Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2022 | Oct. 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 | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | |
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, $0.01 par value | |
Trading Symbol | NVEC | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 4,830,826 |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 | |
Current assets | |||
Cash and cash equivalents | $ 3,583,539 | $ 10,449,510 | [1] |
Marketable securities, short-term | 10,326,647 | 20,839,683 | [1] |
Accounts receivable, net of allowance for uncollectible accounts of $15,000 | 5,860,414 | 4,704,829 | [1] |
Inventories | 5,794,849 | 5,088,635 | [1] |
Prepaid expenses and other assets | 600,913 | 420,520 | [1] |
Total current assets | 26,166,362 | 41,503,177 | [1] |
Fixed assets | |||
Machinery and equipment | 9,603,049 | 9,739,244 | [1] |
Leasehold improvements | 1,826,334 | 1,810,872 | [1] |
Property, Plant and Equipment, Gross, Ending Balance | 11,429,383 | 11,550,116 | [1] |
Less accumulated depreciation and amortization | 10,990,224 | 10,943,731 | [1] |
Net fixed assets | 439,159 | 606,385 | [1] |
Deferred tax assets | 894,045 | 483,469 | [1] |
Marketable securities, long-term | 39,514,685 | 24,314,211 | [1] |
Right-of-use asset – operating lease | 494,070 | 560,250 | [1] |
Total assets | 67,508,321 | 67,467,492 | [1] |
Current liabilities | |||
Accounts payable | 399,263 | 943,535 | [1] |
Accrued payroll and other | 2,861,151 | 1,356,689 | [1] |
Operating lease | 157,830 | 156,121 | [1] |
Total current liabilities | 3,418,244 | 2,456,345 | [1] |
Operating lease | 374,941 | 446,018 | [1] |
Total liabilities | 3,793,185 | 2,902,363 | [1] |
Shareholders’ equity | |||
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,830,826 issued and outstanding as of September 30 and March 31, 2022 | 48,308 | 48,308 | [1] |
Additional paid-in capital | 19,303,570 | 19,256,485 | [1] |
Accumulated other comprehensive (loss) | (1,784,035) | (318,120) | |
Retained earnings | 46,147,293 | 45,578,456 | [1] |
Total shareholders’ equity | 63,715,136 | 64,565,129 | [1] |
Total liabilities and shareholders’ equity | $ 67,508,321 | $ 67,467,492 | [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. |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 | [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) | 4,830,826 | 4,830,826 | |
Common stock, shares outstanding (in shares) | 4,830,826 | 4,830,826 | |
[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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | ||||
Revenue | $ 10,717,824 | $ 6,823,462 | $ 18,054,231 | $ 13,976,625 |
Cost of sales | 2,402,781 | 1,544,134 | 4,054,628 | 3,313,715 |
Gross profit | 8,315,043 | 5,279,328 | 13,999,603 | 10,662,910 |
Expenses | ||||
Research and development | 669,978 | 707,997 | 1,271,896 | 1,516,139 |
Selling, general, and administrative | 435,625 | 483,116 | 806,946 | 949,734 |
Total expenses | 1,105,603 | 1,191,113 | 2,078,842 | 2,465,873 |
Income from operations | 7,209,440 | 4,088,215 | 11,920,761 | 8,197,037 |
Interest income | 351,375 | 294,858 | 634,436 | 584,578 |
Income before taxes | 7,560,815 | 4,383,073 | 12,555,197 | 8,781,615 |
Provision for income taxes | 1,470,442 | 736,566 | 2,324,707 | 1,555,542 |
Net income | $ 6,090,373 | $ 3,646,507 | $ 10,230,490 | $ 7,226,073 |
Net income per share – basic (in dollars per share) | $ 1.26 | $ 0.75 | $ 2.12 | $ 1.50 |
Net income per share – diluted (in dollars per share) | 1.26 | 0.75 | 2.12 | 1.49 |
Cash dividends declared per common share (in dollars per share) | $ 1 | $ 1 | $ 2 | $ 2 |
Weighted average shares outstanding | ||||
Basic (in shares) | 4,830,826 | 4,833,232 | 4,830,826 | 4,833,232 |
Diluted (in shares) | 4,830,956 | 4,836,603 | 4,830,927 | 4,836,621 |
Product [Member] | ||||
Revenue | ||||
Revenue | $ 10,514,539 | $ 6,630,012 | $ 17,587,500 | $ 13,583,778 |
Contract Research and Development [Member] | ||||
Revenue | ||||
Revenue | $ 203,285 | $ 193,450 | $ 466,731 | $ 392,847 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 6,090,373 | $ 3,646,507 | $ 10,230,490 | $ 7,226,073 |
Unrealized loss from marketable securities, net of tax | (1,127,362) | (197,034) | (1,465,915) | (287,199) |
Comprehensive income | $ 4,963,011 | $ 3,449,473 | $ 8,764,575 | $ 6,938,874 |
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, 2021 | 4,833,232 | ||||||
Balance at Mar. 31, 2021 | $ 48,332 | $ 19,338,127 | $ 1,101,119 | $ 50,404,364 | $ 70,891,942 | ||
Unrealized gain (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 | ||
Unrealized gain (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 gain (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 | ||
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 | [1] | |
Unrealized gain (loss) on marketable securities, net of tax | (338,553) | (338,553) | |||||
Net income | 4,140,116 | 4,140,116 | |||||
Total comprehensive income | 3,801,563 | ||||||
Stock-based compensation | 7,134 | 7,134 | |||||
Cash dividends declared ($1.00 per share of common stock) | (4,830,826) | (4,830,826) | |||||
Balance (in shares) at Jun. 30, 2022 | 4,830,826 | ||||||
Balance at Jun. 30, 2022 | $ 48,308 | 19,263,619 | (656,673) | 44,887,746 | 63,543,000 | ||
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 | [1] | |
Unrealized gain (loss) on marketable securities, net of tax | (1,465,915) | ||||||
Net income | 10,230,490 | ||||||
Balance (in shares) at Sep. 30, 2022 | 4,830,826 | ||||||
Balance at Sep. 30, 2022 | $ 48,308 | 19,303,570 | (1,784,035) | 46,147,293 | 63,715,136 | ||
Balance (in shares) at Jun. 30, 2022 | 4,830,826 | ||||||
Balance at Jun. 30, 2022 | 48,308 | 19,263,619 | (656,673) | 44,887,746 | 63,543,000 | ||
Unrealized gain (loss) on marketable securities, net of tax | (1,127,362) | (1,127,362) | |||||
Net income | 6,090,373 | 6,090,373 | |||||
Total comprehensive income | 4,963,011 | ||||||
Stock-based compensation | 39,951 | 39,951 | |||||
Cash dividends declared ($1.00 per share of common stock) | (4,830,826) | (4,830,826) | |||||
Balance (in shares) at Sep. 30, 2022 | 4,830,826 | ||||||
Balance at Sep. 30, 2022 | $ 48,308 | $ 19,303,570 | $ (1,784,035) | $ 46,147,293 | $ 63,715,136 | ||
[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, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | |
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, 2022 | Sep. 30, 2021 | |
OPERATING ACTIVITIES | ||
Net income | $ 10,230,490 | $ 7,226,073 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 158,851 | 271,207 |
Stock-based compensation | 47,085 | 64,237 |
Deferred income taxes | 0 | 16,539 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,155,585) | (911,821) |
Inventories | (706,214) | 81,994 |
Prepaid expenses and other assets | (114,213) | (298,099) |
Accounts payable and accrued expenses | 890,822 | 172,054 |
Net cash provided by operating activities | 9,351,238 | 6,458,196 |
INVESTING ACTIVITIES | ||
Purchases of fixed assets | (24,500) | (73,916) |
Purchases of marketable securities | (25,381,057) | 0 |
Proceeds from maturities of marketable securities | 18,750,000 | 4,000,000 |
Receipt of tenant improvement allowance | 100,000 | 0 |
Net cash provided (used) by investing activities | (6,555,557) | 3,926,084 |
FINANCING ACTIVITIES | ||
Payment of dividends to shareholders | (9,661,652) | (9,666,464) |
Cash used in financing activities | (9,661,652) | (9,666,464) |
(Decrease) increase in cash and cash equivalents | (6,865,971) | 717,816 |
Cash and cash equivalents at beginning of period | 10,449,510 | 10,427,340 |
Cash and cash equivalents at end of period | 3,583,539 | 11,145,156 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for income taxes | $ 1,281,629 | $ 1,760,000 |
Note 1 - Description of Busines
Note 1 - Description of Business | 6 Months Ended |
Sep. 30, 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. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2022 | |
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, 2022. six September 30, 2022 not may March 31, 2023. Significant accounting policies A description of our significant accounting policies is provided in Note 2 10 March 31, 2022. September 30, 2022, no |
Note 3 - Recently Issued Accoun
Note 3 - Recently Issued Accounting Standards | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 3. Recently Adopted Accounting Standard In May 2021, No. 2021 04, Earnings Per Share (Topic 260 470 50 718 815 40 2021 04 2021 04 June 30, 2022. no New Accounting Standard Not In June 2016, No. 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13 November 2018 No. 2018 19, Codification Improvements to Topic 326, November 2019, No. 2019 11, Codification Improvements to Topic 326, 2016 13. November 2019 No. 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 February 2020 No. 2020 02, Financial Instruments Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13 three March 2020, No. 2020 03, Codification Improvements to Financial Instruments 2019 10 2020 02, 2016 13 December 15, 2022 2024 2016 13 |
Note 4 - Net Income Per Share
Note 4 - Net Income Per Share | 6 Months Ended |
Sep. 30, 2022 | |
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 2022 2021 Weighted average common shares outstanding – basic 4,830,826 4,833,232 Dilutive effect of stock options 130 3,371 Shares used in computing net income per share – diluted 4,830,956 4,836,603 Six Months Ended September 30 2022 2021 Weighted average common shares outstanding – basic 4,830,826 4,833,232 Dilutive effect of stock options 101 3,389 Shares used in computing net income per share – diluted 4,830,927 4,836,621 |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 6 Months Ended |
Sep. 30, 2022 | |
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, 2022 Total <1 Year 1–3 Years 3–7 Years $ 51,598,609 $ 12,083,924 $ 24,387,794 $ 15,126,891 Total available-for-sale securities represented approximately 76% of our total assets. Marketable securities as of September 30, 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 September 30, 2022 As of March 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 1,757,277 $ - $ 1,757,277 $ 6,756,993 $ - $ 6,756,993 Corporate bonds - 49,841,332 49,841,332 - 45,153,894 45,153,894 Total $ 1,757,277 $ 49,841,332 $ 51,598,609 $ 6,756,993 $ 45,153,894 $ 51,910,887 Our available-for-sale securities as of September 30 March 31, 2022, As of September 30, 2022 As of March 31, 2022 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 $ 1,757,277 $ - $ - $ 1,757,277 $ 6,756,993 $ - $ - $ 6,756,993 Corporate bonds 52,125,043 - (2,283,711 ) 49,841,332 45,561,114 230,085 (637,305 ) 45,153,894 Total $ 53,882,320 $ - $ (2,283,711 ) $ 51,598,609 $ 52,318,107 $ 230,085 $ (637,305 ) $ 51,910,887 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 March 31, 2022. 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, 2022 Corporate bonds $ 40,510,241 $ (1,327,302 ) $ 9,331,091 $ (956,409 ) $ 49,841,332 $ (2,283,711 ) Total $ 40,510,241 $ (1,327,302 ) $ 9,331,091 $ (956,409 ) $ 49,841,332 $ (2,283,711 ) 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 ) None not not not not September 30, 2022. |
Note 6 - Inventories
Note 6 - Inventories | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 6. Inventories are shown in the following table: September 30, 2022 March 31, 2022 Raw materials $ 1,324,358 $ 987,062 Work in process 3,829,498 3,355,838 Finished goods 640,993 745,735 Total inventories $ 5,794,849 $ 5,088,635 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 7. Stock-based compensation expense was $39,951 for the second 2023, second 2022, first six 2023, first six 2022. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Sep. 30, 2022 | |
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. Federal and state income taxes payable as of September 30, 2022 We had no September 30, 2022, not 12 September 30, 2022 no 2018 2022 |
Note 9 - Leases
Note 9 - Leases | 6 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 Six Months Ended September 30, 2022 Operating lease cost $ 42,515 $ 85,031 Variable lease cost 30,126 61,315 Total $ 72,641 $ 146,346 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 42,723 87,156 Remaining lease term 42 months Discount rate 3.5 % The following table presents the maturities of lease liabilities as of September 30, 2022: Year Ending March 31 Operating Leases 2023 78,487 2024 159,592 2025 163,224 2026 165,947 Total lease payments 567,250 Imputed lease interest (34,479 ) Total lease liabilities $ 532,771 |
Note 10 - Stock Repurchase Prog
Note 10 - Stock Repurchase Program | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stock Repurchase Plan Disclosure [Text Block] | NOTE 10. On January 21, 2009 August 27, 2015, not not may September 30, 2022. not first six 2023. |
Note 11 - Information As to Emp
Note 11 - Information As to Employee Stock Purchase, Savings, and Similar Plans | 6 Months Ended |
Sep. 30, 2022 | |
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 $23,751 f second 2023, second 2022, first six 2023, first six 2022. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12. On October 19, 2022 November 30, 2022 October 31, 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2022 | |
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, 2022. six September 30, 2022 not may March 31, 2023. |
Note 4 - Net Income Per Share (
Note 4 - Net Income Per Share (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Quarter Ended September 30 2022 2021 Weighted average common shares outstanding – basic 4,830,826 4,833,232 Dilutive effect of stock options 130 3,371 Shares used in computing net income per share – diluted 4,830,956 4,836,603 Six Months Ended September 30 2022 2021 Weighted average common shares outstanding – basic 4,830,826 4,833,232 Dilutive effect of stock options 101 3,389 Shares used in computing net income per share – diluted 4,830,927 4,836,621 |
Note 5 - Fair Value of Financ_2
Note 5 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Total <1 Year 1–3 Years 3–7 Years $ 51,598,609 $ 12,083,924 $ 24,387,794 $ 15,126,891 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of September 30, 2022 As of March 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 1,757,277 $ - $ 1,757,277 $ 6,756,993 $ - $ 6,756,993 Corporate bonds - 49,841,332 49,841,332 - 45,153,894 45,153,894 Total $ 1,757,277 $ 49,841,332 $ 51,598,609 $ 6,756,993 $ 45,153,894 $ 51,910,887 |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | As of September 30, 2022 As of March 31, 2022 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 $ 1,757,277 $ - $ - $ 1,757,277 $ 6,756,993 $ - $ - $ 6,756,993 Corporate bonds 52,125,043 - (2,283,711 ) 49,841,332 45,561,114 230,085 (637,305 ) 45,153,894 Total $ 53,882,320 $ - $ (2,283,711 ) $ 51,598,609 $ 52,318,107 $ 230,085 $ (637,305 ) $ 51,910,887 |
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, 2022 Corporate bonds $ 40,510,241 $ (1,327,302 ) $ 9,331,091 $ (956,409 ) $ 49,841,332 $ (2,283,711 ) Total $ 40,510,241 $ (1,327,302 ) $ 9,331,091 $ (956,409 ) $ 49,841,332 $ (2,283,711 ) 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 ) |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2022 March 31, 2022 Raw materials $ 1,324,358 $ 987,062 Work in process 3,829,498 3,355,838 Finished goods 640,993 745,735 Total inventories $ 5,794,849 $ 5,088,635 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Quarter Ended September 30, 2022 Six Months Ended September 30, 2022 Operating lease cost $ 42,515 $ 85,031 Variable lease cost 30,126 61,315 Total $ 72,641 $ 146,346 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 42,723 87,156 Remaining lease term 42 months Discount rate 3.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending March 31 Operating Leases 2023 78,487 2024 159,592 2025 163,224 2026 165,947 Total lease payments 567,250 Imputed lease interest (34,479 ) Total lease liabilities $ 532,771 |
Note 4 - Net Income Per Share -
Note 4 - Net Income Per Share - Components of Common Shares Outstanding (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Basic (in shares) | 4,830,826 | 4,833,232 | 4,830,826 | 4,833,232 |
Dilutive effect of stock options (in shares) | 130 | 3,371 | 101 | 3,389 |
Shares used in computing net income per share – diluted (in shares) | 4,830,956 | 4,836,603 | 4,830,927 | 4,836,621 |
Weighted average common shares outstanding – basic (in shares) | 4,830,826 | 4,833,232 | 4,830,826 | 4,833,232 |
Dilutive effect of stock options (in shares) | 130 | 3,371 | 101 | 3,389 |
Note 5 - Fair Value of Financ_3
Note 5 - Fair Value of Financial Instruments (Details Textual) | 6 Months Ended |
Sep. 30, 2022 | |
Available for Sale Debt Securitites, Percent of Total Assets | 76% |
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) | 98 days |
Maximum [Member] | |
Available for Sale Debt Securities, Remaining Maturity (Week) | 79 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, 2022 | Mar. 31, 2022 |
Total | $ 51,598,609 | $ 51,910,887 |
Less than one year | 12,083,924 | |
1 - 3 years | 24,387,794 | |
3 - 7 years | $ 15,126,891 |
Note 5 - Fair Value of Financ_5
Note 5 - Fair Value of Financial Instruments - Assets Measured on Recurring Basis (Details) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Total | $ 51,598,609 | $ 51,910,887 |
Money Market Funds [Member] | ||
Total | 1,757,277 | 6,756,993 |
Corporate Bond Securities [Member] | ||
Total | 49,841,332 | 45,153,894 |
Fair Value, Recurring [Member] | ||
Total | 51,598,609 | 51,910,887 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Total | 1,757,277 | 6,756,993 |
Fair Value, Recurring [Member] | Corporate Bond Securities [Member] | ||
Total | 49,841,332 | 45,153,894 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total | 1,757,277 | 6,756,993 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Total | 1,757,277 | 6,756,993 |
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 | 49,841,332 | 45,153,894 |
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 | $ 49,841,332 | $ 45,153,894 |
Note 5 - Fair Value of Financ_6
Note 5 - Fair Value of Financial Instruments - Reconciliation of Available-for-sale Securities (Details) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Amortized Cost | $ 53,882,320 | $ 52,318,107 |
Gross Unrealized Holding Gains | 0 | 230,085 |
Gross Unrealized Holding Losses | (2,283,711) | (637,305) |
Estimated Fair Value | 51,598,609 | 51,910,887 |
Money Market Funds [Member] | ||
Amortized Cost | 1,757,277 | 6,756,993 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Estimated Fair Value | 1,757,277 | 6,756,993 |
Corporate Bond Securities [Member] | ||
Amortized Cost | 52,125,043 | 45,561,114 |
Gross Unrealized Holding Gains | 0 | 230,085 |
Gross Unrealized Holding Losses | (2,283,711) | (637,305) |
Estimated Fair Value | $ 49,841,332 | $ 45,153,894 |
Note 5 - Fair Value of Financ_7
Note 5 - Fair Value of Financial Instruments - Investment Securities With Unrealized Losses (Details) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Fair market value, less than 12 months | $ 40,510,241 | $ 6,306,750 |
Gross unrealized losses, less than 12 months | (1,327,302) | (23,727) |
Fair market value, 12 months or greater | 9,331,091 | 9,738,338 |
Gross unrealized losses, 12 months or greater | (956,409) | (613,578) |
Total fair market value | 49,841,332 | 16,045,088 |
Total gross unrealized losses | (2,283,711) | (637,305) |
Corporate Bond Securities [Member] | ||
Fair market value, less than 12 months | 40,510,241 | 6,306,750 |
Gross unrealized losses, less than 12 months | (1,327,302) | (23,727) |
Fair market value, 12 months or greater | 9,331,091 | 9,738,338 |
Gross unrealized losses, 12 months or greater | (956,409) | (613,578) |
Total fair market value | 49,841,332 | 16,045,088 |
Total gross unrealized losses | $ (2,283,711) | $ (637,305) |
Note 6 - Inventories - Summary
Note 6 - Inventories - Summary of Inventories (Details) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 | |
Raw materials | $ 1,324,358 | $ 987,062 | |
Work in process | 3,829,498 | 3,355,838 | |
Finished goods | 640,993 | 745,735 | |
Total inventories | $ 5,794,849 | $ 5,088,635 | [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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Expense | $ 39,951 | $ 56,999 | $ 47,085 | $ 64,237 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Accrued Income Taxes, Total | $ 1,457,000 |
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 2021 2022 |
Note 9 - Leases - Operating Lea
Note 9 - Leases - Operating Lease (Details) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Operating lease cost | $ 42,515 | $ 85,031 |
Variable lease cost | 30,126 | 61,315 |
Total | 72,641 | 146,346 |
Operating cash flows for leases | $ 42,723 | $ 87,156 |
Remaining lease term (Month) | 42 months | 42 months |
Discount rate | 3.50% | 3.50% |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Lease Liabilities (Details) | Sep. 30, 2022 USD ($) |
2023 | $ 78,487 |
2024 | 159,592 |
2025 | 163,224 |
2026 | 165,947 |
Total lease payments | 567,250 |
Imputed lease interest | (34,479) |
Total lease liabilities | $ 532,771 |
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, 2022 | 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 | $ 3,598,519 | ||
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, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100% | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3% | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 23,751 | $ 26,831 | $ 52,177 | $ 55,415 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Oct. 19, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
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, 2022 | ||||
Dividends Payable, Date of Record | Oct. 31, 2022 |