NVE (NVEC) 10-Q 17 Jul 24 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Jun. 30, 2024 $ / shares shares
Details
Registrant CIK	0000724910
Fiscal Year End	--03-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	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	4,833,676
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1

BALANCE SHEETS (December 31, 20

BALANCE SHEETS (December 31, 2023 Unaudited) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Current assets
Cash and cash equivalents	$ 6,005,492	$ 10,283,550
Marketable securities, short-term (amortized cost of $16,022,057 as of June 30, 2024, and $12,283,630 as of March 31, 2024)	15,670,927	11,917,779
Accounts receivable, net of allowance for credit losses of $15,000 as of June 30, and March 31, 2024	2,100,018	3,144,833
Inventories	7,164,632	7,158,585
Prepaid expenses and other assets	515,383	689,349
Total current assets	31,456,452	33,194,096
Fixed assets
Machinery and equipment	11,417,730	10,501,096
Leasehold improvements	1,956,309	1,956,309
Less accumulated depreciation	11,478,977	11,403,383
Net fixed assets	1,895,062	1,054,022
Deferred tax assets	1,593,506	1,453,704
Marketable securities, long-term (amortized cost of $32,112,822 as of June 30, 2024, and $31,417,890 as of March 31, 2024)	31,505,264	30,788,301
Right-of-use asset - operating lease	255,000	289,910
Total assets	66,705,284	66,780,033
Current liabilities
Accounts payable	174,243	127,154
Accrued payroll and other	1,338,811	729,215
Operating lease liability	180,262	179,372
Total current liabilities	1,693,316	1,035,741
Long-term operating lease liability	132,388	175,775
Total liabilities	1,825,704	1,211,516
Shareholders' equity
Common Stock, Value	48,337	48,337
Additional paid-in capital	19,573,254	19,554,812
Accumulated other comprehensive loss	(748,927)	(777,637)
Retained earnings	46,006,916	46,743,005
Total shareholders' equity	64,879,580	65,568,517
Total liabilities and shareholders' equity	$ 66,705,284	$ 66,780,033

BALANCE SHEETS (December 31, _2

BALANCE SHEETS (December 31, 2023 Unaudited) - Parenthetical - USD ($)	Jun. 30, 2024	Mar. 31, 2024
BALANCE SHEETS (December 31, 2023 Unaudited)
Debt Instrument, Unamortized Discount, Current	$ 16,022,057	$ 12,283,630
Accounts Receivable, Allowance for Credit Loss	15,000	15,000
Debt Instrument, Unamortized Discount, Noncurrent	$ 32,112,822	$ 31,417,890
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	4,833,676
Common Stock, Shares, Outstanding	4,833,676	4,833,676

STATEMENTS OF INCOME (Unaudited

STATEMENTS OF INCOME (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue
Product sales	$ 6,615,859	$ 8,700,092
Contract research and development	167,385	131,322
Total revenue	6,783,244	8,831,414
Cost of sales	975,494	2,079,623
Gross profit	5,807,750	6,751,791
Expenses
Research and development	878,528	695,992
Selling, general, and administrative	540,404	475,115
Credit loss expense	0	212,440
Total expenses	1,418,932	1,383,547
Income from operations	4,388,818	5,368,244
Interest income	493,959	436,526
Income before taxes	4,882,777	5,804,770
Provision for income taxes	785,190	1,401,040
Net income	$ 4,097,587	$ 4,403,730
Net income per share - basic	$ 0.85	$ 0.91
Net income per share - diluted	0.85	0.91
Cash dividends declared per common share	$ 1	$ 1
Weighted average shares outstanding
Weighted Average Number of Shares Outstanding, Basic	4,833,676	4,832,166
Weighted Average Number of Shares Outstanding, Diluted	4,838,995	4,840,571

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Net income	$ 4,097,587	$ 4,403,730
Unrealized loss from marketable securities, net of tax	28,710	(234,701)
Comprehensive income	$ 4,126,297	$ 4,169,029

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, 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			(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)
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
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, 2024	$ 48,337	19,554,812	(777,637)	46,743,005	65,568,517
Shares Outstanding, Starting at Mar. 31, 2024	4,833,676
Unrealized loss from marketable securities, net of tax			28,710		28,710
Net income				4,097,587	4,097,587
Total comprehensive income					4,126,297
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture		18,442			18,442
Cash dividends declared ($1.00 per share of common stock)				(4,833,676)	(4,833,676)
Shares Outstanding, Ending at Jun. 30, 2024	4,833,676
Equity Balance, Ending at Jun. 30, 2024	$ 48,337	$ 19,573,254	$ (748,927)	$ 46,006,916	$ 64,879,580

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES
Net income	$ 4,097,587	$ 4,403,730
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	75,594	77,022
Corporate bonds discount amortization	(53,219)	(17,565)
Provision for current estimate of credit losses	0	212,440
Stock-based compensation	18,442	10,536
Deferred income taxes	(147,844)	(87,000)
Changes in operating assets and liabilities
Accounts receivable	1,044,815	913,872
Inventories	(6,047)	124,848
Prepaid expenses and other assets	208,876	(10,243)
Accounts payable and accrued expenses	614,188	(602,338)
Net cash provided by operating activities	5,852,392	5,025,302
INVESTING ACTIVITIES
Purchases of fixed assets	(916,634)	(4,131)
Purchases of marketable securities	(6,580,140)	(3,937,835)
Proceeds from maturities of marketable securities	2,200,000	3,400,000
Net cash used in investing activities	(5,296,774)	(541,966)
FINANCING ACTIVITIES
Proceeds from exercise of stock options	0	117,527
Payment of dividends to shareholders	(4,833,676)	(4,830,826)
Net cash used in financing activities	(4,833,676)	(4,713,299)
Decrease in cash and cash equivalents	(4,278,058)	(229,963)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	10,283,550	1,669,896
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	6,005,492	1,439,933
Supplemental disclosures of cash flow information
Cash paid during the period for income taxes	$ 0	$ 1,195,542

NOTE 1. DESCRIPTION OF BUSINESS

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

NOTE 2. BASIS OF PRESENTATION A

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2024
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 the Notes to Financial Statements have been condensed as permitted. It is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and Notes included in our latest Annual Report on Form 10-K for the fiscal year ended March 31, 2024. The results of operations for the quarter ended June 30, 2024, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2025. Significant accounting policies A description of our significant accounting policies and estimates is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. As of June 30, 2024, there were no changes to our significant accounting policies .

NOTE 3. NEW ACCOUNTING STANDARD

NOTE 3. NEW ACCOUNTING STANDARDS NOT YET ADOPTED	3 Months Ended
	Jun. 30, 2024
Notes
NOTE 3. NEW ACCOUNTING STANDARDS NOT YET ADOPTED	NOTE 3. NEW ACCOUNTING STANDARDS NOT YET ADOPTED There were no additions to the new accounting standards not yet adopted as described in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. We do not expect the adoption of 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	3 Months Ended
	Jun. 30, 2024
Notes
NOTE 4. NET INCOME PER SHARE	NOTE 4. NET INCOME PER SHARE Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume exercise of all stock options. The following tables show the components of diluted shares: Quarter Ended June 30, 2024 2023 Weighted average common shares outstanding – basic 4,833,676 4,832,166 Dilutive effect of stock options 5,319 8,405 Shares used in computing net income per share – diluted 4,838,995 4,840,571

NOTE 5. MARKETABLE SECURITIES

NOTE 5. MARKETABLE SECURITIES	3 Months Ended
	Jun. 30, 2024
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 June 30, 2024: Total <1 Year 1–3 Years 3–5 Years Money market funds $ 5,775,400 $ 5,775,400 $ - $ - Corporate bonds 47,176,191 15,670,927 23,206,787 8,298,477 Total $ 52,951,591 $ 21,446,327 $ 23,206,787 $ 8,298,477 Total marketable securities represented approximately 80% of our total assets as of June 30, 2024. Marketable securities as of June 30, 2024, had remaining maturities between four and 58 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 $334,757 as of June 30, 2024, and $460,627 as of March 31, 2024, and are included in the balance sheets in “Prepaid expenses and other assets.” We monitor the credit ratings of our marketable securities at least quarterly as reported by Standard & Poor’s. The following table summarizes the fair values of our marketable securities as of June 30, 2024, aggregated by credit rating: Credit Rating Fair Value AAA $ 5,775,400 AA+ 3,798,418 AA 9,553,228 AA- 21,145,888 A+ 2,878,474 A 9,800,183 Total $ 52,951,591 The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values: As of June 30, 2024 As of March 31, 2024 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 5,775,400 $ - $ 5,775,400 $ 9,842,796 $ - $ 9,842,796 Corporate bonds - 47,176,191 47,176,191 - 42,706,080 42,706,080 Total $ 5,775,400 $ 47,176,191 $ 52,951,591 $ 9,842,796 $ 42,706,080 $ 52,548,876 The following table shows the amortized cost, fair value and gross unrealized holding gains and losses of our marketable securities as of June 30 and March 31, 2024: As of June 30, 2024 As of March 31, 2024 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 $ 5,775,400 $ - $ - $ 5,775,400 $ 9,842,796 $ - $ - $ 9,842,796 Corporate bonds 48,134,879 - (958,688 ) 47,176,191 43,701,520 930 (996,370 ) 42,706,080 Total $ 53,910,279 $ - $ (958,688 ) $ 52,951,591 $ 53,544,316 $ 930 $ (996,370 ) $ 52,548,876 The following table shows the gross unrealized holding losses and estimated fair value of our marketable securities for which an allowance for credit losses has not been recorded, aggregated by category of securities and length of time that individual securities had been in a continuous unrealized loss position as of June 30 and March 31, 2024. Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses As of June 30, 2024 Corporate bonds $ 10,556,505 $ (23,647 ) $ 36,619,686 $ (935,041 ) $ 47,176,191 $ (958,688 ) Total $ 10,556,505 $ (23,647 ) $ 36,619,686 $ (935,041 ) $ 47,176,191 $ (958,688 ) 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 ) None of the securities were impaired at acquisition, and subsequent declines in fair value are attributable to interest rate increases. We do not intend to sell, and it is not more likely than not that we will be required to sell, these securities before recovery of their amortized cost basis. The issuers continue to make timely interest payments on these securities. Because we believe it is more likely than not we will recover the cost basis of our investments, we did not record any impairment attributable to credit losses. None of the marketable securities purchased during the period had experienced more-than-insignificant deterioration in credit quality since its origination and were therefore not considered “Purchased Financial Assets with Credit Deterioration.” Unrealized losses on our marketable securities and their tax effects are as follows: Quarter Ended June 30, 2024 2023 Unrealized gain (loss) from marketable securities $ 36,751 $ (300,437 ) Tax effects (8,041 ) 65,736 Unrealized gain (loss) from marketable securities, net of tax $ 28,710 $ (234,701 )

NOTE 6. ALLOWANCE FOR CREDIT LO

NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES	3 Months Ended
	Jun. 30, 2024
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, 2024 $ 15,000 Change in provision for current expected credit losses - Allowance for credit losses as of June 30, 2024 $ 15,000

NOTE 7. INVENTORIES

NOTE 7. INVENTORIES	3 Months Ended
	Jun. 30, 2024
Notes
NOTE 7. INVENTORIES	NOTE 7. INVENTORIES Inventories are shown in the following table: June 30, 2024 March 31, 2024 Raw materials $ 1,814,443 $ 1,982,657 Work in process 3,058,150 2,641,085 Finished goods 2,292,039 2,534,843 Total inventories $ 7,164,632 $ 7,158,585

NOTE 8. STOCK-BASED COMPENSATIO

NOTE 8. STOCK-BASED COMPENSATION	3 Months Ended
	Jun. 30, 2024
Notes
NOTE 8. STOCK-BASED COMPENSATION	NOTE 8. STOCK-BASED COMPENSATION Stock-based compensation expense was $18,442 for the first quarter of fiscal 2025 and $10,536 for the first quarter of fiscal 2024. We calculate share-based compensation expense using the Black-Scholes-Merton standard option-pricing model.

NOTE 9. INCOME TAXES

NOTE 9. INCOME TAXES	3 Months Ended
	Jun. 30, 2024
Notes
NOTE 9. INCOME TAXES	NOTE 9. INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. As of June 30, 2024, federal and state estimated tax liabilities of $912,411 were included in the balance sheet in “Accrued payroll and other.” We had no unrecognized tax benefits as of June 30, 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 June 30, 2024, we had no accrued interest related to uncertain tax positions. The tax years 2020 through 2023 remain open to examination by the major taxing jurisdictions to which we are subject.

NOTE 10. LEASES

NOTE 10. LEASES	3 Months Ended
	Jun. 30, 2024
Notes
NOTE 10. LEASES	NOTE 10. LEASES We conduct our operations in a leased facility under a non-cancellable lease expiring March 31, 2026. Our lease does not provide an implicit interest rate, so we used our incremental borrowing rate to determine the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. Details of our operating lease are as follows: Quarter Ended June 30, 2024 Operating lease cost $ 37,754 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 45,341 Remaining lease term 21 months Discount rate 3.5 % The following table shows the maturities of lease liabilities as of June 30, 2024: Year Ending March 31, Operating Lease Liabilities 2025 136,930 2026 184,995 Total lease payments 321,925 Imputed lease interest (9,275 ) Total lease liabilities $ 312,650

NOTE 11. STOCK REPURCHASE PROGR

NOTE 11. STOCK REPURCHASE PROGRAM	3 Months Ended
	Jun. 30, 2024
Notes
NOTE 11. STOCK REPURCHASE PROGRAM	NOTE 11. STOCK REPURCHASE PROGRAM On January 21, 2009, we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock from time to time in open market, block, or privately negotiated transactions. The timing and extent of any repurchases depend on market conditions, the trading price of the company’s stock, and other factors, and subject to the restrictions relating to volume, price, and timing under applicable law. On August 27, 2015, we announced that our Board of Directors authorized up to $5,000,000 of additional repurchases. Our repurchase program does not have an expiration date and does not obligate us to purchase any shares. The Program may be modified or discontinued at any time without notice. We intend to finance any stock repurchases with cash provided by operating activities or maturing marketable securities. The remaining authorization was $3,520,369 as of June 30, 2024. We did not repurchase any of our Common Stock during the first quarter of fiscal 2025.

NOTE 12. INFORMATION AS TO EMPL

NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS	3 Months Ended
	Jun. 30, 2024
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 $28,767 for the first quarter of fiscal 2025 and $27,078 for the first quarter of fiscal 2024.

NOTE 13. SUBSEQUENT EVENTS

NOTE 13. SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2024
Notes
NOTE 13. SUBSEQUENT EVENTS	NOTE 13. SUBSEQUENT EVENTS On July 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 August 30, 2024, to shareholders of record as of the close of business July 29, 2024.

NOTE 2. BASIS OF PRESENTATION_2

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies)	3 Months Ended
	Jun. 30, 2024
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 the Notes to Financial Statements have been condensed as permitted. It is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and Notes included in our latest Annual Report on Form 10-K for the fiscal year ended March 31, 2024. The results of operations for the quarter ended June 30, 2024, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2025.

NOTE 2. BASIS OF PRESENTATION_3

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Significant accounting policies (Policies)	3 Months Ended
	Jun. 30, 2024
Policies
Significant accounting policies	Significant accounting policies A description of our significant accounting policies and estimates is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. As of June 30, 2024, there were no changes to our significant accounting policies .

NOTE 6. ALLOWANCE FOR CREDIT _2

NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES: Schedule of Accounts, Notes, Loans and Financing Receivable (Policies)	3 Months Ended
	Jun. 30, 2024
Policies
Schedule of Accounts, Notes, Loans and Financing Receivable	Allowance for credit losses as of March 31, 2024 $ 15,000 Change in provision for current expected credit losses - Allowance for credit losses as of June 30, 2024 $ 15,000

NOTE 4. NET INCOME PER SHARE_ S

NOTE 4. NET INCOME PER SHARE: Schedule of Earnings Per Share, Basic and Diluted (Tables)	3 Months Ended
	Jun. 30, 2024
Tables/Schedules
Schedule of Earnings Per Share, Basic and Diluted	Quarter Ended June 30, 2024 2023 Weighted average common shares outstanding – basic 4,833,676 4,832,166 Dilutive effect of stock options 5,319 8,405 Shares used in computing net income per share – diluted 4,838,995 4,840,571

NOTE 5. MARKETABLE SECURITIES_

NOTE 5. MARKETABLE SECURITIES: Contractual maturities of marketable securities (Tables)	3 Months Ended
	Jun. 30, 2024
Tables/Schedules
Contractual maturities of marketable securities	Total <1 Year 1–3 Years 3–5 Years Money market funds $ 5,775,400 $ 5,775,400 $ - $ - Corporate bonds 47,176,191 15,670,927 23,206,787 8,298,477 Total $ 52,951,591 $ 21,446,327 $ 23,206,787 $ 8,298,477

NOTE 5. MARKETABLE SECURITIES_2

NOTE 5. MARKETABLE SECURITIES: Fair values of our marketable securities aggregated by credit rating (Tables)	3 Months Ended
	Jun. 30, 2024
Tables/Schedules
Fair values of our marketable securities aggregated by credit rating	Credit Rating Fair Value AAA $ 5,775,400 AA+ 3,798,418 AA 9,553,228 AA- 21,145,888 A+ 2,878,474 A 9,800,183 Total $ 52,951,591

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)	3 Months Ended
	Jun. 30, 2024
Tables/Schedules
Estimated fair value of marketable securities aggregated by fair value hierarchy inputs used in estimating their fair values	As of June 30, 2024 As of March 31, 2024 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 5,775,400 $ - $ 5,775,400 $ 9,842,796 $ - $ 9,842,796 Corporate bonds - 47,176,191 47,176,191 - 42,706,080 42,706,080 Total $ 5,775,400 $ 47,176,191 $ 52,951,591 $ 9,842,796 $ 42,706,080 $ 52,548,876

NOTE 5. MARKETABLE SECURITIES_4

NOTE 5. MARKETABLE SECURITIES: Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities (Tables)	3 Months Ended
	Jun. 30, 2024
Tables/Schedules
Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities	As of June 30, 2024 As of March 31, 2024 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 $ 5,775,400 $ - $ - $ 5,775,400 $ 9,842,796 $ - $ - $ 9,842,796 Corporate bonds 48,134,879 - (958,688 ) 47,176,191 43,701,520 930 (996,370 ) 42,706,080 Total $ 53,910,279 $ - $ (958,688 ) $ 52,951,591 $ 53,544,316 $ 930 $ (996,370 ) $ 52,548,876

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)	3 Months Ended
	Jun. 30, 2024
Tables/Schedules
Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded	Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses As of June 30, 2024 Corporate bonds $ 10,556,505 $ (23,647 ) $ 36,619,686 $ (935,041 ) $ 47,176,191 $ (958,688 ) Total $ 10,556,505 $ (23,647 ) $ 36,619,686 $ (935,041 ) $ 47,176,191 $ (958,688 ) 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 )

NOTE 5. MARKETABLE SECURITIES_6

NOTE 5. MARKETABLE SECURITIES: Unrealized losses on marketable securities and their tax effects (Tables)	3 Months Ended
	Jun. 30, 2024
Tables/Schedules
Unrealized losses on marketable securities and their tax effects	Quarter Ended June 30, 2024 2023 Unrealized gain (loss) from marketable securities $ 36,751 $ (300,437 ) Tax effects (8,041 ) 65,736 Unrealized gain (loss) from marketable securities, net of tax $ 28,710 $ (234,701 )

NOTE 7. INVENTORIES_ Schedule o

NOTE 7. INVENTORIES: Schedule of Inventory (Tables)	3 Months Ended
	Jun. 30, 2024
Tables/Schedules
Schedule of Inventory	June 30, 2024 March 31, 2024 Raw materials $ 1,814,443 $ 1,982,657 Work in process 3,058,150 2,641,085 Finished goods 2,292,039 2,534,843 Total inventories $ 7,164,632 $ 7,158,585

NOTE 10. LEASES_ Lease, Cost (T

NOTE 10. LEASES: Lease, Cost (Tables)	3 Months Ended
	Jun. 30, 2024
Tables/Schedules
Lease, Cost	Quarter Ended June 30, 2024 Operating lease cost $ 37,754 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 45,341 Remaining lease term 21 months Discount rate 3.5 %

NOTE 10. LEASES_ Lessee, Operat

NOTE 10. LEASES: Lessee, Operating Lease, Liability, Maturity (Tables)	3 Months Ended
	Jun. 30, 2024
Tables/Schedules
Lessee, Operating Lease, Liability, Maturity	Year Ending March 31, Operating Lease Liabilities 2025 136,930 2026 184,995 Total lease payments 321,925 Imputed lease interest (9,275 ) Total lease liabilities $ 312,650

NOTE 4. NET INCOME PER SHARE__2

NOTE 4. NET INCOME PER SHARE: Schedule of Earnings Per Share, Basic and Diluted (Details) - shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Details
Weighted Average Number of Shares Outstanding, Basic	4,833,676	4,832,166
Dilutive effect of stock options	5,319	8,405
Shares used in computing net income per share - diluted	4,838,995	4,840,571

NOTE 5. MARKETABLE SECURITIES_7

NOTE 5. MARKETABLE SECURITIES: Contractual maturities of marketable securities (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Marketable Securities	$ 52,951,591	$ 52,548,876
(1 Year	21,446,327
1-3 Years	23,206,787
3-5 Years	8,298,477
Money Market Funds
Marketable Securities	5,775,400	9,842,796
(1 Year	5,775,400
1-3 Years	0
3-5 Years	0
Corporate Bond Securities
Marketable Securities	47,176,191	$ 42,706,080
(1 Year	15,670,927
1-3 Years	23,206,787
3-5 Years	$ 8,298,477

NOTE 5. MARKETABLE SECURITIES (

NOTE 5. MARKETABLE SECURITIES (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Details
Debt Securities, Available-for-Sale, Excluding Accrued Interest	$ 334,757	$ 460,627

NOTE 5. MARKETABLE SECURITIES_8

NOTE 5. MARKETABLE SECURITIES: Fair values of our marketable securities aggregated by credit rating (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Marketable Securities	$ 52,951,591	$ 52,548,876
Standard & Poor's, AAA Rating
Marketable Securities	5,775,400
Standard & Poor's, AA+ Rating
Marketable Securities	3,798,418
Standard & Poor's, AA Rating
Marketable Securities	9,553,228
Standard & Poor's, AA- Rating
Marketable Securities	21,145,888
Standard & Poor's, A+ Rating
Marketable Securities	2,878,474
Standard & Poor's, A Rating
Marketable Securities	$ 9,800,183

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 ($)	Jun. 30, 2024	Mar. 31, 2024
Marketable Securities	$ 52,951,591	$ 52,548,876
Money Market Funds
Marketable Securities	5,775,400	9,842,796
Corporate Bond Securities
Marketable Securities	47,176,191	42,706,080
Fair Value, Inputs, Level 1
Marketable Securities	5,775,400	9,842,796
Fair Value, Inputs, Level 1 | Money Market Funds
Marketable Securities	5,775,400	9,842,796
Fair Value, Inputs, Level 1 | Corporate Bond Securities
Marketable Securities	0	0
Fair Value, Inputs, Level 2
Marketable Securities	47,176,191	42,706,080
Fair Value, Inputs, Level 2 | Money Market Funds
Marketable Securities	0	0
Fair Value, Inputs, Level 2 | Corporate Bond Securities
Marketable Securities	$ 47,176,191	$ 42,706,080

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 ($)	Jun. 30, 2024	Mar. 31, 2024
Amortized Cost	$ 53,910,279	$ 53,544,316
Gross Unrealized Holding Gains	0	930
Gross Unrealized Holding Losses	(958,688)	(996,370)
Marketable Securities	52,951,591	52,548,876
Money Market Funds
Amortized Cost	5,775,400	9,842,796
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Marketable Securities	5,775,400	9,842,796
Corporate Bond Securities
Amortized Cost	48,134,879	43,701,520
Gross Unrealized Holding Gains	0	930
Gross Unrealized Holding Losses	(958,688)	(996,370)
Marketable Securities	$ 47,176,191	$ 42,706,080

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 ($)	Jun. 30, 2024	Mar. 31, 2024
Estimated Fair Value	$ 10,556,505	$ 3,154,764
Gross Unrealized Holding Losses	(23,647)	(4,902)
Estimated Fair Value	36,619,686	36,551,534
Gross Unrealized Holding Losses	(935,041)	(991,468)
Estimated Fair Value	47,176,191	39,706,298
Gross Unrealized Holding Losses	(958,688)	(996,370)
Corporate Bond Securities
Estimated Fair Value	10,556,505	3,154,764
Gross Unrealized Holding Losses	(23,647)	(4,902)
Estimated Fair Value	36,619,686	36,551,534
Gross Unrealized Holding Losses	(935,041)	(991,468)
Estimated Fair Value	47,176,191	39,706,298
Gross Unrealized Holding Losses	$ (958,688)	$ (996,370)

NOTE 5. MARKETABLE SECURITIE_12

NOTE 5. MARKETABLE SECURITIES: Unrealized losses on marketable securities and their tax effects (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Details
Unrealized loss from marketable securities	$ 36,751	$ (300,437)
Tax effects	(8,041)	65,736
Unrealized loss from marketable securities, net of tax	$ 28,710	$ (234,701)

NOTE 6. ALLOWANCE FOR CREDIT _3

NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES: Schedule of Accounts, Notes, Loans and Financing Receivable (Details)	3 Months Ended
	Jun. 30, 2024 USD ($)
Details
Allowance for credit losses as of March 31, 2024	$ 15,000
Change in provision for current expected credit losses	0
Allowance for credit losses as of June 30, 2024	$ 15,000

NOTE 7. INVENTORIES_ Schedule_2

NOTE 7. INVENTORIES: Schedule of Inventory (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Details
Raw materials	$ 1,814,443	$ 1,982,657
Work in process	3,058,150	2,641,085
Finished goods	2,292,039	2,534,843
Inventories	$ 7,164,632	$ 7,158,585

NOTE 8. STOCK-BASED COMPENSAT_2

NOTE 8. STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Details
Share-Based Payment Arrangement, Expense	$ 18,442	$ 10,536
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term, Simplified Method	Black-Scholes-Merton standard option-pricing model

NOTE 9. INCOME TAXES (Details)

NOTE 9. INCOME TAXES (Details)	3 Months Ended
	Jun. 30, 2024 USD ($)
Accrued Income Taxes	$ 912,411
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	2020
Maximum
Open Tax Year	2023

NOTE 10. LEASES_ Lease, Cost (D

NOTE 10. LEASES: Lease, Cost (Details)	3 Months Ended
	Jun. 30, 2024 USD ($)
Details
Operating lease cost	$ 37,754
Operating cash flows for leases	$ 45,341
Remaining lease term	21 months
Discount rate	3.50%

NOTE 10. LEASES_ Lessee, Oper_2

NOTE 10. LEASES: Lessee, Operating Lease, Liability, Maturity (Details)	Jun. 30, 2024 USD ($)
Details
2025	$ 136,930
2026	184,995
Total lease payments	321,925
Imputed lease interest	(9,275)
Total lease liabilities	$ 312,650

NOTE 11. STOCK REPURCHASE PRO_2

NOTE 11. STOCK REPURCHASE PROGRAM (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jan. 21, 2009
Details
Share Repurchase Program, Authorized, Amount		$ 2,500,000
Share Repurchase Program, Remaining Authorized, Amount	$ 3,520,369
Treasury Stock, Shares, Acquired	0

NOTE 12. INFORMATION AS TO EM_2

NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 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	$ 28,767	$ 27,078

NOTE 13. SUBSEQUENT EVENTS (Det

NOTE 13. SUBSEQUENT EVENTS (Details) - $ / shares		3 Months Ended
	Jul. 17, 2024	Jun. 30, 2024	Jun. 30, 2023
Details
Subsequent Event, Date	Jul. 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
Dividends Payable, Date to be Paid	Aug. 30, 2024
Dividends Payable, Date of Record	Jul. 29, 2024