NVE CORPORATION INDEX TO FORM 10-K PART I Item 1. Our sensors are quite small, very sensitive to magnetic fields, precise, and reliable. Our IsoLoop couplers are faster than the fastest optical couplers. The loss of one or more of these customers could have a material adverse effect on us. We rely on several large customers for a significant percentage of our revenue. We believe that our competition is increasing as the technology and markets mature. We cannot predict if these agreements will be renewed, or if renewed, under what terms. We may lose revenue if we are unable to maintain important certifications. & & & & & Such a recall could be harmful to our reputation for product safety and efficacy. The space consists of 21,362 square feet of offices, laboratories, and production areas. The Program may be modified or discontinued at any time without notice. The remaining authorization was $3,762,040 as of March& 31,& 2021. Cost is determined by the first in, first out method. ITEM 9A. CONTROLS AND PROCEDURES. 31.1 Certification by Daniel A. Baker pursuant to Rule 13a-14(a)/15d-14(a). & & Accordingly, we express no such opinion. /s/ Boulay PLLP We have served as the Company’s auditor since May 8, 2019. F-6 Table of Contents & NVE CORPORATION NOTES TO FINANCIAL STATEMENTS & NOTE 1. We operate in one reportable segment. Fair values of marketable securities are based on quoted market prices. Our customers are throughout the world. The effects of the COVID-19 pandemic have increased the risk of supply interruptions. Accounts receivable are recorded net of an allowance for doubtful accounts. We make estimates of the uncollectibility of accounts receivable. Fixed Assets & & & & & Fixed assets are stated at cost. We did not identify any indicators of impairment during fiscal 2021 or 2020. We recognize any such commissions as selling, general, and administrative expenses. We recognize discounts provided to our distributors as reductions in revenue. & & & & & Net income per diluted share amounts assume exercise of all stock options. Actual results could differ from those estimates.& 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes. ASU& 2019-12 is intended to simplify accounting for income taxes. In June 2016, the FASB issued ASU No.& In November& 2019 the FASB issued ASU No.& The period ranges from immediate vesting to vesting over a five-year period. Stock-based compensation expense was $45,572 in fiscal 2021 and $48,360 in fiscal 2020. & We recognize interest and penalties related to income tax matters in income tax expense. As of March& 31, 2021 we had no accrued interest related to uncertain tax positions. Lease expense is recognized on a straight-line basis over the lease term. Our matching contributions were $94,498 for fiscal 2021 and $92,880 for fiscal 2020. & 2 with an effective date of December& 15, 2009; Amendment No.& I have reviewed this Annual Report on Form 10-K of NVE Corporation; & 2. 7-67$M08SE P8AT(/\\RW&*..(9(@[email protected]$ #L! I" W2 MZY^Y,**KKXC\\_JKKC,0:B^_ ]! + ReferencesNo definition available. If there is no historical data in the report, use the filing date. This excludes temporary equity and is sometimes called permanent equity. Common stock represent the ownership interest in a corporation. Customer-sponsored research and development costs are included in cost of sales. We recognize any forfeitures as they occur. Accounting policies describe all significant accounting policies of
