10-Q Filing

NVE CORP /NEW/ CIK: 724910 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001437749-22-017440`
Period End Date	20220630
Filing Date	20220720
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	nvec20220507_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 32 Cash Flow Statement 44 Stockholders Equity 20 Comprehensive Income 6

Balance Sheet 66 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`	$10.45M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.30M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	6.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	6.00M	shares	Point-in-time
Marketable securities, short-term	`MarketableSecuritiesCurrent`	$20.84M	USD	Point-in-time
Marketable securities, short-term	`MarketableSecuritiesCurrent`	$14.89M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	4.83M	shares	Point-in-time
Accounts receivable, net of allowance for uncollectible accounts of $15,000	`AccountsReceivableNetCurrent`	$3.51M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	4.83M	shares	Point-in-time
Accounts receivable, net of allowance for uncollectible accounts of $15,000	`AccountsReceivableNetCurrent`	$4.70M	USD	Point-in-time
Inventories	`InventoryNet`	$5.09M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.83M	shares	Point-in-time
Inventories	`InventoryNet`	$5.54M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.83M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$420.52K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$721.99K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$37.97M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$41.50M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$9.74M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$9.60M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$1.83M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$1.81M	USD	Point-in-time
Property, Plant and Equipment, Gross, Ending Balance	`PropertyPlantAndEquipmentGross`	$11.43M	USD	Point-in-time
Property, Plant and Equipment, Gross, Ending Balance	`PropertyPlantAndEquipmentGross`	$11.55M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$10.94M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$10.95M	USD	Point-in-time
Net fixed assets	`PropertyPlantAndEquipmentNet`	$606.38K	USD	Point-in-time
Net fixed assets	`PropertyPlantAndEquipmentNet`	$483.54K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$578.29K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$483.47K	USD	Point-in-time
Marketable securities, long-term	`MarketableSecuritiesNoncurrent`	$25.52M	USD	Point-in-time
Marketable securities, long-term	`MarketableSecuritiesNoncurrent`	$24.31M	USD	Point-in-time
Right-of-use asset operating lease	`OperatingLeaseRightOfUseAsset`	$527.55K	USD	Point-in-time
Right-of-use asset operating lease	`OperatingLeaseRightOfUseAsset`	$560.25K	USD	Point-in-time
Total assets	`Assets`	$67.47M	USD	Point-in-time
Total assets	`Assets`	$65.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$295.44K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$943.53K	USD	Point-in-time
Accrued payroll and other	`EmployeeRelatedLiabilitiesCurrent`	$1.36M	USD	Point-in-time
Accrued payroll and other	`EmployeeRelatedLiabilitiesCurrent`	$667.37K	USD	Point-in-time
Operating lease	`OperatingLeaseLiabilityCurrent`	$156.12K	USD	Point-in-time
Operating lease	`OperatingLeaseLiabilityCurrent`	$156.97K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.46M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.12M	USD	Point-in-time
Operating lease	`OperatingLeaseLiabilityNoncurrent`	$411.40K	USD	Point-in-time
Operating lease	`OperatingLeaseLiabilityNoncurrent`	$446.02K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.90M	USD	Point-in-time
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,830,826 issued and outstanding as of June 30 and March 31, 2022	`CommonStockValue`	$48.31K	USD	Point-in-time
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,830,826 issued and outstanding as of June 30 and March 31, 2022	`CommonStockValue`	$48.31K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$19.26M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$19.26M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-656.67K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-318.12K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$45.58M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$44.89M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$69.56M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$63.54M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$70.89M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$64.57M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$65.07M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$67.47M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$7.15M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$7.34M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.65M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.77M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.38M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.68M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$808.14K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$601.92K	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$371.32K	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$466.62K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$973.24K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.27M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.11M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.71M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$289.72K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$283.06K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.40M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.99M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$854.26K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$818.98K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.58M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.14M	USD	1 Quarter
Net income per share basic (in dollars per share)	`EarningsPerShareBasic`	$0.86	USD	1 Quarter
Net income per share basic (in dollars per share)	`EarningsPerShareBasic`	$0.74	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`	$0.86	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
Weighted average common shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.83M	shares	1 Quarter
Weighted average common shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.83M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.83M	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`	$3.58M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.14M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$87.62K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$140.43K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$7.24K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$7.13K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.00	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.87K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.36M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.19M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-230.75K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$455.40K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$268.77K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$235.41K	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.37M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$936.24K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.30M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.33M	USD	1 Quarter
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$25.68K	USD	1 Quarter
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$24.50K	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	-	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$4.98M	USD	1 Quarter
Proceeds from maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$9.25M	USD	1 Quarter
Proceeds from maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	-	USD	1 Quarter
Receipt of tenant improvement allowance	`ProceedsFromTenantAllowance`	$100.00K	USD	1 Quarter
Receipt of tenant improvement allowance	`ProceedsFromTenantAllowance`	-	USD	1 Quarter
Net cash provided (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.68K	USD	1 Quarter
Net cash provided (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$4.35M	USD	1 Quarter
Payment of dividends to shareholders	`PaymentsOfDividendsCommonStock`	$4.83M	USD	1 Quarter
Payment of dividends to shareholders	`PaymentsOfDividendsCommonStock`	$4.83M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.83M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.83M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.85M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.56M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.30M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.43M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.45M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.87M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.30M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.43M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.45M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.87M	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`	$1.28M	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Common stock per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$1.00	USD	1 Quarter
Common stock per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$1.00	USD	1 Quarter
Balance	`StockholdersEquity`	$69.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$63.54M	USD	Point-in-time
Balance	`StockholdersEquity`	$70.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$64.57M	USD	Point-in-time
Unrealized gain (loss) on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-90.17K	USD	1 Quarter
Unrealized gain (loss) on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-338.55K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.58M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.14M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$3.49M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$3.80M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$7.13K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$7.24K	USD	1 Quarter
Cash dividends declared ($1.00 per share of common stock)	`DividendsCommonStockCash`	$4.83M	USD	1 Quarter
Cash dividends declared ($1.00 per share of common stock)	`DividendsCommonStockCash`	$4.83M	USD	1 Quarter
Balance	`StockholdersEquity`	$69.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$63.54M	USD	Point-in-time
Balance	`StockholdersEquity`	$70.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$64.57M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.58M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.14M	USD	1 Quarter
Unrealized loss from marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-90.17K	USD	1 Quarter
Unrealized loss from marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-338.55K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.80M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.49M	USD	1 Quarter

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