NVEC NVE Corporation

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C.  20549

 

FORM 10-Q

 

(Mark One) 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the quarterly period ended   September 30, 2023

 

or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the transition period from                                    to                                     

 

Commission File Number: 000-12196

 

 

NVE CORPORATION 

(Exact name of registrant as specified in its charter)

 

Minnesota		41-1424202
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
11409 Valley View Road, Eden Prairie, Minnesota		55344
(Address of principal executive offices)		(Zip Code)
(952) 829-9217
(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 

☒ Yes  ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 

☒ Yes  ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

	Large accelerated filer ☐	Accelerated filer ☐
	Non-accelerated filer ☒	Smaller reporting company ☒
		Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     ☐ Yes  ☒ No

 

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	NVEC	The NASDAQ Stock Market, LLC

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 

Common Stock, $0.01 Par Value – 4,833,401 shares outstanding as of October 13, 2023

 

 

NVE CORPORATION 

QUARTERLY REPORT ON FORM 10-Q 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION	3
Item 1. Financial Statements	3
Balance Sheets	3
Statements of Income for the Quarters Ended September 30, 2023 and 2022	4
Statements of Comprehensive Income for the Quarters Ended September 30, 2023 and 2022	4
Statements of Income for the Six Months Ended September 30, 2023 and 2022	5
Statements of Comprehensive Income for the Six Months Ended September 30, 2023 and 2022	5
Statements of Shareholders’ Equity for the Six Months Ended September 30, 2023	6
Statements of Shareholders’ Equity for the Six Months Ended September 30, 2022	7
Statements of Cash Flows for the Six Months Ended September 30, 2023 and 2022	8
Notes to Financial Statements	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 4. Controls and Procedures	18
PART II. OTHER INFORMATION	18
Item 1. Legal Proceedings	18
Item 1A. Risk Factors	18
Item 4. Mine Safety Disclosures	18
Item 6. Exhibits	19
SIGNATURES	20

 

 

PART I–FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

NVE CORPORATION 

BALANCE SHEETS

 

		(Unaudited) September 30, 2023				March 31, 2023*
ASSETS
Current assets
Cash and cash equivalents		$	6,953,448			$	1,669,896
Marketable securities, short-term (amortized cost of $7,302,714 as of September 30, 2023, and $15,696,135 as of March 31, 2023)			7,224,056				15,513,095
Accounts receivable, net of allowance for credit losses of $15,000			2,915,762				6,523,344
Inventories			6,967,766				6,417,010
Prepaid expenses and other assets			1,064,853				663,459
Total current assets			25,125,885				30,786,804
Fixed assets
Machinery and equipment			10,501,096				10,484,365
Leasehold improvements			1,956,309				1,956,309
Total fixed assets			12,457,405				12,440,674
Less accumulated depreciation and amortization			11,250,170				11,095,236
Net fixed assets			1,207,235				1,345,438
Deferred tax assets			1,395,430				572,038
Marketable securities, long-term (amortized cost of $41,467,512 as of September 30, 2023, and $37,495,846 as of March 31, 2023)			39,623,299				36,125,047
Right-of-use asset – operating lease			358,590				425,843
Total assets		$	67,710,439			$	69,255,170
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	244,236			$	281,712
Accrued payroll and other			539,452				1,375,250
Operating lease			177,585				175,798
Total current liabilities			961,273				1,832,760
Operating lease			260,509				342,908
Total liabilities			1,221,782				2,175,668
Shareholders’ equity
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,833,401 issued and outstanding as of September 30, 2023, and 4,830,826 as of March 31, 2023			48,334				48,308
Additional paid-in capital			19,529,791				19,295,442
Accumulated other comprehensive loss			(1,502,147	)			(1,213,858	)
Retained earnings			48,412,679				48,949,610
Total shareholders’ equity			66,488,657				67,079,502
Total liabilities and shareholders’ equity		$	67,710,439			$	69,255,170

 

*

The March 31, 2023 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, 2023.

 

See accompanying notes. 

 

NVE CORPORATION

STATEMENTS OF INCOME 

(Unaudited)

 

		Quarter Ended September 30,
		2023				2022
Revenue
Product sales		$	7,117,122			$	10,514,539
Contract research and development			16,154				203,285
Total revenue			7,133,276				10,717,824
Cost of sales			1,599,866				2,402,781
Gross profit			5,533,410				8,315,043
Expenses
Research and development			683,208				669,978
Selling, general, and administrative			433,785				435,625
Provision for credit losses			(202,926	)			—
Total expenses			914,067				1,105,603
Income from operations			4,619,343				7,209,440
Interest income			512,092				351,375
Income before taxes			5,131,435				7,560,815
Provision for income taxes			407,869				1,470,442
Net income		$	4,723,566			$	6,090,373
Net income per share – basic		$	0.98			$	1.26
Net income per share – diluted		$	0.98			$	1.26
Cash dividends declared per common share		$	1.00			$	1.00
Weighted average shares outstanding
Basic			4,833,401				4,830,826
Diluted			4,840,770				4,830,956

 

STATEMENTS OF COMPREHENSIVE INCOME 

(Unaudited)

 

		Quarter Ended September 30,
		2023				2022
Net income		$	4,723,566			$	6,090,373
Unrealized loss from marketable securities, net of tax			(53,588	)			(1,127,362	)
Comprehensive income		$	4,669,978			$	4,963,011

 

See accompanying notes.

 

 

NVE CORPORATION 

STATEMENTS OF INCOME 

(Unaudited)

 

		Six Months Ended September 30,
		2023				2022
Revenue
Product sales		$	15,817,214			$	17,587,500
Contract research and development			147,476				466,731
Total revenue			15,964,690				18,054,231
Cost of sales			3,679,489				4,054,628
Gross profit			12,285,201				13,999,603
Expenses
Research and development			1,379,200				1,271,896
Selling, general, and administrative			908,900				806,946
Provision for credit losses			9,514				—
Total expenses			2,297,614				2,078,842
Income from operations			9,987,587				11,920,761
Interest income			948,618				634,436
Income before taxes			10,936,205				12,555,197
Provision for income taxes			1,808,909				2,324,707
Net income		$	9,127,296			$	10,230,490
Net income per share – basic		$	1.89			$	2.12
Net income per share – diluted		$	1.89			$	2.12
Cash dividends declared per common share		$	2.00			$	2.00
Weighted average shares outstanding
Basic			4,832,786				4,830,826
Diluted			4,840,688				4,830,927

 

STATEMENTS OF COMPREHENSIVE INCOME 

(Unaudited)

 

		Six Months Ended September 30,
		2023				2022
Net income		$	9,127,296			$	10,230,490
Unrealized loss from marketable securities, net of tax			(288,289	)			(1,465,915	)
Comprehensive income		$	8,839,007			$	8,764,575

 

See accompanying notes.

 

 

NVE CORPORATION 

STATEMENTS OF SHAREHOLDERS’ EQUITY 

(Unaudited)

 

														Accumulated
										Additional				Other
		Common Stock								Paid-In				Comprehensive				Retained
		Shares				Amount				Capital				Income (Loss)				Earnings				Total
Balance as of March 31, 2023			4,830,826			$	48,308			$	19,295,442			$	(1,213,858	)		$	48,949,610			$	67,079,502
Exercise of stock options			2,575				26				117,501												117,527
Comprehensive income:
Unrealized loss on marketable securities, net of tax			-												(234,701	)							(234,701	)
Net income																			4,403,730				4,403,730
Total comprehensive income																							4,169,029
Stock-based compensation											10,536												10,536
Cash dividends declared ($1.00 per share of common stock)																			(4,830,826	)			(4,830,826	)
Balance as of June 30, 2023			4,833,401			$	48,334			$	19,423,479			$	(1,448,559	)		$	48,522,514			$	66,545,768
Comprehensive income:
Unrealized loss on marketable securities, net of tax			-				-								(53,588	)							(53,588	)
Net income																			4,723,566				4,723,566
Total comprehensive income																							4,669,978
Stock-based compensation											106,312												106,312
Cash dividends declared ($1.00 per share of common stock)																			(4,833,401	)			(4,833,401	)
Balance as of September 30, 2023			4,833,401			$	48,334			$	19,529,791			$	(1,502,147	)		$	48,412,679			$	66,488,657

 

See accompanying notes.  

 

NVE CORPORATION

STATEMENTS OF SHAREHOLDERS’ EQUITY 

(Unaudited)

 

														Accumulated
										Additional				Other
		Common Stock								Paid-In				Comprehensive				Retained
		Shares				Amount				Capital				Income (Loss)				Earnings				Total
Balance as of March 31, 2022			4,830,826			$	48,308			$	19,256,485			$	(318,120	)		$	45,578,456			$	64,565,129
Comprehensive income:
Unrealized 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 as of June 30, 2022			4,830,826			$	48,308			$	19,263,619			$	(656,673	)		$	44,887,746			$	63,543,000
Comprehensive income:
Unrealized 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 as of September 30, 2022			4,830,826			$	48,308			$	19,303,570			$	(1,784,035	)		$	46,147,293			$	63,715,136

 

See accompanying notes. 

 

NVE CORPORATION

STATEMENTS OF CASH FLOWS 

(Unaudited)

 

		Six Months Ended September 30,
		2023				2022
OPERATING ACTIVITIES
Net income		$	9,127,296			$	10,230,490
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			114,524				158,851
Provision for current estimate of credit losses			9,514				—
Stock-based compensation			116,848				47,085
Deferred income taxes			(742,649	)			—
Changes in operating assets and liabilities:
Accounts receivable			3,598,068				(1,155,585	)
Inventories			(550,756	)			(706,214	)
Prepaid expenses and other assets			(334,141	)			(114,213	)
Accounts payable and accrued expenses			(953,886	)			890,824
Net cash provided by operating activities			10,384,818				9,351,238
INVESTING ACTIVITIES
Purchases of fixed assets			(16,731	)			(24,500	)
Purchases of marketable securities			(3,937,835	)			(25,381,057	)
Proceeds from maturities of marketable securities			8,400,000				18,750,000
Receipt of tenant improvement allowance			—				100,000
Net cash provided (used) by investing activities			4,445,434				(6,555,557	)
FINANCING ACTIVITIES
Proceeds from exercise of stock options			117,527				—
Payment of dividends to shareholders			(9,664,227	)			(9,661,652	)
Cash used in financing activities			(9,546,700	)			(9,661,652	)
Increase (decrease) in cash and cash equivalents			5,283,552				(6,865,971	)
Cash and cash equivalents at beginning of period			1,669,896				10,449,510
Cash and cash equivalents at end of period		$	6,953,448			$	3,583,539
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes		$	3,120,830			$	1,281,629

 

See accompanying notes.  

 

NVE CORPORATION 

NOTES TO FINANCIAL STATEMENTS 

(Unaudited)

 

NOTE 1. DESCRIPTION OF BUSINESS 

We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. 

 

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES 

Basis of Presentation 

The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, certain disclosures have been omitted as allowed, and it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest Annual Report on Form 10-K for the fiscal year ended March 31, 2023. The results of operations for the quarter ended September 30, 2023, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2024.

 

Significant accounting policies 

A description of our significant accounting policies is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the year ended March 31, 2023. As of September 30, 2023, there were no changes to our significant accounting policies except for changes resulting from the adoption of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (ASC Topic 326) as described in the “Marketable securities and credit losses” section below and in Note 3.

 

Marketable securities and credit losses 

Our marketable securities consist of corporate bonds and money market funds. Marketable are initially recognized at cost. Marketable securities considered to be “purchased financial assets with credit deterioration” are initially recognized at cost, less any allowance for expected credit losses. Unrealized holding gains and losses are reported in other comprehensive income, net of applicable taxes, until realized. All marketable securities are carried on the balance sheet at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use a three-level fair value hierarchy in estimating and reporting fair values of our marketable securities:

 

Level 1 – Securities whose fair values are determined using quoted prices in active markets for identical securities.

 

Level 2 – Securities whose fair values are determined using quoted prices for similar securities in active markets or quoted prices for identical securities in markets that are not active.

 

Level 3 – Securities whose fair values are determined using unobservable inputs.

 

Corporate bonds with remaining maturities of less than one year are classified as short-term and those with remaining maturities of one year or more are classified as long-term. We consider all highly liquid investments with maturities of three months or less when purchased, including money market funds, to be cash equivalents.

 

We measure credit losses on our marketable securities at the individual security level, using the present value of expected cash flows method. Credit losses are measured as the amount by which the amortized cost basis of the security exceeds the present value of expected cash flows (discounted at the effective interest rate implicit in the security at the date of acquisition), limited by the amount by which the fair value of the security is less than its amortized cost basis. When estimating expected cash flows, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as, past incidences of default, credit quality as reported by credit rating agencies, extent of impairment, length of time the security has been in a continuous unrealized loss position, and adverse conditions forecasted by industry, financial and economic experts that are relevant to the collectability of expected cash flows. We do not include accrued interest receivables in amortized cost and in fair value when measuring expected credit losses. We will write off uncollectible accrued interest receivable to net income in a timely manner, by reversing interest income, and therefore do not measure credit losses for accrued interest receivable. Timely manner means one year from the date the accrued interest receivable becomes past due. Accrued interest receivables are included in the balance sheet in “prepaid expenses and other assets.”

 

9 

 

 

Accounts Receivable and Allowance for Credit Losses 

We grant credit to customers in the normal course of business and at times require customers to pay for orders before shipment. Accounts receivable are presented on the balance sheet net of any allowance for credit losses. We measure credit losses on our trade accounts receivable on a pool basis, and in some cases, on an individual basis, using the loss-rate method. Accounts receivable are pooled based on geographical locations because we believe accounts originating from the same geographical location share risk characteristics. When estimating expected credit losses on our trade accounts receivable, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as historical loss rate, current age and remaining term of the receivable relative to our current days sales outstanding (“DSO”) ratio, pending orders of the customer relative to accounts receivable balance as of the reporting date and amounts paid by the customers subsequent to the reporting period end but before the financial statements are issued.

 

NOTE 3. RECENTLY ADOPTED ACCOUNTING STANDARD 

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. ASU 2016-13 requires a financial asset (or a group of financial assets) to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In November 2018 the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarifies codification and corrects unintended application of the guidance, and in November 2019, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarifies or addresses specific issues about certain aspects of ASU 2016-13. In November 2019 the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, and in February 2020 the FASB issued ASU No. 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842), both of which delay the effective date of ASU 2016-13 by three years for certain Smaller Reporting Companies such as us. In March 2020, the FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments; which modifies the measurement of expected credit losses of certain financial instruments. We adopted ASU
No. 2016-13 beginning with the quarter ended June 30, 2023.

 

The adoption resulted in disclosure changes and required us to consider the likelihood of default and to measure our allowance for credit losses over the contractual term of our receivables. The adoption did not have a material impact on the financial statements as of September 30 or April 1, 2023.

 

NOTE 4. NET INCOME PER SHARE 

Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume exercise of all stock options. The following tables show the components of diluted shares:

 Schedule of Earnings Per Share, Basic and Diluted

		Quarter Ended September 30,
		2023				2022
Weighted average common shares outstanding – basic			4,833,401				4,830,826
Dilutive effect of stock options			7,369				130
Shares used in computing net income per share – diluted			4,840,770				4,830,956

 

		Six Months Ended September 30,
		2023				2022
Weighted average common shares outstanding – basic			4,832,786				4,830,826
Dilutive effect of stock options			7,902				101
Shares used in computing net income per share – diluted			4,840,688				4,830,927

 

 

NOTE 5. MARKETABLE SECURITIES 

The following table shows the major categories of our marketable securities and their contractual maturities as of September 30, 2023:

 Contractual maturities of marketable securities

		Total				<1 Year				1–3 Years				3–6 Years
Money market funds		$	6,853,047			$	6,853,047			$	—			$	—
Corporate bonds			46,847,355				7,224,056				27,387,122				12,236,177
Total		$	53,700,402			$	14,077,103			$	27,387,122			$	12,236,177

 

Total marketable securities represent approximately 79% of our total assets as of September 30, 2023. Marketable securities as of September 30, 2023, had remaining maturities between one and 67 months.

 

Money market funds are included on the balance sheets in “Cash and cash equivalents.” Corporate bonds are included on the balance sheets in “Marketable securities, short term” and “Marketable securities, long term.” Accrued interest receivables were $436,932 as of September 30, 2023, and $425,372 as of March 31, 2023, and are included in the balance sheets in “Prepaid expenses and other assets.”

 

We monitor the credit ratings of our marketable securities at least quarterly as reported by Standard & Poor’s. The following table summarizes the fair values of our marketable securities as of September 30, 2023, aggregated by credit rating:

 Fair values of our marketable securities aggregated by credit rating

Credit Rating		Fair Value
AAA		$	8,134,255
AA			6,622,847
AA-			20,699,684
A+			2,833,709
A			9,467,058
A-			5,942,849
Total		$	53,700,402

 

The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values:

 

		As of September 30, 2023												As of March 31, 2023
		Level 1				Level 2				Total				Level 1				Level 2				Total
Money market funds		$	6,853,047			$	—			$	6,853,047			$	906,141			$	—			$	906,141
Corporate bonds			—				46,847,355				46,847,355				—				51,638,142				51,638,142
Total		$	6,853,047			$	46,847,355			$	53,700,402			$	906,141			$	51,638,142			$	52,544,283

 

The following table shows the amortized cost, fair value, and gross unrealized holding gains and losses of our marketable securities as of September 30 and March 31, 2023:

 

		As of September 30, 2023																As of March 31, 2023
		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		$	6,853,047			$	—			$	—			$	6,853,047			$	906,141			$	—			$	—			$	906,141
Corporate bonds			48,770,226				1				(1,922,872	)			46,847,355				53,191,981				1,007				(1,554,846	)			51,638,142
Total		$	55,623,273			$	1			$	(1,922,872	)		$	53,700,402			$	54,098,122			$	1,007			$	(1,554,846	)		$	52,544,283

 

11 

 

 

The following table shows the gross unrealized holding losses and estimated fair value of our marketable securities for which an allowance for credit losses has not been recorded, aggregated by category of securities and length of time that individual securities had been in a continuous unrealized loss position as of September 30 and March 31, 2023.

 Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded

		Less Than 12 Months								12 Months or Greater								Total
		Estimated Fair Value				Gross Unrealized Holding Losses				Estimated Fair Value				Gross Unrealized Holding Losses				Estimated Fair Value				Gross Unrealized Holding Losses
As of September 30, 2023
Corporate bonds		$	6,998,824			$	(86,868	)		$	39,848,531			$	(1,836,004	)		$	46,847,355			$	(1,922,872	)
Total		$	6,998,824			$	(86,868	)		$	39,848,531			$	(1,836,004	)		$	46,847,355			$	(1,922,872	)
As of March 31, 2023
Corporate bonds		$	37,084,628			$	(590,967	)		$	13,294,817			$	(963,879	)		$	50,379,445			$	(1,554,846	)
Total		$	37,084,628			$	(590,967	)		$	13,294,817			$	(963,879	)		$	50,379,445			$	(1,554,846	)

 

None of the securities were impaired at acquisition, and subsequent declines in fair value are attributable to interest rate increases. We do not intend to sell, and it is not more likely than not that we will be required to sell, these securities before recovery of their amortized cost basis. The issuers continue to make timely interest payments on these securities. Because we believe it is more likely than not we will recover the cost basis of our investments, we did not record any impairment attributable to credit losses.

 

None of the marketable securities purchased during the period had experienced more-than-insignificant deterioration in credit quality since its origination and were therefore not considered “Purchased Financial Assets with Credit Deterioration.”

 

Unrealized losses on our marketable securities and their tax effects are as follows:

 

		Quarter Ended September 30,
		2023				2022
Unrealized loss from marketable securities		$	(68,597	)		$	(252,894	)
Tax effects			15,009				55,333
Unrealized loss from marketable securities, net of tax		$	(53,588	)		$	(197,561	)

 

		Six Months Ended September 30,
		2023				2022
Unrealized loss from marketable securities		$	(369,034	)		$	(1,876,491	)
Tax effects			80,745				410,576
Unrealized loss from marketable securities, net of tax		$	(288,289	)		$	(1,465,915	)

 

NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES 

The following table shows a roll forward of the allowance for credit losses on our accounts receivable:

 

Allowance for credit losses as of March 31, 2023		$	15,000
Provision for credit losses recorded in the quarter ended June 30, 2023			212,440
Change in provision for credit losses in the quarter ended September 30, 2023			(202,926	)
Specific accounts deemed uncollectible			(9,514	)
Allowance for credit losses as of September 30, 2023		$	15,000

 

NOTE 7. INVENTORIES 

Inventories are shown in the following table:

 

		September 30, 2023				March 31, 2023
Raw materials		$	2,066,047			$	1,601,962
Work in process			3,104,015				3,781,894
Finished goods			1,797,704				1,033,154
Total inventories		$	6,967,766			$	6,417,010

 

 

NOTE 8. STOCK-BASED COMPENSATION 

Stock-based compensation expense was $106,312 for the second quarter of fiscal 2024, $39,951 for the second quarter of fiscal 2023, $116,848 for the first six months of fiscal 2024, and $47,085 for the first six months of fiscal 2023. We calculate share-based compensation expense using the Black-Scholes-Merton standard option-pricing model.

 

NOTE 9. INCOME TAXES 

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. As of September 30, 2023, federal and state estimated tax overpayments of $408,184 were included in the balance sheet in “Prepaid expenses and other assets.”

 

We had no unrecognized tax benefits as of September 30, 2023, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of September 30, 2023, we had no accrued interest related to uncertain tax positions. The tax years 2019 through 2023 remain open to examination by the major taxing jurisdictions to which we are subject.

 

NOTE 10. LEASES 

We conduct our operations in a leased facility under a non-cancellable lease expiring March 31, 2026. Our lease does not provide an implicit interest rate, so we used our incremental borrowing rate to determine the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. Details of our operating lease are as follows:

 Lease, Cost

		Quarter Ended Sept. 30, 2023				Six Months Ended Sept. 30, 2023
Operating lease cost		$	37,754			$	75,507
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for leases		$	44,433			$	88,866
Remaining lease term			30 months
Discount rate			3.5	%

 

The following table shows the maturities of lease liabilities as of September 30, 2023:

 Lessee, Operating Lease, Liability, Maturity

Year Ending March 31,			Operating Lease Liabilities
2024			$	89,774
2025				182,271
2026				184,995
Total lease payments				457,040
Imputed lease interest				(18,946	)
Total lease liabilities			$	438,094

 

NOTE 11. STOCK REPURCHASE PROGRAM 

On January 21, 2009, we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock from time to time in open market, block, or privately negotiated transactions. The timing and extent of any repurchases depend on market conditions, the trading price of the company’s stock, and other factors, and subject to the restrictions relating to volume, price, and timing under applicable law. On August 27, 2015, we announced that our Board of Directors authorized up to $5,000,000 of additional repurchases. Our repurchase program does not have an expiration date and does not obligate us to purchase any shares. The Program may be modified or discontinued at any time without notice. We intend to finance any stock repurchases with cash provided by operating activities or maturing marketable securities. The remaining authorization was $3,520,369 as of September 30, 2023. We did not repurchase any of our Common Stock during fiscal 2024.

 

NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS 

All of our employees are eligible to participate in our 401(k) savings plan the first quarter after reaching age 18. Employees may contribute up to the Internal Revenue Code maximum. We make matching contributions of 100% of the first 3% of participants’ salary deferral contributions. Our matching contributions were $24,406 for the second quarter of fiscal 2024, $23,751 for the second quarter of fiscal 2023, $51,483 for the first six months of fiscal 2024, and $52,177 for the first six months of fiscal 2023.

 

 

NOTE 13. SUBSEQUENT EVENTS 

On October 18, 2023, we announced that our Board of Directors had declared a quarterly cash dividend of $1.00 per share of Common Stock to be paid November 30, 2023, to shareholders of record as of the close of business October 30, 2023.

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

Forward-looking statements 

Some of the statements made in this Report or in the documents incorporated by reference in this Report and in other materials filed or to be filed by us with the Securities and Exchange Commission (“SEC”) as well as information included in verbal or written statements made by us constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to the safe harbor provisions of the reform act. Forward-looking statements may be identified by the use of terminology such as may, will, expect, anticipate, intend, believe, estimate, should, or continue, or the negatives of these terms or other variations on these words or comparable terminology. To the extent that this Report contains forward-looking statements regarding the financial condition, operating results, business prospects, or any other aspect of NVE, you should be aware that our actual financial condition, operating results, and business performance may differ materially from that projected or estimated by us in the forward-looking statements. We have attempted to identify, in context, some of the factors that we currently believe may cause actual future experience and results to differ from their current expectations. These differences may be caused by a variety of factors, including but not limited to risks related to our reliance on several large customers for a significant percentage of revenue, our dependence on critical suppliers and packaging vendors, uncertainties related to the economic environments in the industries we serve, uncertainties related to future sales and revenues, risks of credit losses, risks and uncertainties related to future stock repurchases and dividend payments, and other specific risks that may be alluded to in this Report or in the documents incorporated by reference in this Report.

 

Further information regarding our risks and uncertainties is contained in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended March 31, 2023, as updated in Item 1A of this report.

 

General 

NVE Corporation referred to as NVE, we, us, or our, develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. We manufacture high-performance spintronic products including sensors and couplers that are used to acquire and transmit data.

 

Critical accounting policies 

A description of our critical accounting policies is provided in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended March 31, 2023. As of September 30, 2023, our critical accounting policies and estimates continued to include investment valuation, inventory valuation, and deferred tax assets estimation.

  

 

Quarter ended September 30, 2023, compared to quarter ended September 30, 2022 

The table shown below summarizes the percentage of revenue and quarter-to-quarter changes for various items:

 

		Percentage of Revenue Quarter Ended September 30,								Quarter- to-Quarter
		2023				2022				Change
Revenue
Product sales			99.8	%			98.1	%			(32.3	)%
Contract research and development			0.2	%			1.9	%			(92.1	)%
Total revenue			100.0	%			100.0	%			(33.4	)%
Cost of sales			22.4	%			22.4	%			(33.4	)%
Gross profit			77.6	%			77.6	%			(33.5	)%
Expenses
Research and development			9.6	%			6.2	%			2.0	%
Selling, general, and administrative			6.0	%			4.1	%			(0.4	)%
Provision for credit losses			(2.8	)%			—	%			—	%
Total expenses			12.8	%			10.3	%			(17.3	)%
Income from operations			64.8	%			67.3	%			(35.9	)%
Interest income			7.2	%			3.2	%			45.7	%
Income before taxes			72.0	%			70.5	%			(32.1	)%
Provision for income taxes			5.8	%			13.7	%			(72.3	)%
Net income			66.2	%			56.8	%			(22.4	)%

 

Total revenue for the quarter ended September 30, 2023 (the second quarter of fiscal 2024) decreased 33% compared to the quarter ended September 30, 2022 (the second quarter of fiscal 2023). The decrease was due to a 32% decrease in product sales and a 92% decrease in contract research and development revenue. The decrease in product sales was primarily due to decreased purchases by existing customers, particularly in the defense industry, and a semiconductor industry downturn. The decrease in contract research and development revenue was due to the completion of most contracts.

 

Total expenses decreased 17% for the second quarter of fiscal 2024 compared to the second quarter of fiscal 2023 primarily due to a $202,926 credit loss provision reversal, partially offset by a 2% increase in research and development expense. The change in the provision for credit losses was due to a reassessment of our allowance for credit losses based on payments and debtor customer information as of September 30, 2023.

 

Interest income for the second quarter of fiscal 2024 increased 46% due to higher yields on securities purchased after September 30, 2022.

 

Our effective tax rate, which is the provision for income taxes as a percentage of income before taxes, decreased to 8% for the second quarter of fiscal 2024 compared to 19% for the second quarter of fiscal 2023. The decrease was due to the impact of the $202,926 credit loss provision reversal and changes in the amounts and timing of tax deductions and credits. Our effective tax rate can vary from quarter to quarter. Our effective tax rate in subsequent quarters will likely be higher than the effective tax rate in the quarter ended September 30, 2023.

 

The 22% decrease in net income for the second quarter of fiscal 2024 compared to the prior-year quarter was primarily due to decreased revenue, partially offset by decreased expenses, increased interest income, and a lower effective tax rate.

 

Six months ended September 30, 2023, compared to six months ended September 30, 2022 

The table shown below summarizes the percentage of revenue and period-to-period changes for various items:

 

		Percentage of Revenue Six Months Ended Sept. 30,								Period- to-Period
		2023				2022				Change
Revenue
Product sales			99.1	%			97.4	%			(10.1	)%
Contract research and development			0.9	%			2.6	%			(68.4	)%
Total revenue			100.0	%			100.0	%			(11.6	)%
Cost of sales			23.0	%			22.5	%			(9.3	)%
Gross profit			77.0	%			77.5	%			(12.2	)%
Expenses
Research and development			8.6	%			7.0	%			8.4	%
Selling, general, and administrative			5.7	%			4.5	%			12.6	%
Provision for credit losses			0.1	%			—	%			—	%
Total expenses			14.4	%			11.5	%			10.5	%
Income from operations			62.6	%			66.0	%			(16.2	)%
Interest income			5.9	%			3.5	%			49.5	%
Income before taxes			68.5	%			69.5	%			(12.9	)%
Provision for income taxes			11.3	%			12.8	%			(22.2	)%
Net income			57.2	%			56.7	%			(10.8	)%

 

Total revenue for the six months ended September 30, 2023, decreased 12% compared to the six months ended September 30, 2022. The decrease was due to a 10% decrease in product sales and a 68% decrease in contract research and development revenue. The decrease in product sales was primarily due to decreased purchases by existing customers, particularly in the defense industry, and a semiconductor industry downturn. The decrease in contract research and development revenue was due to the completion of most contracts.

 

Total expenses increased 11% for the first six months of fiscal 2024 compared to the first six months of fiscal 2023 due to an 8% increase in research and development expense and a 13% increase in selling, general, and administrative expense. The increases in research and development and selling, general, and administrative expenses were primarily due to increased staffing and increased employee compensation expenses.

 

Interest income for the first six months of fiscal 2024 increased 50% due to higher yields on securities purchased after September 30, 2022.

 

Our effective tax rate, which is the provision for income taxes as a percentage of income before taxes, decreased to 17% for the first six months of fiscal 2024 from 19% for the first six months of fiscal 2023. The decrease was due to changes in the amount and timing of tax deductions and tax credits.

 

The 11% decrease in net income for the first six months of fiscal 2024 compared to the prior-year period was primarily due to decreased revenue and increased expenses, partially offset by increased interest income and a lower effective tax rate.

  

 

Liquidity and Capital Resources

 

Overview 

Cash and cash equivalents were $6,953,448 as of September 30, 2023, compared to $1,669,896 as of March 31, 2023. The $5,283,552 increase in cash and cash equivalents during the first six months of fiscal 2024 was due to $10,384,818 of cash provided by operating activities and $4,445,434 of cash provided by investing activities, partially offset by $9,546,700 of cash used in financing activities.

 

Operating Activities 

Net cash provided by operating activities related to product sales was our primary source of working capital for the current and prior-year quarters. Net cash provided by operating activities was $10,384,818 for the first six months of fiscal 2024 compared to $9,351,238 for the first six months of fiscal 2023.

 

Accounts receivable decreased $3,598,068 during the first six months of fiscal 2024 due to the timing of customer payments and decreased revenue.

 

Inventories increased $550,756 during the first six months of fiscal 2024 primarily due to our decision to increase inventories to mitigate longer vendor lead times and to support growth.

 

Accounts payable and accrued expenses decreased $953,886 during the first six months of fiscal 2024 primarily due to decreases in income tax payable, long-term operating lease, and a decrease in accruals for performance-based compensation.

 

Investing Activities 

Cash provided by investing activities during the first six months of fiscal 2024 consisted of $8,400,000 in proceeds from maturities of marketable securities, partially offset by $16,731 of fixed assets purchases and $3,937,835 of marketable securities purchases. Purchases of fixed assets can vary from period to period depending on our needs and equipment purchasing opportunities. Such purchases could increase significantly in future periods.

 

Financing Activities 

Cash used in financing activities during the six months ended September 30, 2023, consisted of $9,664,227 of cash dividends paid to shareholders, partially offset by $117,527 in proceeds from the exercise of stock options.

 

In addition to cash dividends to shareholders paid in the second quarter of fiscal 2024, on October 18, 2023, we announced that our Board of Directors had declared a cash dividend of $1.00 per share of Common Stock, or $4,833,401, to be paid November 30, 2023, to shareholders of record as of the close of business October 30, 2023.

 

We plan to fund dividends through cash provided by operating activities and proceeds from maturities of marketable securities. All future dividends will be subject to Board approval and subject to the company’s results of operations, cash and marketable security balances, estimates of future cash requirements, and other factors the Board may deem relevant. Furthermore, dividends may be modified or discontinued at any time without notice.

 

 

Item 4. Controls and Procedures.

 

Disclosure Controls and Procedures 

Management, with the participation of the Chief Executive Officer and Principal Financial Officer, has performed an evaluation of our disclosure controls and procedures that are defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”) as of the end of the period covered by this Report. This evaluation included consideration of the controls, processes, and procedures that are designed to ensure that information required to be disclosed by us in the reports we file under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Our management concluded that, as of September 30, 2023, our disclosure controls and procedures were effective.

 

Changes in Internal Controls 

During the quarter ended September 30, 2023, there was no change in our internal control over financial reporting that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

PART II–OTHER INFORMATION

 

Item 1. Legal Proceedings. 

In the ordinary course of business, we may become involved in litigation. At this time, we are not aware of any material pending or threatened legal proceedings or other proceedings contemplated by governmental authorities that we expect would have a material adverse impact on our future results of operation and financial condition.

 

Item 1A. Risk Factors. 

There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, as updated in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.

 

Item 4. Mine Safety Disclosures. 

None.

 

 

Item 6. Exhibits. 

 

Exhibit #	Description
31.1	Certification by Daniel A. Baker pursuant to Rule 13a-14(a)/15d-14(a).
31.2	Certification by Daniel Nelson pursuant to Rule 13a-14(a)/15d-14(a).
32	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		NVE CORPORATION
		(Registrant)
October 18, 2023		/s/ DANIEL A. BAKER
Date		Daniel A. Baker
		President and Chief Executive Officer
October 18, 2023		/s/ DANIEL NELSON
Date		Daniel Nelson
		Principal Financial Officer

 

Exhibit 31.1

 

CERTIFICATION

 

I, Daniel A. Baker, certify that:

 

1.                                        I have reviewed this Quarterly Report on Form 10-Q of NVE Corporation;

 

2.                                        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.                                        The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)                                  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)                                  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

 

(c)                                  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)                                  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.                                        The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)                                  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)                                 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: October 18, 2023

 

	/s/ DANIEL A. BAKER
	Daniel A. Baker
	President and Chief Executive Officer

 

Exhibit 31.2

 

CERTIFICATION

 

I, Daniel Nelson, certify that:

 

1.                                        I have reviewed this Quarterly Report on Form 10-Q of NVE Corporation;

 

2.                                        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.                                        The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)                                  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)                                  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

 

(c)                                  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)                                  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.                                        The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)                                  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)                                 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: October 18, 2023

 

	/s/ DANIEL NELSON
	Daniel Nelson
	Principal Financial Officer

 

Exhibit 32

 

CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350)

 

The undersigned certify pursuant to 18 U.S.C. Section 1350, that to the undersigned’s knowledge:

 

1. The accompanying Annual Report of NVE Corporation (the “Company”) on Form 10-Q for the quarter ended September 30, 2023, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: October 18, 2023

 

/s/ DANIEL A. BAKER
Daniel A. Baker
President and Chief Executive Officer

/s/ DANIEL NELSON
Daniel Nelson
Principal Financial Officer

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

v3.23.3

Cover - $ / shares	6 Months Ended
	Sep. 30, 2023	Oct. 13, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--03-31
Entity File Number	000-12196
Entity Registrant Name	NVE CORP
Entity Central Index Key	0000724910
Entity Tax Identification Number	41-1424202
Entity Incorporation, State or Country Code	MN
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 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 Common Stock, Shares Outstanding		4,833,401
Entity Address, Address Description	Address of principal executive offices
Phone Fax Number Description	Registrant’s telephone number, including area code
Entity Listing, Par Value Per Share	$ 0.01

v3.23.3

BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2023	Mar. 31, 2023	[1]
Current assets
Cash and cash equivalents	$ 6,953,448	$ 1,669,896
Marketable securities, short-term (amortized cost of $7,302,714 as of September 30, 2023, and $15,696,135 as of March 31, 2023)	7,224,056	15,513,095
Accounts receivable, net of allowance for credit losses of $15,000	2,915,762	6,523,344
Inventories	6,967,766	6,417,010
Prepaid expenses and other assets	1,064,853	663,459
Total current assets	25,125,885	30,786,804
Machinery and equipment	10,501,096	10,484,365
Leasehold improvements	1,956,309	1,956,309
Total fixed assets	12,457,405	12,440,674
Less accumulated depreciation and amortization	11,250,170	11,095,236
Net fixed assets	1,207,235	1,345,438
Deferred tax assets	1,395,430	572,038
Marketable securities, long-term (amortized cost of $41,467,512 as of September 30, 2023, and $37,495,846 as of March 31, 2023)	39,623,299	36,125,047
Right-of-use asset – operating lease	358,590	425,843
Total assets	67,710,439	69,255,170
Current liabilities
Accounts payable	244,236	281,712
Accrued payroll and other	539,452	1,375,250
Operating lease	177,585	175,798
Total current liabilities	961,273	1,832,760
Operating lease	260,509	342,908
Total liabilities	1,221,782	2,175,668
Shareholders’ equity
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,833,401 issued and outstanding as of September 30, 2023, and 4,830,826 as of March 31, 2023	48,334	48,308
Additional paid-in capital	19,529,791	19,295,442
Accumulated other comprehensive loss	(1,502,147)	(1,213,858)
Retained earnings	48,412,679	48,949,610
Total shareholders’ equity	66,488,657	67,079,502
Total liabilities and shareholders’ equity	$ 67,710,439	$ 69,255,170
[1] The March 31, 2023 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, 2023.

v3.23.3

BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Debt Instrument, Unamortized Discount, Current	$ 7,302,714	$ 15,696,135
Accounts Receivable, Allowance for Credit Loss	15,000	15,000
Debt Instrument, Unamortized Discount, Noncurrent	$ 41,467,512	$ 37,495,846
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	6,000,000	6,000,000
Common Stock, Shares, Issued	4,833,401	4,830,826
Common Stock, Shares, Outstanding	4,833,401	4,830,826

v3.23.3

STATEMENTS OF INCOME (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue
Product sales	$ 7,117,122	$ 10,514,539	$ 15,817,214	$ 17,587,500
Contract research and development	16,154	203,285	147,476	466,731
Total revenue	7,133,276	10,717,824	15,964,690	18,054,231
Cost of sales	1,599,866	2,402,781	3,679,489	4,054,628
Gross profit	5,533,410	8,315,043	12,285,201	13,999,603
Expenses
Research and development	683,208	669,978	1,379,200	1,271,896
Selling, general, and administrative	433,785	435,625	908,900	806,946
Provision for credit losses	(202,926)		9,514
Total expenses	914,067	1,105,603	2,297,614	2,078,842
Income from operations	4,619,343	7,209,440	9,987,587	11,920,761
Interest income	512,092	351,375	948,618	634,436
Income before taxes	5,131,435	7,560,815	10,936,205	12,555,197
Provision for income taxes	407,869	1,470,442	1,808,909	2,324,707
Net income	$ 4,723,566	$ 6,090,373	$ 9,127,296	$ 10,230,490
Net income per share – basic	$ 0.98	$ 1.26	$ 1.89	$ 2.12
Net income per share – diluted	0.98	1.26	1.89	2.12
Cash dividends declared per common share	$ 1.00	$ 1.00	$ 2.00	$ 2.00
Weighted average shares outstanding
Basic	4,833,401	4,830,826	4,832,786	4,830,826
Diluted	4,840,770	4,830,956	4,840,688	4,830,927
Net income	$ 4,723,566	$ 6,090,373	$ 9,127,296	$ 10,230,490

v3.23.3

STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net income	$ 4,723,566	$ 6,090,373	$ 9,127,296	$ 10,230,490
Unrealized loss from marketable securities, net of tax	(53,588)	(1,127,362)	(288,289)	(1,465,915)
Comprehensive income	$ 4,669,978	$ 4,963,011	$ 8,839,007	$ 8,764,575

v3.23.3

STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Mar. 31, 2022	$ 48,308	$ 19,256,485	$ (318,120)	$ 45,578,456	$ 64,565,129
Beginning balance (in shares) at Mar. 31, 2022	4,830,826
Comprehensive income:
Unrealized 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)
Ending balance, value at Jun. 30, 2022	$ 48,308	19,263,619	(656,673)	44,887,746	63,543,000
Ending balance (in shares) at Jun. 30, 2022	4,830,826
Beginning balance, value at Mar. 31, 2022	$ 48,308	19,256,485	(318,120)	45,578,456	64,565,129
Beginning balance (in shares) at Mar. 31, 2022	4,830,826
Comprehensive income:
Net income					10,230,490
Total comprehensive income					8,764,575
Ending balance, value at Sep. 30, 2022	$ 48,308	19,303,570	(1,784,035)	46,147,293	63,715,136
Ending balance (in shares) at Sep. 30, 2022	4,830,826
Beginning balance, value at Jun. 30, 2022	$ 48,308	19,263,619	(656,673)	44,887,746	63,543,000
Beginning balance (in shares) at Jun. 30, 2022	4,830,826
Comprehensive income:
Unrealized 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)
Ending balance, value at Sep. 30, 2022	$ 48,308	19,303,570	(1,784,035)	46,147,293	63,715,136
Ending balance (in shares) at Sep. 30, 2022	4,830,826
Beginning balance, value at Mar. 31, 2023	$ 48,308	19,295,442	(1,213,858)	48,949,610	67,079,502	[1]
Beginning balance (in shares) at Mar. 31, 2023	4,830,826
Exercise of stock options	$ 26	117,501			117,527
Exercise of stock options (in shares)	2,575
Comprehensive income:
Unrealized loss on marketable securities, net of tax			(234,701)		(234,701)
Net income				4,403,730	4,403,730
Total comprehensive income					4,169,029
Stock-based compensation		10,536			10,536
Cash dividends declared ($1.00 per share of common stock)				(4,830,826)	(4,830,826)
Ending balance, value at Jun. 30, 2023	$ 48,334	19,423,479	(1,448,559)	48,522,514	66,545,768
Ending balance (in shares) at Jun. 30, 2023	4,833,401
Beginning balance, value at Mar. 31, 2023	$ 48,308	19,295,442	(1,213,858)	48,949,610	67,079,502	[1]
Beginning balance (in shares) at Mar. 31, 2023	4,830,826
Comprehensive income:
Net income					9,127,296
Total comprehensive income					8,839,007
Ending balance, value at Sep. 30, 2023	$ 48,334	19,529,791	(1,502,147)	48,412,679	66,488,657
Ending balance (in shares) at Sep. 30, 2023	4,833,401
Beginning balance, value at Jun. 30, 2023	$ 48,334	19,423,479	(1,448,559)	48,522,514	66,545,768
Beginning balance (in shares) at Jun. 30, 2023	4,833,401
Comprehensive income:
Unrealized loss on marketable securities, net of tax			(53,588)		(53,588)
Net income				4,723,566	4,723,566
Total comprehensive income					4,669,978
Stock-based compensation		106,312			106,312
Cash dividends declared ($1.00 per share of common stock)				(4,833,401)	(4,833,401)
Ending balance, value at Sep. 30, 2023	$ 48,334	$ 19,529,791	$ (1,502,147)	$ 48,412,679	$ 66,488,657
Ending balance (in shares) at Sep. 30, 2023	4,833,401
[1] The March 31, 2023 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, 2023.

v3.23.3

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income	$ 9,127,296	$ 10,230,490
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	114,524	158,851
Provision for current estimate of credit losses	9,514
Stock-based compensation	116,848	47,085
Deferred income taxes	(742,649)
Changes in operating assets and liabilities:
Accounts receivable	3,598,068	(1,155,585)
Inventories	(550,756)	(706,214)
Prepaid expenses and other assets	(334,141)	(114,213)
Accounts payable and accrued expenses	(953,886)	890,824
Net cash provided by operating activities	10,384,818	9,351,238
INVESTING ACTIVITIES
Purchases of fixed assets	(16,731)	(24,500)
Purchases of marketable securities	(3,937,835)	(25,381,057)
Proceeds from maturities of marketable securities	8,400,000	18,750,000
Receipt of tenant improvement allowance		100,000
Net cash provided (used) by investing activities	4,445,434	(6,555,557)
FINANCING ACTIVITIES
Proceeds from exercise of stock options	117,527
Payment of dividends to shareholders	(9,664,227)	(9,661,652)
Cash used in financing activities	(9,546,700)	(9,661,652)
Increase (decrease) in cash and cash equivalents	5,283,552	(6,865,971)
Cash and cash equivalents at beginning of period	1,669,896	10,449,510
Cash and cash equivalents at end of period	6,953,448	3,583,539
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes	$ 3,120,830	$ 1,281,629

v3.23.3

DESCRIPTION OF BUSINESS	6 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1. DESCRIPTION OF BUSINESS  We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information.

v3.23.3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES  Basis of Presentation  The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, certain disclosures have been omitted as allowed, and it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest Annual Report on Form 10-K for the fiscal year ended March 31, 2023. The results of operations for the quarter ended September 30, 2023, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2024.   Significant accounting policies  A description of our significant accounting policies is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the year ended March 31, 2023. As of September 30, 2023, there were no changes to our significant accounting policies except for changes resulting from the adoption of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (ASC Topic 326) as described in the “Marketable securities and credit losses” section below and in Note 3.   Marketable securities and credit losses  Our marketable securities consist of corporate bonds and money market funds. Marketable are initially recognized at cost. Marketable securities considered to be “purchased financial assets with credit deterioration” are initially recognized at cost, less any allowance for expected credit losses. Unrealized holding gains and losses are reported in other comprehensive income, net of applicable taxes, until realized. All marketable securities are carried on the balance sheet at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use a three-level fair value hierarchy in estimating and reporting fair values of our marketable securities:   Level 1 – Securities whose fair values are determined using quoted prices in active markets for identical securities.   Level 2 – Securities whose fair values are determined using quoted prices for similar securities in active markets or quoted prices for identical securities in markets that are not active.   Level 3 – Securities whose fair values are determined using unobservable inputs.   Corporate bonds with remaining maturities of less than one year are classified as short-term and those with remaining maturities of one year or more are classified as long-term. We consider all highly liquid investments with maturities of three months or less when purchased, including money market funds, to be cash equivalents.   We measure credit losses on our marketable securities at the individual security level, using the present value of expected cash flows method. Credit losses are measured as the amount by which the amortized cost basis of the security exceeds the present value of expected cash flows (discounted at the effective interest rate implicit in the security at the date of acquisition), limited by the amount by which the fair value of the security is less than its amortized cost basis. When estimating expected cash flows, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as, past incidences of default, credit quality as reported by credit rating agencies, extent of impairment, length of time the security has been in a continuous unrealized loss position, and adverse conditions forecasted by industry, financial and economic experts that are relevant to the collectability of expected cash flows. We do not include accrued interest receivables in amortized cost and in fair value when measuring expected credit losses. We will write off uncollectible accrued interest receivable to net income in a timely manner, by reversing interest income, and therefore do not measure credit losses for accrued interest receivable. Timely manner means one year from the date the accrued interest receivable becomes past due. Accrued interest receivables are included in the balance sheet in “prepaid expenses and other assets.”   Accounts Receivable and Allowance for Credit Losses  We grant credit to customers in the normal course of business and at times require customers to pay for orders before shipment. Accounts receivable are presented on the balance sheet net of any allowance for credit losses. We measure credit losses on our trade accounts receivable on a pool basis, and in some cases, on an individual basis, using the loss-rate method. Accounts receivable are pooled based on geographical locations because we believe accounts originating from the same geographical location share risk characteristics. When estimating expected credit losses on our trade accounts receivable, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as historical loss rate, current age and remaining term of the receivable relative to our current days sales outstanding (“DSO”) ratio, pending orders of the customer relative to accounts receivable balance as of the reporting date and amounts paid by the customers subsequent to the reporting period end but before the financial statements are issued.

v3.23.3

RECENTLY ADOPTED ACCOUNTING STANDARD	6 Months Ended
	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
RECENTLY ADOPTED ACCOUNTING STANDARD	NOTE 3. RECENTLY ADOPTED ACCOUNTING STANDARD  In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. ASU 2016-13 requires a financial asset (or a group of financial assets) to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In November 2018 the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarifies codification and corrects unintended application of the guidance, and in November 2019, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarifies or addresses specific issues about certain aspects of ASU 2016-13. In November 2019 the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, and in February 2020 the FASB issued ASU No. 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842), both of which delay the effective date of ASU 2016-13 by three years for certain Smaller Reporting Companies such as us. In March 2020, the FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments; which modifies the measurement of expected credit losses of certain financial instruments. We adopted ASU No. 2016-13 beginning with the quarter ended June 30, 2023.   The adoption resulted in disclosure changes and required us to consider the likelihood of default and to measure our allowance for credit losses over the contractual term of our receivables. The adoption did not have a material impact on the financial statements as of September 30 or April 1, 2023.

v3.23.3

NET INCOME PER SHARE	6 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NOTE 4. NET INCOME PER SHARE  Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume exercise of all stock options. The following tables show the components of diluted shares:  Schedule of Earnings Per Share, Basic and Diluted                       Quarter Ended September 30,       2023     2022   Weighted average common shares outstanding – basic     4,833,401       4,830,826   Dilutive effect of stock options     7,369       130   Shares used in computing net income per share – diluted     4,840,770       4,830,956                           Six Months Ended September 30,       2023     2022   Weighted average common shares outstanding – basic     4,832,786       4,830,826   Dilutive effect of stock options     7,902       101   Shares used in computing net income per share – diluted     4,840,688       4,830,927

v3.23.3

MARKETABLE SECURITIES	6 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	NOTE 5. MARKETABLE SECURITIES  The following table shows the major categories of our marketable securities and their contractual maturities as of September 30, 2023:  Contractual maturities of marketable securities     Total     <1 Year     1–3 Years     3–6 Years   Money market funds   $ 6,853,047     $ 6,853,047     $ —     $ —   Corporate bonds     46,847,355       7,224,056       27,387,122       12,236,177   Total   $ 53,700,402     $ 14,077,103     $ 27,387,122     $ 12,236,177     Total marketable securities represent approximately 79% of our total assets as of September 30, 2023. Marketable securities as of September 30, 2023, had remaining maturities between one and 67 months.   Money market funds are included on the balance sheets in “Cash and cash equivalents.” Corporate bonds are included on the balance sheets in “Marketable securities, short term” and “Marketable securities, long term.” Accrued interest receivables were $436,932 as of September 30, 2023, and $425,372 as of March 31, 2023, and are included in the balance sheets in “Prepaid expenses and other assets.”   We monitor the credit ratings of our marketable securities at least quarterly as reported by Standard & Poor’s. The following table summarizes the fair values of our marketable securities as of September 30, 2023, aggregated by credit rating:  Fair values of our marketable securities aggregated by credit rating Credit Rating   Fair Value   AAA   $ 8,134,255   AA     6,622,847   AA-     20,699,684   A+     2,833,709   A     9,467,058   A-     5,942,849   Total   $ 53,700,402     The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values:       As of September 30, 2023     As of March 31, 2023       Level 1     Level 2     Total     Level 1     Level 2     Total   Money market funds   $ 6,853,047     $ —     $ 6,853,047     $ 906,141     $ —     $ 906,141   Corporate bonds     —       46,847,355       46,847,355       —       51,638,142       51,638,142   Total   $ 6,853,047     $ 46,847,355     $ 53,700,402     $ 906,141     $ 51,638,142     $ 52,544,283     The following table shows the amortized cost, fair value, and gross unrealized holding gains and losses of our marketable securities as of September 30 and March 31, 2023:       As of September 30, 2023     As of March 31, 2023       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   $ 6,853,047     $ —     $ —     $ 6,853,047     $ 906,141     $ —     $ —     $ 906,141   Corporate bonds     48,770,226       1       (1,922,872 )     46,847,355       53,191,981       1,007       (1,554,846 )     51,638,142   Total   $ 55,623,273     $ 1     $ (1,922,872 )   $ 53,700,402     $ 54,098,122     $ 1,007     $ (1,554,846 )   $ 52,544,283     The following table shows the gross unrealized holding losses and estimated fair value of our marketable securities for which an allowance for credit losses has not been recorded, aggregated by category of securities and length of time that individual securities had been in a continuous unrealized loss position as of September 30 and March 31, 2023.  Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded     Less Than 12 Months     12 Months or Greater     Total       Estimated Fair Value     Gross Unrealized Holding Losses     Estimated Fair Value     Gross Unrealized Holding Losses     Estimated Fair Value      Gross Unrealized Holding Losses                                         As of September 30, 2023                                                 Corporate bonds   $ 6,998,824     $ (86,868 )   $ 39,848,531     $ (1,836,004 )   $ 46,847,355     $ (1,922,872 ) Total   $ 6,998,824     $ (86,868 )   $ 39,848,531     $ (1,836,004 )   $ 46,847,355     $ (1,922,872 )                                                   As of March 31, 2023                                                 Corporate bonds   $ 37,084,628     $ (590,967 )   $ 13,294,817     $ (963,879 )   $ 50,379,445     $ (1,554,846 ) Total   $ 37,084,628     $ (590,967 )   $ 13,294,817     $ (963,879 )   $ 50,379,445     $ (1,554,846 )   None of the securities were impaired at acquisition, and subsequent declines in fair value are attributable to interest rate increases. We do not intend to sell, and it is not more likely than not that we will be required to sell, these securities before recovery of their amortized cost basis. The issuers continue to make timely interest payments on these securities. Because we believe it is more likely than not we will recover the cost basis of our investments, we did not record any impairment attributable to credit losses.   None of the marketable securities purchased during the period had experienced more-than-insignificant deterioration in credit quality since its origination and were therefore not considered “Purchased Financial Assets with Credit Deterioration.”   Unrealized losses on our marketable securities and their tax effects are as follows:       Quarter Ended September 30,       2023     2022   Unrealized loss from marketable securities   $ (68,597 )   $ (252,894 ) Tax effects     15,009       55,333   Unrealized loss from marketable securities, net of tax   $ (53,588 )   $ (197,561 )       Six Months Ended September 30,       2023     2022   Unrealized loss from marketable securities   $ (369,034 )   $ (1,876,491 ) Tax effects     80,745       410,576   Unrealized loss from marketable securities, net of tax   $ (288,289 )   $ (1,465,915 )

v3.23.3

ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES	6 Months Ended
	Sep. 30, 2023
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES	NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES  The following table shows a roll forward of the allowance for credit losses on our accounts receivable:   Allowance for credit losses as of March 31, 2023   $ 15,000   Provision for credit losses recorded in the quarter ended June 30, 2023     212,440   Change in provision for credit losses in the quarter ended September 30, 2023     (202,926 ) Specific accounts deemed uncollectible     (9,514 ) Allowance for credit losses as of September 30, 2023   $ 15,000

v3.23.3

INVENTORIES	6 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 7. INVENTORIES  Inventories are shown in the following table:       September 30, 2023     March 31, 2023   Raw materials   $ 2,066,047     $ 1,601,962   Work in process     3,104,015       3,781,894   Finished goods     1,797,704       1,033,154   Total inventories   $ 6,967,766     $ 6,417,010

v3.23.3

STOCK-BASED COMPENSATION	6 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 8. STOCK-BASED COMPENSATION  Stock-based compensation expense was $106,312 for the second quarter of fiscal 2024, $39,951 for the second quarter of fiscal 2023, $116,848 for the first six months of fiscal 2024, and $47,085 for the first six months of fiscal 2023. We calculate share-based compensation expense using the Black-Scholes-Merton standard option-pricing model.

v3.23.3

INCOME TAXES	6 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 9. INCOME TAXES  Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. As of September 30, 2023, federal and state estimated tax overpayments of $408,184 were included in the balance sheet in “Prepaid expenses and other assets.”   We had no unrecognized tax benefits as of September 30, 2023, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of September 30, 2023, we had no accrued interest related to uncertain tax positions. The tax years 2019 through 2023 remain open to examination by the major taxing jurisdictions to which we are subject.

v3.23.3

LEASES	6 Months Ended
	Sep. 30, 2023
Leases [Abstract]
LEASES	NOTE 10. LEASES  We conduct our operations in a leased facility under a non-cancellable lease expiring March 31, 2026. Our lease does not provide an implicit interest rate, so we used our incremental borrowing rate to determine the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. Details of our operating lease are as follows:  Lease, Cost     Quarter Ended Sept. 30, 2023     Six Months Ended Sept. 30, 2023   Operating lease cost   $ 37,754     $ 75,507                     Cash paid for amounts included in the measurement of lease liabilities                 Operating cash flows for leases   $ 44,433     $ 88,866   Remaining lease term     30 months           Discount rate     3.5 %           The following table shows the maturities of lease liabilities as of September 30, 2023:  Lessee, Operating Lease, Liability, Maturity Year Ending March 31,     Operating Lease Liabilities   2024     $ 89,774   2025       182,271   2026       184,995   Total lease payments       457,040   Imputed lease interest       (18,946 ) Total lease liabilities     $ 438,094

v3.23.3

STOCK REPURCHASE PROGRAM	6 Months Ended
	Sep. 30, 2023
Equity [Abstract]
STOCK REPURCHASE PROGRAM	NOTE 11. STOCK REPURCHASE PROGRAM  On January 21, 2009, we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock from time to time in open market, block, or privately negotiated transactions. The timing and extent of any repurchases depend on market conditions, the trading price of the company’s stock, and other factors, and subject to the restrictions relating to volume, price, and timing under applicable law. On August 27, 2015, we announced that our Board of Directors authorized up to $5,000,000 of additional repurchases. Our repurchase program does not have an expiration date and does not obligate us to purchase any shares. The Program may be modified or discontinued at any time without notice. We intend to finance any stock repurchases with cash provided by operating activities or maturing marketable securities. The remaining authorization was $3,520,369 as of September 30, 2023. We did not repurchase any of our Common Stock during fiscal 2024.

v3.23.3

INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS	6 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS	NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS  All of our employees are eligible to participate in our 401(k) savings plan the first quarter after reaching age 18. Employees may contribute up to the Internal Revenue Code maximum. We make matching contributions of 100% of the first 3% of participants’ salary deferral contributions. Our matching contributions were $24,406 for the second quarter of fiscal 2024, $23,751 for the second quarter of fiscal 2023, $51,483 for the first six months of fiscal 2024, and $52,177 for the first six months of fiscal 2023.

v3.23.3

SUBSEQUENT EVENTS	6 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 13. SUBSEQUENT EVENTS  On October 18, 2023, we announced that our Board of Directors had declared a quarterly cash dividend of $1.00 per share of Common Stock to be paid November 30, 2023, to shareholders of record as of the close of business October 30, 2023.

v3.23.3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation  The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, certain disclosures have been omitted as allowed, and it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest Annual Report on Form 10-K for the fiscal year ended March 31, 2023. The results of operations for the quarter ended September 30, 2023, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2024.
Significant accounting policies	Significant accounting policies  A description of our significant accounting policies is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the year ended March 31, 2023. As of September 30, 2023, there were no changes to our significant accounting policies except for changes resulting from the adoption of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (ASC Topic 326) as described in the “Marketable securities and credit losses” section below and in Note 3.
Marketable securities and credit losses	Marketable securities and credit losses  Our marketable securities consist of corporate bonds and money market funds. Marketable are initially recognized at cost. Marketable securities considered to be “purchased financial assets with credit deterioration” are initially recognized at cost, less any allowance for expected credit losses. Unrealized holding gains and losses are reported in other comprehensive income, net of applicable taxes, until realized. All marketable securities are carried on the balance sheet at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use a three-level fair value hierarchy in estimating and reporting fair values of our marketable securities:   Level 1 – Securities whose fair values are determined using quoted prices in active markets for identical securities.   Level 2 – Securities whose fair values are determined using quoted prices for similar securities in active markets or quoted prices for identical securities in markets that are not active.   Level 3 – Securities whose fair values are determined using unobservable inputs.   Corporate bonds with remaining maturities of less than one year are classified as short-term and those with remaining maturities of one year or more are classified as long-term. We consider all highly liquid investments with maturities of three months or less when purchased, including money market funds, to be cash equivalents.   We measure credit losses on our marketable securities at the individual security level, using the present value of expected cash flows method. Credit losses are measured as the amount by which the amortized cost basis of the security exceeds the present value of expected cash flows (discounted at the effective interest rate implicit in the security at the date of acquisition), limited by the amount by which the fair value of the security is less than its amortized cost basis. When estimating expected cash flows, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as, past incidences of default, credit quality as reported by credit rating agencies, extent of impairment, length of time the security has been in a continuous unrealized loss position, and adverse conditions forecasted by industry, financial and economic experts that are relevant to the collectability of expected cash flows. We do not include accrued interest receivables in amortized cost and in fair value when measuring expected credit losses. We will write off uncollectible accrued interest receivable to net income in a timely manner, by reversing interest income, and therefore do not measure credit losses for accrued interest receivable. Timely manner means one year from the date the accrued interest receivable becomes past due. Accrued interest receivables are included in the balance sheet in “prepaid expenses and other assets.”
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses  We grant credit to customers in the normal course of business and at times require customers to pay for orders before shipment. Accounts receivable are presented on the balance sheet net of any allowance for credit losses. We measure credit losses on our trade accounts receivable on a pool basis, and in some cases, on an individual basis, using the loss-rate method. Accounts receivable are pooled based on geographical locations because we believe accounts originating from the same geographical location share risk characteristics. When estimating expected credit losses on our trade accounts receivable, we consider available information relating to past events, current conditions, and reasonable and supportable forecasts such as historical loss rate, current age and remaining term of the receivable relative to our current days sales outstanding (“DSO”) ratio, pending orders of the customer relative to accounts receivable balance as of the reporting date and amounts paid by the customers subsequent to the reporting period end but before the financial statements are issued.

v3.23.3

NET INCOME PER SHARE (Tables)	6 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Schedule of Earnings Per Share, Basic and Diluted                       Quarter Ended September 30,       2023     2022   Weighted average common shares outstanding – basic     4,833,401       4,830,826   Dilutive effect of stock options     7,369       130   Shares used in computing net income per share – diluted     4,840,770       4,830,956                           Six Months Ended September 30,       2023     2022   Weighted average common shares outstanding – basic     4,832,786       4,830,826   Dilutive effect of stock options     7,902       101   Shares used in computing net income per share – diluted     4,840,688       4,830,927

v3.23.3

MARKETABLE SECURITIES (Tables)	6 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Contractual maturities of marketable securities	The following table shows the major categories of our marketable securities and their contractual maturities as of September 30, 2023:  Contractual maturities of marketable securities     Total     <1 Year     1–3 Years     3–6 Years   Money market funds   $ 6,853,047     $ 6,853,047     $ —     $ —   Corporate bonds     46,847,355       7,224,056       27,387,122       12,236,177   Total   $ 53,700,402     $ 14,077,103     $ 27,387,122     $ 12,236,177
Fair values of our marketable securities aggregated by credit rating	Fair values of our marketable securities aggregated by credit rating Credit Rating   Fair Value   AAA   $ 8,134,255   AA     6,622,847   AA-     20,699,684   A+     2,833,709   A     9,467,058   A-     5,942,849   Total   $ 53,700,402
The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values:	The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values:       As of September 30, 2023     As of March 31, 2023       Level 1     Level 2     Total     Level 1     Level 2     Total   Money market funds   $ 6,853,047     $ —     $ 6,853,047     $ 906,141     $ —     $ 906,141   Corporate bonds     —       46,847,355       46,847,355       —       51,638,142       51,638,142   Total   $ 6,853,047     $ 46,847,355     $ 53,700,402     $ 906,141     $ 51,638,142     $ 52,544,283
The following table shows the amortized cost, fair value, and gross unrealized holding gains and losses of our marketable securities as of September 30 and March 31, 2023:	The following table shows the amortized cost, fair value, and gross unrealized holding gains and losses of our marketable securities as of September 30 and March 31, 2023:       As of September 30, 2023     As of March 31, 2023       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   $ 6,853,047     $ —     $ —     $ 6,853,047     $ 906,141     $ —     $ —     $ 906,141   Corporate bonds     48,770,226       1       (1,922,872 )     46,847,355       53,191,981       1,007       (1,554,846 )     51,638,142   Total   $ 55,623,273     $ 1     $ (1,922,872 )   $ 53,700,402     $ 54,098,122     $ 1,007     $ (1,554,846 )   $ 52,544,283
Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded	Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded     Less Than 12 Months     12 Months or Greater     Total       Estimated Fair Value     Gross Unrealized Holding Losses     Estimated Fair Value     Gross Unrealized Holding Losses     Estimated Fair Value      Gross Unrealized Holding Losses                                         As of September 30, 2023                                                 Corporate bonds   $ 6,998,824     $ (86,868 )   $ 39,848,531     $ (1,836,004 )   $ 46,847,355     $ (1,922,872 ) Total   $ 6,998,824     $ (86,868 )   $ 39,848,531     $ (1,836,004 )   $ 46,847,355     $ (1,922,872 )                                                   As of March 31, 2023                                                 Corporate bonds   $ 37,084,628     $ (590,967 )   $ 13,294,817     $ (963,879 )   $ 50,379,445     $ (1,554,846 ) Total   $ 37,084,628     $ (590,967 )   $ 13,294,817     $ (963,879 )   $ 50,379,445     $ (1,554,846 )
Unrealized losses on our marketable securities and their tax effects are as follows:	Unrealized losses on our marketable securities and their tax effects are as follows:       Quarter Ended September 30,       2023     2022   Unrealized loss from marketable securities   $ (68,597 )   $ (252,894 ) Tax effects     15,009       55,333   Unrealized loss from marketable securities, net of tax   $ (53,588 )   $ (197,561 )       Six Months Ended September 30,       2023     2022   Unrealized loss from marketable securities   $ (369,034 )   $ (1,876,491 ) Tax effects     80,745       410,576   Unrealized loss from marketable securities, net of tax   $ (288,289 )   $ (1,465,915 )

v3.23.3

ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES (Tables)	6 Months Ended
	Sep. 30, 2023
Credit Loss [Abstract]
The following table shows a roll forward of the allowance for credit losses on our accounts receivable:	The following table shows a roll forward of the allowance for credit losses on our accounts receivable:   Allowance for credit losses as of March 31, 2023   $ 15,000   Provision for credit losses recorded in the quarter ended June 30, 2023     212,440   Change in provision for credit losses in the quarter ended September 30, 2023     (202,926 ) Specific accounts deemed uncollectible     (9,514 ) Allowance for credit losses as of September 30, 2023   $ 15,000

v3.23.3

INVENTORIES (Tables)	6 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories are shown in the following table:	Inventories are shown in the following table:       September 30, 2023     March 31, 2023   Raw materials   $ 2,066,047     $ 1,601,962   Work in process     3,104,015       3,781,894   Finished goods     1,797,704       1,033,154   Total inventories   $ 6,967,766     $ 6,417,010

v3.23.3

LEASES (Tables)	6 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Lease, Cost	Lease, Cost     Quarter Ended Sept. 30, 2023     Six Months Ended Sept. 30, 2023   Operating lease cost   $ 37,754     $ 75,507                     Cash paid for amounts included in the measurement of lease liabilities                 Operating cash flows for leases   $ 44,433     $ 88,866   Remaining lease term     30 months           Discount rate     3.5 %
Lessee, Operating Lease, Liability, Maturity	Lessee, Operating Lease, Liability, Maturity Year Ending March 31,     Operating Lease Liabilities   2024     $ 89,774   2025       182,271   2026       184,995   Total lease payments       457,040   Imputed lease interest       (18,946 ) Total lease liabilities     $ 438,094

v3.23.3

Schedule of Earnings Per Share, Basic and Diluted (Details) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Weighted average common shares outstanding - basic	4,833,401	4,830,826	4,832,786	4,830,826
Dilutive effect of stock options	7,369	130	7,902	101
Shares used in computing net income per share - diluted	4,840,770	4,830,956	4,840,688	4,830,927

v3.23.3

Contractual maturities of marketable securities (Details) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Schedule of Investments [Line Items]
Marketable Securities	$ 53,700,402	$ 52,544,283
(1 Year	14,077,103
1-3 Years	27,387,122
3-6 Years	12,236,177
Money Market Funds [Member]
Schedule of Investments [Line Items]
Marketable Securities	6,853,047	906,141
(1 Year	6,853,047
1-3 Years
3-6 Years
Corporate Bond Securities [Member]
Schedule of Investments [Line Items]
Marketable Securities	46,847,355	$ 51,638,142
(1 Year	7,224,056
1-3 Years	27,387,122
3-6 Years	$ 12,236,177

v3.23.3

Fair values of our marketable securities aggregated by credit rating (Details) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Marketable Securities	$ 53,700,402	$ 52,544,283
Standard & Poor's, AAA Rating [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Marketable Securities	8,134,255
Standard & Poor's, AA Rating [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Marketable Securities	6,622,847
Standard & Poor's, AA- Rating [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Marketable Securities	20,699,684
Standard & Poor's, A+ Rating [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Marketable Securities	2,833,709
Standard & Poor's, A Rating [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Marketable Securities	9,467,058
Standard & Poor's, A- Rating [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Marketable Securities	$ 5,942,849

v3.23.3

The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values: (Details) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Schedule of Investments [Line Items]
Marketable Securities	$ 53,700,402	$ 52,544,283
Fair Value, Inputs, Level 1 [Member]
Schedule of Investments [Line Items]
Marketable Securities	6,853,047	906,141
Fair Value, Inputs, Level 2 [Member]
Schedule of Investments [Line Items]
Marketable Securities	46,847,355	51,638,142
Money Market Funds [Member]
Schedule of Investments [Line Items]
Marketable Securities	6,853,047	906,141
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Schedule of Investments [Line Items]
Marketable Securities	6,853,047	906,141
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Schedule of Investments [Line Items]
Marketable Securities	0	0
Corporate Bond Securities [Member]
Schedule of Investments [Line Items]
Marketable Securities	46,847,355	51,638,142
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Schedule of Investments [Line Items]
Marketable Securities	0	0
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Schedule of Investments [Line Items]
Marketable Securities	$ 46,847,355	$ 51,638,142

v3.23.3

The following table shows the amortized cost, fair value, and gross unrealized holding gains and losses of our marketable securities as of September 30 and March 31, 2023: (Details) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Schedule of Investments [Line Items]
Amortized Cost	$ 55,623,273	$ 54,098,122
Gross Unrealized Holding Gains	1	1,007
Gross Unrealized Holding Losses	(1,922,872)	(1,554,846)
Marketable Securities	53,700,402	52,544,283
Money Market Funds [Member]
Schedule of Investments [Line Items]
Amortized Cost	6,853,047	906,141
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Marketable Securities	6,853,047	906,141
Corporate Bond Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	48,770,226	53,191,981
Gross Unrealized Holding Gains	1	1,007
Gross Unrealized Holding Losses	(1,922,872)	(1,554,846)
Marketable Securities	$ 46,847,355	$ 51,638,142

v3.23.3

Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded (Details) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Schedule of Investments [Line Items]
Estimated Fair Value	$ 6,998,824	$ 37,084,628
Gross Unrealized Holding Losses	(86,868)	(590,967)
Estimated Fair Value	39,848,531	13,294,817
Gross Unrealized Holding Losses	(1,836,004)	(963,879)
Estimated Fair Value	46,847,355	50,379,445
Gross Unrealized Holding Losses	(1,922,872)	(1,554,846)
Corporate Bond Securities [Member]
Schedule of Investments [Line Items]
Estimated Fair Value	6,998,824	37,084,628
Gross Unrealized Holding Losses	(86,868)	(590,967)
Estimated Fair Value	39,848,531	13,294,817
Gross Unrealized Holding Losses	(1,836,004)	(963,879)
Estimated Fair Value	46,847,355	50,379,445
Gross Unrealized Holding Losses	$ (1,922,872)	$ (1,554,846)

v3.23.3

Unrealized losses on our marketable securities and their tax effects are as follows: (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Unrealized loss from marketable securities	$ (68,597)	$ (252,894)	$ (369,034)	$ (1,876,491)
Tax effects	15,009	55,333	80,745	410,576
Unrealized loss from marketable securities, net of tax	$ (53,588)	$ (197,561)	$ (288,289)	$ (1,465,915)

v3.23.3

MARKETABLE SECURITIES (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Description of securities	Total marketable securities represent approximately 79% of our total assets as of September 30, 2023. Marketable securities as of September 30, 2023, had remaining maturities between one and 67 months.
Debt securities, available-for-sale, excluding accrued interest	$ 436,932	$ 425,372

v3.23.3

The following table shows a roll forward of the allowance for credit losses on our accounts receivable: (Details)	6 Months Ended
	Sep. 30, 2023 USD ($)
Credit Loss [Abstract]
Allowance for credit losses as of March 31, 2023	$ 15,000
Provision for credit losses recorded in the quarter ended June 30, 2023	212,440
Change in provision for credit losses in the quarter ended September 30, 2023	(202,926)
Specific accounts deemed uncollectible	(9,514)
Allowance for credit losses as of September 30, 2023	$ 15,000

v3.23.3

Inventories are shown in the following table: (Details) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 2,066,047	$ 1,601,962
Work in process	3,104,015	3,781,894
Finished goods	1,797,704	1,033,154
Total inventories	$ 6,967,766	$ 6,417,010	[1]
[1] The March 31, 2023 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, 2023.

v3.23.3

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based payment arrangement, expense	$ 106,312	$ 39,951	$ 116,848	$ 47,085
Share-based compensation arrangement by share-based payment award, fair value assumptions, method used				Black-Scholes-Merton standard option-pricing model

v3.23.3

INCOME TAXES (Details Narrative)	6 Months Ended
	Sep. 30, 2023 USD ($)
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Accrued income taxes	$ 408,184
Unrecognized tax benefits	0
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit	$ 0
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Open Tax Year	2019
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Open Tax Year	2023

v3.23.3

Lease, Cost (Details)	3 Months Ended	6 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Leases [Abstract]
Operating lease cost	$ 37,754	$ 75,507
Operating cash flows for leases	$ 44,433	$ 88,866
Remaining lease term	30 months	30 months
Discount rate	3.50%	3.50%

v3.23.3

Lessee, Operating Lease, Liability, Maturity (Details)	Sep. 30, 2023 USD ($)
Leases [Abstract]
2024	$ 89,774
2025	182,271
2026	184,995
Total lease payments	457,040
Imputed lease interest	(18,946)
Total lease liabilities	$ 438,094

v3.23.3

STOCK REPURCHASE PROGRAM (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2023	Jan. 21, 2019	Aug. 27, 2015
Equity [Abstract]
Additional stock repurchase		$ 2,500,000	$ 5,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 3,520,369
Treasury stock, shares, acquired	0

v3.23.3

INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
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	$ 24,406	$ 23,751	$ 51,483	$ 52,177

v3.23.3

SUBSEQUENT EVENTS (Details Narrative) - $ / shares		3 Months Ended		6 Months Ended
	Oct. 18, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent event, date	Oct. 18, 2023
Subsequent event, description	we announced that our Board of Directors had declared a quarterly cash dividend
Cash dividends declared per common share	$ 1.00	$ 1.00	$ 1.00	$ 2.00	$ 2.00
Dividends payable, date to be paid	Nov. 30, 2023
Dividends payable, date of record	Oct. 30, 2023

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