0000724910-15-000010.txt : 20150506 0000724910-15-000010.hdr.sgml : 20150506 20150506163121 ACCESSION NUMBER: 0000724910-15-000010 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150506 DATE AS OF CHANGE: 20150506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NVE CORP /NEW/ CENTRAL INDEX KEY: 0000724910 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 411424202 STATE OF INCORPORATION: MN FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12196 FILM NUMBER: 15837427 BUSINESS ADDRESS: STREET 1: 11409 VALLEY VIEW ROAD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 BUSINESS PHONE: 9528299217 MAIL ADDRESS: STREET 1: 11409 VALLEY VIEW ROAD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 FORMER COMPANY: FORMER CONFORMED NAME: PREMIS CORP DATE OF NAME CHANGE: 19920703 10-K 1 NVE_2015_10K.htm ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2015  
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
_______________
 
FORM 10-K
(Mark One)
     [X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 31, 2015
     [   ]  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 Logo
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)
 
Registrant’s telephone number, including area code (952) 829-9217

Securities registered pursuant to Section 12(b) of the Act:
                         Title of each class                                 
Name of each exchange on which registered
Common stock, $0.01 par value (“Common Stock”)
The NASDAQ Stock Market, LLC
 
Securities registered pursuant to Section 12(g) of the Act: None
 
 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes [   ]  No [X]
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes [   ]  No [X]
     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 [X]  No [   ]
     Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).
Yes [X]  No [   ]
     Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  [X]
     Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
     Large accelerated filer [   ] Accelerated filer [X]
     Non-accelerated filer [   ] (Do not check if a smaller reporting company)      Smaller reporting company [   ] 
 
     Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes [   ]  No [X]
 
     The aggregate market value of the voting stock held by non-affiliates of the Registrant, based on the closing price on September 30, 2014, the last business day of the Registrant’s most recently completed second fiscal quarter, as reported on the NASDAQ Stock Market, was approximately $157 million.
     The number of shares of the registrant’s Common Stock (par value $0.01) outstanding as of May 1, 2015 was 4,857,953.
_______________
 
DOCUMENTS INCORPORATED BY REFERENCE
      Portions of our Proxy Statement for our 2015 Annual Meeting of Shareholders are incorporated by reference into Items 10, 11, 12, 13, and 14 of Part III hereof.
 

NVE CORPORATION
INDEX TO FORM 10-K

PART I
PART II
PART III
PART IV
SIGNATURES

FINANCIAL STATEMENTS

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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 the terminology such as may, will, expect, anticipate, intend, believe, estimate, should, or continue, or the negatives of these terms or other variations of 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, uncertainties related to possible renewal of agreements with large customers, uncertainties related to the economic environments in the industries we serve, uncertainties related to future contract research and development revenue, 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. For more information regarding our risks and uncertainties, see Item 1A “Risk Factors” of this Report.

ITEM 1. BUSINESS.
In 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. We have also licensed our spintronic magnetoresistive random access memory technology, commonly known as MRAM.

NVE History and Background
     NVE is a Minnesota corporation headquartered in a suburb of Minneapolis. We were founded in 1989 by James M. Daughton, Ph.D., a spintronics pioneer. Our common stock became publicly traded in 2000 through a reverse merger and became NASDAQ listed in 2003. Since our founding, we have been awarded more than $50 million in government research contracts, including more than 30 MRAM development contracts. These contracts have helped us build our intellectual property portfolio. Over the years our product sales have increased and we have reduced our dependence on research contracts. Fiscal years referenced in this report end March 31.

Industry Background
     Much of the electronics industry is devoted to the acquisition, storage, and transmission of information. We have focused on three applications for our spintronic technology: magnetic sensors, couplers, and memories. Sensors acquire information, couplers transmit information, and memories store information. In that sense, our technology can provide the eyes, nerves, and brains of electronic systems.

     Magnetic sensors can be used for a number of purposes including detecting the position or speed of robotics and mechanisms, or for communicating with implantable medical devices. We believe our spintronic sensors are smaller, more precise, and more reliable than competing devices.

     Couplers are widely used in factory automation, providing reliable digital communication between electronic subsystems in factories. For example, couplers are used to send data between robots and central controllers at very high speed. As manufacturing automation expands, there is a need for higher speed data and more channel density. Because of their unique properties, we believe our couplers transmit more data at higher speeds and over longer distances than conventional devices.

     Near-term potential MRAM applications include mission-critical storage such as military, industrial, and antitamper applications. Long term, MRAM could address the market for ubiquitous high-density memory.

Our Enabling Technology
     Our designs are generally based on either giant magnetoresistance or tunneling magnetoresistance. These structures produce a large change in electrical resistance depending on the electron spin orientation in a free layer.

     In giant magnetoresistance (GMR) devices, resistance changes due to conduction electrons scattering at interfaces within the devices. The GMR effect is only significant if the layer thicknesses are less than the mean free path of conduction electrons, which is approximately five nanometers. Our critical GMR conductor layers may be less than two nanometers, or five atomic layers, thick. Technological advances in recent years have made it practical to manufacture such small dimensions.
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     The second type of spintronic structure we use is based on tunneling magnetoresistance (TMR). Such devices are known as Spin-Dependent Tunnel (SDT) junctions or Magnetic Tunnel Junctions (MTJs). SDT junctions use tunnel barriers that are so thin that electrons can “tunnel” through a normally insulating material to cause a resistance change. SDT barrier thicknesses can be in the range of one to four nanometers (less than ten molecular layers).

     In our products, the spintronic elements are connected to integrated circuitry and packaged in much the same way as conventional integrated circuits.

Our Strategy
     Our vision is to become the leading developer of practical spintronics technology and devices. We plan to do that by selling the products described below and licensing our MRAM technology. To grow product sales, we plan to broaden our sensor and coupler product lines, and longer term to target larger markets such as consumer electronics, automotive electronics, and biosensors.

Our Products and Markets
     We operate in one reportable segment.

Sensor Products and Markets
     Our sensor products detect the strength or gradient of magnetic fields and are often used to determine position or speed. The GMR changes its electrical resistance depending on the magnetic field. In our devices, GMR is combined with conventional foundry integrated circuitry and packaged in much the same way as conventional integrated circuits. We sell standard or catalog sensors, and custom sensors designed to meet customers’ exact requirements. Our sensors are quite small, very sensitive to magnetic fields, precise, and reliable.

Standard sensors
     Our standard, or catalog, sensors are generally used to detect the presence of a magnetic or metallic material to determine position or speed. We believe our spintronic sensors are smaller, more precise, and more reliable than competing devices. Our major market for standard sensors is factory automation.

Custom and medical sensors
     Our primary custom products are sensors for medical devices, which are customized to our customers’ requirements and manufactured under stringent medical device quality standards. Most are used to replace electromechanical magnetic switches. We believe our sensors have important advantages in medical devices compared to electromechanical switches, including no moving parts for inherent reliability, and being smaller, more sensitive, and more precise. Our sensors can be customized using customer-specific integrated signal processing and design variations that can include the range and sensitivity to magnetic fields, electrical resistance, and multisensor elements configuration. Future custom sensor target markets include consumer electronics, automotive electronics, and biosensors.

Coupler Products and Markets
     Our spintronic couplers combine a GMR sensor element and an “IsoLoop” integrated microscopic coil. The coil creates a small magnetic field that is picked up by the spintronic sensor, transmitting data almost instantly. Couplers are also known as “isolators” because they electrically isolate the coupled systems. Our IsoLoop couplers are faster than the fastest optical couplers.

     We have five lines of coupler products: cost-effective IL500-Series couplers; IL600-Series passive-input couplers; IL700/IL200-Series high-speed couplers; and IL4/IL3-Series isolated network couplers; and IL800-Series top-of-the-line couplers.

MRAM Products and Markets
     MRAM uses spintronics to store data. It has been called the ideal or universal memory because of its potential to combine the speed of SRAM, the density of DRAM, and the nonvolatility of flash memory. Data is stored in the spin of the electrons in thin metal alloy films, and read with spin-dependent tunnel junctions. Unlike electrical charge, the spin of an electron is inherently permanent. We have invented several types of MRAM memory cells including inventions related to advanced MRAM designs and MRAM for tamper prevention or detection.

     Our strategy is to develop, manufacture, and sell low bit-density MRAM for applications such as tamper prevention and detection. For high bit-density MRAM, our strategy is to license our technology to companies with large-scale memories manufacturing capabilities.
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Product Manufacturing
     The heart of our fabrication facility is a cleanroom area with specialized equipment to deposit, pattern, etch, and process spintronic materials. Most of our products are fabricated in our facility using either raw silicon wafers or foundry wafers. Foundry wafers contain conventional electronics that perform housekeeping functions such as voltage regulation and signal conditioning in our products.

     Each wafer may include thousands of devices. We build spintronics structures on wafers in our fabrication facility. We either saw wafers to be sold in die form, or send wafers to Asia for dicing and packaging. Other production operations include wafer-level inspection and testing. Packaged parts are returned to us to be tested, inventoried, and shipped.

Sales and Product Distribution
     We rely on distributors who stock our products and sell them in more than 75 countries. Distributors of our products include Digi-Key Corporation, Premier Farnell plc companies, and Rhopoint Components Ltd. Our distributor agreements generally renew annually. In addition, Avago Technologies, a leading supplier of solid-state couplers, distributes private-branded versions of some of our couplers under an agreement that expires June 27, 2016. We may add other private-brand coupler partners in the future.

New Product Status
     In the past year we began marketing several new product lines, including:
           •  current sensors for energy management;
• high isolation-voltage couplers for smart-grid and medical instrument applications; and
• quarter-size data couplers and network couplers.
 
     Long-term product development programs in fiscal 2015 included:
           •  new sensors for medical devices;
• biosensors for food safety and medical diagnostics;
• low-power couplers; and
• antitamper sensors.
 
Our Competition
Industrial Sensor Competition
     Several other companies either make or may have the capability to make GMR or TMR sensors. Also, several competitors make solid-state industrial magnetic sensors including silicon Hall-effect sensors and anisotropic magnetoresistive (AMR) sensors. We believe those types of sensors are not as sensitive as our GMR or TMR sensors.

Medical Sensor Competition
     Our sensors for medical devices face competition from electromechanical magnetic sensors and from other solid-state magnetic sensors. Electromechanical magnetic sensors such as reed and micro-electromechanical system (MEMS) switches have been in use for several decades. Electromechanical competitors include Hamlin, Inc., Hermetic Switch, Inc., Meder Electronic AG (Engen/Welschingen, Germany), and Memscap SA (Grenoble, France). Because our sensors have no moving parts, we believe they are inherently more reliable than electromechanical magnetic sensors. We also believe our sensors are smaller than the smallest electromechanical magnetic sensors, more precise in their magnetic switch points, and more sensitive. Compared to other solid-state sensors, our medical sensors may have advantages in size, sensitivity to small magnetic fields, or electrical interface simplicity.

Coupler Competition
     Competing coupler technologies include optical couplers, inductive couplers (transformers), capacitive couplers, and radio-frequency modulation couplers. In addition to being a customer, Avago is a leading producer of high-speed optical couplers. Other prominent optical coupler suppliers are Fairchild Semiconductor International, Lite-On Technology Corporation, Renesas Electronics Corporation, Toshiba Corporation, and Vishay Intertechnology.

     Our strategy is to compete based on product features rather than to compete solely on price. IsoLoop couplers are smaller and therefore require less circuit board space per channel than most competing couplers. Our other advantages over competing technologies may include less signal distortion, longer product life, and lower power consumption.

MRAM Competition
     A number of companies compete or may compete with us for MRAM research and development or service business, or may be attempting to develop MRAM intellectual property for licensing to others. Emerging technologies that could compete with MRAM include graphene and carbon nanotubes, phase-change memory (PCM; also known as PRAM, PCRAM, chalcogenide, CRAM, or Ovonic memory), resistive RAM (ReRAM or RRAM), conductive bridge RAM (CBRAM), memory resistors (“memristors”), and conductive metal oxide (CMOx) memory. MRAM may have advantages over these technologies in either manufacturability, speed, bit density, data retention, or endurance.
 
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Sources and Availability of Raw Materials
     Our principal sources of raw materials include suppliers of raw silicon and semiconductor foundry wafers that are incorporated into our products, and suppliers of device packaging services. Our wafers sources are based around the world; most of our packaging services take place in Asia.

Intellectual Property
Patents
     As of March 31, 2015 we had more than 50 issued U.S. patents assigned to us. We also have a number of foreign patents, a number of U.S. and foreign patents pending, and we have licensed patents from others. There are no patents we regard as critical to our current business owned by us or licensed to us that expire in the next 12 months.

     Much of our intellectual property has been developed with U.S. Government support. Under federal legislation, companies normally may retain the principal worldwide patent rights to any invention developed with U.S. Government support.

     Certain of our patents cover inventions we believe may be necessary for successful high-density, high-performance MRAMs. We believe U.S. patents 6,538,921 titled “Circuit Selection of Magnetic Memory Cells and Related Cell Structures,” and 6,744,086 titled “Current switched magnetoresistive memory cell” are particularly important. The 6,538,921 patent expires August 14, 2021. On September 16, 2012 the United States Patent and Trademark Office granted a request by Everspin Technologies, Inc. for an inter partes reexamination of patent 6,538,921. We have appealed an examiner’s decision to reject some of the claims of the patent, and that appeal is in process. The 6,744,086 patent has been reissued as RE 44,878 and expires May 15, 2022.

     We also have patents on advanced MRAM designs that we believe are important, including patents that relate to magnetothermal MRAM, spin-momentum MRAM, and synthetic antiferromagnetic storage.

Trademarks
     “NVE” and “IsoLoop” are our registered trademarks. Other trademarks we claim include “GMR Switch” and “GT Sensor.”

Seasonality
     In some years, including the most recent fiscal year, we have observed weak product sales late in the calendar year, possibly due to ordering patterns or customer vacations and shutdowns. We cannot predict whether this seasonal pattern will occur in future years.

Working Capital Items
     Like other companies in the electronics industry, we have historically invested in capital equipment for manufacturing and testing our products, as well as research and development equipment. We have also deployed significant capital in inventories to have finished products available from stock, to receive more favorable pricing for raw materials, and to guard against raw material shortages.

Dependence on Major Customers
     We rely on several large customers for a significant percentage of our revenue, including St. Jude Medical, Inc., certain other medical device manufacturers, and certain distributors. The loss of one or more of these customers could have a material adverse effect on us.

Firm Backlog
     As of March 31, 2015 we had $2,198,062 of contract research and development backlog we believed to be firm, compared to $165,308 as of March 31, 2014. We expect the firm backlog as of March 31, 2015 to be filled in fiscal 2016. Certain contracts have performance requirements and milestones, and there can be no assurance that backlog will result in future revenue. Our product sales are made primarily under standard purchase orders, which are generally cancellable. Therefore product order backlog is not included in “firm backlog,” and product sales backlog as of any particular date may not be indicative of future results. We also have certain agreements that require customers to forecast purchases; however, these agreements do not generally obligate the customer to purchase any particular quantity of products. Based on semiconductor industry practice and our experience, we do not believe that such agreements are meaningful for determining backlog amounts.
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Research and Development Activities
     Over the past three fiscal years our research and development activities have included development of new sensors, couplers, and memories, as well as related underlying technologies. We spent $2,472,341 for fiscal 2015, $3,131,430 for fiscal 2014, and $2,304,710 for fiscal 2013 in company-sponsored research and development activities. Additionally, we spent $1,112,813 during fiscal 2015, $794,071 during fiscal 2014, and $2,040,640 during fiscal 2013 on customer-sponsored research and development contract activities. These research and development contracts were with various agencies of the U.S. Government as well as non-government entities.

Environmental Matters
     We are subject to environmental laws and regulations, particularly with respect to industrial waste and emissions. Compliance with these laws and regulations has not had a material impact on our capital expenditures, earnings, or competitive position to date. Existing and future environmental laws and regulations could result in expenses related to emission abatement or remediation, but we are currently unable to estimate such expenses.

Number of Employees
     We had 49 employees as of March 31, 2015. Our employment can fluctuate due to a variety of factors. None of our employees are represented by a labor union or are subject to a collective bargaining agreement, and we believe we maintain good relations with our employees.

Financial Information About Geographic Areas
     Foreign sales accounted for approximately 61% of our revenue in fiscal 2015. More information about geographic areas is contained in “Note 8 – Concentrations” to the Financial Statements included in this report.

Available Information
     All reports we file with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and proxy statements and additional proxy materials on Schedule 14A, as well as any amendments to those reports and schedules, are accessible at no cost through the “Investors” section of our Website (www.nve.com). We make those filings available as soon as reasonably practicable after filing. These filings are also accessible through the SEC’s Website (www.sec.gov).

ITEM 1A. RISK FACTORS.
     We caution readers that the following important factors, among others, could affect our financial condition, operating results, business prospects or any other aspect of NVE, and could cause our actual results to differ materially from that projected or estimated by us in the forward-looking statements made by us or on our behalf. Although we have attempted to list below the important factors that do or may affect our financial condition, operating results, business prospects, or any other aspect of NVE, other factors may in the future prove to be more important. New factors emerge from time to time and it is not possible for us to predict all of such factors. Similarly, we cannot necessarily assess or quantify the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in forward-looking statements.

We may lose revenue if any of our large customers cancel, postpone, or reduce their purchases.
     We rely on several large customers for a significant percentage of our revenue. These large customers include St. Jude Medical, Inc., certain other medical device manufacturers, and certain distributors. Although we have agreements with certain large customers, these agreements do not obligate customers to purchase from us and may not prevent price reductions. Furthermore, orders from our large customers can generally be reduced, postponed, or canceled. Any decreases in purchase quantities or purchase prices, or the loss of any of our large customers, could have a significant impact on our revenue and our profitability.

We risk losing business to our competitors.
     Known product competitors include Avago Technologies; Analog Devices, Inc.; Fairchild Semiconductor International; Hermetic Switch, Inc.; Linear Technology Inc.; Maxim Integrated Products, Inc.; Meder Electronic AG; Memscap SA; NEC Corporation; Sharp Corporation; Silicon Laboratories, Inc.; Texas Instruments Incorporated; Toshiba Corporation; Vishay Intertechnology; and others. Many of our competitors and potential competitors have significantly greater financial, technical, and marketing resources than us. We believe that our competition is increasing as the technology and markets mature. This has meant more competitors and more severe pricing pressure. In addition, our competitors may be narrowing or eliminating our performance advantages. We expect these trends to continue, and we may lose business to competitors or it may be necessary to significantly reduce our prices in order to acquire or retain business. These factors could cause a material adverse impact on our financial condition, revenue, gross profit margins, or income.
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We may lose revenue if we are unable to renew agreements with large customers.
     Our agreement with Avago Technologies, Inc., as amended, expires June 27, 2016, and our Supplier Partnering Agreement with St. Jude Medical, as amended, expires January 1, 2016. We cannot predict if these agreements will be renewed, or if renewed, under what terms. Although it is possible we could continue to sell products to these customers without formal agreements, an inability to agree on mutually acceptable terms or the loss of any of these large customers could have a significant adverse impact on our revenue and our profitability.

We will lose revenue if government contract funding is reduced, delayed, or eliminated.
     Although our revenue from agencies of the U.S. Government was less than 10% of our total revenue in each of the past three fiscal years, a material decrease in U.S. Government funded research or disqualification as a vendor to the U.S. Government for any reason could hamper future research and development activity and decrease related revenue. In addition to direct Government funding, certain of our non-Government customers and prospective customers depend on Government support to fund their contracts with us. Our direct and indirect Government funding depends on adequate continued funding of the agencies and their programs. Such funding is affected by Government budgets and priorities that can change and over which we have no control, and delays in such funding can occur for a number of reasons. The Budget Control Act of 2011 reduces spending authority for Government agencies that directly or indirectly fund or might fund our business. Interruptions in the Government funding process such as federal budget delays, debt ceiling limitations, partial shutdowns, sequestration, or Department of Defense spending cuts, may impact Government contract funding. Furthermore, a significant portion of our Government funding has been through Small Business Innovation Research (SBIR) or Small Business Technology Transfer Research (STTR) contracts. SBIR/STTR budgets, eligibility, or funding limits may be changed by legislation or by agencies such as the Department of Defense.

If we were barred for any reason from U.S. government contracts there could be a significant adverse impact on our revenue and our ability to make research and development progress.
     If we were to be charged with violation of certain laws or if the U.S. Government were to determine that we are not a “presently responsible contractor,” we could be temporarily suspended or, in the event of a violation, barred for up to three years from receiving new U.S. Government contracts or government-approved subcontracts. In addition, we could expend substantial amounts in defending against such charges and in damages, fines and penalties if such charges are proven or result in negotiated settlements. Being barred for any reason from U.S. Government contracts could have a material adverse effect on our revenue, profits, and research and development efforts.

We face an uncertain economic environment in the industries we serve, which could adversely affect our business.
     We sell our products into the semiconductor market, which is highly cyclical. Additionally, effects of U.S. healthcare reform legislation could have an adverse effect on the economic environment for the medical device industries we serve. We cannot predict the timing, strength, or duration of any economic slowdown or subsequent recovery, worldwide or in the industries we serve. The economic environment could have a material adverse impact on our business and revenue.

Failure to meet stringent customer requirements could result in the loss of key customers and reduce our sales.
     Some of our customers, including certain medical device manufacturers, have stringent technical and quality requirements that require our products to meet certain test and qualification criteria or to adopt and comply with specific quality standards. Certain customers also periodically audit our performance. Failure to meet technical or quality requirements or a negative customer audit could result in the loss of current sales revenue, customers, and future sales.

We could be subject to claims based on warranty, product liability, or delivery failures.
     Claims based on warranty, product liability, or delivery failures that could lead to significant expenses as we defend such claims or pay damage awards. We may also incur costs if we decide to compensate the affected customer or end consumer for such claims. In addition, if our customers recall products containing our products, we may incur costs and expenses relating to the recall. Costs or payments we may make in connection with warranty, delivery claims or product recalls may adversely affect our business and financial condition.

Some of our products are incorporated into medical devices, which could expose us to a risk of product liability claims and such claims could seriously harm our business and financial condition.
     Certain of our products are used in medical devices, including devices that help sustain human life. We are also marketing our technology to other manufacturers of cardiac pacemakers and ICDs. Although we have indemnification agreements with certain customers including provisions designed to limit our exposure to product liability claims, there can be no assurance that we will not be subject to losses, claims, damages, liabilities, or expenses resulting from bodily injury or property damage arising from the incorporation of our products in devices sold by our customers. Our indemnifying customers may not have the financial resources to cover all liability. Existing or future laws or unfavorable judicial decisions could limit or invalidate the provisions of our indemnification agreements, or the agreements may not be enforceable in all instances. A successful product liability claim could require us to pay, or contribute to payment of, substantial damage awards, which would have a significant negative effect on our business and financial condition.
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Federal legislation may not protect us against liability for the use of our products in medical devices and a successful liability claim could seriously harm our business and financial condition.
     Although the Biomaterials Access Assurance Act of 1998 may provide us some protection against potential liability claims, that Act includes significant exceptions to supplier immunity provisions, including limitations relating to negligence or willful misconduct. A successful product liability claim could require us to pay, or contribute to payment of, substantial damage awards, which would have a significant negative effect on our business and financial condition. Any product liability claim against us, with or without merit, could result in costly litigation, divert the time, attention, and resources of our management and have a material adverse impact on our business.

Any malfunction of our products in existing medical devices could lead to the need to recall devices incorporating our products from the market, which may be harmful to our reputation and cause a significant loss of revenue.
     Any malfunction of our products could lead to the need to recall existing medical devices incorporating our products from the market, which may be harmful to our reputation because it is dependent on product safety and efficacy. Even if assertions that our products caused or contributed to device failure do not lead to product liability or contract claims, such assertions could harm our reputation and our customer relationships. Any damage to our reputation and/or the reputation of our products, or the reputation of our customers or their products could limit the market for our and our customers’ products and harm our results of operations.

We may lose business and revenue if our critical production equipment fails.
     Our production process relies on certain critical pieces of equipment for defining, depositing, and modifying the magnetic properties of thin films. Some of this equipment was designed or customized by us, and some may no longer be in production. While we have an in-house maintenance staff, maintenance agreements for certain equipment, some critical spare parts, and back-ups for some of the equipment, we cannot be sure we could repair or replace critical manufacturing equipment were it to fail.

The loss of supply from any of our key single-source wafer suppliers could impact our ability to produce and deliver products and cause loss of revenue.
     Our critical suppliers include suppliers of certain raw silicon and semiconductor foundry wafers that are incorporated in our products. We maintain inventory of some critical wafers, but we have not identified or qualified alternate suppliers for many of the wafers now being obtained from single sources. Increased industry demand due to an economic recovery or other factors beyond our control or ability to predict could cause or exacerbate wafer supply shortages. Any wafer supply interruptions could seriously jeopardize our ability to provide products that are critical to our business and operations and may cause us to lose revenue.

The loss of supply of any critical chemicals or supplies could impact our ability to produce and deliver products and cause loss of revenue.
     There are a number of critical chemicals and supplies that we require to make products. These include certain gases, photoresists, polymers, and metals. We maintain inventory of critical chemicals and materials, but in many cases we are dependent on single sources, and some of the materials could be subject to shortages or be discontinued by their suppliers at any time. Furthermore, current and future climate change regulations could increase our costs or cause the loss of supply of critical chemicals. We use chemicals such as sulfur hexafluoride in our manufacturing process that have been identified as greenhouse gases. If such chemicals were restricted or prohibited we would need to obtain substitutes that might be more expensive or less available. Supply interruptions or shortages for any reason could seriously jeopardize our ability to provide products that are critical to our business and operations and may cause us to lose revenue.

The loss of supply from any of our packaging vendors could impact our ability to produce and deliver products and cause loss of revenue.
     We are dependent on our packaging vendors. Because of the unique materials our products use, the complexity of some of our products, and the high isolation voltage specifications of our couplers, many of our products are more challenging to package than conventional integrated circuits. Some of our products use processes or tooling unique to a particular packaging vendor, and it might be expensive, time-consuming, or impractical to convert to another vendor in the event of a supply interruption. We have alternate vendors or potential alternate vendors for the substantial majority of our product sales, but it could prove expensive, time-consuming, or technically challenging to convert certain products to an alternate vendor. We might not be able to recover work in process or finished goods in their possession if one of our packaging vendors were to become insolvent or disrupted by acts of God, including floods, typhoons, or earthquakes. Furthermore, an alternate vendor may not have sufficient capacity available to meet our requirements. One of our packaging vendors, Circuit Electronic Industries Public Co., Ltd. (“CEI”) of Ayutthaya, Thailand has notified us that it plans to close its packaging operation. Although we have alternate vendors for our parts packaged by CEI, the closure of this operation will reduce our ability to mitigate supply chain risks. Additionally, certain of our packaging vendors are in flood-susceptible areas. Flooding risks to such vendors may increase in the future due to possible higher ocean levels and other potential effects of climate change. Any supply interruptions or loss of inventory could seriously jeopardize our ability to provide products that are critical to our business and operations and may cause us to lose revenue.
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We are subject to risks inherent in doing business in foreign countries that could impair our results of operations.
     Foreign sales were approximately 61% of our revenue for fiscal 2015, and we expect foreign sales to continue to represent a significant portion of our revenue. Furthermore, we rely on suppliers in China, India, Taiwan, Thailand, and other foreign countries. Risks relating to operating in foreign markets that could impair our results of operations include economic and political instability; difficulties in enforcement of contractual obligations and intellectual property rights; changes in regulatory requirements, tariffs, customs, duties, and other trade barriers; transportation delays; acts of God, including floods, typhoons, and earthquakes; and other uncertainties relating to the administration of, or changes in, or new interpretation of, the laws, regulations, and policies of jurisdictions where we do business.

Our business and our reliance on intellectual property exposes us to litigation risks.
     If patent infringement claims or actions are asserted against us, we may be required to obtain a license or cross-license, modify our existing technology or design a new noninfringing technology. Such licenses or design modifications can be costly or could increase the cost of our products. In addition, we may decide to settle a claim or action against us, which settlement could be costly. We may also be liable for any past infringement, and we may be required to indemnify our customers against expenses relating to possible infringement. If there is an adverse ruling against us in an infringement lawsuit, an injunction could be issued barring production or sale of any infringing product. It could also result in a damage award equal to a reasonable royalty or lost profits or, if there is a finding of willful infringement, treble damages. Any of these results would increase our costs or harm our operating results.

We may not be able to enforce our intellectual property rights.
     We protect our proprietary technology and intellectual property by seeking patents, trademarks, and copyrights, and by maintaining trade secrets through entering into confidentiality agreements with employees, suppliers, customers, and prospective customers depending on the circumstances. We hold patents or are the licensee of others owning patented technology covering certain aspects of our products and technology. These patent rights may be challenged, rendered unenforceable, invalidated, or circumvented. Two of our patents have been subject to inter partes reexamination proceedings by the U.S. Patent and Trademark Office initiated by Everspin Technologies, Inc. as a defensive action in connection with our litigation against Everspin. The claims of one of the patents were invalidated, and a final adverse decision on the other inter partes reexamination or any future reexamination proceedings could invalidate some or all of the patent claims. Additionally, rights granted under the patents or under licensing agreements may not provide a competitive advantage to us. We have filed a patent infringement lawsuit against Everspin and at least several other companies have described designs that we believe may infringe on our patents if such designs were commercialized. Efforts to enforce patent rights can involve substantial expense and may not be successful. Furthermore, others may independently develop similar, superior, or parallel technologies to any technology developed by us, or our technology may prove to infringe on patents or rights owned by others. Thus the patents held by or licensed to us may not afford us any meaningful competitive advantage. Also, our confidentiality agreements may not provide meaningful protection of our proprietary information. Our inability to maintain our proprietary rights could have a material adverse effect on our business, financial condition, and results of operations.

We may not be able to enforce our patents against Motorola, Freescale, or Everspin.
     Our Patent License Option Agreement with Motorola provided for termination on December 31, 2005 or on the date Motorola ceases manufacturing MRAM Products, whichever is later. We believe such a termination is likely to have occurred as a result of Motorola apparently having eliminated its ability to manufacture MRAM Products through its spinoff of Freescale. In 2008 Freescale announced that it had transferred its MRAM technology and intellectual property to an independent company, Everspin Technologies, Inc. We believe we are free to negotiate a new agreement with Freescale or Everspin, or an assignment of the Motorola Patent License Option Agreement, but we have said we would do so only with amendments thereto. A settlement agreement by and between Everspin and us limits our rights to sue Everspin for patent infringement and prevents us from asserting three specific patents against Everspin. There can be no assurance that we can successfully enforce any of our other patents, or that any agreement will be reached with Freescale or Everspin, or that NVE would receive any value under the existing agreement with Motorola or any value under any such further agreement with Freescale or Everspin.

Our business success may be adversely affected if we are unable to attract and retain highly qualified employees.
     We have employment agreements with certain employees, including our Chief Executive Officer and Chief Financial Officer, but those agreements do not prevent employees from leaving the company. Competition for highly qualified management and technical personnel can be intense and we may not be able to attract and retain the personnel necessary for the development and operation of our business. The loss of the services of key personnel could have a material adverse effect on our business, financial condition, and results of operations.
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We could incur losses on our marketable securities.
     At March 31, 2015, we held $91,013,095 in short-term and long-term marketable securities, representing approximately 83% of our total assets. A number of the securities we hold have been downgraded by Moody’s or Standard and Poor’s indicating a possible increase in default risk. Conditions and circumstances beyond our control or ability to anticipate can cause downgrades and increases in default risk, and such downgrades or increases in default risk are possible at any time. Additionally, the assignment of a high credit rating does not preclude the risk of default on any marketable security. We could incur losses on our marketable securities, which could have a material adverse impact on our financial condition, income, or cash flows, and our ability to pay dividends.

If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results and prevent fraud.
     In connection with our annual evaluation of internal control for the fiscal year ended March 31, 2014, we identified a material weakness in our system of internal control. A material weakness is a control deficiency, or a combination of control deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual and interim financial statements will not be prevented or detected and corrected on a timely basis. Although there were no material weaknesses identified in connection with our annual evaluation of internal control for the fiscal year ended March 31, 2015, our remediation efforts may not enable us to avoid material weaknesses in the future. Our efforts to maintain our internal controls may not be successful, and we may be unable to maintain effective controls over our financial processes and reporting in the future and comply with the certification and reporting obligations under Sections 302 and 404 of the Sarbanes-Oxley Act. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Furthermore, criteria for evaluating internal controls are subject to change by regulatory or other agencies, and there can be no assurance our internal controls will be considered effective under new or modified criteria. Any failure to maintain effective controls could result in material misstatements that are not prevented or detected and corrected on a timely basis, which could potentially subject us to sanction or investigation by the SEC or other regulatory authorities. Ineffective internal controls could also cause investors to lose confidence in our reported financial information and adversely affect our business and our stock price.

Any decisions to reduce or discontinue paying cash dividends to our shareholders could cause the market price of our common stock to decline.
     In the most recent fiscal year we paid a cash dividend to our shareholders for the first time. While we currently plan to pay quarterly dividends indefinitely, our payment of cash dividends will be subject to, among other things, our results of operations, cash and marketable security balances, the timing of securities maturations, estimates of future cash requirements, fixed asset requirements, and other factors our Board may deem relevant. Because they are significantly more than our current free cash flow, recent and declared dividend amounts are likely unsustainable. Any reduction or discontinuance by us of cash dividends could cause the market price of our common stock to decline.

The price of our common stock may be adversely affected by significant price fluctuations due to a number of factors, many of which are beyond our control.
     From time to time our stock price has decreased sharply, and could decline in the future. The market price of our common stock may be significantly affected by many factors, some of which are beyond our control, including:
           •  technological innovations by us or our competitors;
• the announcement of new products, product enhancements, contracts, or license agreements by us or our competitors;
• delays in our introduction of new products or technologies or market acceptance of these products or technologies;
• loss of customers, decreases in customer’ purchases, or decreases in customers’ purchase prices;
• changes in demand for our customers’ products;
• quarterly variations in our operating results, revenue, or revenue growth rates;
• changes in revenue estimates, earnings estimates, or market projections by market analysts;
• speculation in the press or analyst community about our business, potential revenue, or potential earnings;
• general economic conditions or market conditions specific to industries we or our customers serve or may serve;
• legal proceedings involving us, including intellectual property litigation or class action litigation; and
• our stock repurchase and dividend policies and decisions.
 
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ITEM 2. PROPERTIES.
     Our principal executive offices and manufacturing facility are located at 11409 Valley View Road, Eden Prairie, Minnesota, 55344. The space consists of 21,362 square feet of offices, laboratories, and production areas. The space is owned by the Barbara C. Gage Revocable Trust and leased under an agreement expiring December 31, 2020. The facility is currently being utilized at less than maximum capacity to allow for growth, and we believe the facility is adequate to meet our current requirements. We hold no investments in real estate.

ITEM 3. 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 4. MINE SAFETY DISCLOSURES.
     Not applicable.

  
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES.
Market Information
     Our Common Stock trades on the Capital Market tier of the NASDAQ Stock Market under the symbol NVEC. The following table shows the high and low sales prices of our Common Stock as reported on the NASDAQ for each quarter within our two most recent fiscal years:
 
Quarter Ended
3/31/15 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 6/30/13
High   $ 70.74 $ 75.94 $ 70.03 $ 57.50 $ 60.49 $ 59.42 $ 51.61 $ 55.99
Low $ 62.40 $ 59.24 $ 52.10 $ 50.06 $ 53.84 $ 50.51 $ 46.33 $ 46.66
 
Shareholders
     We had approximately 98 shareholders of record and 5,394 total shareholders as of April 20, 2015.

Dividends
     We declared cash dividends on our Common Stock of aggregate amounts of $10,000,000 payable to shareholders of record as of February 2, 2015 and on May 6, 2015, we announced that our Board declared a cash dividend of $1.00 per share payable to shareholders of record as of May 18, 2015. We did not declare or pay any other dividends for the two most recent fiscal years. We have said we expect to declare quarterly dividends that are more than the company’s current free cash flow but significantly less than the $10,000,000 dividend already paid. However, our dividend policy is subject to change at any time, and future dividends will be subject to Board approval and subject to the company’s results of operations, cash and marketable security balances, future cash requirements, and other factors our Board may deem relevant.

Securities Authorized for Issuance Under Equity Compensation Plans
     Information regarding our securities authorized for issuance under equity compensation plans will be included in the section “Equity Compensation Plan Information” of our Proxy Statement for our 2015 Annual Meeting of Shareholders, and is incorporated by reference into Item 12 of this Report.
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Performance Graph
     The graph and table below compares the total shareholder return on our Common Stock to the cumulative total return of the NASDAQ Industrial Index and the SmallTimes Index of Companies Involved in Micro- and Nanotech. NVE is included in both indices. The graph and table assume $100 was invested on March 31, 2010 in each of our Common Stock, the NASDAQ Industrial Index, and the SmallTimes Index, with reinvestment of dividends.
 
Total Shareholder Return
 
3/31/2010 3/31/2011 3/31/2012 3/31/2013 3/31/2014 3/31/2015
NVE Corporation $ 100.00 $ 124.37   $ 117.00   $ 124.55   $ 125.92   $ 157.06
SmallTimes Index $ 100.00 $ 108.75 $ 112.74 $ 118.69 $ 137.62   $ 144.63
NASDAQ Industrial Index $ 100.00 $ 125.60   $ 132.43   $ 154.07   $ 193.10   $ 210.26

Stock Repurchase Program
     In 2009 we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock, $1,236,595 of which remained available as of March 31, 2015. The repurchase program may be modified or discontinued at any time without notice.

ITEM 6. SELECTED FINANCIAL DATA.
     The following balance sheet and income statement selected financial data should be read in conjunction with our financial statements and notes included in Item 8 of this Report, and with “Management’s Discussion and Analysis of Financial Condition and Results of Operation” included in Item 7 of this Report. The data are derived from our financial statements.
 
Balance Sheet Data as of March 31
2015 2014 2013 2012 2011
Cash, cash equivalents,
and marketable securities
 $ 100,450,357 $ 95,644,701 $ 85,260,969 $ 73,541,463 $ 62,179,707
Total assets $ 110,089,196 $ 105,242,043 $ 95,765,496 $ 83,126,763 $ 71,836,225
Total shareholders’ equity $ 108,327,534 $ 103,704,641 $ 93,984,608 $ 81,458,858 $ 69,970,549
 
Income Statement Data for Years Ended March 31
2015 2014 2013 2012 2011
Revenue
Product sales
 $ 29,894,045 $ 25,512,028 $ 24,434,823 $ 25,151,822 $ 26,024,823
Contract research and development
 690,043 422,879 2,598,596 3,427,398 5,172,240
Total revenue $ 30,584,088 $ 25,934,907 $ 27,033,419 $ 28,579,220 $ 31,197,063
 
Gross profit $ 24,564,220 $ 20,214,630 $ 20,008,238 $ 19,253,709 $ 21,413,365
Income from operations $ 19,251,951 $ 14,393,816 $ 15,196,854 $ 14,273,048 $ 17,669,770
Net cash provided by operating activities $ 14,870,066 $ 12,401,424 $ 12,645,302 $ 12,811,910 $ 12,808,807
Net income $ 14,368,354 $ 11,135,875 $ 11,828,838 $ 11,381,095 $ 13,360,945
Net income per share – diluted $ 2.95 $ 2.29 $ 2.43 $ 2.34 $ 2.76
 
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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
     You should read this discussion together with our financial statements and notes included elsewhere in this Report. In addition to historical information, the following discussion contains forward-looking information that involves risks and uncertainties. Our actual future results could differ materially from those presently anticipated due to a variety of factors, including those discussed in Item 1A of this Report.

General
     We develop and sell devices that use “spintronics,” a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. We manufacture high-performance spintronic products including sensors and couplers to revolutionize data sensing and transmission. We also receive contracts for research and development and are a licensor of spintronic magnetoresistive random access memory technology, commonly known as MRAM.

Application of Critical Accounting Policies and Estimates
     In accordance with SEC guidance, those material accounting policies that we believe are the most critical to an investor’s understanding of our financial results and condition and require complex management judgment are discussed below.

Investment Valuation
     Our investments consist primarily of corporate and municipal obligations. We have generally invested excess cash in high-quality investment grade long-term marketable securities with less than five years to maturity. We classify all of our marketable securities as available-for-sale, thus securities are recorded at fair value and any associated unrealized gain or losses, net of tax, is included as a separate component of shareholders’ equity, “Accumulated other comprehensive income (loss).” If we judged a decline in fair value for any security to be other than temporary, the cost basis of the individual security would be written down and a charge recognized to net income. The fair values for our securities are determined based on quoted market prices as of the valuation date and observable prices for similar assets. We consider a number of factors in determining whether other-than-temporary impairment exists, including: credit market conditions; the credit ratings of the securities; historical default rates for securities of comparable credit rating; the presence of insurance of the securities and, if insured, the credit rating and financial condition of the insurer; the effect of market interest rates on the value of the securities; and the duration and extent of any unrealized losses. We also consider the likelihood that we will be required to sell the securities prior to maturity based on our financial condition and anticipated cash flows. If any of these conditions and estimates change in the future, or, if different estimates are used, the fair value of the investments may change significantly and could result in other-than-temporary decline in value, which could have an adverse impact on our results of operations.

Inventory Valuation
     Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. Where there is evidence that inventory could be disposed of at less than carrying value, the inventory is written down to the net realizable value in the current period. Additionally, we periodically examine our inventory in the context of inventory turnover, sales trends, competition and other market factors, and we record provisions to inventory reserve when we determine certain inventory is unlikely to be sold. If reserved inventory is subsequently sold, corresponding reductions in inventory and inventory reserves are made. Our inventory reserve was $180,000 at March 31, 2015 and $295,000 at March 31, 2014.

Deferred Tax Assets Estimation
     In determining the carrying value of our net deferred tax assets, we must assess the likelihood of sufficient future taxable income in certain tax jurisdictions, based on estimates and assumptions to realize the benefit of these assets. We evaluate the realizability of the deferred assets quarterly and assess the need for valuation allowances or reduction of existing allowances quarterly.

     As of March 31, 2015 our net deferred tax liabilities were $173,656 compared to $117,213 as of March 31, 2014. Net deferred tax liabilities included $107,570 in deferred tax assets for stock-based compensation deductions as of March 31, 2015 and $120,008 as of March 31, 2014. Utilization of certain of our deferred tax assets is subject to limitations based on Internal Revenue Code Section 382.

Recently Issued Accounting Standards
     In May 2014, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification 605, Revenue Recognition. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, which will be our first quarter of fiscal 2018. We have not yet evaluated the impact of ASU 2014-09 on our financial statements.
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Results of Operations
     The following table summarizes the percentage of revenue and year-to-year changes for various items for the last three fiscal years:
 
Percentage of Revenue
Year Ended March 31		   Year-to-Year Change
Years Ended March 31
2015 2014 2013 2014 to 2015 2013 to 2014
Revenue
Product sales
 97.7 % 98.4 % 90.4 % 17.2 % 4.4 %
Contract research and development      
 2.3 % 1.6 % 9.6 % 63.2 % (83.7 )%
Total revenue 100.0 % 100.0 % 100.0 % 17.9 % (4.1 )%
Cost of sales 19.7 % 22.1 % 26.0 % 5.2 % (18.6 )%
Gross profit 80.3 % 77.9 % 74.0 % 21.5 % 1.0 %
Expenses
Selling, general, and administrative
 7.6 % 8.6 % 8.3 % 3.4 % (0.2 )%
Research and development
 9.8 % 13.8 % 9.5 % (16.3 )% 39.5 %
Total expenses 17.4 % 22.4 % 17.8 % (8.7 )% 21.0 %
Income from operations 62.9 % 55.5 % 56.2 % 33.8 % (5.3 )%
Interest income 7.2 % 8.2 % 8.7 % 3.1 % (10.1 )%
Income before taxes 70.1 % 63.7 % 64.9 % 29.8 % (5.9 )%
Income tax provision 23.1 % 20.8 % 21.1 % 31.4 % (6.1 )%
Net income 47.0 % 42.9 % 43.8 % 29.0 % (5.9 )%
 
     Total revenue for fiscal 2015 increased 18% compared to fiscal 2014, and decreased 4% in fiscal 2014 compared to fiscal 2013. The increase in total revenue in fiscal 2015 was due to a 17% increase in product sales and a 63% increase in contract research and development revenue. The decrease in total revenue in fiscal 2014 was due to an 84% decrease in contract research and development revenue, partially offset by a 4% increase in product sales. The increase in contract research and development revenue for fiscal 2015 compared to fiscal 2014 was due to new contracts and contract activities and an improved environment for government contract funding. The decrease for fiscal 2014 compared to fiscal 2013 was due to completion of certain contracts and contract activities and a challenging environment for government contract funding. The increases in product sales for fiscal 2015 and 2014 were primarily due to increased purchase volume by existing customers.

     Gross profit margin increased to 80% of revenue for fiscal 2015 from 78% for fiscal 2014 due to a more favorable product sales mix. Gross profit margin for fiscal 2014 increased from 74% for fiscal 2013 due to a more favorable revenue mix, a more favorable product sales mix, and more efficient product manufacturing.

     Total expenses decreased 9% for fiscal 2015 compared to fiscal 2014 and increased 21% for fiscal 2014 compared to fiscal 2013. The decrease in total expenses in fiscal 2015 compared to fiscal 2014 was due to a 16% decrease in research and development expense, partially offset by a 3% increase in selling, general, and administrative expense. The increase in selling, general, and administrative expense for fiscal 2015 was primarily due to increased sales commissions and performance-based compensation. The decrease in research and development expense for fiscal 2015 was due to the completion of certain product development activities and an increase in contract research and development activities, which caused us to reallocate resources to expensed research and development activities. The increase in total expenses in fiscal 2014 compared to fiscal 2013 was due to a 39% increase in research and development expense. The increase in research and development expense in fiscal 2014 was due to increased product development activities, and a decrease in contract research and development activities, which caused resources to be reallocated to expensed research and development activities.

     Interest income increased 3% in fiscal 2015 compared to fiscal 2014, and decreased 10% in fiscal 2014 compared to fiscal 2013. The increase in fiscal 2015 compared to fiscal 2014 was due to an increase in our average balance of marketable securities, partially offset by a decrease in interest rates earned on reinvested funds. The decrease in fiscal 2014 compared to fiscal 2013 was due to a decrease in interest rates earned on reinvested funds, partially offset by an increase in interest-bearing marketable securities. We expect interest income to decrease in future periods as we plan to use proceeds from maturating marketable securities to help fund cash dividends, rather than reinvesting proceeds as we have generally done in the past.

     The effective income tax rate was approximately 33% of income before taxes for fiscal 2015, 2014, and 2013. Our effective tax rates could fluctuate, however, due to a number of factors, including Federal and state tax rates and regulations, some of which are outside our control.

     Net income increased 29% in fiscal 2015 compared to fiscal 2014 primarily due to increased total revenue, increased gross profit margin as a percentage of revenue, and decreased expenses. Net income decreased 6% in fiscal 2014 compared to fiscal 2013, primarily due to decreased contract research and development revenue, increased research and development expense, and decreased interest income, partially offset by increased product sales and increased gross profit margin.
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Liquidity and Capital Resources
Overview
     Cash and cash equivalents were $9,437,262 at March 31, 2015 compared to $1,262,300 at March 31, 2014. The $8,174,962 increase in cash and cash equivalents was due to $14,870,066 in net cash provided by operating activities and $2,977,907 net cash provided by investing activities, less $9,673,011 net cash used in financing activities.

Operating Activities
     Net cash provided by operating activities related to product sales and research and development contract revenue was our primary source of working capital for fiscal years 2013 through 2015. For fiscal 2015, net cash provided by operating activities was $14,870,066.

     Accounts receivable increased $632,400 in fiscal 2015 due to increased revenue and the timing of payments by our customers.

     Inventories increased $535,159 as we prepared for possible product shipments in the future.

Investing Activities
     Net cash provided by investing activities in fiscal 2015 was primarily due to marketable security maturities exceeding purchases by $3,162,914. For most of the past three fiscal years, after purchasing fixed assets and repurchasing our Common Stock, we invested excess cash provided by operating activities in long-term marketable securities.

     As of March 31, 2015 our marketable securities had remaining maturities between one week and 224 weeks (see “Note 4 – Marketable Securities” to the Financial Statements, included elsewhere in this Report for additional information). Our entire portfolio of short-term and long-term marketable securities is classified as available for sale.

     Purchases of fixed assets were $185,007 during fiscal 2015, $160,718 in fiscal 2014, and $1,824,324 in fiscal 2013. Purchases all three years were primarily for capital equipment and leasehold improvements to increase our production capacity and were financed with cash provided by operating activities. Purchases of fixed assets could increase significantly in future years compared to fiscal 2015, and our capital expenditures can vary significantly from year to year depending on our needs, equipment purchasing opportunities, and production expansion activities.

     Free cash flow, which is net cash provided by operating activities less purchases of fixed assets, was $14,685,059 for fiscal 2015.

Financing Activities
     Net cash used in financing activities in fiscal 2015 was primarily a $10,000,000 cash dividend to shareholders, partially offset by net proceeds from the sale of common stock of $302,701 from stock option exercises.

     In addition to the $10,000,000 dividend in fiscal 2015, on May 6, 2015 we announced that our Board had declared a cash dividend of $1.00 per share of common stock, or $4,875,953 based on shares outstanding as of May 1, 2015, to be paid May 29, 2015. We may continue quarterly dividends in excess of our free cash flow in order to return cash to our shareholders. We plan to fund such dividends through cash provided by operating activities and proceeds from maturities of marketable securities. Our plan for capital allocation is to continue cash dividends and opportunistic share repurchases until we have significantly decreased our balance of cash plus marketable securities. We expect to return significant cash to shareholders while maintaining sufficient liquidity for operations and strategic flexibility. We plan to maintain enough cash and marketable securities to fund our operations, to defend our intellectual property if necessary, to make opportunistic strategic investments, and for contingencies. 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.

     We repurchased $1,263,405 of our Common Stock in fiscal 2014. We did not repurchase any stock in fiscal 2015 or fiscal 2013. The repurchases in fiscal 2014 were under a program announced January 21, 2009 authorizing the repurchase of up to $2,500,000 of our Common Stock, $1,236,595 of which remained available as of March 31, 2015. The repurchase program may be modified or discontinued at any time without notice.
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Contractual Obligations
     The following table provides aggregate information about our contractual payment obligations and the periods in which payments are due:
 
Payments Due by Period
Contractual obligations Total <1 Year 1-3 Years 3-5 Years >5 Years
Operating lease obligations   $ 1,588,398   $ 269,662   $ 545,413
   $ 559,596
   $ 213,727
Purchase obligations   229,050   229,050   -   -   -
Total   $ 1,817,448
   $ 498,712
   $ 545,413   $ 559,596   $ 213,727
 
     Operating lease obligations are primarily for our facility lease. “Note 9 – Commitments and Contingencies” to the Financial Statements, included elsewhere in this report, provides additional information about our lease obligations. Purchase obligations as of March 31, 2015 consisted of raw materials and equipment purchase commitments. We expect to meet these obligations from cash provided by operating activities or proceeds from maturities of marketable securities. We plan to evaluate raw materials purchases based on a variety of factors including forecasted requirements and anticipated supply leadtimes, and our obligations could vary significantly in the future. We plan to evaluate capital expenditures as needs and opportunities arise, and our future capital expenditures and purchase obligations could vary significantly from expenditures and obligations in the past.

     We believe our working capital and cash generated from operations will be adequate for our needs at least through fiscal 2016.

Inflation
     Inflation has not had a significant impact on our operations in any of our three most recent fiscal years. Prices for our products and for the materials and labor costs for those products are governed by market conditions. It is possible that inflation in future years could impact both materials and labor used for the production of our products.

Off-Balance-Sheet Arrangements
     Our off-balance sheet arrangements consist of purchase commitments and operating leases for our facility. We believe that our off-balance sheet arrangements do not have a material current or anticipated future effect on our profitability, cash flows, or financial position.
 
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
     We are exposed to financial market risks, primarily marketable securities and, to a lesser extent, changes in currency exchange rates.

Marketable Securities
     The primary objective of our investment activities is to preserve principal while at the same time maximizing after-tax yields without significantly increasing risk. To achieve this objective, we maintain our portfolio of cash equivalents and marketable securities in securities including municipal obligations, corporate obligations, and money market funds. Short-term and long-term marketable securities are generally classified as available-for-sale and consequently are recorded on the balance sheet at fair value with unrealized gains or losses reported as a separate component of accumulated other comprehensive income or loss, net of estimated tax. Our marketable securities as of March 31, 2015 had remaining maturities between one week and 224 weeks. Marketable securities had a market value of $91,013,095 at March 31, 2015, representing approximately 83% of our total assets. We have not used derivative financial instruments in our investment portfolio.

Foreign Currency Transactions
     We have some limited revenue risks from fluctuations in values of foreign currency due to product sales abroad. Foreign sales are generally made in U.S. currency, and currency transaction gains or losses in the past three fiscal years were not significant.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
     Financial statements and accompanying notes are included in this Report beginning on page F-1.
 
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Quarterly Summary Information
     Selected unaudited quarterly financial data for fiscal 2015 and 2014, presented as supplementary financial information, are as follows:
 
Unaudited; Quarter Ended
March 31, 2015 Dec. 31, 2014 Sept. 30, 2014 June 30, 2014
Revenue
Product sales
 $ 7,548,468   $ 5,883,690   $ 8,113,806   $ 8,348,081
Contract research and development
 23,464   408,058   153,567   104,954
Total revenue 7,571,932 6,291,748   8,267,373 8,453,035
Cost of sales 1,378,235   1,473,655   1,609,632   1,558,346
Gross profit 6,193,697   4,818,093     6,657,741     6,894,689
Expenses
Selling, general, and administrative
 523,132 533,695 625,599     629,650
Research and development
 714,728 694,758   787,279 803,428
Total expenses 1,237,860   1,228,453     1,412,878     1,433,078
Income from operations 4,955,837 3,589,640   5,244,863     5,461,611
Income before taxes 5,474,240   4,147,483   5,807,786   6,010,165
Net income $ 3,662,716   $ 2,792,906   $ 3,875,622   $ 4,037,110
Net income per share – diluted $ 0.75 $ 0.57   $ 0.80   $ 0.83
 
Unaudited; Quarter Ended
March 31, 2014 Dec. 31, 2013 Sept. 30, 2013 June 30, 2013
Revenue
Product sales
 $ 5,857,866   $ 6,448,407   $ 7,231,149   $ 5,974,606
Contract research and development
 125,231   25,290   70,031   202,327
Total revenue   5,983,097 6,473,697 7,301,180     6,176,933
Cost of sales 1,388,980 1,449,396 1,503,546   1,378,355
Gross profit 4,594,117 5,024,301 5,797,634     4,798,578
Expenses
Selling, general, and administrative
 478,897 543,698 660,076     552,804
Research and development
 840,719   905,246   876,463   962,911
Total expenses   1,319,616     1,448,944     1,536,539     1,515,715
Income from operations   3,274,501     3,575,357     4,261,095     3,282,863
Income before taxes 3,819,110   4,105,740   4,781,897   3,809,202
Net income $ 2,562,225   $ 2,777,174   $ 3,229,651   $ 2,566,825
Net income per share – diluted $ 0.53   $ 0.57 $ 0.66   $ 0.53
 
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
     None.

ITEM 9A. CONTROLS AND PROCEDURES.
Disclosure Controls and Procedures
     Management, with the participation of the Chief Executive Officer and Chief 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 Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2015, our disclosure controls and procedures were effective.

Management’s Report on Internal Control Over Financial Reporting
     Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. Our management, including our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of our internal control over financial reporting as of March 31, 2015. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in the 2013 Internal Control—Integrated Framework.
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     Based on our assessment using the criteria set forth by COSO in the 2013 Internal Control—Integrated Framework, management concluded that our internal control over financial reporting was effective as of March 31, 2015. Our internal control over financial reporting as of March 31, 2015 has been audited by Grant Thornton LLP, an independent registered public accounting firm, as stated in their report contained in Item 8 included elsewhere herein.

     Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within NVE have been detected. Our internal controls over financial reporting, however, are designed to provide reasonable assurance that the objectives of internal control over financial reporting are met.

Changes in Internal Controls
     During the quarter ended March 31, 2015, 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.
 
  
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
     The sections titled “Proposal 1. Election of Board of Directors” and “Certain Relationships and Related Person Transactions – Section 16(a) Beneficial Ownership Reporting Compliance” to be included in our Proxy Statement for our 2015 Annual Meeting of Shareholders set forth certain information regarding our directors and executive officers required by Item 10, the section titled “Executive Officers of the Company” sets forth information regarding our executive officers required by Item 10, and the section titled “Corporate Governance” sets forth information regarding our corporate governance and code of ethics required by Item 10. The information in these sections to be included in our Proxy Statement for our 2015 Annual Meeting of Shareholders are incorporated by reference into this section.

ITEM 11. EXECUTIVE COMPENSATION.
     The information in the sections “Executive Compensation,” “Compensation Discussion and Analysis,” “Corporate Governance – Board Committees – Compensation Committee Interlocks and Insider Participation,” “Compensation Committee Report,” and “Director Compensation” to be included in our Proxy Statement for our 2015 Annual Meeting of Shareholders is incorporated by reference into this section.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
     The information in the sections “Equity Compensation Plan Information” and “Security Ownership” to be included in our Proxy Statement for our 2015 Annual Meeting of Shareholders is incorporated by reference into this section. Information regarding the material features of our 2000 Stock Option Plan, as amended, is contained in Note 6 to the Financial Statements included elsewhere in this Report.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
     The information in the sections “Security Ownership – Transactions With Related Persons, Promoters, and Certain Control Persons” and “Corporate Governance – Board Composition and Independence” to be included in our Proxy Statement for our 2015 Annual Meeting of Shareholders is incorporated by reference into this section.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.
     The information in the sections “Audit Committee Disclosure – Fees Billed to Us by Our Independent Registered Public Accounting Firm During Fiscal 2015 and 2014” and “Audit Committee Disclosure – Audit Committee Pre-Approval Policy” to be included in our Proxy Statement for our 2015 Annual Meeting of Shareholders is incorporated by reference into this section.

 ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
(a) Financial Statements and Schedules
     Financial statements are provided pursuant to Item 8 of this Report. Certain financial statement schedules have been omitted because they are not required, not applicable, or the required information is provided in other financial statements or the notes to the financial statements.

(b) Exhibits
     A list of exhibits is on the following page.
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Exhibit #  Description
  3.1 Amended and Restated Articles of Incorporation of the company as amended by the Board of Directors effective November 21, 2002 (incorporated by reference to the Form 10-QSB for the period ended December 31, 2002).
  3.2 Bylaws of the company as amended by the Board of Directors effective December 18, 2007 (incorporated by reference to the Form 8-K filed December 19, 2007).
  10.1 Lease dated October 1, 1998 between the company and Glenborough Properties, LP (incorporated by reference to the Form 10-QSB for the period ended September 30, 2002).
  10.2 First amendment to lease between the company and Glenborough dated September 18, 2002 (incorporated by reference to the Form 10-QSB for the period ended September 30, 2002).
  10.3 Second amendment to lease between the company and Glenborough dated December 1, 2003 (incorporated by reference to the Form 10-QSB for the period ended December 31, 2003).
  10.4 Notification from Carlson Real Estate Company, Inc. relating to change in building ownership (incorporated by reference to the Form 8-K filed October 11, 2005).
  10.5 Third amendment to lease between the company and Carlson Real Estate (incorporated by reference to the Form 8-K/A filed December 20, 2007).
  10.6 Letter from Carlson Real Estate relating to transfer of building title (incorporated by reference to the Form 8-K/A filed April 15, 2011).
  10.7 Fourth amendment to lease between the company and the Barbara C. Gage Revocable Trust (incorporated by reference to our Current Report on Form 8-K/A filed August 3, 2011).
  10.8* Employment Agreement between the company and Daniel A. Baker dated January 29, 2001 (incorporated by reference to the Form 10-KSB for the year ended March 31, 2001).
  10.9* NVE Corporation 2000 Stock Option Plan as Amended July 19, 2001 by the shareholders (incorporated by reference to our Registration Statement on Form S-8 filed July 20, 2001).
  10.10+ Agreement between the company and Agilent Technologies, Inc. dated September 27, 2001 (incorporated by reference to the Form 10-QSB for the period ended September 30, 2001).
  10.11 Amendment dated October 18, 2002 to Agreement between the company and Agilent (incorporated by reference to the Form 10-QSB for the period ended December 31, 2002).
  10.12 Report of completion of the divestiture of Agilent’s Semiconductor Products business (incorporated by reference to the Form 8-K/A filed December 6, 2005).
  10.13+ Amendment No. 2 to OEM Purchase Agreement between Agilent and the company (incorporated by reference to the Form 8-K/A filed September 11, 2007).
  10.14 Amendment No. 3 to Agreement between the company and Agilent (incorporated by reference to the Form 8-K/A filed June 28, 2010).
  10.15 Amendment No. 4 to Agreement between the company and Agilent (incorporated by reference to the Form 8-K/A filed July 1, 2013).
  10.16 Indemnification Agreement by and between Pacesetter, Inc., a St. Jude Medical Company, d.b.a. St. Jude Medical Cardiac Rhythm Management Division, and the company (incorporated by reference to the Form 8-K filed September 27, 2005).
  10.17+ Supplier Partnering Agreement by and between St. Jude and the company (incorporated by reference to the Form 8-K filed January 4, 2006).
  10.18+ Amendment No. 1 to Supplier Partnering Agreement between St. Jude and the company (incorporated by reference to the Form 8-K/A filed September 10, 2007).
  10.19+ Amendment No. 2 to Supplier Partnering Agreement between St. Jude and the company (incorporated by reference to the Form 8-K/A filed December 18, 2009).
  10.20+ Amendment No. 3 to Supplier Partnering Agreement between St. Jude and the company (incorporated by reference to the Form 8-K/A filed September 16, 2010).
  10.21 Amendment No. 4 to Supplier Partnering Agreement between St. Jude and the company (incorporated by reference to the Form 8-K/A filed February 7, 2011).
  23.1 Consent of Grant Thornton LLP.
  23.2 Consent of Ernst & Young LLP.
  31.1 Certification by Daniel A. Baker pursuant to Rule 13a-14(a)/15d-14(a).
  31.2 Certification by Curt A. Reynders pursuant to Rule 13a-14(a)/15d-14(a).
  32 Certification by Daniel A. Baker and Curt A. Reynders pursuant to 18 U.S.C. Section 1350.
101.INS XBRL Instance Document
101.SCH XBRL Taxonomy Extension Schema Document
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
101.LAB XBRL Taxonomy Extension Label Linkbase Document
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
 
*Indicates a management contract or compensatory plan or arrangement.
+Confidential portions deleted and filed separately with the SEC.
20
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     Pursuant to the requirements of Section 13 or 15(d) 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)

/s/Daniel A. Baker
by Daniel A. Baker
President and Chief Executive Officer

Date    May 6, 2015



     Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Name  Title Date 
/s/Terrence W. Glarner
Terrence W. Glarner		 Director and
Chairman of the Board
 
  		May 6, 2015
/s/Daniel A. Baker
Daniel A. Baker		 Director,
President & Chief Executive Officer
(Principal Executive Officer)
  		May 6, 2015
/s/Curt A. Reynders
Curt A. Reynders		 Treasurer and
Chief Financial Officer
(Principal Financial and
Accounting Officer)		 May 6, 2015
/s/Patricia M. Hollister
Patricia M. Hollister
 
 		 Director May 6, 2015
/s/Richard W. Kramp
Richard W. Kramp
 
  		Director May 6, 2015
/s/Gary R. Maharaj
Gary R. Maharaj		 Director May 6, 2015
 
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 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
Board of Directors and Shareholders
NVE Corporation

We have audited the internal control over financial reporting of NVE Corporation (a Minnesota corporation) (the “Company”) as of March 31, 2015, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting (“Management’s Report”). Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 31, 2015, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the Company as of and for the year ended March 31, 2015, and our report dated May 6, 2015 expressed an unqualified opinion on those financial statements.
 
/s/ Grant Thornton LLP
 
Minneapolis, Minnesota
May 6, 2015
F-1
Table of Contents
 
 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
Board of Directors and Shareholders
NVE Corporation

We have audited the accompanying balance sheets of NVE Corporation (a Minnesota corporation) (the “Company”) as of March 31, 2015 and 2014, and the related statements of income, comprehensive income, shareholders’ equity, and cash flows for each of the two years in the period ended March 31, 2015. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of NVE Corporation as of March 31, 2015 and 2014, and the results of its operations and its cash flows for each of the two years in the period ended March 31, 2015 in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of March 31, 2015, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated May 6, 2015 expressed an unqualified opinion thereon.
 
/s/ Grant Thornton LLP
 
Minneapolis, Minnesota
May 6, 2015
 
 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

Board of Directors and Shareholders
NVE Corporation

We have audited the balance sheet of NVE Corporation as of March 31, 2013, and the related statements of income, comprehensive income, shareholders’ equity, and cash flows for the year ended March 31, 2013. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of NVE Corporation at March 31, 2013, and the results of their operations and their cash flows for the year ended March 31, 2013, in conformity with U.S. generally accepted accounting principles.
 
/s/ Ernst & Young LLP
 
Minneapolis, Minnesota
May 1, 2013
 
 
F-2
Table of Contents
 
NVE CORPORATION
BALANCE SHEETS
 
March 31, 2015 March 31, 2014
ASSETS
Current assets
Cash and cash equivalents
 $ 9,437,262 $ 1,262,300
Marketable securities, short term
   20,099,288   12,360,091
Accounts receivable, net of allowance for uncollectible accounts of $15,000
 2,963,974 2,331,574
Inventories
   3,742,492   3,207,333
Deferred tax assets
 102,052 237,387
Prepaid expenses and other assets
 574,913   816,276  
Total current assets   36,919,981     20,214,961  
Fixed assets
Machinery and equipment 
   8,604,926   8,536,010
Leasehold improvements
 1,524,298   1,499,454  
    10,129,224   10,035,464
Less accumulated depreciation 
 7,873,816   7,030,692  
Net fixed assets   2,255,408   3,004,772
Marketable securities, long term 70,913,807   82,022,310  
Total assets $ 110,089,196   $ 105,242,043  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
 $ 358,818 $ 374,127
Accrued payroll and other
 1,127,136   808,675  
Total current liabilities   1,485,954   1,182,802
 
Long-term deferred tax liabilities   275,708       354,600  
 
Shareholders’ equity
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,857,953 issued and outstanding as of March 31, 2015 and 4,851,043 issued and outstanding as of March 31, 2014
   48,580 48,510
Additional paid-in capital
   20,850,762 20,464,883
Accumulated other comprehensive income
  746,447   877,857
Retained earnings
 86,681,745   82,313,391  
Total shareholders’ equity 108,327,534
   103,704,641
  
Total liabilities and shareholders’ equity $ 110,089,196   $ 105,242,043  
 

See accompanying notes.

F-3
Table of Contents
 
NVE CORPORATION
STATEMENTS OF INCOME
 
Year Ended March 31
2015 2014 2013
Revenue
Product sales
 $ 29,894,045 $ 25,512,028 $ 24,434,823
Contract research and development
 690,043   422,879   2,598,596  
Total revenue   30,584,088   25,934,907 27,033,419
Cost of sales 6,019,868   5,720,277   7,025,181  
Gross profit 24,564,220 20,214,630 20,008,238
Expenses
Selling, general, and administrative
   2,312,076   2,235,475 2,240,563
Research and development
 3,000,193   3,585,339   2,570,821  
Total expenses 5,312,269   5,820,814   4,811,384  
Income from operations   19,251,951   14,393,816 15,196,854
Interest income   2,187,723     2,122,133     2,359,603  
Income before taxes   21,439,674   16,515,949 17,556,457
Provision for income taxes 7,071,320   5,380,074   5,727,619  
Net income $ 14,368,354   $ 11,135,875   $ 11,828,838  
Net income per share – basic $ 2.96   $ 2.30   $ 2.44  
Net income per share – diluted $ 2.95   $ 2.29   $ 2.43  
Cash dividends declared per common share $ 2.06   $ -   $ -  
Weighted average shares outstanding
Basic
 4,855,504 4,851,460 4,839,810
Diluted
 4,871,935 4,867,691 4,863,546
 
  
STATEMENTS OF COMPREHENSIVE INCOME
Year Ended March 31
2015 2014 2013
Net income $ 14,368,354   $ 11,135,875 $ 11,828,838
Unrealized (loss) gain from marketable securities, net of tax   (131,410 ) (679,869 ) 470,270  
Comprehensive income $ 14,236,944   $ 10,456,006   $ 12,299,108  
 
 
See accompanying notes.

F-4
Table of Contents
 
NVE CORPORATION
STATEMENTS OF SHAREHOLDERS’ EQUITY
 
 
 
 		 Additional
Paid-In
Capital		     Accumulated
Other
Comprehen-
sive Income
(Loss)		   Retained
Earnings
    
Common Stock
Shares   Amount Total
Balance at March 31, 2012 4,824,745 $ 48,247 $ 20,974,477 $ 1,087,456     $ 59,348,678     $ 81,458,858  
Exercise of stock
options
 37,691 377 143,811         144,188
Comprehensive income:
Unrealized gain on
marketable securities,
net of tax
 470,270 470,270
Net income
 11,828,838 11,828,838
Total comprehensive income
                                     12,299,108
Stock-based compensation
 66,720 66,720
Tax benefit of stock-
based compensation
       15,734         15,734  
Balance at March 31, 2013 4,862,436   48,624   21,200,742     1,557,726     71,177,516   93,984,608  
Exercise of stock
options
 14,000 140 416,620     416,760
Repurchase of common stock
 (25,393 )   (254 )   (1,263,151 )                     (1,263,405 )
Comprehensive income:
Unrealized loss on
marketable securities,
net of tax
                     (679,869 ) (679,869 )
Net income
                       11,135,875 11,135,875
Total comprehensive income
                                     10,456,006
Stock-based compensation
 53,200 53,200
Tax benefit of stock-
based compensation
           57,472         57,472  
Balance at March 31, 2014 4,851,043 48,510 20,464,883 877,857 82,313,391 103,704,641
Exercise of stock
options
 6,910     70     302,631               302,701
Comprehensive income:
Unrealized loss on
marketable securities,
net of tax
                     (131,410 ) (131,410 )
Net income
                             14,368,354       14,368,354
Total comprehensive income
                                     14,236,944
Stock-based compensation
 58,960 58,960
Tax benefit of stock-
based compensation
 24,288 24,288
Cash dividends declared
($2.06 per share of
common stock)
             (10,000,000 ) (10,000,000 )
Balance at March 31, 2015 4,857,953   $ 48,580 $ 20,850,762   $ 746,447   $ 86,681,745   $ 108,327,534  
 

See accompanying notes.

F-5
Table of Contents
 
NVE CORPORATION
STATEMENTS OF CASH FLOWS
 
Year Ended March 31
2015 2014 2013
OPERATING ACTIVITIES
Net income $ 14,368,354 $ 11,135,875 $ 11,828,838
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation
 934,371   844,339   647,163
Stock-based compensation
 58,960 53,200   66,720
Excess tax benefits
 (24,288 ) (57,472 ) (15,734 )
Deferred income taxes
 155,713   121,881   51,262
Changes in operating assets and liabilities
Accounts receivable
 (632,400 ) 189,821 163,445
Inventories
 (535,159
 ) 129,259   (107,216 )
Prepaid expenses and other assets
 241,363   141,871   201,705
Accounts payable and accrued expenses
 303,152   (157,350 ) (190,881 )
Net cash provided by operating activities 14,870,066   12,401,424   12,645,302
 
INVESTING ACTIVITIES
Purchases of fixed assets (185,007 ) (160,718 ) (1,824,324 )
Purchases of marketable securities (8,997,086 ) (22,753,916 ) (27,209,753 )
Proceeds from maturities of marketable securities 12,160,000   10,055,000   17,194,000  
Net cash provided by (used in) investing activities 2,977,907   (12,859,634 ) (11,840,077 )
 
FINANCING ACTIVITIES
Proceeds from sale of common stock 302,701   416,760 144,188
Excess tax benefits 24,288   57,472 15,734
Repurchase of common stock -   (1,263,405 ) -
Payment of dividends to shareholders (10,000,000 ) -   -  
Net cash (used in) provided by financing activities (9,673,011 ) (789,173 ) 159,922  
 
Increase (decrease) in cash and cash equivalents 8,174,962 (1,247,383 ) 965,147
Cash and cash equivalents at beginning of year 1,262,300   2,509,683   1,544,536  
 
Cash and cash equivalents at end of year $ 9,437,262   $ 1,262,300   $ 2,509,683  
 
Supplemental disclosures of cash flow information:
Cash paid during the year for income taxes
 $ 6,800,000 $ 5,263,033 $ 5,202,616
 

See accompanying notes.

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NVE CORPORATION
NOTES TO FINANCIAL STATEMENTS
 
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. We operate in one reportable segment.

 NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and Cash Equivalents
     We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.

Fair Value of Financial Instruments
     The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximates fair value because of the short maturity of these instruments. Fair values of marketable securities are based on quoted market prices.

Marketable Securities
     We classify securities with original maturities greater than three months and remaining maturities one year or less as short-term marketable securities and securities with remaining maturities greater than one year as long-term marketable securities. Securities not due at a single maturity date are classified by their average life. We classify all of our marketable securities as available-for-sale, thus securities are recorded at fair value and any associated unrealized gain or loss, net of tax, is included as a separate component of shareholders’ equity, “Accumulated other comprehensive income (loss).” We use a specific-identification cost basis to determine gains and losses. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, both of which are included in interest income.

     We consider an other-than-temporary impairment of our marketable securities to exist if we determine it is probable that we will be unable to collect all amounts due according to the contractual terms of a debt security. If we judged a decline in fair value for any security to be other than temporary, the cost basis of the individual security would be written down and a charge recognized in net income. We consider a number of factors in determining whether other-than-temporary impairment exists, including: credit market conditions; the credit ratings of the securities; historical default rates for securities of comparable credit rating; the presence of insurance of the securities and, if insured, the credit rating and financial condition of the insurer; the effect of market interest rates on the value of the securities; and the duration and extent of any unrealized losses. We also consider the likelihood that we will be required to sell the securities prior to maturity based on our financial condition and anticipated cash flows. We determined that no write-downs for other-than-temporary impairment were required on available-for-sale securities during fiscal 2015, 2014, or 2013.

Concentration of Risk and Financial Instruments
     Financial instruments potentially subject to significant concentrations of credit risk consist principally of cash equivalents, marketable securities, and accounts receivable.

     We have invested our excess cash in corporate-backed and municipal-backed bonds and money market instruments. Our investment policy prescribes purchases of only high-grade securities, and limits the amount of credit exposure to any one issuer.

     Our customers are throughout the world. We generally do not require collateral from our customers, but we perform ongoing credit evaluations of their financial condition. More information on accounts receivable is contained in the paragraph titled “Accounts Receivable and Allowance for Doubtful Accounts” of this note.

     Additionally, we are dependent on critical suppliers including our packaging vendors and suppliers of certain raw silicon and semiconductor wafers that are incorporated in our products.

Accounts Receivable and Allowance for Doubtful Accounts
     We grant credit to customers in the normal course of business and at times may require customers to prepay for an order prior to shipment. Accounts receivable are recorded net of an allowance for doubtful accounts. We make estimates of the uncollectibility of accounts receivable. We specifically analyze accounts receivable, historical bad debts, and customer creditworthiness when evaluating the adequacy of the allowance. We had no charges or provisions to our allowance for doubtful accounts in fiscal 2015, 2014, or 2013.

Inventories
     Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. We record inventory reserves when we determine certain inventory is unlikely to be sold based on sales trends, turnover, competition, and other market factors.
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Product Warranty
     In general we warranty our products to be free from defects in material and workmanship for one year.

Fixed Assets
     Fixed assets are stated at cost. Depreciation of machinery and equipment, and furniture and fixtures is recorded over the estimated useful lives of the assets, generally five years, using the straight-line method. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the lease term or five-year useful life. We record losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. We have not identified any indicators of impairment during fiscal 2015, 2014, or 2013.

Revenue Recognition
Product Revenue Recognition
     We recognize product revenue when evidence of an arrangement exists, the price to the buyer is fixed and determinable, collectability is reasonably assured and the product has shipped. Our sales are shipped FOB shipping point, meaning that our customers (end users and distributors) take title and assume the risks and rewards of ownership on shipment. Our customers may return defective products for refund or replacement under warranty, and have other very limited rights of return.

     Shipping charges billed to customers are included in product sales and the related shipping costs are included in selling, general, and administrative expense. Such shipping costs were $12,771 for fiscal 2015, $15,542 for fiscal 2014, and $27,386 for fiscal 2013.

     Our stocking distributors take title and assume the risks and rewards of product ownership. Payments from our distributors are not contingent on resale or any other matter other than the passage of time, and delivery of products is not dependent on the number of units resold to the ultimate customer. There are no other significant acceptance criteria, pricing or payment terms that would affect revenue recognition.

Accounting for Commissions and Discounts
     We sometimes utilize independent sales representatives that provide services relating to promoting our products and facilitating product sales but do not purchase our products. We pay commissions to sales representatives based on the amount of revenue facilitated, and such commissions are recorded as selling, general, and administrative expenses. Under certain limited circumstances, our distributors may earn commissions for activities unrelated to their purchases of our products, such as for facilitating the sale of custom products or research and development contracts with third parties. We recognize any such commissions as selling, general, and administrative expenses.

     We presume consideration given to a customer is a reduction in revenue unless both of the following conditions are met: (i) we receive an identifiable benefit in exchange for the consideration and the identifiable benefit is sufficiently separable from the customer’s purchase of our products such that we could have purchased the products or services from a third party; and (ii) we can reasonably estimate the fair value of the benefit received. We recognize discounts provided to our distributors as reductions in revenue.

Research and Development Contract Revenue Recognition
     We recognize contract revenues pro-rata as work progresses. Our research and development contracts do not contain post-shipment obligations. Contracts may be either firm-fixed-price or cost-plus-fixed-fee. Firm-fixed-price contracts provide for a price that is not subject to any adjustment based on our cost in performing the contract.

     Cost-plus-fixed-fee contracts are cost-reimbursement contracts that also provide for payment to us of a negotiated fee that is fixed at the inception of the contract. The costs for which we earn reimbursement are the actual costs incurred and are recorded in the period in which they are incurred. We recognize the contract fees pro-rata as work progresses.

Income Taxes
     We account for income taxes using the liability method. Deferred income taxes are provided for temporary differences between the financial reporting and tax bases of assets and liabilities. We provide valuation allowances against deferred tax assets if we determine that it is less likely than not that we will be able to utilize the deferred tax assets.

Research and Development Expense Recognition
     Research and development costs are expensed as they are incurred.
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Stock-Based Compensation
     We measure stock-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is generally the vesting period. We estimate pre-vesting option forfeitures at the time of grant by analyzing historical data and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. Ultimately, the total expense recognized over the vesting period will only be for those awards that vest.

Net Income Per Share
     Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each year. Net income per diluted share amounts assume conversion, exercise or issuance of all potential common stock instruments (stock options and warrants). Stock options and warrants totaling 4,000 for fiscal 2015 and 2014; and 5,000 for fiscal 2013 were not included in the computation of diluted earnings per share because the exercise prices were greater than the market price of the common stock. The following table reflects the components of common shares outstanding:
Year Ended March 31
2015 2014 2013
Weighted average common shares outstanding – basic 4,855,504 4,851,460 4,839,810
Effect of dilutive securities:
Stock options
 16,431 15,639 21,934
Warrants
 - 592 1,802
Shares used in computing net income per share – diluted 4,871,935 4,867,691 4,863,546
 
Use of Estimates
     The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Recently Issued Accounting Standards
     In May 2014, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification 605, Revenue Recognition. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, which will be our first quarter of fiscal 2018. We have not yet evaluated the impact of ASU 2014-09 on our financial statements.

NOTE 3. FAIR VALUE MEASUREMENTS
     Generally accepted accounting principles establish a framework for measuring fair value, provide a definition of fair value and prescribe required disclosures about fair-value measurements. Generally accepted accounting principles define fair value as the price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Generally accepted accounting principles utilize a valuation hierarchy for disclosure of fair value measurements. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The categories within the valuation hierarchy are described as follows:

     Level 1 – Financial instruments with quoted prices in active markets for identical assets or liabilities. Our Level 1 financial instruments consist of publicly-traded marketable corporate debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in “Marketable securities, short term” and “Marketable securities, long term.” The fair value of our Level 1 marketable securities was $89,625,984 at March 31, 2015 and $89,934,059 at March 31, 2014.

     Level 2 – Financial instruments with quoted prices in active markets for similar assets or liabilities. Level 2 fair value measurements are determined using either prices for similar instruments or inputs that are either directly or indirectly observable, such as interest rates. Our Level 2 financial instruments consist of municipal debt securities, which are classified as available-for-sale. We held one Level 2 marketable security at March 31, 2015, with a fair value of $1,387,111. The fair value of our Level 2 marketable securities was $4,448,342 at March 31, 2014. On the balance sheets, these securities are included in “Marketable securities, short term” and “Marketable securities, long term.”

     Level 3 – Inputs to the fair value measurement are unobservable inputs or valuation techniques. We do not have any financial assets or liabilities being measured at fair value that are classified as Level 3 financial instruments.
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 NOTE 4. MARKETABLE SECURITIES
     Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of March 31, 2015, by maturity, were as follows:
Total <1 Year 1–3 Years 3–5 Years
$ 91,013,095 $ 20,099,288 $ 40,220,312 $ 30,693,495
 
     As of March 31, 2015 and 2014 our marketable securities were as follows:
As of March 31, 2015 As of March 31, 2014

Adjusted
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Fair
Market
Value
Adjusted
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Fair
Market
Value
Corporate bonds $ 88,456,886
    $ 1,185,469    $ (16,371 )    $ 89,625,984    $ 88,567,210    $ 1,613,822    $ (246,973 )    $ 89,934,059
Municipal bonds   1,383,839   3,272   -     1,387,111   4,436,430   16,521
   (4,609 )   4,448,342
Total $ 89,840,725   $ 1,188,741   $ (16,371 )   $ 91,013,095   $ 93,003,640   $ 1,630,343   $ (251,582 )   $ 94,382,401

     The following table shows the gross unrealized losses and fair value of our investments with unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position as of March 31, 2015 and 2014:
Less Than 12 Months 12 Months or Greater Total
Fair
Market
Value		 Gross
Unrealized
Losses		 Fair
Market
Value		 Gross
Unrealized
Losses		 Fair
Market
Value		 Gross
Unrealized
Losses
As of March 31, 2015
  Corporate bonds $ 3,015,900
  $ (163
 )   $ 2,590,240   $ (16,208
 )   $ 5,606,140   $ (16,371 )
  Municipal bonds   -   -     -   -     -   -  
  Total $ 3,015,900   $ (163 )   $ 2,590,240   $ (16,208
 )   $ 5,606,140   $ (16,371 )
As of March 31, 2014
  Corporate bonds $ 34,761,683   $ (246,973 ) $ -   $ -     $ 34,761,683   $ (246,973 )
  Municipal bonds   1,418,742   (4,609 )   -   -     1,418,742   (4,609 )
  Total $ 36,180,425   $ (251,582 ) $ -   $ -     $ 36,180,425   $ (251,582 )
 
      Gross unrealized losses totaled $16,371 as of March 31, 2015, and were attributed to two corporate bonds out of a portfolio of 31 bonds. The gross unrealized losses were due to market-price decreases after the bonds were purchased.

     All of the bonds we held had investment-grade credit ratings by Moody’s or Standard and Poor’s. For each bond with an unrealized loss, we expect to recover the entire cost basis of each security based on our consideration of factors including their credit ratings, the underlying ratings of insured bonds, and historical default rates for securities of comparable credit rating.

     One corporate bond, with a fair market value of $2,590,240 had been in continuous unrealized loss positions for 12 months or greater. For this security, we also considered the severity of unrealized loss, which was less than 1% of adjusted cost.

     Because we expect to recover the cost basis of investments held, we do not consider any of our marketable securities to be other-than-temporarily impaired at March 31, 2015.
 
NOTE 5. INVENTORIES
     Inventories are shown in the following table. Classification at March 31, 2014 has been revised to conform with the current year classification.
 
March 31
2015 2014
Raw materials $ 738,169 $ 776,510
Work in process   2,302,751 1,900,098
Finished goods 701,572 530,725
Total inventories $ 3,742,492 $ 3,207,333
 
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 NOTE 6. STOCK-BASED COMPENSATION
Stock Option Plan
     Our 2000 Stock Option Plan, as amended, provides for issuance to employees, directors, and certain service providers of incentive stock options and nonstatutory stock options. Generally, the options may be exercised at any time prior to expiration, subject to vesting based on terms of employment. The period ranges from immediate vesting to vesting over a five-year period. The options have exercisable lives ranging from one year to ten years from the date of grant, and are generally not eligible to vest early in the event of retirement, death, disability, or change in control. Exercise prices are not less than fair market value of the underlying Common Stock at the date the options are granted. Stock-based compensation expense was $58,960 in fiscal 2015, $53,200 in fiscal 2014, and $66,720 in fiscal 2013.

Valuation assumptions
     We use the Black-Scholes standard option-pricing model to determine the fair value of stock options. The following assumptions were used to estimate the fair value of options granted:
Year Ended March 31
2015 2014 2013
Risk-free interest rate 1.6 % 1.4 % 0.7 %
Expected volatility 24 % 30 % 38 %
Expected life (years) 4.2   4.3   4.1  
Dividend yield 0 % 0 % 0 %
 
     The determination of the fair value of the awards on the date of grant using the Black-Scholes model is affected by our stock price as well as assumptions of other variables, including projected stock option exercise behaviors, risk-free interest rate, and expected volatility of our stock price in future periods. Our estimates and assumptions affect the amounts reported in the financial statements and accompanying notes.

Expected life
     We analyze historical exercise and termination data to estimate the expected life assumption. We believe historical data currently represents the best estimate of the expected life of a new option. We examined the historical pattern of option exercises to determine if there was a discernible pattern as to how different classes of optionees exercised their options. Our analysis showed that officers and directors held their stock options for a longer period of time before exercising compared to the rest of our employee population. Therefore we use different expected lives for officers and directors than we use for our general employee population for determining the fair value of options.

Risk-free interest rate
     The risk-free rate is based on the yield of U.S. Treasury securities on the grant date for maturities similar to the expected lives of the options.

Volatility
     We use historical volatility to estimate the expected volatility of our common stock.

Dividend yield
     We assume a dividend yield of zero because we had no plans to pay dividends at the time options were granted.

Tax effects of stock-based compensation
     Stock-based compensation increased deferred tax assets by $21,420 for fiscal 2015 and $19,327 for fiscal 2014.
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General stock option information
     We had no nonvested shares as of March 31, 2015 or 2014. The following table summarizes information about options outstanding at March 31, 2015, all of which were exercisable:
Ranges of
Exercise Prices		      Number
Outstanding		      Weighted Average
Exercise Price		      Weighted Remaining
Contractual Life (years)
$  15.08 - 16.33   18,090   $ 16.19   0.8
31.27 - 42.45   5,000     37.12   3.8
51.04 - 67.69   12,000   58.11   7.5
35,090   $ 33.51 3.5
 
     Our 2000 Stock Option Plan, as amended, provides for issuance to employees, directors, and certain service providers of incentive stock options and nonstatutory stock options. Generally, the options may be exercised at any time prior to expiration, subject to vesting based on terms of employment. The period ranges from immediate vesting to vesting over a five-year period. The options have exercisable lives ranging from one year to ten years from the date of grant. Exercise prices are not less than fair market value as determined by our Board at the date the options are granted.

     A summary of our stock options and warrants are shown in the following table:
 
Option Shares
Reserved		       Options
Outstanding		       Weighted Average
Option Exercise Price		       Warrants
Outstanding		       Weighted Average
Warrant Exercise Price
At March 31, 2012 162,230   109,000   $ 25.85 10,000   $ 16.28
Granted
 (4,000 ) 4,000 $ 54.11 - -
Exercised
 -   (64,000 ) $ 24.23 - -
Terminated
 -   -   $ - (6,000 )     7.35
At March 31, 2013    158,230   49,000   $ 30.27 4,000   $ 29.69
Granted
 (4,000 )   4,000     $ 49.86   -       -
Exercised
 -     (14,000 )   $ 29.77   -     -
Terminated
 1,000     (1,000 )   $ 58.27   (2,000 )     21.99
At March 31, 2014   155,230     38,000     $ 31.78   2,000     $ 37.38
Granted
 (4,000 )   4,000     $ 67.69 -   -
Exercised
 -     (6,910 ) $ 43.81 - -
Terminated
 -     -     $ -   (2,000 )     37.38
At March 31, 2015  151,230     35,090     $ 33.51   -     $ -
 
     The remaining weighted-average exercisable life was 3.5 years at March 31, 2015; 4.2 years at March 31, 2014; and 4.6 years at March 31, 2013. All outstanding options were exercisable as of March 31, 2015, 2014, and 2013. The total intrinsic value of options exercised during fiscal 2015 was $160,056 based on the difference between the exercise price and stock price at the time of exercise for in-the-money options. The total intrinsic value of options outstanding March 31, 2015, based on our closing stock price for that day, was $1,242,623, all of which were exercisable. The total fair value of option grants was $58,960 in fiscal 2015. There was no unrecognized stock-based compensation at March 31, 2015.

     No warrants were issued in the past three fiscal years and none were outstanding at March 31, 2015. Remaining weighted-average exercisable warrant life was 0.4 years at March 31, 2014 and 0.9 years at March 31, 2013.

NOTE 7. INCOME TAXES
     Income tax provisions for fiscal 2013 through 2015 consisted of the following:
Year Ended March 31
2015 2014 2013
Current taxes
Federal
 $ 6,608,923 $ 5,010,734 $ 5,314,876
State
 330,971 304,931 377,215
Deferred taxes
Federal
 125,070   61,306   34,718  
State
 6,356   3,103   810  
Income tax provision $ 7,071,320   $ 5,380,074   $ 5,727,619  
 
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    A reconciliation of income tax provisions at the U.S. statutory rate for fiscal 2013 through 2015 is as follows:
 
Year Ended March 31
2015 2014 2013
Tax expense at U.S. statutory rate $ 7,503,886   $ 5,667,281   $ 6,046,264  
State income taxes, net of Federal benefit   216,518     199,751   244,691  
Domestic manufacturing deduction   (600,207 )   (443,708 ) (460,723 )
Municipal interest   (11,489 )   (28,456 ) (118,282 )
Other   (37,388 )   (14,794 )   15,669  
Income tax provision $ 7,071,320   $ 5,380,074   $ 5,727,619  

     Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities as of March 31, 2015 and 2014 were as follows:
 
March 31
2015 2014
Vacation accrual $ 114,217     $ 137,052
Inventory reserve 65,394     107,173
Depreciation (63,631 )   (37,131 )
Stock-based compensation deductions 107,570     120,009
Unrealized gain on marketable securities (425,922 )   (500,904 )
Other 28,716   56,588  
Net deferred tax liabilities $ (173,656 ) $ (117,213 )
Reported as:
Deferred tax assets
 $ 102,052   $ 237,387  
Long-term deferred tax liabilities
   (275,708 )   (354,600 )
Net deferred tax liabilities $ (173,656
 ) $ (117,213 )

     Realizations of stock-based compensation deductions are credited to “Additional paid-in capital” and included in “Tax benefit of stock-based compensation” on our statements of shareholders’ equity. Credits of $24,288 in fiscal 2015 and $57,472 in fiscal 2014 were attributed to stock-based compensation deductions. The “Additional paid-in capital” credits also included the tax benefit of stock-based compensation deductions in those years.

     The amounts credited to “Additional paid-in capital” were the tax benefits of the deductions to the extent they exceeded the corresponding compensation expense recognized for financial reporting purposes. “Tax benefit of stock-based compensation” represented the tax benefits of deductions for stock-based compensation to the extent they exceeded the corresponding compensation expense recognized for financial reporting purposes. Cash we received from the exercise of stock options related to excess tax benefits is included in “Proceeds from sale of common stock” in the statement of cash flows for the year in which the option was exercised and cash received.

     We had $122,163 of state net operating losses at March 31, 2015, compared to $41,084 of Federal net operating losses and $131,596 of state net operating losses at March 31, 2014. These net operating losses expire in fiscal 2020 and are subject to limitation including limitation under the Internal Revenue Code.

     We had no unrecognized tax benefits as of March 31, 2015, 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 March 31, 2015 we had no accrued interest related to uncertain tax positions. The tax years 1999 through 2014 remain open to examination by the major taxing jurisdictions to which we are subject.
 
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 NOTE 8. CONCENTRATIONS
     The following table summarizes customers comprising 10% or more of revenue for fiscal 2015, 2014, and 2013:
 
% of Revenue for Year Ended March 31
2015 2014 2013
Customer A 20% 17% 14%
Customer B 16% 19% 15%
Customer C 14% 15% 16%
Customer D 12% 10% *
   
 
*Less than 10%
 
     These four largest customers also accounted for 64% of our accounts receivable as of March 31, 2015 and 61% as of March 31, 2014. We believe the receivable balances from these largest customers do not represent a significant credit risk based on past collection experience.

     Revenue by geographic region was as follows:
 
Year Ended March 31
2015 2014 2013
United States $ 11,919,548 $ 11,159,443 $ 12,006,493
Europe   13,779,392   11,065,547 10,666,338
Asia   4,318,209   3,374,202 3,979,862
Other 566,939 335,715 380,726
Total Revenue $ 30,584,088 $ 25,934,907 $ 27,033,419
 
NOTE 9. COMMITMENTS AND CONTINGENCIES
     Lease payments were $269,473 for fiscal 2015, $265,357 for fiscal 2014, and $259,823 for fiscal 2013. The operating lease for our facility expires December 31, 2020. We pay operating expenses including maintenance, utilities, real estate taxes, and insurance in addition to rental payments. We also lease a piece of office equipment under an operating lease expiring October 2018 with payments due quarterly.
 
     The following table shows our future minimum lease payments:
 
Year Ending March 31
2016 2017 2018 2019 2020 2021 Total
$ 269,662 $ 270,677 $ 274,736 $ 277,831 $ 281,765 $ 213,727 $ 1,588,398
 
 NOTE 10. STOCK REPURCHASE PROGRAM
     Our authorized stock is stated as six million shares of common stock, $0.01 par value, and ten million shares of all types. Our Board may designate any series and fix any relative rights and preferences to authorized but undesignated stock.

     On January 21, 2009 we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock, $1,236,595 of which remained available as of March 31, 2015. We repurchased 25,393 shares for $1,263,405 in Fiscal 2014, and we did not repurchase any Common Stock in fiscal 2015 or fiscal 2013. The repurchase program may be modified or discontinued at any time without notice.
 
 NOTE 11. 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 21. 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 $105,554 for fiscal 2015, $101,100 for fiscal 2014, and $105,370 for fiscal 2013.
 
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EXHIBIT INDEX
 
Exhibit #  Description
 
  23.1 Consent of Grant Thornton LLP.
 
  23.2 Consent of Ernst & Young LLP.
 
  31.1 Certification by Daniel A. Baker pursuant to Rule 13a-14(a)/15d-14(a).
 
  31.2 Certification by Curt A. Reynders pursuant to Rule 13a-14(a)/15d-14(a).
 
  32 Certification by Daniel A. Baker and Curt A. Reynders pursuant to 18 U.S.C. Section 1350.
 
101.INS  XBRL Instance Document
 
101.SCH XBRL Taxonomy Extension Schema Document
 
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
 
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
 
101.LAB XBRL Taxonomy Extension Label Linkbase Document
 
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
 
EX-23 2 ex23-gt.htm CONSENT OF GRANT THORNTON LLP

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We have issued our reports dated May 6, 2015, with respect to the financial statements and internal control over financial reporting included in the Annual Report of NVE Corporation on Form 10-K for the year ended March 31, 2015. We hereby consent to the incorporation by reference of said reports in the Registration Statements of NVE Corporation on Form S-8 (File No. 333-65560).

 

 /s/ Grant Thornton LLP
 

Minneapolis, Minnesota

May 6, 2015
EX-23 3 ex23-ey.htm CONSENT OF ERNST & YOUNG LLP

Exhibit 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the NVE Corporation 2000 Stock Option Plan (as amended by the shareholders on July 19, 2001) and the NVE Corporation 2001 Employee Stock Purchase Plan of our report dated May 1, 2013, with respect to the financial statements of NVE Corporation included in the Annual Report (Form 10-K) of NVE Corporation for the year ended March 31, 2015.

 

 /s/ Ernst & Young LLP
 

Minneapolis, Minnesota

May 6, 2015
EX-31 4 ex31-dab.htm CERTIFICATION BY DANIEL A. BAKER PURSUANT TO RULE 13A-14(A)/15D-14(A)

Exhibit 31.1

CERTIFICATION

I, Daniel A. Baker, certify that:

1.                                        I have reviewed this Annual Report on Form 10-K 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: May 6, 2015

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

EX-31 5 ex31-car.htm CERTIFICATION BY CURT A. REYNDERS PURSUANT TO RULE 13A-14(A)/15D-14(A)

Exhibit 31.2

CERTIFICATION

I, Curt A. Reynders, certify that:

1.                                        I have reviewed this Annual Report on Form 10-K 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: May 6, 2015

 

 

/s/ CURT A. REYNDERS
Curt A. Reynders
Chief Financial Officer

EX-32 6 ex32.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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-K for the year ended March 31, 2015, 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: May 6, 2015

 

 

/s/ DANIEL A. BAKER

 

Daniel A. Baker

President and Chief Executive Officer

 

 

/s/ CURT A. REYNDERS

 

Curt A. Reynders

Chief 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.

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accounts receivable.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have invested our excess cash in corporate-backed and municipal-backed bonds and money market instruments. Our investment policy prescribes purchases of only high-grade securities, and limits the amount of credit exposure to any one issuer.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our customers are throughout the world. We generally do not require collateral from our customers, but we perform ongoing credit evaluations of their financial condition. More information on accounts receivable is contained in the paragraph titled "Accounts Receivable and Allowance for Doubtful Accounts" of this note.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, we are dependent on critical suppliers including our packaging vendors and suppliers of certain raw silicon and semiconductor wafers that are incorporated in our products.<br /><br /> </div> -37131 -63631 118282 28456 11489 4 4 213727 P1Y <div> <b><i>Research and Development Contract Revenue Recognition</i></b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize contract revenues pro-rata as work progresses. Our research and development contracts do not contain post-shipment obligations. Contracts may be either firm-fixed-price or cost-plus-fixed-fee. Firm-fixed-price contracts provide for a price that is not subject to any adjustment based on our cost in performing the contract.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost-plus-fixed-fee contracts are cost-reimbursement contracts that also provide for payment to us of a negotiated fee that is fixed at the inception of the contract. The costs for which we earn reimbursement are the actual costs incurred and are recorded in the period in which they are incurred. We recognize the contract fees pro-rata as work progresses.<br /><br /> </div> 58960 37691 14000 6910 144188 0 143811 377 0 416760 0 416620 140 0 302701 0 302631 70 0 374127 358818 2331574 2963974 7030692 7873816 877857 746447 20464883 20850762 66720 0 66720 0 0 53200 53200 58960 58960 15734 15734 57472 57472 24288 24288 15000 15000 5000 4000 4000 105242043 110089196 20214961 36919981 94382401 89934059 89934059 4448342 4448342 91013095 89625984 89625984 1387111 1387111 1630343 1613822 16521 1188741 1185469 3272 251582 246973 4609 16371 16371 93003640 88567210 4436430 89840725 88456886 1383839 16208 16208 251582 246973 4609 16371 16371 36180425 34761683 1418742 5606140 5606140 251582 246973 4609 163 163 36180425 34761683 1418742 3015900 3015900 2590240 2590240 20099288 <div> <p><font size="2" class="_mt"><strong>NOTE 1. DESCRIPTION OF BUSINESS<br /></strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. We operate in one reportable segment.</font><br /><br /></p> </div> 10000000 1544536 2509683 1262300 9437262 965147 -1247383 8174962 <div> <b><br />Cash and Cash Equivalents</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. <br /><br /> </div> <div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><b>NOTE 9. COMMITMENTS AND CONTINGENCIES</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease payments were $<font class="_mt">269,473</font> for fiscal 2015, $<font class="_mt">265,357</font> for fiscal 2014, and $<font class="_mt">259,823</font> for fiscal 2013. The operating lease for our facility expires December&nbsp;31, 2020. We pay operating expenses including maintenance, utilities, real estate taxes, and insurance in addition to rental payments. We also lease a piece of office equipment under an operating lease expiring October&nbsp;2018 with payments due quarterly.<br />&nbsp;<br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows our future minimum lease payments:<br />&nbsp;<br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="75%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="17" align="center"><b>Year Ending March 31</b></td> <td colspan="3"> </td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2016</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2017</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2018</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2019</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2020</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2021</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td></tr> <tr bgcolor="#ccdaef"><td width="1%">$</td> <td width="6%" align="right">269,662</td> <td> </td> <td width="1%">$</td> <td width="6%" align="right">270,677</td> <td> </td> <td width="1%">$</td> <td width="6%" align="right">274,736</td> <td> </td> <td width="1%">$</td> <td width="6%" align="right">277,831</td> <td> </td> <td width="1%">$</td> <td width="6%" align="right">281,765</td> <td> </td> <td width="1%">$</td> <td width="6%" align="right">213,727</td> <td> </td> <td width="1%">$</td> <td width="6%" align="right">1,588,398</td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br /></font> </div> 0 0 2.06 0.01 0.01 6000000 6000000 4851043 4857953 4851043 4857953 48510 48580 12299108 12299108 10456006 14236944 <div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><b>NOTE 8. CONCENTRATIONS</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes customers comprising 10% or more of revenue for fiscal 2015, 2014, and 2013:<br />&nbsp;<br /></font> <div> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="5" align="center"><b><font class="_mt" style="white-space: nowrap;">% of Revenue for Year Ended March 31</font></b></td></tr> <tr><td style="border-bottom: black 1px solid;" align="center"><b>2015</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" align="center"><b>2014</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" align="center"><b>2013</b></td></tr> <tr><td bgcolor="#ccdaef">Customer A</td> <td bgcolor="#ccdaef" width="12%" align="center">20%</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" width="12%" align="center">17%</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" width="12%" align="center">14%</td></tr> <tr><td>Customer B</td> <td width="11%" align="center">16%</td> <td> </td> <td width="11%" align="center">19%</td> <td> </td> <td width="11%" align="center">15%</td></tr> <tr><td bgcolor="#ccdaef">Customer C</td> <td bgcolor="#ccdaef" width="11%" align="center">14%</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" width="11%" align="center">15%</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" width="11%" align="center">16%</td></tr> <tr><td>Customer D</td> <td width="11%" align="center">12%</td> <td> </td> <td width="11%" align="center">10%</td> <td> </td> <td width="11%" align="center">*</td></tr></table> <table style="font-size: 4pt;" cellspacing="0" cellpadding="0" width="50%" align="center" border="0"> <tr><td style="border-top: medium none; border-right: medium none; border-bottom: windowtext 1pt solid; padding-bottom: 0pt; padding-top: 0pt; padding-left: 0pt; border-left: medium none; padding-right: 0.7pt;" width="85">&nbsp;</td> <td rowspan="2">&nbsp;</td></tr> <tr><td style="padding-bottom: 0pt; padding-top: 0pt; padding-left: 0pt; padding-right: 0.7pt;">&nbsp;</td></tr></table> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td>*<font class="_mt">Less than 10%</font></td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">These&nbsp;<font class="_mt">four</font> largest customers also accounted for <font class="_mt">64</font>% of our accounts receivable as of March&nbsp;31, 2015 and <font class="_mt">61</font>% as of March&nbsp;31, 2014. We believe the receivable balances from these largest customers do not represent a significant credit risk based on past collection experience.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue by geographic region was as follows:<br />&nbsp;<br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="67%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" width="40%" colspan="8" align="center"><b>Year Ended March 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2015</b></td> <td width="3%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2014</b></td> <td width="3%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2013</b></td></tr> <tr bgcolor="#ccdaef"><td bgcolor="#ccdaef">United States</td> <td width="1%">$</td> <td width="16%" align="right">11,919,548</td> <td> </td> <td width="1%">$</td> <td width="16%" align="right">11,159,443</td> <td> </td> <td width="1%">$</td> <td width="16%" align="right">12,006,493</td></tr> <tr><td>Europe</td> <td>&nbsp;</td> <td align="right">13,779,392</td> <td> </td> <td>&nbsp;</td> <td align="right">11,065,547</td> <td> </td> <td> </td> <td align="right">10,666,338</td></tr> <tr bgcolor="#ccdaef"><td>Asia</td> <td>&nbsp;</td> <td align="right">4,318,209</td> <td> </td> <td>&nbsp;</td> <td align="right">3,374,202</td> <td> </td> <td> </td> <td align="right">3,979,862</td></tr> <tr><td>Other</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">566,939</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">335,715</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">380,726</td></tr> <tr bgcolor="#ccdaef" valign="top"><td>Total Revenue</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">30,584,088</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">25,934,907</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">27,033,419</td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br /></font> </div> 0.15 0.16 0.14 0.61 0.19 0.15 0.10 0.17 0.64 0.16 0.14 0.12 0.20 2598596 422879 690043 7025181 5720277 6019868 5314876 5010734 6608923 377215 304931 330971 34718 61306 125070 51262 121881 155713 810 3103 6356 107173 65394 -117213 -173656 237387 102052 56588 28716 137052 114217 120009 107570 354600 275708 500904 425922 105370 101100 105554 1.00 0.03 647163 844339 934371 <div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><b>NOTE 6. STOCK-BASED COMPENSATION<br />Stock Option Plan</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our 2000 Stock Option Plan, as amended, provides for issuance to employees, directors, and certain service providers of incentive stock options and nonstatutory stock options. Generally, the options may be exercised at any time prior to expiration, subject to vesting based on terms of employment. The period ranges from immediate vesting to vesting over a <font class="_mt">five</font>-year period. The options have exercisable lives ranging from&nbsp;<font class="_mt">one</font> year to&nbsp;<font class="_mt">ten</font> years from the date of grant, and are generally not eligible to vest early in the event of retirement, death, disability, or change in control. Exercise prices are not less than fair market value of the underlying Common Stock at the date the options are granted. Stock-based compensation expense was $<font class="_mt">58,960</font> in fiscal 2015, $<font class="_mt">53,200</font> in fiscal 2014, and $<font class="_mt">66,720</font> in fiscal 2013.<br /><br /><b>Valuation assumptions</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use the Black-Scholes standard option-pricing model to determine the fair value of stock options. The following assumptions were used to estimate the fair value of options granted:<br /><br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="8" align="center"><b>Year Ended March 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2015</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2014</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2013</b></td></tr> <tr bgcolor="#ccdaef"><td>Risk-free interest rate</td> <td width="11%" align="right">1.6</td> <td width="2%">%</td> <td> </td> <td width="11%" align="right">1.4</td> <td width="2%">%</td> <td> </td> <td width="11%" align="right">0.7</td> <td width="2%">%</td></tr> <tr><td>Expected volatility</td> <td align="right">24</td> <td>%</td> <td> </td> <td align="right">30</td> <td>%</td> <td> </td> <td align="right">38</td> <td>%</td></tr> <tr bgcolor="#ccdaef"><td>Expected life (years)</td> <td align="right">4.2</td> <td>&nbsp;</td> <td> </td> <td align="right">4.3</td> <td>&nbsp;</td> <td> </td> <td align="right">4.1</td> <td>&nbsp;</td></tr> <tr><td>Dividend yield</td> <td align="right">0</td> <td>%</td> <td> </td> <td align="right">0</td> <td>%</td> <td> </td> <td align="right">0</td> <td>%</td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The determination of the fair value of the awards on the date of grant using the Black-Scholes model is affected by our stock price as well as assumptions of other variables, including projected stock option exercise behaviors, risk-free interest rate, and expected volatility of our stock price in future periods. Our estimates and assumptions affect the amounts reported in the financial statements and accompanying notes.<br /><br /><b><i>Expected life</i></b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We analyze historical exercise and termination data to estimate the expected life assumption. We believe historical data currently represents the best estimate of the expected life of a new option. We examined the historical pattern of option exercises to determine if there was a discernible pattern as to how different classes of optionees exercised their options. Our analysis showed that officers and directors held their stock options for a longer period of time before exercising compared to the rest of our employee population. Therefore we use different expected lives for officers and directors than we use for our general employee population for determining the fair value of options. <br /><br /><b><i>Risk-free interest rate</i></b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The risk-free rate is based on the yield of U.S. Treasury securities on the grant date for maturities similar to the expected lives of the options.<br /><br /><b><i>Volatility</i></b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use historical volatility to estimate the expected volatility of our common stock.<br /><br /><b><i>Dividend yield</i></b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We assume a dividend yield of&nbsp;<font class="_mt">zero</font> because we had no plans to pay dividends at the time options were granted.<br /><br /><b>Tax effects of stock-based compensation</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation increased deferred tax assets by $<font class="_mt">21,420</font> for fiscal 2015 and $<font class="_mt">19,327</font> for fiscal 2014.<br /></font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br /><b>General stock option information</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We had no nonvested shares as of March&nbsp;31, 2015 or 2014. The following table summarizes information about options outstanding at March&nbsp;31, 2015, all of which were exercisable:<br /><br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="67%" align="center" border="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Ranges of<br />Exercise&nbsp;Prices</b></td> <td width="4%">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Number<br />Outstanding</b></td> <td width="4%">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Weighted&nbsp;Average<br />Exercise&nbsp;Price</b></td> <td width="4%">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Weighted&nbsp;Remaining<br />Contractual&nbsp;Life&nbsp;(years)</b></td></tr> <tr bgcolor="#ccdaef"><td width="10%" align="right">$&nbsp;&nbsp;<font class="_mt">15.08</font>&nbsp;-&nbsp;<font class="_mt">16.33</font></td> <td>&nbsp;</td> <td width="10%" align="right">18,090</td> <td>&nbsp;</td> <td width="1%">$</td> <td width="9%" align="right">16.19</td> <td>&nbsp;</td> <td width="10%" align="right">0.8</td></tr> <tr><td align="right"><font class="_mt">31.27</font>&nbsp;-&nbsp;<font class="_mt">42.45</font></td> <td>&nbsp;</td> <td align="right">5,000</td> <td>&nbsp;</td> <td>&nbsp;</td> <td align="right">37.12</td> <td>&nbsp;</td> <td align="right">3.8</td></tr> <tr bgcolor="#ccdaef"><td align="right"><font class="_mt">51.04</font>&nbsp;-&nbsp;<font class="_mt">67.69</font></td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" align="right">12,000</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">58.11</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" align="right">7.5</td></tr> <tr><td> </td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">35,090</td> <td>&nbsp;</td> <td valign="top">$</td> <td valign="top" align="right">33.51</td> <td> </td> <td style="border-bottom: rgb(255,255,255) 3px solid;" valign="top" align="right">3.5</td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our 2000 Stock Option Plan, as amended, provides for issuance to employees, directors, and certain service providers of incentive stock options and nonstatutory stock options. Generally, the options may be exercised at any time prior to expiration, subject to vesting based on terms of employment. The period ranges from immediate vesting to vesting over a five-year period. The options have exercisable lives ranging from one year to ten years from the date of grant. Exercise prices are not less than fair market value as determined by our Board at the date the options are granted.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A summary of our stock options and warrants are shown in the following table:<br />&nbsp;<br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="100%"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Option&nbsp;Shares<br />Reserved</b></td> <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Options<br />Outstanding</b></td> <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Weighted Average<br />Option&nbsp;Exercise&nbsp;Price</b></td> <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Warrants<br />Outstanding</b></td> <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Weighted Average<br />Warrant&nbsp;Exercise&nbsp;Price</b></td></tr> <tr><td valign="top">At&nbsp;March&nbsp;31,&nbsp;2012</td> <td style="border-bottom: black 3px double;" valign="top" align="right">162,230</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">109,000</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">25.85</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">10,000</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">16.28</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;">Granted</div></td> <td align="right">(4,000</td> <td>)</td> <td> </td> <td align="right">4,000</td> <td> </td> <td> </td> <td>$</td> <td align="right">54.11</td> <td> </td> <td align="right">-</td> <td> </td> <td> </td> <td> </td> <td align="right">-</td></tr> <tr><td> <div style="margin-left: 9pt;">Exercised</div></td> <td align="right">-</td> <td>&nbsp;</td> <td> </td> <td align="right">(64,000</td> <td>)</td> <td> </td> <td>$</td> <td align="right">24.23</td> <td> </td> <td align="right">-</td> <td> </td> <td> </td> <td colspan="2" align="right">-</td></tr> <tr bgcolor="#ccdaef"><td valign="top"> <div style="margin-left: 9pt;">Terminated</div></td> <td style="border-bottom: black 1px solid;" valign="top" align="right">-</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td> </td> <td style="border-bottom: black 1px solid;" valign="top" align="right">-</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td> </td> <td style="border-bottom: black 1px solid;" valign="top">$</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" valign="top" align="right">(6,000</td> <td style="border-bottom: black 1px solid;">)</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">7.35</td></tr> <tr><td valign="top">At&nbsp;March&nbsp;31,&nbsp;2013&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">158,230</td> <td style="border-bottom: black 3px double;" valign="top">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">49,000</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">30.27</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">4,000</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">29.69</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;">Granted</div></td> <td align="right">(4,000</td> <td>)</td> <td>&nbsp;</td> <td align="right">4,000</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>$</td> <td align="right">49.86</td> <td>&nbsp;</td> <td align="right">-</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td align="right">-</td></tr> <tr><td> <div style="margin-left: 9pt;">Exercised</div></td> <td align="right">-</td> <td>&nbsp;</td> <td>&nbsp;</td> <td align="right">(14,000</td> <td>)</td> <td>&nbsp;</td> <td>$</td> <td align="right">29.77</td> <td>&nbsp;</td> <td align="right">-</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2" align="right">-</td></tr> <tr bgcolor="#ccdaef"><td valign="top"> <div style="margin-left: 9pt;">Terminated</div></td> <td style="border-bottom: black 1px solid;" valign="top" align="right">1,000</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">(1,000</td> <td style="border-bottom: black 1px solid;" valign="top">)</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top">$</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">58.27</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">(2,000</td> <td style="border-bottom: black 1px solid;">)</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">21.99</td></tr> <tr><td valign="top">At&nbsp;March&nbsp;31,&nbsp;2014&nbsp;&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">155,230</td> <td style="border-bottom: black 3px double;" valign="top">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">38,000</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">31.78</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">2,000</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">37.38</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;">Granted</div></td> <td align="right">(4,000</td> <td>)</td> <td>&nbsp;</td> <td align="right">4,000</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>$</td> <td align="right">67.69</td> <td> </td> <td align="right">-</td> <td>&nbsp;</td> <td> </td> <td> </td> <td align="right">-</td></tr> <tr><td> <div style="margin-left: 9pt;">Exercised</div></td> <td align="right">-</td> <td>&nbsp;</td> <td>&nbsp;</td> <td align="right">(6,910</td> <td>)</td> <td> </td> <td>$</td> <td align="right">43.81</td> <td> </td> <td align="right">-</td> <td> </td> <td> </td> <td colspan="2" align="right">-</td></tr> <tr bgcolor="#ccdaef"><td valign="top"> <div style="margin-left: 9pt;">Terminated</div></td> <td style="border-bottom: black 1px solid;" valign="top" align="right">-</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">-</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top">$</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">-</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">(2,000</td> <td style="border-bottom: black 1px solid;">)</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">37.38</td></tr> <tr><td valign="top">At&nbsp;March&nbsp;31,&nbsp;2015&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">151,230</td> <td style="border-bottom: black 3px double;" valign="top">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">35,090</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">33.51</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">-</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">-</td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">&nbsp; <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The remaining weighted-average exercisable life was&nbsp;<font class="_mt">3.5</font>&nbsp;years at March&nbsp;31, 2015;&nbsp;<font class="_mt">4.2</font>&nbsp;years at March&nbsp;31, 2014; and&nbsp;<font class="_mt">4.6</font>&nbsp;years at March&nbsp;31, 2013. All outstanding options were exercisable as of March&nbsp;31, 2015, 2014, and 2013. The total intrinsic value of options exercised during fiscal 2015 was $<font class="_mt">160,056</font> based on the difference between the exercise price and stock price at the time of exercise for in-the-money options. The total intrinsic value of options outstanding March&nbsp;31, 2015, based on our closing stock price for that day, was $<font class="_mt">1,242,623</font>, all of which were exercisable. The total fair value of option grants was $<font class="_mt">58,960</font> in fiscal 2015. There was no unrecognized stock-based compensation at March&nbsp;31, 2015.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No warrants were issued in the past three fiscal years and none were outstanding at March&nbsp;31, 2015. Remaining weighted-average exercisable warrant life was&nbsp;<font class="_mt">0.4</font>&nbsp;years at March&nbsp;31, 2014 and&nbsp;<font class="_mt">0.9</font>&nbsp;years at March&nbsp;31, 2013.<br /></font> </div> 10000000 10000000 2.44 2.30 2.96 2.43 2.29 2.95 <div> <div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><br /><b>Net Income Per Share</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each year. Net income per diluted share amounts assume conversion, exercise or issuance of all potential common stock instruments (stock options and warrants). Stock options and warrants totaling&nbsp;<font class="_mt">4,000</font> for fiscal 2015 and 2014; and&nbsp;<font class="_mt">5,000</font> for fiscal 2013 were not included in the computation of diluted earnings per share because the exercise prices were greater than the market price of the common stock. The following table reflects the components of common shares outstanding:<br /><br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="5" align="center"><b>Year Ended March 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2015</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2014</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td></tr> <tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding &#8211; basic</td> <td width="11%" align="right">4,855,504</td> <td colspan="2" align="right">4,851,460</td> <td colspan="2" align="right">4,839,810</td></tr> <tr><td colspan="6">Effect of dilutive securities:</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;">Stock options</div></td> <td align="right">16,431</td> <td colspan="2" align="right">15,639</td> <td colspan="2" align="right">21,934</td></tr> <tr><td> <div style="margin-left: 9pt;">Warrants</div></td> <td style="border-bottom: black 1px solid;" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">592</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">1,802</td></tr> <tr bgcolor="#ccdaef" valign="top"><td>Shares used in computing net income per share &#8211; diluted</td> <td style="border-bottom: black 3px double;" align="right">4,871,935</td> <td> </td> <td style="border-bottom: black 3px double;" align="right">4,867,691</td> <td> </td> <td style="border-bottom: black 3px double;" align="right">4,863,546</td></tr></table></div> </div> 808675 1127136 19327 21420 15734 57472 24288 15734 57472 24288 <div> <p><font size="2" class="_mt"><strong>NOTE 3. FAIR VALUE MEASUREMENTS<br /></strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally accepted accounting principles establish a framework for measuring fair value, provide a definition of fair value and prescribe required disclosures about fair-value measurements. Generally accepted accounting principles define fair value as the price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Generally accepted accounting principles utilize a valuation hierarchy for disclosure of fair value measurements. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The categories within the valuation hierarchy are described as follows:<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 &#8211; Financial instruments with quoted prices in active markets for identical assets or liabilities. Our Level&nbsp;1 financial instruments consist of publicly-traded marketable corporate&nbsp;debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in "Marketable securities, short term" and "Marketable securities, long term." The fair value of our Level&nbsp;1 marketable securities was $<font class="_mt">89,625,984</font> at March&nbsp;31, 2015 and $<font class="_mt">89,934,059</font> at March&nbsp;31, 2014.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 &#8211; Financial instruments with quoted prices in active markets for similar assets or liabilities. Level&nbsp;2 fair value measurements are determined using either prices for similar instruments or inputs that are either directly or indirectly observable, such as interest rates. Our Level&nbsp;2 financial instruments consist of municipal debt securities, which are classified as available-for-sale. We held one Level&nbsp;2 marketable security at March&nbsp;31, 2015, with a fair value of $<font class="_mt">1,387,111</font>. The fair value of our Level&nbsp;2 marketable securities was $<font class="_mt">4,448,342</font> at March&nbsp;31, 2014. On the balance sheets, these securities are included in "Marketable securities, short term" and "Marketable securities, long term." <br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 &#8211; Inputs to the fair value measurement are unobservable inputs or valuation techniques. We do not have any financial assets or liabilities being measured at fair value that are classified as Level&nbsp;3 financial instruments.</font><br /></p> </div> <div> <b>Fair Value of Financial Instruments</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximates fair value because of the short maturity of these instruments. Fair values of marketable securities are based on quoted market prices. <br /><br /> </div> 20008238 20214630 24564220 17556457 16515949 21439674 <div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><b>NOTE 7. INCOME TAXES</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax provisions for fiscal 2013 through 2015 consisted of the following:<br /><br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="67%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="11" align="center"><b>Year Ended March 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2015</b></td> <td width="3%"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2014</b></td> <td width="3%"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2013</b></td></tr> <tr><td bgcolor="#ccdaef" colspan="12">Current taxes</td></tr> <tr><td> <div style="margin-left: 9pt;">Federal</div></td> <td width="1%">$</td> <td width="16%" align="right">6,608,923</td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%">$</td> <td width="16%" align="right">5,010,734</td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%">$</td> <td width="16%" align="right">5,314,876</td> <td width="1%"> </td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;">State</div></td> <td colspan="2" align="right">330,971</td> <td> </td> <td> </td> <td colspan="2" align="right">304,931</td> <td> </td> <td> </td> <td colspan="2" align="right">377,215</td> <td> </td></tr> <tr><td colspan="12">Deferred taxes</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;">Federal</div></td> <td colspan="2" align="right">125,070</td> <td>&nbsp;</td> <td> </td> <td colspan="2" align="right">61,306</td> <td>&nbsp;</td> <td> </td> <td colspan="2" align="right">34,718</td> <td>&nbsp;</td></tr> <tr><td> <div style="margin-left: 9pt;">State</div></td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">6,356</td> <td style="border-bottom: black 1px solid;">&nbsp;</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">3,103</td> <td style="border-bottom: black 1px solid;">&nbsp;</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">810</td> <td style="border-bottom: black 1px solid;">&nbsp;</td></tr> <tr bgcolor="#ccdaef" valign="top"><td>Income tax provision</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">7,071,320</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">5,380,074</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">5,727,619</td> <td style="border-bottom: black 3px double;">&nbsp;</td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">&nbsp;</font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><br />&nbsp;</font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><br />&nbsp;&nbsp;&nbsp;&nbsp;A reconciliation of income tax provisions at the U.S. statutory rate for fiscal 2013 through 2015 is as follows:<br />&nbsp;<br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="11" align="center"><b>Year Ended March 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2015</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2014</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2013</b></td></tr> <tr bgcolor="#ccdaef"><td>Tax expense at U.S. statutory rate</td> <td width="1%">$</td> <td width="11%" align="right">7,503,886</td> <td width="1%">&nbsp;</td> <td> </td> <td width="1%">$</td> <td width="11%" align="right">5,667,281</td> <td width="1%">&nbsp;</td> <td> </td> <td width="1%">$</td> <td width="11%" align="right">6,046,264</td> <td width="1%">&nbsp;</td></tr> <tr><td>State income taxes, net of Federal benefit</td> <td>&nbsp;</td> <td align="right">216,518</td> <td>&nbsp;</td> <td> </td> <td>&nbsp;</td> <td align="right">199,751</td> <td>&nbsp;</td> <td> </td> <td> </td> <td align="right">244,691</td> <td>&nbsp;</td></tr> <tr bgcolor="#ccdaef"><td>Domestic manufacturing deduction</td> <td>&nbsp;</td> <td align="right">(600,207</td> <td>)</td> <td> </td> <td>&nbsp;</td> <td align="right">(443,708</td> <td>)</td> <td> </td> <td> </td> <td align="right">(460,723</td> <td>)</td></tr> <tr><td>Municipal interest</td> <td>&nbsp;</td> <td align="right">(11,489</td> <td>)</td> <td> </td> <td>&nbsp;</td> <td align="right">(28,456</td> <td>)</td> <td> </td> <td> </td> <td align="right">(118,282</td> <td>)</td></tr> <tr bgcolor="#ccdaef"><td>Other</td> <td style="border-bottom: black 1px solid;">&nbsp;</td> <td style="border-bottom: black 1px solid;" align="right">(37,388</td> <td style="border-bottom: black 1px solid;">)</td> <td> </td> <td style="border-bottom: black 1px solid;">&nbsp;</td> <td style="border-bottom: black 1px solid;" align="right">(14,794</td> <td style="border-bottom: black 1px solid;">)</td> <td> </td> <td style="border-bottom: black 1px solid;">&nbsp;</td> <td style="border-bottom: black 1px solid;" align="right">15,669</td> <td style="border-bottom: black 1px solid;">&nbsp;</td></tr> <tr valign="top"><td>Income tax provision</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">7,071,320</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td style="border-bottom: black 3px double;"> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">5,380,074</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td style="border-bottom: black 3px double;"> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">5,727,619</td> <td style="border-bottom: black 3px double;">&nbsp;</td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities as of March&nbsp;31, 2015 and 2014 were as follows:<br />&nbsp;<br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="67%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="7" align="center"><b>March 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2015</b></td> <td width="3%"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2014</b></td></tr> <tr><td>Vacation accrual</td> <td width="1%">$</td> <td width="16%" align="right">114,217</td> <td width="1%">&nbsp;</td> <td align="right">&nbsp;</td> <td width="1%">$</td> <td width="16%" align="right">137,052</td> <td width="1%"> </td></tr> <tr bgcolor="#ccdaef"><td>Inventory reserve</td> <td colspan="2" align="right">65,394</td> <td>&nbsp;</td> <td align="right">&nbsp;</td> <td colspan="2" align="right">107,173</td> <td> </td></tr> <tr><td>Depreciation</td> <td colspan="2" align="right">(63,631</td> <td>)</td> <td align="right">&nbsp;</td> <td colspan="2" align="right">(37,131</td> <td>)</td></tr> <tr bgcolor="#ccdaef"><td>Stock-based compensation deductions</td> <td colspan="2" align="right">107,570</td> <td>&nbsp;</td> <td align="right">&nbsp;</td> <td colspan="2" align="right">120,009</td> <td> </td></tr> <tr><td>Unrealized gain on marketable securities</td> <td colspan="2" align="right">(425,922</td> <td>)</td> <td align="right">&nbsp;</td> <td colspan="2" align="right">(500,904</td> <td>)</td></tr> <tr bgcolor="#ccdaef"><td>Other</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">28,716</td> <td style="border-bottom: black 1px solid;">&nbsp;</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">56,588</td> <td style="border-bottom: black 1px solid;">&nbsp;</td></tr> <tr><td>Net deferred tax liabilities</td> <td style="border-bottom: black 3px double;" width="1%">$</td> <td style="border-bottom: black 3px double;" align="right">(173,656</td> <td style="border-bottom: black 3px double;">)</td> <td> </td> <td style="border-bottom: black 3px double;" width="1%">$</td> <td style="border-bottom: black 3px double;" align="right">(117,213</td> <td style="border-bottom: black 3px double;">)</td></tr> <tr bgcolor="#ccdaef"><td colspan="8">Reported as:</td></tr> <tr><td> <div style="margin-left: 9pt;">Deferred tax assets</div></td> <td>$</td> <td align="right">102,052</td> <td>&nbsp;</td> <td> </td> <td width="1%">$</td> <td align="right">237,387</td> <td>&nbsp;</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;">Long-term deferred tax liabilities</div></td> <td style="border-bottom: black 1px solid;" width="1%">&nbsp;</td> <td style="border-bottom: black 1px solid;" align="right">(275,708</td> <td style="border-bottom: black 1px solid;">)</td> <td> </td> <td style="border-bottom: black 1px solid;" width="1%">&nbsp;</td> <td style="border-bottom: black 1px solid;" align="right">(354,600</td> <td style="border-bottom: black 1px solid;">)</td></tr> <tr><td>Net deferred tax liabilities</td> <td style="border-bottom: black 3px double;" width="1%">$</td> <td style="border-bottom: black 3px double;" align="right">(173,656<br /></td> <td style="border-bottom: black 3px double;">)</td> <td> </td> <td style="border-bottom: black 3px double;" width="1%">$</td> <td style="border-bottom: black 3px double;" align="right">(117,213</td> <td style="border-bottom: black 3px double;">)</td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realizations of stock-based compensation deductions are credited to "Additional paid-in capital" and included in "Tax benefit of stock-based compensation" on our statements of shareholders' equity. Credits of $<font class="_mt">24,288</font> in fiscal 2015 and $<font class="_mt">57,472</font> in fiscal 2014 were attributed to stock-based compensation deductions. The "Additional paid-in capital" credits also included the tax benefit of stock-based compensation deductions in those years.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts credited to "Additional paid-in capital" were the tax benefits of the deductions to the extent they exceeded the corresponding compensation expense recognized for financial reporting purposes. "Tax benefit of stock-based compensation" represented the tax benefits of deductions for stock-based compensation to the extent they exceeded the corresponding compensation expense recognized for financial reporting purposes. Cash we received from the exercise of stock options related to excess tax benefits is included in "Proceeds from sale of common stock" in the statement of cash flows for the year in which the option was exercised and cash received. <br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We had $<font class="_mt">122,163</font> of state net operating losses at March&nbsp;31, 2015, compared to $<font class="_mt">41,084</font> of Federal net operating losses and $<font class="_mt">131,596</font> of state net operating losses at March&nbsp;31, 2014. These net operating losses expire in fiscal 2020 and are subject to limitation including limitation under the Internal Revenue Code.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We had no unrecognized tax benefits as of March&nbsp;31, 2015, and we do not expect any significant unrecognized tax benefits within 12&nbsp;months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of March&nbsp;31, 2015 we had no accrued interest related to uncertain tax positions. The tax years 1999 through 2014 remain open to examination by the major taxing jurisdictions to which we are subject.<br /></font> </div> 5202616 5263033 6800000 5727619 5380074 7071320 <div> <b>Income Taxes</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We account for income taxes using the liability method. Deferred income taxes are provided for temporary differences between the financial reporting and tax bases of assets and liabilities. We provide valuation allowances against deferred tax assets if we determine that it is less likely than not that we will be able to utilize the deferred tax assets.<br /><br /> </div> 460723 443708 600207 6046264 5667281 7503886 15669 -14794 -37388 244691 199751 216518 -190881 -157350 303152 -163445 -189821 632400 107216 -129259 535159 -201705 -141871 -241363 1802 592 21934 15639 16431 <div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><b>NOTE 5. INVENTORIES</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories are shown in the following table. Classification at March 31, 2014 has been revised to conform with the current year classification. <br />&nbsp;<br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="5" align="center"><b>March 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2015</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2014</b></td></tr> <tr bgcolor="#ccdaef"><td>Raw materials</td> <td width="1%">$</td> <td width="22%" align="right">738,169</td> <td width="4%"> </td> <td width="1%">$</td> <td width="22%" align="right">776,510</td></tr> <tr><td>Work in process</td> <td>&nbsp;</td> <td align="right">2,302,751</td> <td> </td> <td> </td> <td align="right">1,900,098</td></tr> <tr bgcolor="#ccdaef"><td>Finished goods</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">701,572</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">530,725</td></tr> <tr valign="top"><td>Total inventories</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">3,742,492</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">3,207,333</td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br /></font> </div> 530725 701572 3207333 3742492 <div> <b>Inventories</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. We record inventory reserves when we determine certain inventory is unlikely to be sold based on sales trends, turnover, competition, and other market factors </div> 776510 738169 1900098 2302751 2359603 2122133 2187723 <div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><b>NOTE 4. MARKETABLE SECURITIES</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of March&nbsp;31, 2015, by maturity, were as follows:<br /><br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="50%" align="center" border="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>&lt;1 Year</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>1&#8211;3 Years</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>3&#8211;5 Years</b></td></tr> <tr><td width="1%">$</td> <td width="12%" align="right">91,013,095</td> <td> </td> <td width="1%">$</td> <td width="12%" align="right">20,099,288</td> <td> </td> <td width="1%">$</td> <td width="12%" align="right">40,220,312</td> <td width="2%"> </td> <td width="1%">$</td> <td width="12%" align="right">30,693,495</td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">&nbsp; <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2015 and 2014 our marketable securities were as follows:<br /><br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="100%"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of March&nbsp;31, 2015</b></td> <td style="border-bottom: black 1px solid;" rowspan="2" width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of March&nbsp;31, 2014</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><br />Adjusted<br />Cost</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Gross<br />Unrealized<br />Gains</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><br />Adjusted<br />Cost</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Gross<br />Unrealized<br />Gains</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td></tr> <tr><td valign="bottom">Corporate&nbsp;bonds</td> <td>$</td> <td valign="bottom" align="right">88,456,886<br /></td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">1,185,469</td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">(16,371</td> <td valign="bottom">)</td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">89,625,984</td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">88,567,210</td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">1,613,822</td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">(246,973</td> <td valign="bottom">)</td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">89,934,059</td></tr> <tr bgcolor="#ccdaef"><td valign="bottom">Municipal&nbsp;bonds&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">1,383,839</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">3,272</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid; valign: ;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">1,387,111</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">4,436,430</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">16,521<br /></td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td> <td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">4,448,342</td></tr> <tr><td valign="top">Total</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">89,840,725</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">1,188,741</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">(16,371</td> <td style="border-bottom: black 3px double;">)</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">91,013,095</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">93,003,640</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">1,630,343</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">(251,582</td> <td style="border-bottom: black 3px double;">)</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">94,382,401</td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the gross unrealized losses and fair value of our investments with unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position as of March&nbsp;31, 2015 and 2014:<br /><br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2" colspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Less Than 12 Months</b></td> <td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>12 Months or Greater</b></td> <td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Total</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td></tr> <tr><td colspan="22">As of March 31, 2015</td></tr> <tr><td bgcolor="#ccdaef" width="12">&nbsp;</td> <td bgcolor="#ccdaef">Corporate bonds</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">3,015,900 <br /></td> <td bgcolor="#ccdaef" width="2%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(163<br /></td> <td bgcolor="#ccdaef" width="1%">)</td> <td bgcolor="#ccdaef" width="4%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">2,590,240</td> <td bgcolor="#ccdaef" width="2%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(16,208<br /></td> <td bgcolor="#ccdaef" width="1%">)</td> <td bgcolor="#ccdaef" width="4%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">5,606,140</td> <td bgcolor="#ccdaef" width="2%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(<font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">16,371</font></td> <td bgcolor="#ccdaef" width="1%">)</td></tr> <tr><td>&nbsp;</td> <td>Municipal&nbsp;bonds&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;">&nbsp;</td></tr> <tr><td bgcolor="#ccdaef">&nbsp;</td> <td bgcolor="#ccdaef" valign="top">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">3,015,900</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(163</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">2,590,240</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(16,208<br /></td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">5,606,140</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(<font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">16,371</font></td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr> <tr><td colspan="22">As of March 31, 2014</td></tr> <tr><td bgcolor="#ccdaef" width="12">&nbsp;</td> <td bgcolor="#ccdaef">Corporate bonds</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">34,761,683</td> <td bgcolor="#ccdaef" width="2%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(246,973</td> <td bgcolor="#ccdaef" width="1%">)</td> <td bgcolor="#ccdaef" width="4%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">-</td> <td bgcolor="#ccdaef" width="2%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">-</td> <td bgcolor="#ccdaef" width="1%">&nbsp;</td> <td bgcolor="#ccdaef" width="4%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">34,761,683</td> <td bgcolor="#ccdaef" width="2%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(246,973</td> <td bgcolor="#ccdaef" width="1%">)</td></tr> <tr><td>&nbsp;</td> <td>Municipal&nbsp;bonds&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">1,418,742</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td> <td style="border-bottom: black 1px solid;">)</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">1,418,742</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td> <td style="border-bottom: black 1px solid;">)</td></tr> <tr><td bgcolor="#ccdaef">&nbsp;</td> <td bgcolor="#ccdaef" valign="top">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">36,180,425</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(251,582</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">&nbsp;</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">36,180,425</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(251,582</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses totaled $16,371 as of March 31, 2015, and were attributed to two corporate bonds out of a portfolio of 31&nbsp;bonds. The gross unrealized losses were due to market-price decreases after the bonds were purchased.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the bonds we held had investment-grade credit ratings by Moody's or Standard and Poor's. For each bond with an unrealized loss, we expect to recover the entire cost basis of each security based on our consideration of factors including their credit ratings, the underlying ratings of insured bonds, and historical default rates for securities of comparable credit rating.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One corporate bond, with a fair market value of $2,590,240 had been in continuous unrealized loss positions for 12&nbsp;months or greater. For this security, we also considered the severity of unrealized loss, which was less than 1% of adjusted cost.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because we expect to recover the cost basis of investments held, we do not consider any of our marketable securities to be other-than-temporarily impaired at March&nbsp;31, 2015.<br /><br /></font> </div> 1499454 1524298 105242043 110089196 1182802 1485954 8536010 8604926 12360091 20099288 82022310 70913807 <div> <b>Marketable Securities</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We classify securities with original maturities greater than three months and remaining maturities one year or less as short-term marketable securities and securities with remaining maturities greater than one year as long-term marketable securities. Securities not due at a single maturity date are classified by their average life. We classify all of our marketable securities as available-for-sale, thus securities are recorded at fair value and any associated unrealized gain or loss, net of tax, is included as a separate component of shareholders' equity, "Accumulated other comprehensive income (loss)." We use a specific-identification cost basis to determine gains and losses. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, both of which are included in interest income.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider an other-than-temporary impairment of our marketable securities to exist if we determine it is probable that we will be unable to collect all amounts due according to the contractual terms of a debt security. If we judged a decline in fair value for any security to be other than temporary, the cost basis of the individual security would be written down and a charge recognized in net income. We consider a number of factors in determining whether other-than-temporary impairment exists, including: credit market conditions; the credit ratings of the securities; historical default rates for securities of comparable credit rating; the presence of insurance of the securities and, if insured, the credit rating and financial condition of the insurer; the effect of market interest rates on the value of the securities; and the duration and extent of any unrealized losses. We also consider the likelihood that we will be required to sell the securities prior to maturity based on our financial condition and anticipated cash flows. We determined that no write-downs for other-than-temporary impairment were required on available-for-sale securities during fiscal 2015, 2014, or 2013.<br /><br /> </div> <div> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="50%" align="center" border="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>&lt;1 Year</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>1&#8211;3 Years</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>3&#8211;5 Years</b></td></tr> <tr><td width="1%">$</td> <td width="12%" align="right">91,013,095</td> <td> </td> <td width="1%">$</td> <td width="12%" align="right">20,099,288</td> <td> </td> <td width="1%">$</td> <td width="12%" align="right">40,220,312</td> <td width="2%"> </td> <td width="1%">$</td> <td width="12%" align="right">30,693,495</td></tr></table> </div> 159922 -789173 -9673011 -11840077 -12859634 2977907 12645302 12401424 14870066 11828838 11828838 11135875 0 0 0 11135875 14368354 0 0 0 14368354 <div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><b>Recently Issued Accounting Standards</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May 2014, the Financial Accounting Standards Board issued Accounting Standard Update ("ASU") No. 2014-09, <i>Revenue from Contracts with Customers (Topic 606)</i>, which supersedes the revenue recognition requirements in Accounting Standards Codification 605, <i>Revenue Recognition</i>. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU&nbsp;2014-09 is effective for fiscal years beginning after December&nbsp;15, 2016, including interim periods within that reporting period, which will be our first quarter of fiscal 2018. We have not yet evaluated the impact of ASU&nbsp;2014-09 on our financial statements.</font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><br /><br /></font> </div> 4811384 5820814 5312269 15196854 14393816 19251951 1588398 269662 281765 277831 274736 270677 41084 131596 122163 470270 470270 0 0 0 -679869 -679869 0 0 -131410 -131410 0 0 259823 265357 269473 0 1263405 0 0 0 10000000 27209753 22753916 8997086 1824324 160718 185007 <div> <p><font size="2" class="_mt"><strong>NOTE 11. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS<br /></strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of our employees are eligible to participate in our 401(k) savings plan the first quarter after reaching age&nbsp;21. Employees may contribute up to the Internal Revenue Code maximum. We make matching contributions of <font class="_mt">100</font>% of the first <font class="_mt">3</font>% of participants' salary deferral contributions. Our matching contributions were $<font class="_mt">105,554</font> for fiscal 2015, $<font class="_mt">101,100</font> for fiscal 2014, and $<font class="_mt">105,370</font> for fiscal 2013.<br />&nbsp;</font><br /></p> </div> 816276 574913 144188 416760 302701 17194000 10055000 12160000 10035464 10129224 3004772 2255408 <div> <b>Fixed Assets</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed assets are stated at cost. Depreciation of machinery and equipment, and furniture and fixtures is recorded over the estimated useful lives of the assets, generally&nbsp;<font class="_mt">five</font> years, using the straight-line method. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the lease term or <font class="_mt">five</font>-year useful life. We record losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. We have not identified any indicators of impairment during fiscal 2015, 2014, or 2013.<br /><br /> </div> P5Y P5Y P5Y <div> <b>Accounts Receivable and Allowance for Doubtful Accounts</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We grant credit to customers in the normal course of business and at times may require customers to prepay for an order prior to shipment. Accounts receivable are recorded net of an allowance for doubtful accounts. We make estimates of the uncollectibility of accounts receivable. We specifically analyze accounts receivable, historical bad debts, and customer creditworthiness when evaluating the adequacy of the allowance. We had no charges or provisions to our allowance for doubtful accounts in fiscal 2015, 2014, or 2013.<br /><br /> </div> 2570821 3585339 3000193 <div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><b>Research and Development Expense Recognition</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development costs are expensed as they are incurred.<br /></font> </div> 82313391 86681745 <div> <b>Revenue Recognition</b><br /><b><i>Product Revenue Recognition</i></b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize product revenue when evidence of an arrangement exists, the price to the buyer is fixed and determinable, collectability is reasonably assured and the product has shipped. Our sales are shipped FOB shipping point, meaning that our customers (end users and distributors) take title and assume the risks and rewards of ownership on shipment. Our customers may return defective products for refund or replacement under warranty, and have other very limited rights of return.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shipping charges billed to customers are included in product sales and the related shipping costs are included in selling, general, and administrative expense. Such shipping costs were $<font class="_mt">12,771</font> for fiscal 2015, $<font class="_mt">15,542</font> for fiscal 2014, and $<font class="_mt">27,386</font> for fiscal 2013.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our stocking distributors take title and assume the risks and rewards of product ownership. Payments from our distributors are not contingent on resale or any other matter other than the passage of time, and delivery of products is not dependent on the number of units resold to the ultimate customer. There are no other significant acceptance criteria, pricing or payment terms that would affect revenue recognition.<br /><br /> </div> <div> <b><i>Accounting for Commissions and Discounts</i></b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We sometimes utilize independent sales representatives that provide services relating to promoting our products and facilitating product sales but do not purchase our products. We pay commissions to sales representatives based on the amount of revenue facilitated, and such commissions are recorded as selling, general, and administrative expenses. Under certain limited circumstances, our distributors may earn commissions for activities unrelated to their purchases of our products, such as for facilitating the sale of custom products or research and development contracts with third parties. We recognize any such commissions as selling, general, and administrative expenses.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We presume consideration given to a customer is a reduction in revenue unless both of the following conditions are met: (i)&nbsp;we receive an identifiable benefit in exchange for the consideration and the identifiable benefit is sufficiently separable from the customer's purchase of our products such that we could have purchased the products or services from a third party; and (ii)&nbsp;we can reasonably estimate the fair value of the benefit received. We recognize discounts provided to our distributors as reductions in revenue.<br /><br /> </div> 27033419 12006493 3979862 10666338 380726 25934907 11159443 3374202 11065547 335715 30584088 11919548 4318209 13779392 566939 24434823 25512028 29894045 <div> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="100%"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of March&nbsp;31, 2015</b></td> <td style="border-bottom: black 1px solid;" rowspan="2" width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of March&nbsp;31, 2014</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><br />Adjusted<br />Cost</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Gross<br />Unrealized<br />Gains</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><br />Adjusted<br />Cost</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Gross<br />Unrealized<br />Gains</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td></tr> <tr><td valign="bottom">Corporate&nbsp;bonds</td> <td>$</td> <td valign="bottom" align="right">88,456,886<br /></td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">1,185,469</td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">(16,371</td> <td valign="bottom">)</td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">89,625,984</td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">88,567,210</td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">1,613,822</td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">(246,973</td> <td valign="bottom">)</td> <td>&nbsp;&nbsp;</td> <td>$</td> <td valign="bottom" align="right">89,934,059</td></tr> <tr bgcolor="#ccdaef"><td valign="bottom">Municipal&nbsp;bonds&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">1,383,839</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">3,272</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid; valign: ;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">1,387,111</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">4,436,430</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">16,521<br /></td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td> <td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">4,448,342</td></tr> <tr><td valign="top">Total</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">89,840,725</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">1,188,741</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">(16,371</td> <td style="border-bottom: black 3px double;">)</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">91,013,095</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">93,003,640</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">1,630,343</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">(251,582</td> <td style="border-bottom: black 3px double;">)</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">94,382,401</td></tr></table> </div> <div> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="75%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="17" align="center"><b>Year Ending March 31</b></td> <td colspan="3"> </td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2016</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2017</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2018</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2019</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2020</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2021</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td></tr> <tr bgcolor="#ccdaef"><td width="1%">$</td> <td width="6%" align="right">269,662</td> <td> </td> <td width="1%">$</td> <td width="6%" align="right">270,677</td> <td> </td> <td width="1%">$</td> <td width="6%" align="right">274,736</td> <td> </td> <td width="1%">$</td> <td width="6%" align="right">277,831</td> <td> </td> <td width="1%">$</td> <td width="6%" align="right">281,765</td> <td> </td> <td width="1%">$</td> <td width="6%" align="right">213,727</td> <td> </td> <td width="1%">$</td> <td width="6%" align="right">1,588,398</td></tr></table> </div> <div> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="5" align="center"><b>March 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2015</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2014</b></td></tr> <tr bgcolor="#ccdaef"><td>Raw materials</td> <td width="1%">$</td> <td width="22%" align="right">738,169</td> <td width="4%"> </td> <td width="1%">$</td> <td width="22%" align="right">776,510</td></tr> <tr><td>Work in process</td> <td>&nbsp;</td> <td align="right">2,302,751</td> <td> </td> <td> </td> <td align="right">1,900,098</td></tr> <tr bgcolor="#ccdaef"><td>Finished goods</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">701,572</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">530,725</td></tr> <tr valign="top"><td>Total inventories</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">3,742,492</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">3,207,333</td></tr></table> </div> <div> <div> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="5" align="center"><b><font class="_mt" style="white-space: nowrap;">% of Revenue for Year Ended March 31</font></b></td></tr> <tr><td style="border-bottom: black 1px solid;" align="center"><b>2015</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" align="center"><b>2014</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" align="center"><b>2013</b></td></tr> <tr><td bgcolor="#ccdaef">Customer A</td> <td bgcolor="#ccdaef" width="12%" align="center">20%</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" width="12%" align="center">17%</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" width="12%" align="center">14%</td></tr> <tr><td>Customer B</td> <td width="11%" align="center">16%</td> <td> </td> <td width="11%" align="center">19%</td> <td> </td> <td width="11%" align="center">15%</td></tr> <tr><td bgcolor="#ccdaef">Customer C</td> <td bgcolor="#ccdaef" width="11%" align="center">14%</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" width="11%" align="center">15%</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" width="11%" align="center">16%</td></tr> <tr><td>Customer D</td> <td width="11%" align="center">12%</td> <td> </td> <td width="11%" align="center">10%</td> <td> </td> <td width="11%" align="center">*</td></tr></table> <table style="font-size: 4pt;" cellspacing="0" cellpadding="0" width="50%" align="center" border="0"> <tr><td style="border-top: medium none; border-right: medium none; border-bottom: windowtext 1pt solid; padding-bottom: 0pt; padding-top: 0pt; padding-left: 0pt; border-left: medium none; padding-right: 0.7pt;" width="85">&nbsp;</td> <td rowspan="2">&nbsp;</td></tr> <tr><td style="padding-bottom: 0pt; padding-top: 0pt; padding-left: 0pt; padding-right: 0.7pt;">&nbsp;</td></tr></table> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td>*<font class="_mt">Less than 10%</font></td></tr></table><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div> </div> <div> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="67%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" width="40%" colspan="8" align="center"><b>Year Ended March 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2015</b></td> <td width="3%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2014</b></td> <td width="3%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2013</b></td></tr> <tr bgcolor="#ccdaef"><td bgcolor="#ccdaef">United States</td> <td width="1%">$</td> <td width="16%" align="right">11,919,548</td> <td> </td> <td width="1%">$</td> <td width="16%" align="right">11,159,443</td> <td> </td> <td width="1%">$</td> <td width="16%" align="right">12,006,493</td></tr> <tr><td>Europe</td> <td>&nbsp;</td> <td align="right">13,779,392</td> <td> </td> <td>&nbsp;</td> <td align="right">11,065,547</td> <td> </td> <td> </td> <td align="right">10,666,338</td></tr> <tr bgcolor="#ccdaef"><td>Asia</td> <td>&nbsp;</td> <td align="right">4,318,209</td> <td> </td> <td>&nbsp;</td> <td align="right">3,374,202</td> <td> </td> <td> </td> <td align="right">3,979,862</td></tr> <tr><td>Other</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">566,939</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">335,715</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">380,726</td></tr> <tr bgcolor="#ccdaef" valign="top"><td>Total Revenue</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">30,584,088</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">25,934,907</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">27,033,419</td></tr></table> </div> <div> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="100%"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Option&nbsp;Shares<br />Reserved</b></td> <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Options<br />Outstanding</b></td> <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Weighted Average<br />Option&nbsp;Exercise&nbsp;Price</b></td> <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Warrants<br />Outstanding</b></td> <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Weighted Average<br />Warrant&nbsp;Exercise&nbsp;Price</b></td></tr> <tr><td valign="top">At&nbsp;March&nbsp;31,&nbsp;2012</td> <td style="border-bottom: black 3px double;" valign="top" align="right">162,230</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">109,000</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">25.85</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">10,000</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">16.28</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;">Granted</div></td> <td align="right">(4,000</td> <td>)</td> <td> </td> <td align="right">4,000</td> <td> </td> <td> </td> <td>$</td> <td align="right">54.11</td> <td> </td> <td align="right">-</td> <td> </td> <td> </td> <td> </td> <td align="right">-</td></tr> <tr><td> <div style="margin-left: 9pt;">Exercised</div></td> <td align="right">-</td> <td>&nbsp;</td> <td> </td> <td align="right">(64,000</td> <td>)</td> <td> </td> <td>$</td> <td align="right">24.23</td> <td> </td> <td align="right">-</td> <td> </td> <td> </td> <td colspan="2" align="right">-</td></tr> <tr bgcolor="#ccdaef"><td valign="top"> <div style="margin-left: 9pt;">Terminated</div></td> <td style="border-bottom: black 1px solid;" valign="top" align="right">-</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td> </td> <td style="border-bottom: black 1px solid;" valign="top" align="right">-</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td> </td> <td style="border-bottom: black 1px solid;" valign="top">$</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" valign="top" align="right">(6,000</td> <td style="border-bottom: black 1px solid;">)</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">7.35</td></tr> <tr><td valign="top">At&nbsp;March&nbsp;31,&nbsp;2013&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">158,230</td> <td style="border-bottom: black 3px double;" valign="top">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">49,000</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">30.27</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">4,000</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">29.69</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;">Granted</div></td> <td align="right">(4,000</td> <td>)</td> <td>&nbsp;</td> <td align="right">4,000</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>$</td> <td align="right">49.86</td> <td>&nbsp;</td> <td align="right">-</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td align="right">-</td></tr> <tr><td> <div style="margin-left: 9pt;">Exercised</div></td> <td align="right">-</td> <td>&nbsp;</td> <td>&nbsp;</td> <td align="right">(14,000</td> <td>)</td> <td>&nbsp;</td> <td>$</td> <td align="right">29.77</td> <td>&nbsp;</td> <td align="right">-</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2" align="right">-</td></tr> <tr bgcolor="#ccdaef"><td valign="top"> <div style="margin-left: 9pt;">Terminated</div></td> <td style="border-bottom: black 1px solid;" valign="top" align="right">1,000</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">(1,000</td> <td style="border-bottom: black 1px solid;" valign="top">)</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top">$</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">58.27</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">(2,000</td> <td style="border-bottom: black 1px solid;">)</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">21.99</td></tr> <tr><td valign="top">At&nbsp;March&nbsp;31,&nbsp;2014&nbsp;&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">155,230</td> <td style="border-bottom: black 3px double;" valign="top">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">38,000</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">31.78</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">2,000</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">37.38</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;">Granted</div></td> <td align="right">(4,000</td> <td>)</td> <td>&nbsp;</td> <td align="right">4,000</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>$</td> <td align="right">67.69</td> <td> </td> <td align="right">-</td> <td>&nbsp;</td> <td> </td> <td> </td> <td align="right">-</td></tr> <tr><td> <div style="margin-left: 9pt;">Exercised</div></td> <td align="right">-</td> <td>&nbsp;</td> <td>&nbsp;</td> <td align="right">(6,910</td> <td>)</td> <td> </td> <td>$</td> <td align="right">43.81</td> <td> </td> <td align="right">-</td> <td> </td> <td> </td> <td colspan="2" align="right">-</td></tr> <tr bgcolor="#ccdaef"><td valign="top"> <div style="margin-left: 9pt;">Terminated</div></td> <td style="border-bottom: black 1px solid;" valign="top" align="right">-</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">-</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top">$</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">-</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">(2,000</td> <td style="border-bottom: black 1px solid;">)</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top">&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="top" align="right">37.38</td></tr> <tr><td valign="top">At&nbsp;March&nbsp;31,&nbsp;2015&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">151,230</td> <td style="border-bottom: black 3px double;" valign="top">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">35,090</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">33.51</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top" align="right">-</td> <td style="border-bottom: black 3px double;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 3px double;" valign="top">$</td> <td style="border-bottom: black 3px double;" valign="top" align="right">-</td></tr></table> </div> <div> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="67%" align="center" border="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Ranges of<br />Exercise&nbsp;Prices</b></td> <td width="4%">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Number<br />Outstanding</b></td> <td width="4%">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Weighted&nbsp;Average<br />Exercise&nbsp;Price</b></td> <td width="4%">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Weighted&nbsp;Remaining<br />Contractual&nbsp;Life&nbsp;(years)</b></td></tr> <tr bgcolor="#ccdaef"><td width="10%" align="right">$&nbsp;&nbsp;<font class="_mt">15.08</font>&nbsp;-&nbsp;<font class="_mt">16.33</font></td> <td>&nbsp;</td> <td width="10%" align="right">18,090</td> <td>&nbsp;</td> <td width="1%">$</td> <td width="9%" align="right">16.19</td> <td>&nbsp;</td> <td width="10%" align="right">0.8</td></tr> <tr><td align="right"><font class="_mt">31.27</font>&nbsp;-&nbsp;<font class="_mt">42.45</font></td> <td>&nbsp;</td> <td align="right">5,000</td> <td>&nbsp;</td> <td>&nbsp;</td> <td align="right">37.12</td> <td>&nbsp;</td> <td align="right">3.8</td></tr> <tr bgcolor="#ccdaef"><td align="right"><font class="_mt">51.04</font>&nbsp;-&nbsp;<font class="_mt">67.69</font></td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" align="right">12,000</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">58.11</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" align="right">7.5</td></tr> <tr><td> </td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">35,090</td> <td>&nbsp;</td> <td valign="top">$</td> <td valign="top" align="right">33.51</td> <td> </td> <td style="border-bottom: rgb(255,255,255) 3px solid;" valign="top" align="right">3.5</td></tr></table> </div> <div> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="8" align="center"><b>Year Ended March 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2015</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2014</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2013</b></td></tr> <tr bgcolor="#ccdaef"><td>Risk-free interest rate</td> <td width="11%" align="right">1.6</td> <td width="2%">%</td> <td> </td> <td width="11%" align="right">1.4</td> <td width="2%">%</td> <td> </td> <td width="11%" align="right">0.7</td> <td width="2%">%</td></tr> <tr><td>Expected volatility</td> <td align="right">24</td> <td>%</td> <td> </td> <td align="right">30</td> <td>%</td> <td> </td> <td align="right">38</td> <td>%</td></tr> <tr bgcolor="#ccdaef"><td>Expected life (years)</td> <td align="right">4.2</td> <td>&nbsp;</td> <td> </td> <td align="right">4.3</td> <td>&nbsp;</td> <td> </td> <td align="right">4.1</td> <td>&nbsp;</td></tr> <tr><td>Dividend yield</td> <td align="right">0</td> <td>%</td> <td> </td> <td align="right">0</td> <td>%</td> <td> </td> <td align="right">0</td> <td>%</td></tr></table> </div> <div> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2" colspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Less Than 12 Months</b></td> <td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>12 Months or Greater</b></td> <td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Total</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td></tr> <tr><td colspan="22">As of March 31, 2015</td></tr> <tr><td bgcolor="#ccdaef" width="12">&nbsp;</td> <td bgcolor="#ccdaef">Corporate bonds</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">3,015,900 <br /></td> <td bgcolor="#ccdaef" width="2%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(163<br /></td> <td bgcolor="#ccdaef" width="1%">)</td> <td bgcolor="#ccdaef" width="4%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">2,590,240</td> <td bgcolor="#ccdaef" width="2%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(16,208<br /></td> <td bgcolor="#ccdaef" width="1%">)</td> <td bgcolor="#ccdaef" width="4%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">5,606,140</td> <td bgcolor="#ccdaef" width="2%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(<font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">16,371</font></td> <td bgcolor="#ccdaef" width="1%">)</td></tr> <tr><td>&nbsp;</td> <td>Municipal&nbsp;bonds&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;">&nbsp;</td></tr> <tr><td bgcolor="#ccdaef">&nbsp;</td> <td bgcolor="#ccdaef" valign="top">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">3,015,900</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(163</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">2,590,240</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(16,208<br /></td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">5,606,140</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(<font class="_mt" style="font-size: 10pt; font-family: Times New Roman;">16,371</font></td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr> <tr><td colspan="22">As of March 31, 2014</td></tr> <tr><td bgcolor="#ccdaef" width="12">&nbsp;</td> <td bgcolor="#ccdaef">Corporate bonds</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">34,761,683</td> <td bgcolor="#ccdaef" width="2%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(246,973</td> <td bgcolor="#ccdaef" width="1%">)</td> <td bgcolor="#ccdaef" width="4%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">-</td> <td bgcolor="#ccdaef" width="2%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">-</td> <td bgcolor="#ccdaef" width="1%">&nbsp;</td> <td bgcolor="#ccdaef" width="4%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">34,761,683</td> <td bgcolor="#ccdaef" width="2%">&nbsp;</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(246,973</td> <td bgcolor="#ccdaef" width="1%">)</td></tr> <tr><td>&nbsp;</td> <td>Municipal&nbsp;bonds&nbsp;&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">1,418,742</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td> <td style="border-bottom: black 1px solid;">)</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">1,418,742</td> <td>&nbsp;</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td> <td style="border-bottom: black 1px solid;">)</td></tr> <tr><td bgcolor="#ccdaef">&nbsp;</td> <td bgcolor="#ccdaef" valign="top">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">36,180,425</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(251,582</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">&nbsp;</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">36,180,425</td> <td bgcolor="#ccdaef" valign="top">&nbsp;</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(251,582</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr></table> </div> <div> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="5" align="center"><b>Year Ended March 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2015</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2014</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td></tr> <tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding &#8211; basic</td> <td width="11%" align="right">4,855,504</td> <td colspan="2" align="right">4,851,460</td> <td colspan="2" align="right">4,839,810</td></tr> <tr><td colspan="6">Effect of dilutive securities:</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;">Stock options</div></td> <td align="right">16,431</td> <td colspan="2" align="right">15,639</td> <td colspan="2" align="right">21,934</td></tr> <tr><td> <div style="margin-left: 9pt;">Warrants</div></td> <td style="border-bottom: black 1px solid;" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">592</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">1,802</td></tr> <tr bgcolor="#ccdaef" valign="top"><td>Shares used in computing net income per share &#8211; diluted</td> <td style="border-bottom: black 3px double;" align="right">4,871,935</td> <td> </td> <td style="border-bottom: black 3px double;" align="right">4,867,691</td> <td> </td> <td style="border-bottom: black 3px double;" align="right">4,863,546</td></tr></table> </div> 2240563 2235475 2312076 66720 53200 58960 P5Y P4Y7M6D P10M24D P4Y2M12D P4M24D P3Y6M P10Y P1Y 0.00 0.00 0.00 P4Y1M6D P4Y3M18D P4Y2M12D 0.38 0.30 0.24 0.007 0.014 0.016 160056 6000 1000 1000 2000 2000 7.35 58.27 21.99 37.38 -4000 4000 -4000 4000 -4000 4000 1242623 162230 109000 10000 158230 49000 4000 155230 38000 2000 151230 35090 25.85 16.28 30.27 29.69 31.78 37.38 33.51 24.23 29.77 43.81 54.11 49.86 67.69 <div> <div class="MetaData"><b>Stock-Based Compensation</b>&nbsp;<br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We measure stock-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is generally the vesting period. We estimate pre-vesting option forfeitures at the time of grant by analyzing historical data and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. Ultimately, the total expense recognized over the vesting period will only be for those awards that vest. <div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><br /><b>Net Income Per Share</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each year. Net income per diluted share amounts assume conversion, exercise or issuance of all potential common stock instruments (stock options and warrants). Stock options and warrants totaling&nbsp;<font class="_mt">4,000</font> for fiscal 2015 and 2014; and&nbsp;<font class="_mt">5,000</font> for fiscal 2013 were not included in the computation of diluted earnings per share because the exercise prices were greater than the market price of the common stock. The following table reflects the components of common shares outstanding:<br /><br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="5" align="center"><b>Year Ended March 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2015</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2014</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td></tr> <tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding &#8211; basic</td> <td width="11%" align="right">4,855,504</td> <td colspan="2" align="right">4,851,460</td> <td colspan="2" align="right">4,839,810</td></tr> <tr><td colspan="6">Effect of dilutive securities:</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;">Stock options</div></td> <td align="right">16,431</td> <td colspan="2" align="right">15,639</td> <td colspan="2" align="right">21,934</td></tr> <tr><td> <div style="margin-left: 9pt;">Warrants</div></td> <td style="border-bottom: black 1px solid;" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">592</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">1,802</td></tr> <tr bgcolor="#ccdaef" valign="top"><td>Shares used in computing net income per share &#8211; diluted</td> <td style="border-bottom: black 3px double;" align="right">4,871,935</td> <td> </td> <td style="border-bottom: black 3px double;" align="right">4,867,691</td> <td> </td> <td style="border-bottom: black 3px double;" align="right">4,863,546</td></tr></table></div></div> </div> 15.08 51.04 31.27 35090 18090 12000 5000 33.51 16.19 58.11 37.12 P3Y6M P9M18D P7Y6M P3Y9M18D 16.33 67.69 42.45 4824745 4862436 4851043 4857953 27386 15542 12771 <div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><b>NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <font class="_mt"><b><br />Cash and Cash Equivalents</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. <br /><br /></font></b><font class="_mt"><b>Fair Value of Financial Instruments</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximates fair value because of the short maturity of these instruments. Fair values of marketable securities are based on quoted market prices. <br /><br /></font><font class="_mt"><b>Marketable Securities</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We classify securities with original maturities greater than three months and remaining maturities one year or less as short-term marketable securities and securities with remaining maturities greater than one year as long-term marketable securities. Securities not due at a single maturity date are classified by their average life. We classify all of our marketable securities as available-for-sale, thus securities are recorded at fair value and any associated unrealized gain or loss, net of tax, is included as a separate component of shareholders' equity, "Accumulated other comprehensive income (loss)." We use a specific-identification cost basis to determine gains and losses. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, both of which are included in interest income.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider an other-than-temporary impairment of our marketable securities to exist if we determine it is probable that we will be unable to collect all amounts due according to the contractual terms of a debt security. If we judged a decline in fair value for any security to be other than temporary, the cost basis of the individual security would be written down and a charge recognized in net income. We consider a number of factors in determining whether other-than-temporary impairment exists, including: credit market conditions; the credit ratings of the securities; historical default rates for securities of comparable credit rating; the presence of insurance of the securities and, if insured, the credit rating and financial condition of the insurer; the effect of market interest rates on the value of the securities; and the duration and extent of any unrealized losses. We also consider the likelihood that we will be required to sell the securities prior to maturity based on our financial condition and anticipated cash flows. We determined that no write-downs for other-than-temporary impairment were required on available-for-sale securities during fiscal 2015, 2014, or 2013.<br /><br /></font><font class="_mt"><b>Concentration of Risk and Financial Instruments</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments potentially subject to significant concentrations of credit risk consist principally of cash equivalents, marketable securities, and accounts receivable.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have invested our excess cash in corporate-backed and municipal-backed bonds and money market instruments. Our investment policy prescribes purchases of only high-grade securities, and limits the amount of credit exposure to any one issuer.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our customers are throughout the world. We generally do not require collateral from our customers, but we perform ongoing credit evaluations of their financial condition. More information on accounts receivable is contained in the paragraph titled "Accounts Receivable and Allowance for Doubtful Accounts" of this note.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, we are dependent on critical suppliers including our packaging vendors and suppliers of certain raw silicon and semiconductor wafers that are incorporated in our products.<br /><br /></font><font class="_mt"><b>Accounts Receivable and Allowance for Doubtful Accounts</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We grant credit to customers in the normal course of business and at times may require customers to prepay for an order prior to shipment. Accounts receivable are recorded net of an allowance for doubtful accounts. We make estimates of the uncollectibility of accounts receivable. We specifically analyze accounts receivable, historical bad debts, and customer creditworthiness when evaluating the adequacy of the allowance. We had no charges or provisions to our allowance for doubtful accounts in fiscal 2015, 2014, or 2013.<br /><br /></font><font class="_mt"><b>Inventories</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. We record inventory reserves when we determine certain inventory is unlikely to be sold based on sales trends, turnover, competition, and other market factors</font>.<br />&nbsp;<br /><font class="_mt"><b>Product Warranty</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general we warranty our products to be free from defects in material and workmanship for&nbsp;<font class="_mt">one</font> year.<br /><br /></font><font class="_mt"><b>Fixed Assets</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed assets are stated at cost. Depreciation of machinery and equipment, and furniture and fixtures is recorded over the estimated useful lives of the assets, generally&nbsp;<font class="_mt">five</font> years, using the straight-line method. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the lease term or <font class="_mt">five</font>-year useful life. We record losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. We have not identified any indicators of impairment during fiscal 2015, 2014, or 2013.<br /><br /></font><font class="_mt"><b>Revenue Recognition</b><br /><b><i>Product Revenue Recognition</i></b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize product revenue when evidence of an arrangement exists, the price to the buyer is fixed and determinable, collectability is reasonably assured and the product has shipped. Our sales are shipped FOB shipping point, meaning that our customers (end users and distributors) take title and assume the risks and rewards of ownership on shipment. Our customers may return defective products for refund or replacement under warranty, and have other very limited rights of return.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shipping charges billed to customers are included in product sales and the related shipping costs are included in selling, general, and administrative expense. Such shipping costs were $<font class="_mt">12,771</font> for fiscal 2015, $<font class="_mt">15,542</font> for fiscal 2014, and $<font class="_mt">27,386</font> for fiscal 2013.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our stocking distributors take title and assume the risks and rewards of product ownership. Payments from our distributors are not contingent on resale or any other matter other than the passage of time, and delivery of products is not dependent on the number of units resold to the ultimate customer. There are no other significant acceptance criteria, pricing or payment terms that would affect revenue recognition.<br /><br /></font><font class="_mt"><b><i>Accounting for Commissions and Discounts</i></b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We sometimes utilize independent sales representatives that provide services relating to promoting our products and facilitating product sales but do not purchase our products. We pay commissions to sales representatives based on the amount of revenue facilitated, and such commissions are recorded as selling, general, and administrative expenses. Under certain limited circumstances, our distributors may earn commissions for activities unrelated to their purchases of our products, such as for facilitating the sale of custom products or research and development contracts with third parties. We recognize any such commissions as selling, general, and administrative expenses.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We presume consideration given to a customer is a reduction in revenue unless both of the following conditions are met: (i)&nbsp;we receive an identifiable benefit in exchange for the consideration and the identifiable benefit is sufficiently separable from the customer's purchase of our products such that we could have purchased the products or services from a third party; and (ii)&nbsp;we can reasonably estimate the fair value of the benefit received. We recognize discounts provided to our distributors as reductions in revenue.<br /><br /></font><font class="_mt"><b><i>Research and Development Contract Revenue Recognition</i></b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize contract revenues pro-rata as work progresses. Our research and development contracts do not contain post-shipment obligations. Contracts may be either firm-fixed-price or cost-plus-fixed-fee. Firm-fixed-price contracts provide for a price that is not subject to any adjustment based on our cost in performing the contract.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost-plus-fixed-fee contracts are cost-reimbursement contracts that also provide for payment to us of a negotiated fee that is fixed at the inception of the contract. The costs for which we earn reimbursement are the actual costs incurred and are recorded in the period in which they are incurred. We recognize the contract fees pro-rata as work progresses.<br /><br /></font><font class="_mt"><b>Income Taxes</b> <br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We account for income taxes using the liability method. Deferred income taxes are provided for temporary differences between the financial reporting and tax bases of assets and liabilities. We provide valuation allowances against deferred tax assets if we determine that it is less likely than not that we will be able to utilize the deferred tax assets.<br /><br /></font><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><b>Research and Development Expense Recognition</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development costs are expensed as they are incurred.<br /></font></font>&nbsp; </font> <div> <div class="MetaData"><b>Stock-Based Compensation</b>&nbsp;<br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We measure stock-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is generally the vesting period. We estimate pre-vesting option forfeitures at the time of grant by analyzing historical data and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. Ultimately, the total expense recognized over the vesting period will only be for those awards that vest. <div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><br /><b>Net Income Per Share</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each year. Net income per diluted share amounts assume conversion, exercise or issuance of all potential common stock instruments (stock options and warrants). Stock options and warrants totaling&nbsp;<font class="_mt">4,000</font> for fiscal 2015 and 2014; and&nbsp;<font class="_mt">5,000</font> for fiscal 2013 were not included in the computation of diluted earnings per share because the exercise prices were greater than the market price of the common stock. The following table reflects the components of common shares outstanding:<br /><br /></font> <table style="font-size: 10pt; font-family: Times New Roman;" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="5" align="center"><b>Year Ended March 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2015</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2014</b></td> <td width="2%"> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td></tr> <tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding &#8211; basic</td> <td width="11%" align="right">4,855,504</td> <td colspan="2" align="right">4,851,460</td> <td colspan="2" align="right">4,839,810</td></tr> <tr><td colspan="6">Effect of dilutive securities:</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;">Stock options</div></td> <td align="right">16,431</td> <td colspan="2" align="right">15,639</td> <td colspan="2" align="right">21,934</td></tr> <tr><td> <div style="margin-left: 9pt;">Warrants</div></td> <td style="border-bottom: black 1px solid;" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">592</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">1,802</td></tr> <tr bgcolor="#ccdaef" valign="top"><td>Shares used in computing net income per share &#8211; diluted</td> <td style="border-bottom: black 3px double;" align="right">4,871,935</td> <td> </td> <td style="border-bottom: black 3px double;" align="right">4,867,691</td> <td> </td> <td style="border-bottom: black 3px double;" align="right">4,863,546</td></tr></table></div></div> <div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><br /></font>&nbsp;</div><br /></div><br /><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><b>Use of Estimates</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.<br /><br /></font></font><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><b>Recently Issued Accounting Standards</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May 2014, the Financial Accounting Standards Board issued Accounting Standard Update ("ASU") No. 2014-09, <i>Revenue from Contracts with Customers (Topic 606)</i>, which supersedes the revenue recognition requirements in Accounting Standards Codification 605, <i>Revenue Recognition</i>. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU&nbsp;2014-09 is effective for fiscal years beginning after December&nbsp;15, 2016, including interim periods within that reporting period, which will be our first quarter of fiscal 2018. We have not yet evaluated the impact of ASU&nbsp;2014-09 on our financial statements.</font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><br /><br /></font></font></font> </div> <div> <b>Product Warranty</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general we warranty our products to be free from defects in material and workmanship for&nbsp;<font class="_mt">one</font> year.<br /><br /> </div> 103704641 108327534 81458858 1087456 20974477 48247 59348678 93984608 1557726 21200742 48624 71177516 103704641 877857 20464883 48510 82313391 108327534 746447 20850762 48580 86681745 <div> <p><font size="2" class="_mt"><strong>NOTE 10. STOCK REPURCHASE PROGRAM<br /></strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our authorized stock is stated as&nbsp;<font class="_mt">six</font> million shares of common stock, $<font class="_mt">0.01</font> par value, and&nbsp;<font class="_mt">ten</font> million shares of all types. Our Board may designate any series and fix any relative rights and preferences to authorized but undesignated stock.<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;21, 2009 we announced that our Board of Directors authorized the repurchase of up to $<font class="_mt">2,500,000</font> of our Common Stock, $<font class="_mt">1,236,595</font> of which remained available as of March&nbsp;31, 2015. We repurchased 25,393 shares for $1,263,405 in Fiscal 2014, and we did not repurchase any Common Stock in fiscal 2015 or fiscal 2013. The repurchase program may be modified or discontinued at any time without notice.</font><br /></p> </div> 64000 14000 6910 25393 1263405 1263151 254 2500000 1236595 <div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman;"><b>Use of Estimates</b><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. 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Income Taxes (Narrative) (Details) (USD $)
 12 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2013
Tax benefit of stock-based compensation $ 24,288us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation $ 57,472us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation $ 15,734us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
Federal [Member]      
Operating loss carryforward   41,084us-gaap_OperatingLossCarryforwards
/ us-gaap_IncomeTaxAuthorityAxis
= us-gaap_DomesticCountryMember		  
State [Member]      
Operating loss carryforward $ 122,163us-gaap_OperatingLossCarryforwards
/ us-gaap_IncomeTaxAuthorityAxis
= us-gaap_StateAndLocalJurisdictionMember		 $ 131,596us-gaap_OperatingLossCarryforwards
/ us-gaap_IncomeTaxAuthorityAxis
= us-gaap_StateAndLocalJurisdictionMember		  
XML 16 R48.htm IDEA: XBRL DOCUMENT v2.4.1.9
Information as to Employee Stock Purchase, Savings, And Similar Plans (Details) (USD $)
 12 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2013
Information as to Employee Stock Purchase, Savings, And Similar Plans [Abstract]      
Percentage of employer matching contributions 100.00%us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent    
Percentage of participants' salary 3.00%us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent    
Employer matching contributions $ 105,554us-gaap_DefinedBenefitPlanContributionsByEmployer $ 101,100us-gaap_DefinedBenefitPlanContributionsByEmployer $ 105,370us-gaap_DefinedBenefitPlanContributionsByEmployer
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Stock Repurchase Plan (Details) (USD $)
Mar. 31, 2015
Mar. 31, 2014
Jan. 22, 2009
Stock Repurchase Plan [Abstract]      
Common stock, shares authorized 6,000,000us-gaap_CommonStockSharesAuthorized 6,000,000us-gaap_CommonStockSharesAuthorized  
Common stock par value $ 0.01us-gaap_CommonStockParOrStatedValuePerShare $ 0.01us-gaap_CommonStockParOrStatedValuePerShare  
Shares of all types authorized 10,000,000us-gaap_CapitalUnitsAuthorized    
Authorized common stock for repurchase     $ 2,500,000us-gaap_StockRepurchaseProgramAuthorizedAmount1
Authorized common stock for repurchase remaining   $ 1,236,595us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1  
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Marketable Securities (Gross Unrealized Losses And Fair Values Of Investments By Investment Category And Length Of Time) (Details) (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
      

      

        Schedule of Investments [Line Items]
         
         
      

      

        Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Market Value
        $ 3,015,900us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
        $ 36,180,425us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
      

      

        Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses
        (163)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
        (251,582)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
      

      

        Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Market Value
        2,590,240us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
         
      

      

        Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses
        (16,208)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
         
      

      

        Marketable Securities, Continuous Unrealized Loss Position, Fair Market Value, Total
        5,606,140us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
        36,180,425us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
      

      

        Marketable Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total
        (16,371)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses
        (251,582)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses
      

      

        Corporate Bonds [Member]
         
         
      

      

        Schedule of Investments [Line Items]
         
         
      

      

        Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Market Value
        3,015,900us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
        34,761,683us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
      

      

        Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses
        (163)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
        (246,973)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
      

      

        Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Market Value
        2,590,240us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
         
      

      

        Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses
        (16,208)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
         
      

      

        Marketable Securities, Continuous Unrealized Loss Position, Fair Market Value, Total
        5,606,140us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
        34,761,683us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
      

      

        Marketable Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total
        (16,371)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
        (246,973)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
      

      

        Municipal Bonds [Member]
         
         
      

      

        Schedule of Investments [Line Items]
         
         
      

      

        Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Market Value
         
        1,418,742us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember		
      

      

        Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses
         
        (4,609)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember		
      

      

        Marketable Securities, Continuous Unrealized Loss Position, Fair Market Value, Total
         
        1,418,742us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember		
      

      

        Marketable Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total
         
        $ (4,609)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember		
      

    

    

      
      
      
      
      
      
      
      
      
    

  




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XML
22
R25.htm
IDEA: XBRL DOCUMENT


  
    
    
    
  v2.4.1.9

      

        
          
Concentrations (Tables)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Concentrations [Abstract]
         
      

      

        Schedule Of Revenue By Major Customers
        
 





 
 
 
 
 
 


 
% of Revenue for Year Ended March 31


2015
 
2014
 
2013


Customer A
20%
 
17%
 
14%


Customer B
16%
 
19%
 
15%


Customer C
14%
 
15%
 
16%


Customer D
12%
 
10%
 
*





 
 


 





*Less than 10%
 
     
 

      

      

        Schedule Of Revenue By Geographic Region
        
 


 
 
 
 
 
 
 
 
 


 
Year Ended March 31


2015
 
2014
 
2013


United States
$
11,919,548
 
$
11,159,443
 
$
12,006,493


Europe
 
13,779,392
 
 
11,065,547
 
 
10,666,338


Asia
 
4,318,209
 
 
3,374,202
 
 
3,979,862


Other
566,939
 
335,715
 
380,726


Total Revenue
$
30,584,088
 
$
25,934,907
 
$
27,033,419
 

      

    

    

      
      
      
    

  




XML
23
R42.htm
IDEA: XBRL DOCUMENT


  
    
    
    
  v2.4.1.9

      

        
          
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $)

        		
        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
      

      

        Income Taxes [Abstract]
         
         
      

      

        Vacation accrual
        $ 114,217us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits
        $ 137,052us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits
      

      

        Inventory reserve
        65,394us-gaap_DeferredTaxAssetsInventory
        107,173us-gaap_DeferredTaxAssetsInventory
      

      

        Depreciation
        (63,631)nvec_DeferredTaxAssetsDepreciation
        (37,131)nvec_DeferredTaxAssetsDepreciation
      

      

        Stock-based compensation deductions
        107,570us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
        120,009us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
      

      

        Unrealized gain on marketable securities
        (425,922)us-gaap_DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
        (500,904)us-gaap_DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
      

      

        Other
        28,716us-gaap_DeferredTaxAssetsOther
        56,588us-gaap_DeferredTaxAssetsOther
      

      

        Net deferred tax liabilities
        (173,656)us-gaap_DeferredTaxAssetsLiabilitiesNet
        (117,213)us-gaap_DeferredTaxAssetsLiabilitiesNet
      

      

        Deferred tax assets
        102,052us-gaap_DeferredTaxAssetsLiabilitiesNetCurrent
        237,387us-gaap_DeferredTaxAssetsLiabilitiesNetCurrent
      

      

        Long-term deferred tax liabilities
        $ (275,708)us-gaap_DeferredTaxLiabilitiesNoncurrent
        $ (354,600)us-gaap_DeferredTaxLiabilitiesNoncurrent
      

    

    

      
      
      
      
      
      
      
      
      
      
    

  




XML
24
R37.htm
IDEA: XBRL DOCUMENT


  
    
    
    
  v2.4.1.9

      

        
          
Stock-Based Compensation (Summary Of Options Outstanding) (Details) (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Number Outstanding
        35,090us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
      

      

        Weighted Average Exercise Price
        $ 33.51us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
      

      

        Weighted Remaining Contractual Life (years)
        3 years 6 months
      

      

        Range One [Member]
         
      

      

        Ranges of Exercise Prices, Lower Limit
        $ 15.08us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
/ us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis
= nvec_RangeOneMember		
      

      

        Ranges of Exercise Prices, Upper Limit
        $ 16.33us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
/ us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis
= nvec_RangeOneMember		
      

      

        Number Outstanding
        18,090us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
/ us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis
= nvec_RangeOneMember		
      

      

        Weighted Average Exercise Price
        $ 16.19us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
/ us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis
= nvec_RangeOneMember		
      

      

        Weighted Remaining Contractual Life (years)
        9 months 18 days
      

      

        Range Two [Member]
         
      

      

        Ranges of Exercise Prices, Lower Limit
        $ 31.27us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
/ us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis
= nvec_RangeTwoMember		
      

      

        Ranges of Exercise Prices, Upper Limit
        $ 42.45us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
/ us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis
= nvec_RangeTwoMember		
      

      

        Number Outstanding
        5,000us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
/ us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis
= nvec_RangeTwoMember		
      

      

        Weighted Average Exercise Price
        $ 37.12us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
/ us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis
= nvec_RangeTwoMember		
      

      

        Weighted Remaining Contractual Life (years)
        3 years 9 months 18 days
      

      

        Range Three [Member]
         
      

      

        Ranges of Exercise Prices, Lower Limit
        $ 51.04us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
/ us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis
= nvec_RangeThreeMember		
      

      

        Ranges of Exercise Prices, Upper Limit
        $ 67.69us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
/ us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis
= nvec_RangeThreeMember		
      

      

        Number Outstanding
        12,000us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
/ us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis
= nvec_RangeThreeMember		
      

      

        Weighted Average Exercise Price
        $ 58.11us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
/ us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis
= nvec_RangeThreeMember		
      

      

        Weighted Remaining Contractual Life (years)
        7 years 6 months
      

    

    

      
      
      
      
      
      
      
      
    

  




XML
25
R47.htm
IDEA: XBRL DOCUMENT


  
    
    
    
  v2.4.1.9

      

        
          
Stock Repurchase Plan (Schedule Of Common Stock Repurchases) (Details) (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2014

        		
      

      

        Stock Repurchase Plan [Abstract]
         
      

      

        Amount Paid
        $ 1,263,405us-gaap_StockRepurchasedAndRetiredDuringPeriodValue
      

    

    

      
      
    

  




XML
26
R9.htm
IDEA: XBRL DOCUMENT


  
    
    
    
  v2.4.1.9

      

        
          
Description of Business

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Description of Business [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. We operate in one reportable segment.

 

      

    

    

      
      
    

  




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M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^
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M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
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M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^
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M'0O:'1M
M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$'0O
M:F%V87-C3X-"B`@("`\
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M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
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M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
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M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
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M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$'0^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
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M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO
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M;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,3$S9#AC9&%?9F,X95\T,S4V7SAE
M.&5?-60R-&%C,C@Y-#-F+U=O'0O:'1M;#L@8VAA'0^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S
M/3-$7!E.B!T97AT+VAT;6P[(&-H87)S970]
M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T
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M8VAA3X-
M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Q,3-D.&-D85]F8SAE7S0S
M-39?.&4X95\U9#(T86,R.#DT,V8-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z
M+R\O0SHO,3$S9#AC9&%?9F,X95\T,S4V7SAE.&5?-60R-&%C,C@Y-#-F+U=O
M'0O:'1M
M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$65R(&UA=&-H:6YG(&-O;G1R
M:6)U=&EO;G,\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$


XML
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  v2.4.1.9

      

        
          
Concentrations (Schedule Of Revenue By Major Customers) (Details)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
      

      

        Revenue, Major Customer [Line Items]
         
         
         
        
      

      

        Number of major customers
        4nvec_NumberOfMajorCustomers
        4nvec_NumberOfMajorCustomers
         
        
      

      

        Accounts Receivable [Member]
         
         
         
        
      

      

        Revenue, Major Customer [Line Items]
         
         
         
        
      

      

        Percentage of concentration
        64.00%us-gaap_ConcentrationRiskPercentage1
/ us-gaap_ConcentrationRiskByBenchmarkAxis
= us-gaap_AccountsReceivableMember		
        61.00%us-gaap_ConcentrationRiskPercentage1
/ us-gaap_ConcentrationRiskByBenchmarkAxis
= us-gaap_AccountsReceivableMember		
         
        
      

      

        Customer A [Member] | Revenue [Member]
         
         
         
        
      

      

        Revenue, Major Customer [Line Items]
         
         
         
        
      

      

        Percentage of concentration
        20.00%us-gaap_ConcentrationRiskPercentage1
/ us-gaap_ConcentrationRiskByBenchmarkAxis
= us-gaap_SalesRevenueNetMember
/ us-gaap_MajorCustomersAxis
= nvec_CustomerMember		
        17.00%us-gaap_ConcentrationRiskPercentage1
/ us-gaap_ConcentrationRiskByBenchmarkAxis
= us-gaap_SalesRevenueNetMember
/ us-gaap_MajorCustomersAxis
= nvec_CustomerMember		
        14.00%us-gaap_ConcentrationRiskPercentage1
/ us-gaap_ConcentrationRiskByBenchmarkAxis
= us-gaap_SalesRevenueNetMember
/ us-gaap_MajorCustomersAxis
= nvec_CustomerMember		
        
      

      

        Customer B [Member] | Revenue [Member]
         
         
         
        
      

      

        Revenue, Major Customer [Line Items]
         
         
         
        
      

      

        Percentage of concentration
        16.00%us-gaap_ConcentrationRiskPercentage1
/ us-gaap_ConcentrationRiskByBenchmarkAxis
= us-gaap_SalesRevenueNetMember
/ us-gaap_MajorCustomersAxis
= nvec_CustomerBMember		
        19.00%us-gaap_ConcentrationRiskPercentage1
/ us-gaap_ConcentrationRiskByBenchmarkAxis
= us-gaap_SalesRevenueNetMember
/ us-gaap_MajorCustomersAxis
= nvec_CustomerBMember		
        15.00%us-gaap_ConcentrationRiskPercentage1
/ us-gaap_ConcentrationRiskByBenchmarkAxis
= us-gaap_SalesRevenueNetMember
/ us-gaap_MajorCustomersAxis
= nvec_CustomerBMember		
        
      

      

        Customer C [Member] | Revenue [Member]
         
         
         
        
      

      

        Revenue, Major Customer [Line Items]
         
         
         
        
      

      

        Percentage of concentration
        14.00%us-gaap_ConcentrationRiskPercentage1
/ us-gaap_ConcentrationRiskByBenchmarkAxis
= us-gaap_SalesRevenueNetMember
/ us-gaap_MajorCustomersAxis
= nvec_CustomerCMember		
        15.00%us-gaap_ConcentrationRiskPercentage1
/ us-gaap_ConcentrationRiskByBenchmarkAxis
= us-gaap_SalesRevenueNetMember
/ us-gaap_MajorCustomersAxis
= nvec_CustomerCMember		
        16.00%us-gaap_ConcentrationRiskPercentage1
/ us-gaap_ConcentrationRiskByBenchmarkAxis
= us-gaap_SalesRevenueNetMember
/ us-gaap_MajorCustomersAxis
= nvec_CustomerCMember		
        
      

      

        Customer D [Member] | Revenue [Member]
         
         
         
        
      

      

        Revenue, Major Customer [Line Items]
         
         
         
        
      

      

        Percentage of concentration
        12.00%us-gaap_ConcentrationRiskPercentage1
/ us-gaap_ConcentrationRiskByBenchmarkAxis
= us-gaap_SalesRevenueNetMember
/ us-gaap_MajorCustomersAxis
= nvec_CustomerDMember		
        10.00%us-gaap_ConcentrationRiskPercentage1
/ us-gaap_ConcentrationRiskByBenchmarkAxis
= us-gaap_SalesRevenueNetMember
/ us-gaap_MajorCustomersAxis
= nvec_CustomerDMember		
          
        [1]
      

      

        
      

      

        
          

            

              [1]
              Less than 10%
            

          

        		
      

    

    

      
      
      
      
      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Fair Value Measurements (Details) (USD $)

        		
        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
      

      

        Marketable securities, fair value
        $ 91,013,095us-gaap_AvailableForSaleSecurities
        $ 94,382,401us-gaap_AvailableForSaleSecurities
      

      

        Level 1 [Member]
         
         
      

      

        Marketable securities, fair value
        89,625,984us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member		
        89,934,059us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member		
      

      

        Level 2 [Member]
         
         
      

      

        Marketable securities, fair value
        $ 1,387,111us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member		
        $ 4,448,342us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member		
      

    

    

      
      
      
    

  




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  v2.4.1.9

      

        
          
Summary of Significant Accounting Policies (Schedule Of Weighted Average Number Of Shares) (Details)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
      

      

        Net Income per Share [Abstract]
         
         
         
      

      

        Weighted average common shares outstanding - basic
        4,855,504us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
        4,851,460us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
        4,839,810us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
      

      

        Stock options
        16,431us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
        15,639us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
        21,934us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
      

      

        Warrants
         
        592us-gaap_IncrementalCommonSharesAttributableToCallOptionsAndWarrants
        1,802us-gaap_IncrementalCommonSharesAttributableToCallOptionsAndWarrants
      

      

        Shares used in computing net income per share - diluted
        4,871,935us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
        4,867,691us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
        4,863,546us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
      

    

    

      
      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Concentrations (Schedule Of Revenue By Geographic Region) (Details) (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
      

      

        Revenue
        $ 30,584,088us-gaap_Revenues
        $ 25,934,907us-gaap_Revenues
        $ 27,033,419us-gaap_Revenues
      

      

        United States [Member]
         
         
         
      

      

        Revenue
        11,919,548us-gaap_Revenues
/ us-gaap_StatementGeographicalAxis
= country_US		
        11,159,443us-gaap_Revenues
/ us-gaap_StatementGeographicalAxis
= country_US		
        12,006,493us-gaap_Revenues
/ us-gaap_StatementGeographicalAxis
= country_US		
      

      

        Europe [Member]
         
         
         
      

      

        Revenue
        13,779,392us-gaap_Revenues
/ us-gaap_StatementGeographicalAxis
= us-gaap_EuropeMember		
        11,065,547us-gaap_Revenues
/ us-gaap_StatementGeographicalAxis
= us-gaap_EuropeMember		
        10,666,338us-gaap_Revenues
/ us-gaap_StatementGeographicalAxis
= us-gaap_EuropeMember		
      

      

        Asia [Member]
         
         
         
      

      

        Revenue
        4,318,209us-gaap_Revenues
/ us-gaap_StatementGeographicalAxis
= us-gaap_AsiaMember		
        3,374,202us-gaap_Revenues
/ us-gaap_StatementGeographicalAxis
= us-gaap_AsiaMember		
        3,979,862us-gaap_Revenues
/ us-gaap_StatementGeographicalAxis
= us-gaap_AsiaMember		
      

      

        Other Credit Derivatives [Member]
         
         
         
      

      

        Revenue
        $ 566,939us-gaap_Revenues
/ us-gaap_StatementGeographicalAxis
= us-gaap_OtherCreditDerivativesMember		
        $ 335,715us-gaap_Revenues
/ us-gaap_StatementGeographicalAxis
= us-gaap_OtherCreditDerivativesMember		
        $ 380,726us-gaap_Revenues
/ us-gaap_StatementGeographicalAxis
= us-gaap_OtherCreditDerivativesMember		
      

    

    

      
      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Marketable Securities (Narrative) (Details) (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
      

      

        Marketable Securities [Abstract]
         
         
      

      

        Gross unrealized losses
        $ 16,371us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses
        $ 251,582us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses
      

    

    

      
      
    

  




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  v2.4.1.9

      

        
          
Marketable Securities (Fair Value Of Marketable Securities By Maturity) (Details) (USD $)

        		
        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
      

      

        Marketable Securities [Abstract]
         
         
      

      

        Marketable securities, Total, fair value
        $ 91,013,095us-gaap_AvailableForSaleSecurities
        $ 94,382,401us-gaap_AvailableForSaleSecurities
      

      

        Marketable securities, debt maturities due within one year, fair value
        20,099,288us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
         
      

      

        Marketable securities, debt maturities due after one year through three years, fair value
        40,220,312nvec_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughThreeYearsFairValue
         
      

      

        Marketable securities, debt maturities due after three years through five years, fair value
        $ 30,693,495nvec_AvailableForSaleSecuritiesDebtMaturitiesAfterThreeThroughFiveYearsFairValue
         
      

    

    

      
      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Statements of Cash Flows (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
      

      

        OPERATING ACTIVITIES
         
         
         
      

      

        Net income
        $ 14,368,354us-gaap_NetIncomeLoss
        $ 11,135,875us-gaap_NetIncomeLoss
        $ 11,828,838us-gaap_NetIncomeLoss
      

      

        Adjustments to reconcile net income to net cash provided by operating activities:
         
         
         
      

      

        Depreciation
        934,371us-gaap_Depreciation
        844,339us-gaap_Depreciation
        647,163us-gaap_Depreciation
      

      

        Stock-based compensation
        58,960us-gaap_ShareBasedCompensation
        53,200us-gaap_ShareBasedCompensation
        66,720us-gaap_ShareBasedCompensation
      

      

        Excess tax benefits
        (24,288)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
        (57,472)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
        (15,734)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
      

      

        Deferred income taxes
        155,713us-gaap_DeferredIncomeTaxExpenseBenefit
        121,881us-gaap_DeferredIncomeTaxExpenseBenefit
        51,262us-gaap_DeferredIncomeTaxExpenseBenefit
      

      

        Changes in operating assets and liabilities:
         
         
         
      

      

        Accounts receivable
        (632,400)us-gaap_IncreaseDecreaseInAccountsReceivable
        189,821us-gaap_IncreaseDecreaseInAccountsReceivable
        163,445us-gaap_IncreaseDecreaseInAccountsReceivable
      

      

        Inventories
        (535,159)us-gaap_IncreaseDecreaseInInventories
        129,259us-gaap_IncreaseDecreaseInInventories
        (107,216)us-gaap_IncreaseDecreaseInInventories
      

      

        Prepaid expenses and other assets
        241,363us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
        141,871us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
        201,705us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
      

      

        Accounts payable and accrued expenses
        303,152us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
        (157,350)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
        (190,881)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
      

      

        Net cash provided by operating activities
        14,870,066us-gaap_NetCashProvidedByUsedInOperatingActivities
        12,401,424us-gaap_NetCashProvidedByUsedInOperatingActivities
        12,645,302us-gaap_NetCashProvidedByUsedInOperatingActivities
      

      

        INVESTING ACTIVITIES
         
         
         
      

      

        Purchases of fixed assets
        (185,007)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
        (160,718)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
        (1,824,324)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
      

      

        Purchases of marketable securities
        (8,997,086)us-gaap_PaymentsToAcquireMarketableSecurities
        (22,753,916)us-gaap_PaymentsToAcquireMarketableSecurities
        (27,209,753)us-gaap_PaymentsToAcquireMarketableSecurities
      

      

        Proceeds from maturities and sales of marketable securities
        12,160,000us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities
        10,055,000us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities
        17,194,000us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities
      

      

        Net cash used in investing activities
        2,977,907us-gaap_NetCashProvidedByUsedInInvestingActivities
        (12,859,634)us-gaap_NetCashProvidedByUsedInInvestingActivities
        (11,840,077)us-gaap_NetCashProvidedByUsedInInvestingActivities
      

      

        FINANCING ACTIVITIES
         
         
         
      

      

        Proceeds from sale of common stock
        302,701us-gaap_ProceedsFromIssuanceOfCommonStock
        416,760us-gaap_ProceedsFromIssuanceOfCommonStock
        144,188us-gaap_ProceedsFromIssuanceOfCommonStock
      

      

        Excess tax benefits
        24,288us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
        57,472us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
        15,734us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
      

      

        Repurchase of common stock
        0us-gaap_PaymentsForRepurchaseOfCommonStock
        (1,263,405)us-gaap_PaymentsForRepurchaseOfCommonStock
        0us-gaap_PaymentsForRepurchaseOfCommonStock
      

      

        Payment of dividends to shareholders
        (10,000,000)us-gaap_PaymentsOfDividendsCommonStock
        0us-gaap_PaymentsOfDividendsCommonStock
        0us-gaap_PaymentsOfDividendsCommonStock
      

      

        Net cash provided by financing activities
        (9,673,011)us-gaap_NetCashProvidedByUsedInFinancingActivities
        (789,173)us-gaap_NetCashProvidedByUsedInFinancingActivities
        159,922us-gaap_NetCashProvidedByUsedInFinancingActivities
      

      

        Increase (decrease) in cash and cash equivalents
        8,174,962us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
        (1,247,383)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
        965,147us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
      

      

        Cash and cash equivalents at beginning of period
        1,262,300us-gaap_CashAndCashEquivalentsAtCarryingValue
        2,509,683us-gaap_CashAndCashEquivalentsAtCarryingValue
        1,544,536us-gaap_CashAndCashEquivalentsAtCarryingValue
      

      

        Cash and cash equivalents at end of period
        9,437,262us-gaap_CashAndCashEquivalentsAtCarryingValue
        1,262,300us-gaap_CashAndCashEquivalentsAtCarryingValue
        2,509,683us-gaap_CashAndCashEquivalentsAtCarryingValue
      

      

        Supplemental disclosures of cash flow information:
         
         
         
      

      

        Cash (refunded) paid during the period for income taxes
        $ 6,800,000us-gaap_IncomeTaxesPaid
        $ 5,263,033us-gaap_IncomeTaxesPaid
        $ 5,202,616us-gaap_IncomeTaxesPaid
      

    

    

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
    

  




XML
35
R32.htm
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  v2.4.1.9

      

        
          
Marketable Securities (Amortized Cost And Approximate Fair Values Of Marketable Securities) (Details) (USD $)

        		
        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
      

      

        Schedule of Investments [Line Items]
         
         
      

      

        Adjusted Cost
        $ 89,840,725us-gaap_AvailableForSaleSecuritiesAmortizedCost
        $ 93,003,640us-gaap_AvailableForSaleSecuritiesAmortizedCost
      

      

        Gross Unrealized Gains
        1,188,741us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
        1,630,343us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
      

      

        Gross Unrealized Losses
        (16,371)us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
        (251,582)us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
      

      

        Fair Market Value
        91,013,095us-gaap_AvailableForSaleSecurities
        94,382,401us-gaap_AvailableForSaleSecurities
      

      

        Corporate Bonds [Member]
         
         
      

      

        Schedule of Investments [Line Items]
         
         
      

      

        Adjusted Cost
        88,456,886us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
        88,567,210us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
      

      

        Gross Unrealized Gains
        1,185,469us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
        1,613,822us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
      

      

        Gross Unrealized Losses
        (16,371)us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
        (246,973)us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
      

      

        Fair Market Value
        89,625,984us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
        89,934,059us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember		
      

      

        Municipal Bonds [Member]
         
         
      

      

        Schedule of Investments [Line Items]
         
         
      

      

        Adjusted Cost
        1,383,839us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember		
        4,436,430us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember		
      

      

        Gross Unrealized Gains
        3,272us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember		
        16,521us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember		
      

      

        Gross Unrealized Losses
         
        (4,609)us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember		
      

      

        Fair Market Value
        $ 1,387,111us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember		
        $ 4,448,342us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember		
      

    

    

      
      
      
      
      
      
      
    

  




XML
36
R40.htm
IDEA: XBRL DOCUMENT


  
    
    
    
  v2.4.1.9

      

        
          
Income Taxes (Schedule Of Income Tax Provisions) (Details) (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
      

      

        Income Taxes [Abstract]
         
         
         
      

      

        Current, Federal
        $ 6,608,923us-gaap_CurrentFederalTaxExpenseBenefit
        $ 5,010,734us-gaap_CurrentFederalTaxExpenseBenefit
        $ 5,314,876us-gaap_CurrentFederalTaxExpenseBenefit
      

      

        Current, State
        330,971us-gaap_CurrentStateAndLocalTaxExpenseBenefit
        304,931us-gaap_CurrentStateAndLocalTaxExpenseBenefit
        377,215us-gaap_CurrentStateAndLocalTaxExpenseBenefit
      

      

        Deferred, Federal
        125,070us-gaap_DeferredFederalIncomeTaxExpenseBenefit
        61,306us-gaap_DeferredFederalIncomeTaxExpenseBenefit
        34,718us-gaap_DeferredFederalIncomeTaxExpenseBenefit
      

      

        Deferred, State
        6,356us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit
        3,103us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit
        810us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit
      

      

        Income Tax Expense (Benefit), Total
        $ 7,071,320us-gaap_IncomeTaxExpenseBenefit
        $ 5,380,074us-gaap_IncomeTaxExpenseBenefit
        $ 5,727,619us-gaap_IncomeTaxExpenseBenefit
      

    

    

      
      
      
      
      
      
    

  




XML
37
R2.htm
IDEA: XBRL DOCUMENT


  
    
    
    
  v2.4.1.9

      

        
          
Balance Sheets (USD $)

        		
        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
      

      

        ASSETS
         
         
      

      

        Cash and cash equivalents
        $ 9,437,262us-gaap_CashAndCashEquivalentsAtCarryingValue
        $ 1,262,300us-gaap_CashAndCashEquivalentsAtCarryingValue
      

      

        Marketable securities, short term
        20,099,288us-gaap_MarketableSecuritiesCurrent
        12,360,091us-gaap_MarketableSecuritiesCurrent
      

      

        Accounts receivable, net of allowance for uncollectible accounts of $15,000
        2,963,974us-gaap_AccountsReceivableNetCurrent
        2,331,574us-gaap_AccountsReceivableNetCurrent
      

      

        Inventories
        3,742,492us-gaap_InventoryNet
        3,207,333us-gaap_InventoryNet
      

      

        Deferred tax assets
        102,052us-gaap_DeferredTaxAssetsLiabilitiesNetCurrent
        237,387us-gaap_DeferredTaxAssetsLiabilitiesNetCurrent
      

      

        Prepaid expenses and other assets
        574,913us-gaap_PrepaidExpenseAndOtherAssetsCurrent
        816,276us-gaap_PrepaidExpenseAndOtherAssetsCurrent
      

      

        Total current assets
        36,919,981us-gaap_AssetsCurrent
        20,214,961us-gaap_AssetsCurrent
      

      

        Fixed assets
         
         
      

      

        Machinery and equipment
        8,604,926us-gaap_MachineryAndEquipmentGross
        8,536,010us-gaap_MachineryAndEquipmentGross
      

      

        Leasehold improvements
        1,524,298us-gaap_LeaseholdImprovementsGross
        1,499,454us-gaap_LeaseholdImprovementsGross
      

      

        Gross fixed assets
        10,129,224us-gaap_PropertyPlantAndEquipmentGross
        10,035,464us-gaap_PropertyPlantAndEquipmentGross
      

      

        Less accumulated depreciation
        7,873,816us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
        7,030,692us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
      

      

        Net fixed assets
        2,255,408us-gaap_PropertyPlantAndEquipmentNet
        3,004,772us-gaap_PropertyPlantAndEquipmentNet
      

      

        Marketable securities, long term
        70,913,807us-gaap_MarketableSecuritiesNoncurrent
        82,022,310us-gaap_MarketableSecuritiesNoncurrent
      

      

        Total assets
        110,089,196us-gaap_Assets
        105,242,043us-gaap_Assets
      

      

        LIABILITIES AND SHAREHOLDERS' EQUITY
         
         
      

      

        Accounts payable
        358,818us-gaap_AccountsPayableCurrent
        374,127us-gaap_AccountsPayableCurrent
      

      

        Accrued payroll and other
        1,127,136us-gaap_EmployeeRelatedLiabilitiesCurrent
        808,675us-gaap_EmployeeRelatedLiabilitiesCurrent
      

      

        Total current liabilities
        1,485,954us-gaap_LiabilitiesCurrent
        1,182,802us-gaap_LiabilitiesCurrent
      

      

        Long-term deferred tax liabilities
        275,708us-gaap_DeferredTaxLiabilitiesNoncurrent
        354,600us-gaap_DeferredTaxLiabilitiesNoncurrent
      

      

        Shareholders' equity
         
         
      

      

        Common stock, $0.01 par value, 6,000,000 shares authorized; 4,857,953 issued and outstanding as of March 31, 2015 and 4,851,043 issued and outstanding as of March 31, 2014
        48,580us-gaap_CommonStockValue
        48,510us-gaap_CommonStockValue
      

      

        Additional paid-in capital
        20,850,762us-gaap_AdditionalPaidInCapitalCommonStock
        20,464,883us-gaap_AdditionalPaidInCapitalCommonStock
      

      

        Accumulated other comprehensive income
        746,447us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
        877,857us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
      

      

        Retained earnings
        86,681,745us-gaap_RetainedEarningsAccumulatedDeficit
        82,313,391us-gaap_RetainedEarningsAccumulatedDeficit
      

      

        Total shareholders' equity
        108,327,534us-gaap_StockholdersEquity
        103,704,641us-gaap_StockholdersEquity
      

      

        Total liabilities and shareholders' equity
        $ 110,089,196us-gaap_LiabilitiesAndStockholdersEquity
        $ 105,242,043us-gaap_LiabilitiesAndStockholdersEquity
      

    

    

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
    

  




XML
38
R45.htm
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  v2.4.1.9

      

        
          
Commitments and Contingencies (Details) (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
      

      

        Commitments and Contingencies [Abstract]
         
         
         
      

      

        Lease payments
        $ 269,473us-gaap_PaymentsForProceedsFromLoansAndLeases
        $ 265,357us-gaap_PaymentsForProceedsFromLoansAndLeases
        $ 259,823us-gaap_PaymentsForProceedsFromLoansAndLeases
      

      

        2014
        269,662us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent
         
         
      

      

        2015
        270,677us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears
         
         
      

      

        2016
        274,736us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears
         
         
      

      

        2017
        277,831us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears
         
         
      

      

        2018
        281,765us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears
         
         
      

      

        2019
        213,727nvec_OperatingLeasesFutureMinimumPaymentsDueInSixYears
         
         
      

      

        Total
        $ 1,588,398us-gaap_OperatingLeasesFutureMinimumPaymentsDue
         
         
      

    

    

      
      
      
      
      
      
      
      
      
    

  




XML
39
R6.htm
IDEA: XBRL DOCUMENT


  
    
    
    
  v2.4.1.9

      

        
          
Statements of Shareholders Equity (USD $)

        		
        
          
Common Stock [Member]

        		
        
          
Additional Paid-In Capital [Member]

        		
        
          
Accumulated Other Comprehensive Income (Loss) [Member]

        		
        
          
Retained Earnings [Member]

        		
        
          
Total

        		
      

      

        Balance at Mar. 31, 2012
        $ 48,247us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        $ 20,974,477us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
        $ 1,087,456us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember		
        $ 59,348,678us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember		
        $ 81,458,858us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
      

      

        Balance, shares at Mar. 31, 2012
        4,824,745us-gaap_SharesIssued
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
         
         
         
         
      

      

        Exercise of stock options and warrants
        377nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        143,811nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
        0nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember		
        0nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember		
        144,188nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
      

      

        Exercise of stock options and warrants, shares
        37,691nvec_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
         
         
         
         
      

      

        Comprehensive income:
         
         
         
         
         
      

      

        Unrealized gain (loss) on marketable securities, net of tax
        0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
        470,270us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember		
        0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember		
        470,270us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
      

      

        Net income
         
         
         
        11,828,838us-gaap_NetIncomeLoss
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember		
        11,828,838us-gaap_NetIncomeLoss
      

      

        Comprehensive income
         
         
         
         
        12,299,108us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
      

      

        Stock-based compensation
        0us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        66,720us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
        0us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember		
        0us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember		
        66,720us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
      

      

        Tax benefit of stock-based compensation
         
        15,734us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
         
         
        15,734us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
      

      

        Balance at Mar. 31, 2013
        48,624us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        21,200,742us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
        1,557,726us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember		
        71,177,516us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember		
        93,984,608us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
      

      

        Balance, Shares at Mar. 31, 2013
        4,862,436us-gaap_SharesIssued
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
         
         
         
         
      

      

        Exercise of stock options and warrants
        140nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        416,620nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
        0nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember		
        0nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember		
        416,760nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
      

      

        Exercise of stock options and warrants, shares
        14,000nvec_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
         
         
         
         
      

      

        Repurchase of common stock
        (254)us-gaap_StockRepurchasedAndRetiredDuringPeriodValue
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        (1,263,151)us-gaap_StockRepurchasedAndRetiredDuringPeriodValue
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
         
         
        (1,263,405)us-gaap_StockRepurchasedAndRetiredDuringPeriodValue
      

      

        Repurchase of common stock, shares
        (25,393)us-gaap_StockRepurchasedAndRetiredDuringPeriodShares
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
         
         
         
         
      

      

        Comprehensive income:
         
         
         
         
         
      

      

        Unrealized gain (loss) on marketable securities, net of tax
        0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
        (679,869)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember		
         
        (679,869)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
      

      

        Net income
        0us-gaap_NetIncomeLoss
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        0us-gaap_NetIncomeLoss
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
        0us-gaap_NetIncomeLoss
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember		
        11,135,875us-gaap_NetIncomeLoss
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember		
        11,135,875us-gaap_NetIncomeLoss
      

      

        Comprehensive income
         
         
         
         
        10,456,006us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
      

      

        Stock-based compensation
         
        53,200us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
         
         
        53,200us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
      

      

        Tax benefit of stock-based compensation
         
        57,472us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
         
         
        57,472us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
      

      

        Balance at Mar. 31, 2014
        48,510us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        20,464,883us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
        877,857us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember		
        82,313,391us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember		
        103,704,641us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
      

      

        Balance, Shares at Mar. 31, 2014
        4,851,043us-gaap_SharesIssued
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
         
         
         
         
      

      

        Exercise of stock options and warrants
        70nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        302,631nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
        0nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember		
        0nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember		
        302,701nvec_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
      

      

        Exercise of stock options and warrants, shares
        6,910nvec_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
         
         
         
         
      

      

        Comprehensive income:
         
         
         
         
         
      

      

        Unrealized gain (loss) on marketable securities, net of tax
        0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
        (131,410)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember		
         
        (131,410)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
      

      

        Net income
        0us-gaap_NetIncomeLoss
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        0us-gaap_NetIncomeLoss
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
        0us-gaap_NetIncomeLoss
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember		
        14,368,354us-gaap_NetIncomeLoss
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember		
        14,368,354us-gaap_NetIncomeLoss
      

      

        Comprehensive income
         
         
         
         
        14,236,944us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
      

      

        Stock-based compensation
         
        58,960us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
         
         
        58,960us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
      

      

        Tax benefit of stock-based compensation
         
        24,288us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
         
         
        24,288us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
      

      

        Cash dividends declared ($2.06 per share of common stock)
         
         
         
        (10,000,000)us-gaap_DividendsCommonStockCash
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember		
        (10,000,000)us-gaap_DividendsCommonStockCash
      

      

        Balance at Mar. 31, 2015
        $ 48,580us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
        $ 20,850,762us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember		
        $ 746,447us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember		
        $ 86,681,745us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember		
        $ 108,327,534us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
      

      

        Balance, Shares at Mar. 31, 2015
        4,857,953us-gaap_SharesIssued
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		
         
         
         
         
      

    

    

      
      
      
      
      
      
      
      
      
      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Stock-Based Compensation (Narrative) (Details) (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
      

      

        Stock-based compensation expense
        $ 58,960us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
        $ 53,200us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
        $ 66,720us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
      

      

        Vesting period
        5 years
         
         
      

      

        Dividend yield
        0.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
        0.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
        0.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
      

      

        Deferred tax assets increased from stock-based compensation
        21,420us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
        19,327us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
         
      

      

        Intrinsic value of options exercised
        160,056us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
         
         
      

      

        Intrinsic value of options outstanding
        1,242,623us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
         
         
      

      

        Fair value of option grants
        $ 58,960nvec_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodFairValue
         
         
      

      

        Maximum [Member]
         
         
         
      

      

        Exercisable lives
        10 years
         
         
      

      

        Minimum [Member]
         
         
         
      

      

        Exercisable lives
        1 year
         
         
      

      

        Options [Member]
         
         
         
      

      

        Exercisable lives
        3 years 6 months
        4 years 2 months 12 days
        4 years 7 months 6 days
      

      

        Warrants [Member]
         
         
         
      

      

        Exercisable lives
         
        4 months 24 days
        10 months 24 days
      

    

    

      
      
      
      
      
      
      
      
      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Marketable Securities (Tables)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Marketable Securities [Abstract]
         
      

      

        Marketable Securities
        
 


 
 
 
 
 
 
 
 
 
 
 


Total
 
<1 Year
 
1–3 Years
 
3–5 Years


$
91,013,095
 
$
20,099,288
 
$
40,220,312
 
$
30,693,495
 

      

      

        Amortized Cost And Approximate Fair Values Of Marketable Securities
        
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
As of March 31, 2015
 
As of March 31, 2014



Adjusted
Cost		
 
Gross
Unrealized
Gains		
 
Gross
Unrealized
Losses		
 
Fair
Market
Value		

Adjusted
Cost		
 
Gross
Unrealized
Gains		
 
Gross
Unrealized
Losses		
 
Fair
Market
Value


Corporate bonds
$
88,456,886

  
$
1,185,469
  
$
(16,371
)
  
$
89,625,984
  
$
88,567,210
  
$
1,613,822
  
$
(246,973
)
  
$
89,934,059


Municipal bonds  
1,383,839
 
3,272
 
-
 
 
1,387,111
 
4,436,430
 
16,521

 
(4,609
)
 
4,448,342


Total
$
89,840,725
 
$
1,188,741
 
$
(16,371
)
 
$
91,013,095
 
$
93,003,640
 
$
1,630,343
 
$
(251,582
)
 
$
94,382,401
 

      

      

        Gross Unrealized Losses And Fair Values Of Investments By Investment Category And Length Of Time
        
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
Less Than 12 Months
 
12 Months or Greater
 
Total


Fair
Market
Value		
 
Gross
Unrealized
Losses		
Fair
Market
Value		
 
Gross
Unrealized
Losses		
Fair
Market
Value		
 
Gross
Unrealized
Losses


As of March 31, 2015


 
Corporate bonds
$
3,015,900 

 
$
(163

)
 
$
2,590,240
 
$
(16,208

)
 
$
5,606,140
 
$
(16,371
)


 
Municipal bonds  
-
 
-
 
 
-
 
-
 
 
-
 
-
 


 
Total
$
3,015,900
 
$
(163
)
 
$
2,590,240
 
$
(16,208

)
 
$
5,606,140
 
$
(16,371
)


As of March 31, 2014


 
Corporate bonds
$
34,761,683
 
$
(246,973
)
 
$
-
 
$
-
 
 
$
34,761,683
 
$
(246,973
)


 
Municipal bonds  
1,418,742
 
(4,609
)
 
-
 
-
 
 
1,418,742
 
(4,609
)


 
Total
$
36,180,425
 
$
(251,582
)
 
$
-
 
$
-
 
 
$
36,180,425
 
$
(251,582
)
 

      

    

    

      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Stock-Based Compensation (Schedule Of Valuation Assumptions) (Details)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
      

      

        Stock-Based Compensation [Abstract]
         
         
         
      

      

        Risk-free interest rate
        1.60%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
        1.40%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
        0.70%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
      

      

        Expected volatility
        24.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
        30.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
        38.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
      

      

        Expected life (years)
        4 years 2 months 12 days
        4 years 3 months 18 days
        4 years 1 month 6 days
      

      

        Dividend yield
        0.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
        0.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
        0.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
      

    

    

      
      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Stock-Based Compensation (Tables)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Stock-Based Compensation [Abstract]
         
      

      

        Schedule Of Valuation Assumptions
        
 


 
 
 
 
 
 
 
 
 


 
Year Ended March 31


2015
 
2014
 
2013


Risk-free interest rate
1.6
%
 
1.4
%
 
0.7
%


Expected volatility
24
%
 
30
%
 
38
%


Expected life (years)
4.2
 
 
4.3
 
 
4.1
 


Dividend yield
0
%
 
0
%
 
0
%
 

      

      

        Summary Of Options Outstanding
        
 


 
 
 
 
 
 
 
 


Ranges of
Exercise Prices		
    
Number
Outstanding		
    
Weighted Average
Exercise Price		
    
Weighted Remaining
Contractual Life (years)


$  15.08 - 16.33
 
18,090
 
$
16.19
 
0.8


31.27 - 42.45
 
5,000
 
 
37.12
 
3.8


51.04 - 67.69
 
12,000
 
58.11
 
7.5


 
 
35,090
 
$
33.51
 
3.5
 

      

      

        Summary Of Stock Options And Warrants
        
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
Option Shares
Reserved		
     
Options
Outstanding		
     
Weighted Average
Option Exercise Price		
     
Warrants
Outstanding		
     
Weighted Average
Warrant Exercise Price


At March 31, 2012
162,230
 
 
109,000
 
 
$
25.85
 
10,000
 
 
$
16.28





Granted

(4,000
)
 
4,000
 
 
$
54.11
 
-
 
 
 
-





Exercised

-
 
 
(64,000
)
 
$
24.23
 
-
 
 
-





Terminated

-
 
 
-
 
 
$
-
 
(6,000
)
 
 
7.35


At March 31, 2013   
158,230
 
 
49,000
 
 
$
30.27
 
4,000
 
 
$
29.69





Granted

(4,000
)
 
4,000
 
 
$
49.86
 
-
 
 
 
-





Exercised

-
 
 
(14,000
)
 
$
29.77
 
-
 
 
-





Terminated

1,000
 
 
(1,000
)
 
$
58.27
 
(2,000
)
 
 
21.99


At March 31, 2014  
155,230
 
 
38,000
 
 
$
31.78
 
2,000
 
 
$
37.38





Granted

(4,000
)
 
4,000
 
 
$
67.69
 
-
 
 
 
-





Exercised

-
 
 
(6,910
)
 
$
43.81
 
-
 
 
-





Terminated

-
 
 
-
 
 
$
-
 
(2,000
)
 
 
37.38


At March 31, 2015 
151,230
 
 
35,090
 
 
$
33.51
 
-
 
 
$
-
 

      

    

    

      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Statements of Shareholders Equity (Parenthetical) (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
      

      

        Statement of Stockholders' Equity
         
         
         
      

      

        Cash dividends declared per common share
        $ 2.06us-gaap_CommonStockDividendsPerShareCashPaid
        $ 0us-gaap_CommonStockDividendsPerShareCashPaid
        $ 0us-gaap_CommonStockDividendsPerShareCashPaid
      

    

    

      
      
    

  




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Balance Sheets (Parenthetical) (USD $)

        		
        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
      

      

        Balance Sheets
         
         
      

      

        Accounts receivable, allowance for uncollectible accounts
        $ 15,000us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent
        $ 15,000us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent
      

      

        Common stock par value
        $ 0.01us-gaap_CommonStockParOrStatedValuePerShare
        $ 0.01us-gaap_CommonStockParOrStatedValuePerShare
      

      

        Common stock, shares authorized
        6,000,000us-gaap_CommonStockSharesAuthorized
        6,000,000us-gaap_CommonStockSharesAuthorized
      

      

        Common stock shares, issued
        4,857,953us-gaap_CommonStockSharesIssued
        4,851,043us-gaap_CommonStockSharesIssued
      

      

        Common stock shares, outstanding
        4,857,953us-gaap_CommonStockSharesOutstanding
        4,851,043us-gaap_CommonStockSharesOutstanding
      

    

    

      
      
      
      
      
      
    

  




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Commitments and Contingencies

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Commitments and Contingencies [Abstract]
         
      

      

        Commitments and Contingencies
        
 NOTE 9. COMMITMENTS AND CONTINGENCIES
     Lease payments were $269,473 for fiscal 2015, $265,357 for fiscal 2014, and $259,823 for fiscal 2013. The operating lease for our facility expires December 31, 2020. We pay operating expenses including maintenance, utilities, real estate taxes, and insurance in addition to rental payments. We also lease a piece of office equipment under an operating lease expiring October 2018 with payments due quarterly.
 
     The following table shows our future minimum lease payments:
 





 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Year Ending March 31
 


2016
 
2017
 
2018
 
2019
 
2020
 
2021
 
Total


$
269,662
 
$
270,677
 
$
274,736
 
$
277,831
 
$
281,765
 
$
213,727
 
$
1,588,398
 
 

      

    

    

      
      
    

  




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  v2.4.1.9

      

        
          
Document and Entity Information (USD $)
In Millions, except Share data, unless otherwise specified

        		
        12 Months Ended
        
        
      

      

        
          
Mar. 31, 2015

        		
        
          
May 01, 2015

        		
        
          
Sep. 30, 2014

        		
      

      

        Document and Entity Information [Abstract]
         
         
         
      

      

        Document Type
        10-K
         
         
      

      

        Amendment Flag
        false
         
         
      

      

        Document Period End Date
        Mar. 31,  2015
         
         
      

      

        Document Fiscal Period Focus
        FY
         
         
      

      

        Document Fiscal Year Focus
        2015
         
         
      

      

        Entity Registrant Name
        NVE CORP /NEW/
         
         
      

      

        Entity Central Index Key
        0000724910
         
         
      

      

        Current Fiscal Year End Date
        --03-31
         
         
      

      

        Entity Filer Category
        Accelerated Filer
         
         
      

      

        Entity Common Stock, Shares Outstanding
         
        4,857,953dei_EntityCommonStockSharesOutstanding
         
      

      

        Entity Current Reporting Status
        Yes
         
         
      

      

        Entity Public Float
         
         
        $ 157dei_EntityPublicFloat
      

      

        Entity Voluntary Filers
        No
         
         
      

      

        Entity Well-known Seasoned Issuer
        No
         
         
      

    

    

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Stock Repurchase Plan

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Stock Repurchase Plan [Abstract]
         
      

      

        Stock Repurchase Plan
        
 
NOTE 10. STOCK REPURCHASE PROGRAM
     Our authorized stock is stated as six million shares of common stock, $0.01 par value, and ten million shares of all types. Our Board may designate any series and fix any relative rights and preferences to authorized but undesignated stock.

     On January 21, 2009 we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock, $1,236,595 of which remained available as of March 31, 2015. We repurchased 25,393 shares for $1,263,405 in Fiscal 2014, and we did not repurchase any Common Stock in fiscal 2015 or fiscal 2013. The repurchase program may be modified or discontinued at any time without notice.
 

      

    

    

      
      
    

  




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  v2.4.1.9

      

        
          
Statements of Income (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
      

      

        Revenue
         
         
         
      

      

        Product sales
        $ 29,894,045us-gaap_SalesRevenueGoodsNet
        $ 25,512,028us-gaap_SalesRevenueGoodsNet
        $ 24,434,823us-gaap_SalesRevenueGoodsNet
      

      

        Contract research and development
        690,043us-gaap_ContractsRevenue
        422,879us-gaap_ContractsRevenue
        2,598,596us-gaap_ContractsRevenue
      

      

        Total revenue
        30,584,088us-gaap_Revenues
        25,934,907us-gaap_Revenues
        27,033,419us-gaap_Revenues
      

      

        Cost of sales
        6,019,868us-gaap_CostOfRevenue
        5,720,277us-gaap_CostOfRevenue
        7,025,181us-gaap_CostOfRevenue
      

      

        Gross profit
        24,564,220us-gaap_GrossProfit
        20,214,630us-gaap_GrossProfit
        20,008,238us-gaap_GrossProfit
      

      

        Expenses
         
         
         
      

      

        Selling, general , and administrative
        2,312,076us-gaap_SellingGeneralAndAdministrativeExpense
        2,235,475us-gaap_SellingGeneralAndAdministrativeExpense
        2,240,563us-gaap_SellingGeneralAndAdministrativeExpense
      

      

        Research and development
        3,000,193us-gaap_ResearchAndDevelopmentExpense
        3,585,339us-gaap_ResearchAndDevelopmentExpense
        2,570,821us-gaap_ResearchAndDevelopmentExpense
      

      

        Total expenses
        5,312,269us-gaap_OperatingExpenses
        5,820,814us-gaap_OperatingExpenses
        4,811,384us-gaap_OperatingExpenses
      

      

        Income from operations
        19,251,951us-gaap_OperatingIncomeLoss
        14,393,816us-gaap_OperatingIncomeLoss
        15,196,854us-gaap_OperatingIncomeLoss
      

      

        Interest income
        2,187,723us-gaap_InvestmentIncomeInterest
        2,122,133us-gaap_InvestmentIncomeInterest
        2,359,603us-gaap_InvestmentIncomeInterest
      

      

        Income before taxes
        21,439,674us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
        16,515,949us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
        17,556,457us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
      

      

        Provision for income taxes
        7,071,320us-gaap_IncomeTaxExpenseBenefit
        5,380,074us-gaap_IncomeTaxExpenseBenefit
        5,727,619us-gaap_IncomeTaxExpenseBenefit
      

      

        Net income
        $ 14,368,354us-gaap_NetIncomeLoss
        $ 11,135,875us-gaap_NetIncomeLoss
        $ 11,828,838us-gaap_NetIncomeLoss
      

      

        Net income per share - basic
        $ 2.96us-gaap_EarningsPerShareBasic
        $ 2.30us-gaap_EarningsPerShareBasic
        $ 2.44us-gaap_EarningsPerShareBasic
      

      

        Net income per share - diluted
        $ 2.95us-gaap_EarningsPerShareDiluted
        $ 2.29us-gaap_EarningsPerShareDiluted
        $ 2.43us-gaap_EarningsPerShareDiluted
      

      

        Cash dividends declared per common share
        $ 2.06us-gaap_CommonStockDividendsPerShareCashPaid
        $ 0us-gaap_CommonStockDividendsPerShareCashPaid
        $ 0us-gaap_CommonStockDividendsPerShareCashPaid
      

      

        Weighted average shares outstanding
         
         
         
      

      

        Basic
        4,855,504us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
        4,851,460us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
        4,839,810us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
      

      

        Diluted
        4,871,935us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
        4,867,691us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
        4,863,546us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
      

    

    

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Marketable Securities

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Marketable Securities [Abstract]
         
      

      

        Marketable Securities
        
 NOTE 4. MARKETABLE SECURITIES
     Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of March 31, 2015, by maturity, were as follows:






 
 
 
 
 
 
 
 
 
 
 


Total
 
<1 Year
 
1–3 Years
 
3–5 Years


$
91,013,095
 
$
20,099,288
 
$
40,220,312
 
$
30,693,495
  
     As of March 31, 2015 and 2014 our marketable securities were as follows:






 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
As of March 31, 2015
 
As of March 31, 2014



Adjusted
Cost		
 
Gross
Unrealized
Gains		
 
Gross
Unrealized
Losses		
 
Fair
Market
Value		

Adjusted
Cost		
 
Gross
Unrealized
Gains		
 
Gross
Unrealized
Losses		
 
Fair
Market
Value


Corporate bonds
$
88,456,886

  
$
1,185,469
  
$
(16,371
)
  
$
89,625,984
  
$
88,567,210
  
$
1,613,822
  
$
(246,973
)
  
$
89,934,059


Municipal bonds  
1,383,839
 
3,272
 
-
 
 
1,387,111
 
4,436,430
 
16,521

 
(4,609
)
 
4,448,342


Total
$
89,840,725
 
$
1,188,741
 
$
(16,371
)
 
$
91,013,095
 
$
93,003,640
 
$
1,630,343
 
$
(251,582
)
 
$
94,382,401

     The following table shows the gross unrealized losses and fair value of our investments with unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position as of March 31, 2015 and 2014:






 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
Less Than 12 Months
 
12 Months or Greater
 
Total


Fair
Market
Value		
 
Gross
Unrealized
Losses		
Fair
Market
Value		
 
Gross
Unrealized
Losses		
Fair
Market
Value		
 
Gross
Unrealized
Losses


As of March 31, 2015


 
Corporate bonds
$
3,015,900 

 
$
(163

)
 
$
2,590,240
 
$
(16,208

)
 
$
5,606,140
 
$
(16,371
)


 
Municipal bonds  
-
 
-
 
 
-
 
-
 
 
-
 
-
 


 
Total
$
3,015,900
 
$
(163
)
 
$
2,590,240
 
$
(16,208

)
 
$
5,606,140
 
$
(16,371
)


As of March 31, 2014


 
Corporate bonds
$
34,761,683
 
$
(246,973
)
 
$
-
 
$
-
 
 
$
34,761,683
 
$
(246,973
)


 
Municipal bonds  
1,418,742
 
(4,609
)
 
-
 
-
 
 
1,418,742
 
(4,609
)


 
Total
$
36,180,425
 
$
(251,582
)
 
$
-
 
$
-
 
 
$
36,180,425
 
$
(251,582
)
 
      Gross unrealized losses totaled $16,371 as of March 31, 2015, and were attributed to two corporate bonds out of a portfolio of 31 bonds. The gross unrealized losses were due to market-price decreases after the bonds were purchased.

     All of the bonds we held had investment-grade credit ratings by Moody's or Standard and Poor's. For each bond with an unrealized loss, we expect to recover the entire cost basis of each security based on our consideration of factors including their credit ratings, the underlying ratings of insured bonds, and historical default rates for securities of comparable credit rating.

     One corporate bond, with a fair market value of $2,590,240 had been in continuous unrealized loss positions for 12 months or greater. For this security, we also considered the severity of unrealized loss, which was less than 1% of adjusted cost.

     Because we expect to recover the cost basis of investments held, we do not consider any of our marketable securities to be other-than-temporarily impaired at March 31, 2015.

 

      

    

    

      
      
    

  




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  v2.4.1.9

      

        
          
Fair Value Measurements

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Fair Value Measurements [Abstract]
         
      

      

        Fair Value Measurements
        
 
NOTE 3. FAIR VALUE MEASUREMENTS
     Generally accepted accounting principles establish a framework for measuring fair value, provide a definition of fair value and prescribe required disclosures about fair-value measurements. Generally accepted accounting principles define fair value as the price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Generally accepted accounting principles utilize a valuation hierarchy for disclosure of fair value measurements. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The categories within the valuation hierarchy are described as follows:

     Level 1 – Financial instruments with quoted prices in active markets for identical assets or liabilities. Our Level 1 financial instruments consist of publicly-traded marketable corporate debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in "Marketable securities, short term" and "Marketable securities, long term." The fair value of our Level 1 marketable securities was $89,625,984 at March 31, 2015 and $89,934,059 at March 31, 2014.

     Level 2 – Financial instruments with quoted prices in active markets for similar assets or liabilities. Level 2 fair value measurements are determined using either prices for similar instruments or inputs that are either directly or indirectly observable, such as interest rates. Our Level 2 financial instruments consist of municipal debt securities, which are classified as available-for-sale. We held one Level 2 marketable security at March 31, 2015, with a fair value of $1,387,111. The fair value of our Level 2 marketable securities was $4,448,342 at March 31, 2014. On the balance sheets, these securities are included in "Marketable securities, short term" and "Marketable securities, long term." 

     Level 3 – Inputs to the fair value measurement are unobservable inputs or valuation techniques. We do not have any financial assets or liabilities being measured at fair value that are classified as Level 3 financial instruments.
 

      

    

    

      
      
    

  




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  v2.4.1.9

      

        
          
Inventories (Tables)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Inventories [Abstract]
         
      

      

        Schedule Of Inventories
        
 


 
 
 
 
 
 


 
March 31


2015
 
2014


Raw materials
$
738,169
 
$
776,510


Work in process
 
2,302,751
 
 
1,900,098


Finished goods
701,572
 
530,725


Total inventories
$
3,742,492
 
$
3,207,333
 

      

    

    

      
      
    

  




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  v2.4.1.9

      

        
          
Information as to Employee Stock Purchase, Savings, And Similar Plans

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Information as to Employee Stock Purchase, Savings, And Similar Plans [Abstract]
         
      

      

        Information As To Employee Stock Purchase, Savings, And Similar Plans
        
 
NOTE 11. 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 21. 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 $105,554 for fiscal 2015, $101,100 for fiscal 2014, and $105,370 for fiscal 2013.
 
 

      

    

    

      
      
    

  




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  v2.4.1.9

      

        
          
Income Taxes

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Income Taxes [Abstract]
         
      

      

        Income Taxes
        
 NOTE 7. INCOME TAXES
     Income tax provisions for fiscal 2013 through 2015 consisted of the following:






 
 
 
 
 
 
 
 
 
 
 
 


 
Year Ended March 31


2015
 
2014
 
2013


Current taxes





Federal

$
6,608,923
 
 
$
5,010,734
 
 
$
5,314,876
 





State

330,971
 
 
304,931
 
 
377,215
 


Deferred taxes





Federal

125,070
 
 
61,306
 
 
34,718
 





State

6,356
 
 
3,103
 
 
810
 


Income tax provision
$
7,071,320
 
 
$
5,380,074
 
 
$
5,727,619
 
 
 
    A reconciliation of income tax provisions at the U.S. statutory rate for fiscal 2013 through 2015 is as follows:
 





 
 
 
 
 
 
 
 
 
 
 
 


 
Year Ended March 31


2015
 
2014
 
2013


Tax expense at U.S. statutory rate
$
7,503,886
 
 
$
5,667,281
 
 
$
6,046,264
 


State income taxes, net of Federal benefit
 
216,518
 
 
 
199,751
 
 
 
244,691
 


Domestic manufacturing deduction
 
(600,207
)
 
 
(443,708
)
 
 
(460,723
)


Municipal interest
 
(11,489
)
 
 
(28,456
)
 
 
(118,282
)


Other
 
(37,388
)
 
 
(14,794
)
 
 
15,669
 


Income tax provision
$
7,071,320
 
 
$
5,380,074
 
 
$
5,727,619
 

     Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities as of March 31, 2015 and 2014 were as follows:
 





 
 
 
 
 
 
 
 


 
March 31


2015
 
2014


Vacation accrual
$
114,217
 
 
$
137,052
 


Inventory reserve
65,394
 
 
107,173
 


Depreciation
(63,631
)
 
(37,131
)


Stock-based compensation deductions
107,570
 
 
120,009
 


Unrealized gain on marketable securities
(425,922
)
 
(500,904
)


Other
28,716
 
 
56,588
 


Net deferred tax liabilities
$
(173,656
)
 
$
(117,213
)


Reported as:





Deferred tax assets

$
102,052
 
 
$
237,387
 





Long-term deferred tax liabilities

 
(275,708
)
 
 
(354,600
)


Net deferred tax liabilities
$
(173,656

)
 
$
(117,213
)

     Realizations of stock-based compensation deductions are credited to "Additional paid-in capital" and included in "Tax benefit of stock-based compensation" on our statements of shareholders' equity. Credits of $24,288 in fiscal 2015 and $57,472 in fiscal 2014 were attributed to stock-based compensation deductions. The "Additional paid-in capital" credits also included the tax benefit of stock-based compensation deductions in those years.

     The amounts credited to "Additional paid-in capital" were the tax benefits of the deductions to the extent they exceeded the corresponding compensation expense recognized for financial reporting purposes. "Tax benefit of stock-based compensation" represented the tax benefits of deductions for stock-based compensation to the extent they exceeded the corresponding compensation expense recognized for financial reporting purposes. Cash we received from the exercise of stock options related to excess tax benefits is included in "Proceeds from sale of common stock" in the statement of cash flows for the year in which the option was exercised and cash received. 

     We had $122,163 of state net operating losses at March 31, 2015, compared to $41,084 of Federal net operating losses and $131,596 of state net operating losses at March 31, 2014. These net operating losses expire in fiscal 2020 and are subject to limitation including limitation under the Internal Revenue Code.

     We had no unrecognized tax benefits as of March 31, 2015, 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 March 31, 2015 we had no accrued interest related to uncertain tax positions. The tax years 1999 through 2014 remain open to examination by the major taxing jurisdictions to which we are subject.
 

      

    

    

      
      
    

  




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  v2.4.1.9

      

        
          
Inventories

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Inventories [Abstract]
         
      

      

        Inventories
        
 NOTE 5. INVENTORIES
     Inventories are shown in the following table. Classification at March 31, 2014 has been revised to conform with the current year classification. 
 





 
 
 
 
 
 


 
March 31


2015
 
2014


Raw materials
$
738,169
 
$
776,510


Work in process
 
2,302,751
 
 
1,900,098


Finished goods
701,572
 
530,725


Total inventories
$
3,742,492
 
$
3,207,333
 
 

      

    

    

      
      
    

  




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  v2.4.1.9

      

        
          
Stock-Based Compensation

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Stock-Based Compensation [Abstract]
         
      

      

        Stock-Based Compensation
        
 NOTE 6. STOCK-BASED COMPENSATION
Stock Option Plan 
     Our 2000 Stock Option Plan, as amended, provides for issuance to employees, directors, and certain service providers of incentive stock options and nonstatutory stock options. Generally, the options may be exercised at any time prior to expiration, subject to vesting based on terms of employment. The period ranges from immediate vesting to vesting over a five-year period. The options have exercisable lives ranging from one year to ten years from the date of grant, and are generally not eligible to vest early in the event of retirement, death, disability, or change in control. Exercise prices are not less than fair market value of the underlying Common Stock at the date the options are granted. Stock-based compensation expense was $58,960 in fiscal 2015, $53,200 in fiscal 2014, and $66,720 in fiscal 2013.

Valuation assumptions
     We use the Black-Scholes standard option-pricing model to determine the fair value of stock options. The following assumptions were used to estimate the fair value of options granted:






 
 
 
 
 
 
 
 
 


 
Year Ended March 31


2015
 
2014
 
2013


Risk-free interest rate
1.6
%
 
1.4
%
 
0.7
%


Expected volatility
24
%
 
30
%
 
38
%


Expected life (years)
4.2
 
 
4.3
 
 
4.1
 


Dividend yield
0
%
 
0
%
 
0
%
 
     The determination of the fair value of the awards on the date of grant using the Black-Scholes model is affected by our stock price as well as assumptions of other variables, including projected stock option exercise behaviors, risk-free interest rate, and expected volatility of our stock price in future periods. Our estimates and assumptions affect the amounts reported in the financial statements and accompanying notes.

Expected life
     We analyze historical exercise and termination data to estimate the expected life assumption. We believe historical data currently represents the best estimate of the expected life of a new option. We examined the historical pattern of option exercises to determine if there was a discernible pattern as to how different classes of optionees exercised their options. Our analysis showed that officers and directors held their stock options for a longer period of time before exercising compared to the rest of our employee population. Therefore we use different expected lives for officers and directors than we use for our general employee population for determining the fair value of options. 

Risk-free interest rate
     The risk-free rate is based on the yield of U.S. Treasury securities on the grant date for maturities similar to the expected lives of the options.

Volatility
     We use historical volatility to estimate the expected volatility of our common stock.

Dividend yield
     We assume a dividend yield of zero because we had no plans to pay dividends at the time options were granted.

Tax effects of stock-based compensation
     Stock-based compensation increased deferred tax assets by $21,420 for fiscal 2015 and $19,327 for fiscal 2014.
 
General stock option information
     We had no nonvested shares as of March 31, 2015 or 2014. The following table summarizes information about options outstanding at March 31, 2015, all of which were exercisable:






 
 
 
 
 
 
 
 


Ranges of
Exercise Prices		
    
Number
Outstanding		
    
Weighted Average
Exercise Price		
    
Weighted Remaining
Contractual Life (years)


$  15.08 - 16.33
 
18,090
 
$
16.19
 
0.8


31.27 - 42.45
 
5,000
 
 
37.12
 
3.8


51.04 - 67.69
 
12,000
 
58.11
 
7.5


 
 
35,090
 
$
33.51
 
3.5
 
     Our 2000 Stock Option Plan, as amended, provides for issuance to employees, directors, and certain service providers of incentive stock options and nonstatutory stock options. Generally, the options may be exercised at any time prior to expiration, subject to vesting based on terms of employment. The period ranges from immediate vesting to vesting over a five-year period. The options have exercisable lives ranging from one year to ten years from the date of grant. Exercise prices are not less than fair market value as determined by our Board at the date the options are granted.

     A summary of our stock options and warrants are shown in the following table:
 





 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
Option Shares
Reserved		
     
Options
Outstanding		
     
Weighted Average
Option Exercise Price		
     
Warrants
Outstanding		
     
Weighted Average
Warrant Exercise Price


At March 31, 2012
162,230
 
 
109,000
 
 
$
25.85
 
10,000
 
 
$
16.28





Granted

(4,000
)
 
4,000
 
 
$
54.11
 
-
 
 
 
-





Exercised

-
 
 
(64,000
)
 
$
24.23
 
-
 
 
-





Terminated

-
 
 
-
 
 
$
-
 
(6,000
)
 
 
7.35


At March 31, 2013   
158,230
 
 
49,000
 
 
$
30.27
 
4,000
 
 
$
29.69





Granted

(4,000
)
 
4,000
 
 
$
49.86
 
-
 
 
 
-





Exercised

-
 
 
(14,000
)
 
$
29.77
 
-
 
 
-





Terminated

1,000
 
 
(1,000
)
 
$
58.27
 
(2,000
)
 
 
21.99


At March 31, 2014  
155,230
 
 
38,000
 
 
$
31.78
 
2,000
 
 
$
37.38





Granted

(4,000
)
 
4,000
 
 
$
67.69
 
-
 
 
 
-





Exercised

-
 
 
(6,910
)
 
$
43.81
 
-
 
 
-





Terminated

-
 
 
-
 
 
$
-
 
(2,000
)
 
 
37.38


At March 31, 2015 
151,230
 
 
35,090
 
 
$
33.51
 
-
 
 
$
-
  
     The remaining weighted-average exercisable life was 3.5 years at March 31, 2015; 4.2 years at March 31, 2014; and 4.6 years at March 31, 2013. All outstanding options were exercisable as of March 31, 2015, 2014, and 2013. The total intrinsic value of options exercised during fiscal 2015 was $160,056 based on the difference between the exercise price and stock price at the time of exercise for in-the-money options. The total intrinsic value of options outstanding March 31, 2015, based on our closing stock price for that day, was $1,242,623, all of which were exercisable. The total fair value of option grants was $58,960 in fiscal 2015. There was no unrecognized stock-based compensation at March 31, 2015.

     No warrants were issued in the past three fiscal years and none were outstanding at March 31, 2015. Remaining weighted-average exercisable warrant life was 0.4 years at March 31, 2014 and 0.9 years at March 31, 2013.
 

      

    

    

      
      
    

  




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  v2.4.1.9

      

        
          
Concentrations

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Concentrations [Abstract]
         
      

      

        Concentrations
        
 NOTE 8. CONCENTRATIONS
     The following table summarizes customers comprising 10% or more of revenue for fiscal 2015, 2014, and 2013:
 








 
 
 
 
 
 


 
% of Revenue for Year Ended March 31


2015
 
2014
 
2013


Customer A
20%
 
17%
 
14%


Customer B
16%
 
19%
 
15%


Customer C
14%
 
15%
 
16%


Customer D
12%
 
10%
 
*





 
 


 





*Less than 10%
 
     
These four largest customers also accounted for 64% of our accounts receivable as of March 31, 2015 and 61% as of March 31, 2014. We believe the receivable balances from these largest customers do not represent a significant credit risk based on past collection experience.

     Revenue by geographic region was as follows:
 





 
 
 
 
 
 
 
 
 


 
Year Ended March 31


2015
 
2014
 
2013


United States
$
11,919,548
 
$
11,159,443
 
$
12,006,493


Europe
 
13,779,392
 
 
11,065,547
 
 
10,666,338


Asia
 
4,318,209
 
 
3,374,202
 
 
3,979,862


Other
566,939
 
335,715
 
380,726


Total Revenue
$
30,584,088
 
$
25,934,907
 
$
27,033,419
 
 

      

    

    

      
      
    

  




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  v2.4.1.9

      

        
          
Inventories (Details) (USD $)

        		
        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
      

      

        Inventories [Abstract]
         
         
      

      

        Raw materials
        $ 738,169us-gaap_InventoryRawMaterials
        $ 776,510us-gaap_InventoryRawMaterials
      

      

        Work in process
        2,302,751us-gaap_InventoryWorkInProcess
        1,900,098us-gaap_InventoryWorkInProcess
      

      

        Finished goods
        701,572us-gaap_InventoryFinishedGoods
        530,725us-gaap_InventoryFinishedGoods
      

      

        Inventory, Net, Total
        $ 3,742,492us-gaap_InventoryNet
        $ 3,207,333us-gaap_InventoryNet
      

    

    

      
      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Summary of Significant Accounting Policies (Tables)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Summary of Significant Accounting Policies [Abstract]
         
      

      

        Schedule Of Weighted Average Number Of Shares
        
 


 
 
 
 
 
 


 
Year Ended March 31


2015
 
2014
 
2013


Weighted average common shares outstanding – basic
4,855,504
4,851,460
4,839,810


Effect of dilutive securities:





Stock options

16,431
15,639
21,934





Warrants

-
 
592
 
1,802


Shares used in computing net income per share – diluted
4,871,935
 
4,867,691
 
4,863,546
 

      

    

    

      
      
    

  




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  v2.4.1.9

      

        
          
Commitments and Contingencies (Tables)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Commitments and Contingencies [Abstract]
         
      

      

        Schedule Of Future Minimum Lease Payments
        
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Year Ending March 31
 


2016
 
2017
 
2018
 
2019
 
2020
 
2021
 
Total


$
269,662
 
$
270,677
 
$
274,736
 
$
277,831
 
$
281,765
 
$
213,727
 
$
1,588,398
 

      

    

    

      
      
    

  




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Income Taxes (Schedule Of Reconciliation Of Income Tax Provisions) (Details) (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
      

      

        Income Taxes [Abstract]
         
         
         
      

      

        Tax expense at U.S. statutory rate
        $ 7,503,886us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
        $ 5,667,281us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
        $ 6,046,264us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
      

      

        State income taxes, net of Federal benefit
        216,518us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes
        199,751us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes
        244,691us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes
      

      

        Domestic manufacturing deduction
        (600,207)us-gaap_IncomeTaxReconciliationDeductionsOther
        (443,708)us-gaap_IncomeTaxReconciliationDeductionsOther
        (460,723)us-gaap_IncomeTaxReconciliationDeductionsOther
      

      

        Municipal interest
        (11,489)nvec_IncomeTaxReconciliationMunicipalInterest
        (28,456)nvec_IncomeTaxReconciliationMunicipalInterest
        (118,282)nvec_IncomeTaxReconciliationMunicipalInterest
      

      

        Other
        (37,388)us-gaap_IncomeTaxReconciliationOtherReconcilingItems
        (14,794)us-gaap_IncomeTaxReconciliationOtherReconcilingItems
        15,669us-gaap_IncomeTaxReconciliationOtherReconcilingItems
      

      

        Income Tax Expense (Benefit), Total
        $ 7,071,320us-gaap_IncomeTaxExpenseBenefit
        $ 5,380,074us-gaap_IncomeTaxExpenseBenefit
        $ 5,727,619us-gaap_IncomeTaxExpenseBenefit
      

    

    

      
      
      
      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Statements of Comprehensive Income (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
        
          
Mar. 31, 2012

        		
      

      

        Comprehensive Income [Abstract]
         
         
         
         
      

      

        Net income
        $ 14,368,354us-gaap_NetIncomeLoss
        $ 11,135,875us-gaap_NetIncomeLoss
        $ 11,828,838us-gaap_NetIncomeLoss
         
      

      

        Unrealized (gain) loss from marketable securities, net of tax
        (131,410)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
        (679,869)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
        470,270us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
         
      

      

        Comprehensive income
        $ 14,236,944us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
        $ 10,456,006us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
        $ 12,299,108us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
        $ 12,299,108us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
      

    

    

      
      
      
      
    

  




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  v2.4.1.9

      

        
          
Summary of Significant Accounting Policies

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Summary of Significant Accounting Policies [Abstract]
         
      

      

        Summary of Significant Accounting Policies
        
 NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
Cash and Cash Equivalents 
     We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. 

Fair Value of Financial Instruments 
     The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximates fair value because of the short maturity of these instruments. Fair values of marketable securities are based on quoted market prices. 

Marketable Securities 
     We classify securities with original maturities greater than three months and remaining maturities one year or less as short-term marketable securities and securities with remaining maturities greater than one year as long-term marketable securities. Securities not due at a single maturity date are classified by their average life. We classify all of our marketable securities as available-for-sale, thus securities are recorded at fair value and any associated unrealized gain or loss, net of tax, is included as a separate component of shareholders' equity, "Accumulated other comprehensive income (loss)." We use a specific-identification cost basis to determine gains and losses. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, both of which are included in interest income.

     We consider an other-than-temporary impairment of our marketable securities to exist if we determine it is probable that we will be unable to collect all amounts due according to the contractual terms of a debt security. If we judged a decline in fair value for any security to be other than temporary, the cost basis of the individual security would be written down and a charge recognized in net income. We consider a number of factors in determining whether other-than-temporary impairment exists, including: credit market conditions; the credit ratings of the securities; historical default rates for securities of comparable credit rating; the presence of insurance of the securities and, if insured, the credit rating and financial condition of the insurer; the effect of market interest rates on the value of the securities; and the duration and extent of any unrealized losses. We also consider the likelihood that we will be required to sell the securities prior to maturity based on our financial condition and anticipated cash flows. We determined that no write-downs for other-than-temporary impairment were required on available-for-sale securities during fiscal 2015, 2014, or 2013.

Concentration of Risk and Financial Instruments 
     Financial instruments potentially subject to significant concentrations of credit risk consist principally of cash equivalents, marketable securities, and accounts receivable.

     We have invested our excess cash in corporate-backed and municipal-backed bonds and money market instruments. Our investment policy prescribes purchases of only high-grade securities, and limits the amount of credit exposure to any one issuer.

     Our customers are throughout the world. We generally do not require collateral from our customers, but we perform ongoing credit evaluations of their financial condition. More information on accounts receivable is contained in the paragraph titled "Accounts Receivable and Allowance for Doubtful Accounts" of this note.

     Additionally, we are dependent on critical suppliers including our packaging vendors and suppliers of certain raw silicon and semiconductor wafers that are incorporated in our products.

Accounts Receivable and Allowance for Doubtful Accounts 
     We grant credit to customers in the normal course of business and at times may require customers to prepay for an order prior to shipment. Accounts receivable are recorded net of an allowance for doubtful accounts. We make estimates of the uncollectibility of accounts receivable. We specifically analyze accounts receivable, historical bad debts, and customer creditworthiness when evaluating the adequacy of the allowance. We had no charges or provisions to our allowance for doubtful accounts in fiscal 2015, 2014, or 2013.

Inventories
     Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. We record inventory reserves when we determine certain inventory is unlikely to be sold based on sales trends, turnover, competition, and other market factors.
 
Product Warranty
     In general we warranty our products to be free from defects in material and workmanship for one year.

Fixed Assets 
     Fixed assets are stated at cost. Depreciation of machinery and equipment, and furniture and fixtures is recorded over the estimated useful lives of the assets, generally five years, using the straight-line method. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the lease term or five-year useful life. We record losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. We have not identified any indicators of impairment during fiscal 2015, 2014, or 2013.

Revenue Recognition
Product Revenue Recognition
     We recognize product revenue when evidence of an arrangement exists, the price to the buyer is fixed and determinable, collectability is reasonably assured and the product has shipped. Our sales are shipped FOB shipping point, meaning that our customers (end users and distributors) take title and assume the risks and rewards of ownership on shipment. Our customers may return defective products for refund or replacement under warranty, and have other very limited rights of return.

     Shipping charges billed to customers are included in product sales and the related shipping costs are included in selling, general, and administrative expense. Such shipping costs were $12,771 for fiscal 2015, $15,542 for fiscal 2014, and $27,386 for fiscal 2013.

     Our stocking distributors take title and assume the risks and rewards of product ownership. Payments from our distributors are not contingent on resale or any other matter other than the passage of time, and delivery of products is not dependent on the number of units resold to the ultimate customer. There are no other significant acceptance criteria, pricing or payment terms that would affect revenue recognition.

Accounting for Commissions and Discounts 
     We sometimes utilize independent sales representatives that provide services relating to promoting our products and facilitating product sales but do not purchase our products. We pay commissions to sales representatives based on the amount of revenue facilitated, and such commissions are recorded as selling, general, and administrative expenses. Under certain limited circumstances, our distributors may earn commissions for activities unrelated to their purchases of our products, such as for facilitating the sale of custom products or research and development contracts with third parties. We recognize any such commissions as selling, general, and administrative expenses.

     We presume consideration given to a customer is a reduction in revenue unless both of the following conditions are met: (i) we receive an identifiable benefit in exchange for the consideration and the identifiable benefit is sufficiently separable from the customer's purchase of our products such that we could have purchased the products or services from a third party; and (ii) we can reasonably estimate the fair value of the benefit received. We recognize discounts provided to our distributors as reductions in revenue.

Research and Development Contract Revenue Recognition 
     We recognize contract revenues pro-rata as work progresses. Our research and development contracts do not contain post-shipment obligations. Contracts may be either firm-fixed-price or cost-plus-fixed-fee. Firm-fixed-price contracts provide for a price that is not subject to any adjustment based on our cost in performing the contract.

     Cost-plus-fixed-fee contracts are cost-reimbursement contracts that also provide for payment to us of a negotiated fee that is fixed at the inception of the contract. The costs for which we earn reimbursement are the actual costs incurred and are recorded in the period in which they are incurred. We recognize the contract fees pro-rata as work progresses.

Income Taxes 
     We account for income taxes using the liability method. Deferred income taxes are provided for temporary differences between the financial reporting and tax bases of assets and liabilities. We provide valuation allowances against deferred tax assets if we determine that it is less likely than not that we will be able to utilize the deferred tax assets.

Research and Development Expense Recognition
     Research and development costs are expensed as they are incurred.
 





Stock-Based Compensation 
     We measure stock-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is generally the vesting period. We estimate pre-vesting option forfeitures at the time of grant by analyzing historical data and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. Ultimately, the total expense recognized over the vesting period will only be for those awards that vest.



Net Income Per Share
     Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each year. Net income per diluted share amounts assume conversion, exercise or issuance of all potential common stock instruments (stock options and warrants). Stock options and warrants totaling 4,000 for fiscal 2015 and 2014; and 5,000 for fiscal 2013 were not included in the computation of diluted earnings per share because the exercise prices were greater than the market price of the common stock. The following table reflects the components of common shares outstanding:






 
 
 
 
 
 


 
Year Ended March 31


2015
 
2014
 
2013


Weighted average common shares outstanding – basic
4,855,504
4,851,460
4,839,810


Effect of dilutive securities:





Stock options

16,431
15,639
21,934





Warrants

-
 
592
 
1,802


Shares used in computing net income per share – diluted
4,871,935
 
4,867,691
 
4,863,546




 


Use of Estimates
     The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Recently Issued Accounting Standards
     In May 2014, the Financial Accounting Standards Board issued Accounting Standard Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification 605, Revenue Recognition. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, which will be our first quarter of fiscal 2018. We have not yet evaluated the impact of ASU 2014-09 on our financial statements.

 

      

    

    

      
      
    

  




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  v2.4.1.9

      

        
          
Summary of Significant Accounting Policies (Narrative) (Details) (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
      

      

        Product warranty term, years
        1 year
         
         
      

      

        Shipping costs
        $ 12,771us-gaap_ShippingHandlingAndTransportationCosts
        $ 15,542us-gaap_ShippingHandlingAndTransportationCosts
        $ 27,386us-gaap_ShippingHandlingAndTransportationCosts
      

      

        Stock options and warrants not included in computation of diluted earnings per share
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        4,000us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
        5,000us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
      

      

        Machinery and Equipment [Member]
         
         
         
      

      

        Property, plant and equipment useful life
        5 years
         
         
      

      

        Furniture and Fixtures [Member]
         
         
         
      

      

        Property, plant and equipment useful life
        5 years
         
         
      

      

        Leasehold Improvements [Member]
         
         
         
      

      

        Property, plant and equipment useful life
        5 years
         
         
      

    

    

      
      
      
      
      
      
      
    

  




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67
R38.htm
IDEA: XBRL DOCUMENT


  
    
    
    
  v2.4.1.9

      

        
          
Stock-Based Compensation (Summary Of Stock Options And Warrants) (Details) (USD $)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
        
          
Mar. 31, 2014

        		
        
          
Mar. 31, 2013

        		
      

      

        Option Shares Reserved [Member]
         
         
         
      

      

        Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
         
         
         
      

      

        Options Outstanding, Beginning
        155,230us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= nvec_OptionSharesReservedMember		
        158,230us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= nvec_OptionSharesReservedMember		
        162,230us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= nvec_OptionSharesReservedMember		
      

      

        Granted
        (4,000)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
/ us-gaap_AwardTypeAxis
= nvec_OptionSharesReservedMember		
        (4,000)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
/ us-gaap_AwardTypeAxis
= nvec_OptionSharesReservedMember		
        (4,000)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
/ us-gaap_AwardTypeAxis
= nvec_OptionSharesReservedMember		
      

      

        Terminated
         
        (1,000)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
/ us-gaap_AwardTypeAxis
= nvec_OptionSharesReservedMember		
         
      

      

        Options Outstanding, Ending
        151,230us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= nvec_OptionSharesReservedMember		
        155,230us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= nvec_OptionSharesReservedMember		
        158,230us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= nvec_OptionSharesReservedMember		
      

      

        Options [Member]
         
         
         
      

      

        Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
         
         
         
      

      

        Options Outstanding, Beginning
        38,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
        49,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
        109,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
      

      

        Granted
        4,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
        4,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
        4,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
      

      

        Exercised
        (6,910)us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
        (14,000)us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
        (64,000)us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
      

      

        Terminated
         
        (1,000)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
         
      

      

        Options Outstanding, Ending
        35,090us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
        38,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
        49,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
      

      

        Weighted Average Option Exercise Price, Beginning
         31.78us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
         30.27us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
         25.85us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
      

      

        Granted
         67.69us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
         49.86us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
         54.11us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
      

      

        Exercised
         43.81us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
         29.77us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
         24.23us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
      

      

        Terminated
         
         58.27us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
         
      

      

        Weighted Average Option Exercise Price, Ending
         33.51us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
         31.78us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
         30.27us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_EmployeeStockOptionMember		
      

      

        Warrants [Member]
         
         
         
      

      

        Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
         
         
         
      

      

        Options Outstanding, Beginning
        2,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
        4,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
        10,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
      

      

        Terminated
        (2,000)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
        (2,000)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
        (6,000)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
      

      

        Options Outstanding, Ending
         
        2,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
        4,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
      

      

        Weighted Average Option Exercise Price, Beginning
         37.38us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
         29.69us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
         16.28us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
      

      

        Terminated
         37.38us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
         21.99us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
         7.35us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
      

      

        Weighted Average Option Exercise Price, Ending
         
         37.38us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
         29.69us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
/ us-gaap_AwardTypeAxis
= us-gaap_WarrantMember		
      

    

    

      
      
      
      
      
      
      
      
      
      
      
      
    

  




XML
68
R20.htm
IDEA: XBRL DOCUMENT


  
    
    
    
  v2.4.1.9

      

        
          
Summary of Significant Accounting Policies (Policy)

        		
        12 Months Ended
      

      

        
          
Mar. 31, 2015

        		
      

      

        Summary of Significant Accounting Policies [Abstract]
         
      

      

        Cash And Cash Equivalents
        
 
Cash and Cash Equivalents 
     We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. 

 

      

      

        Fair Value Of Financial Instruments
        
 Fair Value of Financial Instruments 
     The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximates fair value because of the short maturity of these instruments. Fair values of marketable securities are based on quoted market prices. 

 

      

      

        Marketable Securities
        
 Marketable Securities 
     We classify securities with original maturities greater than three months and remaining maturities one year or less as short-term marketable securities and securities with remaining maturities greater than one year as long-term marketable securities. Securities not due at a single maturity date are classified by their average life. We classify all of our marketable securities as available-for-sale, thus securities are recorded at fair value and any associated unrealized gain or loss, net of tax, is included as a separate component of shareholders' equity, "Accumulated other comprehensive income (loss)." We use a specific-identification cost basis to determine gains and losses. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, both of which are included in interest income.

     We consider an other-than-temporary impairment of our marketable securities to exist if we determine it is probable that we will be unable to collect all amounts due according to the contractual terms of a debt security. If we judged a decline in fair value for any security to be other than temporary, the cost basis of the individual security would be written down and a charge recognized in net income. We consider a number of factors in determining whether other-than-temporary impairment exists, including: credit market conditions; the credit ratings of the securities; historical default rates for securities of comparable credit rating; the presence of insurance of the securities and, if insured, the credit rating and financial condition of the insurer; the effect of market interest rates on the value of the securities; and the duration and extent of any unrealized losses. We also consider the likelihood that we will be required to sell the securities prior to maturity based on our financial condition and anticipated cash flows. We determined that no write-downs for other-than-temporary impairment were required on available-for-sale securities during fiscal 2015, 2014, or 2013.

 

      

      

        Concentration Of Risk And Financial Instruments
        
 Concentration of Risk and Financial Instruments 
     Financial instruments potentially subject to significant concentrations of credit risk consist principally of cash equivalents, marketable securities, and accounts receivable.

     We have invested our excess cash in corporate-backed and municipal-backed bonds and money market instruments. Our investment policy prescribes purchases of only high-grade securities, and limits the amount of credit exposure to any one issuer.

     Our customers are throughout the world. We generally do not require collateral from our customers, but we perform ongoing credit evaluations of their financial condition. More information on accounts receivable is contained in the paragraph titled "Accounts Receivable and Allowance for Doubtful Accounts" of this note.

     Additionally, we are dependent on critical suppliers including our packaging vendors and suppliers of certain raw silicon and semiconductor wafers that are incorporated in our products.

 

      

      

        Accounts Receivable And Allowance For Doubtful Accounts
        
 Accounts Receivable and Allowance for Doubtful Accounts 
     We grant credit to customers in the normal course of business and at times may require customers to prepay for an order prior to shipment. Accounts receivable are recorded net of an allowance for doubtful accounts. We make estimates of the uncollectibility of accounts receivable. We specifically analyze accounts receivable, historical bad debts, and customer creditworthiness when evaluating the adequacy of the allowance. We had no charges or provisions to our allowance for doubtful accounts in fiscal 2015, 2014, or 2013.

 

      

      

        Inventories
        
 Inventories
     Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. We record inventory reserves when we determine certain inventory is unlikely to be sold based on sales trends, turnover, competition, and other market factors 

      

      

        Product Warranty
        
 Product Warranty
     In general we warranty our products to be free from defects in material and workmanship for one year.

 

      

      

        Fixed Assets
        
 Fixed Assets 
     Fixed assets are stated at cost. Depreciation of machinery and equipment, and furniture and fixtures is recorded over the estimated useful lives of the assets, generally five years, using the straight-line method. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the lease term or five-year useful life. We record losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. We have not identified any indicators of impairment during fiscal 2015, 2014, or 2013.

 

      

      

        Revenue Recognition
        
 Revenue Recognition
Product Revenue Recognition
     We recognize product revenue when evidence of an arrangement exists, the price to the buyer is fixed and determinable, collectability is reasonably assured and the product has shipped. Our sales are shipped FOB shipping point, meaning that our customers (end users and distributors) take title and assume the risks and rewards of ownership on shipment. Our customers may return defective products for refund or replacement under warranty, and have other very limited rights of return.

     Shipping charges billed to customers are included in product sales and the related shipping costs are included in selling, general, and administrative expense. Such shipping costs were $12,771 for fiscal 2015, $15,542 for fiscal 2014, and $27,386 for fiscal 2013.

     Our stocking distributors take title and assume the risks and rewards of product ownership. Payments from our distributors are not contingent on resale or any other matter other than the passage of time, and delivery of products is not dependent on the number of units resold to the ultimate customer. There are no other significant acceptance criteria, pricing or payment terms that would affect revenue recognition.

 

      

      

        Accounting For Commissions And Discounts
        
 Accounting for Commissions and Discounts 
     We sometimes utilize independent sales representatives that provide services relating to promoting our products and facilitating product sales but do not purchase our products. We pay commissions to sales representatives based on the amount of revenue facilitated, and such commissions are recorded as selling, general, and administrative expenses. Under certain limited circumstances, our distributors may earn commissions for activities unrelated to their purchases of our products, such as for facilitating the sale of custom products or research and development contracts with third parties. We recognize any such commissions as selling, general, and administrative expenses.

     We presume consideration given to a customer is a reduction in revenue unless both of the following conditions are met: (i) we receive an identifiable benefit in exchange for the consideration and the identifiable benefit is sufficiently separable from the customer's purchase of our products such that we could have purchased the products or services from a third party; and (ii) we can reasonably estimate the fair value of the benefit received. We recognize discounts provided to our distributors as reductions in revenue.

 

      

      

        Research And Development Contract Revenue Recognition
        
 Research and Development Contract Revenue Recognition 
     We recognize contract revenues pro-rata as work progresses. Our research and development contracts do not contain post-shipment obligations. Contracts may be either firm-fixed-price or cost-plus-fixed-fee. Firm-fixed-price contracts provide for a price that is not subject to any adjustment based on our cost in performing the contract.

     Cost-plus-fixed-fee contracts are cost-reimbursement contracts that also provide for payment to us of a negotiated fee that is fixed at the inception of the contract. The costs for which we earn reimbursement are the actual costs incurred and are recorded in the period in which they are incurred. We recognize the contract fees pro-rata as work progresses.

 

      

      

        Income Taxes
        
 Income Taxes 
     We account for income taxes using the liability method. Deferred income taxes are provided for temporary differences between the financial reporting and tax bases of assets and liabilities. We provide valuation allowances against deferred tax assets if we determine that it is less likely than not that we will be able to utilize the deferred tax assets.

 

      

      

        Research And Development Expense Recognition
        
 Research and Development Expense Recognition
     Research and development costs are expensed as they are incurred.
 

      

      

        Stock-Based Compensation
        
 
Stock-Based Compensation 
     We measure stock-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is generally the vesting period. We estimate pre-vesting option forfeitures at the time of grant by analyzing historical data and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. Ultimately, the total expense recognized over the vesting period will only be for those awards that vest.



Net Income Per Share
     Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each year. Net income per diluted share amounts assume conversion, exercise or issuance of all potential common stock instruments (stock options and warrants). Stock options and warrants totaling 4,000 for fiscal 2015 and 2014; and 5,000 for fiscal 2013 were not included in the computation of diluted earnings per share because the exercise prices were greater than the market price of the common stock. The following table reflects the components of common shares outstanding:






 
 
 
 
 
 


 
Year Ended March 31


2015
 
2014
 
2013


Weighted average common shares outstanding – basic
4,855,504
4,851,460
4,839,810


Effect of dilutive securities:





Stock options

16,431
15,639
21,934





Warrants

-
 
592
 
1,802


Shares used in computing net income per share – diluted
4,871,935
 
4,867,691
 
4,863,546
 

      

      

        Net Income Per Share
        
 

Net Income Per Share
     Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each year. Net income per diluted share amounts assume conversion, exercise or issuance of all potential common stock instruments (stock options and warrants). Stock options and warrants totaling 4,000 for fiscal 2015 and 2014; and 5,000 for fiscal 2013 were not included in the computation of diluted earnings per share because the exercise prices were greater than the market price of the common stock. The following table reflects the components of common shares outstanding:






 
 
 
 
 
 


 
Year Ended March 31


2015
 
2014
 
2013


Weighted average common shares outstanding – basic
4,855,504
4,851,460
4,839,810


Effect of dilutive securities:





Stock options

16,431
15,639
21,934





Warrants

-
 
592
 
1,802


Shares used in computing net income per share – diluted
4,871,935
 
4,867,691
 
4,863,546
 

      

      

        Use Of Estimates
        
 Use of Estimates
     The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

      

      

        Recently Issued Accounting Standards
        
 Recently Issued Accounting Standards
     In May 2014, the Financial Accounting Standards Board issued Accounting Standard Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification 605, Revenue Recognition. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, which will be our first quarter of fiscal 2018. We have not yet evaluated the impact of ASU 2014-09 on our financial statements.