NVE (NVEC) 10-Q 19 Jul 23 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	3 Months Ended
	Jun. 30, 2023	Jul. 14, 2023
Details
Registrant CIK	0000724910
Fiscal Year End	--03-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	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		4,833,401
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

BALANCE SHEETS (December 31, 20

BALANCE SHEETS (December 31, 2022 Unaudited) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Current assets
Cash and cash equivalents	$ 1,439,933	$ 1,669,896
Marketable securities, short-term (amortized cost of $12,300,315 as of June 30, 2023, and $15,696,135 as of March 31, 2023)	12,173,737	15,513,095
Accounts receivable, net of allowance for credit losses of $227,440 as of June 30, 2023, and $15,000 as of March 31, 2023	5,397,032	6,523,344
Inventories	6,292,162	6,417,010
Prepaid expenses and other assets	707,175	663,459
Total current assets	26,010,039	30,786,804
Fixed assets
Machinery and equipment	10,488,496	10,484,365
Leasehold improvements	1,956,309	1,956,309
Less accumulated depreciation and amortization	11,172,258	11,095,236
Net fixed assets	1,272,547	1,345,438
Deferred tax assets	724,773	572,038
Marketable securities, long-term (amortized cost of $41,447,065 as of June 30, 2023, and $37,495,846 as of March 31, 2023)	39,719,369	36,125,047
Right-of-use asset - operating lease	392,370	425,843
Total assets	68,119,098	69,255,170
Current liabilities
Accounts payable	159,155	281,712
Accrued payroll and other	935,621	1,375,250
Operating lease	176,688	175,798
Total current liabilities	1,271,464	1,832,760
Operating lease	301,866	342,908
Total liabilities	1,573,330	2,175,668
Shareholders' equity
Common Stock, Value	48,334	48,308
Additional paid-in capital	19,423,479	19,295,442
Accumulated other comprehensive loss	(1,448,559)	(1,213,858)
Retained earnings	48,522,514	48,949,610
Total shareholders' equity	66,545,768	67,079,502
Total liabilities and shareholders' equity	$ 68,119,098	$ 69,255,170

BALANCE SHEETS (December 31, _2

BALANCE SHEETS (December 31, 2022 Unaudited) - Parenthetical - USD ($)	Jun. 30, 2023	Mar. 31, 2023
BALANCE SHEETS (December 31, 2022 Unaudited)
Debt Instrument, Unamortized Discount, Current	$ 12,300,315	$ 15,696,135
Accounts Receivable, Allowance for Credit Loss	227,440	15,000
Debt Instrument, Unamortized Discount, Noncurrent	$ 41,447,065	$ 37,495,846
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	4,833,401	4,830,826
Common Stock, Shares, Outstanding	4,833,401	4,830,826

STATEMENTS OF INCOME (Unaudited

STATEMENTS OF INCOME (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue
Product sales	$ 8,700,092	$ 7,072,961
Contract research and development	131,322	263,446
Total revenue	8,831,414	7,336,407
Cost of sales	2,079,623	1,651,847
Gross profit	6,751,791	5,684,560
Expenses
Research and development	695,992	601,918
Selling, general, and administrative	475,115	371,320
Credit loss expense	212,440	0
Total expenses	1,383,547	973,238
Income from operations	5,368,244	4,711,322
Interest income	436,526	283,059
Income before taxes	5,804,770	4,994,381
Provision for income taxes	1,401,040	854,265
Net income	$ 4,403,730	$ 4,140,116
Net income per share - basic	$ 0.91	$ 0.86
Net income per share - diluted	0.91	0.86
Cash dividends declared per common share	$ 1	$ 1
Weighted average shares outstanding
Weighted Average Number of Shares Outstanding, Basic	4,832,166	4,830,826
Weighted Average Number of Shares Outstanding, Diluted	4,840,571	4,830,871

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Net income	$ 4,403,730	$ 4,140,116
Unrealized loss from marketable securities, net of tax	(234,701)	(338,553)
Comprehensive income	$ 4,169,029	$ 3,801,563

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, 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 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, 2023	$ 48,308	19,295,442	(1,213,858)	48,949,610	67,079,502
Shares Outstanding, Starting at Mar. 31, 2023	4,830,826
Stock Issued During Period, Value, Stock Options Exercised	$ 26	117,501			117,527
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	2,575
Unrealized loss from marketable securities, net of tax			(234,701)		(234,701)
Net income				4,403,730	4,403,730
Total comprehensive income					4,169,029
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		10,536			10,536
Cash dividends declared ($1.00 per share of common stock)				(4,830,826)	(4,830,826)
Shares Outstanding, Ending at Jun. 30, 2023	4,833,401
Equity Balance, Ending at Jun. 30, 2023	$ 48,334	$ 19,423,479	$ (1,448,559)	$ 48,522,514	$ 66,545,768

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net income	$ 4,403,730	$ 4,140,116
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	59,457	87,621
Provision for current estimate of credit losses	212,440	0
Stock-based compensation	10,536	7,134
Deferred income taxes	(87,000)	1
Changes in operating assets and liabilities
Accounts receivable	913,872	1,191,613
Inventories	124,848	(455,402)
Prepaid expenses and other assets	(10,243)	(268,772)
Accounts payable and accrued expenses	(602,338)	(1,371,168)
Net cash provided by operating activities	5,025,302	3,331,143
INVESTING ACTIVITIES
Purchases of fixed assets	(4,131)	(24,500)
Purchases of marketable securities	(3,937,835)	(4,976,063)
Proceeds from maturities of marketable securities	3,400,000	9,250,000
Receipt of tenant improvement allowance	0	100,000
Net cash (used) provided by investing activities	(541,966)	4,349,437
FINANCING ACTIVITIES
Proceeds from exercise of stock options	117,527	0
Payment of dividends to shareholders	(4,830,826)	(4,830,826)
Cash used in financing activities	(4,713,299)	(4,830,826)
(Decrease) increase in cash and cash equivalents	(229,963)	2,849,754
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	1,669,896	10,449,510
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	1,439,933	13,299,264
Supplemental disclosures of cash flow information
Cash paid during the period for income taxes	$ 1,195,542	$ 1,275,629

NOTE 1. DESCRIPTION OF BUSINESS

NOTE 1. DESCRIPTION OF BUSINESS	3 Months Ended
	Jun. 30, 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.

NOTE 2. BASIS OF PRESENTATION A

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2023
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 Report on Form 10-K for the fiscal year ended March 31, 2023. The results of operations for the quarter ended June 30, 2023, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2024. 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, 2023. As of June 30, 2023, there were no changes to our significant accounting policies except for changes resulting from the adoption of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (ASC Topic 326) Marketable securities and credit losses Our marketable securities consist of corporate bonds and money market funds. Marketable are initially recognized at cost. Marketable securities considered to be “purchased financial assets with credit deterioration” are initially recognized at cost, less any allowance for expected credit losses. Unrealized holding gains and losses are reported in other comprehensive income, net of applicable taxes, until realized. All marketable securities are carried on the balance sheet at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use a three-level fair value hierarchy in estimating and reporting fair values of our marketable securities: Level 1 – Securities whose fair values are determined using quoted prices in active markets for identical securities. Level 2 – Securities whose fair values are determined using quoted prices for similar securities in active markets or quoted prices for identical securities in markets that are not active. Level 3 – Securities whose fair values are determined using unobservable inputs. Corporate bonds with remaining maturities of less than one year are classified as short-term and those with remaining maturities of one year or more 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. We measure credit losses on our marketable securities at the individual security level, using the present value of expected cash flows method. Credit losses are measured as the amount by which the amortized cost basis of the security exceeds the present value of expected cash flows (discounted at the effective interest rate implicit in the security at the date of acquisition), limited by the amount by which the fair value of the security is less than its amortized cost basis. When estimating expected cash flows, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as, past incidences of default, credit quality as reported by credit rating agencies, extent of impairment, length of time the security has been in a continuous unrealized loss position, and adverse conditions forecasted by industry, financial and economic experts that are relevant to the collectability of expected cash flows. We do not include accrued interest receivables in amortized cost and in fair value when measuring expected credit losses. We will write off uncollectible accrued interest receivable to net income in a timely manner, by reversing interest income, and therefore do not measure credit losses for accrued interest receivable. Timely manner means one year from the date the accrued interest receivable becomes past due. Accrued interest receivables are included in the balance sheet in “prepaid expenses and other assets.” Accounts Receivable and Allowance for Credit Losses We grant credit to customers in the normal course of business and at times require customers to pay for orders before shipment. Accounts receivable are presented on the balance sheet net of any allowance for credit losses. We measure credit losses on our trade accounts receivable on a pool basis, and in some cases, on an individual basis, using the loss-rate method. Accounts receivable are pooled based on geographical locations because we believe accounts originating from the same geographical location share risk characteristics. When estimating expected credit losses on our trade accounts receivable, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as, historical loss rate, current age of and the remaining term of the receivable relative to our current days sales outstanding (“DSO”) ratio, and pending orders of the customer relative to accounts receivable balance as of the reporting date.

NOTE 3. RECENTLY ADOPTED ACCOUN

NOTE 3. RECENTLY ADOPTED ACCOUNTING STANDARD	3 Months Ended
	Jun. 30, 2023
Notes
NOTE 3. RECENTLY ADOPTED ACCOUNTING STANDARD	NOTE 3. RECENTLY ADOPTED ACCOUNTING STANDARD 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 The adoption resulted in disclosure changes and required us to consider the likelihood of default and to measure our allowance for credit losses over the contractual term of our receivables. The adoption did not have a material impact on the financial statements as of April 1, 2023. Under these requirements, we increased our allowance for credit losses by $212,440 on our balance sheet as of June 30, 2023, and recorded a corresponding credit loss expense in our income statement for the quarter ended June 30, 2023, which decreased net income by the same amount. This reduced our net income per share by $0.04 for the quarter ended June 30, 2023. The adoption had no net impact on cash flows.

NOTE 4. NET INCOME PER SHARE

NOTE 4. NET INCOME PER SHARE	3 Months Ended
	Jun. 30, 2023
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 June 30, 2023 2022 Weighted average common shares outstanding – basic 4,832,166 4,830,826 Dilutive effect of stock options 8,405 45 Shares used in computing net income per share – diluted 4,840,571 4,830,871

Marketable Securities

Marketable Securities	3 Months Ended
	Jun. 30, 2023
Notes
Marketable Securities	NOTE 5. MARKETABLE SECURITIES The following table shows the major categories of our marketable securities and their contractual maturities as of June 30, 2023: Total <1 Year 1–3 Years 3–6 Years Money market funds $ 1,294,300 $ 1,294,300 $ - $ - Corporate bonds 51,893,106 12,173,737 27,318,977 12,400,392 Total $ 53,187,406 $ 13,468,037 $ 27,318,977 $ 12,400,392 Total marketable securities represent approximately 78% of our total assets as of June 30, 2023. Marketable securities as of June 30, 2023, had remaining maturities between three weeks and 70 months. 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.” Accrued interest receivables were $418,336 as of June 30, 2023, and $425,372 as of March 31, 2023, and are included in the balance sheets in “Prepaid expenses and other assets.” We monitor the credit ratings of our marketable securities at least quarterly as reported by Standard & Poor’s. The following table summarizes the fair values of our marketable securities as of June 30, 2023, aggregated by credit rating: Credit Rating Fair Value AAA $ 2,564,149 AA 6,626,736 AA- 20,804,539 A+ 7,893,562 A 9,387,766 A- 5,910,654 Total $ 53,187,406 The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values: As of June 30, 2023 As of March 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 1,294,300 $ - $ 1,294,300 $ 906,141 $ - $ 906,141 Corporate bonds - 51,893,106 51,893,106 - 51,638,142 51,638,142 Total $ 1,294,300 $ 51,893,106 $ 53,187,406 $ 906,141 $ 51,638,142 $ 52,544,283 The following table shows the amortized cost, fair value and gross unrealized holding gains and losses of our marketable securities as of June 30 and March 31, 2023: As of June 30, 2023 As of March 31, 2023 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 $ 1,294,300 $ - $ - $ 1,294,300 $ 906,141 $ - $ - $ 906,141 Corporate bonds 53,747,380 1 (1,854,275 ) 51,893,106 53,191,981 1,007 (1,554,846 ) 51,638,142 Total $ 55,041,680 $ 1 $ (1,854,275 ) $ 53,187,406 $ 54,098,122 $ 1,007 $ (1,554,846 ) $ 52,544,283 The following table shows the gross unrealized holding losses and estimated fair value of our marketable securities for which an allowance for credit losses has not been recorded, aggregated by category of securities and length of time that individual securities had been in a continuous unrealized loss position as of June 30 and March 31, 2023. 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 June 30, 2023 Corporate bonds $ 36,594,686 $ (934,611 ) $ 15,298,420 $ (919,664 ) $ 51,893,106 $ (1,854,275 ) Total $ 36,594,686 $ (934,611 ) $ 15,298,420 $ (919,664 ) $ 51,893,106 $ (1,854,275 ) 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 ) None of the securities were impaired at acquisition, and subsequent declines in fair value are attributable to interest rate increases. We do not intend to sell, and it is not more likely than not that we will be required to sell, these securities before recovery of their amortized cost basis. The issuers continue to make timely interest payments on these securities. Because we believe it is more likely than not we will recover the cost basis of our investments, we did not record any impairment attributable to credit losses. None of the marketable securities purchased during the period had experienced more-than-insignificant deterioration in credit quality since its origination and were therefore not considered “Purchased Financial Assets with Credit Deterioration.” Unrealized losses on our marketable securities and their tax effects are as follows: Quarter Ended June 30, 2023 2022 Unrealized loss from marketable securities $ (300,437 ) $ (433,376 ) Tax effects 65,736 94,823 Unrealized loss from marketable securities, net of tax $ (234,701 ) $ (338,553 )

NOTE 6. ALLOWANCE FOR CREDIT LO

NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES	3 Months Ended
	Jun. 30, 2023
Notes
NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES	NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES The following table shows a roll forward of the allowance for credit losses on our accounts receivable: Allowance for credit losses as of March 31, 2023 $ 15,000 Change in provision for current expected credit losses 212,440 Allowance for credit losses as of June 30, 2023 $ 227,440

NOTE 7. INVENTORIES

NOTE 7. INVENTORIES	3 Months Ended
	Jun. 30, 2023
Notes
NOTE 7. INVENTORIES	NOTE 7. INVENTORIES Inventories are shown in the following table: June 30, 2023 March 31, 2023 Raw materials $ 1,741,172 $ 1,601,962 Work in process 2,914,014 3,781,894 Finished goods 1,636,976 1,033,154 Total inventories $ 6,292,162 $ 6,417,010

Share-Based Payment Arrangement

Share-Based Payment Arrangement	3 Months Ended
	Jun. 30, 2023
Notes
Share-Based Payment Arrangement	NOTE 8. STOCK-BASED COMPENSATION Stock-based compensation expense was $10,536 for the first quarter of fiscal 2024 and $ 7,134

NOTE 9. INCOME TAXES

NOTE 9. INCOME TAXES	3 Months Ended
	Jun. 30, 2023
Notes
NOTE 9. INCOME TAXES	NOTE 9. 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 June 30, 2023, federal and state estimated tax liabilities of $453,591 were included in the balance sheet in “Accrued payroll and other.” We had no unrecognized tax benefits as of June 30, 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 June 30, 2023, we had no accrued interest related to uncertain tax positions. The tax years 2019 through 2023 remain open to examination by the major taxing jurisdictions to which we are subject.

NOTE 10. LEASES

NOTE 10. LEASES	3 Months Ended
	Jun. 30, 2023
Notes
NOTE 10. LEASES	NOTE 10. 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 interest 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: Quarter Ended June 30, 2023 Operating lease cost $ 37,754 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 44,433 Remaining lease term 33 months Discount rate 3.5 % The following table shows the maturities of lease liabilities as of June 30, 2023: Year Ending March 31, Operating Lease Liabilities 2024 $ 134,207 2025 182,271 2026 184,995 Total lease payments 501,473 Imputed lease interest (22,919 ) Total lease liabilities $ 478,554

NOTE 11. STOCK REPURCHASE PROGR

NOTE 11. STOCK REPURCHASE PROGRAM	3 Months Ended
	Jun. 30, 2023
Notes
NOTE 11. STOCK REPURCHASE PROGRAM	NOTE 11. 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 depend 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 maturing marketable securities. The remaining authorization was $3,520,369 as of June 30, 2023. We did not repurchase any of our Common Stock during the first quarter of fiscal 2024.

NOTE 12. INFORMATION AS TO EMPL

NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS	3 Months Ended
	Jun. 30, 2023
Notes
NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS	NOTE 12. 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 18. 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 $27,078 for the first quarter of fiscal 2024 and $28,426

NOTE 13. SUBSEQUENT EVENTS

NOTE 13. SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2023
Notes
NOTE 13. SUBSEQUENT EVENTS	NOTE 13. SUBSEQUENT EVENTS On July 19, 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 August 31, 2023, to shareholders of record as of the close of business July 31, 2023.

NOTE 2. BASIS OF PRESENTATION_2

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies)	3 Months Ended
	Jun. 30, 2023
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 Report on Form 10-K for the fiscal year ended March 31, 2023. The results of operations for the quarter ended June 30, 2023, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2024.

NOTE 2. BASIS OF PRESENTATION_3

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Significant accounting policies (Policies)	3 Months Ended
	Jun. 30, 2023
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, 2023. As of June 30, 2023, there were no changes to our significant accounting policies except for changes resulting from the adoption of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (ASC Topic 326)

NOTE 2. BASIS OF PRESENTATION_4

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Marketable securities and credit losses (Policies)	3 Months Ended
	Jun. 30, 2023
Policies
Marketable securities and credit losses	Marketable securities and credit losses Our marketable securities consist of corporate bonds and money market funds. Marketable are initially recognized at cost. Marketable securities considered to be “purchased financial assets with credit deterioration” are initially recognized at cost, less any allowance for expected credit losses. Unrealized holding gains and losses are reported in other comprehensive income, net of applicable taxes, until realized. All marketable securities are carried on the balance sheet at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use a three-level fair value hierarchy in estimating and reporting fair values of our marketable securities: Level 1 – Securities whose fair values are determined using quoted prices in active markets for identical securities. Level 2 – Securities whose fair values are determined using quoted prices for similar securities in active markets or quoted prices for identical securities in markets that are not active. Level 3 – Securities whose fair values are determined using unobservable inputs. Corporate bonds with remaining maturities of less than one year are classified as short-term and those with remaining maturities of one year or more 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. We measure credit losses on our marketable securities at the individual security level, using the present value of expected cash flows method. Credit losses are measured as the amount by which the amortized cost basis of the security exceeds the present value of expected cash flows (discounted at the effective interest rate implicit in the security at the date of acquisition), limited by the amount by which the fair value of the security is less than its amortized cost basis. When estimating expected cash flows, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as, past incidences of default, credit quality as reported by credit rating agencies, extent of impairment, length of time the security has been in a continuous unrealized loss position, and adverse conditions forecasted by industry, financial and economic experts that are relevant to the collectability of expected cash flows. We do not include accrued interest receivables in amortized cost and in fair value when measuring expected credit losses. We will write off uncollectible accrued interest receivable to net income in a timely manner, by reversing interest income, and therefore do not measure credit losses for accrued interest receivable. Timely manner means one year from the date the accrued interest receivable becomes past due. Accrued interest receivables are included in the balance sheet in “prepaid expenses and other assets.”

NOTE 2. BASIS OF PRESENTATION_5

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Accounts Receivable and Allowance for Credit Losses (Policies)	3 Months Ended
	Jun. 30, 2023
Policies
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses We grant credit to customers in the normal course of business and at times require customers to pay for orders before shipment. Accounts receivable are presented on the balance sheet net of any allowance for credit losses. We measure credit losses on our trade accounts receivable on a pool basis, and in some cases, on an individual basis, using the loss-rate method. Accounts receivable are pooled based on geographical locations because we believe accounts originating from the same geographical location share risk characteristics. When estimating expected credit losses on our trade accounts receivable, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as, historical loss rate, current age of and the remaining term of the receivable relative to our current days sales outstanding (“DSO”) ratio, and pending orders of the customer relative to accounts receivable balance as of the reporting date.

NOTE 6. ALLOWANCE FOR CREDIT _2

NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES: Schedule of Accounts, Notes, Loans and Financing Receivable (Policies)	3 Months Ended
	Jun. 30, 2023
Policies
Schedule of Accounts, Notes, Loans and Financing Receivable	Allowance for credit losses as of March 31, 2023 $ 15,000 Change in provision for current expected credit losses 212,440 Allowance for credit losses as of June 30, 2023 $ 227,440

NOTE 4. NET INCOME PER SHARE_ S

NOTE 4. NET INCOME PER SHARE: Schedule of Earnings Per Share, Basic and Diluted (Tables)	3 Months Ended
	Jun. 30, 2023
Tables/Schedules
Schedule of Earnings Per Share, Basic and Diluted	Quarter Ended June 30, 2023 2022 Weighted average common shares outstanding – basic 4,832,166 4,830,826 Dilutive effect of stock options 8,405 45 Shares used in computing net income per share – diluted 4,840,571 4,830,871

Marketable Securities_ Contract

Marketable Securities: Contractual maturities of marketable securities (Tables)	3 Months Ended
	Jun. 30, 2023
Tables/Schedules
Contractual maturities of marketable securities	Total <1 Year 1–3 Years 3–6 Years Money market funds $ 1,294,300 $ 1,294,300 $ - $ - Corporate bonds 51,893,106 12,173,737 27,318,977 12,400,392 Total $ 53,187,406 $ 13,468,037 $ 27,318,977 $ 12,400,392

Marketable Securities_ Fair val

Marketable Securities: Fair values of our marketable securities aggregated by credit rating (Tables)	3 Months Ended
	Jun. 30, 2023
Tables/Schedules
Fair values of our marketable securities aggregated by credit rating	Credit Rating Fair Value AAA $ 2,564,149 AA 6,626,736 AA- 20,804,539 A+ 7,893,562 A 9,387,766 A- 5,910,654 Total $ 53,187,406

Marketable Securities_ Estimate

Marketable Securities: Estimated fair value of marketable securities aggregated by fair value hierarchy inputs used in estimating their fair values (Tables)	3 Months Ended
	Jun. 30, 2023
Tables/Schedules
Estimated fair value of marketable securities aggregated by fair value hierarchy inputs used in estimating their fair values	As of June 30, 2023 As of March 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 1,294,300 $ - $ 1,294,300 $ 906,141 $ - $ 906,141 Corporate bonds - 51,893,106 51,893,106 - 51,638,142 51,638,142 Total $ 1,294,300 $ 51,893,106 $ 53,187,406 $ 906,141 $ 51,638,142 $ 52,544,283

Marketable Securities_ Amortize

Marketable Securities: Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities (Tables)	3 Months Ended
	Jun. 30, 2023
Tables/Schedules
Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities	As of June 30, 2023 As of March 31, 2023 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 $ 1,294,300 $ - $ - $ 1,294,300 $ 906,141 $ - $ - $ 906,141 Corporate bonds 53,747,380 1 (1,854,275 ) 51,893,106 53,191,981 1,007 (1,554,846 ) 51,638,142 Total $ 55,041,680 $ 1 $ (1,854,275 ) $ 53,187,406 $ 54,098,122 $ 1,007 $ (1,554,846 ) $ 52,544,283

Marketable Securities_ Gross un

Marketable Securities: Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded (Tables)	3 Months Ended
	Jun. 30, 2023
Tables/Schedules
Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded	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 June 30, 2023 Corporate bonds $ 36,594,686 $ (934,611 ) $ 15,298,420 $ (919,664 ) $ 51,893,106 $ (1,854,275 ) Total $ 36,594,686 $ (934,611 ) $ 15,298,420 $ (919,664 ) $ 51,893,106 $ (1,854,275 ) 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 )

Marketable Securities_ Unrealiz

Marketable Securities: Unrealized losses on marketable securities and their tax effects (Tables)	3 Months Ended
	Jun. 30, 2023
Tables/Schedules
Unrealized losses on marketable securities and their tax effects	Quarter Ended June 30, 2023 2022 Unrealized loss from marketable securities $ (300,437 ) $ (433,376 ) Tax effects 65,736 94,823 Unrealized loss from marketable securities, net of tax $ (234,701 ) $ (338,553 )

NOTE 7. INVENTORIES_ Schedule o

NOTE 7. INVENTORIES: Schedule of Inventory (Tables)	3 Months Ended
	Jun. 30, 2023
Tables/Schedules
Schedule of Inventory	June 30, 2023 March 31, 2023 Raw materials $ 1,741,172 $ 1,601,962 Work in process 2,914,014 3,781,894 Finished goods 1,636,976 1,033,154 Total inventories $ 6,292,162 $ 6,417,010

NOTE 10. LEASES_ Lease, Cost (T

NOTE 10. LEASES: Lease, Cost (Tables)	3 Months Ended
	Jun. 30, 2023
Tables/Schedules
Lease, Cost	Quarter Ended June 30, 2023 Operating lease cost $ 37,754 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 44,433 Remaining lease term 33 months Discount rate 3.5 %

NOTE 10. LEASES_ Lessee, Operat

NOTE 10. LEASES: Lessee, Operating Lease, Liability, Maturity (Tables)	3 Months Ended
	Jun. 30, 2023
Tables/Schedules
Lessee, Operating Lease, Liability, Maturity	Year Ending March 31, Operating Lease Liabilities 2024 $ 134,207 2025 182,271 2026 184,995 Total lease payments 501,473 Imputed lease interest (22,919 ) Total lease liabilities $ 478,554

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
	Jun. 30, 2023	Jun. 30, 2022
Details
Weighted Average Number of Shares Outstanding, Basic	4,832,166	4,830,826
Dilutive effect of stock options	8,405	45
Shares used in computing net income per share - diluted	4,840,571	4,830,871

Marketable Securities_ Contra_2

Marketable Securities: Contractual maturities of marketable securities (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Marketable Securities	$ 53,187,406	$ 52,544,283
Money Market Funds
Marketable Securities	1,294,300	906,141
(1 Year	1,294,300
1-3 Years	0
3-6 Years	0
Corporate Bond Securities
Marketable Securities	51,893,106	$ 51,638,142
(1 Year	12,173,737
1-3 Years	27,318,977
3-6 Years	$ 12,400,392

Marketable Securities (Details)

Marketable Securities (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Details
Debt Securities, Available-for-Sale, Excluding Accrued Interest	$ 418,336	$ 425,372

Marketable Securities_ Fair v_2

Marketable Securities: Fair values of our marketable securities aggregated by credit rating (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Marketable Securities	$ 53,187,406	$ 52,544,283
Standard & Poor's, AAA Rating
Marketable Securities	2,564,149
Standard & Poor's, AA Rating
Marketable Securities	6,626,736
Standard & Poor's, AA- Rating
Marketable Securities	20,804,539
Standard & Poor's, A+ Rating
Marketable Securities	7,893,562
Standard & Poor's, A Rating
Marketable Securities	9,387,766
Standard & Poor's, A- Rating
Marketable Securities	$ 5,910,654

Marketable Securities_ Estima_2

Marketable Securities: Estimated fair value of marketable securities aggregated by fair value hierarchy inputs used in estimating their fair values (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Marketable Securities	$ 53,187,406	$ 52,544,283
Money Market Funds
Marketable Securities	1,294,300	906,141
Corporate Bond Securities
Marketable Securities	51,893,106	51,638,142
Fair Value, Inputs, Level 1
Marketable Securities	1,294,300	906,141
Fair Value, Inputs, Level 1 | Money Market Funds
Marketable Securities	1,294,300	906,141
Fair Value, Inputs, Level 1 | Corporate Bond Securities
Marketable Securities	0	0
Fair Value, Inputs, Level 2
Marketable Securities	51,893,106	51,638,142
Fair Value, Inputs, Level 2 | Money Market Funds
Marketable Securities	0	0
Fair Value, Inputs, Level 2 | Corporate Bond Securities
Marketable Securities	$ 51,893,106	$ 51,638,142

Marketable Securities_ Amorti_2

Marketable Securities: Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Amortized Cost	$ 55,041,680	$ 54,098,122
Gross Unrealized Holding Gains	1	1,007
Gross Unrealized Holding Losses	(1,854,275)	(1,554,846)
Marketable Securities	53,187,406	52,544,283
Money Market Funds
Amortized Cost	1,294,300	906,141
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Marketable Securities	1,294,300	906,141
Corporate Bond Securities
Amortized Cost	53,747,380	53,191,981
Gross Unrealized Holding Gains	1	1,007
Gross Unrealized Holding Losses	(1,854,275)	(1,554,846)
Marketable Securities	$ 51,893,106	$ 51,638,142

Marketable Securities_ Gross _2

Marketable Securities: Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Estimated Fair Value	$ 36,594,686	$ 37,084,628
Gross Unrealized Holding Losses	(934,611)	(590,967)
Estimated Fair Value	15,298,420	13,294,817
Gross Unrealized Holding Losses	(919,664)	(963,879)
Estimated Fair Value	51,893,106	50,379,445
Gross Unrealized Holding Losses	(1,854,275)	(1,554,846)
Corporate Bond Securities
Estimated Fair Value	36,594,686	37,084,628
Gross Unrealized Holding Losses	(934,611)	(590,967)
Estimated Fair Value	15,298,420	13,294,817
Gross Unrealized Holding Losses	(919,664)	(963,879)
Estimated Fair Value	51,893,106	50,379,445
Gross Unrealized Holding Losses	$ (1,854,275)	$ (1,554,846)

Marketable Securities_ Unreal_2

Marketable Securities: Unrealized losses on marketable securities and their tax effects (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Details
Unrealized loss from marketable securities	$ (300,437)	$ (433,376)
Tax effects	65,736	94,823
Unrealized loss from marketable securities, net of tax	$ (234,701)	$ (338,553)

NOTE 6. ALLOWANCE FOR CREDIT _3

NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES: Schedule of Accounts, Notes, Loans and Financing Receivable (Details)	3 Months Ended
	Jun. 30, 2023 USD ($)
Details
Allowance for credit losses as of March 31, 2023	$ 15,000
Change in provision for current expected credit losses	212,440
Allowance for credit losses as of June 30, 2023	$ 227,440

NOTE 7. INVENTORIES_ Schedule_2

NOTE 7. INVENTORIES: Schedule of Inventory (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Details
Raw materials	$ 1,741,172	$ 1,601,962
Work in process	2,914,014	3,781,894
Finished goods	1,636,976	1,033,154
Inventories	$ 6,292,162	$ 6,417,010

Share-Based Payment Arrangeme_2

Share-Based Payment Arrangement (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Details
Share-Based Payment Arrangement, Expense	$ 10,536	$ 7,134
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Method Used	Black-Scholes-Merton standard option-pricing model

NOTE 9. INCOME TAXES (Details)

NOTE 9. INCOME TAXES (Details)	3 Months Ended
	Jun. 30, 2023 USD ($)
Accrued Income Taxes	$ 453,591
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	2019
Maximum
Open Tax Year	2023

NOTE 10. LEASES_ Lease, Cost (D

NOTE 10. LEASES: Lease, Cost (Details)	3 Months Ended
	Jun. 30, 2023 USD ($)
Details
Operating lease cost	$ 37,754
Operating cash flows for leases	$ 44,433
Remaining lease term	33 months
Discount rate	3.50%

NOTE 10. LEASES_ Lessee, Oper_2

NOTE 10. LEASES: Lessee, Operating Lease, Liability, Maturity (Details)	Jun. 30, 2023 USD ($)
Details
2024	$ 134,207
2025	182,271
2026	184,995
Total lease payments	501,473
Imputed lease interest	(22,919)
Total lease liabilities	$ 478,554

NOTE 11. STOCK REPURCHASE PRO_2

NOTE 11. STOCK REPURCHASE PROGRAM (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jan. 21, 2009
Details
Stock Repurchase Program, Authorized Amount		$ 2,500,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 3,520,369
Treasury Stock, Shares, Acquired	0

NOTE 12. INFORMATION AS TO EM_2

NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 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	$ 27,078	$ 28,426

NOTE 13. SUBSEQUENT EVENTS (Det

NOTE 13. SUBSEQUENT EVENTS (Details) - $ / shares		3 Months Ended
	Jul. 19, 2023	Jun. 30, 2023	Jun. 30, 2022
Details
Subsequent Event, Date	Jul. 19, 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
Dividends Payable, Date to be Paid	Aug. 31, 2023
Dividends Payable, Date of Record	Jul. 31, 2023