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Item 1A. Risk Factors

2021-07-21 compared with 2021-01-20 · 31 added, 75 removed, 12 unchanged (90% of the section changed)

Risk Factors.

There have been no material changes from the risk

factors disclosed in our Annual Report on Form 10-K for the fiscal year ended

March 31, 2020 as updated in our Quarterly Report on Form 10-Q for the quarters

ended June 30, 2020 and September 30, 2020, except the following risk

factors are replaced in their entirety by the following to update the effects

of the COVID-19 pandemic:

The loss of supply from any of our packaging vendors could impact our ability

to produce and deliver products and cause loss of revenue.

We are dependent on our packaging vendors.

of the unique materials our products use, the complexity of some of our products,

unique magnetic requirements, and high isolation voltage specifications, many

of our products are more challenging to package than conventional integrated circuits.

Some of our products use processes or tooling unique to a particular packaging

vendor, and it might be expensive, time-consuming, or impractical to convert to

another vendor in the event of a supply interruption due to vendors business

decisions, business condition, or acts of God, including floods, typhoons, earthquakes,

or pandemics.

Leadtimes for packaging services have increased during the

COVID-19 pandemic and there have been shortages

of raw materials our packaging vendors need for their process.

One of our packaging vendors

was forced to suspend its factory operations from late March 2020 until mid-May 2020

and was permitted only limited

operation from mid-May through August 2020 pursuant to COVID-19 government orders,

and restrictions could be reimposed in the future.

Additionally, certain

of our packaging vendors are in flood-susceptible areas.

Flooding risks to such

vendors may increase in the future due to possible higher ocean levels, extreme

weather, and other potential effects of climate change.

We have alternate vendors

or potential alternate vendors for the majority of our products, but it can be

expensive, time-consuming, and technically challenging to convert to alternate

Furthermore, we may not be able to recover work in process or finished

goods at a packaging vendor in the event of a disruption.

Any supply interruptions

or loss of inventory could seriously jeopardize our ability to provide products

that are critical to our business and operations and may cause us to lose revenue.

Public health crises could have an adverse effect on our operations and

financial results.

Public health crises could adversely affect our

ongoing business operations.

In particular, the COVID-19 pandemic has impacted

global economic activity and caused many of our important customers to delay or

cancel orders.

We have been allowed to operate under Minnesota emergency executive

orders in effect since March 27, 2020, however future orders could be imposed

by State or Federal authorities that could limit or prohibit our normal operation.

Furthermore, if one or more of our employees become infected with COVID-19, we

could be forced to curtail or cease operations to protect the health of our employees

or to prevent the spread of the disease.

Additionally, any customer or supplier

disruptions could affect our ability to operate.

These and other impacts of COVID-19

pandemic or other public health crises could have a material adverse effect on

our results of operations or our financial condition.

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

The loss of supply from any of our packaging vendors could impact our ability to produce and deliver products and cause loss of revenue.

     We are dependent on our packaging vendors.

Because of the unique materials our products use, the complexity of some of our products, unique magnetic requirements, and high isolation voltage specifications, many of our products are more challenging to package than conventional integrated circuits.

Some of our products use processes or tooling unique to a particular packaging vendor, and it might be expensive, time-consuming, or impractical to convert to another vendor in the event of a supply interruption due to vendors’

business decisions, business condition, or acts of God, including floods, typhoons, earthquakes, or pandemics.

Lead times for packaging services have increased during the COVID-19 pandemic and there have been shortages of raw materials and equipment our packaging vendors need for their process.

One of our packaging vendors, located in India was forced to suspend its factory operations in 2020 due to government-imposed restrictions and is still not fully operational.

Another packaging vendor, located in Malaysia, has been subject to strict government lockdown restrictions since June 1, 2021.

Our packaging vendors could face further restrictions in the future.

Additionally, certain of our packaging vendors are in flood-susceptible areas.

Flooding risks to such vendors may increase in the future due to possible higher ocean levels, extreme weather, and other potential effects of climate change.

We have alternate vendors or potential alternate vendors for the majority of our products, but it can be expensive, time-consuming, and technically challenging to convert to alternate vendors.

Furthermore, we may not be able to recover work in process or finished goods at a packaging vendor in the event of a disruption.

Any supply interruptions or loss of inventory could seriously jeopardize our ability to provide products that are critical to our business and operations and may cause us to lose revenue.

Mine Safety Disclosures.

Not applicable.

Amendment No.

6 to Supplier Partnering Agreement

between Abbott and the company (incorporated by reference to the Form 8-K/A filed

December 21, 2020).

     Not applicable.

Exhibit  

Certification by Daniel A.

1 unchanged sentence

Certification by Curt A.

Reynders pursuant

to Rule 13a-14(a)/15d-14(a).

Reynders pursuant to Rule 13a-14(a)/15d-14(a).

Certification by Daniel A.

Baker and Curt

Baker and Curt A.

Reynders pursuant to 18 U.S.C.

Section 1350.

XBRL Instance Document

XBRL Taxonomy Extension Schema Document

XBRL Taxonomy Extension Calculation Linkbase Document

XBRL Taxonomy Extension Definition Linkbase Document

XBRL Taxonomy Extension Label Linkbase Document

XBRL Taxonomy Extension Presentation Linkbase Document

Pursuant to the requirements of the Securities Exchange

Act of 1934, the registrant has duly caused this report to be signed on its behalf

by the undersigned thereunto duly authorized.

Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

101.SCH     

Inline XBRL Taxonomy Extension Schema Document

Inline XBRL Taxonomy Extension Calculation Linkbase Document

Inline XBRL Taxonomy Extension Definition Linkbase Document

Inline XBRL Taxonomy Extension Label Linkbase Document

Inline XBRL Taxonomy Extension Presentation Linkbase Document

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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

NVE CORPORATION

January 20, 2021

July 21, 2021

/s/ DANIEL A.

President and Chief Executive Officer

January 20, 2021

July 21, 2021

REYNDERS  

Chief 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.

What changed 10-Q

Item 1A. Risk Factors