10-Q Filing

NVE CORP /NEW/ CIK: 724910 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0000724910-20-000029`
Period End Date	20200630
Filing Date	20200722
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	nvec-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 34 Cash Flow Statement 44 Stockholders Equity 23 Comprehensive Income 12

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Allowance for uncollectible accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$15.00K	USD	Point-in-time
Allowance for uncollectible accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$15.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.07M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.88M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.04M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.40M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	6.00M	shares	Point-in-time
Marketable securities, short-term	`MarketableSecuritiesCurrent`	$19.18M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	6.00M	shares	Point-in-time
Marketable securities, short-term	`MarketableSecuritiesCurrent`	$19.08M	USD	Point-in-time
Accounts receivable, net of allowance for uncollectible accounts of $15,000	`AccountsReceivableNetCurrent`	$2.69M	USD	Point-in-time
Accounts receivable, net of allowance for uncollectible accounts of $15,000	`AccountsReceivableNetCurrent`	$2.30M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	4.84M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	4.84M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.84M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.84M	shares	Point-in-time
Inventories	`InventoryNet`	$3.94M	USD	Point-in-time
Inventories	`InventoryNet`	$3.88M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$718.12K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$655.84K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$34.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$32.54M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$9.28M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$9.28M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$1.80M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$1.80M	USD	Point-in-time
Property, Plant and Equipment, Gross, Ending Balance	`PropertyPlantAndEquipmentGross`	$11.08M	USD	Point-in-time
Property, Plant and Equipment, Gross, Ending Balance	`PropertyPlantAndEquipmentGross`	$11.08M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$10.49M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$10.57M	USD	Point-in-time
Net fixed assets	`PropertyPlantAndEquipmentNet`	$582.47K	USD	Point-in-time
Net fixed assets	`PropertyPlantAndEquipmentNet`	$505.79K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	-	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$108.12K	USD	Point-in-time
Marketable securities, long-term	`MarketableSecuritiesNoncurrent`	$43.61M	USD	Point-in-time
Marketable securities, long-term	`MarketableSecuritiesNoncurrent`	$45.05M	USD	Point-in-time
Right-of-use asset operating lease	`OperatingLeaseRightOfUseAsset`	$784.77K	USD	Point-in-time
Right-of-use asset operating lease	`OperatingLeaseRightOfUseAsset`	$816.36K	USD	Point-in-time
Total assets	`Assets`	$78.88M	USD	Point-in-time
Total assets	`Assets`	$79.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$180.34K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$186.99K	USD	Point-in-time
Accrued payroll and other	`EmployeeRelatedLiabilitiesCurrent`	$482.07K	USD	Point-in-time
Accrued payroll and other	`EmployeeRelatedLiabilitiesCurrent`	$492.24K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$406.33K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	-	USD	Point-in-time
Operating lease	`OperatingLeaseLiabilityCurrent`	$127.13K	USD	Point-in-time
Operating lease	`OperatingLeaseLiabilityCurrent`	$120.43K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$796.20K	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$189.52K	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	-	USD	Point-in-time
Operating lease	`OperatingLeaseLiabilityNoncurrent`	$706.60K	USD	Point-in-time
Operating lease	`OperatingLeaseLiabilityNoncurrent`	$675.93K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.06M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.50M	USD	Point-in-time
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,835,038 issued and outstanding as of June 30, 2020 and March 31, 2020	`CommonStockValue`	$48.35K	USD	Point-in-time
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,835,038 issued and outstanding as of June 30, 2020 and March 31, 2020	`CommonStockValue`	$48.35K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$19.38M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$19.39M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$516.52K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.76M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$55.62M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$58.05M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$82.78M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$76.82M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$78.00M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$82.11M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$79.50M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$78.88M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$4.59M	USD	1 Quarter
Revenue	`Revenues`	$6.29M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.09M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$836.42K	USD	1 Quarter
Gross profit	`GrossProfit`	$5.20M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.75M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$880.98K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$973.07K	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$355.01K	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$330.01K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.30M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.24M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.90M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.52M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$459.04K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$399.21K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.36M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.92M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$751.20K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$504.19K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.61M	USD	Annual
Net income	`NetIncomeLoss`	$2.41M	USD	Annual
Net income	`NetIncomeLoss`	$3.61M	USD	1 Quarter
Net income per share basic (in dollars per share)	`EarningsPerShareBasic`	$0.74	USD	1 Quarter
Net income per share basic (in dollars per share)	`EarningsPerShareBasic`	$0.50	USD	1 Quarter
Net income per share diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.74	USD	1 Quarter
Net income per share diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.50	USD	1 Quarter
Cash dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$1.00	USD	1 Quarter
Cash dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$1.00	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.85M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.84M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.85M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.84M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.61M	USD	Annual
Net income	`NetIncomeLoss`	$2.41M	USD	Annual
Net income	`NetIncomeLoss`	$3.61M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$129.62K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$134.73K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.71K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-664.00	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-50.41K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-396.17K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-248.96K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$59.29K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-45.09K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$30.70K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-205.40K	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$296.69K	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$372.46K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.17M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.54M	USD	1 Quarter
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.10K	USD	1 Quarter
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	-	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$3.01M	USD	1 Quarter
Proceeds from maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	-	USD	1 Quarter
Proceeds from maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$9.50M	USD	1 Quarter
Cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$6.47M	USD	1 Quarter
Cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Payment of dividends to shareholders	`PaymentsOfDividendsCommonStock`	$4.84M	USD	1 Quarter
Payment of dividends to shareholders	`PaymentsOfDividendsCommonStock`	$4.85M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.85M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.84M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.66M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$6.16M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.07M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.88M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.04M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.40M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.07M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.88M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.04M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.40M	USD	Point-in-time
Cash paid during the period for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid during the period for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$82.78M	USD	Point-in-time
Balance	`StockholdersEquity`	$76.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$78.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.11M	USD	Point-in-time
Unrealized gain on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.24M	USD	1 Quarter
Unrealized gain on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$570.06K	USD	Annual
Unrealized gain on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$570.06K	USD	1 Quarter
Unrealized gain on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.24M	USD	Annual
Net income	`NetIncomeLoss`	$2.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.61M	USD	Annual
Net income	`NetIncomeLoss`	$2.41M	USD	Annual
Net income	`NetIncomeLoss`	$3.61M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.65M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.65M	USD	Annual
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$4.18M	USD	Annual
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$4.18M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.71K	USD	1 Quarter
Cash dividends declared	`DividendsCommonStockCash`	$4.84M	USD	1 Quarter
Cash dividends declared	`DividendsCommonStockCash`	$4.85M	USD	1 Quarter
Balance	`StockholdersEquity`	$82.78M	USD	Point-in-time
Balance	`StockholdersEquity`	$76.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$78.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.11M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.61M	USD	Annual
Net income	`NetIncomeLoss`	$2.41M	USD	Annual
Net income	`NetIncomeLoss`	$3.61M	USD	1 Quarter
Unrealized gain from marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.24M	USD	1 Quarter
Unrealized gain from marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$570.06K	USD	Annual
Unrealized gain from marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$570.06K	USD	1 Quarter
Unrealized gain from marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.24M	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.65M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.65M	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$4.18M	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$4.18M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.