Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Feb. 28, 2019 | Apr. 08, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Northern Technologies International Corporation | |
Entity Central Index Key | 0000875582 | |
Trading Symbol | ntic | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 4,537,408 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Feb. 28, 2019 | Aug. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 4,936,377 | $ 4,163,023 |
Available for sale securities | 1,227,268 | 3,300,110 |
Receivables: | ||
Trade excluding joint ventures, less allowance for doubtful accounts of $65,000 at February 28, 2019 and $50,000 at August 31, 2018 | 9,329,725 | 9,920,108 |
Trade joint ventures | 679,349 | 761,506 |
Fees for services provided to joint ventures | 1,338,493 | 1,357,255 |
Income taxes | 515,448 | 273,333 |
Inventories | 11,304,475 | 9,130,861 |
Prepaid expenses | 1,457,059 | 1,661,577 |
Total current assets | 30,788,194 | 30,567,773 |
PROPERTY AND EQUIPMENT, NET | 7,229,398 | 7,168,826 |
OTHER ASSETS: | ||
Investments in joint ventures | 24,418,491 | 22,950,995 |
Deferred income taxes | 1,420,791 | 1,551,536 |
Patents and trademarks, net | 1,084,313 | 1,156,257 |
Other | 153,846 | 153,849 |
Total other assets | 27,077,441 | 25,812,637 |
Total assets | 65,095,033 | 63,549,236 |
CURRENT LIABILITIES: | ||
Accounts payable | 4,307,450 | 3,905,034 |
Income taxes payable | 8,555 | 70,892 |
Accrued liabilities: | ||
Payroll and related benefits | 1,137,209 | 2,747,303 |
Other | 1,154,948 | 1,006,953 |
Total current liabilities | 6,608,162 | 7,730,182 |
COMMITMENTS AND CONTINGENCIES (Note 12) | ||
EQUITY: | ||
Preferred stock, no par value; authorized 10,000 shares; none issued and outstanding | ||
Common stock, $0.02 par value per share; authorized 15,000,000 shares; issued and outstanding 4,542,177 and 4,541,303, respectively | 90,844 | 90,826 |
Additional paid-in capital | 15,353,400 | 14,619,777 |
Retained earnings | 43,771,843 | 41,963,341 |
Accumulated other comprehensive loss | (3,742,258) | (3,597,199) |
Stockholders’ equity | 55,473,829 | 53,076,745 |
Non-controlling interest | 3,013,042 | 2,742,309 |
Total equity | 58,486,871 | 55,819,054 |
Total liabilities and equity | $ 65,095,033 | $ 63,549,236 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Feb. 28, 2019 | Aug. 31, 2018 |
Trade allowance | $ 65,000 | $ 50,000 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.02 | $ 0.02 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 4,542,177 | 4,541,303 |
Common stock, shares outstanding (in shares) | 4,542,177 | 4,541,303 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
NET SALES: | ||||
Net sales, excluding joint ventures | $ 12,606,449 | $ 11,399,853 | $ 26,217,314 | $ 22,435,260 |
Net sales, to joint ventures | 708,955 | 814,122 | 1,192,142 | 1,321,753 |
Total net sales | 13,315,404 | 12,213,975 | 27,409,456 | 23,757,013 |
Cost of goods sold | 9,284,099 | 8,012,836 | 18,745,236 | 15,901,306 |
Gross profit | 4,031,305 | 4,201,139 | 8,664,220 | 7,855,707 |
JOINT VENTURE OPERATIONS: | ||||
Equity in income from joint ventures | 1,715,216 | 1,805,997 | 3,719,378 | 3,547,325 |
Fees for services provided to joint ventures | 1,436,774 | 1,608,890 | 2,865,209 | 3,116,032 |
Total joint venture operations | 3,151,990 | 3,414,887 | 6,584,587 | 6,663,357 |
OPERATING EXPENSES: | ||||
Selling expenses | 2,505,081 | 2,643,636 | 5,316,175 | 5,243,585 |
General and administrative expenses | 1,963,537 | 1,805,216 | 4,459,334 | 4,024,961 |
Research and development expenses | 927,537 | 922,746 | 1,799,694 | 1,721,477 |
Total operating expenses | 5,396,155 | 5,371,598 | 11,575,203 | 10,990,023 |
OPERATING INCOME | 1,787,140 | 2,244,428 | 3,673,604 | 3,529,041 |
INTEREST INCOME | 15,122 | 24,883 | 27,909 | 48,939 |
INTEREST EXPENSE | (3,835) | (5,779) | (6,192) | (10,868) |
INCOME BEFORE INCOME TAX EXPENSE | 1,798,427 | 2,263,532 | 3,695,321 | 3,567,112 |
INCOME TAX EXPENSE | 246,371 | 841,909 | 502,074 | 946,900 |
NET INCOME | 1,552,056 | 1,421,623 | 3,193,247 | 2,620,212 |
NET INCOME ATTRIBUTABLE TO NON- CONTROLLING INTERESTS | 150,488 | 88,776 | 294,620 | 203,739 |
NET INCOME ATTRIBUTABLE TO NTIC | $ 1,401,568 | $ 1,332,847 | $ 2,898,627 | $ 2,416,473 |
NET INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE: | ||||
Basic (in dollars per share) | $ 0.31 | $ 0.29 | $ 0.64 | $ 0.53 |
Diluted (in dollars per share) | $ 0.30 | $ 0.29 | $ 0.61 | $ 0.52 |
WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING: | ||||
Basic (in shares) | 4,542,177 | 4,537,408 | 4,542,175 | 4,537,368 |
Diluted (in shares) | 4,723,930 | 4,673,338 | 4,731,608 | 4,641,042 |
Amount (in dollars per share) | $ 0.12 | $ 0.10 | $ 0.24 | $ 0.20 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
NET INCOME | $ 1,552,056 | $ 1,421,623 | $ 3,193,247 | $ 2,620,212 |
Other comprehensive income – foreign currency translation adjustment | 194,838 | 467,762 | (102,980) | 442,535 |
COMPREHENSIVE INCOME | 1,746,894 | 1,889,385 | 3,090,267 | 3,062,747 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NON- CONTROLLING INTERESTS | 169,499 | 109,047 | 336,699 | 245,962 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NTIC | $ 1,577,395 | $ 1,780,338 | $ 2,753,568 | $ 2,816,785 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Aug. 31, 2017 | 4,535,018 | |||||
Balance at Aug. 31, 2017 | $ 90,700 | $ 14,163,509 | $ 37,077,483 | $ (2,471,064) | $ 2,857,448 | $ 51,718,076 |
Stock issued for employee stock purchase plan (in shares) | 890 | |||||
Stock issued for employee stock purchase plan | $ 18 | 12,463 | 12,481 | |||
Stock option expense | 206,534 | 206,534 | ||||
Dividends paid to shareholders | (907,252) | (907,252) | ||||
Dividend received by non-controlling interest | (200,000) | (200,000) | ||||
NET INCOME | 2,416,473 | 203,739 | 2,620,212 | |||
Other comprehensive income (loss) | 400,312 | 42,223 | $ (102,980) | |||
Stock options exercised (in shares) | 1,500 | 1,500 | ||||
Stock options exercised | $ 30 | 15,345 | $ 15,375 | |||
Balance (in shares) at Feb. 28, 2018 | 4,537,408 | |||||
Balance at Feb. 28, 2018 | $ 90,748 | 14,397,851 | 38,586,704 | (2,070,752) | 2,903,410 | 53,907,961 |
Balance (in shares) at Nov. 30, 2017 | 4,537,408 | |||||
Balance at Nov. 30, 2017 | $ 90,748 | 14,294,584 | 37,706,367 | (2,518,243) | 2,794,363 | 52,367,819 |
Stock issued for employee stock purchase plan (in shares) | ||||||
Stock issued for employee stock purchase plan | ||||||
Stock option expense | 103,267 | 103,267 | ||||
Dividends paid to shareholders | (452,510) | (452,514) | ||||
Dividend received by non-controlling interest | ||||||
NET INCOME | 1,332,847 | 88,776 | 1,421,623 | |||
Other comprehensive income (loss) | 447,491 | 20,271 | 467,762 | |||
Stock options exercised (in shares) | ||||||
Stock options exercised | ||||||
Balance (in shares) at Feb. 28, 2018 | 4,537,408 | |||||
Balance at Feb. 28, 2018 | $ 90,748 | 14,397,851 | 38,586,704 | (2,070,752) | 2,903,410 | 53,907,961 |
Balance (in shares) at Aug. 31, 2018 | 4,541,303 | |||||
Balance at Aug. 31, 2018 | $ 90,826 | 14,619,777 | 41,963,341 | (3,597,199) | 2,742,309 | 55,819,054 |
Stock issued for employee stock purchase plan (in shares) | 874 | |||||
Stock issued for employee stock purchase plan | $ 18 | 17,663 | 17,681 | |||
Stock option expense | 715,960 | 715,960 | ||||
Investment by non-controlling interest | 134,034 | 134,034 | ||||
Dividends paid to shareholders | (1,090,125) | (1,090,125) | ||||
Dividend received by non-controlling interest | (200,000) | (200,000) | ||||
NET INCOME | 2,898,627 | 294,620 | 3,193,247 | |||
Other comprehensive income (loss) | (145,059) | 42,079 | $ (102,980) | |||
Stock options exercised (in shares) | 0 | |||||
Balance (in shares) at Feb. 28, 2019 | 4,542,177 | |||||
Balance at Feb. 28, 2019 | $ 90,844 | 15,353,400 | 43,771,843 | (3,742,258) | 3,013,042 | $ 58,486,871 |
Balance (in shares) at Nov. 30, 2018 | 4,532,177 | |||||
Balance at Nov. 30, 2018 | $ 90,844 | 14,995,420 | 42,915,335 | (3,918,085) | 3,043,543 | 57,127,057 |
Stock issued for employee stock purchase plan (in shares) | ||||||
Stock issued for employee stock purchase plan | ||||||
Stock option expense | 357,980 | 357,980 | ||||
Investment by non-controlling interest | ||||||
Dividends paid to shareholders | (545,060) | (545,064) | ||||
Dividend received by non-controlling interest | (200,000) | (200,000) | ||||
NET INCOME | 1,401,568 | 150,544 | 1,552,056 | |||
Other comprehensive income (loss) | 175,827 | 19,011 | 194,838 | |||
Balance (in shares) at Feb. 28, 2019 | 4,542,177 | |||||
Balance at Feb. 28, 2019 | $ 90,844 | $ 15,353,400 | $ 43,771,843 | $ (3,742,258) | $ 3,013,042 | $ 58,486,871 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 3,193,247 | $ 2,620,212 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Stock-based compensation | 715,960 | 206,534 |
Depreciation expense | 429,377 | 418,562 |
Amortization expense | 129,346 | 125,092 |
Equity in income from joint ventures | (3,719,378) | (3,547,325) |
Deferred income taxes | 135,167 | 700,000 |
Dividends received from joint ventures | 2,027,243 | 1,770,116 |
Gain on sale of property and equipment | (36,285) | |
Changes in current assets and liabilities: | ||
Trade, excluding joint ventures | 730,647 | (2,292,004) |
Trade, joint ventures | 82,157 | 244,372 |
Fees for services provided to joint ventures | 18,762 | (62,381) |
Income taxes | (174,502) | (178,998) |
Inventories | (2,048,648) | (1,631,734) |
Prepaid expenses and other | 215,178 | (504,848) |
Accounts payable | 113,849 | 1,669,859 |
Income tax payable | (32,500) | 139,991 |
Accrued liabilities | (1,517,466) | (193,647) |
Net cash provided by (used in) operating activities | 262,153 | (516,199) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from the sale of available for sale securities | 2,072,842 | 498,558 |
Purchases of property and equipment | (439,899) | (207,350) |
Investments in patents | (57,401) | (44,621) |
Net cash provided by investing activities | 1,575,542 | 246,587 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Dividend received by non-controlling interest | (200,000) | (200,000) |
Investment by non-controlling interest | 134,035 | |
Dividends paid on NTIC common stock | (1,090,125) | (907,252) |
Proceeds from option exercises | 15,375 | |
Proceeds from employee stock purchase plan | 17,681 | 12,481 |
Net cash used in financing activities | (1,138,409) | (1,079,396) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 74,068 | 55,894 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 773,354 | (1,293,114) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 4,163,023 | 6,360,201 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 4,936,377 | $ 5,067,087 |
Note 1 - Interim Financial Info
Note 1 - Interim Financial Information | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. INTERIM FINANCIAL INFORMATION In the opinion of management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, which are of a normal recurring nature, and present fairly the consolidated financial position of Northern Technologies International Corporation and its subsidiaries (the Company) as of February 28, 2019, August 31, 2018, three six February 28, 2019 2018, three six February 28, 2019 six February 28, 2019 2018, These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s annual report on Form 10 August 31, 2018. Management’s Discussion and Analysis of Financial Condition and Results of Operations Operating results for the three six February 28, 2019, not may August 31, 2019. The Company evaluates events occurring after the date of the consolidated financial statements requiring recording or disclosure in the consolidated financial statements. |
Note 2 - Accounting Pronounceme
Note 2 - Accounting Pronouncements | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 2. ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncements Adopted The Company’s significant accounting policies are detailed in “Note 1: 10 August 31, 2018. May 2014, 606, Revenue from Contracts with Customers 606 On September 1, 2018, 606 606, five 1 2 3 4 5 five The adoption of ASC 606 not not not not Changes to the Company’s significant accounting policies as a result of adopting ASC 606 Revenue Recognition one Individually promised goods and services in a contract are considered a distinct performance obligation and accounted for separately if the customer can benefit from the individual good or service on its own or with other resources that are readily available to the customer and the good or service is separately identifiable from other promises in the arrangement. When an arrangement includes multiple performance obligations, the consideration is allocated between the performance obligations in proportion to their estimated standalone selling price. Costs related to products delivered are recognized in the period incurred, unless criteria for capitalization of costs are met. Costs of revenues consist primarily of direct labor, manufacturing overhead, materials, and components. The Company does not The Company excludes government assessed and imposed taxes on revenue generating transactions that are invoiced to customers from revenue. The Company includes freight billed to customers in revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of goods sold. The timing of revenue recognition, billings, and cash collections results in accounts receivable on the balance sheet. Performance Obligations The Company sells its products to both distributors and end-users. Each unit of product delivered under a customer order represents a distinct and separate performance obligation, as the customer can benefit from each unit on its own or with other resources that are readily available to the customer, and each unit of product is separately identifiable from other products in the arrangement. The transaction price for the Company’s products is the invoiced amount. The Company does not not 606 10 50 14 not one no one Revenue is recognized when transfer of control occurs as defined by the terms in the customer agreement. The Company immediately recognizes incidental items that are immaterial in the context of the contract. The Company has applied the practical expedient in paragraph 606 10 25 16A not 606 10 32 18 one not thirty ninety The Company estimates returns based on an analysis of historical experience if the right to return products is granted to its customers. The Company does not not not no not Trade Receivables not not Sales Commissions not 340 40 25 4 one Product Warranty not not may International Revenue 11, Recently Issued Accounting Pronouncements During February 2016, No. 2016 02, Leases No. 2016 02 12 No. 2016 02 December 15, 2018, first 2020. No. 2016 02 In February 2018, No. 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 No. 2018 02, not No. 2018 02 2020, |
Note 3 - Inventories
Note 3 - Inventories | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. INVENTORIES Inventories consisted of the following: February 28, 2019 August 31, 2018 Production materials $ 2,108,173 $ 1,824,489 Finished goods 9,196,302 7,306,372 $ 11,304,475 $ 9,130,861 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. PROPERTY AND EQUIPMENT, NET Property and equipment, net, consisted of the following: February 28, 2019 August 31, 2018 Land $ 310,365 $ 310,365 Buildings and improvements 7,334,574 6,927,484 Machinery and equipment 4,742,472 4,680,072 12,387,411 11,917,921 Less accumulated depreciation (5,158,013 ) (4,749,095 ) $ 7,229,398 $ 7,168,826 |
Note 5 - Patents and Trademarks
Note 5 - Patents and Trademarks, Net | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 5. PATENTS AND TRADEMARKS, NET Patents and trademarks, net, consisted of the following: February 28, 2019 August 31, 2018 Patents and trademarks $ 2,881,841 $ 2,824,440 Less accumulated amortization (1,797,528 ) (1,668,183 ) $ 1,084,313 $ 1,156,257 Patent and trademark costs are amortized over seven $260,000 five |
Note 6 - Investments in Joint V
Note 6 - Investments in Joint Ventures | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 6. INVESTMENTS IN JOINT VENTURES The consolidated financial statements of the Company’s foreign joint ventures are initially prepared using the accounting principles accepted in the respective joint ventures’ countries of domicile. Amounts related to foreign joint ventures reported in the below tables and the accompanying consolidated financial statements have subsequently been adjusted to conform with U.S. GAAP in all material respects. All material profits recorded that remain on the consolidated balance sheet of sales from the Company to its joint ventures and from joint ventures to other joint ventures have been eliminated for financial reporting purposes. Financial information from the audited and unaudited financial statements of the Company’s joint venture in Germany, Excor Korrosionsschutz – Technologien und Produkte GmbH (EXCOR) and all the Company’s other joint ventures, are summarized as follows: As of February 28, 2019 Total EXCOR All Other Current assets $ 60,831,022 $ 30,259,315 $ 30,571,707 Total assets 65,423,178 32,737,188 32,685,990 Current liabilities 15,529,788 3,968,110 11,561,678 Noncurrent liabilities 430,678 — 430,678 Joint ventures’ equity 49,462,712 28,769,078 20,693,634 Northern Technologies International Corporation’s share of joint ventures’ equity 24,418,491 14,384,541 10,033,950 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings $ 22,389,278 $ 14,353,636 $ 8,035,642 Northern Technologies International Corporation’s dividends received from joint ventures $ 2,027,243 $ 843,750 $ 1,183,493 Three Months Ended February 28, 2019 Total EXCOR All Other Net sales $ 27,749,880 $ 11,092,133 $ 16,657,747 Gross profit 12,632,547 6,306,084 6,326,463 Net income 3,450,976 2,440,323 1,010,653 Northern Technologies International Corporation’s share of equity in income from joint ventures $ 1,715,216 $ 1,221,006 $ 494,210 Six Months Ended February 28, 2019 Total EXCOR All Other Net sales $ 58,229,806 $ 23,961,656 $ 34,268,150 Gross profit 25,989,438 12,989,658 12,999,780 Net income 7,614,767 5,480,125 2,134,642 Northern Technologies International Corporation’s share of equity in income from joint ventures $ 3,719,378 $ 2,740,907 $ 978,471 As of August 31, 2018 Total EXCOR All Other Current assets $ 58,086,747 $ 27,354,788 $ 30,731,959 Total assets 62,803,261 30,033,750 32,769,511 Current liabilities 15,991,886 4,535,954 11,455,932 Noncurrent liabilities 403,653 — 403,653 Joint ventures’ equity 46,407,722 25,497,796 20,909,926 Northern Technologies International Corporation’s share of joint ventures’ equity 22,950,995 12,748,899 10,195,263 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 20,921,783 12,717,994 8,203,789 Northern Technologies International Corporation’s dividends received from joint ventures $ 6,377,054 $ 5,379,062 $ 997,992 Three Months Ended February 28, 2018 Total EXCOR All Other Net sales $ 30,220,550 $ 12,204,736 $ 18,015,814 Gross profit 13,531,276 6,557,964 6,973,312 Net income 3,712,684 2,674,777 1,037,907 Northern Technologies International Corporation’s share of equity in income from joint ventures $ 1,805,997 $ 1,338,671 $ 467,326 Six Months Ended February 28, 2018 Total EXCOR All Other Net sales $ 58,719,261 $ 23,231,250 $ 35,488,011 Gross profit 26,319,398 12,491,490 13,827,908 Net income 7,212,499 5,158,577 2,053,922 Northern Technologies International Corporation’s share of equity in income from joint ventures $ 3,547,325 $ 2,580,571 $ 966,754 The Company did not six February 28, 2019 2018. |
Note 7 - Corporate Debt
Note 7 - Corporate Debt | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. CORPORATE DEBT The Company has a revolving line of credit with PNC Bank, National Association (PNC Bank) of $3,000,000. No February 28, 2019, August 31, 2018. 2.15% The line of credit is governed under a loan agreement. The loan agreement contains standard covenants, including affirmative financial covenants, such as the maintenance of a minimum fixed charge coverage ratio, and negative covenants, which, among other things, limit the incurrence of additional indebtedness, loans and equity investments, disposition of assets, mergers and consolidations, and other matters customarily restricted in such agreements. Under the loan agreement, the Company is subject to a minimum fixed charge coverage ratio of 1.10:1.00. February 28, 2019, The revolving credit facility allows the Company to request that PNC Bank issue letters of credit up to $1,200,000. not February 28, 2019, August 31, 2018, not As of February 28, 2019, August 31, 2018, $88,831 2020 2022. On November 30, 2018, January 7, 2019 January 7, 2020. |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. STOCKHOLDERS’ EQUITY The Company held its 2019 2019 January 18, 2019. 2019 10,000,000 15,000,000 2018 2018 2019 January 16, 2018, 2019 January 16, 2018, On November 16, 2018, 2019 2019 2019 2019 2007 2007 2007 2019 no 2007 2007 2007 2019 400,000 No 2019 February 28, 2019. During the six February 28, 2019, 2007 70,884 $36.45, six February 28, 2019, no During the six February 28, 2018, 2007 47,252 six February 28, 2018. $18.35, six February 28, 2018, 1,500 $10.25 The Company issued 874 891 September 1, 2018 2017, During the six February 28, 2019, Declaration Date Amount Record Date Payable Date October 24, 2018 $ 0.12 November 7, 2018 November 21, 2018 January 23, 2019 $ 0.12 February 6, 2019 February 22, 2019 During the six February 28, 2018, Declaration Date Amount Record Date Payable Date November 20, 2017 $ 0.10 December 8, 2017 December 21, 2017 January 24, 2018 $ 0.10 February 8, 2018 February 21, 2018 During the six February 28, 2019 2018, no |
Note 9 - Net Income Per Common
Note 9 - Net Income Per Common Share | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per share assumes the exercise of stock options using the treasury stock method, if dilutive. The following is a reconciliation of the net income per share computation for the three six February 28, 2019 2018: Three Months Ended Six Months Ended Numerators: February 28, 2019 February 28, 2018 February 28, 2019 February 28, 2018 Net income attributable to NTIC $ 1,401,568 $ 1,332,847 $ 2,898,627 $ 2,416,473 Denominators: Basic – weighted shares outstanding 4,542,177 4,537,408 4,542,175 4,537,368 Weighted shares assumed upon exercise of stock options 181,753 135,930 189,433 103,674 Diluted – weighted shares outstanding 4,723,930 4,673,338 4,731,608 4,641,042 Basic net income per share: $ 0.31 $ 0.29 $ 0.64 $ 0.53 Diluted net income per share: $ 0.30 $ 0.29 $ 0.61 $ 0.52 The dilutive impact summarized above relates to the periods when the average market price of the Company’s common stock exceeded the exercise price of the potentially dilutive option securities granted. Net income per common share was based on the weighted average number of common shares outstanding during the periods when computing basic net income per share. When dilutive, stock options are included as equivalents using the treasury stock method when computing the diluted net income per share. Excluded from the computation of diluted income per share for the three six February 28, 2019, 70,884 no three six February 28, 2018. |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. STOCK-BASED COMPENSATION The Company has two 2007 8, 2019 no The 2019 2019 400,000 2019 Options granted generally have a term of ten three four one February 28, 2019, 2007 no 2019 The maximum number of shares of common stock of the Company available for issuance under the ESPP is 100,000 six September 1 March 1 90% may not 423 1986, The Company granted options to purchase an aggregate of 70,884 47,252 six February 28, 2019 2018, $715,960 $206,534 six February 28, 2019 2018, February 28, 2019, not $781,195. $715,961 2019 $65,234 2020, February 28, 2019. The fair value of each option grant is estimated on the grant date using the Black-Scholes option pricing model with the following assumptions and results for the grants: Three and Six Months Ended February 28, 2019 February 28, 2018 Dividend yield 1.32 % 2.18 % Expected volatility 45.8 % 45.9 % Expected life of option (years) 10 10 Average risk-free interest rate 2.75 % 1.87 % The weighted average per share fair value of options granted during the six February 28, 2019 2018 $18.03 $7.75, February 28, 2019 2018 6.40 6.75 |
Note 11 - Segment and Geographi
Note 11 - Segment and Geographic Information | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. SEGMENT AND GEOGRAPHIC INFORMATION Segment Information The Company’s chief operating decision maker (CODM) is its Chief Executive Officer. The Company’s business is organized into two 40 The following table sets forth the Company’s net sales for the three six February 28, 2019 2018 Three Months Ended Six Months Ended February 28, 2019 February 28, 2018 February 28, 2019 February 28, 2018 ZERUST® net sales $ 9,108,395 $ 10,191,459 $ 19,173,569 $ 19,719,196 Natur-Tec® net sales 4,207,009 2,022,516 8,235,887 4,037,817 Total net sales $ 13,315,404 $ 12,213,975 $ 27,409,456 $ 23,757,013 The following table sets forth the Company’s cost of goods sold for the three six February 28, 2019 2018 Three Months Ended Six Months Ended February 28, 2019 % of Segment Sales* February 28, 2018 % of Segment Sales* February 28, 2019 % of Segment Sales* February 28, 2018 % of Segment Sales* Direct cost of goods sold ZERUST® $ 5,249,617 57.6 % $ 6,005,262 58.9 % $ 10,871,316 56.7 % $ 11,809,242 59.9 % Natur-Tec® 3,354,693 79.7 % 1,447,240 71.6 % 6,510,768 79.1 % 2,926,439 72.5 % Indirect cost of goods sold 679,789 — 560,334 — 1,363,152 — 1,165,625 — Total net cost of goods sold $ 9,284,099 $ 8,012,836 $ 18,745,236 $ 15,901,306 * The percent of segment sales is calculated by dividing the direct cost of goods sold for each individual segment category by the net sales for each segment category. The Company utilizes product net sales and direct and indirect cost of goods sold for each product in reviewing the financial performance of a product type. Further allocation of Company expenses or assets, aside from amounts presented in the tables above, is not Geographic Information Net sales by geographic location for the three six February 28, 2019 2018 Three Months Ended Six Months Ended February 28, 2019 February 28, 2018 February 28, 2019 February 28, 2018 Inside the U.S.A. to unaffiliated customers $ 6,467,940 $ 6,079,835 $ 13,391,874 $ 12,336,040 Outside the U.S.A. to: Joint ventures in which the Company is a shareholder directly and indirectly 708,955 814,122 1,192,142 1,321,753 Unaffiliated customers 6,138,509 5,320,018 12,825,440 10,099,220 $ 13,315,404 $ 12,213,975 $ 27,409,456 $ 23,757,013 Net sales by geographic location are based on the location of the customer. Fees for services provided to joint ventures by geographic location as a percentage of total fees for services provided to joint ventures during the three six February 28, 2019 2018 Three Months Ended February 28, % of Total Fees for Services Provided to Joint Ventures February 28, % of Total Fees for Services Provided to Joint Ventures Germany $ 215,337 15.0 % $ 236,700 14.7 % Poland 188,529 13.1 % 207,038 12.9 % Japan 167,496 11.7 % 172,032 10.7 % Sweden 149,750 10.4 % 165,165 10.3 % France 106,270 7.4 % 130,323 8.1 % Thailand 105,299 7.3 % 111,779 6.9 % United Kingdom 96,209 6.7 % 82,432 5.1 % Czech Republic 93,928 6.6 % 98,726 6.1 % South Korea 87,413 6.1 % 99,574 6.2 % India 85,401 5.9 % 138,437 8.6 % Finland 64,648 4.5 % 76,546 4.8 % Other 76,494 5.3 % 90,138 5.6 % $ 1,436,774 100.0 % $ 1,608,890 100.0 % Six Months Ended February 28, % of Total Fees for Services Provided to Joint Ventures February 28, % of Total Fees for Services Provided to Joint Ventures Germany $ 430,328 15.0 % $ 456,574 14.7 % Poland 370,374 12.9 % 413,114 13.3 % Japan 337,296 11.7 % 346,077 11.1 % Sweden 279,993 9.8 % 293,119 9.4 % France 216,332 7.6 % 269,964 8.7 % Thailand 203,647 7.1 % 214,311 6.9 % United Kingdom 190,990 6.7 % 194,207 6.2 % Czech Republic 183,620 6.4 % 182,951 5.8 % India 180,128 6.3 % 225,200 7.2 % South Korea 173,880 6.1 % 183,062 5.9 % Finland 146,464 5.1 % 166,172 5.3 % Other 152,157 5.3 % 171,281 5.5 % $ 2,865,209 100.0 % $ 3,116,032 100.0 % The geographical distribution of key financial statement data is as follows: At February 28, 2019 At August 31, 2018 China $ 210,031 $ 205,490 Brazil 124,008 71,677 India 47,852 22,220 Other 11,502 7,058 United States 6,836,005 6,862,381 Total property and equipment $ 7,229,398 $ 7,168,826 Six Months Ended February 28, 2019 February 28, 2018 China $ 6,173,259 $ 6,106,942 Brazil 1,551,595 1,456,456 India 3,875,790 1,078,294 Other 2,416,938 1,607,953 United States 13,391,874 13,507,368 Total net sales $ 27,409,456 $ 23,757,013 Total property and equipment are periodically reviewed to assure the net realizable value from the estimated future production based on forecasted sales exceeds the carrying value of the assets. Total assets located in the United States include the Company’s investments in joint ventures. Sales to the Company’s joint ventures are included in the foregoing segment and geographic information; however, sales by the Company’s joint ventures to other parties are not All joint venture operations, including equity in income, fees for services, and related dividends, are primarily related to ZERUST ® |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. COMMITMENTS AND CONTINGENCIES On August 31, 2018, August 31, 2019. 2019, 75% 2019 2019, 25% may 2019. $900,000 six February 28, 2019, $880,000 six February 28, 2018. Three joint ventures (consisting of the Company’s joint ventures in South Korea, Thailand and Germany) accounted for 77.5% February 28, 2019, three 74.1% August 31, 2018. From time to time, the Company is subject to various other claims and legal actions in the ordinary course of its business. The Company records a liability in its consolidated financial statements for costs related to claims, including future legal costs, settlements, and judgments, where the Company has assessed that a loss is probable, and an amount could be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no not not may February 28, 2019, not |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 13. FAIR VALUE MEASUREMENTS Assets and liabilities that are measured at fair value on a recurring basis primarily relate to marketable equity securities. These items are marked-to-market at each reporting period, and the Company estimates that market value approximates costs. The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements Using Inputs Considered as Fair value as of February 28, 2019 Level 1 Level 2 Level 3 Available for sale securities $ 1,227,268 $ 1,227,268 $ — $ — Fair Value Measurements Using Inputs Considered as Fair value as of August 31, 2018 Level 1 Level 2 Level 3 Available for sale securities $ 3,300,110 $ 3,300,110 $ — $ — There were no 1, 2, 3 three six February 28, 2019 2018. |
Note 14 - Supplemental Cash Flo
Note 14 - Supplemental Cash Flow Information | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 14. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental disclosures of cash flow information consisted of: Three Months Ended Six Months Ended February 28, 2019 February 28, 2018 February 28, 2019 February 28, 2018 Cash paid for interest $ 3,835 $ 5,779 $ 6,192 $ 10,868 Cash paid for income taxes $ 53,975 $ 45,000 $ 53,975 $ 45,000 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. INCOME TAXES On December 22, 2017, August 31, 2018, not 35% 21% January 1, 2018, December 31, 2017, one The Company recorded income tax expense during the three six February 28, 2019, $246,371 $502,074, $841,909 $946,900 three six February 28, 2018. |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 6 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | February 28, 2019 August 31, 2018 Production materials $ 2,108,173 $ 1,824,489 Finished goods 9,196,302 7,306,372 $ 11,304,475 $ 9,130,861 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment, Net (Tables) | 6 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | February 28, 2019 August 31, 2018 Land $ 310,365 $ 310,365 Buildings and improvements 7,334,574 6,927,484 Machinery and equipment 4,742,472 4,680,072 12,387,411 11,917,921 Less accumulated depreciation (5,158,013 ) (4,749,095 ) $ 7,229,398 $ 7,168,826 |
Note 5 - Patents and Trademar_2
Note 5 - Patents and Trademarks, Net (Tables) | 6 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | February 28, 2019 August 31, 2018 Patents and trademarks $ 2,881,841 $ 2,824,440 Less accumulated amortization (1,797,528 ) (1,668,183 ) $ 1,084,313 $ 1,156,257 |
Note 6 - Investments in Joint_2
Note 6 - Investments in Joint Ventures (Tables) | 6 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of February 28, 2019 Total EXCOR All Other Current assets $ 60,831,022 $ 30,259,315 $ 30,571,707 Total assets 65,423,178 32,737,188 32,685,990 Current liabilities 15,529,788 3,968,110 11,561,678 Noncurrent liabilities 430,678 — 430,678 Joint ventures’ equity 49,462,712 28,769,078 20,693,634 Northern Technologies International Corporation’s share of joint ventures’ equity 24,418,491 14,384,541 10,033,950 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings $ 22,389,278 $ 14,353,636 $ 8,035,642 Northern Technologies International Corporation’s dividends received from joint ventures $ 2,027,243 $ 843,750 $ 1,183,493 As of August 31, 2018 Total EXCOR All Other Current assets $ 58,086,747 $ 27,354,788 $ 30,731,959 Total assets 62,803,261 30,033,750 32,769,511 Current liabilities 15,991,886 4,535,954 11,455,932 Noncurrent liabilities 403,653 — 403,653 Joint ventures’ equity 46,407,722 25,497,796 20,909,926 Northern Technologies International Corporation’s share of joint ventures’ equity 22,950,995 12,748,899 10,195,263 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 20,921,783 12,717,994 8,203,789 Northern Technologies International Corporation’s dividends received from joint ventures $ 6,377,054 $ 5,379,062 $ 997,992 |
Condensed Income Statement [Table Text Block] | Three Months Ended February 28, 2019 Total EXCOR All Other Net sales $ 27,749,880 $ 11,092,133 $ 16,657,747 Gross profit 12,632,547 6,306,084 6,326,463 Net income 3,450,976 2,440,323 1,010,653 Northern Technologies International Corporation’s share of equity in income from joint ventures $ 1,715,216 $ 1,221,006 $ 494,210 Six Months Ended February 28, 2019 Total EXCOR All Other Net sales $ 58,229,806 $ 23,961,656 $ 34,268,150 Gross profit 25,989,438 12,989,658 12,999,780 Net income 7,614,767 5,480,125 2,134,642 Northern Technologies International Corporation’s share of equity in income from joint ventures $ 3,719,378 $ 2,740,907 $ 978,471 Three Months Ended February 28, 2018 Total EXCOR All Other Net sales $ 30,220,550 $ 12,204,736 $ 18,015,814 Gross profit 13,531,276 6,557,964 6,973,312 Net income 3,712,684 2,674,777 1,037,907 Northern Technologies International Corporation’s share of equity in income from joint ventures $ 1,805,997 $ 1,338,671 $ 467,326 Six Months Ended February 28, 2018 Total EXCOR All Other Net sales $ 58,719,261 $ 23,231,250 $ 35,488,011 Gross profit 26,319,398 12,491,490 13,827,908 Net income 7,212,499 5,158,577 2,053,922 Northern Technologies International Corporation’s share of equity in income from joint ventures $ 3,547,325 $ 2,580,571 $ 966,754 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 6 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Declaration Date Amount Record Date Payable Date October 24, 2018 $ 0.12 November 7, 2018 November 21, 2018 January 23, 2019 $ 0.12 February 6, 2019 February 22, 2019 Declaration Date Amount Record Date Payable Date November 20, 2017 $ 0.10 December 8, 2017 December 21, 2017 January 24, 2018 $ 0.10 February 8, 2018 February 21, 2018 |
Note 9 - Net Income Per Commo_2
Note 9 - Net Income Per Common Share (Tables) | 6 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended Numerators: February 28, 2019 February 28, 2018 February 28, 2019 February 28, 2018 Net income attributable to NTIC $ 1,401,568 $ 1,332,847 $ 2,898,627 $ 2,416,473 Denominators: Basic – weighted shares outstanding 4,542,177 4,537,408 4,542,175 4,537,368 Weighted shares assumed upon exercise of stock options 181,753 135,930 189,433 103,674 Diluted – weighted shares outstanding 4,723,930 4,673,338 4,731,608 4,641,042 Basic net income per share: $ 0.31 $ 0.29 $ 0.64 $ 0.53 Diluted net income per share: $ 0.30 $ 0.29 $ 0.61 $ 0.52 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 6 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three and Six Months Ended February 28, 2019 February 28, 2018 Dividend yield 1.32 % 2.18 % Expected volatility 45.8 % 45.9 % Expected life of option (years) 10 10 Average risk-free interest rate 2.75 % 1.87 % |
Note 11 - Segment and Geograp_2
Note 11 - Segment and Geographic Information (Tables) | 6 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended February 28, 2019 February 28, 2018 February 28, 2019 February 28, 2018 ZERUST® net sales $ 9,108,395 $ 10,191,459 $ 19,173,569 $ 19,719,196 Natur-Tec® net sales 4,207,009 2,022,516 8,235,887 4,037,817 Total net sales $ 13,315,404 $ 12,213,975 $ 27,409,456 $ 23,757,013 |
Reconciliation of Cost of Goods Sold from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended February 28, 2019 % of Segment Sales* February 28, 2018 % of Segment Sales* February 28, 2019 % of Segment Sales* February 28, 2018 % of Segment Sales* Direct cost of goods sold ZERUST® $ 5,249,617 57.6 % $ 6,005,262 58.9 % $ 10,871,316 56.7 % $ 11,809,242 59.9 % Natur-Tec® 3,354,693 79.7 % 1,447,240 71.6 % 6,510,768 79.1 % 2,926,439 72.5 % Indirect cost of goods sold 679,789 — 560,334 — 1,363,152 — 1,165,625 — Total net cost of goods sold $ 9,284,099 $ 8,012,836 $ 18,745,236 $ 15,901,306 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended Six Months Ended February 28, 2019 February 28, 2018 February 28, 2019 February 28, 2018 Inside the U.S.A. to unaffiliated customers $ 6,467,940 $ 6,079,835 $ 13,391,874 $ 12,336,040 Outside the U.S.A. to: Joint ventures in which the Company is a shareholder directly and indirectly 708,955 814,122 1,192,142 1,321,753 Unaffiliated customers 6,138,509 5,320,018 12,825,440 10,099,220 $ 13,315,404 $ 12,213,975 $ 27,409,456 $ 23,757,013 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | At February 28, 2019 At August 31, 2018 China $ 210,031 $ 205,490 Brazil 124,008 71,677 India 47,852 22,220 Other 11,502 7,058 United States 6,836,005 6,862,381 Total property and equipment $ 7,229,398 $ 7,168,826 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Six Months Ended February 28, 2019 February 28, 2018 China $ 6,173,259 $ 6,106,942 Brazil 1,551,595 1,456,456 India 3,875,790 1,078,294 Other 2,416,938 1,607,953 United States 13,391,874 13,507,368 Total net sales $ 27,409,456 $ 23,757,013 |
Fees for Services Provided to Joint Ventures [Member] | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended February 28, % of Total Fees for Services Provided to Joint Ventures February 28, % of Total Fees for Services Provided to Joint Ventures Germany $ 215,337 15.0 % $ 236,700 14.7 % Poland 188,529 13.1 % 207,038 12.9 % Japan 167,496 11.7 % 172,032 10.7 % Sweden 149,750 10.4 % 165,165 10.3 % France 106,270 7.4 % 130,323 8.1 % Thailand 105,299 7.3 % 111,779 6.9 % United Kingdom 96,209 6.7 % 82,432 5.1 % Czech Republic 93,928 6.6 % 98,726 6.1 % South Korea 87,413 6.1 % 99,574 6.2 % India 85,401 5.9 % 138,437 8.6 % Finland 64,648 4.5 % 76,546 4.8 % Other 76,494 5.3 % 90,138 5.6 % $ 1,436,774 100.0 % $ 1,608,890 100.0 % Six Months Ended February 28, % of Total Fees for Services Provided to Joint Ventures February 28, % of Total Fees for Services Provided to Joint Ventures Germany $ 430,328 15.0 % $ 456,574 14.7 % Poland 370,374 12.9 % 413,114 13.3 % Japan 337,296 11.7 % 346,077 11.1 % Sweden 279,993 9.8 % 293,119 9.4 % France 216,332 7.6 % 269,964 8.7 % Thailand 203,647 7.1 % 214,311 6.9 % United Kingdom 190,990 6.7 % 194,207 6.2 % Czech Republic 183,620 6.4 % 182,951 5.8 % India 180,128 6.3 % 225,200 7.2 % South Korea 173,880 6.1 % 183,062 5.9 % Finland 146,464 5.1 % 166,172 5.3 % Other 152,157 5.3 % 171,281 5.5 % $ 2,865,209 100.0 % $ 3,116,032 100.0 % |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 6 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Measurements Using Inputs Considered as Fair value as of February 28, 2019 Level 1 Level 2 Level 3 Available for sale securities $ 1,227,268 $ 1,227,268 $ — $ — Fair Value Measurements Using Inputs Considered as Fair value as of August 31, 2018 Level 1 Level 2 Level 3 Available for sale securities $ 3,300,110 $ 3,300,110 $ — $ — |
Note 14 - Supplemental Cash F_2
Note 14 - Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three Months Ended Six Months Ended February 28, 2019 February 28, 2018 February 28, 2019 February 28, 2018 Cash paid for interest $ 3,835 $ 5,779 $ 6,192 $ 10,868 Cash paid for income taxes $ 53,975 $ 45,000 $ 53,975 $ 45,000 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories (Details) - USD ($) | Feb. 28, 2019 | Aug. 31, 2018 |
Production materials | $ 2,108,173 | $ 1,824,489 |
Finished goods | 9,196,302 | 7,306,372 |
Total inventory | $ 11,304,475 | $ 9,130,861 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($) | Feb. 28, 2019 | Aug. 31, 2018 |
Land | $ 310,365 | $ 310,365 |
Buildings and improvements | 7,334,574 | 6,927,484 |
Machinery and equipment | 4,742,472 | 4,680,072 |
Gross | 12,387,411 | 11,917,921 |
Less accumulated depreciation | (5,158,013) | (4,749,095) |
Net | $ 7,229,398 | $ 7,168,826 |
Note 5 - Patents and Trademar_3
Note 5 - Patents and Trademarks, Net (Details Textual) - Patents and Trademarks [Member] | 6 Months Ended |
Feb. 28, 2019USD ($) | |
Finite-Lived Intangible Asset, Useful Life | 7 years |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 260,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 260,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 260,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 260,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 260,000 |
Note 5 - Patents and Trademar_4
Note 5 - Patents and Trademarks, Net - Patents and Trademarks, Net (Details) - USD ($) | Feb. 28, 2019 | Aug. 31, 2018 |
Patents and trademarkes, net | $ 1,084,313 | $ 1,156,257 |
Patents and Trademarks [Member] | ||
Patents and trademarks | 2,881,841 | 2,824,440 |
Less accumulated amortization | (1,797,528) | (1,668,183) |
Patents and trademarkes, net | $ 1,084,313 | $ 1,156,257 |
Note 6 - Investments in Joint_3
Note 6 - Investments in Joint Ventures (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Payments to Acquire Interest in Joint Venture | $ 0 | $ 0 |
Note 6 - Investments in Joint_4
Note 6 - Investments in Joint Ventures - Condensed Balance Sheet of EXCOR and All Other Joint Ventures (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Feb. 28, 2019 | Aug. 31, 2018 | |
Current assets | $ 60,831,022 | $ 58,086,747 |
Total assets | 65,423,178 | 62,803,261 |
Current liabilities | 15,529,788 | 15,991,886 |
Noncurrent liabilities | 430,678 | 403,653 |
Joint ventures’ equity | 49,462,712 | 46,407,722 |
Northern Technologies International Corporation’s share of joint ventures’ equity | 24,418,491 | 22,950,995 |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 22,389,278 | 20,921,783 |
Northern Technologies International Corporation’s dividends received from joint ventures | 2,027,243 | 6,377,054 |
EXCOR [Member] | ||
Current assets | 30,259,315 | 27,354,788 |
Total assets | 32,737,188 | 30,033,750 |
Current liabilities | 3,968,110 | 4,535,954 |
Noncurrent liabilities | ||
Joint ventures’ equity | 28,769,078 | 25,497,796 |
Northern Technologies International Corporation’s share of joint ventures’ equity | 14,384,541 | 12,748,899 |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 14,353,636 | 12,717,994 |
Northern Technologies International Corporation’s dividends received from joint ventures | 843,750 | 5,379,062 |
All Other [Member] | ||
Current assets | 30,571,707 | 30,731,959 |
Total assets | 32,685,990 | 32,769,511 |
Current liabilities | 11,561,678 | 11,455,932 |
Noncurrent liabilities | 430,678 | 403,653 |
Joint ventures’ equity | 20,693,634 | 20,909,926 |
Northern Technologies International Corporation’s share of joint ventures’ equity | 10,033,950 | 10,195,263 |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 8,035,642 | 8,203,789 |
Northern Technologies International Corporation’s dividends received from joint ventures | $ 1,183,493 | $ 997,992 |
Note 6 - Investments in Joint_5
Note 6 - Investments in Joint Ventures - Condensed Income Statement of EXCOR and All Other Joint Ventures (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Net sales | $ 27,749,880 | $ 30,220,550 | $ 58,229,806 | $ 58,719,261 |
Gross profit | 12,632,547 | 13,531,276 | 25,989,438 | 26,319,398 |
Net income | 3,450,976 | 3,712,684 | 7,614,767 | 7,212,499 |
Northern Technologies International Corporation’s share of equity in income from joint ventures | 1,715,216 | 1,805,997 | 3,719,378 | 3,547,325 |
EXCOR [Member] | ||||
Net sales | 11,092,133 | 12,204,736 | 23,961,656 | 23,231,250 |
Gross profit | 6,306,084 | 6,557,964 | 12,989,658 | 12,491,490 |
Net income | 2,440,323 | 2,674,777 | 5,480,125 | 5,158,577 |
Northern Technologies International Corporation’s share of equity in income from joint ventures | 1,221,006 | 1,338,671 | 2,740,907 | 2,580,571 |
All Other [Member] | ||||
Net sales | 16,657,747 | 18,015,814 | 34,268,150 | 35,488,011 |
Gross profit | 6,326,463 | 6,973,312 | 12,999,780 | 13,827,908 |
Net income | 1,010,653 | 1,037,907 | 2,134,642 | 2,053,922 |
Northern Technologies International Corporation’s share of equity in income from joint ventures | $ 494,210 | $ 467,326 | $ 978,471 | $ 966,754 |
Note 7 - Corporate Debt (Detail
Note 7 - Corporate Debt (Details Textual) | 6 Months Ended | |
Feb. 28, 2019USD ($) | Aug. 31, 2018USD ($) | |
Term Loan and Line of Credit, Agreements, Loan Agreements [Member] | ||
Debt Instrument, Covenants, Fixed Charge Coverage Ratio | 1.1 | |
PNC Bank [Member] | ||
Letters of Credit Outstanding, Amount | $ 0 | $ 0 |
PNC Bank [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000 | |
Long-term Line of Credit, Total | $ 0 | 0 |
PNC Bank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.15% | |
PNC Bank [Member] | Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200,000 | |
JP Morgan Chase Bank [Member] | ||
Letters of Credit Outstanding, Amount | $ 88,831 | $ 88,831 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - $ / shares | Jan. 23, 2019 | Oct. 24, 2018 | Sep. 01, 2018 | Jan. 24, 2018 | Nov. 20, 2017 | Sep. 01, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Jan. 18, 2019 | Jan. 17, 2019 | Nov. 16, 2018 | Aug. 31, 2018 |
Common Stock, Shares Authorized | 15,000,000 | 15,000,000 | 10,000,000 | 15,000,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 70,884 | 47,252 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 1,500 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 10.25 | |||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 874 | 891 | ||||||||||
Stock Repurchased and Retired During Period, Shares | 0 | 0 | ||||||||||
Dividends Payable, Date to be Paid | Feb. 22, 2019 | Nov. 21, 2018 | Feb. 21, 2018 | Dec. 21, 2017 | ||||||||
Dividends Payable, Date of Record | Feb. 6, 2019 | Nov. 7, 2018 | Feb. 8, 2018 | Dec. 8, 2017 | ||||||||
The 2019 Plan [member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 400,000 | 400,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||||||||||
The 2007 Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 70,884 | 47,252 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 36.45 | $ 18.35 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Schedule of Dividends Payable (Details) - $ / shares | Jan. 23, 2019 | Oct. 24, 2018 | Jan. 24, 2018 | Nov. 20, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 |
Declaration date | Jan. 23, 2019 | Oct. 24, 2018 | Jan. 24, 2018 | Nov. 20, 2017 | ||||
Amount (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.10 | $ 0.10 | $ 0.12 | $ 0.10 | $ 0.24 | $ 0.20 |
Record date | Feb. 6, 2019 | Nov. 7, 2018 | Feb. 8, 2018 | Dec. 8, 2017 | ||||
Payable date | Feb. 22, 2019 | Nov. 21, 2018 | Feb. 21, 2018 | Dec. 21, 2017 |
Note 9 - Net Income Per Commo_3
Note 9 - Net Income Per Common Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 70,884 | 0 | 70,884 | 0 |
Note 9 - Net Income Per Commo_4
Note 9 - Net Income Per Common Share - Reconciliation of the Earnings Per Share Computations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Net income attributable to NTIC | $ 1,401,568 | $ 1,332,847 | $ 2,898,627 | $ 2,416,473 |
Basic – weighted shares outstanding (in shares) | 4,542,177 | 4,537,408 | 4,542,175 | 4,537,368 |
Weighted shares assumed upon exercise of stock options (in shares) | 181,753 | 135,930 | 189,433 | 103,674 |
Diluted – weighted shares outstanding (in shares) | 4,723,930 | 4,673,338 | 4,731,608 | 4,641,042 |
Basic net income per share: (in dollars per share) | $ 0.31 | $ 0.29 | $ 0.64 | $ 0.53 |
Diluted net income per share: (in dollars per share) | $ 0.30 | $ 0.29 | $ 0.61 | $ 0.52 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) | 6 Months Ended | ||
Feb. 28, 2019USD ($)$ / sharesshares | Feb. 28, 2018USD ($)$ / sharesshares | Nov. 16, 2018shares | |
Number of Stock-based Compensation Plans | 2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 70,884 | 47,252 | |
Stock or Unit Option Plan Expense | $ | $ 715,960 | $ 206,534 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ | 781,195 | ||
Allocated Share-based Compensation Expense, Estimate, Next Fiscal Year | $ | 715,961 | ||
Allocated Share-based Compensation Expense, Estimate, Fiscal Year Two | $ | $ 65,234 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 18.03 | $ 7.75 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 146 days | 6 years 273 days | |
The 2019 Plan [member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 400,000 | 400,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
The 2007 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 70,884 | 47,252 | |
The 2007 Plan [Member] | One Year after Date of Grant [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
The 2007 Plan [Member] | One Year after Date of Grant [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
ESPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 90.00% |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Black-scholes Option-pricing Model Assumptions (Details) | 6 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Dividend yield | 1.32% | 2.18% |
Expected volatility | 45.80% | 45.90% |
Expected life of option (years) (Year) | 10 years | 10 years |
Average risk-free interest rate | 2.75% | 1.87% |
Note 11 - Segment and Geograp_3
Note 11 - Segment and Geographic Information (Details Textual) | 6 Months Ended |
Feb. 28, 2019 | |
Number of Reportable Segments | 2 |
Note 11 - Segment and Geograp_4
Note 11 - Segment and Geographic Information - Net Sales by Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Net sales by segment | $ 13,315,404 | $ 12,213,975 | $ 27,409,456 | $ 23,757,013 |
ZERUST [Member] | ||||
Net sales by segment | 9,108,395 | 10,191,459 | 19,173,569 | 19,719,196 |
NaturTec [Member] | ||||
Net sales by segment | $ 4,207,009 | $ 2,022,516 | $ 8,235,887 | $ 4,037,817 |
Note 11 - Segment and Geograp_5
Note 11 - Segment and Geographic Information - Cost of Goods Sold by Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | ||
Cost of goods sold | $ 9,284,099 | $ 8,012,836 | $ 18,745,236 | $ 15,901,306 | |
Direct Cost of Goods Sold [Member] | ZERUST [Member] | |||||
Cost of goods sold | $ 5,249,617 | $ 6,005,262 | $ 10,871,316 | $ 11,809,242 | |
Percent of product sales | [1] | 57.60% | 58.90% | 56.70% | 59.90% |
Direct Cost of Goods Sold [Member] | NaturTec [Member] | |||||
Cost of goods sold | $ 3,354,693 | $ 1,447,240 | $ 6,510,768 | $ 2,926,439 | |
Percent of product sales | [1] | 79.70% | 71.60% | 79.10% | 72.50% |
Indirect Cost of Goods Sold [Member] | |||||
Cost of goods sold | $ 679,789 | $ 560,334 | $ 1,363,152 | $ 1,165,625 | |
Percent of product sales | [1] | ||||
[1] | The percent of segment sales is calculated by dividing the direct cost of goods sold for each individual segment category by the net sales for each segment category. |
Note 11 - Segment and Geograp_6
Note 11 - Segment and Geographic Information - Net Sales by Geographic Location (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Net sales by segment | $ 13,315,404 | $ 12,213,975 | $ 27,409,456 | $ 23,757,013 |
Inside the USA to Unaffiliated Customers [Member] | ||||
Net sales by segment | 6,467,940 | 6,079,835 | 13,391,874 | 12,336,040 |
Joint Ventures in Which the Company is a Shareholder Directly and Indirectly Outside the USA [Member] | ||||
Net sales by segment | 708,955 | 814,122 | 1,192,142 | 1,321,753 |
Unaffiliated Customers Outside the USA [Member] | ||||
Net sales by segment | $ 6,138,509 | $ 5,320,018 | $ 12,825,440 | $ 10,099,220 |
Note 11 - Segment and Geograp_7
Note 11 - Segment and Geographic Information - Services Provided to Joint Ventures by Geographic Location (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Fees | $ 1,436,774 | $ 1,608,890 | $ 2,865,209 | $ 3,116,032 |
Percentage of total fees | 100.00% | 100.00% | 100.00% | 100.00% |
GERMANY | ||||
Fees | $ 215,337 | $ 236,700 | $ 430,328 | $ 456,574 |
Percentage of total fees | 15.00% | 14.70% | 15.00% | 14.70% |
POLAND | ||||
Fees | $ 188,529 | $ 207,038 | $ 370,374 | $ 413,114 |
Percentage of total fees | 13.10% | 12.90% | 12.90% | 13.30% |
JAPAN | ||||
Fees | $ 167,496 | $ 172,032 | $ 337,296 | $ 346,077 |
Percentage of total fees | 11.70% | 10.70% | 11.70% | 11.10% |
SWEDEN | ||||
Fees | $ 149,750 | $ 165,165 | $ 279,993 | $ 293,119 |
Percentage of total fees | 10.40% | 10.30% | 9.80% | 9.40% |
FRANCE | ||||
Fees | $ 106,270 | $ 130,323 | $ 216,332 | $ 269,964 |
Percentage of total fees | 7.40% | 8.10% | 7.60% | 8.70% |
THAILAND | ||||
Fees | $ 105,299 | $ 111,779 | $ 203,647 | $ 214,311 |
Percentage of total fees | 7.30% | 6.90% | 7.10% | 6.90% |
UNITED KINGDOM | ||||
Fees | $ 96,209 | $ 82,432 | $ 190,990 | $ 194,207 |
Percentage of total fees | 6.70% | 5.10% | 6.70% | 6.20% |
CZECH REPUBLIC | ||||
Fees | $ 93,928 | $ 98,726 | $ 183,620 | $ 182,951 |
Percentage of total fees | 6.60% | 6.10% | 6.40% | 5.80% |
KOREA, REPUBLIC OF | ||||
Fees | $ 87,413 | $ 99,574 | $ 173,880 | $ 183,062 |
Percentage of total fees | 6.10% | 6.20% | 6.10% | 5.90% |
INDIA | ||||
Fees | $ 85,401 | $ 138,437 | $ 180,128 | $ 225,200 |
Percentage of total fees | 5.90% | 8.60% | 6.30% | 7.20% |
FINLAND | ||||
Fees | $ 64,648 | $ 76,546 | $ 146,464 | $ 166,172 |
Percentage of total fees | 4.50% | 4.80% | 5.10% | 5.30% |
Other Countries [Member] | ||||
Fees | $ 76,494 | $ 90,138 | $ 152,157 | $ 171,281 |
Percentage of total fees | 5.30% | 5.60% | 5.30% | 5.50% |
Note 11 - Segment and Geograp_8
Note 11 - Segment and Geographic Information - Total Long-lived Assets by Geographic Distribution (Details) - USD ($) | Feb. 28, 2019 | Aug. 31, 2018 |
Total long-lived assets | $ 7,229,398 | $ 7,168,826 |
CHINA | ||
Total long-lived assets | 210,031 | 205,490 |
BRAZIL | ||
Total long-lived assets | 124,008 | 71,677 |
INDIA | ||
Total long-lived assets | 47,852 | 22,220 |
Other Countries [Member] | ||
Total long-lived assets | 11,502 | 7,058 |
UNITED STATES | ||
Total long-lived assets | $ 6,836,005 | $ 6,862,381 |
Note 11 - Segment and Geograp_9
Note 11 - Segment and Geographic Information - Total Net Sales by Geographic Distribution (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Net sales by segment | $ 13,315,404 | $ 12,213,975 | $ 27,409,456 | $ 23,757,013 |
CHINA | ||||
Net sales by segment | 6,173,259 | 6,106,942 | ||
BRAZIL | ||||
Net sales by segment | 1,551,595 | 1,456,456 | ||
INDIA | ||||
Net sales by segment | 3,875,790 | 1,078,294 | ||
Other Countries [Member] | ||||
Net sales by segment | 2,416,938 | 1,607,953 | ||
UNITED STATES | ||||
Net sales by segment | $ 13,391,874 | $ 13,507,368 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) | 6 Months Ended | ||
Feb. 28, 2019 | Aug. 31, 2018 | Feb. 28, 2018 | |
Accrued Bonuses | $ 900,000 | $ 880,000 | |
Entity Wide Trade Joint Venture Receivables, Three Joint Ventures,Percentage | 77.50% | 74.10% | |
Fiscal 2018 Bonus Plan [Member] | Executive Officer [Member] | |||
Percentage of Individual Bonus Payout Determined by Actual Versus Targeted EBITOI Results | 75.00% | ||
Percentage of Individuals Payout Determined Upon Achievement of Certain Pre-Established Individual Performance Objectives | 25.00% |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) | Feb. 28, 2019 | Aug. 31, 2018 |
Available for sale securities | $ 1,227,268 | $ 3,300,110 |
Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 1,227,268 | 3,300,110 |
Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities |
Note 14 - Supplemental Cash F_3
Note 14 - Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Cash paid for interest | $ 3,835 | $ 5,779 | $ 6,192 | $ 10,868 |
Cash paid for income taxes | $ 53,975 | $ 45,000 | $ 53,975 | $ 45,000 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Income Tax Expense (Benefit), Total | $ 246,371 | $ 841,909 | $ 502,074 | $ 946,900 |