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NOTE 5. MARKETABLE SECURITIES

6 Months Ended

Sep. 30, 2025

NOTE 5. MARKETABLE SECURITIES

The following table shows the major categories of our marketable securities and their contractual maturities as of September 30, 2025:

	Total		<1 Year		1–3 Years		3–4 Years
Money market funds	$	4,742,269	$	4,742,269	$	-	$	-
Treasury securities		4,727,539		-		4,727,539		-
Corporate bonds		35,756,715		12,640,185		16,110,709		7,005,821
Total	$	45,226,523	$	17,382,454	$	20,838,248	$	7,005,821

Total marketable securities and money market funds represented approximately 74% of our total assets as of September 30, 2025. Marketable securities as of September 30, 2025, had remaining maturities between 16 weeks and 43 months.

Money market funds are included on the balance sheets in “Cash and cash equivalents.” Corporate bonds are included in “Marketable securities, short term” and “Marketable securities, long term.” Treasury securities are included in “Marketable securities, long term.” Accrued interest receivables were $400,667 as of September 30, 2025, and $340,241 as of March 31, 2025, and are included in the balance sheets in “Prepaid expenses and other assets.”

We monitor the credit ratings of our marketable securities at least quarterly as reported by Standard & Poor’s. The following table summarizes the fair values of our marketable securities as of September 30, 2025, aggregated by credit rating:

Credit Rating		Fair Value
AAA	$	9,469,808
AA+		3,956,140
AA		4,912,125
AA-		13,771,565
A+		13,116,885
Total	$	45,226,523

The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values:

	As of September 30, 2025						As of March 31, 2025
	Level 1		Level 2		Total		Level 1		Level 2		Total
Money market funds	$	4,742,269	$	-	$	4,742,269	$	7,905,042	$	-	$	7,905,042
Treasury securities		-		4,727,539		4,727,539		-		4,715,238		4,715,238
Corporate bonds		-		35,756,715		35,756,715		-		35,280,978		35,280,978
Total	$	4,742,269	$	40,484,254	$	45,226,523	$	7,905,042	$	39,996,216	$	47,901,258

Our available-for-sales securities as of September 30 and March 31, 2025, aggregated into classes of securities, were as follows:

	As of September 30, 2025									As of March 31, 2025
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Money market funds	$	4,742,269	$	-	$	-		$	4,742,269	$	7,905,042	$	-	$	-		$	7,905,042
Treasury securities		4,699,770		27,769		-			4,727,539		4,699,686		15,552		-			4,715,238
Corporate bonds		35,669,065		106,357		(18,707	)		35,756,715		35,384,272		55,858		(159,152	)		35,280,978
Total	$	45,111,104	$	134,126	$	(18,707	)	$	45,226,523	$	47,989,000	$	71,410	$	(159,152	)	$	47,901,258

The following table shows the gross unrealized holding losses and estimated fair value of our marketable securities, aggregated by category of securities and length of time that individual securities had been in a continuous unrealized loss position as of September 30 and March 31, 2025.

	Less Than 12 Months					12 Months or Greater					Total
	Estimated Fair Value		Gross Unrealized Holding Losses			Estimated Fair Value		Gross Unrealized Holding Losses			Estimated Fair Value		Gross Unrealized Holding Losses

As of September 30, 2025
Corporate bonds	$	1,964,850	$	(498	)	$	8,199,095	$	(18,209	)	$	10,163,945	$	(18,707	)
Total	$	1,964,850	$	(498	)	$	8,199,095	$	(18,209	)	$	10,163,945	$	(18,707	)

As of March 31, 2025
Corporate bonds	$	7,323,059	$	(31,808	)	$	21,020,717	$	(127,344	)	$	28,343,776	$	(159,152	)
Total	$	7,323,059	$	(31,808	)	$	21,020,717	$	(127,344	)	$	28,343,776	$	(159,152	)

None of the securities were impaired at acquisition, and subsequent declines in fair value are attributable to interest rate increases. We do not intend to sell, and it is not more likely than not that we will be required to sell, these securities before recovery of their amortized cost basis. The issuers continue to make timely interest payments on these securities.

Unrealized gains on our marketable securities and their tax effects are as follows:

	Quarter Ended September 30,
	2025			2024
Unrealized gain on marketable securities	$	106,692		$	870,990
Tax effects		(23,344	)		(190,573	)
Unrealized gain on marketable securities, net of tax	$	83,348		$	680,417

	Six Months Ended September 30,
	2025			2024
Unrealized gain on marketable securities	$	203,162		$	907,741
Tax effects		(44,452	)		(198,614	)
Unrealized gain on marketable securities, net of tax	$	158,710		$	709,127