0000724910
2009-01-21
2009-01-22
0000724910
2013-07-01
2013-09-30
0000724910
us-gaap:RetainedEarningsMember
2014-03-31
0000724910
us-gaap:AdditionalPaidInCapitalMember
2014-03-31
0000724910
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2014-03-31
0000724910
us-gaap:RetainedEarningsMember
2013-03-31
0000724910
us-gaap:AdditionalPaidInCapitalMember
2013-03-31
0000724910
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2013-03-31
0000724910
us-gaap:RetainedEarningsMember
2012-03-31
0000724910
us-gaap:AdditionalPaidInCapitalMember
2012-03-31
0000724910
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2012-03-31
0000724910
us-gaap:RetainedEarningsMember
2011-03-31
0000724910
us-gaap:AdditionalPaidInCapitalMember
2011-03-31
0000724910
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2011-03-31
0000724910
us-gaap:CommonStockMember
2014-03-31
0000724910
us-gaap:CommonStockMember
2013-03-31
0000724910
us-gaap:CommonStockMember
2012-03-31
0000724910
us-gaap:CommonStockMember
2011-03-31
0000724910
nvec:RangeTwoMember
2014-03-31
0000724910
nvec:RangeThreeMember
2014-03-31
0000724910
nvec:RangeOneMember
2014-03-31
0000724910
nvec:RangeTwoMember
2013-04-01
2014-03-31
0000724910
nvec:RangeThreeMember
2013-04-01
2014-03-31
0000724910
nvec:RangeOneMember
2013-04-01
2014-03-31
0000724910
us-gaap:WarrantMember
2013-03-31
0000724910
us-gaap:EmployeeStockOptionMember
2013-03-31
0000724910
nvec:OptionSharesReservedMember
2013-03-31
0000724910
us-gaap:WarrantMember
2012-03-31
0000724910
us-gaap:EmployeeStockOptionMember
2012-03-31
0000724910
nvec:OptionSharesReservedMember
2012-03-31
0000724910
us-gaap:WarrantMember
2011-03-31
0000724910
us-gaap:EmployeeStockOptionMember
2011-03-31
0000724910
nvec:OptionSharesReservedMember
2011-03-31
0000724910
nvec:OptionSharesReservedMember
2012-04-01
2013-03-31
0000724910
nvec:OptionSharesReservedMember
2011-04-01
2012-03-31
0000724910
nvec:OptionSharesReservedMember
2013-04-01
2014-03-31
0000724910
us-gaap:OtherCreditDerivativesMember
2013-04-01
2014-03-31
0000724910
us-gaap:EuropeMember
2013-04-01
2014-03-31
0000724910
us-gaap:AsiaMember
2013-04-01
2014-03-31
0000724910
country:US
2013-04-01
2014-03-31
0000724910
us-gaap:OtherCreditDerivativesMember
2012-04-01
2013-03-31
0000724910
us-gaap:EuropeMember
2012-04-01
2013-03-31
0000724910
us-gaap:AsiaMember
2012-04-01
2013-03-31
0000724910
country:US
2012-04-01
2013-03-31
0000724910
us-gaap:OtherCreditDerivativesMember
2011-04-01
2012-03-31
0000724910
us-gaap:EuropeMember
2011-04-01
2012-03-31
0000724910
us-gaap:AsiaMember
2011-04-01
2012-03-31
0000724910
country:US
2011-04-01
2012-03-31
0000724910
us-gaap:MachineryAndEquipmentMember
2013-04-01
2014-03-31
0000724910
us-gaap:LeaseholdImprovementsMember
2013-04-01
2014-03-31
0000724910
us-gaap:FurnitureAndFixturesMember
2013-04-01
2014-03-31
0000724910
nvec:CustomerMember
2013-04-01
2014-03-31
0000724910
nvec:CustomerDMember
2013-04-01
2014-03-31
0000724910
nvec:CustomerCMember
2013-04-01
2014-03-31
0000724910
nvec:CustomerBMember
2013-04-01
2014-03-31
0000724910
nvec:CustomerMember
2012-04-01
2013-03-31
0000724910
nvec:CustomerCMember
2012-04-01
2013-03-31
0000724910
nvec:CustomerBMember
2012-04-01
2013-03-31
0000724910
nvec:CustomerMember
2011-04-01
2012-03-31
0000724910
nvec:CustomerCMember
2011-04-01
2012-03-31
0000724910
2012-03-31
0000724910
2011-03-31
0000724910
us-gaap:FairValueInputsLevel2Member
2014-03-31
0000724910
us-gaap:FairValueInputsLevel1Member
2014-03-31
0000724910
us-gaap:FairValueInputsLevel2Member
2013-03-31
0000724910
us-gaap:FairValueInputsLevel1Member
2013-03-31
0000724910
us-gaap:RetainedEarningsMember
2013-04-01
2014-03-31
0000724910
us-gaap:AdditionalPaidInCapitalMember
2013-04-01
2014-03-31
0000724910
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2013-04-01
2014-03-31
0000724910
us-gaap:RetainedEarningsMember
2012-04-01
2013-03-31
0000724910
us-gaap:AdditionalPaidInCapitalMember
2012-04-01
2013-03-31
0000724910
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2012-04-01
2013-03-31
0000724910
us-gaap:RetainedEarningsMember
2011-04-01
2012-03-31
0000724910
us-gaap:AdditionalPaidInCapitalMember
2011-04-01
2012-03-31
0000724910
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2011-04-01
2012-03-31
0000724910
us-gaap:CommonStockMember
2013-04-01
2014-03-31
0000724910
us-gaap:CommonStockMember
2012-04-01
2013-03-31
0000724910
us-gaap:CommonStockMember
2011-04-01
2012-03-31
0000724910
us-gaap:WarrantMember
2013-04-01
2014-03-31
0000724910
us-gaap:EmployeeStockOptionMember
2013-04-01
2014-03-31
0000724910
us-gaap:WarrantMember
2012-04-01
2013-03-31
0000724910
us-gaap:EmployeeStockOptionMember
2012-04-01
2013-03-31
0000724910
us-gaap:WarrantMember
2011-04-01
2012-03-31
0000724910
us-gaap:EmployeeStockOptionMember
2011-04-01
2012-03-31
0000724910
us-gaap:MinimumMember
2013-04-01
2014-03-31
0000724910
us-gaap:MaximumMember
2013-04-01
2014-03-31
0000724910
2012-04-01
2013-03-31
0000724910
2011-04-01
2012-03-31
0000724910
us-gaap:MunicipalBondsMember
2014-03-31
0000724910
2014-03-31
0000724910
us-gaap:MunicipalBondsMember
2013-03-31
0000724910
us-gaap:CorporateBondSecuritiesMember
2013-03-31
0000724910
2013-03-31
0000724910
us-gaap:CorporateBondSecuritiesMember
2014-03-31
0000724910
2013-09-30
0000724910
2014-05-02
0000724910
2013-04-01
2014-03-31
xbrli:pure
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
false
--03-31
FY
2014
2014-03-31
10-K
0000724910
4851043
Yes
Accelerated Filer
137000000
NVE CORP /NEW/
No
No
13342
4187
9155
251582
246973
4609
13342
4187
9155
251582
246973
4609
41463622
40558688
2459903
2378845
81058
1630343
1613822
16521
13342
4187
9155
251582
246973
4609
<div> <b>Concentration of Risk and Financial Instruments</b> <br />Financial instruments potentially subject to significant concentrations of credit risk consist principally of cash equivalents, marketable securities, and accounts receivable.<br /><br />We have invested our excess cash in corporate-backed and municipal-backed bonds and other 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 />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 />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>
-4756
-37131
145592
120009
134214
137052
<div> <table style="font-family: Times New Roman; font-size: 10pt;" border="0" 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>
<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><1 Year</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>1–3 Years</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>3–5 Years</b></td></tr>
<tr><td width="1%">$</td>
<td width="12%" align="right">94,382,401</td>
<td> </td>
<td width="1%">$</td>
<td width="12%" align="right">12,360,091</td>
<td> </td>
<td width="1%">$</td>
<td width="12%" align="right">41,463,622</td>
<td width="2%"> </td>
<td width="1%">$</td>
<td width="12%" align="right">40,558,688</td></tr></table> </div>
<div> <b>Fixed Assets</b> <br />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 <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 2014, 2013, or 2012.<br /><br /> </div>
467053
460723
443708
235470
118282
28456
60075
21934
15639
7169
1802
592
95184
41084
142775
131596
218213
287746
P1Y
<div> <b><i>Research and Development Contract Revenue Recognition</i></b> <br />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 />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>
<div> <table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="67%" align="center">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: black 1px solid;" valign="bottom"><b>Quarter Ended</b></td>
<td width="3%"> </td>
<td style="border-bottom: black 1px solid;" valign="bottom" width="12%" align="center"><b>Number of Shares</b><br />Purchased</td>
<td width="3%"> </td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Amount Paid</b></td></tr>
<tr><td bgcolor="#ccdaef" valign="top">June 30, 2013</td>
<td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" align="right">- </td>
<td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="12%" align="right">- </td></tr>
<tr><td valign="top">September 30, 2013</td>
<td> </td>
<td align="right">25,393</td>
<td> </td>
<td>$</td>
<td align="right">1,263,405</td></tr>
<tr bgcolor="#ccdaef"><td valign="top">December 31, 2013</td>
<td> </td>
<td align="right">- </td>
<td> </td>
<td width="1%">$</td>
<td width="12%" align="right">- </td></tr>
<tr><td valign="top">March 31, 2014</td>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right"><b>- </b></td>
<td> </td>
<td style="border-bottom: black 1px solid;">$</td>
<td style="border-bottom: black 1px solid;" align="right"><b>- </b></td></tr>
<tr bgcolor="#ccdaef"><td valign="top">Total for year ended March 31, 2014</td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">25,393</td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">1,263,405</td></tr></table> </div>
P10Y
P1Y
53200
P3Y8M12D
P10M24D
P4Y7M6D
P10M24D
P4Y2M12D
P4M24D
10000000
48547
37691
14000
36
0
-449
485
0
144188
0
143811
377
0
416760
0
416620
140
0
<div> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Option Shares<br />Reserved</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Options<br />Outstanding</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Weighted Average<br />Option Exercise Price</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Warrants<br />Outstanding</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Weighted Average<br />Warrant Exercise Price</b></td></tr>
<tr><td bgcolor="#ccdaef" valign="top">At March 31, 2011</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" width="14%" align="right">166,230</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" width="1%"> </td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">175,000</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" width="1%"> </td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" width="1%">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" width="18%" align="right">21.54</td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" width="12%" align="right">10,000</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" width="1%"> </td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" width="1%">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" width="18%" align="right">16.28</td></tr>
<tr><td>
<div style="margin-left: 9pt;">Granted</div></td>
<td align="right">(4,000</td>
<td>)</td>
<td> </td>
<td align="right">4,000</td>
<td> </td>
<td> </td>
<td>$</td>
<td align="right">58.25</td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td></tr>
<tr><td bgcolor="#ccdaef">
<div style="margin-left: 9pt;">Exercised</div></td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef" align="right">-</td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef" align="right">(70,000</td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef">)</td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef">$</td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef" align="right">16.93</td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef" align="right">-</td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef" colspan="2" align="right">-</td></tr>
<tr><td valign="top">At March 31, 2012</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">162,230</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">109,000</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top">$</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;"> </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> </td>
<td> </td>
<td align="right">(64,000</td>
<td>)</td>
<td> </td>
<td>$</td>
<td align="right">24.23</td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td colspan="2" align="right">-</td></tr>
<tr bgcolor="#ccdaef"><td valign="top">
<div style="margin-left: 9pt;">Terminated</div></td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">-</td>
<td style="border-bottom: black 1px solid;" valign="top"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">-</td>
<td style="border-bottom: black 1px solid;" valign="top"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" valign="top">$</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> </td>
<td style="border-bottom: black 1px solid;" valign="top"> </td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">7.35</td></tr>
<tr><td valign="top">At March 31, 2013 </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">158,230</td>
<td style="border-bottom: black 3px double;" valign="top"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">49,000</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">30.27</td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">4,000</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top">$</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> </td>
<td align="right">4,000</td>
<td> </td>
<td> </td>
<td>$</td>
<td align="right">49.86</td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td></tr>
<tr><td>
<div style="margin-left: 9pt;">Exercised</div></td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td align="right">(14,000</td>
<td>)</td>
<td> </td>
<td>$</td>
<td align="right">29.77</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">1,000</td>
<td style="border-bottom: black 1px solid;" valign="top"> </td>
<td> </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> </td>
<td style="border-bottom: black 1px solid;" valign="top">$</td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">58.27</td>
<td> </td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">(2,000</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" valign="top"> </td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">21.99</td></tr>
<tr><td valign="top">At March 31, 2014 </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">155,230</td>
<td style="border-bottom: black 3px double;" valign="top"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">38,000</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">31.78</td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">2,000</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </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></table> </div>
422092
374127
2521395
2331574
6228122
7030692
1557726
877857
21200742
20464883
80160
0
80160
0
0
66720
66720
53200
53200
15734
15734
57472
57472
15000
15000
5000
5000
4000
95765496
105242043
19036846
20214961
82751286
75298160
75298160
7453126
7453126
94382401
89934059
89934059
4448342
4448342
80304725
72923502
7381223
93003640
88567210
4436430
1680583
1171976
508607
36180425
34761683
1418742
1680583
1171976
508607
36180425
34761683
1418742
12360091
<div> <p><font size="2" class="_mt"><strong>NOTE 1. DESCRIPTION OF BUSINESS</strong> <br />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>
952209
1544536
2509683
1262300
592327
965147
-1247383
<div> <b>Cash and Cash Equivalents</b> <br />We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. </div>
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 9. COMMITMENTS AND CONTINGENCIES</b><br />Lease payments were $<font class="_mt">265,357</font> for fiscal 2014, $<font class="_mt">259,823</font> for fiscal 2013, and $<font class="_mt">253,740</font> for fiscal 2012. The operating lease for our facility expires December 31, 2020. We pay operating expenses including maintenance, utilities, real estate taxes, and insurance in addition to rental payments. We also lease a piece of office equipment under an operating lease expiring October 2018 with payments due quarterly. Our future minimum lease payments are shown in the following table:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="20" align="center"><b>Year Ending March 31</b></td>
<td colspan="3"> </td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2015</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2016</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2017</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2018</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2019</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2020</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2021</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td></tr>
<tr bgcolor="#ccdaef"><td width="1%">$</td>
<td width="6%" align="right">272,600</td>
<td> </td>
<td width="1%">$</td>
<td width="6%" align="right">275,644</td>
<td> </td>
<td width="1%">$</td>
<td width="6%" align="right">276,658</td>
<td> </td>
<td width="1%">$</td>
<td width="6%" align="right">280,717</td>
<td> </td>
<td width="1%"> </td>
<td width="6%" align="right">283,813</td>
<td> </td>
<td width="1%">$</td>
<td width="6%" align="right">287,746</td>
<td> </td>
<td width="1%">$</td>
<td width="6%" align="right">218,213</td>
<td> </td>
<td width="1%">$</td>
<td width="6%" align="right">1,895,391</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font> </div>
0.01
0.01
6000000
6000000
4862436
4851043
4862436
4851043
48624
48510
11408113
12299108
10456006
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 8. CONCENTRATIONS</b><br />The following table summarizes customers comprising 10% or more of revenue for fiscal 2014, 2013, and 2012:<br /><br /></font>
<div>
<table style="font-family: Times New Roman; font-size: 10pt;" 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 style="white-space: nowrap;" class="_mt">% of Revenue for Year Ended March 31</font></b></td></tr>
<tr><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>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" align="center"><b>2012</b></td></tr>
<tr><td bgcolor="#ccdaef">Customer A</td>
<td bgcolor="#ccdaef" width="12%" align="center">19%</td>
<td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" width="12%" align="center">15%</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">17%</td>
<td> </td>
<td width="11%" align="center">14%</td>
<td> </td>
<td width="11%" align="center">*</td></tr>
<tr><td bgcolor="#ccdaef">Customer C</td>
<td bgcolor="#ccdaef" width="11%" align="center">15%</td>
<td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" width="11%" align="center">16%</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">10%</td>
<td> </td>
<td width="11%" align="center">*</td>
<td> </td>
<td width="11%" align="center">*</td></tr></table>
<table style="font-size: 4pt;" border="0" cellspacing="0" cellpadding="0" width="50%" align="center">
<tr><td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0.7pt; border-top: medium none; border-right: medium none; padding-top: 0pt;" width="85"> </td>
<td rowspan="2"> </td></tr>
<tr><td style="padding-bottom: 0pt; padding-left: 0pt; padding-right: 0.7pt; padding-top: 0pt;"> </td></tr></table>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="50%" align="center">
<tr><td>*<font class="_mt">Less than 10%</font></td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font></div><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt">Revenue by geographic region was as follows:<br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" 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>2014</b></td>
<td width="3%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2013</b></td>
<td width="3%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2012</b></td></tr>
<tr bgcolor="#ccdaef"><td bgcolor="#ccdaef">United States</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>
<td> </td>
<td width="1%">$</td>
<td width="16%" align="right">13,334,563</td></tr>
<tr><td>Europe</td>
<td> </td>
<td align="right">11,065,547</td>
<td> </td>
<td> </td>
<td align="right">10,666,338</td>
<td> </td>
<td> </td>
<td align="right">10,798,146</td></tr>
<tr bgcolor="#ccdaef"><td>Asia</td>
<td> </td>
<td align="right">3,374,202</td>
<td> </td>
<td> </td>
<td align="right">3,979,862</td>
<td> </td>
<td> </td>
<td align="right">4,130,930</td></tr>
<tr><td>Other</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">335,715</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">380,726</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">315,581</td></tr>
<tr valign="top" bgcolor="#ccdaef"><td>Total Revenue</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">25,934,907</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">27,033,419</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">28,579,220</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font> </div>
0.16
0.14
0.14
0.16
0.15
0.17
0.15
0.10
0.19
3427398
2598596
422879
9325511
7025181
5720277
4847082
5314876
5010734
407913
377215
304931
-17233
34718
61306
-12850
51262
121881
4382
810
3103
103540
107173
-440736
-117213
0
237387
69510
56588
24239
19327
440736
0
0
354600
888836
500904
109126
105370
101100
1.00
0.03
500121
647163
844339
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 6. STOCK-BASED COMPENSATION<br />Stock Option Plan</b> <br />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 <font class="_mt">one</font> year to <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">53,200</font> in fiscal 2014, $<font class="_mt">66,720</font> in fiscal 2013, and $<font class="_mt">80,160</font> in fiscal 2012.<br /><br /><b>Valuation assumptions</b><br />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-family: Times New Roman; font-size: 10pt;" 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>2014</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2013</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2012</b></td></tr>
<tr bgcolor="#ccdaef"><td>Risk-free interest rate</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>
<td> </td>
<td width="11%" align="right">1.0</td>
<td width="2%">%</td></tr>
<tr><td>Expected volatility</td>
<td align="right">30</td>
<td>%</td>
<td> </td>
<td align="right">38</td>
<td>%</td>
<td> </td>
<td align="right">42</td>
<td>%</td></tr>
<tr bgcolor="#ccdaef"><td>Expected life (years)</td>
<td align="right">4.3</td>
<td> </td>
<td> </td>
<td align="right">4.1</td>
<td> </td>
<td> </td>
<td align="right">4.1</td>
<td> </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 style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />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 />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 />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 />We use historical volatility to estimate the expected volatility of our common stock.<br /><br /><b><i>Dividend yield</i></b><br />We assume a dividend yield of <font class="_mt">zero</font> because we do not currently plan to pay dividends.<br /><br /><b>Tax effects of stock-based compensation</b><br />Stock-based compensation increased deferred tax assets by $<font class="_mt">19,327</font> for fiscal 2014 and $<font class="_mt">24,239</font> for fiscal 2013.<br /><br /></font><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>General stock option information</b><br />We had no nonvested shares as of March 31, 2014 or 2013. The following table summarizes information about options outstanding at March 31, 2014, all of which were exercisable:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="67%" align="center">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Ranges of<br />Exercise Prices</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Number<br />Outstanding</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Weighted Average<br />Exercise Price</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Weighted Remaining<br />Contractual Life (years)</b></td></tr>
<tr bgcolor="#ccdaef"><td width="10%" align="right">$ <font class="_mt">15.08</font> - 16.33</td>
<td> </td>
<td width="10%" align="right">20,000</td>
<td> </td>
<td width="1%">$</td>
<td width="9%" align="right">16.21</td>
<td> </td>
<td width="10%" align="right">1.8</td></tr>
<tr><td align="right"><font class="_mt">31.27</font> - 42.45</td>
<td> </td>
<td align="right">5,000</td>
<td> </td>
<td> </td>
<td align="right">37.12</td>
<td> </td>
<td align="right">4.8</td></tr>
<tr bgcolor="#ccdaef"><td align="right"><font class="_mt">51.04</font> - 58.25</td>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right">13,000</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">53.69</td>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right">7.6</td></tr>
<tr><td> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">38,000</td>
<td> </td>
<td valign="top">$</td>
<td valign="top" align="right">31.78</td>
<td> </td>
<td style="border-bottom: rgb(255,255,255) 3px solid;" valign="top" align="right">4.2</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />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 />A summary of our stock options and warrants are shown in the following table:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" 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 Shares<br />Reserved</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Options<br />Outstanding</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Weighted Average<br />Option Exercise Price</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Warrants<br />Outstanding</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Weighted Average<br />Warrant Exercise Price</b></td></tr>
<tr><td bgcolor="#ccdaef" valign="top">At March 31, 2011</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" width="14%" align="right">166,230</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" width="1%"> </td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">175,000</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" width="1%"> </td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" width="1%">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" width="18%" align="right">21.54</td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" width="12%" align="right">10,000</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" width="1%"> </td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" width="1%">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" width="18%" align="right">16.28</td></tr>
<tr><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>$</td>
<td align="right">58.25</td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td></tr>
<tr><td bgcolor="#ccdaef">
<div style="margin-left: 9pt;">Exercised</div></td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef" align="right">-</td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef" align="right">(70,000</td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef">)</td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef">$</td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef" align="right">16.93</td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef" align="right">-</td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef"> </td>
<td style="border-bottom: black 1px solid;" bgcolor="#ccdaef" colspan="2" align="right">-</td></tr>
<tr><td valign="top">At March 31, 2012</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">162,230</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">109,000</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">25.85</td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">10,000</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top">$</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>$</td>
<td align="right">54.11</td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td></tr>
<tr><td>
<div style="margin-left: 9pt;">Exercised</div></td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td align="right">(64,000</td>
<td>)</td>
<td> </td>
<td>$</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"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">-</td>
<td style="border-bottom: black 1px solid;" valign="top"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" valign="top">$</td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">(6,000</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" valign="top"> </td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">7.35</td></tr>
<tr><td valign="top">At March 31, 2013 </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">158,230</td>
<td style="border-bottom: black 3px double;" valign="top"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">49,000</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top">$</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;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">29.69</td></tr>
<tr bgcolor="#ccdaef"><td>
<div style="margin-left: 9pt;">Granted</div></td>
<td align="right">(4,000</td>
<td>)</td>
<td> </td>
<td align="right">4,000</td>
<td> </td>
<td> </td>
<td>$</td>
<td align="right">49.86</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> </td>
<td> </td>
<td align="right">(14,000</td>
<td>)</td>
<td> </td>
<td>$</td>
<td align="right">29.77</td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td colspan="2" align="right">-</td></tr>
<tr bgcolor="#ccdaef"><td valign="top">
<div style="margin-left: 9pt;">Terminated</div></td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">1,000</td>
<td style="border-bottom: black 1px solid;" valign="top"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">(1,000</td>
<td style="border-bottom: black 1px solid;" valign="top">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" valign="top">$</td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">58.27</td>
<td> </td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">(2,000</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" valign="top"> </td>
<td style="border-bottom: black 1px solid;" valign="top" align="right">21.99</td></tr>
<tr><td valign="top">At March 31, 2014 </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">155,230</td>
<td style="border-bottom: black 3px double;" valign="top"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">38,000</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">31.78</td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">2,000</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">37.38</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />The remaining weighted-average exercisable life was <font class="_mt">4.2</font> years at March 31, 2014; <font class="_mt">4.6</font> years at March 31, 2013; and <font class="_mt">3.7</font> years at March 31, 2012. All outstanding options were exercisable as of March 31, 2014, 2013, and 2012. The total intrinsic value of options exercised during fiscal 2014 was $<font class="_mt">356,413</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 31, 2014, based on our closing stock price for that day, was $<font class="_mt">964,640</font> all of which were exercisable. The total fair value of option grants was $<font class="_mt">53,200</font> in fiscal 2014. There was no unrecognized stock-based compensation at March 31, 2014.<br /><br />No warrants were issued in the past three fiscal years. Remaining weighted-average exercisable warrant life was <font class="_mt">0.4</font> years at March 31, 2014; <font class="_mt">0.9</font> years at March 31, 2013; and <font class="_mt">0.9</font> years at March 31, 2012.<br /></font> </div>
2.37
2.44
2.30
2.34
2.43
2.29
<div> <div><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /><br /><b>Net Income Per Share</b> <br />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 <font class="_mt">4,000</font> for fiscal 2014; <font class="_mt">5,000</font> for fiscal 2013; and <font class="_mt">5,000</font> for fiscal 2012 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:</font><br /><br />
<table style="font-family: Times New Roman; font-size: 10pt;" 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>2014</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2012</b></td></tr>
<tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding – basic</td>
<td width="11%" align="right">4,851,460</td>
<td colspan="2" align="right">4,839,810</td>
<td colspan="2" align="right">4,796,227</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">15,639</td>
<td colspan="2" align="right">21,934</td>
<td colspan="2" align="right">60,075</td></tr>
<tr><td>
<div style="margin-left: 9pt;">Warrants</div></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>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right">7,169</td></tr>
<tr valign="top" bgcolor="#ccdaef"><td>Shares used in computing net income per share – diluted</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>
<td> </td>
<td style="border-bottom: black 3px double;" align="right">4,863,471</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font></div> </div>
918060
808675
0
15734
57472
0
15734
57472
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 3. FAIR VALUE MEASUREMENTS</b><br />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 />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 $<font class="_mt">89,934,059</font> at March 31, 2014 and $<font class="_mt">75,298,160</font> at March 31, 2013.<br /><br />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. On the balance sheets, these securities are included in "Marketable securities, short term" and "Marketable securities, long term." The fair value of our Level 2 marketable securities was $<font class="_mt">4,448,342</font> at March 31, 2014 and $<font class="_mt">7,453,126</font> at March 31, 2013.<br /><br />Level 3 – Inputs to the fair value measurement are unobservable inputs or valuation techniques. We do not have any financial assets or liabilities being measured at fair value that are classified as Level 3 financial instruments.<br /><br /></font>
<div> </div> </div>
<div> <b>Fair Value of Financial Instruments</b> <br />The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximates fair value because of the short maturity of these instruments. Fair values of marketable securities are based on quoted market prices. <br /><br /> </div>
19253709
20008238
20214630
16623239
17556457
16515949
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 7. INCOME TAXES</b><br />Income tax provisions for fiscal 2012 through 2014 consisted of the following:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="67%" align="center">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="11" align="center"><b>Year Ended March 31</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2014</b></td>
<td width="3%"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2013</b></td>
<td width="3%"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2012</b></td></tr>
<tr><td bgcolor="#ccdaef" colspan="12">Current taxes</td></tr>
<tr><td>
<div style="margin-left: 9pt;">Federal</div></td>
<td width="1%">$</td>
<td width="16%" align="right">5,010,734</td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%">$</td>
<td width="16%" align="right">5,314,876</td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%">$</td>
<td width="16%" align="right">4,847,082</td>
<td width="1%"> </td></tr>
<tr bgcolor="#ccdaef"><td>
<div style="margin-left: 9pt;">State</div></td>
<td colspan="2" align="right">304,931</td>
<td> </td>
<td> </td>
<td colspan="2" align="right">377,215</td>
<td> </td>
<td> </td>
<td colspan="2" align="right">407,913</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">61,306</td>
<td> </td>
<td> </td>
<td colspan="2" align="right">34,718</td>
<td> </td>
<td> </td>
<td colspan="2" align="right">(17,233</td>
<td>)</td></tr>
<tr><td>
<div style="margin-left: 9pt;">State</div></td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">3,103</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">810</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">4,382</td>
<td style="border-bottom: black 1px solid;"> </td></tr>
<tr valign="top" bgcolor="#ccdaef"><td>Income tax provision</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">5,380,074</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">5,727,619</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">5,242,144</td>
<td style="border-bottom: black 3px double;"> </td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />A reconciliation of income tax provisions at the U.S. statutory rate for fiscal 2012 through 2014 is as follows:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="11" align="center"><b>Year Ended March 31</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2014</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2013</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2012</b></td></tr>
<tr bgcolor="#ccdaef"><td>Tax expense at U.S. statutory rate</td>
<td width="1%">$</td>
<td width="11%" align="right">5,667,281</td>
<td width="1%"> </td>
<td> </td>
<td width="1%">$</td>
<td width="11%" align="right">6,046,264</td>
<td width="1%"> </td>
<td> </td>
<td width="1%">$</td>
<td width="11%" align="right">5,700,630</td>
<td width="1%"> </td></tr>
<tr><td>State income taxes, net of Federal benefit</td>
<td> </td>
<td align="right">199,751</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">244,691</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">252,881</td>
<td> </td></tr>
<tr bgcolor="#ccdaef"><td>Domestic manufacturing deduction</td>
<td> </td>
<td align="right">(443,708</td>
<td>)</td>
<td> </td>
<td> </td>
<td align="right">(460,723</td>
<td>)</td>
<td> </td>
<td> </td>
<td align="right">(467,053</td>
<td>)</td></tr>
<tr><td>Municipal interest</td>
<td> </td>
<td align="right">(28,456</td>
<td>)</td>
<td> </td>
<td> </td>
<td align="right">(118,282</td>
<td>)</td>
<td> </td>
<td> </td>
<td align="right">(235,470</td>
<td>)</td></tr>
<tr bgcolor="#ccdaef"><td>Other</td>
<td style="border-bottom: black 1px solid;"> </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;"> </td>
<td style="border-bottom: black 1px solid;" align="right">15,669</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;"> </td>
<td style="border-bottom: black 1px solid;" align="right">(8,844</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr valign="top"><td>Income tax provision</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">5,380,074</td>
<td style="border-bottom: black 3px double;"> </td>
<td style="border-bottom: black 3px double;"> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">5,727,619</td>
<td style="border-bottom: black 3px double;"> </td>
<td style="border-bottom: black 3px double;"> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">5,242,144</td>
<td style="border-bottom: black 3px double;"> </td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities as of March 31, 2014 and 2013 were as follows:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="67%" align="center">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="7" align="center"><b>March 31</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2014</b></td>
<td width="3%"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2013</b></td></tr>
<tr><td>Vacation accrual</td>
<td width="1%">$</td>
<td width="16%" align="right">137,052</td>
<td width="1%"> </td>
<td align="right"> </td>
<td width="1%">$</td>
<td width="16%" align="right">134,214</td>
<td width="1%"> </td></tr>
<tr bgcolor="#ccdaef"><td>Inventory reserve</td>
<td colspan="2" align="right">107,173</td>
<td> </td>
<td align="right"> </td>
<td colspan="2" align="right">103,540</td>
<td> </td></tr>
<tr><td>Depreciation</td>
<td colspan="2" align="right">(37,131</td>
<td>)</td>
<td align="right"> </td>
<td colspan="2" align="right">(4,756</td>
<td>)</td></tr>
<tr bgcolor="#ccdaef"><td>Stock-based compensation deductions</td>
<td colspan="2" align="right">120,009</td>
<td> </td>
<td align="right"> </td>
<td colspan="2" align="right">145,592</td>
<td> </td></tr>
<tr><td>Unrealized gain on marketable securities</td>
<td colspan="2" align="right">(500,904</td>
<td>)</td>
<td align="right"> </td>
<td colspan="2" align="right">(888,836</td>
<td>)</td></tr>
<tr bgcolor="#ccdaef"><td>Other</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">56,588</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">69,510</td>
<td style="border-bottom: black 1px solid;"> </td></tr>
<tr><td>Net deferred tax liabilities</td>
<td style="border-bottom: black 3px double;" width="1%">$</td>
<td style="border-bottom: black 3px double;" align="right">(117,213</td>
<td style="border-bottom: black 3px double;">)</td>
<td> </td>
<td style="border-bottom: black 3px double;" width="1%">$</td>
<td style="border-bottom: black 3px double;" align="right">(440,736</td>
<td style="border-bottom: black 3px double;">)</td></tr>
<tr bgcolor="#ccdaef"><td colspan="8">Reported as:</td></tr>
<tr><td>
<div style="margin-left: 9pt;">Deferred tax assets</div></td>
<td>$</td>
<td align="right">237,387</td>
<td> </td>
<td> </td>
<td width="1%">$</td>
<td align="right">- </td>
<td> </td></tr>
<tr bgcolor="#ccdaef"><td>
<div style="margin-left: 9pt;">Deferred taxes</div></td>
<td width="1%"> </td>
<td align="right">- </td>
<td> </td>
<td> </td>
<td width="1%"> </td>
<td align="right">(440,736</td>
<td>)</td></tr>
<tr><td>
<div style="margin-left: 9pt;">Long-term deferred tax liabilities</div></td>
<td style="border-bottom: black 1px solid;" width="1%"> </td>
<td style="border-bottom: black 1px solid;" align="right">(354,600</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" width="1%"> </td>
<td style="border-bottom: black 1px solid;" align="right">- </td>
<td style="border-bottom: black 1px solid;"> </td></tr>
<tr bgcolor="#ccdaef"><td>Net deferred tax liabilities</td>
<td style="border-bottom: black 3px double;" width="1%">$</td>
<td style="border-bottom: black 3px double;" align="right">(117,213</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">(440,736</td>
<td style="border-bottom: black 3px double;">)</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />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">57,472</font> in fiscal 2014 and $<font class="_mt">15,734</font> in fiscal 2013 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 />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 "Net 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 />We had $<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 31, 2014, compared to $<font class="_mt">95,184</font> of Federal net operating losses and $<font class="_mt">142,775</font> of state net operating losses at March 31, 2013. These net operating losses expire in fiscal 2020 and are subject to limitation including limitation under the Internal Revenue Code.<br /><br />We had no unrecognized tax benefits as of March 31, 2014, 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, 2014 we had no accrued interest related to uncertain tax positions. The tax years 1999 through 2013 remain open to examination by the major taxing jurisdictions to which we are subject.<br /><br /></font> </div>
5207565
5202616
5263033
5242144
5727619
5380074
<div> <b>Income Taxes</b> <br />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 </div>
5700630
6046264
5667281
-8844
15669
-14794
252881
244691
199751
-187950
-190881
-157350
-911399
-163445
-189821
-114481
107216
-129259
-25454
-201705
-141871
285000
295000
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 5. INVENTORIES</b><br />Inventories consisted of the following:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" 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></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>2014</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2013</b></td></tr>
<tr bgcolor="#ccdaef"><td>Raw materials</td>
<td width="1%">$</td>
<td width="22%" align="right">776,510</td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">$</td>
<td width="22%" align="right">1,312,011</td>
<td width="1%"> </td></tr>
<tr><td>Work in process</td>
<td> </td>
<td align="right">1,940,809</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,533,951</td>
<td> </td></tr>
<tr bgcolor="#ccdaef"><td>Finished goods</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">785,014</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">775,630</td>
<td style="border-bottom: black 1px solid;"> </td></tr>
<tr><td> </td>
<td> </td>
<td align="right">3,502,333</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,621,592</td>
<td> </td></tr>
<tr bgcolor="#ccdaef"><td>Less inventory reserve</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(295,000</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(285,000</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr valign="top"><td>Total inventories</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">3,207,333</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">3,336,592</td>
<td style="border-bottom: black 3px double;"> </td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font> </div>
775630
785014
3621592
3502333
3336592
3207333
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>Inventories</b> <br />Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. We record inventory reserves when we determine certain inventory is unlikely to be sold based on sales trends, turnover, competition, and other market factors.</font> </div>
1312011
776510
1533951
1940809
2350191
2359603
2122133
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 4. MARKETABLE SECURITIES</b><br />Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of March 31, 2014, by maturity, were as follows:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="50%" align="center">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><1 Year</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>1–3 Years</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>3–5 Years</b></td></tr>
<tr><td width="1%">$</td>
<td width="12%" align="right">94,382,401</td>
<td> </td>
<td width="1%">$</td>
<td width="12%" align="right">12,360,091</td>
<td> </td>
<td width="1%">$</td>
<td width="12%" align="right">41,463,622</td>
<td width="2%"> </td>
<td width="1%">$</td>
<td width="12%" align="right">40,558,688</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />As of March 31, 2014 and 2013 our marketable securities were as follows:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" 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 31, 2014</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 31, 2013</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 bonds</td>
<td>$</td>
<td valign="bottom" align="right">88,567,210</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">1,613,822</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">(246,973</td>
<td valign="bottom">)</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">89,934,059</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">72,923,502</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">2,378,845</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">(4,187</td>
<td valign="bottom">)</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">75,298,160</td></tr>
<tr bgcolor="#ccdaef"><td valign="bottom">Municipal bonds </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">4,436,430</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">16,521<br /></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td>
<td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">4,448,342</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">7,381,223</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">81,058</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(9,155</td>
<td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">7,453,126</td></tr>
<tr><td valign="top">Total</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">93,003,640</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">1,630,343</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">(251,582</td>
<td style="border-bottom: black 3px double;">)</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">94,382,401</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">80,304,725</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">2,459,903</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">(13,342</td>
<td style="border-bottom: black 3px double;">)</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">82,751,286</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />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, 2014 and 2013:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" 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, 2014</td></tr>
<tr><td bgcolor="#ccdaef" width="12"> </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%"> </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%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">-</td>
<td bgcolor="#ccdaef" width="1%"> </td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">34,761,683</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(246,973</td>
<td bgcolor="#ccdaef" width="1%">)</td></tr>
<tr><td> </td>
<td>Municipal bonds </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,418,742</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,418,742</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr><td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" valign="top">Total</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">36,180,425</td>
<td bgcolor="#ccdaef" valign="top"> </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"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top"> </td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">36,180,425</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(251,582</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr>
<tr><td colspan="22">As of March 31, 2013</td></tr>
<tr><td bgcolor="#ccdaef" width="12"> </td>
<td bgcolor="#ccdaef">Corporate bonds</td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">1,171,976</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(4,187</td>
<td bgcolor="#ccdaef" width="1%">)</td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">-</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">-</td>
<td bgcolor="#ccdaef" width="1%"> </td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">1,171,976</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(4,187</td>
<td bgcolor="#ccdaef" width="1%">)</td></tr>
<tr><td> </td>
<td>Municipal bonds </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">508,607</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(9,155</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">508,607</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(9,155</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr><td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" valign="top">Total</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">1,680,583</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(13,342</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top"> </td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">1,680,583</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">(13,342</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />Gross unrealized losses totaled $251,582 as of March 31, 2014, and were attributed to 11 corporate bonds and one municipal bond out of a portfolio of 41 bonds. The gross unrealized losses were due to market-price decreases and rating downgrades after the bonds were purchased, and none had been in a continuous unrealized loss position for 12 months or greater. All of the bonds we held were rated by Moody's or Standard and Poor's and had investment-grade credit ratings. 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. Because we expect to recover the entire cost basis of the securities, and because we do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities before recovery of the cost basis, which may be maturity, we did not consider any of our marketable securities to be other-than-temporarily impaired at March 31, 2014.<br /><br /></font> </div>
1499454
1499454
95765496
105242043
1780888
1182802
8417061
8536010
9711029
12360091
73040257
82022310
<div> <b>Marketable Securities</b> <br />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 />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 2014, 2013, or 2012.<br /><br /> </div>
36
159922
-789173
-12219619
-11840077
-12859634
12811910
12645302
12401424
11381095
11381095
11828838
0
0
0
11828838
11135875
0
0
0
11135875
<div> <b>Recently Issued Accounting Standards</b> <br />We have adopted all applicable recently issued accounting pronouncements. </div>
4980661
4811384
5820814
14273048
15196854
14393816
1895391
272600
283813
280717
276658
275644
27018
27018
0
0
0
470270
470270
0
0
-679869
-679869
0
0
253740
259823
265357
0
0
1263405
18501362
27209753
22753916
1480237
1824324
160718
<div> <p><font size="2" class="_mt"><strong>NOTE 11. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS<br /></strong>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 <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">101,100</font> for fiscal 2014, $<font class="_mt">105,370</font> for fiscal 2013, and $<font class="_mt">109,126</font> for fiscal 2012.</font><br /><br /></p> </div>
958147
816276
36
144188
416760
7761980
17194000
10055000
9916515
10035464
3688393
3004772
P5Y
P5Y
P5Y
<div> <b>Accounts Receivable and Allowance for Doubtful Accounts</b> <br />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 2014, 2013, or 2012.<br /><br /> </div>
2600058
2570821
3585339
<div> <b>Research and Development Expense Recognition</b><br />Research and development costs are expensed as they are incurred.<br /><br /> </div>
71177516
82313391
<div> <b>Revenue Recognition</b><br /><b><i>Product Revenue Recognition</i></b><br />We recognize product revenue when evidence of an arrangement exists, the price to the buyer is fixed and determinable, collectability is reasonable assured and the product has shipped. Our sales are 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 />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">15,542</font> for fiscal 2014, $<font class="_mt">27,386</font> for fiscal 2013, and $<font class="_mt">40,185</font> for fiscal 2012.<br /><br />Our stocking distributors take title and assume the risks and rewards pf 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. </div>
<div> <b><i>Accounting for Commissions and Discounts</i></b> <br />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 />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. <br /><br /> </div>
28579220
13334563
4130930
10798146
315581
27033419
12006493
3979862
10666338
380726
25934907
11159443
3374202
11065547
335715
25151822
24434823
25512028
<div> <table style="font-family: Times New Roman; font-size: 10pt;" 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 31, 2014</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 31, 2013</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 bonds</td>
<td>$</td>
<td valign="bottom" align="right">88,567,210</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">1,613,822</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">(246,973</td>
<td valign="bottom">)</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">89,934,059</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">72,923,502</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">2,378,845</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">(4,187</td>
<td valign="bottom">)</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">75,298,160</td></tr>
<tr bgcolor="#ccdaef"><td valign="bottom">Municipal bonds </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">4,436,430</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">16,521<br /></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td>
<td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">4,448,342</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">7,381,223</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">81,058</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(9,155</td>
<td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">7,453,126</td></tr>
<tr><td valign="top">Total</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">93,003,640</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">1,630,343</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">(251,582</td>
<td style="border-bottom: black 3px double;">)</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">94,382,401</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">80,304,725</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">2,459,903</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">(13,342</td>
<td style="border-bottom: black 3px double;">)</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">82,751,286</td></tr></table> </div>
<div> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="20" align="center"><b>Year Ending March 31</b></td>
<td colspan="3"> </td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2015</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2016</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2017</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2018</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2019</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2020</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2021</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td></tr>
<tr bgcolor="#ccdaef"><td width="1%">$</td>
<td width="6%" align="right">272,600</td>
<td> </td>
<td width="1%">$</td>
<td width="6%" align="right">275,644</td>
<td> </td>
<td width="1%">$</td>
<td width="6%" align="right">276,658</td>
<td> </td>
<td width="1%">$</td>
<td width="6%" align="right">280,717</td>
<td> </td>
<td width="1%"> </td>
<td width="6%" align="right">283,813</td>
<td> </td>
<td width="1%">$</td>
<td width="6%" align="right">287,746</td>
<td> </td>
<td width="1%">$</td>
<td width="6%" align="right">218,213</td>
<td> </td>
<td width="1%">$</td>
<td width="6%" align="right">1,895,391</td></tr></table> </div>
<div> <table style="font-family: Times New Roman; font-size: 10pt;" 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></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>2014</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2013</b></td></tr>
<tr bgcolor="#ccdaef"><td>Raw materials</td>
<td width="1%">$</td>
<td width="22%" align="right">776,510</td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">$</td>
<td width="22%" align="right">1,312,011</td>
<td width="1%"> </td></tr>
<tr><td>Work in process</td>
<td> </td>
<td align="right">1,940,809</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,533,951</td>
<td> </td></tr>
<tr bgcolor="#ccdaef"><td>Finished goods</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">785,014</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">775,630</td>
<td style="border-bottom: black 1px solid;"> </td></tr>
<tr><td> </td>
<td> </td>
<td align="right">3,502,333</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,621,592</td>
<td> </td></tr>
<tr bgcolor="#ccdaef"><td>Less inventory reserve</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(295,000</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(285,000</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr valign="top"><td>Total inventories</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">3,207,333</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">3,336,592</td>
<td style="border-bottom: black 3px double;"> </td></tr></table> </div>
<div> <div>
<table style="font-family: Times New Roman; font-size: 10pt;" 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 style="white-space: nowrap;" class="_mt">% of Revenue for Year Ended March 31</font></b></td></tr>
<tr><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>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" align="center"><b>2012</b></td></tr>
<tr><td bgcolor="#ccdaef">Customer A</td>
<td bgcolor="#ccdaef" width="12%" align="center">19%</td>
<td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" width="12%" align="center">15%</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">17%</td>
<td> </td>
<td width="11%" align="center">14%</td>
<td> </td>
<td width="11%" align="center">*</td></tr>
<tr><td bgcolor="#ccdaef">Customer C</td>
<td bgcolor="#ccdaef" width="11%" align="center">15%</td>
<td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" width="11%" align="center">16%</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">10%</td>
<td> </td>
<td width="11%" align="center">*</td>
<td> </td>
<td width="11%" align="center">*</td></tr></table>
<table style="font-size: 4pt;" border="0" cellspacing="0" cellpadding="0" width="50%" align="center">
<tr><td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0.7pt; border-top: medium none; border-right: medium none; padding-top: 0pt;" width="85"> </td>
<td rowspan="2"> </td></tr>
<tr><td style="padding-bottom: 0pt; padding-left: 0pt; padding-right: 0.7pt; padding-top: 0pt;"> </td></tr></table>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="50%" align="center">
<tr><td>*<font class="_mt">Less than 10%</font></td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font></div> </div>
<div> <table style="font-family: Times New Roman; font-size: 10pt;" 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>2014</b></td>
<td width="3%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2013</b></td>
<td width="3%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2012</b></td></tr>
<tr bgcolor="#ccdaef"><td bgcolor="#ccdaef">United States</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>
<td> </td>
<td width="1%">$</td>
<td width="16%" align="right">13,334,563</td></tr>
<tr><td>Europe</td>
<td> </td>
<td align="right">11,065,547</td>
<td> </td>
<td> </td>
<td align="right">10,666,338</td>
<td> </td>
<td> </td>
<td align="right">10,798,146</td></tr>
<tr bgcolor="#ccdaef"><td>Asia</td>
<td> </td>
<td align="right">3,374,202</td>
<td> </td>
<td> </td>
<td align="right">3,979,862</td>
<td> </td>
<td> </td>
<td align="right">4,130,930</td></tr>
<tr><td>Other</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">335,715</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">380,726</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">315,581</td></tr>
<tr valign="top" bgcolor="#ccdaef"><td>Total Revenue</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">25,934,907</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">27,033,419</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">28,579,220</td></tr></table> </div>
<div> <table style="font-family: Times New Roman; font-size: 10pt;" border="0" 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 style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Ranges of<br />Exercise Prices</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Number<br />Outstanding</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Weighted Average<br />Exercise Price</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Weighted Remaining<br />Contractual Life (years)</b></td></tr>
<tr bgcolor="#ccdaef"><td width="10%" align="right">$ <font class="_mt">15.08</font> - 16.33</td>
<td> </td>
<td width="10%" align="right">20,000</td>
<td> </td>
<td width="1%">$</td>
<td width="9%" align="right">16.21</td>
<td> </td>
<td width="10%" align="right">1.8</td></tr>
<tr><td align="right"><font class="_mt">31.27</font> - 42.45</td>
<td> </td>
<td align="right">5,000</td>
<td> </td>
<td> </td>
<td align="right">37.12</td>
<td> </td>
<td align="right">4.8</td></tr>
<tr bgcolor="#ccdaef"><td align="right"><font class="_mt">51.04</font> - 58.25</td>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right">13,000</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">53.69</td>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right">7.6</td></tr>
<tr><td> </td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">38,000</td>
<td> </td>
<td valign="top">$</td>
<td valign="top" align="right">31.78</td>
<td> </td>
<td style="border-bottom: rgb(255,255,255) 3px solid;" valign="top" align="right">4.2</td></tr></table> </div>
<div> <table style="font-family: Times New Roman; font-size: 10pt;" 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>2014</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2013</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>2012</b></td></tr>
<tr bgcolor="#ccdaef"><td>Risk-free interest rate</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>
<td> </td>
<td width="11%" align="right">1.0</td>
<td width="2%">%</td></tr>
<tr><td>Expected volatility</td>
<td align="right">30</td>
<td>%</td>
<td> </td>
<td align="right">38</td>
<td>%</td>
<td> </td>
<td align="right">42</td>
<td>%</td></tr>
<tr bgcolor="#ccdaef"><td>Expected life (years)</td>
<td align="right">4.3</td>
<td> </td>
<td> </td>
<td align="right">4.1</td>
<td> </td>
<td> </td>
<td align="right">4.1</td>
<td> </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-family: Times New Roman; font-size: 10pt;" 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, 2014</td></tr>
<tr><td bgcolor="#ccdaef" width="12"> </td>
<td bgcolor="#ccdaef">Corporate bonds</td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">34,761,683</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</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%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">-</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">-</td>
<td bgcolor="#ccdaef" width="1%"> </td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">34,761,683</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(246,973</td>
<td bgcolor="#ccdaef" width="1%">)</td></tr>
<tr><td> </td>
<td>Municipal bonds </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,418,742</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,418,742</td>
<td> </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"> </td>
<td bgcolor="#ccdaef" valign="top">Total</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">36,180,425</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</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">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</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"> </td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">36,180,425</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(251,582</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr>
<tr><td colspan="22">As of March 31, 2013</td></tr>
<tr><td bgcolor="#ccdaef" width="12"> </td>
<td bgcolor="#ccdaef">Corporate bonds</td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">1,171,976</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(4,187</td>
<td bgcolor="#ccdaef" width="1%">)</td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">-</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">-</td>
<td bgcolor="#ccdaef" width="1%"> </td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">1,171,976</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(4,187</td>
<td bgcolor="#ccdaef" width="1%">)</td></tr>
<tr><td> </td>
<td>Municipal bonds </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">508,607</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(9,155</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">508,607</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(9,155</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr><td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" valign="top">Total</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">1,680,583</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(13,342</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">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</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"> </td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">1,680,583</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(13,342</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr></table> </div>
<div> <table style="font-family: Times New Roman; font-size: 10pt;" 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>2014</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2012</b></td></tr>
<tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding – basic</td>
<td width="11%" align="right">4,851,460</td>
<td colspan="2" align="right">4,839,810</td>
<td colspan="2" align="right">4,796,227</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">15,639</td>
<td colspan="2" align="right">21,934</td>
<td colspan="2" align="right">60,075</td></tr>
<tr><td>
<div style="margin-left: 9pt;">Warrants</div></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>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right">7,169</td></tr>
<tr valign="top" bgcolor="#ccdaef"><td>Shares used in computing net income per share – diluted</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>
<td> </td>
<td style="border-bottom: black 3px double;" align="right">4,863,471</td></tr></table> </div>
2380603
2240563
2235475
80160
66720
53200
P5Y
0.00
0.00
0.00
P4Y1M6D
P4Y1M6D
P4Y3M18D
0.42
0.38
0.30
0.010
0.007
0.014
356413
6000
-1000
1000
2000
7.35
58.27
21.99
-4000
4000
-4000
4000
-4000
4000
964640
166230
175000
10000
162230
109000
10000
158230
49000
4000
21.54
16.28
25.85
16.28
30.27
29.69
16.93
24.23
29.77
58.25
54.11
49.86
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>Stock-Based Compensation</b> <br />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.</font> </div>
15.08
51.04
31.27
38000
20000
13000
5000
31.78
16.21
53.69
37.12
P4Y2M12D
P1Y9M18D
P7Y7M6D
P4Y9M18D
4776198
4824745
4862436
4851043
40185
27386
15542
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br /></b><font class="_mt"><b>Cash and Cash Equivalents</b> <br />We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. </font><br /><br /><font class="_mt"><b>Fair Value of Financial Instruments</b> <br />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 />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 />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 2014, 2013, or 2012.<br /><br /></font><font class="_mt"><b>Concentration of Risk and Financial Instruments</b> <br />Financial instruments potentially subject to significant concentrations of credit risk consist principally of cash equivalents, marketable securities, and accounts receivable.<br /><br />We have invested our excess cash in corporate-backed and municipal-backed bonds and other 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 />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 />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 />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 2014, 2013, or 2012.<br /><br /></font><font class="_mt"><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>Inventories</b> <br />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></font><br /><br /><font class="_mt"><b>Product Warranty</b><br />In general we warranty our products to be free from defects in material and workmanship for <font class="_mt">one</font> year.</font><br /><br /></font><font class="_mt"><b>Fixed Assets</b> <br />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 <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 2014, 2013, or 2012.<br /><br /></font><font class="_mt"><b>Revenue Recognition</b><br /><b><i>Product Revenue Recognition</i></b><br />We recognize product revenue when evidence of an arrangement exists, the price to the buyer is fixed and determinable, collectability is reasonable assured and the product has shipped. Our sales are 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 />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">15,542</font> for fiscal 2014, $<font class="_mt">27,386</font> for fiscal 2013, and $<font class="_mt">40,185</font> for fiscal 2012.<br /><br />Our stocking distributors take title and assume the risks and rewards pf 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.</font><br /><br /><font class="_mt"><b><i>Accounting for Commissions and Discounts</i></b> <br />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 />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. <br /><br /></font><font class="_mt"><b><i>Research and Development Contract Revenue Recognition</i></b> <br />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 />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 />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</font>.<br /><br /><font class="_mt"><b>Research and Development Expense Recognition</b><br />Research and development costs are expensed as they are incurred.<br /><br /></font><font class="_mt"><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>Stock-Based Compensation</b> <br />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.</font></font>
<div><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /><br /><b>Net Income Per Share</b> <br />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 <font class="_mt">4,000</font> for fiscal 2014; <font class="_mt">5,000</font> for fiscal 2013; and <font class="_mt">5,000</font> for fiscal 2012 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:</font><br /><br />
<table style="font-family: Times New Roman; font-size: 10pt;" 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>2014</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2012</b></td></tr>
<tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding – basic</td>
<td width="11%" align="right">4,851,460</td>
<td colspan="2" align="right">4,839,810</td>
<td colspan="2" align="right">4,796,227</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">15,639</td>
<td colspan="2" align="right">21,934</td>
<td colspan="2" align="right">60,075</td></tr>
<tr><td>
<div style="margin-left: 9pt;">Warrants</div></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>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right">7,169</td></tr>
<tr valign="top" bgcolor="#ccdaef"><td>Shares used in computing net income per share – diluted</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>
<td> </td>
<td style="border-bottom: black 3px double;" align="right">4,863,471</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font></div><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>Use of Estimates</b> <br />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"><b>Recently Issued Accounting Standards</b> <br />We have adopted all applicable recently issued accounting pronouncements.</font><br /><br /></font> </div>
<div> <b>Product Warranty</b><br />In general we warranty our products to be free from defects in material and workmanship for <font class="_mt">one</font> year. </div>
93984608
103704641
69970549
1060438
20894766
47762
47967583
81458858
1087456
20974477
48247
59348678
93984608
1557726
21200742
48624
71177516
103704641
877857
20464883
48510
82313391
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 10. STOCK REPURCHASE PROGRAM</b><br />Our authorized stock is stated as <font class="_mt">six</font> million shares of common stock, $<font class="_mt">0.01</font> par value, and <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 />On January 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, $<font class="_mt">1,236,595</font> of which remained available as of March 31, 2014. The repurchase program may be modified or discontinued at any time without notice. We did not repurchase any Common Stock in Fiscal 2013 or 2012. Common Stock repurchases in Fiscal 2014, all of which were made under our publicly-announced program, were as follows:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="67%" align="center">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: black 1px solid;" valign="bottom"><b>Quarter Ended</b></td>
<td width="3%"> </td>
<td style="border-bottom: black 1px solid;" valign="bottom" width="12%" align="center"><b>Number of Shares</b><br />Purchased</td>
<td width="3%"> </td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Amount Paid</b></td></tr>
<tr><td bgcolor="#ccdaef" valign="top">June 30, 2013</td>
<td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" align="right">- </td>
<td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="12%" align="right">- </td></tr>
<tr><td valign="top">September 30, 2013</td>
<td> </td>
<td align="right">25,393</td>
<td> </td>
<td>$</td>
<td align="right">1,263,405</td></tr>
<tr bgcolor="#ccdaef"><td valign="top">December 31, 2013</td>
<td> </td>
<td align="right">- </td>
<td> </td>
<td width="1%">$</td>
<td width="12%" align="right">- </td></tr>
<tr><td valign="top">March 31, 2014</td>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right"><b>- </b></td>
<td> </td>
<td style="border-bottom: black 1px solid;">$</td>
<td style="border-bottom: black 1px solid;" align="right"><b>- </b></td></tr>
<tr bgcolor="#ccdaef"><td valign="top">Total for year ended March 31, 2014</td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">25,393</td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">1,263,405</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font> </div>
70000
64000
14000
25393
25393
25393
1263405
1263151
254
1263405
2500000
1236595
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>Use of Estimates</b> <br />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> </div>
4863471
4863546
4867691
4796227
4839810
4851460
Less than 10%