NVE (NVEC) 10-K 1 May 24 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Details
Registrant CIK	0000724910
Fiscal Year End	--03-31
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Securities Act File Number	000-12196
Entity Registrant Name	NVE CORP
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1424202
Entity Address, Address Line One	11409 Valley View Road
Entity Address, City or Town	Eden Prairie
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55344
Entity Address, Address Description	Address of principal executive offices
Phone Fax Number Description	Registrant’s telephone number, including area code
City Area Code	952
Local Phone Number	829-9217
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NVEC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float | $	$ 268
Entity Listing, Par Value Per Share | $ / shares	$ 0.01
Entity Common Stock, Shares Outstanding | shares	4,833,676
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Auditor Name	Boulay PLLP
Auditor Firm ID	542
Auditor Location	Minneapolis, Minnesota

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Current assets
Cash and cash equivalents	$ 10,283,550	$ 1,669,896
Marketable securities, short-term (amortized cost of $12,283,630 as of March 31, 2024, and $15,696,135 as of March 31, 2023)	11,917,779	15,513,095
Accounts receivable, net of allowance for credit losses of $15,000	3,144,833	6,523,344
Inventories	7,158,585	6,417,010
Prepaid expenses and other assets	689,349	663,459
Total current assets	33,194,096	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	11,403,383	11,095,236
Net fixed assets	1,054,022	1,345,438
Deferred tax assets	1,453,704	572,038
Marketable securities, long-term (amortized cost of $31,417,890 as of March 31, 2024, and $37,495,846 as of March 31, 2023)	30,788,301	36,125,047
Right-of-use asset - operating lease	289,910	425,843
Total assets	66,780,033	69,255,170
Current liabilities
Accounts payable	127,154	281,712
Accrued payroll and other	729,215	1,375,250
Operating lease	179,372	175,798
Total current liabilities	1,035,741	1,832,760
Operating lease	175,775	342,908
Total liabilities	1,211,516	2,175,668
Shareholders' equity
Common Stock, Value	48,337	48,308
Additional paid-in capital	19,554,812	19,295,442
Accumulated other comprehensive income (loss)	(777,637)	(1,213,858)
Retained earnings	46,743,005	48,949,610
Total shareholders' equity	65,568,517	67,079,502
Total liabilities and shareholders' equity	$ 66,780,033	$ 69,255,170

BALANCE SHEETS - Parenthetical

BALANCE SHEETS - Parenthetical - USD ($)	Mar. 31, 2024	Mar. 31, 2023
BALANCE SHEETS
Marketable securities, short-term, amortized cost	$ 12,283,630	$ 15,696,135
Accounts Receivable, Allowance for Credit Loss, Current	15,000	15,000
Marketable securities, long-term, amortized cost	$ 31,417,890	$ 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	4,833,676	4,830,826
Common Stock, Shares, Outstanding	4,833,676	4,830,826

STATEMENTS OF INCOME

STATEMENTS OF INCOME - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue
Product sales	$ 29,218,063	$ 37,196,717
Contract research and development	586,116	1,056,875
Total revenue	29,804,179	38,253,592
Cost of sales	6,772,533	8,062,311
Gross profit	23,031,646	30,191,281
Expenses
Research and development	2,731,434	2,583,994
Selling, general, and administrative	1,771,833	1,963,105
Credit loss expense	9,514	0
Total expenses	4,512,781	4,547,099
Income from operations	18,518,865	25,644,182
Interest income	1,948,720	1,448,655
Income before taxes	20,467,585	27,092,837
Provision for income taxes	3,342,886	4,398,379
Net income	$ 17,124,699	$ 22,694,458
Net income per share - basic	$ 3.54	$ 4.7
Net income per share - diluted	3.54	4.7
Cash dividends declared per common share	$ 4	$ 4
Weighted average shares outstanding
Weighted Average Number of Shares Outstanding, Basic	4,833,146	4,830,826
Weighted Average Number of Shares Outstanding, Diluted	4,839,705	4,832,096

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 17,124,699	$ 22,694,458
Unrealized gain (loss) from marketable securities, net of tax	436,221	(895,738)
Comprehensive income	$ 17,560,920	$ 21,798,720

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-in Capital	AOCI Including Portion Attributable to Noncontrolling Interest	Retained Earnings	Total
Equity Balance, Starting at Mar. 31, 2022	$ 48,308	$ 19,256,485	$ (318,120)	$ 45,578,456	$ 64,565,129
Shares Outstanding, Starting at Mar. 31, 2022	4,830,826
Repurchase of common stock	$ (3)	(20,697)			(20,700)
Repurchase of common stock	(264)
Stock Issued During Period, Value, Stock Options Exercised	$ 3	(3)			$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	264				1,000
Unrealized gain (loss) from marketable securities, net of tax			(895,738)		$ (895,738)
Net income				22,694,458	22,694,458
Total comprehensive income					21,798,720
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		59,657			59,657
Cash dividends declared ($4.00 per share of common stock)				(19,323,304)	(19,323,304)
Shares Outstanding, Ending at Mar. 31, 2023	4,830,826
Equity Balance, Ending at Mar. 31, 2023	$ 48,308	19,295,442	(1,213,858)	48,949,610	67,079,502
Stock Issued During Period, Value, Stock Options Exercised	$ 29	117,434			$ 117,463
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	2,850				5,000
Unrealized gain (loss) from marketable securities, net of tax			436,221		$ 436,221
Net income				17,124,699	17,124,699
Total comprehensive income					17,560,920
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		141,936			141,936
Cash dividends declared ($4.00 per share of common stock)				(19,331,304)	(19,331,304)
Shares Outstanding, Ending at Mar. 31, 2024	4,833,676
Equity Balance, Ending at Mar. 31, 2024	$ 48,337	$ 19,554,812	$ (777,637)	$ 46,743,005	$ 65,568,517

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net income	$ 17,124,699	$ 22,694,458
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	308,147	196,738
Bond premium (discount) amortization	(106,354)	60,868
Provision for current estimate of credit losses	9,514	0
Stock-based compensation	141,936	59,657
Deferred income taxes	(1,003,844)	161,894
Changes in operating assets and liabilities
Accounts receivable	3,368,997	(1,818,515)
Inventories	(741,575)	(1,328,375)
Prepaid expenses and other assets	110,043	(208,532)
Accounts payable and accrued expenses	(964,152)	(726,695)
Net cash provided by operating activities	18,247,411	19,091,498
INVESTING ACTIVITIES
Purchases of fixed assets	(16,731)	(935,791)
Purchases of marketable securities	(6,103,185)	(28,441,317)
Proceeds from maturities of marketable securities	15,700,000	20,750,000
Receipt of tenant improvement allowance	0	100,000
Net cash provided by (used in) investing activities	9,580,084	(8,527,108)
FINANCING ACTIVITIES
Exercise of stock options, net of shares withheld for exercise price	117,463	(3)
Repurchase of common stock	0	(20,697)
Payment of dividends to shareholders	(19,331,304)	(19,323,304)
Net cash used in financing activities	(19,213,841)	(19,344,004)
Increase (decrease) in cash and cash equivalents	8,613,654	(8,779,614)
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	10,283,550	1,669,896
Supplemental disclosures of cash flow information
Cash paid during the year for income taxes	$ 4,539,071	$ 4,501,656

NOTE 1. DESCRIPTION OF BUSINESS

NOTE 1. DESCRIPTION OF BUSINESS	12 Months Ended
	Mar. 31, 2024
Notes
NOTE 1. DESCRIPTION OF BUSINESS	NOTE 1. DESCRIPTION OF BUSINESS We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. We operate in one reportable segment.

NOTE 2. SUMMARY OF SIGNIFICANT

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2024
Notes
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Concentration of Risk and Financial Instruments Financial instruments potentially subject to significant concentrations of credit risk consist principally of cash equivalents, marketable securities, and accounts receivable. Cash and cash equivalents have been maintained in financial institutions we believe have high credit quality, however, these accounts may not be federally insured. We have invested our excess cash in corporate-backed and municipal-backed bonds and money market instruments. Our investment policy prescribes purchases of only high-grade securities and limits the amount of credit exposure to any one issuer. Our customers are throughout the world. We generally do not require collateral from our customers, but we perform ongoing credit evaluations of their financial condition. More information on accounts receivable is contained in the paragraph titled “Accounts Receivable and Allowance for Credit Losses” of this note. Additionally, we are dependent on critical suppliers including our packaging vendors and suppliers of certain raw silicon and semiconductor wafers that are incorporated in our products. Industry shortages and supply-chain disruptions in the past several years have increased the risks of supply interruptions. Marketable securities 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. Accounts Receivable and Allowance for Credit Losses We grant credit to customers in the normal course of business and at times may require customers to prepay for orders prior to shipment. Accounts receivable are recorded net of allowance for credit losses. We specifically analyze accounts receivable, historical credit losses, and customer creditworthiness when estimated allowance for credit losses. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. We record inventory reserves when we determine certain inventory is unlikely to be sold based on sales trends, turnover, competition, and other market factors. Product Warranty In general, we warranty our products to be free from defects in material and workmanship for one year. Fixed Assets Fixed assets are stated at cost. Depreciation of machinery and equipment is recorded over the estimated useful lives of the assets, generally five years, using the straight-line method. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the remaining term of the lease or five-year useful life. We record losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. We did not identify any indicators of impairment during fiscal 2024 or 2023. Depreciation expense related to fixed assets was $308,147 for fiscal 2024 and $196,738 for fiscal 2023. Revenue Recognition We recognize revenue when we satisfy performance obligations by the transfer of control of products or services to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. Revenue is disaggregated into product sales and contract research and development to depict the nature, amount, and timing of revenue recognition and economic characteristics of our business, and is represented within the financial statements. We recognize revenue from product sales to customers and distributors when we satisfy our performance obligation, at a point in time, on product shipment or delivery to our customer or distributor as determined by agreed-on shipping terms. Shipping charges billed to customers are included in product sales and the related shipping costs are included in cost of sales. Under certain limited circumstances, our distributors may earn commissions for activities unrelated to their purchases of our products, such as for facilitating the sale of custom products or research and development contracts with third parties. We recognize any such commissions as selling, general, and administrative expenses. We recognize discounts provided to our distributors as reductions in revenue. We recognize contract research and development revenue as the performance obligations are satisfied. Contracts have specifications unique to each customer and do not create an asset with an alternate use, and we have an enforceable right to payment for performance completed to date. We use the proportion of total contract consideration attributable to performance milestones achieved as the measurement of progress toward completion. Accounts receivable is recognized when we have transferred a good or service to a customer and our right to receive consideration is unconditional through the completion of our performance obligation. A contract asset is recognized when we have a right to consideration from the transfer of goods or services to a customer but have not completed our performance obligation. A contract liability is recognized when we have been paid by a customer but have not yet satisfied the performance obligation by transferring goods or services. We had no material contract assets or contract liabilities as of March 31, 2024, or March 31, 2023. Our performance obligations related to product sales and contract research and development contracts are satisfied in one year or less. Unsatisfied performance obligations represent contracts with an original expected duration of one year or less. As permitted under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers Income Taxes We account for income taxes using the asset and liability method. Deferred income taxes are provided for temporary differences between the financial reporting and tax bases of assets and liabilities. We provide valuation allowances against deferred tax assets if we determine that it is less likely than not that we will be able to utilize the deferred tax assets. Research and Development Expense Recognition Research and development costs are expensed as they are incurred. Customer-sponsored research and development costs are included in cost of sales. Stock-Based Compensation We measure stock-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is generally the vesting period. We recognize any forfeitures as they occur. Net Income Per Share Net income per basic share is computed based on the weighted average number of common shares issued and outstanding during the year. Net income per diluted share amounts assume the exercise of all stock options. The following table shows the components of diluted shares: Year Ended March 31, 2024 2023 Weighted average common shares outstanding – basic 4,833,146 4,830,826 Dilutive effect of stock options 6,559 1,270 Shares used in computing net income per share – diluted 4,839,705 4,832,096 Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Recently Adopted Accounting Standard In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. ASU 2016-13 requires a financial asset (or a group of financial assets) to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In November 2018 the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarifies codification and corrects unintended application of the guidance, and in November 2019, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarifies or addresses specific issues about certain aspects of ASU 2016-13. In November 2019 the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, and in February 2020 the FASB issued ASU No. 2020-02, 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), both of which delay the effective date of ASU 2016-13 by three years for certain Smaller Reporting Companies such as us. In March 2020, the FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments; which modifies the measurement of expected credit losses of certain financial instruments. We adopted ASU No. 2016-13 beginning with the quarter ended June 30, 2023. 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 March 31, 2024 or April 1, 2023. New Accounting Standards 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 3. MARKETABLE SECURITIES

NOTE 3. MARKETABLE SECURITIES	12 Months Ended
	Mar. 31, 2024
Notes
NOTE 3. MARKETABLE SECURITIES	NOTE 3. MARKETABLE SECURITIES The following table shows the major categories of our marketable securities and their contractual maturities as of March 31, 2024: Total <1 Year 1–3 Years 3–6 Years Money market funds $ 9,842,796 $ 9,842,796 $ - $ - Corporate bonds 42,706,080 11,917,779 22,425,929 8,362,372 Total $ 52,548,876 $ 21,760,575 $ 22,425,929 $ 8,362,372 Total marketable securities represent approximately 79% of our total assets as of March 31, 2024. Marketable securities as of March 31, 2024, had remaining maturities between six weeks and 61 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 $460,627 as of March 31, 2024, 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 March 31, 2024, aggregated by credit rating: Credit Rating Fair Value AAA $ 9,842,796 AA+ 2,192,943 AA 6,737,897 AA- 21,140,534 A+ 2,909,870 A 9,724,836 Total $ 52,548,876 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 March 31, 2024 As of March 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 9,842,796 $ - $ 9,842,796 $ 906,141 $ - $ 906,141 Corporate bonds - 42,706,080 42,706,080 - 51,638,142 51,638,142 Total $ 9,842,796 $ 42,706,080 $ 52,548,876 $ 906,141 $ 51,638,142 $ 52,544,283 Our available-for-sale securities as of March 31, 2024 and 2023, aggregated into classes of securities, were as follows: As of March 31, 2024 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 $ 9,842,796 $ - $ - $ 9,842,796 $ 906,141 $ - $ - $ 906,141 Corporate bonds 43,701,520 930 (996,370 ) 42,706,080 53,191,981 1,007 (1,554,846 ) 51,638,142 Total $ 53,544,316 $ 930 $ (996,370 ) $ 52,548,876 $ 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 March 31, 2024 and 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 March 31, 2024 Corporate bonds $ 3,154,764 $ (4,902 ) $ 36,551,534 $ (991,468 ) $ 39,706,298 $ (996,370 ) Total $ 3,154,764 $ (4,902 ) $ 36,551,534 $ (991,468 ) $ 39,706,298 $ (996,370 ) 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: Year Ended March 31, 2024 2023 Unrealized gain (loss) from marketable securities $ 558,399 $ (1,146,618 ) Tax effects (122,178 ) 250,880 Unrealized gain (loss) from marketable securities, net of tax $ 436,221 $ (895,738 )

NOTE 4. ALLOWANCE FOR CREDIT LO

NOTE 4. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES	12 Months Ended
	Mar. 31, 2024
Notes
NOTE 4. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES	NOTE 4. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES The following table shows a roll forward of the allowance for accounts receivable credit losses: Allowance for credit losses as of March 31, 2023 $ 15,000 Additions during the year 212,440 Reversals during the year (202,926 ) Specific accounts deemed uncollectible (9,514 ) Allowance for credit losses as of March 31, 2024 $ 15,000

NOTE 5. INVENTORIES

NOTE 5. INVENTORIES	12 Months Ended
	Mar. 31, 2024
Notes
NOTE 5. INVENTORIES	NOTE 5. INVENTORIES Inventories are shown in the following table: March 31, 2024 2023 Raw materials $ 1,982,657 $ 1,601,962 Work in process 2,641,085 3,781,894 Finished goods 2,534,843 1,033,154 Total inventories $ 7,158,585 $ 6,417,010

NOTE 6. STOCK-BASED COMPENSATIO

NOTE 6. STOCK-BASED COMPENSATION	12 Months Ended
	Mar. 31, 2024
Notes
NOTE 6. STOCK-BASED COMPENSATION	NOTE 6. STOCK-BASED COMPENSATION Stock Option Plan Our 2000 Stock Option Plan, as amended, provides for issuance to employees, directors, and certain service providers of incentive stock options and nonstatutory stock options. Generally, the options may be exercised at any time prior to expiration, subject to vesting based on terms of employment. The period ranges from immediate vesting to vesting in one year. The options have exercisable lives of ten years from the date of grant and are generally not eligible to vest early in the event of retirement, death, disability, or change in control. Exercise prices are not less than fair market value of the underlying Common Stock at the date the options are granted. Stock-based compensation expense was $141,936 in fiscal 2024 and $59,657 in fiscal 2023. Valuation assumptions We use the Black-Scholes-Merton option-pricing model to determine the fair value of stock options. The following assumptions were used to estimate the fair value of options granted: Year Ended March 31, 2024 2023 Risk-free interest rate 4.2% – 5.0 % 0.9% – 3.0 % Expected volatility 40% – 42 % 35% – 39 % Expected life (years) 5.0% 4.6% Dividend yield 4.5% – 5.0 % 5.0% – 5.5 % The determination of the fair value of the awards on the date of grant using the Black-Scholes-Merton model is affected by our stock price as well as assumptions of other variables, including projected stock option exercise behaviors, risk-free interest rate, and expected volatility of our stock price in future periods. Our estimates and assumptions affect the amounts reported in the financial statements and accompanying notes. Expected life We analyze historical exercise and termination data to estimate the expected life assumption. We believe historical data currently represents the best estimate of the expected life of a new option. Risk-free interest rate The risk-free rate is based on the yield of U.S. Treasury securities on the grant date for maturities similar to the expected lives of the options. Volatility We use historical volatility to estimate the expected volatility of our common stock. Dividend yield We assumed a 4.5% to 5% dividend yield for fiscal 2024 and 5.0% to 5.5% for fiscal 2023 based on the dividend yield on the date the options were granted. Tax effects of stock-based compensation Stock-based compensation increased deferred tax assets by $29,934 General stock option information The following table summarizes the activity for all stock options outstanding for the years ended March 31, 2024 and 2023: 2024 2023 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 34,500 $ 66.26 29,000 $ 69.52 Granted 6,500 79.29 6,500 50.35 Exercised (5,000 ) 59.85 (1,000 )) 57.46 At March 31, 36,000 $ 69.50 34,500 $ 66.26 Options exercisable at March 31, 33,500 $ 65.12 32,000 $ 63.60 Weighted average grant date fair value of options granted during the year $ 22.15 $ 9.06 The following table summarizes additional information about stock options outstanding and exercisable at March 31, 2024: Options Outstanding Options Exercisable Options Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value 36,000 5.96 $ 69.50 $ 764,355 33,500 $ 65.12 $ 764,355 The total fair value of options granted was $143,943 in fiscal 2024 and $58,900 in fiscal 2023. There was $4,181 of unrecognized stock-based compensation as of March 31, 2024 related to nonvested options, which we expect to recognize in the first quarter of fiscal 2025.

NOTE 7. INCOME TAXES

NOTE 7. INCOME TAXES	12 Months Ended
	Mar. 31, 2024
Notes
NOTE 7. INCOME TAXES	NOTE 7. INCOME TAXES Income tax provisions for fiscal 2024 and 2023 consisted of the following: Year Ended March 31, 2024 2023 Current taxes Federal $ 4,145,804 $ 4,039,848 State 200,926 195,939 Deferred taxes Federal (963,470 ) 156,053 State (40,374 ) 6,539 Income tax provision $ 3,342,886 $ 4,398,379 A reconciliation of income tax provisions at the U.S. statutory rate for fiscal 2024 and 2023 is as follows: Year Ended March 31, 2024 2023 Tax expense at U.S. Statutory rate $ 4,298,193 $ 5,689,294 State income taxes, net of Federal benefit 180,115 180,091 Research & development and manufacturing tax credits (68,894 ) (255,713 ) Tax effect of Foreign-derived intangible income deduction (1,125,817 ) (1,265,055 ) Other 59,289 49,762 ) Income tax provision $ 3,342,886 $ 4,398,379 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities as of March 31, 2024 and 2023 were as follows: March 31, 2024 2023 Paid time off accrual $ 64,190 $ 52,525 Inventory reserve 47,042 47,042 Depreciation and amortization (127,839 ) (167,551 ) Stock-based compensation deductions 101,668 71,734 Unrealized loss on marketable securities 217,802 339,980 Section 174 R&D expense 930,946 - UNICAP 263A inventory 202,339 204,424 Other 17,556 23,884 Deferred tax assets $ 1,453,704 $ 572,038 We had no unrecognized tax benefits as of March 31, 2024, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of March 31, 2024 we had no accrued interest related to uncertain tax positions. Federal and State estimated taxes overpayment were $31,250 as of March 31, 2024 and estimated taxes payable were $161,092 as of March 31, 2023. The tax years 2020 through 2023

NOTE 8. LEASES

NOTE 8. LEASES	12 Months Ended
	Mar. 31, 2024
Notes
NOTE 8. LEASES	NOTE 8. LEASES We conduct our operations in a leased facility under a non-cancellable lease expiring March 31, 2026. We have an option to extend the lease for an additional five years at the market rent subject to certain terms and conditions. Our lease does not provide an implicit rate, so we used our incremental borrowing rate to determine the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. Details of our operating lease are as follows: Year Ended March 31, 2024 2023 Operating lease cost $ 151,014 $ 151,014 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 178,640 $ 75,168 Remaining lease term (years) 2 3 Discount rate 3.5 % 3.5 % The following table presents the maturities of lease liabilities as of March 31, 2024: Year Ending March 31, Operating Lease Liabilities 2025 182,271 2026 184,995 Total lease payments 367,266 Imputed lease interest (12,119 ) Total lease liabilities $ 355,147

NOTE 9. CONCENTRATIONS

NOTE 9. CONCENTRATIONS	12 Months Ended
	Mar. 31, 2024
Notes
NOTE 9. CONCENTRATIONS	NOTE 9. CONCENTRATIONS The following table summarizes customers comprising 10% or more of revenue for the two most recent fiscal years: % of Revenue % of Accounts Receivable Year Ended March 31, 2024 2023 2024 2023 Customer A 23% 22% 21% 19% We do not currently believe the receivable balances from this customer represents a significant credit risk based on our analysis of the likelihood of default.

NOTE 10. STOCK REPURCHASE PROGR

NOTE 10. STOCK REPURCHASE PROGRAM	12 Months Ended
	Mar. 31, 2024
Notes
NOTE 10. STOCK REPURCHASE PROGRAM	NOTE 10. STOCK REPURCHASE PROGRAM On January 21, 2009 we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock from time to time in open market, block, or privately negotiated transactions. The timing and extent of any repurchases depends on market conditions, the trading price of the company’s stock, tax considerations, and other factors, and subject to the restrictions relating to volume, price, and timing under applicable law. On August 27, 2015, we announced that our Board of Directors authorized up to $5,000,000 of additional repurchases. Our repurchase program does not have an expiration date and does not obligate us to purchase any shares. The Program may be modified or discontinued at any time without notice. We intend to finance any stock repurchases with cash provided by operating activities or maturating marketable securities. We repurchased 264 shares of our Common Stock in fiscal 2023. The remaining authorization was $3,520,369 as of March 31, 2024.

NOTE 11. INFORMATION AS TO EMPL

NOTE 11. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS	12 Months Ended
	Mar. 31, 2024
Notes
NOTE 11. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS	NOTE 11. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS All of our employees are eligible to participate in our 401(k) savings plan the first quarter after reaching age 18. Employees may contribute up to the Internal Revenue Code maximum. We make matching contributions of 100% of the first 3% of participants’ before-tax salary deferral contributions. Our matching contributions were $101,931 for fiscal 2024 and $98,029 for fiscal 2023.

NOTE 12. SUBSEQUENT EVENTS

NOTE 12. SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2024
Notes
NOTE 12. SUBSEQUENT EVENTS	NOTE 12. SUBSEQUENT EVENTS On May 1, 2024 we announced that our Board had declared a quarterly cash dividend of $1.00 per share of Common Stock to be paid May 31, 2024 to shareholders of record as of the close of business May 13, 2024.

NOTE 2. SUMMARY OF SIGNIFICAN_2

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.

NOTE 2. SUMMARY OF SIGNIFICAN_3

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Concentration of Risk and Financial Instruments (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
Concentration of Risk and Financial Instruments	Concentration of Risk and Financial Instruments Financial instruments potentially subject to significant concentrations of credit risk consist principally of cash equivalents, marketable securities, and accounts receivable. Cash and cash equivalents have been maintained in financial institutions we believe have high credit quality, however, these accounts may not be federally insured. We have invested our excess cash in corporate-backed and municipal-backed bonds and money market instruments. Our investment policy prescribes purchases of only high-grade securities and limits the amount of credit exposure to any one issuer. Our customers are throughout the world. We generally do not require collateral from our customers, but we perform ongoing credit evaluations of their financial condition. More information on accounts receivable is contained in the paragraph titled “Accounts Receivable and Allowance for Credit Losses” of this note. Additionally, we are dependent on critical suppliers including our packaging vendors and suppliers of certain raw silicon and semiconductor wafers that are incorporated in our products. Industry shortages and supply-chain disruptions in the past several years have increased the risks of supply interruptions.

NOTE 2. SUMMARY OF SIGNIFICAN_4

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Accounts Receivable and Allowance for Credit Losses (Policies)	12 Months Ended
	Mar. 31, 2024
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 may require customers to prepay for orders prior to shipment. Accounts receivable are recorded net of allowance for credit losses. We specifically analyze accounts receivable, historical credit losses, and customer creditworthiness when estimated allowance for credit losses.

NOTE 2. SUMMARY OF SIGNIFICAN_5

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Inventories (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. We record inventory reserves when we determine certain inventory is unlikely to be sold based on sales trends, turnover, competition, and other market factors.

NOTE 2. SUMMARY OF SIGNIFICAN_6

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Product Warranty (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
Product Warranty	Product Warranty In general, we warranty our products to be free from defects in material and workmanship for one year.

NOTE 2. SUMMARY OF SIGNIFICAN_7

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fixed Assets (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
Fixed Assets	Fixed Assets Fixed assets are stated at cost. Depreciation of machinery and equipment is recorded over the estimated useful lives of the assets, generally five years, using the straight-line method. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the remaining term of the lease or five-year useful life. We record losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. We did not identify any indicators of impairment during fiscal 2024 or 2023. Depreciation expense related to fixed assets was $308,147 for fiscal 2024 and $196,738 for fiscal 2023.

NOTE 2. SUMMARY OF SIGNIFICAN_8

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
Revenue Recognition	Revenue Recognition We recognize revenue when we satisfy performance obligations by the transfer of control of products or services to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. Revenue is disaggregated into product sales and contract research and development to depict the nature, amount, and timing of revenue recognition and economic characteristics of our business, and is represented within the financial statements. We recognize revenue from product sales to customers and distributors when we satisfy our performance obligation, at a point in time, on product shipment or delivery to our customer or distributor as determined by agreed-on shipping terms. Shipping charges billed to customers are included in product sales and the related shipping costs are included in cost of sales. Under certain limited circumstances, our distributors may earn commissions for activities unrelated to their purchases of our products, such as for facilitating the sale of custom products or research and development contracts with third parties. We recognize any such commissions as selling, general, and administrative expenses. We recognize discounts provided to our distributors as reductions in revenue. We recognize contract research and development revenue as the performance obligations are satisfied. Contracts have specifications unique to each customer and do not create an asset with an alternate use, and we have an enforceable right to payment for performance completed to date. We use the proportion of total contract consideration attributable to performance milestones achieved as the measurement of progress toward completion. Accounts receivable is recognized when we have transferred a good or service to a customer and our right to receive consideration is unconditional through the completion of our performance obligation. A contract asset is recognized when we have a right to consideration from the transfer of goods or services to a customer but have not completed our performance obligation. A contract liability is recognized when we have been paid by a customer but have not yet satisfied the performance obligation by transferring goods or services. We had no material contract assets or contract liabilities as of March 31, 2024, or March 31, 2023. Our performance obligations related to product sales and contract research and development contracts are satisfied in one year or less. Unsatisfied performance obligations represent contracts with an original expected duration of one year or less. As permitted under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers

NOTE 2. SUMMARY OF SIGNIFICAN_9

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
Income Taxes	Income Taxes We account for income taxes using the asset and liability method. Deferred income taxes are provided for temporary differences between the financial reporting and tax bases of assets and liabilities. We provide valuation allowances against deferred tax assets if we determine that it is less likely than not that we will be able to utilize the deferred tax assets.

NOTE 2. SUMMARY OF SIGNIFICA_10

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Research and Development Expense Recognition (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
Research and Development Expense Recognition	Research and Development Expense Recognition Research and development costs are expensed as they are incurred. Customer-sponsored research and development costs are included in cost of sales.

NOTE 2. SUMMARY OF SIGNIFICA_11

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Stock-Based Compensation (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
Stock-Based Compensation	Stock-Based Compensation We measure stock-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is generally the vesting period. We recognize any forfeitures as they occur.

NOTE 2. SUMMARY OF SIGNIFICA_12

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Net Income Per Share (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
Net Income Per Share	Net Income Per Share Net income per basic share is computed based on the weighted average number of common shares issued and outstanding during the year. Net income per diluted share amounts assume the exercise of all stock options. The following table shows the components of diluted shares:

NOTE 2. SUMMARY OF SIGNIFICA_13

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

NOTE 2. SUMMARY OF SIGNIFICA_14

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recently Adopted Accounting Standard (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
Recently Adopted Accounting Standard	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. ASU 2016-13 requires a financial asset (or a group of financial assets) to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In November 2018 the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarifies codification and corrects unintended application of the guidance, and in November 2019, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarifies or addresses specific issues about certain aspects of ASU 2016-13. In November 2019 the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, and in February 2020 the FASB issued ASU No. 2020-02, 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), both of which delay the effective date of ASU 2016-13 by three years for certain Smaller Reporting Companies such as us. In March 2020, the FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments; which modifies the measurement of expected credit losses of certain financial instruments. We adopted ASU No. 2016-13 beginning with the quarter ended June 30, 2023. 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 March 31, 2024 or April 1, 2023.

NOTE 2. SUMMARY OF SIGNIFICA_15

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: New Accounting Standards Not Yet Adopted (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
New Accounting Standards Not Yet Adopted	New Accounting Standards 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 7. INCOME TAXES_ Schedule

NOTE 7. INCOME TAXES: Schedule of Deferred Tax Assets and Liabilities (Policies)	12 Months Ended
	Mar. 31, 2024
Policies
Schedule of Deferred Tax Assets and Liabilities	March 31, 2024 2023 Paid time off accrual $ 64,190 $ 52,525 Inventory reserve 47,042 47,042 Depreciation and amortization (127,839 ) (167,551 ) Stock-based compensation deductions 101,668 71,734 Unrealized loss on marketable securities 217,802 339,980 Section 174 R&D expense 930,946 - UNICAP 263A inventory 202,339 204,424 Other 17,556 23,884 Deferred tax assets $ 1,453,704 $ 572,038

NOTE 2. SUMMARY OF SIGNIFICA_16

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Marketable securities (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Marketable securities	Marketable securities 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.

NOTE 2. SUMMARY OF SIGNIFICA_17

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Schedule of Earnings Per Share, Basic and Diluted (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Schedule of Earnings Per Share, Basic and Diluted	Year Ended March 31, 2024 2023 Weighted average common shares outstanding – basic 4,833,146 4,830,826 Dilutive effect of stock options 6,559 1,270 Shares used in computing net income per share – diluted 4,839,705 4,832,096

NOTE 3. MARKETABLE SECURITIES_

NOTE 3. MARKETABLE SECURITIES: Fair Value of available-for-sale securities (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Fair Value of available-for-sale securities	Total <1 Year 1–3 Years 3–6 Years Money market funds $ 9,842,796 $ 9,842,796 $ - $ - Corporate bonds 42,706,080 11,917,779 22,425,929 8,362,372 Total $ 52,548,876 $ 21,760,575 $ 22,425,929 $ 8,362,372

NOTE 3. MARKETABLE SECURITIES_2

NOTE 3. MARKETABLE SECURITIES: Schedule of Fair Value of Marketable Securities Aggregated by Crfedit Rating (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Schedule of Fair Value of Marketable Securities Aggregated by Crfedit Rating	Credit Rating Fair Value AAA $ 9,842,796 AA+ 2,192,943 AA 6,737,897 AA- 21,140,534 A+ 2,909,870 A 9,724,836 Total $ 52,548,876

NOTE 3. MARKETABLE SECURITIES_3

NOTE 3. MARKETABLE SECURITIES: Estimated fair value of assets that were accounted for at fair value on a recurring basis (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Estimated fair value of assets that were accounted for at fair value on a recurring basis	As of March 31, 2024 As of March 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 9,842,796 $ - $ 9,842,796 $ 906,141 $ - $ 906,141 Corporate bonds - 42,706,080 42,706,080 - 51,638,142 51,638,142 Total $ 9,842,796 $ 42,706,080 $ 52,548,876 $ 906,141 $ 51,638,142 $ 52,544,283

NOTE 3. MARKETABLE SECURITIES_4

NOTE 3. MARKETABLE SECURITIES: Available-for-Sale Securities (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Available-for-Sale Securities	As of March 31, 2024 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 $ 9,842,796 $ - $ - $ 9,842,796 $ 906,141 $ - $ - $ 906,141 Corporate bonds 43,701,520 930 (996,370 ) 42,706,080 53,191,981 1,007 (1,554,846 ) 51,638,142 Total $ 53,544,316 $ 930 $ (996,370 ) $ 52,548,876 $ 54,098,122 $ 1,007 $ (1,554,846 ) $ 52,544,283

NOTE 3. MARKETABLE SECURITIES_5

NOTE 3. MARKETABLE SECURITIES: Gross unrealized holding losses and fair value of available-for-sale securities with unrealized holding losses (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Gross unrealized holding losses and fair value of available-for-sale securities with unrealized holding losses	Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses As of March 31, 2024 Corporate bonds $ 3,154,764 $ (4,902 ) $ 36,551,534 $ (991,468 ) $ 39,706,298 $ (996,370 ) Total $ 3,154,764 $ (4,902 ) $ 36,551,534 $ (991,468 ) $ 39,706,298 $ (996,370 ) 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 3. MARKETABLE SECURITIES_6

NOTE 3. MARKETABLE SECURITIES: Unrealized Gain (Loss) on Investments (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Unrealized Gain (Loss) on Investments	Year Ended March 31, 2024 2023 Unrealized gain (loss) from marketable securities $ 558,399 $ (1,146,618 ) Tax effects (122,178 ) 250,880 Unrealized gain (loss) from marketable securities, net of tax $ 436,221 $ (895,738 )

NOTE 4. ALLOWANCE FOR CREDIT _2

NOTE 4. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES: Accounts Receivable, Allowance for Credit Loss (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Accounts Receivable, Allowance for Credit Loss	Allowance for credit losses as of March 31, 2023 $ 15,000 Additions during the year 212,440 Reversals during the year (202,926 ) Specific accounts deemed uncollectible (9,514 ) Allowance for credit losses as of March 31, 2024 $ 15,000

NOTE 6. STOCK-BASED COMPENSAT_2

NOTE 6. STOCK-BASED COMPENSATION: Schedule of Fair value of stock options (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Schedule of Fair value of stock options	Year Ended March 31, 2024 2023 Risk-free interest rate 4.2% – 5.0 % 0.9% – 3.0 % Expected volatility 40% – 42 % 35% – 39 % Expected life (years) 5.0% 4.6% Dividend yield 4.5% – 5.0 % 5.0% – 5.5 %

NOTE 6. STOCK-BASED COMPENSAT_3

NOTE 6. STOCK-BASED COMPENSATION: Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	2024 2023 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 34,500 $ 66.26 29,000 $ 69.52 Granted 6,500 79.29 6,500 50.35 Exercised (5,000 ) 59.85 (1,000 )) 57.46 At March 31, 36,000 $ 69.50 34,500 $ 66.26 Options exercisable at March 31, 33,500 $ 65.12 32,000 $ 63.60 Weighted average grant date fair value of options granted during the year $ 22.15 $ 9.06

NOTE 6. STOCK-BASED COMPENSAT_4

NOTE 6. STOCK-BASED COMPENSATION: Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value	Options Outstanding Options Exercisable Options Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value 36,000 5.96 $ 69.50 $ 764,355 33,500 $ 65.12 $ 764,355

NOTE 7. INCOME TAXES_ Schedul_2

NOTE 7. INCOME TAXES: Schedule of Components of Income Tax Expense (Benefit) (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Schedule of Components of Income Tax Expense (Benefit)	Year Ended March 31, 2024 2023 Current taxes Federal $ 4,145,804 $ 4,039,848 State 200,926 195,939 Deferred taxes Federal (963,470 ) 156,053 State (40,374 ) 6,539 Income tax provision $ 3,342,886 $ 4,398,379

NOTE 7. INCOME TAXES_ Schedul_3

NOTE 7. INCOME TAXES: Schedule of Effective Income Tax Rate Reconciliation (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Schedule of Effective Income Tax Rate Reconciliation	Year Ended March 31, 2024 2023 Tax expense at U.S. Statutory rate $ 4,298,193 $ 5,689,294 State income taxes, net of Federal benefit 180,115 180,091 Research & development and manufacturing tax credits (68,894 ) (255,713 ) Tax effect of Foreign-derived intangible income deduction (1,125,817 ) (1,265,055 ) Other 59,289 49,762 ) Income tax provision $ 3,342,886 $ 4,398,379

NOTE 8. LEASES_ Lease, Cost (Ta

NOTE 8. LEASES: Lease, Cost (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Lease, Cost	Year Ended March 31, 2024 2023 Operating lease cost $ 151,014 $ 151,014 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 178,640 $ 75,168 Remaining lease term (years) 2 3 Discount rate 3.5 % 3.5 %

NOTE 8. LEASES_ Lessee, Operati

NOTE 8. LEASES: Lessee, Operating Lease, Liability, Maturity (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Lessee, Operating Lease, Liability, Maturity	Year Ending March 31, Operating Lease Liabilities 2025 182,271 2026 184,995 Total lease payments 367,266 Imputed lease interest (12,119 ) Total lease liabilities $ 355,147

NOTE 9. CONCENTRATIONS_ Schedul

NOTE 9. CONCENTRATIONS: Schedule of Customers comprising 10% or more of revenue (Tables)	12 Months Ended
	Mar. 31, 2024
Tables/Schedules
Schedule of Customers comprising 10% or more of revenue	% of Revenue % of Accounts Receivable Year Ended March 31, 2024 2023 2024 2023 Customer A 23% 22% 21% 19%

NOTE 2. SUMMARY OF SIGNIFICA_18

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fixed Assets (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Details
Depreciation	$ 308,147	$ 196,738

NOTE 2. SUMMARY OF SIGNIFICA_19

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Details
Weighted Average Number of Shares Outstanding, Basic	4,833,146	4,830,826
Dilutive effect of stock options	$ 6,559	$ 1,270
Weighted Average Number of Shares Outstanding, Diluted	4,839,705	4,832,096

NOTE 3. MARKETABLE SECURITIES_7

NOTE 3. MARKETABLE SECURITIES: Fair Value of available-for-sale securities (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Total	$ 52,548,876	$ 52,544,283
(1 Year	21,760,575
Available for Sale Securities, Debt Maturities after One through Three Years, Fair Value	22,425,929
Available for Sale Securities, Debt Maturities after Three through Seven Years, Fair Value	8,362,372
Money Market Funds
Total	9,842,796	906,141
(1 Year	9,842,796
Available for Sale Securities, Debt Maturities after One through Three Years, Fair Value	0
Available for Sale Securities, Debt Maturities after Three through Seven Years, Fair Value	0
Corporate Bond Securities
Total	42,706,080	$ 51,638,142
(1 Year	11,917,779
Available for Sale Securities, Debt Maturities after One through Three Years, Fair Value	22,425,929
Available for Sale Securities, Debt Maturities after Three through Seven Years, Fair Value	$ 8,362,372

NOTE 3. MARKETABLE SECURITIES (

NOTE 3. MARKETABLE SECURITIES (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Details
Marketable Securities, Accrued Interest Receivable	$ 460,627	$ 425,372

NOTE 3. MARKETABLE SECURITIES_8

NOTE 3. MARKETABLE SECURITIES: Schedule of Fair Value of Marketable Securities Aggregated by Crfedit Rating (Details)	Mar. 31, 2024 USD ($)
Fair values of our marketable securities	$ 52,548,876
Standard & Poor's, AAA Rating
Fair values of our marketable securities	9,842,796
Standard & Poor's, AA+ Rating
Fair values of our marketable securities	2,192,943
Standard & Poor's, AA Rating
Fair values of our marketable securities	6,737,897
Standard & Poor's, AA- Rating
Fair values of our marketable securities	21,140,534
Standard & Poor's, A+ Rating
Fair values of our marketable securities	2,909,870
Standard & Poor's, A Rating
Fair values of our marketable securities	$ 9,724,836

NOTE 3. MARKETABLE SECURITIES_9

NOTE 3. MARKETABLE SECURITIES: Estimated fair value of assets that were accounted for at fair value on a recurring basis (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Total	$ 52,548,876	$ 52,544,283
Money Market Funds
Total	9,842,796	906,141
Corporate Bond Securities
Total	42,706,080	51,638,142
Fair Value, Inputs, Level 1
Total	9,842,796	906,141
Fair Value, Inputs, Level 1 | Money Market Funds
Total	9,842,796	906,141
Fair Value, Inputs, Level 1 | Corporate Bond Securities
Total	0	0
Fair Value, Inputs, Level 2
Total	42,706,080	51,638,142
Fair Value, Inputs, Level 2 | Money Market Funds
Total	0	0
Fair Value, Inputs, Level 2 | Corporate Bond Securities
Total	$ 42,706,080	$ 51,638,142

NOTE 3. MARKETABLE SECURITIE_10

NOTE 3. MARKETABLE SECURITIES: Available-for-Sale Securities (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Available for Sale Securities, Amortized Cost	$ 53,544,316	$ 54,098,122
Available for Sale Securities, Gross Unrealized Holding Gains	930	1,007
Available for Sale Securities, Gross Unrealized Holding Losses	(996,370)	(1,554,846)
Available for Sale Securities, Estimated Fair Value	52,548,876	52,544,283
Money Market Funds
Available for Sale Securities, Amortized Cost	9,842,796	906,141
Available for Sale Securities, Gross Unrealized Holding Gains	0	0
Available for Sale Securities, Gross Unrealized Holding Losses	0	0
Available for Sale Securities, Estimated Fair Value	9,842,796	906,141
Corporate Bond Securities
Available for Sale Securities, Amortized Cost	43,701,520	53,191,981
Available for Sale Securities, Gross Unrealized Holding Gains	930	1,007
Available for Sale Securities, Gross Unrealized Holding Losses	(996,370)	(1,554,846)
Available for Sale Securities, Estimated Fair Value	$ 42,706,080	$ 51,638,142

NOTE 3. MARKETABLE SECURITIE_11

NOTE 3. MARKETABLE SECURITIES: Gross unrealized holding losses and fair value of available-for-sale securities with unrealized holding losses (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Estimated Fair Value	$ 3,154,764	$ 37,084,628
Gross Unrealized Holding Losses	(4,902)	(590,967)
Estimated Fair Value	36,551,534	13,294,817
Gross Unrealized Holding Losses	(991,468)	(963,879)
Estimated Fair Value	39,706,298	50,379,445
Gross Unrealized Holding Losses	(996,370)	(1,554,846)
Corporate Bond Securities
Estimated Fair Value	3,154,764	37,084,628
Gross Unrealized Holding Losses	(4,902)	(590,967)
Estimated Fair Value	36,551,534	13,294,817
Gross Unrealized Holding Losses	(991,468)	(963,879)
Estimated Fair Value	39,706,298	50,379,445
Gross Unrealized Holding Losses	$ (996,370)	$ (1,554,846)

NOTE 3. MARKETABLE SECURITIE_12

NOTE 3. MARKETABLE SECURITIES: Unrealized Gain (Loss) on Investments (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Details
Unrealized gain (loss) from marketable securities	$ 558,399	$ (1,146,618)
Tax effects	(122,178)	250,880
Unrealized gain (loss) from marketable securities, net of tax	$ 436,221	$ (895,738)

NOTE 4. ALLOWANCE FOR CREDIT _3

NOTE 4. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES: Accounts Receivable, Allowance for Credit Loss (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Details
Accounts Receivable, Allowance for Credit Loss, Beginning Balance	$ 15,000
Accounts Receivable, Allowance for Credit Loss, Writeoff	212,440
Accounts Receivable, Allowance for Credit Loss, Recovery	(202,926)
Credit loss expense	(9,514)	$ 0
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 15,000	$ 15,000

NOTE 5. INVENTORIES (Details)

NOTE 5. INVENTORIES (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Details
Raw materials	$ 1,982,657	$ 1,601,962
Work in process	2,641,085	3,781,894
Finished goods	2,534,843	1,033,154
Inventories	$ 7,158,585	$ 6,417,010

NOTE 6. STOCK-BASED COMPENSAT_5

NOTE 6. STOCK-BASED COMPENSATION (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Details
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture	$ 141,936	$ 59,657
Unobservable Measurement Input, Uncertainty, Description	Black-Scholes-Merton option-pricing model
Total fair value of option grants	$ 143,943	$ 58,900
Unrecognized stock-based compensation	$ 4,181

NOTE 6. STOCK-BASED COMPENSAT_6

NOTE 6. STOCK-BASED COMPENSATION: Schedule of Fair value of stock options (Details)	Mar. 31, 2024	Mar. 31, 2023
Expected life (years)	5 years	4 years 7 months 6 days
Minimum
Risk-free interest rate	4.20%	0.90%
Expected volatility	40%	35%
Dividend yield	4.50%	5%
Maximum
Risk-free interest rate	5%	3%
Expected volatility	42%	39%
Dividend yield	5%	5.50%

NOTE 6. STOCK-BASED COMPENSAT_7

NOTE 6. STOCK-BASED COMPENSATION: Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award (Details) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Details
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance	34,500	29,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance	$ 66.26	$ 69.52
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	6,500	6,500
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 79.29	$ 50.35
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	(5,000)	(1,000)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 59.85	$ 57.46
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance	36,000	34,500
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance	$ 69.5	$ 66.26
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number	33,500	32,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 65.12	$ 63.6
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 22.15	$ 9.06

NOTE 6. STOCK-BASED COMPENSAT_8

NOTE 6. STOCK-BASED COMPENSATION: Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Details
Options Outstanding	36,000
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	5 years 11 months 15 days
Options Outstanding, Weighted Average Exercise Price	$ 69.5	$ 66.26	$ 69.52
Options Outstanding, Aggregate Intrinsic Value	$ 764,355
Options Exercisable	33,500	32,000
Options Exercisable, Weighted Average Exercise Price	$ 65.12	$ 63.6
Options Exercisable, Aggregate Intrinsic Value	$ 764,355

NOTE 7. INCOME TAXES_ Schedul_4

NOTE 7. INCOME TAXES: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Details
Federal	$ 4,145,804	$ 4,039,848
State	200,926	195,939
Federal	(963,470)	156,053
State	(40,374)	6,539
Income tax provision	$ 3,342,886	$ 4,398,379

NOTE 7. INCOME TAXES_ Schedul_5

NOTE 7. INCOME TAXES: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Details
Tax expense at U.S. Statutory rate	$ 4,298,193	$ 5,689,294
State income taxes, net of Federal benefit	180,115	180,091
Research & development and manufacturing tax credits	(68,894)	(255,713)
Tax effect of Foreign-derived intangible income deduction	(1,125,817)	(1,265,055)
Other	59,289	49,762
Income tax provision	$ 3,342,886	$ 4,398,379

NOTE 7. INCOME TAXES_ Schedul_6

NOTE 7. INCOME TAXES: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Details
Components of Deferred Tax Assets and Liabilities, Paid time off accrual	$ 64,190	$ 52,525
Components of Deferred Tax Assets and Liabilities, Inventory reserve	47,042	47,042
Components of Deferred Tax Assets and Liabilities, Depreciation and amortization	(127,839)	(167,551)
Components of Deferred Tax Assets and Liabilities, Stock-based compensation deductions	101,668	71,734
Components of Deferred Tax Assets and Liabilities, Unrealized gain on marketable securities	217,802	339,980
Section 174 R&D expense	930,946	0
Components of Deferred Tax Assets and Liabilities, UNICAP 263A inventory	202,339	204,424
Components of Deferred Tax Assets and Liabilities, Other	17,556	23,884
Components of Deferred Tax Assets and Liabilities, Deferred tax assets	$ 1,453,704	$ 572,038

NOTE 7. INCOME TAXES (Details)

NOTE 7. INCOME TAXES (Details)	Mar. 31, 2024 USD ($)
Details
Unrecognized Tax Benefits	$ 0

NOTE 8. LEASES_ Lease, Cost (De

NOTE 8. LEASES: Lease, Cost (Details)	12 Months Ended
	Mar. 31, 2024 USD ($)
Details
Operating lease cost	$ 151,014
Operating cash flows for leases	$ 178,640
Remaining lease term (years)	2 years
Discount rate	3.50%

NOTE 8. LEASES_ Lessee, Opera_2

NOTE 8. LEASES: Lessee, Operating Lease, Liability, Maturity (Details)	Mar. 31, 2024 USD ($)
Details
2025	$ 182,271
2026	184,995
Total lease payments	367,266
Imputed lease interest	(12,119)
Total lease liabilities	$ 355,147

NOTE 9. CONCENTRATIONS_ Sched_2

NOTE 9. CONCENTRATIONS: Schedule of Customers comprising 10% or more of revenue (Details) - Customer A	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Percent of Revenue	23%	22%
% of Accounts Receivable	21%	19%

NOTE 10. STOCK REPURCHASE PRO_2

NOTE 10. STOCK REPURCHASE PROGRAM (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Jan. 21, 2009
Details
Share Repurchase Program, Authorized, Amount		$ 2,500,000
Stock Repurchased During Period, Shares	264
Share Repurchase Program, Remaining Authorized, Amount	$ 3,520,369

NOTE 11. INFORMATION AS TO EM_2

NOTE 11. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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	$ 101,931	$ 98,029

NOTE 12. SUBSEQUENT EVENTS (Det

NOTE 12. SUBSEQUENT EVENTS (Details) - $ / shares		12 Months Ended
	May 01, 2024	Mar. 31, 2024	Mar. 31, 2023
Details
Subsequent Event, Date	May 01, 2024
Subsequent Event, Description	we announced that our Board had declared a quarterly cash dividend
Cash dividends declared per common share	$ 1	$ 4	$ 4
Dividends Payable, Date to be Paid	May 31, 2024
Dividends Payable, Date of Record	May 13, 2024