Risk Factors.
−Removed: There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022, except the following risk factor is replaced in its entirety by the following to reflect an amendment to an agreement with Abbott Laboratories, which extends the Agreement term through December 31, 2023:
−Removed: We may lose revenue if we are unable to renew customer agreements.
−Removed: We have agreements with certain customers, including a Supplier Partnering Agreement, as amended, with Abbott Laboratories, which expires December 31, 2023.
−Removed: We cannot predict if these agreements will be renewed, or if renewed, under what terms.
−Removed: Although it is possible we could continue to sell products to these customers without formal agreements, an inability to agree on mutually acceptable terms could have a significant adverse impact on our revenue or profitability.
+Added: There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, except the following risk factor is added to “Risks Related to Our Business”:
+Added: We face risk of credit losses
+Added: 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements requires us to measure our allowance for credit losses based on the expected credit losses over the life of our receivables, rather than the historical loss experience.
+Added: We may need to increase our allowance for credit losses when we believe that the expected credit losses on our receivables have increased.
+Added: Factors that could affect credit losses include late payments or defaults on our receivables and changes in the economic environment that adversely affect our customers’ ability to make payments.
+Added: Any increases in our allowance for credit losses would have a negative impact on our financial results, including reducing our net income and net income per share.
Mine Safety Disclosures.
−Removed: Amendment No.
−Removed: 9 to Supplier Partnering Agreement between Abbott and the company (incorporated by reference to the Form 8-K/A filed January 25 , 2023).
+Added: Second Amendment Sonova Supply Agreement (incorporated by reference to the Form 8-K/A filed July 19, 2023).
Certification by Daniel A.
Baker pursuant to Rule 13a-14(a)/15d-14(a).
−Removed: Certification by Joseph P.
−Removed: Schmitz pursuant to Rule 13a-14(a)/15d-14(a).
+Added: Certification by Daniel Nelson pursuant to Rule 13a-14(a)/15d-14(a).
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
8 unchanged sentences
NVE CORPORATION
−Removed: January 25, 2023
+Added: July 19, 2023
/s/ DANIEL A.
President and Chief Executive Officer
−Removed: January 25, 2023
−Removed: /s/ JOSEPH P.
−Removed: Chief Financial Officer
+Added: July 19, 2023
+Added: /s/ DANIEL NELSON
+Added: Daniel Nelson
+Added: Principal Financial Officer
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.