NVE (NVEC) 10-Q 17 Jan 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Dec. 31, 2023 $ / shares shares
Details
Registrant CIK	0000724910
Fiscal Year End	--03-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 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	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 | $ / shares	$ 0.01
Entity Common Stock, Shares Outstanding | shares	4,833,401
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

BALANCE SHEETS (December 31, 20

BALANCE SHEETS (December 31, 2023 Unaudited) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Current assets
Cash and cash equivalents	$ 4,684,910	$ 1,669,896
Marketable securities, short-term (amortized cost of $14,556,450 as of December 31, 2023, and $15,696,135 as of March 31, 2023)	14,335,619	15,513,095
Accounts receivable, net of allowance for credit losses of $15,000	2,245,728	6,523,344
Inventories	7,349,811	6,417,010
Prepaid expenses and other assets	597,305	663,459
Total current assets	29,213,373	30,786,804
Fixed assets
Machinery and equipment	10,501,096	10,484,365
Leasehold improvements	1,956,309	1,956,309
Less accumulated depreciation and amortization	11,326,985	11,095,236
Net fixed assets	1,130,420	1,345,438
Deferred tax assets	1,290,284	572,038
Marketable securities, long-term (amortized cost of $36,414,391 as of December 31, 2023, and $37,495,846 as of March 31, 2023)	35,670,914	36,125,047
Right-of-use asset - operating lease	324,451	425,843
Total assets	67,629,442	69,255,170
Current liabilities
Accounts payable	170,701	281,712
Accrued payroll and other	460,414	1,375,250
Operating lease	178,490	175,798
Total current liabilities	809,605	1,832,760
Operating lease	218,785	342,908
Total liabilities	1,028,390	2,175,668
Shareholders' equity
Common Stock, Value	48,334	48,308
Additional paid-in capital	19,542,335	19,295,442
Accumulated other comprehensive loss	(753,317)	(1,213,858)
Retained earnings	47,763,700	48,949,610
Total shareholders' equity	66,601,052	67,079,502
Total liabilities and shareholders' equity	$ 67,629,442	$ 69,255,170

BALANCE SHEETS (December 31, _2

BALANCE SHEETS (December 31, 2023 Unaudited) - Parenthetical - USD ($)	Dec. 31, 2023	Mar. 31, 2023
BALANCE SHEETS (December 31, 2023 Unaudited)
Debt Instrument, Unamortized Discount, Current	$ 14,556,450	$ 15,696,135
Accounts Receivable, Allowance for Credit Loss	15,000	15,000
Debt Instrument, Unamortized Discount, Noncurrent	$ 36,414,391	$ 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		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Revenue
Product sales	$ 6,366,009	$ 7,200,385	$ 22,183,223	$ 24,787,885
Contract research and development	390,251	201,293	537,727	668,024
Total revenue	6,756,260	7,401,678	22,720,950	25,455,909
Cost of sales	1,355,067	1,478,372	5,034,556	5,533,000
Gross profit	5,401,193	5,923,306	17,686,394	19,922,909
Expenses
Research and development	540,895	700,609	1,920,095	1,972,505
Selling, general, and administrative	389,311	403,449	1,298,211	1,210,395
Total expenses	930,206	1,104,058	3,227,820	3,182,900
Provision for credit losses			9,514	0
Income from operations	4,470,987	4,819,248	14,458,574	16,740,009
Interest income	491,671	406,092	1,440,289	1,040,528
Income before taxes	4,962,658	5,225,340	15,898,863	17,780,537
Provision for income taxes	778,236	994,016	2,587,145	3,318,723
Net income	$ 4,184,422	$ 4,231,324	$ 13,311,718	$ 14,461,814
Net income per share - basic	$ 0.87	$ 0.88	$ 2.75	$ 2.99
Net income per share - diluted	0.87	0.88	2.75	2.99
Cash dividends declared per common share	$ 1	$ 1	$ 3	$ 3
Weighted average shares outstanding
Weighted Average Number of Shares Outstanding, Basic	4,833,401	4,830,826	4,832,992	4,830,826
Weighted Average Number of Shares Outstanding, Diluted	4,837,230	4,832,368	4,839,725	4,831,168

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended						9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Net income	$ 4,184,422	$ 4,723,566	$ 4,403,730	$ 4,231,324	$ 6,090,373	$ 4,140,116	$ 13,311,718	$ 14,461,814
Unrealized loss from marketable securities, net of tax	748,830	(53,588)	(234,701)	332,673	(1,127,362)	(338,553)	460,541	(1,133,242)
Comprehensive income	$ 4,933,252	$ 4,669,978	$ 4,169,029	$ 4,563,997	$ 4,963,011	$ 3,801,563	$ 13,772,259	$ 13,328,572

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, 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					(1,133,242)
Net income					14,461,814
Total comprehensive income					13,328,572
Shares Outstanding, Ending at Dec. 31, 2022	4,830,826
Equity Balance, Ending at Dec. 31, 2022	$ 48,308	19,310,703	(1,451,362)	45,547,791	63,455,440
Equity Balance, Starting at Jun. 30, 2022	$ 48,308	19,263,619	(656,673)	44,887,746	63,543,000
Shares Outstanding, Starting at Jun. 30, 2022	4,830,826
Unrealized loss from marketable securities, net of tax			(1,127,362)		(1,127,362)
Net income				6,090,373	6,090,373
Total comprehensive income					4,963,011
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		39,951			39,951
Cash dividends declared ($1.00 per share of common stock)				(4,830,826)	(4,830,826)
Shares Outstanding, Ending at Sep. 30, 2022	4,830,826
Equity Balance, Ending at Sep. 30, 2022	$ 48,308	19,303,570	(1,784,035)	46,147,293	63,715,136
Unrealized loss from marketable securities, net of tax			332,673		332,673
Net income				4,231,324	4,231,324
Total comprehensive income					4,563,997
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		7,133			7,133
Cash dividends declared ($1.00 per share of common stock)				(4,830,826)	(4,830,826)
Shares Outstanding, Ending at Dec. 31, 2022	4,830,826
Equity Balance, Ending at Dec. 31, 2022	$ 48,308	19,310,703	(1,451,362)	45,547,791	63,455,440
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
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
Unrealized loss from marketable securities, net of tax					460,541
Net income					13,311,718
Total comprehensive income					13,772,259
Shares Outstanding, Ending at Dec. 31, 2023	4,833,401
Equity Balance, Ending at Dec. 31, 2023	$ 48,334	19,542,335	(753,317)	47,763,700	66,601,052
Equity Balance, Starting at Jun. 30, 2023	$ 48,334	19,423,479	(1,448,559)	48,522,514	66,545,768
Shares Outstanding, Starting at Jun. 30, 2023	4,833,401
Unrealized loss from marketable securities, net of tax			(53,588)		(53,588)
Net income				4,723,566	4,723,566
Total comprehensive income					4,669,978
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		106,312			106,312
Cash dividends declared ($1.00 per share of common stock)				(4,833,401)	(4,833,401)
Shares Outstanding, Ending at Sep. 30, 2023	4,833,401
Equity Balance, Ending at Sep. 30, 2023	$ 48,334	19,529,791	(1,502,147)	48,412,679	66,488,657
Unrealized loss from marketable securities, net of tax			748,830		748,830
Net income				4,184,422	4,184,422
Total comprehensive income					4,933,252
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		12,544			12,544
Cash dividends declared ($1.00 per share of common stock)				(4,833,401)	(4,833,401)
Shares Outstanding, Ending at Dec. 31, 2023	4,833,401
Equity Balance, Ending at Dec. 31, 2023	$ 48,334	$ 19,542,335	$ (753,317)	$ 47,763,700	$ 66,601,052

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES
Net income	$ 13,311,718	$ 14,461,814
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	156,073	187,781
Provision for current estimate of credit losses	9,514	0
Stock-based compensation	129,392	54,218
Deferred income taxes	(847,235)	(61,972)
Changes in operating assets and liabilities
Accounts receivable	4,268,102	2,607,555
Inventories	(932,801)	(1,370,592)
Prepaid expenses and other assets	167,546	(502,423)
Accounts payable and accrued expenses	(1,147,278)	(627,470)
Net cash provided by operating activities	15,115,031	14,748,911
INVESTING ACTIVITIES
Purchases of fixed assets	(16,731)	(907,612)
Purchases of marketable securities	(6,103,185)	(26,618,617)
Proceeds from maturities of marketable securities	8,400,000	18,750,000
Receipt of tenant improvement allowance	0	100,000
Net cash provided (used) by investing activities	2,280,084	(8,676,229)
FINANCING ACTIVITIES
Proceeds from exercise of stock options	117,527	0
Payment of dividends to shareholders	(14,497,628)	(14,492,478)
Cash used in financing activities	(14,380,101)	(14,492,478)
Increase (decrease) in cash and cash equivalents	3,015,014	(8,419,796)
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	4,684,910	2,029,714
Supplemental disclosures of cash flow information
Cash paid during the period for income taxes	$ 3,685,861	$ 4,130,278

NOTE 1. DESCRIPTION OF BUSINESS

NOTE 1. DESCRIPTION OF BUSINESS	9 Months Ended
	Dec. 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.

NOTE 2. BASIS OF PRESENTATION A

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 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 securities 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 and remaining term of the receivable relative to our current days sales outstanding ratio, pending orders of the customer relative to accounts receivable balance as of the reporting date and amounts paid by the customers subsequent to the reporting period end but before the financial statements are issued.

NOTE 3. RECENTLY ISSUED ACCOUNT

NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS	9 Months Ended
	Dec. 31, 2023
Notes
NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS	NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS 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 New Accounting Standard Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. We do not expect the adoption of other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date to have a material impact on our financial statements when they are adopted.

NOTE 4. NET INCOME PER SHARE

NOTE 4. NET INCOME PER SHARE	9 Months Ended
	Dec. 31, 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 December 31, 2023 2022 Weighted average common shares outstanding – basic 4,833,401 4,830,826 Dilutive effect of stock options 3,829 1,542 Shares used in computing net income per share – diluted 4,837,230 4,832,368 Nine Months Ended December 31, 2023 2022 Weighted average common shares outstanding – basic 4,832,992 4,830,826 Dilutive effect of stock options 6,733 342 Shares used in computing net income per share – diluted 4,839,725 4,831,168

NOTE 5. MARKETABLE SECURITIES

NOTE 5. MARKETABLE SECURITIES	9 Months Ended
	Dec. 31, 2023
Notes
NOTE 5. MARKETABLE SECURITIES	NOTE 5. MARKETABLE SECURITIES The following table shows the major categories of our marketable securities and their contractual maturities as of December 31, 2023: Total <1 Year 1–3 Years 3–6 Years Money market funds $ 4,259,340 $ 4,259,340 $ - $ - Corporate bonds 50,006,533 14,335,619 27,222,387 8,448,527 Total $ 54,265,873 $ 18,594,959 $ 27,222,387 $ 8,448,527 Total marketable securities represent approximately 80% of our total assets as of December 31, 2023. Marketable securities as of December 31, 2023, had remaining maturities between one day and 64 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 $366,452 as of December 31, 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 December 31, 2023, aggregated by credit rating: Credit Rating Fair Value AAA $ 5,559,340 AA+ 2,179,443 AA 6,745,419 AA- 21,194,039 A+ 2,954,497 A 9,650,572 A- 5,982,563 Total $ 54,265,873 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 December 31, 2023 As of March 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 4,259,340 $ - $ 4,259,340 $ 906,141 $ - $ 906,141 Corporate bonds - 50,006,533 50,006,533 - 51,638,142 51,638,142 Total $ 4,259,340 $ 50,006,533 $ 54,265,873 $ 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 December 31 and March 31, 2023: As of December 31, 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 $ 4,259,340 $ - $ - $ 4,259,340 $ 906,141 $ - $ - $ 906,141 Corporate bonds 50,970,841 7,965 (972,273 ) 50,006,533 53,191,981 1,007 (1,554,846 ) 51,638,142 Total $ 55,230,181 $ 7,965 $ (972,273 ) $ 54,265,873 $ 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 December 31 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 December 31, 2023 Corporate bonds $ 1,848,307 $ (17,747 ) $ 40,715,403 $ (954,526 ) $ 42,563,710 $ (972,273 ) Total $ 1,848,307 $ (17,747 ) $ 40,715,403 $ (954,526 ) $ 42,563,710 $ (972,273 ) 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 December 31, 2023 2022 Unrealized gain from marketable securities $ 958,564 $ 425,849 Tax effects (209,734 ) (93,176 ) Unrealized gain on marketable securities, net of tax $ 748,830 $ 332,673 Nine Months Ended December 31, 2023 2022 Unrealized loss from marketable securities $ 589,530 $ (1,450,643 ) Tax effects (128,989 ) 317,401 Unrealized gain (loss) on marketable securities, net of tax $ 460,541 $ (1,133,242 )

NOTE 6. ALLOWANCE FOR CREDIT LO

NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES	9 Months Ended
	Dec. 31, 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 Provision for credit losses 212,440 Change in provision for credit losses (202,926 ) Specific accounts deemed uncollectible (9,514 ) Allowance for credit losses as of December 31, 2023 $ 15,000

NOTE 7. INVENTORIES

NOTE 7. INVENTORIES	9 Months Ended
	Dec. 31, 2023
Notes
NOTE 7. INVENTORIES	NOTE 7. INVENTORIES Inventories are shown in the following table: Dec. 31, 2023 March 31, 2023 Raw materials $ 2,068,092 $ 1,601,962 Work in process 2,995,391 3,781,894 Finished goods 2,286,328 1,033,154 Total inventories $ 7,349,811 $ 6,417,010

NOTE 8. STOCK-BASED COMPENSATIO

NOTE 8. STOCK-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2023
Notes
NOTE 8. STOCK-BASED COMPENSATION	NOTE 8. STOCK-BASED COMPENSATION Stock-based compensation expense was $12,544 for the third quarter of fiscal 2024, $7,133 for the third quarter of fiscal 2023, $129,392 for the first nine months of fiscal 2024, and $54,218 for the first nine months of fiscal 2023. We calculate share-based compensation expense using the Black-Scholes-Merton standard option-pricing model.

NOTE 9. INCOME TAXES

NOTE 9. INCOME TAXES	9 Months Ended
	Dec. 31, 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 December 31, 2023, federal and state estimated tax overpayments of $90,387 were included in the balance sheet in “Prepaid expenses and other assets.” We had no unrecognized tax benefits as of December 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 December 31, 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	9 Months Ended
	Dec. 31, 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 Dec. 31, 2023 Nine Months Ended Dec. 31, 2023 Operating lease cost $ 37,754 $ 113,261 Cash paid for amounts included Operating cash flows for leases $ 44,433 $ 133,299 Remaining lease term 27 months Discount rate 3.5 % The following table shows the maturities of lease liabilities as of December 31, 2023: Year Ending March 31, Operating Lease Liabilities 2024 $ 45,341 2025 182,271 2026 184,995 Total lease payments 412,607 Imputed lease interest (15,332 ) Total lease liabilities $ 397,275

NOTE 11. STOCK REPURCHASE PROGR

NOTE 11. STOCK REPURCHASE PROGRAM	9 Months Ended
	Dec. 31, 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 December 31, 2023. We have not repurchased any of our Common Stock during fiscal 2024.

NOTE 12. INFORMATION AS TO EMPL

NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS	9 Months Ended
	Dec. 31, 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 $27,904 for the third quarter of fiscal 2024, $21,484 for the third quarter of fiscal 2023, $79,388 for the first nine months of fiscal 2024, and $73,661 for the first nine months of fiscal 2023.

NOTE 13. SUBSEQUENT EVENTS

NOTE 13. SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2023
Notes
NOTE 13. SUBSEQUENT EVENTS	NOTE 13. SUBSEQUENT EVENTS On January 17, 2024, we announced that our Board of Directors had declared a quarterly cash dividend of $1.00 per share of Common Stock to be paid February 28, 2024, to shareholders of record as of the close of business January 29, 2024.

NOTE 2. BASIS OF PRESENTATION_2

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies)	9 Months Ended
	Dec. 31, 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 December 31, 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)	9 Months Ended
	Dec. 31, 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 December 31, 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)	9 Months Ended
	Dec. 31, 2023
Policies
Marketable securities and credit losses	Marketable securities and credit losses Our marketable securities consist of corporate bonds and money market funds. Marketable securities 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)	9 Months Ended
	Dec. 31, 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 and remaining term of the receivable relative to our current days sales outstanding ratio, pending orders of the customer relative to accounts receivable balance as of the reporting date and amounts paid by the customers subsequent to the reporting period end but before the financial statements are issued.

NOTE 6. ALLOWANCE FOR CREDIT _2

NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES: Schedule of Accounts, Notes, Loans and Financing Receivable (Policies)	9 Months Ended
	Dec. 31, 2023
Policies
Schedule of Accounts, Notes, Loans and Financing Receivable	Allowance for credit losses as of March 31, 2023 $ 15,000 Provision for credit losses 212,440 Change in provision for credit losses (202,926 ) Specific accounts deemed uncollectible (9,514 ) Allowance for credit losses as of December 31, 2023 $ 15,000

NOTE 4. NET INCOME PER SHARE_ S

NOTE 4. NET INCOME PER SHARE: Schedule of Earnings Per Share, Basic and Diluted (Tables)	9 Months Ended
	Dec. 31, 2023
Tables/Schedules
Schedule of Earnings Per Share, Basic and Diluted	Quarter Ended December 31, 2023 2022 Weighted average common shares outstanding – basic 4,833,401 4,830,826 Dilutive effect of stock options 3,829 1,542 Shares used in computing net income per share – diluted 4,837,230 4,832,368 Nine Months Ended December 31, 2023 2022 Weighted average common shares outstanding – basic 4,832,992 4,830,826 Dilutive effect of stock options 6,733 342 Shares used in computing net income per share – diluted 4,839,725 4,831,168

NOTE 5. MARKETABLE SECURITIES_

NOTE 5. MARKETABLE SECURITIES: Contractual maturities of marketable securities (Tables)	9 Months Ended
	Dec. 31, 2023
Tables/Schedules
Contractual maturities of marketable securities	Total <1 Year 1–3 Years 3–6 Years Money market funds $ 4,259,340 $ 4,259,340 $ - $ - Corporate bonds 50,006,533 14,335,619 27,222,387 8,448,527 Total $ 54,265,873 $ 18,594,959 $ 27,222,387 $ 8,448,527

NOTE 5. MARKETABLE SECURITIES_2

NOTE 5. MARKETABLE SECURITIES: Fair values of our marketable securities aggregated by credit rating (Tables)	9 Months Ended
	Dec. 31, 2023
Tables/Schedules
Fair values of our marketable securities aggregated by credit rating	Credit Rating Fair Value AAA $ 5,559,340 AA+ 2,179,443 AA 6,745,419 AA- 21,194,039 A+ 2,954,497 A 9,650,572 A- 5,982,563 Total $ 54,265,873

NOTE 5. MARKETABLE SECURITIES_3

NOTE 5. MARKETABLE SECURITIES: Estimated fair value of marketable securities aggregated by fair value hierarchy inputs used in estimating their fair values (Tables)	9 Months Ended
	Dec. 31, 2023
Tables/Schedules
Estimated fair value of marketable securities aggregated by fair value hierarchy inputs used in estimating their fair values	As of December 31, 2023 As of March 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 4,259,340 $ - $ 4,259,340 $ 906,141 $ - $ 906,141 Corporate bonds - 50,006,533 50,006,533 - 51,638,142 51,638,142 Total $ 4,259,340 $ 50,006,533 $ 54,265,873 $ 906,141 $ 51,638,142 $ 52,544,283

NOTE 5. MARKETABLE SECURITIES_4

NOTE 5. MARKETABLE SECURITIES: Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities (Tables)	9 Months Ended
	Dec. 31, 2023
Tables/Schedules
Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities	As of December 31, 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 $ 4,259,340 $ - $ - $ 4,259,340 $ 906,141 $ - $ - $ 906,141 Corporate bonds 50,970,841 7,965 (972,273 ) 50,006,533 53,191,981 1,007 (1,554,846 ) 51,638,142 Total $ 55,230,181 $ 7,965 $ (972,273 ) $ 54,265,873 $ 54,098,122 $ 1,007 $ (1,554,846 ) $ 52,544,283

NOTE 5. MARKETABLE SECURITIES_5

NOTE 5. 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)	9 Months Ended
	Dec. 31, 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 December 31, 2023 Corporate bonds $ 1,848,307 $ (17,747 ) $ 40,715,403 $ (954,526 ) $ 42,563,710 $ (972,273 ) Total $ 1,848,307 $ (17,747 ) $ 40,715,403 $ (954,526 ) $ 42,563,710 $ (972,273 ) 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 )

NOTE 5. MARKETABLE SECURITIES_6

NOTE 5. MARKETABLE SECURITIES: Unrealized losses on marketable securities and their tax effects (Tables)	9 Months Ended
	Dec. 31, 2023
Tables/Schedules
Unrealized losses on marketable securities and their tax effects	Quarter Ended December 31, 2023 2022 Unrealized gain from marketable securities $ 958,564 $ 425,849 Tax effects (209,734 ) (93,176 ) Unrealized gain on marketable securities, net of tax $ 748,830 $ 332,673 Nine Months Ended December 31, 2023 2022 Unrealized loss from marketable securities $ 589,530 $ (1,450,643 ) Tax effects (128,989 ) 317,401 Unrealized gain (loss) on marketable securities, net of tax $ 460,541 $ (1,133,242 )

NOTE 7. INVENTORIES_ Schedule o

NOTE 7. INVENTORIES: Schedule of Inventory (Tables)	9 Months Ended
	Dec. 31, 2023
Tables/Schedules
Schedule of Inventory	Dec. 31, 2023 March 31, 2023 Raw materials $ 2,068,092 $ 1,601,962 Work in process 2,995,391 3,781,894 Finished goods 2,286,328 1,033,154 Total inventories $ 7,349,811 $ 6,417,010

NOTE 10. LEASES_ Lease, Cost (T

NOTE 10. LEASES: Lease, Cost (Tables)	9 Months Ended
	Dec. 31, 2023
Tables/Schedules
Lease, Cost	Quarter Ended Dec. 31, 2023 Nine Months Ended Dec. 31, 2023 Operating lease cost $ 37,754 $ 113,261 Cash paid for amounts included Operating cash flows for leases $ 44,433 $ 133,299 Remaining lease term 27 months Discount rate 3.5 %

NOTE 10. LEASES_ Lessee, Operat

NOTE 10. LEASES: Lessee, Operating Lease, Liability, Maturity (Tables)	9 Months Ended
	Dec. 31, 2023
Tables/Schedules
Lessee, Operating Lease, Liability, Maturity	Year Ending March 31, Operating Lease Liabilities 2024 $ 45,341 2025 182,271 2026 184,995 Total lease payments 412,607 Imputed lease interest (15,332 ) Total lease liabilities $ 397,275

NOTE 4. NET INCOME PER SHARE__2

NOTE 4. NET INCOME PER SHARE: Schedule of Earnings Per Share, Basic and Diluted (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Details
Weighted Average Number of Shares Outstanding, Basic	4,833,401	4,830,826	4,832,992	4,830,826
Dilutive effect of stock options	3,829	1,542	6,733	342
Shares used in computing net income per share - diluted	4,837,230	4,832,368	4,839,725	4,831,168

NOTE 5. MARKETABLE SECURITIES_7

NOTE 5. MARKETABLE SECURITIES: Contractual maturities of marketable securities (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Marketable Securities	$ 54,265,873	$ 52,544,283
(1 Year	18,594,959
1-3 Years	27,222,387
3-6 Years	8,448,527
Money Market Funds
Marketable Securities	4,259,340	906,141
(1 Year	4,259,340
1-3 Years	0
3-6 Years	0
Corporate Bond Securities
Marketable Securities	50,006,533	$ 51,638,142
(1 Year	14,335,619
1-3 Years	27,222,387
3-6 Years	$ 8,448,527

NOTE 5. MARKETABLE SECURITIES (

NOTE 5. MARKETABLE SECURITIES (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Details
Debt Securities, Available-for-Sale, Excluding Accrued Interest	$ 366,452	$ 425,372

NOTE 5. MARKETABLE SECURITIES_8

NOTE 5. MARKETABLE SECURITIES: Fair values of our marketable securities aggregated by credit rating (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Marketable Securities	$ 54,265,873	$ 52,544,283
Standard & Poor's, AAA Rating
Marketable Securities	5,559,340
Standard & Poor's, AA+ Rating
Marketable Securities	2,179,443
Standard & Poor's, AA Rating
Marketable Securities	6,745,419
Standard & Poor's, AA- Rating
Marketable Securities	21,194,039
Standard & Poor's, A+ Rating
Marketable Securities	2,954,497
Standard & Poor's, A Rating
Marketable Securities	9,650,572
Standard & Poor's, A- Rating
Marketable Securities	$ 5,982,563

NOTE 5. MARKETABLE SECURITIES_9

NOTE 5. MARKETABLE SECURITIES: Estimated fair value of marketable securities aggregated by fair value hierarchy inputs used in estimating their fair values (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Marketable Securities	$ 54,265,873	$ 52,544,283
Money Market Funds
Marketable Securities	4,259,340	906,141
Corporate Bond Securities
Marketable Securities	50,006,533	51,638,142
Fair Value, Inputs, Level 1
Marketable Securities	4,259,340	906,141
Fair Value, Inputs, Level 1 | Money Market Funds
Marketable Securities	4,259,340	906,141
Fair Value, Inputs, Level 1 | Corporate Bond Securities
Marketable Securities	0	0
Fair Value, Inputs, Level 2
Marketable Securities	50,006,533	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	$ 50,006,533	$ 51,638,142

NOTE 5. MARKETABLE SECURITIE_10

NOTE 5. MARKETABLE SECURITIES: Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Amortized Cost	$ 55,230,181	$ 54,098,122
Gross Unrealized Holding Gains	7,965	1,007
Gross Unrealized Holding Losses	(972,273)	(1,554,846)
Marketable Securities	54,265,873	52,544,283
Money Market Funds
Amortized Cost	4,259,340	906,141
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Marketable Securities	4,259,340	906,141
Corporate Bond Securities
Amortized Cost	50,970,841	53,191,981
Gross Unrealized Holding Gains	7,965	1,007
Gross Unrealized Holding Losses	(972,273)	(1,554,846)
Marketable Securities	$ 50,006,533	$ 51,638,142

NOTE 5. MARKETABLE SECURITIE_11

NOTE 5. 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 ($)	Dec. 31, 2023	Mar. 31, 2023
Estimated Fair Value	$ 1,848,307	$ 37,084,628
Gross Unrealized Holding Losses	(17,747)	(590,967)
Estimated Fair Value	40,715,403	13,294,817
Gross Unrealized Holding Losses	(954,526)	(963,879)
Estimated Fair Value	42,563,710	50,379,445
Gross Unrealized Holding Losses	(972,273)	(1,554,846)
Corporate Bond Securities
Estimated Fair Value	1,848,307	37,084,628
Gross Unrealized Holding Losses	(17,747)	(590,967)
Estimated Fair Value	40,715,403	13,294,817
Gross Unrealized Holding Losses	(954,526)	(963,879)
Estimated Fair Value	42,563,710	50,379,445
Gross Unrealized Holding Losses	$ (972,273)	$ (1,554,846)

NOTE 5. MARKETABLE SECURITIE_12

NOTE 5. MARKETABLE SECURITIES: Unrealized losses on marketable securities and their tax effects (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Details
Unrealized loss from marketable securities	$ 958,564	$ 425,849	$ 589,530	$ (1,450,643)
Tax effects	(209,734)	(93,176)	(128,989)	317,401
Unrealized loss from marketable securities, net of tax	$ 748,830	$ 332,673	$ 460,541	$ (1,133,242)

NOTE 6. ALLOWANCE FOR CREDIT _3

NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Details
Allowance for credit losses as of March 31, 2023	$ 15,000
Provision for credit losses	212,440
Change in provision for credit losses	(202,926)
Specific accounts deemed uncollectible	(9,514)	$ 0
Allowance for credit losses as of December 31, 2023	$ 15,000

NOTE 7. INVENTORIES_ Schedule_2

NOTE 7. INVENTORIES: Schedule of Inventory (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Details
Raw materials	$ 2,068,092	$ 1,601,962
Work in process	2,995,391	3,781,894
Finished goods	2,286,328	1,033,154
Inventories	$ 7,349,811	$ 6,417,010

NOTE 8. STOCK-BASED COMPENSAT_2

NOTE 8. STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Details
Share-Based Payment Arrangement, Expense	$ 12,544	$ 7,133	$ 129,392	$ 54,218
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)	9 Months Ended
	Dec. 31, 2023 USD ($)
Accrued Income Taxes	$ 90,387
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	9 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Details
Operating lease cost	$ 37,754	$ 113,261
Operating cash flows for leases	$ 44,433	$ 133,299
Remaining lease term	27 months	27 months
Discount rate	3.50%	3.50%

NOTE 10. LEASES_ Lessee, Oper_2

NOTE 10. LEASES: Lessee, Operating Lease, Liability, Maturity (Details)	Dec. 31, 2023 USD ($)
Details
2024	$ 45,341
2025	182,271
2026	184,995
Total lease payments	412,607
Imputed lease interest	(15,332)
Total lease liabilities	$ 397,275

NOTE 11. STOCK REPURCHASE PRO_2

NOTE 11. STOCK REPURCHASE PROGRAM (Details) - USD ($)	9 Months Ended
	Dec. 31, 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		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 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	$ 27,904	$ 21,484	$ 2,024	$ 73,661

NOTE 13. SUBSEQUENT EVENTS (Det

NOTE 13. SUBSEQUENT EVENTS (Details) - $ / shares		3 Months Ended		9 Months Ended
	Jan. 17, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Details
Subsequent Event, Date	Jan. 17, 2024
Subsequent Event, Description	we announced that our Board of Directors had declared a quarterly cash dividend
Cash dividends declared per common share	$ 1	$ 1	$ 1	$ 3	$ 3
Dividends Payable, Date to be Paid	Feb. 28, 2024
Dividends Payable, Date of Record	Jan. 29, 2024