Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2021 | Jan. 14, 2022 | |
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 | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 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, $0.01 par value | |
Trading Symbol | NVEC | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 4,833,714 |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 | [1] |
Current assets | |||
Cash and cash equivalents | $ 8,967,657 | $ 10,427,340 | |
Marketable securities, short-term | 22,482,494 | 7,678,957 | |
Accounts receivable, net of allowance for uncollectible accounts of $15,000 | 3,038,203 | 1,964,281 | |
Inventories | 4,367,675 | 3,900,777 | |
Prepaid expenses and other assets | 921,846 | 391,278 | |
Total current assets | 39,777,875 | 24,362,633 | |
Fixed assets | |||
Machinery and equipment | 9,312,982 | 9,254,664 | |
Leasehold improvements | 1,810,872 | 1,810,872 | |
Property, Plant and Equipment, Gross, Ending Balance | 11,123,854 | 11,065,536 | |
Less accumulated depreciation and amortization | 10,886,378 | 10,728,853 | |
Net fixed assets | 237,476 | 336,683 | |
Deferred tax assets | 260,134 | 73,538 | |
Marketable securities, long-term | 27,179,552 | 47,038,669 | |
Right-of-use asset – operating lease | 593,715 | 689,216 | |
Total assets | 68,048,752 | 72,500,739 | |
Current liabilities | |||
Accounts payable | 111,243 | 336,591 | |
Accrued payroll and other | 812,502 | 540,474 | |
Operating lease | 152,807 | 150,273 | |
Total current liabilities | 1,076,552 | 1,027,338 | |
Operating lease | 482,798 | 581,459 | |
Total liabilities | 1,559,350 | 1,608,797 | |
Shareholders’ equity | |||
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,833,714 issued and outstanding as of December 31, 2021 and 4,833,232 as of March 31, 2021 | 48,337 | 48,332 | |
Additional paid-in capital | 19,411,158 | 19,338,127 | |
Accumulated other comprehensive income | 433,759 | 1,101,119 | |
Retained earnings | 46,596,148 | 50,404,364 | |
Total shareholders’ equity | 66,489,402 | 70,891,942 | |
Total liabilities and shareholders’ equity | $ 68,048,752 | $ 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 ($) | Dec. 31, 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) | 4,833,714 | 4,833,232 | |
Common stock, shares outstanding (in shares) | 4,833,714 | 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 | 9 Months Ended | ||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 6,290,809 | $ 6,533,362 | $ 20,267,433 | $ 15,503,409 | ||||
Cost of sales | 1,385,006 | 1,075,048 | 4,698,720 | 2,852,757 | ||||
Gross profit | 4,905,803 | 5,458,314 | 15,568,713 | 12,650,652 | ||||
Expenses | ||||||||
Research and development | 596,492 | 702,216 | 2,112,630 | 2,399,164 | ||||
Selling, general, and administrative | 272,159 | 311,356 | 1,221,893 | 1,024,549 | ||||
Total expenses | 868,651 | 1,013,572 | 3,334,523 | 3,423,713 | ||||
Income from operations | 4,037,152 | 4,444,742 | 12,234,190 | 9,226,939 | ||||
Interest income | 283,940 | 365,498 | 868,519 | 1,166,102 | ||||
Income before taxes | 4,321,092 | 4,810,240 | 13,102,709 | 10,393,041 | ||||
Provision for income taxes | 855,685 | 884,531 | 2,411,228 | 1,833,127 | ||||
Net income | $ 3,465,407 | $ 3,646,507 | $ 3,579,566 | $ 3,925,709 | $ 2,222,340 | $ 2,411,865 | $ 10,691,481 | $ 8,559,914 |
Net income per share – basic (in dollars per share) | $ 0.72 | $ 0.81 | $ 2.21 | $ 1.77 | ||||
Net income per share – diluted (in dollars per share) | 0.72 | 0.81 | 2.21 | 1.77 | ||||
Cash dividends declared per common share (in dollars per share) | $ 1 | $ 1 | $ 3 | $ 3 | ||||
Weighted average shares outstanding | ||||||||
Weighted average common shares outstanding – basic (in shares) | 4,833,604 | 4,833,232 | 4,833,356 | 4,834,324 | ||||
Diluted (in shares) | 4,835,770 | 4,833,261 | 4,835,781 | 4,834,411 | ||||
Product [Member] | ||||||||
Revenue | $ 5,916,790 | $ 6,332,349 | $ 19,500,567 | $ 14,850,157 | ||||
Contract Research and Development [Member] | ||||||||
Revenue | $ 374,019 | $ 201,013 | $ 766,866 | $ 653,252 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 3,465,407 | $ 3,646,507 | $ 3,579,566 | $ 3,925,709 | $ 2,222,340 | $ 2,411,865 | $ 10,691,481 | $ 8,559,914 |
Unrealized loss from marketable securities, net of tax | (380,161) | $ (197,034) | $ (90,165) | (145,452) | $ (130,324) | $ 1,242,662 | (667,361) | 966,886 |
Comprehensive income | $ 3,085,246 | $ 3,780,257 | $ 10,024,120 | $ 9,526,800 |
Statements of Income (Unaudit_2
Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 6,290,809 | $ 6,533,362 | $ 20,267,433 | $ 15,503,409 | ||||
Cost of sales | 1,385,006 | 1,075,048 | 4,698,720 | 2,852,757 | ||||
Gross profit | 4,905,803 | 5,458,314 | 15,568,713 | 12,650,652 | ||||
Expenses | ||||||||
Research and development | 596,492 | 702,216 | 2,112,630 | 2,399,164 | ||||
Selling, general, and administrative | 272,159 | 311,356 | 1,221,893 | 1,024,549 | ||||
Total expenses | 868,651 | 1,013,572 | 3,334,523 | 3,423,713 | ||||
Income from operations | 4,037,152 | 4,444,742 | 12,234,190 | 9,226,939 | ||||
Interest income | 283,940 | 365,498 | 868,519 | 1,166,102 | ||||
Income before taxes | 4,321,092 | 4,810,240 | 13,102,709 | 10,393,041 | ||||
Provision for income taxes | 855,685 | 884,531 | 2,411,228 | 1,833,127 | ||||
Net income | $ 3,465,407 | $ 3,646,507 | $ 3,579,566 | $ 3,925,709 | $ 2,222,340 | $ 2,411,865 | $ 10,691,481 | $ 8,559,914 |
Net income per share – basic (in dollars per share) | $ 0.72 | $ 0.81 | $ 2.21 | $ 1.77 | ||||
Net income per share – diluted (in dollars per share) | 0.72 | 0.81 | 2.21 | 1.77 | ||||
Cash dividends declared per common share (in dollars per share) | $ 1 | $ 1 | $ 3 | $ 3 | ||||
Weighted average shares outstanding | ||||||||
Weighted average common shares outstanding – basic (in shares) | 4,833,604 | 4,833,232 | 4,833,356 | 4,834,324 | ||||
Diluted (in shares) | 4,835,770 | 4,833,261 | 4,835,781 | 4,834,411 | ||||
Product [Member] | ||||||||
Revenue | $ 5,916,790 | $ 6,332,349 | $ 19,500,567 | $ 14,850,157 | ||||
Contract Research and Development [Member] | ||||||||
Revenue | $ 374,019 | $ 201,013 | $ 766,866 | $ 653,252 |
Statements of Comprehensive I_2
Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 3,465,407 | $ 3,646,507 | $ 3,579,566 | $ 3,925,709 | $ 2,222,340 | $ 2,411,865 | $ 10,691,481 | $ 8,559,914 |
Unrealized loss from marketable securities, net of tax | (380,161) | $ (197,034) | $ (90,165) | (145,452) | $ (130,324) | $ 1,242,662 | (667,361) | 966,886 |
Comprehensive income | $ 3,085,246 | $ 3,780,257 | $ 10,024,120 | $ 9,526,800 |
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 | 966,886 | ||||||
Net income | 8,559,914 | ||||||
Balance (in shares) at Dec. 31, 2020 | 4,833,232 | ||||||
Balance at Dec. 31, 2020 | $ 48,332 | 19,333,852 | 1,483,409 | 52,103,126 | 72,968,719 | ||
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) | |||||
Repurchase of common stock (in shares) | (1,806) | ||||||
Repurchase of common stock | $ (18) | (91,401) | (91,401) | ||||
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 | ||
Unrealized loss on marketable securities, net of tax | (145,452) | (145,452) | |||||
Net income | 3,925,709 | 3,925,709 | |||||
Total comprehensive income | 3,780,257 | ||||||
Stock-based compensation | 4,275 | 4,275 | |||||
Cash dividends declared ($1.00 per share of common stock) | (4,833,232) | (4,833,232) | |||||
Balance (in shares) at Dec. 31, 2020 | 4,833,232 | ||||||
Balance at Dec. 31, 2020 | $ 48,332 | 19,333,852 | 1,483,409 | 52,103,126 | 72,968,719 | ||
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 | (667,361) | ||||||
Net income | 10,691,481 | ||||||
Balance (in shares) at Dec. 31, 2021 | 4,833,714 | ||||||
Balance at Dec. 31, 2021 | $ 48,337 | 19,411,158 | 433,759 | 46,596,148 | 66,489,402 | ||
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 | ||
Unrealized loss on marketable securities, net of tax | (380,161) | (380,161) | |||||
Net income | 3,465,407 | 3,465,407 | |||||
Total comprehensive income | 3,085,246 | ||||||
Stock-based compensation | 8,799 | 8,799 | |||||
Cash dividends declared ($1.00 per share of common stock) | (4,833,232) | (4,833,232) | |||||
Exercise of stock options (in shares) | 482 | ||||||
Exercise of stock options | $ 5 | (5) | |||||
Balance (in shares) at Dec. 31, 2021 | 4,833,714 | ||||||
Balance at Dec. 31, 2021 | $ 48,337 | $ 19,411,158 | $ 433,759 | $ 46,596,148 | $ 66,489,402 | ||
[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 | |||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | |
Common stock per share (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Common stock per share (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net income | $ 10,691,481 | $ 8,559,914 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 358,828 | 386,968 |
Stock-based compensation | 73,036 | 41,297 |
Deferred income taxes | 319 | (73,269) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,073,922) | (467,290) |
Inventories | (466,898) | 41,973 |
Prepaid expenses and other assets | (435,067) | 181,557 |
Accounts payable and other liabilities | (49,447) | (140,082) |
Net cash provided by operating activities | 9,098,330 | 8,531,068 |
INVESTING ACTIVITIES | ||
Purchases of fixed assets | (58,317) | |
Proceeds from maturities of marketable securities | 4,000,000 | 12,000,000 |
Cash provided by investing activities | 3,941,683 | 11,986,373 |
FINANCING ACTIVITIES | ||
Repurchase of common stock | 0 | (91,419) |
Payment of dividends to shareholders | (14,499,696) | (14,503,308) |
Cash used in financing activities | (14,499,696) | (14,594,727) |
(Decrease) increase in cash and cash equivalents | (1,459,683) | 5,922,714 |
Cash and cash equivalents at beginning of period | 10,427,340 | 8,065,594 |
Cash and cash equivalents at end of period | 8,967,657 | 13,988,308 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for income taxes | $ 2,490,000 | $ 1,636,788 |
Note 1 - Description of Busines
Note 1 - Description of Business | 9 Months Ended |
Dec. 31, 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 | 9 Months Ended |
Dec. 31, 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. nine December 31, 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. December 31, 2021, no |
Note 3 - Recently Issued Accoun
Note 3 - Recently Issued Accounting Standards | 9 Months Ended |
Dec. 31, 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 | 9 Months Ended |
Dec. 31, 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 December 31 2021 2020 Weighted average common shares outstanding – basic 4,833,604 4,833,232 Dilutive effect of stock options 2,167 29 Shares used in computing net income per share – diluted 4,835,770 4,833,261 Nine Months Ended December 31 2021 2020 Weighted average common shares outstanding – basic 4,833,356 4,834,324 Dilutive effect of stock options 2,425 87 Shares used in computing net income per share – diluted 4,835,781 4,834,411 |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 9 Months Ended |
Dec. 31, 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 December 31, 2021 Total <1 Year 1–3 Years 3–5 Years $ 57,293,870 $ 30,114,318 $ 22,148,686 $ 5,030,866 Total available-for-sale securities represented approximately 84% of our total assets. Marketable securities as of December 31, 2021 three 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 December 31, 2021 As of March 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 7,631,824 $ - $ 7,631,824 $ 10,143,196 $ - $ 10,143,196 Corporate bonds - 49,662,046 49,662,046 - 54,717,626 54,717,626 Total $ 7,631,824 $ 49,662,046 $ 57,293,870 $ 10,143,196 $ 54,717,626 $ 64,860,822 Our available-for-sale securities as of December 31 March 31, 2021, As of December 31, 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 $ 7,631,824 $ - $ - $ 7,631,824 $ 10,143,196 $ - $ - $ 10,143,196 Corporate bonds 49,106,800 772,080 (216,834 ) 49,662,046 53,308,105 1,570,195 (160,674 ) 54,717,626 Total $ 56,738,624 $ 772,080 $ (216,834 ) $ 57,293,870 $ 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 December 31, 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 December 31, 2021 Corporate bonds $ 10,167,905 $ (216,834 ) $ - $ - $ 10,167,905 $ (216,834 ) Total $ 10,167,905 $ (216,834 ) $ - $ - $ 10,167,905 $ (216,834 ) 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 December 31, 2021. None not 19 not not not December 31, 2021. |
Note 6 - Inventories
Note 6 - Inventories | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 6. Inventories are shown in the following table: December 31, 2021 March 31, 2021 Raw materials $ 784,004 $ 660,678 Work in process 2,812,910 2,220,723 Finished goods 770,760 1,019,376 Total inventories $ 4,367,675 $ 3,900,777 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 7. Stock-based compensation expense was $8,799 for the third 2022, third 2021, first nine 2022, first nine 2021. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Dec. 31, 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 unrecognized tax benefits as of December 31, 2021, not 12 December 31, 2021 2016 2020 |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Dec. 31, 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 Nine Months Ended Operating lease cost $ 42,516 $ 127,546 Variable lease cost 31,029 93,087 Total $ 73,545 $ 220,633 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 37,962 $ 113,886 Remaining lease term 51 months Discount rate 3.5 % The following table presents the maturities of lease liabilities as of December 31, 2021: Year Ending March 31 Operating Leases 2022 38,817 2023 156,121 2024 159,592 2025 163,224 2026 165,947 Total lease payments 683,701 Imputed lease interest (48,096 ) Total lease liabilities $ 635,605 |
Note 10 - Stock Repurchase Prog
Note 10 - Stock Repurchase Program | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stock Repurchase Plan Disclosure [Text Block] | NOTE 10. On January 21, 2009 August 27, 2015, not not may December 31, 2021. not 2022. |
Note 11 - Information as to Emp
Note 11 - Information as to Employee Stock Purchase, Savings, and Similar Plans | 9 Months Ended |
Dec. 31, 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 $21,579 f third 2022, third 20 21, first nine 2022, first nine 2021. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12. On January 19, 2022 February 28, 2022 January 31, 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 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. nine December 31, 2021 not may March 31, 2022. |
Note 4 - Net Income Per Share (
Note 4 - Net Income Per Share (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Quarter Ended December 31 2021 2020 Weighted average common shares outstanding – basic 4,833,604 4,833,232 Dilutive effect of stock options 2,167 29 Shares used in computing net income per share – diluted 4,835,770 4,833,261 Nine Months Ended December 31 2021 2020 Weighted average common shares outstanding – basic 4,833,356 4,834,324 Dilutive effect of stock options 2,425 87 Shares used in computing net income per share – diluted 4,835,781 4,834,411 |
Note 5 - Fair Value of Financ_2
Note 5 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Total <1 Year 1–3 Years 3–5 Years $ 57,293,870 $ 30,114,318 $ 22,148,686 $ 5,030,866 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of December 31, 2021 As of March 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 7,631,824 $ - $ 7,631,824 $ 10,143,196 $ - $ 10,143,196 Corporate bonds - 49,662,046 49,662,046 - 54,717,626 54,717,626 Total $ 7,631,824 $ 49,662,046 $ 57,293,870 $ 10,143,196 $ 54,717,626 $ 64,860,822 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | As of December 31, 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 $ 7,631,824 $ - $ - $ 7,631,824 $ 10,143,196 $ - $ - $ 10,143,196 Corporate bonds 49,106,800 772,080 (216,834 ) 49,662,046 53,308,105 1,570,195 (160,674 ) 54,717,626 Total $ 56,738,624 $ 772,080 $ (216,834 ) $ 57,293,870 $ 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 December 31, 2021 Corporate bonds $ 10,167,905 $ (216,834 ) $ - $ - $ 10,167,905 $ (216,834 ) Total $ 10,167,905 $ (216,834 ) $ - $ - $ 10,167,905 $ (216,834 ) 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) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2021 March 31, 2021 Raw materials $ 784,004 $ 660,678 Work in process 2,812,910 2,220,723 Finished goods 770,760 1,019,376 Total inventories $ 4,367,675 $ 3,900,777 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Quarter Ended Nine Months Ended Operating lease cost $ 42,516 $ 127,546 Variable lease cost 31,029 93,087 Total $ 73,545 $ 220,633 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 37,962 $ 113,886 Remaining lease term 51 months Discount rate 3.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending March 31 Operating Leases 2022 38,817 2023 156,121 2024 159,592 2025 163,224 2026 165,947 Total lease payments 683,701 Imputed lease interest (48,096 ) Total lease liabilities $ 635,605 |
Note 4 - Net Income Per Share -
Note 4 - Net Income Per Share - Components of Diluted Shares (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted average common shares outstanding – basic (in shares) | 4,833,604 | 4,833,232 | 4,833,356 | 4,834,324 |
Dilutive effect of stock options (in shares) | 2,167 | 29 | 2,425 | 87 |
Shares used in computing net income per share – diluted (in shares) | 4,835,770 | 4,833,261 | 4,835,781 | 4,834,411 |
Note 5 - Fair Value of Financ_3
Note 5 - Fair Value of Financial Instruments (Details Textual) | 3 Months Ended |
Dec. 31, 2021 | |
Available for Sale Debt Securitites, Percent of Total Assets | 84.00% |
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) | 21 days |
Maximum [Member] | |
Available for Sale Debt Securities, Remaining Maturity (Week) | 38 months |
Note 5 - Fair Value of Financ_4
Note 5 - Fair Value of Financial Instruments - Fair Value of Available-for-sale Securities (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Total | $ 57,293,870 | $ 64,860,822 |
Less than 1 year | 30,114,318 | |
1-3 years | 22,148,686 | |
3-5 years | $ 5,030,866 |
Note 5 - Fair Value of Financ_5
Note 5 - Fair Value of Financial Instruments - Assets Measured on Recurring Basis (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Total | $ 57,293,870 | $ 64,860,822 |
Money Market Funds [Member] | ||
Total | 7,631,824 | 10,143,196 |
Corporate Bond Securities [Member] | ||
Total | 49,662,046 | 54,717,626 |
Fair Value, Recurring [Member] | ||
Total | 57,293,870 | 64,860,822 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Total | 7,631,824 | 10,143,196 |
Fair Value, Recurring [Member] | Corporate Bond Securities [Member] | ||
Total | 49,662,046 | 54,717,626 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total | 7,631,824 | 10,143,196 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Total | 7,631,824 | 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 | 49,662,046 | 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 | $ 49,662,046 | $ 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 ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Amortized Cost | $ 56,738,624 | $ 63,451,301 |
Gross Unrealized Holding Gains | 772,080 | 1,570,195 |
Gross Unrealized Holding Losses | (216,834) | (160,674) |
Estimated Fair Value | 57,293,870 | 64,860,822 |
Amortized Cost | 56,738,624 | 63,451,301 |
Money Market Funds [Member] | ||
Amortized Cost | 7,631,824 | 10,143,196 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Estimated Fair Value | 7,631,824 | 10,143,196 |
Amortized Cost | 7,631,824 | 10,143,196 |
Corporate Bond Securities [Member] | ||
Amortized Cost | 49,106,800 | 53,308,105 |
Gross Unrealized Holding Gains | 772,080 | 1,570,195 |
Gross Unrealized Holding Losses | (216,834) | (160,674) |
Estimated Fair Value | 49,662,046 | 54,717,626 |
Amortized Cost | $ 49,106,800 | $ 53,308,105 |
Note 5 - Fair Value of Financ_7
Note 5 - Fair Value of Financial Instruments - Investment Securities With Unrealized Losses (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Fair market value, less than 12 months | $ 10,167,905 | $ 10,322,539 |
Gross unrealized losses, less than 12 months | (216,834) | (160,674) |
Fair market value, 12 months or greater | 0 | 0 |
Gross unrealized losses, 12 months or greater | 0 | 0 |
Total fair market value | 10,167,905 | 10,322,539 |
Total gross unrealized losses | (216,834) | (160,674) |
Corporate Bond Securities [Member] | ||
Fair market value, less than 12 months | 10,167,905 | 10,322,539 |
Gross unrealized losses, less than 12 months | (216,834) | (160,674) |
Fair market value, 12 months or greater | 0 | 0 |
Gross unrealized losses, 12 months or greater | 0 | 0 |
Total fair market value | 10,167,905 | 10,322,539 |
Total gross unrealized losses | $ (216,834) | $ (160,674) |
Note 6 - Inventories - Summary
Note 6 - Inventories - Summary of Inventories (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 | |
Raw materials | $ 784,004 | $ 660,678 | |
Work in process | 2,812,910 | 2,220,723 | |
Finished goods | 770,760 | 1,019,376 | |
Total inventories | $ 4,367,675 | $ 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 | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expense | $ 8,799 | $ 4,275 | $ 73,036 | $ 41,297 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) $ in Thousands | 3 Months Ended |
Dec. 31, 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 | 9 Months Ended |
Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Operating lease cost | $ 42,516 | $ 127,546 |
Variable lease cost | 31,029 | 93,087 |
Total | 73,545 | 220,633 |
Operating cash flows for leases | $ 37,962 | $ 113,886 |
Remaining lease term (Month) | 51 months | 51 months |
Discount rate | 3.50% | 3.50% |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Lease Liabilities (Details) | Dec. 31, 2021USD ($) |
2022 | $ 38,817 |
2023 | 156,121 |
2024 | 159,592 |
2025 | 163,224 |
2026 | 165,947 |
Total lease payments | 683,701 |
Imputed lease interest | (48,096) |
Total lease liabilities | $ 635,605 |
Note 10 - Stock Repurchase Pr_2
Note 10 - Stock Repurchase Program (Details Textual) - Repurchase Program 2009 [Member] - USD ($) shares in Thousands | 9 Months Ended | ||
Dec. 31, 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 | 9 Months Ended | |||
Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 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 | $ 21,579 | $ 22,571 | $ 76,995 | $ 69,227 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - $ / shares | Jan. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 1 | $ 1 | $ 3 | $ 3 | |
Subsequent Event [Member] | |||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 1 | ||||
Dividends Payable, Date to be Paid | Feb. 28, 2022 | ||||
Dividends Payable, Date of Record | Jan. 31, 2022 |