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 |