We describe an equivalent circuit model applicable to a wide variety of magnetoelectric phenomena and use SPICE simulations to benchmark this model against experimental data. We use this model to suggest a different mode of operation where the "1" and "0'" states are not represented by states with net magnetization (like \(m_x\), \(m_y\) or \(m_z\)) but by different easy axes, quantitatively described by (\(m_x^2 - m_y^2\)) which switches from "0" to "1" through the write voltage. This change is directly detected as a read signal through the inverse effect. The use of (\(m_x^2 - m_y^2\)) to represent a bit is a radical departure from the standard convention of using the magnetization (\(m\)) to represent information. We then show how the equivalent circuit can be used to build a device exhibiting tunable randomness and suggest possibilities for extending it to non-volatile memory with read and write capabilities, without the use of external magnetic fields or magnetic tunnel junctions.