10-Q Filing

NVE CORP /NEW/ CIK: 724910 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001376474-23-000368`
Period End Date	20230630
Filing Date	20230719
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	nvec-20230630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 39 Cash Flow Statement 48 Stockholders Equity 19 Comprehensive Income 6

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Debt Instrument, Unamortized Discount, Current	`DebtInstrumentUnamortizedDiscountCurrent`	$12.30M	USD	Point-in-time
Debt Instrument, Unamortized Discount, Current	`DebtInstrumentUnamortizedDiscountCurrent`	$15.70M	USD	Point-in-time
Accounts Receivable, Allowance for Credit Loss	`AllowanceForDoubtfulAccountsReceivable`	$227.44K	USD	Point-in-time
Accounts Receivable, Allowance for Credit Loss	`AllowanceForDoubtfulAccountsReceivable`	$15.00K	USD	Point-in-time
Debt Instrument, Unamortized Discount, Noncurrent	`DebtInstrumentUnamortizedDiscountNoncurrent`	$37.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.67M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.44M	USD	Point-in-time
Debt Instrument, Unamortized Discount, Noncurrent	`DebtInstrumentUnamortizedDiscountNoncurrent`	$41.45M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Marketable securities, short-term (amortized cost of $12,300,315 as of June 30, 2023, and $15,696,135 as of March 31, 2023)	`MarketableSecuritiesCurrent`	$12.17M	USD	Point-in-time
Marketable securities, short-term (amortized cost of $12,300,315 as of June 30, 2023, and $15,696,135 as of March 31, 2023)	`MarketableSecuritiesCurrent`	$15.51M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of allowance for credit losses of $227,440 as of June 30, 2023, and $15,000 as of March 31, 2023	`AccountsReceivableNetCurrent`	$5.40M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	6.00M	shares	Point-in-time
Accounts receivable, net of allowance for credit losses of $227,440 as of June 30, 2023, and $15,000 as of March 31, 2023	`AccountsReceivableNetCurrent`	$6.52M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	6.00M	shares	Point-in-time
Inventories	`InventoryNet`	$6.29M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	4.83M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	4.83M	shares	Point-in-time
Inventories	`InventoryNet`	$6.42M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseCurrent`	$707.17K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	4.83M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	4.83M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseCurrent`	$663.46K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$30.79M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$26.01M	USD	Point-in-time
Machinery and equipment	`PropertyPlantAndEquipmentGross`	$10.49M	USD	Point-in-time
Machinery and equipment	`PropertyPlantAndEquipmentGross`	$10.48M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$1.96M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$1.96M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$11.17M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$11.10M	USD	Point-in-time
Net fixed assets	`AssetsNoncurrent`	$1.35M	USD	Point-in-time
Net fixed assets	`AssetsNoncurrent`	$1.27M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNet`	$724.77K	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNet`	$572.04K	USD	Point-in-time
Marketable securities, long-term (amortized cost of $41,447,065 as of June 30, 2023, and $37,495,846 as of March 31, 2023)	`MarketableSecuritiesNoncurrent`	$39.72M	USD	Point-in-time
Marketable securities, long-term (amortized cost of $41,447,065 as of June 30, 2023, and $37,495,846 as of March 31, 2023)	`MarketableSecuritiesNoncurrent`	$36.13M	USD	Point-in-time
Right-of-use asset - operating lease	`OperatingLeaseRightOfUseAsset`	$392.37K	USD	Point-in-time
Right-of-use asset - operating lease	`OperatingLeaseRightOfUseAsset`	$425.84K	USD	Point-in-time
Total assets	`Assets`	$68.12M	USD	Point-in-time
Total assets	`Assets`	$69.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$281.71K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$159.16K	USD	Point-in-time
Accrued payroll and other	`AccruedLiabilitiesCurrent`	$1.38M	USD	Point-in-time
Accrued payroll and other	`AccruedLiabilitiesCurrent`	$935.62K	USD	Point-in-time
Operating lease	`OperatingLeaseLiabilityCurrent`	$175.80K	USD	Point-in-time
Operating lease	`OperatingLeaseLiabilityCurrent`	$176.69K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.27M	USD	Point-in-time
Operating lease	`OperatingLeaseLiabilityNoncurrent`	$342.91K	USD	Point-in-time
Operating lease	`OperatingLeaseLiabilityNoncurrent`	$301.87K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.18M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.57M	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$48.33K	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$48.31K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.42M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.30M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.45M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.21M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$48.95M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$48.52M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$67.08M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$66.55M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$68.12M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$69.26M	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Product sales	`RevenueNotFromContractWithCustomer`	$8.70M	USD	1 Quarter
Product sales	`RevenueNotFromContractWithCustomer`	$7.07M	USD	1 Quarter
Contract research and development	`RevenueFromContractWithCustomerIncludingAssessedTax`	$263.45K	USD	1 Quarter
Contract research and development	`RevenueFromContractWithCustomerIncludingAssessedTax`	$131.32K	USD	1 Quarter
Total revenue	`Revenues`	$8.83M	USD	1 Quarter
Total revenue	`Revenues`	$7.34M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$2.08M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.65M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.75M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.68M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$695.99K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$601.92K	USD	1 Quarter
Selling, general, and administrative	`OtherGeneralAndAdministrativeExpense`	$475.12K	USD	1 Quarter
Selling, general, and administrative	`OtherGeneralAndAdministrativeExpense`	$371.32K	USD	1 Quarter
Credit loss expense	`ProvisionForOtherCreditLosses`	$212.44K	USD	1 Quarter
Credit loss expense	`ProvisionForOtherCreditLosses`	-	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.38M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$973.24K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$5.37M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.71M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$283.06K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$436.53K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.99M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.80M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.40M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$854.26K	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.14M	USD	1 Quarter
Net income per share - basic	`EarningsPerShareBasic`	$0.91	USD	1 Quarter
Net income per share - basic	`EarningsPerShareBasic`	$0.86	USD	1 Quarter
Net income per share - diluted	`EarningsPerShareDiluted`	$0.86	USD	1 Quarter
Net income per share - diluted	`EarningsPerShareDiluted`	$0.91	USD	1 Quarter
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$1.00	USD	1 Quarter
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$1.00	USD	1 Quarter
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$1.00	USD	Point-in-time
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	4.83M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	4.83M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.84M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.83M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$4.40M	USD	1 Quarter
Net income	`ProfitLoss`	$4.14M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$87.62K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$59.46K	USD	1 Quarter
Provision for current estimate of credit losses	`ProvisionForLoanAndLeaseLosses`	$212.44K	USD	1 Quarter
Provision for current estimate of credit losses	`ProvisionForLoanAndLeaseLosses`	-	USD	1 Quarter
Stock-based compensation	`EmployeeBenefitsAndShareBasedCompensationNoncash`	$7.13K	USD	1 Quarter
Stock-based compensation	`EmployeeBenefitsAndShareBasedCompensationNoncash`	$10.54K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.00	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-87.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.19M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-913.87K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$455.40K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-124.85K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$10.24K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$268.77K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.37M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-602.34K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.33M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.03M	USD	1 Quarter
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$24.50K	USD	1 Quarter
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.13K	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$4.98M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$3.94M	USD	1 Quarter
Proceeds from maturities of marketable securities	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$9.25M	USD	1 Quarter
Proceeds from maturities of marketable securities	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$3.40M	USD	1 Quarter
Receipt of tenant improvement allowance	`ProceedsFromContributionInAidOfConstruction`	-	USD	1 Quarter
Receipt of tenant improvement allowance	`ProceedsFromContributionInAidOfConstruction`	$100.00K	USD	1 Quarter
Net cash (used) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-541.97K	USD	1 Quarter
Net cash (used) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$4.35M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$117.53K	USD	1 Quarter
Payment of dividends to shareholders	`PaymentsOfDividends`	$4.83M	USD	1 Quarter
Payment of dividends to shareholders	`PaymentsOfDividends`	$4.83M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.83M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.71M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$2.85M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-229.96K	USD	1 Quarter
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.45M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.67M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.44M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.30M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.45M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.67M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.44M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.30M	USD	Point-in-time
Cash paid during the period for income taxes	`IncomeTaxesPaidNet`	$1.20M	USD	1 Quarter
Cash paid during the period for income taxes	`IncomeTaxesPaidNet`	$1.28M	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$67.08M	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$66.55M	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$64.57M	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$63.54M	USD	Point-in-time
Stock Issued During Period, Value, Stock Options Exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$117.53K	USD	1 Quarter
Unrealized loss from marketable securities, net of tax	`UnrealizedLossFromMarketableSecuritiesNetOfTax1`	$-234.70K	USD	1 Quarter
Unrealized loss from marketable securities, net of tax	`UnrealizedLossFromMarketableSecuritiesNetOfTax1`	$-338.55K	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.14M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$4.17M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.80M	USD	1 Quarter
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture	`StockGrantedDuringPeriodValueSharebasedCompensation`	$10.54K	USD	1 Quarter
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture	`StockGrantedDuringPeriodValueSharebasedCompensation`	$7.13K	USD	1 Quarter
Cash dividends declared ($1.00 per share of common stock)	`DividendsCash`	$4.83M	USD	1 Quarter
Cash dividends declared ($1.00 per share of common stock)	`DividendsCash`	$4.83M	USD	1 Quarter
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$67.08M	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$66.55M	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$64.57M	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$63.54M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$4.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.14M	USD	1 Quarter
Unrealized loss from marketable securities, net of tax	`UnrealizedLossFromMarketableSecuritiesNetOfTax1`	$-234.70K	USD	1 Quarter
Unrealized loss from marketable securities, net of tax	`UnrealizedLossFromMarketableSecuritiesNetOfTax1`	$-338.55K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$4.17M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.80M	USD	1 Quarter

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