENTS (Details) - $ / shares		12 Months Ended
	May 03, 2023	Mar. 31, 2023	Mar. 31, 2022
Details
Subsequent Event, Date	May 03, 2023
Subsequent Event, Description	we announced that our Board had declared a quarterly cash dividend
Cash dividends declared per common share	$ 1	$ 4	$ 4
Dividends Payable, Date to be Paid	May 31, 2023
Dividends Payable, Date of Record	May 15, 2023