Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Apr. 29, 2022 | Sep. 30, 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 | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2022 | ||
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 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | NVEC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 200,000,000 | ||
Entity Common Stock, Shares Outstanding | 4,830,826 | ||
Auditor Name | Boulay PLLP | ||
Auditor Location | Minneapolis, Minnesota | ||
Auditor Firm ID | 542 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 10,449,510 | $ 10,427,340 |
Marketable securities, short-term | 20,839,683 | 7,678,957 |
Accounts receivable, net of allowance for uncollectible accounts of $15,000 | 4,704,829 | 1,964,281 |
Inventories | 5,088,635 | 3,900,777 |
Prepaid expenses and other assets | 420,520 | 391,278 |
Total current assets | 41,503,177 | 24,362,633 |
Fixed assets | ||
Machinery and equipment | 9,739,244 | 9,254,664 |
Leasehold improvements | 1,810,872 | 1,810,872 |
Property, Plant and Equipment, Gross, Ending Balance | 11,550,116 | 11,065,536 |
Less accumulated depreciation and amortization | 10,943,731 | 10,728,853 |
Net fixed assets | 606,385 | 336,683 |
Deferred tax assets | 483,469 | 73,538 |
Marketable securities, long-term | 24,314,211 | 47,038,669 |
Right-of-use asset – operating lease | 560,250 | 689,216 |
Total assets | 67,467,492 | 72,500,739 |
Current liabilities | ||
Accounts payable | 943,535 | 336,591 |
Accrued payroll and other | 1,356,689 | 540,474 |
Operating lease | 156,121 | 150,273 |
Total current liabilities | 2,456,345 | 1,027,338 |
Operating lease | 446,018 | 581,459 |
Total liabilities | 2,902,363 | 1,608,797 |
Shareholders’ equity | ||
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,830,826 issued and outstanding as of March 31, 2022 and 4,833,232 as of March 31, 2021 | 48,308 | 48,332 |
Additional paid-in capital | 19,256,485 | 19,338,127 |
Accumulated other comprehensive income (loss) | (318,120) | 1,101,119 |
Retained earnings | 45,578,456 | 50,404,364 |
Total shareholders’ equity | 64,565,129 | 70,891,942 |
Total liabilities and shareholders’ equity | $ 67,467,492 | $ 72,500,739 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
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) | 4,830,826 | 4,833,232 |
Common stock, shares outstanding (in shares) | 4,830,826 | 4,833,232 |
Statements of Income
Statements of Income - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | ||
Revenue | $ 26,986,970 | $ 21,366,246 |
Cost of sales | 6,263,090 | 4,121,461 |
Gross profit | 20,723,880 | 17,244,785 |
Expenses | ||
Research and development | 2,925,874 | 3,184,754 |
Selling, general, and administrative | 1,469,321 | 1,316,427 |
Total expenses | 4,395,195 | 4,501,181 |
Income from operations | 16,328,685 | 12,743,604 |
Interest income | 1,171,128 | 1,498,148 |
Income before taxes | 17,499,813 | 14,241,752 |
Provision for income taxes | 2,992,312 | 2,547,368 |
Net income | $ 14,507,501 | $ 11,694,384 |
Net income per share – basic (in dollars per share) | $ 3 | $ 2.42 |
Net income per share – diluted (in dollars per share) | 3 | 2.42 |
Cash dividends declared per common share (in dollars per share) | $ 4 | $ 4 |
Weighted average shares outstanding | ||
Basic (in shares) | 4,833,661 | 4,834,054 |
Diluted (in shares) | 4,835,639 | 4,834,462 |
Product [Member] | ||
Revenue | ||
Revenue | $ 25,867,649 | $ 20,540,557 |
Contract Research and Development [Member] | ||
Revenue | ||
Revenue | $ 1,119,321 | $ 825,689 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 14,507,501 | $ 11,694,384 |
Unrealized gain (loss) from marketable securities, net of tax | (1,419,239) | 584,596 |
Comprehensive income | $ 13,088,262 | $ 12,278,980 |
Statements of Shareholders' Equ
Statements of Shareholders' Equity - 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 | |
Repurchase of common stock (in shares) | (1,806) | |||||
Repurchase of common stock | $ (18) | (91,401) | (91,419) | |||
Unrealized gain (loss) from marketable securities, net of tax | 584,596 | 584,596 | ||||
Net income | 11,694,384 | 11,694,384 | ||||
Total comprehensive income | 12,278,980 | |||||
Stock-based compensation | 45,572 | 45,572 | ||||
Cash dividends declared ($4.00 per share of common stock) | (19,336,540) | (19,336,540) | ||||
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 | |
Repurchase of common stock (in shares) | (2,888) | |||||
Repurchase of common stock | $ (29) | (163,492) | (163,521) | |||
Unrealized gain (loss) from marketable securities, net of tax | (1,419,239) | (1,419,239) | ||||
Net income | 14,507,501 | 14,507,501 | ||||
Total comprehensive income | 13,088,262 | |||||
Stock-based compensation | 81,855 | 81,855 | ||||
Cash dividends declared ($4.00 per share of common stock) | (19,333,409) | (19,333,409) | ||||
Exercise of stock options (in shares) | 482 | |||||
Exercise of stock options | $ 5 | (5) | ||||
Balance (in shares) at Mar. 31, 2022 | 4,830,826 | |||||
Balance at Mar. 31, 2022 | $ 48,308 | $ 19,256,485 | $ (318,120) | $ 45,578,456 | $ 64,565,129 |
Statements of Shareholders' E_2
Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Common stock per share (in dollars per share) | $ 4 | $ 4 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net income | $ 14,507,501 | $ 11,694,384 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 424,981 | 542,926 |
Stock-based compensation | 81,855 | 45,572 |
Deferred income taxes | 24,457 | (129,155) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,740,548) | 729,737 |
Inventories | (1,187,858) | (16,327) |
Prepaid expenses and other assets | 99,724 | 391,699 |
Accounts payable and accrued expenses | 1,293,567 | 105,996 |
Net cash provided by operating activities | 12,503,679 | 13,364,832 |
INVESTING ACTIVITIES | ||
Purchases of fixed assets | (484,579) | (62,727) |
Purchases of marketable securities | 0 | (10,512,400) |
Proceeds from maturities and sales of marketable securities | 7,500,000 | 19,000,000 |
Net cash provided by investing activities | 7,015,421 | 8,424,873 |
FINANCING ACTIVITIES | ||
Repurchase of common stock | (163,521) | (91,419) |
Payment of dividends to shareholders | (19,333,409) | (19,336,540) |
Net cash used in financing activities | (19,496,930) | (19,427,959) |
Increase in cash and cash equivalents | 22,170 | 2,361,746 |
Cash and cash equivalents at beginning of year | 10,427,340 | 8,065,594 |
Cash and cash equivalents at end of year | 10,449,510 | 10,427,340 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the year for income taxes | $ 2,520,000 | $ 2,438,788 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Mar. 31, 2022 | |
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. We operate in one reportable segment. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2. Cash and Cash Equivalents We consider all highly liquid investments with maturities of three Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximates fair value because of the short maturity of these instruments. Fair values of marketable securities are based on quoted market prices. Concentration of Risk and Financial Instruments Financial instruments potentially subject to significant concentrations of credit risk consist principally of cash equivalents, marketable securities, and accounts receivable. Cash and cash equivalents have been maintained in financial institutions we believe have high credit quality, however these accounts are generally in excess of federally insured amounts. We have invested our excess cash in corporate-backed and municipal-backed bonds and money market instruments. Our investment policy prescribes purchases of only high-grade securities, and limits the amount of credit exposure to any one Our customers are throughout the world. We generally do not Additionally, we are dependent on critical suppliers including our packaging vendors and suppliers of certain raw silicon and semiconductor wafers that are incorporated in our products. The effects of the COVID- 19 Accounts Receivable and Allowance for Doubtful Accounts We grant credit to customers in the normal course of business and at times may 2022 2021. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first first Product Warranty In general we warranty our products to be free from defects in material and workmanship for one Fixed Assets Fixed assets are stated at cost. Depreciation of machinery and equipment is recorded over the estimated useful lives of the assets, generally five five not 2022 2021. 2022 2021. Revenue Recognition We recognize revenue when we satisfy performance obligations by the transfer of control of products or services to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. Revenue is disaggregated into product sales and contract research and development to depict the nature, amount, timing of revenue recognition and economic characteristics of our business, and is represented within the financial statements. We recognize revenue from product sales to customers and distributors when we satisfy our performance obligation, at a point in time, on product shipment or delivery to our customer or distributor as determined by agreed on shipping terms. Shipping charges billed to customers are included in product sales and the related shipping costs are included in cost of sales. Under certain limited circumstances, our distributors may third We recognize contract research and development revenue over a period of time as the performance obligation is satisfied over a period of time rather than a point in time. Contracts have specifications unique to each customer and do not Accounts receivable is recognized when we have transferred a good or service to a customer and our right to receive consideration is unconditional through the completion of our performance obligation. A contract asset is recognized when we have a right to consideration from the transfer of goods or services to a customer but have not not no March 31, 2022 March 31, 2021. Our performance obligations related to product sales and contract research and development contracts are satisfied in one one 606, Revenue from Contracts with Customers not not one Income Taxes We account for income taxes using the asset and liability method. Deferred income taxes are provided for temporary differences between the financial reporting and tax bases of assets and liabilities. We provide valuation allowances against deferred tax assets if we determine that it is less likely than not Research and Development Expense Recognition Research and development costs are expensed as they are incurred. Customer-sponsored research and development costs are included in cost of sales. Stock-Based Compensation We measure stock-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is generally the vesting period. We recognize any forfeitures as they occur. Net Income Per Share Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each year. Net income per diluted share amounts assume exercise of all stock options. The following table shows the components of diluted shares: Year Ended March 31 2022 2021 Weighted average common shares outstanding – basic 4,833,661 4,834,054 Dilutive effect of stock options 1,978 408 Shares used in computing net income per share – diluted 4,835,639 4,834,462 Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Recently Issued Accounting Standards 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, 260 470 50 718 815 40 2021 04 2021 04 December 15, 2021 2023 not |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 3. 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 in the statement of shareholders’ equity. Corporate bonds with remaining maturities less than one one three The fair value of our available-for-sale securities as of March 31, 2022 Total <1 Year 1 3 Years 3 5 Years $ 51,910,887 $ 27,596,676 $ 24,314,211 $ - Total available-for-sale securities represented approximately 67% of our total assets. Marketable securities as of March 31, 2022 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 March 31, 2022 As of March 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 6,756,993 $ - $ 6,756,993 $ 10,143,196 $ - $ 10,143,196 Corporate bonds - 45,153,894 45,153,894 - 54,717,626 54,717,626 Total $ 6,756,993 $ 45,153,894 $ 51,910,887 $ 10,143,196 $ 54,717,626 $ 64,860,822 Our available-for-sale securities as of March 31, 2022 2021, As of March 31, 2022 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 $ 6,756,993 $ - $ - $ 6,756,993 $ 10,143,196 $ - $ - $ 10,143,196 Corporate bonds 45,561,114 230,085 (637,305 ) 45,153,894 53,308,105 1,570,195 (160,674 ) 54,717,626 Total $ 52,318,107 $ 230,085 $ (637,305 ) $ 51,910,887 $ 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 March 31, 2022 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 March 31, 2022 Corporate bonds $ 6,306,750 $ (23,727 ) $ 9,738,338 $ (613,578 ) $ 16,045,088 $ (637,305 ) Total $ 6,306,750 $ (23,727 ) $ 9,738,338 $ (613,578 ) $ 16,045,088 $ (637,305 ) 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 March 31, 2022. not not not not March 31, 2022. |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4. Inventories are shown in the following table: March 31 2022 2021 Raw materials $ 987,062 $ 660,678 Work in process 3,355,838 2,220,723 Finished goods 745,735 1,019,376 Total inventories $ 5,088,635 $ 3,900,777 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 5. Stock Option Plan Our 2000 may five one ten not not 2022 2021. Valuation assumptions We use the Black-Scholes standard option-pricing model to determine the fair value of stock options. The following assumptions were used to estimate the fair value of options granted: Year Ended March 31 2022 2021 Risk-free interest rate 0.7 – 0.9% 0.2 – 0.4% Expected volatility 35 – 36% 34 – 35% Expected life (years) 4.6 4.6 Dividend yield 5.0 – 5.4% 7.0 – 7.4% The determination of the fair value of the awards on the date of grant using the Black-Scholes model is affected by our stock price as well as assumptions of other variables, including projected stock option exercise behaviors, risk-free interest rate, and expected volatility of our stock price in future periods. Our estimates and assumptions affect the amounts reported in the financial statements and accompanying notes. Expected life We analyze historical exercise and termination data to estimate the expected life assumption. We believe historical data currently represents the best estimate of the expected life of a new option. Risk-free interest rate The risk-free rate is based on the yield of U.S. Treasury securities on the grant date for maturities similar to the expected lives of the options. Volatility We use historical volatility to estimate the expected volatility of our common stock. Dividend yield We assumed a 5.0% to 5.4% dividend yield for fiscal 2022 2021 Tax effects of stock-based compensation Stock-based compensation increased deferred tax assets by $13,521 for fiscal 2022 2021. General stock option information The following table summarizes information on options outstanding as of March 31, 2022: Ranges of Exercise Prices Number Outstanding Weighted Average Exercise Price Weighted Remaining Contractual Life (years) $49.86 – $57.46 17,500 $ 55.94 4.0 $67.65 – $107.86 11,500 78.44 5.7 29,000 $ 69.52 5.0 A summary of our stock options is shown in the following table: Option Shares Reserved Options Outstanding Weighted Average Option Exercise Price At March 31, 2019 135,230 22,000 $ 70.89 Granted (4,000 ) 4,000 $ 67.65 Exercised - (2,000 ) $ 56.18 At March 31, 2020 131,230 24,000 $ 71.58 Granted (6,500 ) 6,500 $ 56.12 At March 31, 2021 124,730 30,500 $ 68.28 Granted (6,500 ) 6,500 $ 74.22 Exercised 5,000 (5,000 ) $ 61.36 Terminated 3,000 (3,000 ) $ 80.75 At March 31, 2022 126,230 29,000 $ 69.52 The remaining weighted-average exercisable life was 5.0 years as of March 31, 2022 March 31, 2021. March 31, 2022 March 31, 2021. March 31, 2022 2022. March 31, 2022 first 2023. |
Note 6 - Income Taxes
Note 6 - Income Taxes | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 6. Income tax provisions for fiscal 2022 2021 Year Ended March 31 2022 2021 Current taxes Federal $ 2,863,915 $ 2,600,670 State 140,822 75,852 Deferred taxes Federal (11,927 ) (123,959 ) State (499 ) (5,195 ) Income tax provision $ 2,992,312 $ 2,547,368 A reconciliation of income tax provisions at the U.S. statutory rate for fiscal 2022 2021 Year Ended March 31 2022 2021 Tax expense at U.S. Statutory rate $ 3,674,961 $ 2,990,768 State income taxes, net of Federal benefit 136,144 88,909 Research and development credits (42,688 ) (86,223 ) Foreign-derived intangible income deduction (662,467 ) (450,912 ) Other (113,638 ) 4,826 Income tax provision $ 2,992,312 $ 2,547,368 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities as of March 31, 2022 2021 March 31 2022 2021 Paid time off accrual $ 63,055 $ 60,869 Inventory reserve 47,042 50,324 Depreciation and amortization 88,690 88,690 Stock-based compensation deductions 88,710 75,189 Unrealized gain on marketable securities 89,102 (308,403 ) Other 106,870 106,869 Deferred tax assets $ 483,469 $ 73,538 We had no unrecognized tax benefits as of March 31, 2022, not 12 March 31, 2022 2018 2020 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 7. We conduct our operations in a leased facility under a non-cancellable lease expiring March 31, 2026. not Year Ended March 31 2022 2021 Operating lease cost $ 170,062 $ 158,439 Variable lease cost 120,606 109,449 Total $ 290,668 $ 267,888 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 174,313 $ 133,299 Remaining lease term (years) 4 5 Discount rate 3.5 % 3.5 % The following table presents the maturities of lease liabilities as of March 31, 2022: Year Ending March 31 Operating Leases 2023 156,121 2024 159,592 2025 163,224 2026 165,947 Total lease payments 644,884 Imputed lease interest (42,745 ) Total lease liabilities $ 602,139 |
Note 8 - Concentrations
Note 8 - Concentrations | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 8. The following table summarizes customers comprising 10% two % of Revenue for Year Ended March 31 2022 2021 Customer A 25 % 22 % Customer B 11 % 15 % These customers accounted for 34% of our accounts receivable as of March 31, 2022 March 31, 2021. not |
Note 9 - Stock Repurchase Progr
Note 9 - Stock Repurchase Program | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stock Repurchase Plan Disclosure [Text Block] | NOTE 9. On January 21, 2009 August 27, 2015, not not may 2022 2021. March 31, 2022. may |
Note 10 - Information as to Emp
Note 10 - Information as to Employee Stock Purchase, Savings, and Similar Plans | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 10. All of our employees are eligible to participate in our 401 first 21. may first 2022 2021. |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11. On May 4, 2022 May 31, 2022 May 16, 2022 . |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments with maturities of three |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximates fair value because of the short maturity of these instruments. Fair values of marketable securities are based on quoted market prices. |
Concentration Of Risk and Financial Instruments Policy [Policy Text Block] | Concentration of Risk and Financial Instruments Financial instruments potentially subject to significant concentrations of credit risk consist principally of cash equivalents, marketable securities, and accounts receivable. Cash and cash equivalents have been maintained in financial institutions we believe have high credit quality, however these accounts are generally in excess of federally insured amounts. We have invested our excess cash in corporate-backed and municipal-backed bonds and money market instruments. Our investment policy prescribes purchases of only high-grade securities, and limits the amount of credit exposure to any one Our customers are throughout the world. We generally do not Additionally, we are dependent on critical suppliers including our packaging vendors and suppliers of certain raw silicon and semiconductor wafers that are incorporated in our products. The effects of the COVID- 19 |
Receivable [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts We grant credit to customers in the normal course of business and at times may 2022 2021. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first first |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty In general we warranty our products to be free from defects in material and workmanship for one |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets Fixed assets are stated at cost. Depreciation of machinery and equipment is recorded over the estimated useful lives of the assets, generally five five not 2022 2021. 2022 2021. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition We recognize revenue when we satisfy performance obligations by the transfer of control of products or services to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. Revenue is disaggregated into product sales and contract research and development to depict the nature, amount, timing of revenue recognition and economic characteristics of our business, and is represented within the financial statements. We recognize revenue from product sales to customers and distributors when we satisfy our performance obligation, at a point in time, on product shipment or delivery to our customer or distributor as determined by agreed on shipping terms. Shipping charges billed to customers are included in product sales and the related shipping costs are included in cost of sales. Under certain limited circumstances, our distributors may third We recognize contract research and development revenue over a period of time as the performance obligation is satisfied over a period of time rather than a point in time. Contracts have specifications unique to each customer and do not Accounts receivable is recognized when we have transferred a good or service to a customer and our right to receive consideration is unconditional through the completion of our performance obligation. A contract asset is recognized when we have a right to consideration from the transfer of goods or services to a customer but have not not no March 31, 2022 March 31, 2021. Our performance obligations related to product sales and contract research and development contracts are satisfied in one one 606, Revenue from Contracts with Customers not not one |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes using the asset and liability method. Deferred income taxes are provided for temporary differences between the financial reporting and tax bases of assets and liabilities. We provide valuation allowances against deferred tax assets if we determine that it is less likely than not |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Recognition Research and development costs are expensed as they are incurred. Customer-sponsored research and development costs are included in cost of sales. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation We measure stock-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is generally the vesting period. We recognize any forfeitures as they occur. |
Earnings Per Share, Policy [Policy Text Block] | 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 year. Net income per diluted share amounts assume exercise of all stock options. The following table shows the components of diluted shares: Year Ended March 31 2022 2021 Weighted average common shares outstanding – basic 4,833,661 4,834,054 Dilutive effect of stock options 1,978 408 Shares used in computing net income per share – diluted 4,835,639 4,834,462 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards 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, 260 470 50 718 815 40 2021 04 2021 04 December 15, 2021 2023 not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended March 31 2022 2021 Weighted average common shares outstanding – basic 4,833,661 4,834,054 Dilutive effect of stock options 1,978 408 Shares used in computing net income per share – diluted 4,835,639 4,834,462 |
Note 3 - Fair Value of Financ_2
Note 3 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Total <1 Year 1 3 Years 3 5 Years $ 51,910,887 $ 27,596,676 $ 24,314,211 $ - |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of March 31, 2022 As of March 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 6,756,993 $ - $ 6,756,993 $ 10,143,196 $ - $ 10,143,196 Corporate bonds - 45,153,894 45,153,894 - 54,717,626 54,717,626 Total $ 6,756,993 $ 45,153,894 $ 51,910,887 $ 10,143,196 $ 54,717,626 $ 64,860,822 |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | As of March 31, 2022 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 $ 6,756,993 $ - $ - $ 6,756,993 $ 10,143,196 $ - $ - $ 10,143,196 Corporate bonds 45,561,114 230,085 (637,305 ) 45,153,894 53,308,105 1,570,195 (160,674 ) 54,717,626 Total $ 52,318,107 $ 230,085 $ (637,305 ) $ 51,910,887 $ 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 March 31, 2022 Corporate bonds $ 6,306,750 $ (23,727 ) $ 9,738,338 $ (613,578 ) $ 16,045,088 $ (637,305 ) Total $ 6,306,750 $ (23,727 ) $ 9,738,338 $ (613,578 ) $ 16,045,088 $ (637,305 ) 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 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31 2022 2021 Raw materials $ 987,062 $ 660,678 Work in process 3,355,838 2,220,723 Finished goods 745,735 1,019,376 Total inventories $ 5,088,635 $ 3,900,777 |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended March 31 2022 2021 Risk-free interest rate 0.7 – 0.9% 0.2 – 0.4% Expected volatility 35 – 36% 34 – 35% Expected life (years) 4.6 4.6 Dividend yield 5.0 – 5.4% 7.0 – 7.4% |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Ranges of Exercise Prices Number Outstanding Weighted Average Exercise Price Weighted Remaining Contractual Life (years) $49.86 – $57.46 17,500 $ 55.94 4.0 $67.65 – $107.86 11,500 78.44 5.7 29,000 $ 69.52 5.0 |
Share-Based Payment Arrangement, Activity [Table Text Block] | Option Shares Reserved Options Outstanding Weighted Average Option Exercise Price At March 31, 2019 135,230 22,000 $ 70.89 Granted (4,000 ) 4,000 $ 67.65 Exercised - (2,000 ) $ 56.18 At March 31, 2020 131,230 24,000 $ 71.58 Granted (6,500 ) 6,500 $ 56.12 At March 31, 2021 124,730 30,500 $ 68.28 Granted (6,500 ) 6,500 $ 74.22 Exercised 5,000 (5,000 ) $ 61.36 Terminated 3,000 (3,000 ) $ 80.75 At March 31, 2022 126,230 29,000 $ 69.52 |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31 2022 2021 Current taxes Federal $ 2,863,915 $ 2,600,670 State 140,822 75,852 Deferred taxes Federal (11,927 ) (123,959 ) State (499 ) (5,195 ) Income tax provision $ 2,992,312 $ 2,547,368 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31 2022 2021 Tax expense at U.S. Statutory rate $ 3,674,961 $ 2,990,768 State income taxes, net of Federal benefit 136,144 88,909 Research and development credits (42,688 ) (86,223 ) Foreign-derived intangible income deduction (662,467 ) (450,912 ) Other (113,638 ) 4,826 Income tax provision $ 2,992,312 $ 2,547,368 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31 2022 2021 Paid time off accrual $ 63,055 $ 60,869 Inventory reserve 47,042 50,324 Depreciation and amortization 88,690 88,690 Stock-based compensation deductions 88,710 75,189 Unrealized gain on marketable securities 89,102 (308,403 ) Other 106,870 106,869 Deferred tax assets $ 483,469 $ 73,538 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended March 31 2022 2021 Operating lease cost $ 170,062 $ 158,439 Variable lease cost 120,606 109,449 Total $ 290,668 $ 267,888 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 174,313 $ 133,299 Remaining lease term (years) 4 5 Discount rate 3.5 % 3.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending March 31 Operating Leases 2023 156,121 2024 159,592 2025 163,224 2026 165,947 Total lease payments 644,884 Imputed lease interest (42,745 ) Total lease liabilities $ 602,139 |
Note 8 - Concentrations (Tables
Note 8 - Concentrations (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | % of Revenue for Year Ended March 31 2022 2021 Customer A 25 % 22 % Customer B 11 % 15 % |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) | 12 Months Ended |
Mar. 31, 2022 | |
Number of Reportable Segments | 1 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0 | $ 0 |
Product Warranty Term (Year) | 1 year | |
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 0 | 0 |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 214,877 | $ 308,511 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Weighted Average Number of Shares (Details) - shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic (in shares) | 4,833,661 | 4,834,054 |
Dilutive effect of stock options (in shares) | 1,978 | 408 |
Shares used in computing net income per share – diluted (in shares) | 4,835,639 | 4,834,462 |
Note 3 - Fair Value of Financ_3
Note 3 - Fair Value of Financial Instruments (Details Textual) | 12 Months Ended |
Mar. 31, 2022 | |
Available for Sale Debt Securitites, Percent of Total Assets | 67.00% |
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) | 77 days |
Maximum [Member] | |
Available for Sale Debt Securities, Remaining Maturity (Week) | 36 months |
Note 3 - Fair Value of Financ_4
Note 3 - Fair Value of Financial Instruments - Fair Value of Available-for-sale Securities (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Total | $ 51,910,887 | $ 64,860,822 |
Less than 1 year | 27,596,676 | |
1-3 years | 24,314,211 | |
3-5 years | $ 0 |
Note 3 - Fair Value of Financ_5
Note 3 - Fair Value of Financial Instruments - Assets Measured on Recurring Basis (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Total | $ 51,910,887 | $ 64,860,822 |
Money Market Funds [Member] | ||
Total | 6,756,993 | 10,143,196 |
Corporate Bond Securities [Member] | ||
Total | 45,153,894 | 54,717,626 |
Fair Value, Recurring [Member] | ||
Total | 51,910,887 | 64,860,822 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Total | 6,756,993 | 10,143,196 |
Fair Value, Recurring [Member] | Corporate Bond Securities [Member] | ||
Total | 45,153,894 | 54,717,626 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total | 6,756,993 | 10,143,196 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Total | 6,756,993 | 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 | 45,153,894 | 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 | $ 45,153,894 | $ 54,717,626 |
Note 3 - Fair Value of Financ_6
Note 3 - Fair Value of Financial Instruments - Reconciliation of Available-for-sale Securities (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Amortized Cost | $ 52,318,107 | $ 63,451,301 |
Gross Unrealized Holding Gains | 230,085 | 1,570,195 |
Gross Unrealized Holding Losses | (637,305) | (160,674) |
Estimated Fair Value | 51,910,887 | 64,860,822 |
Money Market Funds [Member] | ||
Amortized Cost | 6,756,993 | 10,143,196 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Estimated Fair Value | 6,756,993 | 10,143,196 |
Corporate Bond Securities [Member] | ||
Amortized Cost | 45,561,114 | 53,308,105 |
Gross Unrealized Holding Gains | 230,085 | 1,570,195 |
Gross Unrealized Holding Losses | (637,305) | (160,674) |
Estimated Fair Value | $ 45,153,894 | $ 54,717,626 |
Note 3 - Fair Value of Financ_7
Note 3 - Fair Value of Financial Instruments - Investment Securities With Unrealized Losses (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Fair market value, less than 12 months | $ 6,306,750 | $ 10,322,539 |
Gross unrealized losses, less than 12 months | (23,727) | (160,674) |
Fair market value, 12 months or greater | 9,738,338 | 0 |
Gross unrealized losses, 12 months or greater | (613,578) | 0 |
Total fair market value | 16,045,088 | 10,322,539 |
Total gross unrealized losses | (637,305) | (160,674) |
Corporate Bond Securities [Member] | ||
Fair market value, less than 12 months | 6,306,750 | 10,322,539 |
Gross unrealized losses, less than 12 months | (23,727) | (160,674) |
Fair market value, 12 months or greater | 9,738,338 | 0 |
Gross unrealized losses, 12 months or greater | (613,578) | 0 |
Total fair market value | 16,045,088 | 10,322,539 |
Total gross unrealized losses | $ (637,305) | $ (160,674) |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Raw materials | $ 987,062 | $ 660,678 |
Work in process | 3,355,838 | 2,220,723 |
Finished goods | 745,735 | 1,019,376 |
Total inventories | $ 5,088,635 | $ 3,900,777 |
Note 5 - Stock-based Compensa_3
Note 5 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |
Share-Based Payment Arrangement, Expense | $ 81,855 | $ 45,572 |
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit | $ 13,521 | $ 9,971 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 5 years | 5 years 8 months 12 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 24,000 | 28,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |
Share-based Compensation Arrangement by Share Based Payment Award Options Grants in Period Fair Value | 81,855 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,133 | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 1 year | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.00% | 7.00% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.40% | 7.40% |
Note 5 - Stock-based Compensa_4
Note 5 - Stock-based Compensation - Schedule of Valuation Assumptions (Details) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Expected life (years) (Year) | 4 years 7 months 6 days | 4 years 7 months 6 days |
Minimum [Member] | ||
Risk-free interest rate | 0.70% | 0.20% |
Expected volatility | 35.00% | 34.00% |
Dividend yield | 5.00% | 7.00% |
Maximum [Member] | ||
Risk-free interest rate | 0.90% | 0.40% |
Expected volatility | 36.00% | 35.00% |
Dividend yield | 5.40% | 7.40% |
Note 5 - Stock-based Compensa_5
Note 5 - Stock-based Compensation - Summary of Options Outstanding (Details) | 12 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Number outstanding (in shares) | shares | 29,000 |
Weighted average exercise price (in dollars per share) | $ 69.52 |
Weighted average contractual life (Year) | 5 years |
Range One [Member] | |
Range of exercise prices, lower limit (in dollars per share) | $ 49.86 |
Range of exercise prices, upper limit (in dollars per share) | $ 57.46 |
Number outstanding (in shares) | shares | 17,500 |
Weighted average exercise price (in dollars per share) | $ 55.94 |
Weighted average contractual life (Year) | 4 years |
Range Two [Member] | |
Range of exercise prices, lower limit (in dollars per share) | $ 67.65 |
Range of exercise prices, upper limit (in dollars per share) | $ 107.86 |
Number outstanding (in shares) | shares | 11,500 |
Weighted average exercise price (in dollars per share) | $ 78.44 |
Weighted average contractual life (Year) | 5 years 8 months 12 days |
Note 5 - Stock-based Compensa_6
Note 5 - Stock-based Compensation - Summary of Stock Options (Details) - $ / shares | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Option Shares Reserved [Member] | ||||
Option shares reserved (in shares) | 126,230 | 124,730 | 131,230 | 135,230 |
Granted (in shares) | (6,500) | (6,500) | (4,000) | |
Granted (in shares) | 6,500 | 6,500 | 4,000 | |
Exercised (in shares) | 5,000 | 0 | ||
Exercised (in shares) | (5,000) | 0 | ||
Terminated (in shares) | 3,000 | |||
Terminated (in shares) | (3,000) | |||
Share-Based Payment Arrangement, Option [Member] | ||||
Option shares reserved (in shares) | 29,000 | 30,500 | 24,000 | 22,000 |
Weighted average option exercise price (in dollars per share) | $ 68.28 | $ 71.58 | $ 70.89 | |
Granted (in shares) | (6,500) | (6,500) | (4,000) | |
Granted (in shares) | 6,500 | 6,500 | 4,000 | |
Granted, weighted average option exercise price (in dollars per share) | $ 74.22 | $ 56.12 | $ 67.65 | |
Exercised (in shares) | 5,000 | 2,000 | ||
Exercised (in shares) | (5,000) | (2,000) | ||
Exercised, weighted average option exercise price (in dollars per share) | $ 61.36 | $ 56.18 | ||
Terminated (in shares) | 3,000 | |||
Terminated (in shares) | (3,000) | |||
Terminated, weighted average option exercise price (in dollars per share) | $ 80.75 | |||
Weighted average option exercise price (in dollars per share) | $ 69.52 | $ 68.28 | $ 71.58 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) $ in Thousands | 12 Months Ended |
Mar. 31, 2022USD ($) | |
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 | 2018 2019 2020 |
Note 6 - Income Taxes - Schedul
Note 6 - Income Taxes - Schedule of Income Tax Provisions (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Federal, Current taxes | $ 2,863,915 | $ 2,600,670 |
State, Current taxes | 140,822 | 75,852 |
Federal, Deferred taxes | (11,927) | (123,959) |
State, Deferred taxes | (499) | (5,195) |
Income tax provision | $ 2,992,312 | $ 2,547,368 |
Note 6 - Income Taxes - Reconci
Note 6 - Income Taxes - Reconciliation of Income Tax Provisions (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Tax expense at U.S. Statutory rate | $ 3,674,961 | $ 2,990,768 |
State income taxes, net of Federal benefit | 136,144 | 88,909 |
Research and development credits | (42,688) | (86,223) |
Foreign-derived intangible income deduction | (662,467) | (450,912) |
Other | (113,638) | 4,826 |
Income tax provision | $ 2,992,312 | $ 2,547,368 |
Note 6 - Income Taxes - Deferre
Note 6 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Paid time off accrual | $ 63,055 | $ 60,869 |
Inventory reserve | 47,042 | 50,324 |
Depreciation and amortization | 88,690 | 88,690 |
Stock-based compensation deductions | 88,710 | 75,189 |
Unrealized gain on marketable securities, asset | 89,102 | |
Unrealized gain on marketable securities, liability | (308,403) | |
Other | 106,870 | 106,869 |
Deferred tax assets | $ 483,469 | $ 73,538 |
Note 7 - Leases - Operating Lea
Note 7 - Leases - Operating Lease (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating lease cost | $ 170,062 | $ 158,439 |
Variable lease cost | 120,606 | 109,449 |
Total | 290,668 | 267,888 |
Operating cash flows for leases | $ 174,313 | $ 133,299 |
Remaining lease term (years) (Month) | 4 months | 5 months |
Discount rate | 3.50% | 3.50% |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Lease Liabilities (Details) | Mar. 31, 2022USD ($) |
2023 | $ 156,121 |
2024 | 159,592 |
2025 | 163,224 |
2026 | 165,947 |
Total lease payments | 644,884 |
Imputed lease interest | (42,745) |
Total lease liabilities | $ 602,139 |
Note 8 - Concentrations (Detail
Note 8 - Concentrations (Details Textual) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer A and B [Member] | ||
Concentration Risk, Percentage | 34.00% | 37.00% |
Note 8 - Concentrations - Reven
Note 8 - Concentrations - Revenue by Major Customers (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Customer A [Member] | ||
Percentage of concentration | 25.00% | 22.00% |
Customer B [Member] | ||
Percentage of concentration | 11.00% | 15.00% |
Note 9 - Stock Repurchase Pro_2
Note 9 - Stock Repurchase Program (Details Textual) - Repurchase Program 2009 [Member] - USD ($) | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 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 Repurchased During Period, Shares (in shares) | 2,888 | 1,806 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 3,598,519 |
Note 10 - Information as to E_2
Note 10 - Information as to Employee Stock Purchase, Savings, and Similar Plans (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | $ 101,735 | $ 94,498 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - $ / shares | May 04, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 4 | $ 4 | |
Subsequent Event [Member] | |||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 1 | ||
Dividends Payable, Date to be Paid | May 31, 2022 | ||
Dividends Payable, Date of Record | May 16, 2022 |