10/20/2021 | Press release | Distributed by Public on 10/20/2021 14:14

Quarterly Report (Form 10-Q)

nvec20210930_10q.htm

PART I-FINANCIAL INFORMATION

Item 1. Financial Statements.

NVE CORPORATION

BALANCE SHEETS

*The March 31, 2021 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

See accompanying notes.

NVE CORPORATION

STATEMENTS OF INCOME

(Unaudited)

STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

See accompanying notes.

NVE CORPORATION

STATEMENTS OF INCOME

(Unaudited)

STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

See accompanying notes.

NVE CORPORATION

STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)

See accompanying notes.

NVE CORPORATION

STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)

See accompanying notes.

NVE CORPORATION

STATEMENTS OF CASH FLOWS

(Unaudited)

See accompanying notes.

NVE CORPORATION

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. DESCRIPTION OF BUSINESS

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

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, certain disclosures have been omitted as allowed, and it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest annual financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2021. The results of operations for the quarter and six months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2022.

Significant accounting policies

A description of our significant accounting policies is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the year ended March 31, 2021. As of September 30, 2021, there were no changes to our significant accounting policies.

NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS

Recently Adopted Accounting Standard

In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No.2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes. ASU 2019-12 simplifies accounting for income taxes, removes certain exceptions to the general principles in Topic 740, and amends existing guidance to improve consistent application. We adopted ASU 2019-12 beginning with the quarter ended June 30, 2021. The adoption had no material impact on our financial statements.

New Accounting Standard Not Yet Adopted

In May 2021, the FASB issued ASU No.2021-04,Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40) Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ASU 2021-04 addresses issuer's accounting for certain modifications or exchanges of freestanding equity-classified written call options. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, which is fiscal 2023 for us, with early adoption permitted. We do not expect adoption of the new guidance to have a significant impact on our financial statements.

NOTE 4. NET INCOME PER SHARE

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

		Quarter Ended September 30
		2021			2020
Weighted average common shares outstanding - basic			4,833,232				4,834,709
Dilutive effect of stock options			3,371				100
Shares used in computing net income per share - diluted			4,836,603				4,834,809

		Six Months Ended September 30
		2021			2020
Weighted average common shares outstanding - basic			4,833,232				4,834,872
Dilutive effect of stock options			3,389				114
Shares used in computing net income per share - diluted			4,836,621				4,834,986

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS

Our corporate bonds and money market funds are classified as available-for-sale securities and carried at estimated fair value. Unrealized holding gains and losses are included in accumulated other comprehensive income (loss) in the statement of shareholders' equity. Corporate bonds 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. We consider all highly-liquid investments with maturities of three months or less when purchased, including money market funds, to be cash equivalents. Gains and losses on marketable security transactions are reported on the specific-identification method.

Contractual maturities of available-for-sale securities as of September 30, 2021 are as follows:

Total			<1 Year			1-3 Years			3-5 Years
$	60,647,982			$	33,103,514			$	17,237,693			$	10,306,775

Total available-for-sale securities represented approximately 87% of our total assets. Marketable securities as of September 30, 2021 had remaining maturities between 16 weeks and 41 months.

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.

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.

Level 3 - Inputs to the fair value measurement are unobservable inputs or valuation techniques.

Money market funds are included on the balance sheets in "Cash and cash equivalents." Corporate bonds are included on the balance sheets in "Marketable securities, short term" and "Marketable securities, long term."

The following table shows the estimated fair value of assets that were accounted for at fair value on a recurring basis:

		As of September 30, 2021			As of March 31, 2021
		Level 1			Level 2			Total			Level 1			Level 2			Total
Money market funds		$	10,442,555			$	-			$	10,442,555			$	10,143,196			$	-			$	10,143,196
Corporate bonds			-				50,205,427				50,205,427				-				54,717,626				54,717,626
Total		$	10,442,555			$	50,205,427			$	60,647,982			$	10,143,196			$	54,717,626			$	64,860,822

Our available-for-sale securities as of September 30 and March 31, 2021, aggregated into classes of securities, were as follows:

		As of September 30, 2021			As of March 31, 2021
		Amortized Cost			Gross Unrealized Holding Gains			Gross Unrealized Holding Losses			Estimated Fair Value			Amortized Cost			Gross Unrealized Holding Gains			Gross Unrealized Holding Losses			Estimated Fair Value
Money market funds		$	10,442,555			$	-			$	-			$	10,442,555			$	10,143,196			$	-			$	-			$	10,143,196
Corporate bonds			49,163,545				1,152,671				(110,789	)			50,205,427				53,308,105				1,570,195				(160,674	)			54,717,626
Total		$	59,606,100			$	1,152,671			$	(110,789	)		$	60,647,982			$	63,451,301			$	1,570,195			$	(160,674	)		$	64,860,822

The following table shows the gross unrealized holding losses and fair value of our available-for-sale securities with unrealized holding losses, aggregated by class of securities and length of time that individual securities had been in a continuous unrealized loss position as of September 30,2021 and March 31,2021.

		Less Than 12 Months			12 Months or Greater			Total
		Estimated Fair Value			Gross Unrealized Holding Losses			Estimated Fair Value			Gross Unrealized Holding Losses			Estimated Fair Value			Gross Unrealized Holding Losses
As of September 30, 2021
Corporate bonds		$	10,306,776			$	(110,789	)		$	-			$	-			$	10,306,776			$	(110,789	)
Total		$	10,306,776			$	(110,789	)		$	-			$	-			$	10,306,776			$	(110,789	)
As of March 31, 2021
Corporate bonds		$	10,322,539			$	(160,674	)		$	-			$	-			$	10,322,539			$	(160,674	)
Total		$	10,322,539			$	(160,674	)		$	-			$	-			$	10,322,539			$	(160,674	)

We did notconsider any of our available-for-sale securities to be impaired as of September 30, 2021. Noneof the securities were impaired at acquisition, and subsequent declines in fair value are not attributed to declines in credit quality. The effects of the COVID-19 pandemic, however, have degraded outlooks for some of our marketable securities' issuers, which could lead to credit-quality downgrades in the future. When evaluating for impairment we assess indicators that include, but are not limited to, earnings performance, changes in underlying credit ratings, market conditions, bona fide offers to purchase or sell, and ability to hold until maturity. Because we believe it is more likely than not we will recover the cost basis of our investments, we did notconsider any of our marketable securities to be impaired as of September 30, 2021.

NOTE 6. INVENTORIES

Inventories are shown in the following table:

		September 30, 2021			March 31, 2021
Raw materials		$	814,313			$	660,678
Work in process			2,587,889				2,220,723
Finished goods			580,569				1,019,376
Total inventories		$	3,982,771			$	3,900,777

NOTE 7. STOCK-BASED COMPENSATION

Stock-based compensation expense was $56,999 for the second quarter of fiscal 2022, $34,315 for the second quarter of fiscal 2021, $64,237 for the firstsix months of fiscal 2022, and $37,022 for the firstsix months of fiscal 2021. We calculate the share-based compensation expense using the Black-Scholes standard option-pricing model.

NOTE 8. INCOME TAXES

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

We had nounrecognized tax benefits as of September 30, 2021, and we do notexpect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of September 30, 2021 we had noaccrued interest related to uncertain tax positions. The tax years 2016through 2020 remain open to examination by the major taxing jurisdictions to which we are subject.

NOTE 9. LEASES

We conduct our operations in a leased facility under a non-cancellable lease expiring March 31, 2026. Our lease does not provide an implicit rate, so we used our incremental borrowing rate to determine the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. Variable lease costs consist primarily of common area maintenance and real estate taxes which are paid based on actual costs incurred by the lessor. Details of our operating lease are as follows:

		Quarter Ended Sept. 30, 2021			Six Months Ended Sept. 30, 2021
Operating lease cost		$	42,515			$	85,030
Variable lease cost			31,029				62,058
Total		$	73,544			$	147,088
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for leases		$	37,962			$	75,924
Remaining lease term		54 months
Discount rate			3.5	%

The following table presents the maturities of lease liabilities as of September 30,2021:

Year Ending March 31		Operating Leases
2022			76,779
2023			156,121
2024			159,592
2025			163,224
2026			165,947
Total lease payments			721,663
Imputed lease interest			(53,735	)
Total lease liabilities		$	667,928

NOTE 10. STOCK REPURCHASE PROGRAM

On January 21, 2009 we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock from time to time in open market, block, or privately negotiated transactions. The timing and extent of any repurchases depends on market conditions, the trading price of the company's stock, and other factors, and subject to the restrictions relating to volume, price, and timing under applicable law. On August 27, 2015, we announced that our Board of Directors authorized up to $5,000,000 of additional repurchases. Our repurchase program does not have an expiration date and does not obligate us to purchase any shares. The Program may be modified or discontinued at any time without notice. We intend to finance any stock repurchases with cash provided by operating activities or maturating marketable securities. The remaining authorization was $3,762,040 as of September 30, 2021. We did notrepurchase any of our Common Stock during the first or second quarter of fiscal 2022.

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 first3% of participants' salary deferral contributions. Our matching contributions were $26,831 for the second quarter of fiscal 2022, $21,275 for the second quarter of fiscal 2021, $55,415 for the firstsix months of fiscal 2022, and $46,656 for the firstsix months of fiscal 2021.

NOTE 12. SUBSEQUENT EVENTS

On October 20, 2021 we announced that our Board had declared a quarterly cash dividend of $1.00 per share of Common Stock to be paid November 30, 2021to shareholders of record as of the close of business November 1, 2021.

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

Forward-looking statements

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

Further information regarding our risks and uncertainties are contained in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended March 31, 2021 as updated in Item 1A of this report.

General

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

Critical accounting policies

A description of our critical accounting policies is provided in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended March 31, 2021. As of September 30, 2021 our critical accounting policies and estimates continued to include investment valuation, inventory valuation, and deferred tax assets estimation.

Quarter ended September30, 2021 compared to quarter ended September30, 2020

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

		Percentage of Revenue Quarter Ended September 30			Quarter- to-Quarter
		2021			2020			Change
Revenue
Product sales			97.2	%			94.9	%			59.5	%
Contract research and development			2.8	%			5.1	%			(12.7	)%
Total revenue			100.0	%			100.0	%			55.8	%
Cost of sales			22.6	%			21.5	%			64.0	%
Gross profit			77.4	%			78.5	%			53.5	%
Expenses
Research and development			10.4	%			18.6	%			(13.2	)%
Selling, general, and administrative			7.1	%			8.2	%			34.9	%
Total expenses			17.5	%			26.8	%			1.4	%
Income from operations			59.9	%			51.7	%			80.5	%
Interest income			4.3	%			9.2	%			(26.5	)%
Income before taxes			64.2	%			60.9	%			64.4	%
Provision for income taxes			10.8	%			10.2	%			65.7	%
Net income			53.4	%			50.7	%			64.1	%

Total revenue for the quarter ended September 30, 2021 (the second quarter of fiscal 2022) increased 56% compared to the quarter ended September 30, 2020 (the second quarter of fiscal 2021). The increase was due to a 59% increase in product sales partially offset by a 13% decrease in contract research and development revenue.

The increase in product sales in the second quarter of fiscal 2022 from the prior-year quarter was primarily due to increased purchases by existing customers, and sales increased in most of our markets and product lines. The decrease in contract research and development revenue was due to the completion of certain contracts.

Gross profit as a percentage of revenue decreased to 77% the second quarter of fiscal 2022 from 79% the second quarter of fiscal 2021 primarily due to revenue mix.

Total expenses increased 1% in the second quarter of fiscal 2022 compared to the second quarter of fiscal 2021 due to a 35% increase in selling, general, and administrative expense, partially offset by an 13% decrease in research and development expense. The increase in selling, general, and administrative expense was primarily due to increased employee compensation expense. The decrease in research and development expense was primarily due to staffing changes and the completion of certain product development activities.

Interest income for the second quarter of fiscal 2022 decreased 27% due to a decrease in our available-for-sale securities and a decrease in the average interest rates on those securities.

The 64% increase in net income in the second quarter of fiscal 2022 compared to the prior-year quarter was primarily due to an increase in product sales.

Six Months ended September 30, 2021 compared to six Months ended September 30, 2020

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

		Percentage of Revenue Six Months Ended Sep. 30			Period- to-Period
		2021			2020			Change
Revenue
Product sales			97.2	%			95.0	%			59.5	%
Contract research and development			2.8	%			5.0	%			(13.1	)%
Total revenue			100.0	%			100.0	%			55.8	%
Cost of sales			23.7	%			19.8	%			86.4	%
Gross profit			76.3	%			80.2	%			48.3	%
Expenses
Research and development			10.9	%			18.9	%			(10.7	)%
Selling, general, and administrative			6.8	%			8.0	%			33.2	%
Total expenses			17.7	%			26.9	%			2.3	%
Income from operations			58.6	%			53.3	%			71.4	%
Interest income			4.2	%			8.9	%			(27.0	)%
Income before taxes			62.8	%			62.2	%			57.3	%
Provision for income taxes			11.1	%			10.5	%			64.0	%
Net income			51.7	%			51.7	%			55.9	%

Total revenue for the six months ended September 30, 2021 increased 56% compared to the six months ended September 30, 2020. The increase was due to a 59% increase in product sales partially offset by a 13% decrease in contract research and development revenue.

The increase in product sales from the prior-year period was primarily due to increased purchases by existing customers, and sales increased in most of our markets and product lines. The decrease in contract research and development revenue was due to the completion of certain contracts.

Gross profit as a percentage of revenue decreased to 76% for the first six months of fiscal 2022 from 80% for the first six months of fiscal 2021 primarily due to revenue mix.

Total expenses increased 2% for the first six months of fiscal 2022 compared to the first six months of fiscal 2021 due to a 33% increase in selling, general, and administrative expense, partially offset by an 11% decrease in research and development expense. The increase in selling, general, and administrative expense was primarily due to increased employee compensation expense. The decrease in research and development expense was primarily due to staffing changes and the completion of certain product development activities.

Interest income for the first six months of fiscal 2022 decreased 27% due to a decrease in our available-for-sale securities and a decrease in the average interest rates on those securities.

The 56% increase in net income in the first six months of fiscal 2022 compared to the prior-year quarter was primarily due to an increase in product sales.

The Impact of the COVID-19 Pandemic

We believe the impact of the COVID-19 pandemic on total revenue and net income was significantly less in the quarter and six months ended September 30, 2021 compared to the prior-year periods.

Liquidity and Capital Resources

Overview

Cash and cash equivalents were $11,145,156 as of September 30, 2021 compared to $10,427,340 as of March 31, 2021. The $717,816 increase in cash and cash equivalents during first six months of fiscal 2022 was due to $6,458,196 in net cash provided by operating activities and $3,926,084 of cash provided by investing activities, partially offset by $9,666,464 of cash used in financing activities.

Operating Activities

Net cash provided by operating activities related to product sales and research and development contract revenue as our primary source of working capital for the current and prior year quarters. Net cash provided by operating activities was $6,458,196 for first six months of fiscal 2022 and $5,540,971 for the first six months of fiscal 2021.

Accounts receivable increased by $911,821 during first six months of fiscal 2022 primarily due to the timing of sales to and payments from customers.

Prepaid expenses and other assets increased by $298,099 due to the timing of estimated tax payments.

Investing Activities

Cash used in investing activities during the six months ended September 30, 2021 consisted of $73,916 in capital expenditures offset by $4,000,000 in proceeds from maturities of marketable securities. Capital expenditures can vary from quarter to quarter depending on our needs and equipment purchasing opportunities. We currently plan significantly more capital expenditures during fiscal 2022 than the $62,727 we invested in fiscal 2021.

Financing Activities

Cash used in financing activities during the six months ended September 30, 2021 consisted of $9,666,464 of cash dividends paid to shareholders. In addition to cash dividends to shareholders paid in first six months of fiscal 2022, on October 20, 2021 we announced that our Board had declared a cash dividend of $1.00 per share of Common Stock, or $4,833,232 based on shares outstanding as of October 15, 2021, to be paid November 30, 2021. We plan to fund dividends through cash provided by operating activities and proceeds from maturities of marketable securities. All future dividends will be subject to Board approval and subject to the company's results of operations, cash and marketable security balances, estimates of future cash requirements, and other factors the Board may deem relevant. Furthermore, dividends may be modified or discontinued at any time without notice.

We currently believe our working capital and cash generated from operations will be adequate for our needs at least for the next 12 months.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Management, with the participation of the Chief Executive Officer and Principal Financial Officer, has performed an evaluation of our disclosure controls and procedures that are defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act") as of the end of the period covered by this Report. This evaluation included consideration of the controls, processes, and procedures that are designed to ensure that information required to be disclosed by us in the reports we file under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Based on such evaluation, our Chief Executive Officer and Principal Financial Officer concluded that, as September 30, 2021, our disclosure controls and procedures were effective.

Changes in Internal Controls

During the quarter ended September 30, 2021, there was no change in our internal control over financial reporting that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

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

Item 1A. Risk Factors.

There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2021, except the following risk factor is replaced in its entirety by the following to reflect new COVID-19 related restrictions on certain packaging vendors:

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, unique magnetic requirements, and high isolation voltage specifications, 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 due to vendors' business decisions, business condition, or acts of God, including floods, typhoons, earthquakes, or pandemics. Lead-times for packaging services have increased during the COVID-19 pandemic and there have been shortages of raw materials and equipment our packaging vendors need for their process. Government lockdown restrictions, labor shortages, and raw-material shortages have reduced our vendors' capacity and increased their lead-times. These conditions could continue, worsen, or recur. 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, extreme weather, and other potential effects of climate change. We have alternate vendors or potential alternate vendors for the majority of our products, but it can be expensive, time-consuming, and technically challenging to convert to alternate vendors. Furthermore, we may not be able to recover work in process or finished goods at a packaging vendor in the event of a disruption. Supply delays, 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.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 6. Exhibits.

Exhibit #	Description
31.1	Certification by Daniel A. Baker pursuant to Rule 13a-14(a)/15d-14(a).
31.2	Certification by Jon J. Larson pursuant to Rule 13a-14(a)/15d-14(a).
32	Certification by Daniel A. Baker and Jon J. Larson pursuant to 18 U.S.C. Section 1350.
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

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

		NVE CORPORATION
		(Registrant)
October 20, 2021		/s/ DANIEL A. BAKER
Date		Daniel A. Baker
		President and Chief Executive Officer
October 20, 2021		/s/ JON J. LARSON
Date		Jon J. Larson
		Corporate Controller and Principal Financial Officer

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