NVE (NVEC) 10-Q 20 Oct 21 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2021	Oct. 15, 2021
Document Information [Line Items]
Entity Central Index Key	0000724910
Entity Registrant Name	NVE CORP /NEW/
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	000-12196
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
City Area Code	952
Local Phone Number	829-9217
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 Common Stock, Shares Outstanding		4,833,232

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2021	Mar. 31, 2021	[1]
Current assets
Cash and cash equivalents	$ 11,145,156	$ 10,427,340
Marketable securities, short-term	22,660,959	7,678,957
Accounts receivable, net of allowance for uncollectible accounts of $15,000	2,876,102	1,964,281
Inventories	3,982,771	3,900,777
Prepaid expenses and other assets	752,764	391,278
Total current assets	41,417,752	24,362,633
Fixed assets
Machinery and equipment	9,328,581	9,254,664
Leasehold improvements	1,810,872	1,810,872
Property, Plant and Equipment, Gross, Ending Balance	11,139,453	11,065,536
Less accumulated depreciation and amortization	10,855,501	10,728,853
Net fixed assets	283,952	336,683
Deferred tax assets	137,439	73,538
Marketable securities, long-term	27,544,468	47,038,669
Right-of-use asset – operating lease	625,829	689,216
Total assets	70,009,440	72,500,739
Current liabilities
Accounts payable	411,218	336,591
Accrued payroll and other	701,705	540,474
Operating lease	151,955	150,273
Total current liabilities	1,264,878	1,027,338
Operating lease	515,973	581,459
Total liabilities	1,780,851	1,608,797
Shareholders’ equity
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,833,232 issued and outstanding as of September 30 and March 31, 2021	48,332	48,332
Additional paid-in capital	19,402,364	19,338,127
Accumulated other comprehensive income	813,920	1,101,119
Retained earnings	47,963,973	50,404,364
Total shareholders’ equity	68,228,589	70,891,942
Total liabilities and shareholders’ equity	$ 70,009,440	$ 72,500,739
[1]	The March 31, 2021 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

Balance Sheets (Current Perio_2

Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2021	Mar. 31, 2021	[1]
Allowance for uncollectible accounts	$ 15,000	$ 15,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	6,000,000	6,000,000
Common stock, shares issued (in shares)	4,833,232	4,833,232
Common stock, shares outstanding (in shares)	4,833,232	4,833,232
[1]	The March 31, 2021 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

Statements of Income (Unaudited

Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue	$ 6,823,462	$ 4,380,785	$ 13,976,625	$ 8,970,047
Cost of sales	1,544,134	941,287	3,313,715	1,777,709
Gross profit	5,279,328	3,439,498	10,662,910	7,192,338
Expenses
Research and development	707,997	815,965	1,516,139	1,696,948
Selling, general, and administrative	483,116	358,182	949,734	713,193
Total expenses	1,191,113	1,174,147	2,465,873	2,410,141
Income from operations	4,088,215	2,265,351	8,197,037	4,782,197
Interest income	294,858	401,392	584,578	800,604
Income before taxes	4,383,073	2,666,743	8,781,615	5,582,801
Provision for income taxes	736,566	444,403	1,555,542	948,596
Net income	$ 3,646,507	$ 2,222,340	$ 7,226,073	$ 4,634,205
Net income per share – basic (in dollars per share)	$ 0.75	$ 0.46	$ 1.50	$ 0.96
Net income per share – diluted (in dollars per share)	0.75	0.46	1.49	0.96
Cash dividends declared per common share (in dollars per share)	$ 1	$ 1	$ 2	$ 2
Weighted average shares outstanding
Weighted average common shares outstanding – basic (in shares)	4,833,232	4,834,709	4,833,232	4,834,872
Diluted (in shares)	4,836,603	4,834,809	4,836,621	4,834,986
Revenue	$ 6,823,462	$ 4,380,785	$ 13,976,625	$ 8,970,047
Cost of sales	1,544,134	941,287	3,313,715	1,777,709
Gross profit	5,279,328	3,439,498	10,662,910	7,192,338
Product [Member]
Revenue	6,630,012	4,159,173	13,583,778	8,517,808
Weighted average shares outstanding
Revenue	6,630,012	4,159,173	13,583,778	8,517,808
Contract Research and Development [Member]
Revenue	193,450	221,612	392,847	452,239
Weighted average shares outstanding
Revenue	$ 193,450	$ 221,612	$ 392,847	$ 452,239

Statements of Comprehensive Inc

Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income	$ 3,646,507	$ 2,222,340	$ 7,226,073	$ 4,634,205
Unrealized (loss) gain from marketable securities, net of tax	(197,034)	(130,324)	(287,199)	1,112,338
Comprehensive income	$ 3,449,473	$ 2,092,016	$ 6,938,874	$ 5,746,543

Statements of Shareholders' Equ

Statements of Shareholders' Equity (Unaudited) - USD ($)	Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Mar. 31, 2020		4,835,038
Balance at Mar. 31, 2020		$ 48,350	$ 19,383,956	$ 516,523	$ 58,046,520	$ 77,995,349
Unrealized loss on marketable securities, net of tax				1,242,662		1,242,662
Net income					2,411,865	2,411,865
Total comprehensive income						3,654,527
Stock-based compensation			2,707			2,707
Cash dividends declared ($1.00 per share of common stock)					(4,835,038)	(4,835,038)
Balance (in shares) at Jun. 30, 2020	4,835,038
Balance at Jun. 30, 2020		$ 48,350	19,386,663	1,759,185	55,623,347	76,817,545
Balance (in shares) at Mar. 31, 2020		4,835,038
Balance at Mar. 31, 2020		$ 48,350	19,383,956	516,523	58,046,520	77,995,349
Unrealized loss on marketable securities, net of tax						1,112,338
Net income						4,634,205
Balance (in shares) at Sep. 30, 2020		4,833,232
Balance at Sep. 30, 2020		$ 48,332	19,329,577	1,628,861	53,010,649	74,017,419
Balance (in shares) at Jun. 30, 2020	4,835,038
Balance at Jun. 30, 2020		48,350	19,386,663	1,759,185	55,623,347	76,817,545
Unrealized loss on marketable securities, net of tax				(130,324)		(130,324)
Net income					2,222,340	2,222,340
Total comprehensive income						2,092,016
Stock-based compensation			34,315			34,315
Cash dividends declared ($1.00 per share of common stock)					(4,835,038)	(4,835,038)
Balance (in shares) at Sep. 30, 2020		4,833,232
Balance at Sep. 30, 2020		$ 48,332	19,329,577	1,628,861	53,010,649	74,017,419
Repurchase of common stock (in shares)		(1,806)
Repurchase of common stock		$ (18)	(91,401)			(91,401)
Balance (in shares) at Mar. 31, 2021		4,833,232
Balance at Mar. 31, 2021		$ 48,332	19,338,127	1,101,119	50,404,364	70,891,942	[1]
Unrealized loss on marketable securities, net of tax				(90,165)		(90,165)
Net income					3,579,566	3,579,566
Total comprehensive income						3,489,401
Stock-based compensation			7,238			7,238
Cash dividends declared ($1.00 per share of common stock)					(4,833,232)	(4,833,232)
Balance (in shares) at Jun. 30, 2021	4,833,232
Balance at Jun. 30, 2021		$ 48,332	19,345,365	1,010,954	49,150,698	69,555,349
Balance (in shares) at Mar. 31, 2021		4,833,232
Balance at Mar. 31, 2021		$ 48,332	19,338,127	1,101,119	50,404,364	70,891,942	[1]
Unrealized loss on marketable securities, net of tax						(287,199)
Net income						7,226,073
Balance (in shares) at Sep. 30, 2021		4,833,232
Balance at Sep. 30, 2021		$ 48,332	19,402,364	813,920	47,963,973	68,228,589
Balance (in shares) at Jun. 30, 2021	4,833,232
Balance at Jun. 30, 2021		48,332	19,345,365	1,010,954	49,150,698	69,555,349
Unrealized loss on marketable securities, net of tax				(197,034)		(197,034)
Net income					3,646,507	3,646,507
Total comprehensive income						3,449,473
Stock-based compensation			56,999			56,999
Cash dividends declared ($1.00 per share of common stock)					(4,833,232)	(4,833,232)
Balance (in shares) at Sep. 30, 2021		4,833,232
Balance at Sep. 30, 2021		$ 48,332	$ 19,402,364	$ 813,920	$ 47,963,973	$ 68,228,589
[1]	The March 31, 2021 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

Statements of Shareholders' E_2

Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
Common stock per share (in dollars per share)	$ 1	$ 1	$ 1	$ 1
Common stock per share (in dollars per share)	$ 1	$ 1	$ 1	$ 1

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES
Net income	$ 7,226,073	$ 4,634,205
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	271,207	259,241
Stock-based compensation	64,237	37,022
Deferred income taxes	16,539	(61,437)
Changes in operating assets and liabilities:
Accounts receivable	(911,821)	771,942
Inventories	(81,994)	(44,074)
Prepaid expenses and other assets	(298,099)	108,697
Accounts payable and other liabilities	172,054	(164,625)
Net cash provided by operating activities	6,458,196	5,540,971
INVESTING ACTIVITIES
Purchases of fixed assets	(73,916)	0
Proceeds from maturities of marketable securities	4,000,000	0
Cash used in investing activities	3,926,084	0
FINANCING ACTIVITIES
Repurchase of common stock		(91,419)
Payment of dividends to shareholders	(9,666,464)	(9,670,076)
Cash used in financing activities	(9,666,464)	(9,761,495)
Increase in cash and cash equivalents	717,816	(4,220,524)
Cash and cash equivalents at beginning of period	10,427,340	8,065,594
Cash and cash equivalents at end of period	11,145,156	3,845,070
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes	$ 1,760,000	$ 934,788

Note 1 - Description of Busines

Note 1 - Description of Business	6 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	NOTE 1. 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

Note 2 - Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	NOTE 2. 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 10 March 31, 2021. six September 30, 2021 not may March 31, 2022. Significant accounting policies A description of our significant accounting policies is provided in Note 2 10 March 31, 2021. September 30, 2021, no

Note 3 - Recently Issued Accoun

Note 3 - Recently Issued Accounting Standards	6 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	NOTE 3. Recently Adopted Accounting Standard In December 2019, No. 2019 12, 740 2019 12 740, 2019 12 June 30, 2021. no New Accounting Standard Not In May 2021, No. 2021 04, Earnings Per Share (Topic 260 Modifications and Extinguishments (Subtopic 470 50 Stock Compensation (Topic 718 Contracts in Entity s Own Equity (Subtopic 815 40 s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options 2021 04 2021 04 December 15, 2021 2023 not

Note 4 - Net Income Per Share

Note 4 - Net Income Per Share	6 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 4. 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 September 30 2021 2020 Weighted average common shares outstanding – basic 4,833,232 4,834,709 Dilutive effect of stock options 3,371 100 Shares used in computing net income per share – diluted 4,836,603 4,834,809 Six Months Ended September 30 2021 2020 Weighted average common shares outstanding – basic 4,833,232 4,834,872 Dilutive effect of stock options 3,389 114 Shares used in computing net income per share – diluted 4,836,621 4,834,986

Note 5 - Fair Value of Financia

Note 5 - Fair Value of Financial Instruments	6 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 5. Our corporate bonds and money market funds are classified as available-for-sale securities and carried at estimated fair value. Unrealized holding gains and losses are included in accumulated other comprehensive income (loss) in the statement of shareholders’ equity. Corporate bonds with remaining maturities less than one one three Contractual maturities of available-for-sale securities as of September 30, 2021 Total <1 Year 1–3 Years 3–5 Years $ 60,647,982 $ 33,103,514 $ 17,237,693 $ 10,306,775 Total available-for-sale securities represented approximately 87 September 30, 2021 Generally accepted accounting principles establish a framework for measuring fair value, provide a definition of fair value, and prescribe required disclosures about fair-value measurements. Generally accepted accounting principles define fair value as the price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Generally accepted accounting principles utilize a valuation hierarchy for disclosure of fair value measurements. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The categories within the valuation hierarchy are described as follows: Level 1 Level 2 2 Level 3 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.” The following table shows the estimated fair value of assets that were accounted for at fair value on a recurring basis: As of September 30, 2021 As of March 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 10,442,555 $ - $ 10,442,555 $ 10,143,196 $ - $ 10,143,196 Corporate bonds - 50,205,427 50,205,427 - 54,717,626 54,717,626 Total $ 10,442,555 $ 50,205,427 $ 60,647,982 $ 10,143,196 $ 54,717,626 $ 64,860,822 Our available-for-sale securities as of September 30 March 31, 2021, As of September 30, 2021 As of March 31, 2021 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 $ 10,442,555 $ - $ - $ 10,442,555 $ 10,143,196 $ - $ - $ 10,143,196 Corporate bonds 49,163,545 1,152,671 (110,789 ) 50,205,427 53,308,105 1,570,195 (160,674 ) 54,717,626 Total $ 59,606,100 $ 1,152,671 $ (110,789 ) $ 60,647,982 $ 63,451,301 $ 1,570,195 $ (160,674 ) $ 64,860,822 The following table shows the gross unrealized holding losses and fair value of our available-for-sale securities with unrealized holding losses, aggregated by class of securities and length of time that individual securities had been in a continuous unrealized loss position as of September 30, 2021 March 31, 2021. 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 September 30, 2021 Corporate bonds $ 10,306,776 $ (110,789 ) $ - $ - $ 10,306,776 $ (110,789 ) Total $ 10,306,776 $ (110,789 ) $ - $ - $ 10,306,776 $ (110,789 ) As of March 31, 2021 Corporate bonds $ 10,322,539 $ (160,674 ) $ - $ - $ 10,322,539 $ (160,674 ) Total $ 10,322,539 $ (160,674 ) $ - $ - $ 10,322,539 $ (160,674 ) We did not September 30, 2021. None not 19 not not not September 30, 2021.

Note 6 - Inventories

Note 6 - Inventories	6 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 6. Inventories are shown in the following table: September 30, 2021 March 31, 2021 Raw materials $ 814,313 $ 660,678 Work in process 2,587,889 2,220,723 Finished goods 580,569 1,019,376 Total inventories $ 3,982,771 $ 3,900,777

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	6 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	NOTE 7. Stock-based compensation expense was $56,999 for the second 2022, second 2021, first six 2022, first six 2021.

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 8. 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. We had no September 30, 2021, not 12 September 30, 2021 no 2016 2020

Note 9 - Leases

Note 9 - Leases	6 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE 9. We conduct our operations in a leased facility under a non-cancellable lease expiring March 31, 2026. not Quarter Ended Six Months Ended Operating lease cost $ 42,515 $ 85,030 Variable lease cost 31,029 62,058 Total $ 73,544 $ 147,088 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 37,962 $ 75,924 Remaining lease term 54 months Discount rate 3.5 % The following table presents the maturities of lease liabilities as of September 30, 2021: Year Ending March 31 Operating Leases 2022 76,779 2023 156,121 2024 159,592 2025 163,224 2026 165,947 Total lease payments 721,663 Imputed lease interest (53,735 ) Total lease liabilities $ 667,928

Note 10 - Stock Repurchase Prog

Note 10 - Stock Repurchase Program	6 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Stock Repurchase Plan Disclosure [Text Block]	NOTE 10. On January 21, 2009 August 27, 2015, not not may September 30, 2021. not first second 2022.

Note 11 - Information As to Emp

Note 11 - Information As to Employee Stock Purchase, Savings, and Similar Plans	6 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Retirement Benefits [Text Block]	NOTE 11. All of our employees are eligible to participate in our 401 first 21. may first second 2022, second 2021, first six 2022, first six 2021.

Note 12 - Subsequent Events

Note 12 - Subsequent Events	6 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 12. On October 20, 2021 November 30, 2021 November 1, 2021

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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 10 March 31, 2021. six September 30, 2021 not may March 31, 2022.

Note 4 - Net Income Per Share (

Note 4 - Net Income Per Share (Tables)	6 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Quarter Ended September 30 2021 2020 Weighted average common shares outstanding – basic 4,833,232 4,834,709 Dilutive effect of stock options 3,371 100 Shares used in computing net income per share – diluted 4,836,603 4,834,809 Six Months Ended September 30 2021 2020 Weighted average common shares outstanding – basic 4,833,232 4,834,872 Dilutive effect of stock options 3,389 114 Shares used in computing net income per share – diluted 4,836,621 4,834,986

Note 5 - Fair Value of Financ_2

Note 5 - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Sep. 30, 2021
Notes Tables
Investments Classified by Contractual Maturity Date [Table Text Block]	Total <1 Year 1–3 Years 3–5 Years $ 60,647,982 $ 33,103,514 $ 17,237,693 $ 10,306,775
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	As of September 30, 2021 As of March 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 10,442,555 $ - $ 10,442,555 $ 10,143,196 $ - $ 10,143,196 Corporate bonds - 50,205,427 50,205,427 - 54,717,626 54,717,626 Total $ 10,442,555 $ 50,205,427 $ 60,647,982 $ 10,143,196 $ 54,717,626 $ 64,860,822
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	As of September 30, 2021 As of March 31, 2021 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 $ 10,442,555 $ - $ - $ 10,442,555 $ 10,143,196 $ - $ - $ 10,143,196 Corporate bonds 49,163,545 1,152,671 (110,789 ) 50,205,427 53,308,105 1,570,195 (160,674 ) 54,717,626 Total $ 59,606,100 $ 1,152,671 $ (110,789 ) $ 60,647,982 $ 63,451,301 $ 1,570,195 $ (160,674 ) $ 64,860,822
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block]	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 September 30, 2021 Corporate bonds $ 10,306,776 $ (110,789 ) $ - $ - $ 10,306,776 $ (110,789 ) Total $ 10,306,776 $ (110,789 ) $ - $ - $ 10,306,776 $ (110,789 ) As of March 31, 2021 Corporate bonds $ 10,322,539 $ (160,674 ) $ - $ - $ 10,322,539 $ (160,674 ) Total $ 10,322,539 $ (160,674 ) $ - $ - $ 10,322,539 $ (160,674 )

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	6 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, 2021 March 31, 2021 Raw materials $ 814,313 $ 660,678 Work in process 2,587,889 2,220,723 Finished goods 580,569 1,019,376 Total inventories $ 3,982,771 $ 3,900,777

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	6 Months Ended
	Sep. 30, 2021
Notes Tables
Lease, Cost [Table Text Block]	Quarter Ended Six Months Ended Operating lease cost $ 42,515 $ 85,030 Variable lease cost 31,029 62,058 Total $ 73,544 $ 147,088 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 37,962 $ 75,924 Remaining lease term 54 months Discount rate 3.5 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Year Ending March 31 Operating Leases 2022 76,779 2023 156,121 2024 159,592 2025 163,224 2026 165,947 Total lease payments 721,663 Imputed lease interest (53,735 ) Total lease liabilities $ 667,928

Note 4 - Summary of Significant

Note 4 - Summary of Significant Accounting Policies - Weighted Average Number of Shares (Details) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Weighted average common shares outstanding – basic (in shares)	4,833,232	4,834,709	4,833,232	4,834,872
Dilutive effect of stock options (in shares)	3,371	100	3,389	114
Shares used in computing net income per share – diluted (in shares)	4,836,603	4,834,809	4,836,621	4,834,986

Note 5 - Fair Value of Financ_3

Note 5 - Fair Value of Financial Instruments (Details Textual)	6 Months Ended
	Sep. 30, 2021
Available for Sale Debt Securitites, Percent of Total Assets	87.00%
Number of Other-than-temporarily Impaired Available-for-sale Securities	0
Number of Other-than-temporarily Impaired Marketable Securities	0
Minimum [Member]
Available for Sale Debt Securities, Remaining Maturity (Week)	112 days
Maximum [Member]
Available for Sale Debt Securities, Remaining Maturity (Week)	41 months

Note 5 - Fair Value of Financ_4

Note 5 - Fair Value of Financial Instruments - Fair Value of Available-for-sale Securities (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Total	$ 60,647,982	$ 64,860,822
Less than 1 year	33,103,514
1-3 years	17,237,693
3-5 years	$ 10,306,775

Note 5 - Fair Value of Financ_5

Note 5 - Fair Value of Financial Instruments - Assets Measured on Recurring Basis (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Total	$ 60,647,982	$ 64,860,822
Money Market Funds [Member]
Total	10,442,555	10,143,196
Corporate Bond Securities [Member]
Total	50,205,427	54,717,626
Fair Value, Recurring [Member]
Total	60,647,982	64,860,822
Fair Value, Recurring [Member] | Money Market Funds [Member]
Total	10,442,555	10,143,196
Fair Value, Recurring [Member] | Corporate Bond Securities [Member]
Total	50,205,427	54,717,626
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Total	10,442,555	10,143,196
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Total	10,442,555	10,143,196
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Bond Securities [Member]
Total	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Total	50,205,427	54,717,626
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]
Total	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member]
Total	$ 50,205,427	$ 54,717,626

Note 5 - Fair Value of Financ_6

Note 5 - Fair Value of Financial Instruments - Reconciliation of Available-for-sale Securities (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Amortized Cost	$ 59,606,100	$ 63,451,301
Gross Unrealized Holding Gains	1,152,671	1,570,195
Gross Unrealized Holding Losses	(110,789)	(160,674)
Estimated Fair Value	60,647,982	64,860,822
Money Market Funds [Member]
Amortized Cost	10,442,555	10,143,196
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Estimated Fair Value	10,442,555	10,143,196
Corporate Bond Securities [Member]
Amortized Cost	49,163,545	53,308,105
Gross Unrealized Holding Gains	1,152,671	1,570,195
Gross Unrealized Holding Losses	(110,789)	(160,674)
Estimated Fair Value	$ 50,205,427	$ 54,717,626

Note 5 - Fair Value of Financ_7

Note 5 - Fair Value of Financial Instruments - Investment Securities With Unrealized Losses (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Fair market value, less than 12 months	$ 10,306,776	$ 10,322,539
Gross unrealized losses, less than 12 months	(110,789)	(160,674)
Fair market value, 12 months or greater	0	0
Gross unrealized losses, 12 months or greater	0	0
Total fair market value	10,306,776	10,322,539
Total gross unrealized losses	(110,789)	(160,674)
Corporate Bond Securities [Member]
Fair market value, less than 12 months	10,306,776	10,322,539
Gross unrealized losses, less than 12 months	(110,789)	(160,674)
Fair market value, 12 months or greater	0	0
Gross unrealized losses, 12 months or greater	0	0
Total fair market value	10,306,776	10,322,539
Total gross unrealized losses	$ (110,789)	$ (160,674)

Note 6 - Inventories - Summary

Note 6 - Inventories - Summary of Inventories (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Raw materials	$ 814,313	$ 660,678
Work in process	2,587,889	2,220,723
Finished goods	580,569	1,019,376
Total inventories	$ 3,982,771	$ 3,900,777	[1]
[1]	The March 31, 2021 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

Note 7 - Stock-based Compensa_2

Note 7 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expense	$ 56,999	$ 34,315	$ 64,237	$ 37,022

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) $ in Thousands	6 Months Ended
	Sep. 30, 2021USD ($)
Unrecognized Tax Benefits, Ending Balance	$ 0
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	0
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 0
Open Tax Year	2016 2017 2018 2019 2020

Note 9 - Leases - Operating Lea

Note 9 - Leases - Operating Lease (Details)	3 Months Ended	6 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Operating lease cost	$ 42,515	$ 85,030
Variable lease cost	31,029	62,058
Total	73,544	147,088
Operating cash flows for leases	$ 37,962	$ 75,924
Remaining lease term (Month)	54 months	54 months
Discount rate	3.50%	3.50%

Note 9 - Leases - Maturities of

Note 9 - Leases - Maturities of Lease Liabilities (Details)	Sep. 30, 2021USD ($)
2022	$ 76,779
2023	156,121
2024	159,592
2025	163,224
2026	165,947
Total lease payments	721,663
Imputed lease interest	(53,735)
Total lease liabilities	$ 667,928

Note 10 - Stock Repurchase Pr_2

Note 10 - Stock Repurchase Program (Details Textual) - Repurchase Program 2009 [Member] - USD ($) shares in Thousands	6 Months Ended
	Sep. 30, 2021	Aug. 27, 2015	Jan. 21, 2009
Stock Repurchase Program, Authorized Amount			$ 2,500,000
Stock Repurchase Program Authorized Additional Amount		$ 5,000,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 3,762,040
Treasury Stock, Shares, Acquired (in shares)	0

Note 11 - Information As to E_2

Note 11 - Information As to Employee Stock Purchase, Savings, and Similar Plans (Details Textual) - USD ($)	3 Months Ended			6 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay		100.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent		3.00%
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 26,831		$ 21,275	$ 55,415	$ 46,656

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details Textual) - $ / shares	Oct. 20, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Common Stock, Dividends, Per Share, Declared (in dollars per share)		$ 1	$ 1	$ 2	$ 2
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 1
Dividends Payable, Date to be Paid	Nov. 30, 2021
Dividends Payable, Date of Record	Nov. 1, 2021