Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
May 31, 2020 | Jul. 09, 2020 | |
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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 9,099,990 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock, par value $0.02 per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | May 31, 2020 | Aug. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 5,050,722 | $ 5,856,758 |
Available for sale securities | 5,450,693 | 3,565,258 |
Receivables: | ||
Trade excluding joint ventures, less allowance for doubtful accounts of $65,000 at May 31, 2020 and August 31, 2019 | 7,544,886 | 9,779,518 |
Trade joint ventures | 857,377 | 824,473 |
Fees for services provided to joint ventures | 876,120 | 1,268,000 |
Income taxes | 48,861 | 457,018 |
Inventories | 12,080,765 | 10,488,728 |
Prepaid expenses | 696,010 | 1,062,609 |
Total current assets | 32,605,434 | 33,302,362 |
PROPERTY AND EQUIPMENT, NET | 6,963,968 | 7,358,159 |
OTHER ASSETS: | ||
Investments in joint ventures | 21,942,063 | 24,207,339 |
Deferred income taxes | 1,728,946 | 1,634,258 |
Patents and trademarks, net | 839,535 | 1,008,969 |
Operating lease right of use asset | 451,188 | |
Total other assets | 24,961,732 | 26,850,566 |
Total assets | 64,531,134 | 67,511,087 |
CURRENT LIABILITIES: | ||
Accounts payable | 2,348,016 | 4,505,531 |
Income taxes payable | 43,580 | 6,759 |
Accrued liabilities: | ||
Payroll and related benefits | 1,132,918 | 1,857,971 |
Other | 809,028 | 1,471,532 |
Current portion of operating lease | 136,714 | |
Total current liabilities | 4,470,256 | 7,841,793 |
LONG-TERM LIABILITIES: | ||
Operating lease, less current portion | 314,474 | |
Total long-term liabilities | 314,474 | |
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 as of May 31, 2020 and August 31, 2019; issued and outstanding 9,099,990 and 9,086,816, respectively | 182,000 | 181,736 |
Additional paid-in capital | 17,075,391 | 16,013,338 |
Retained earnings | 44,237,682 | 44,992,719 |
Accumulated other comprehensive loss | (4,829,337) | (4,593,178) |
Stockholders’ equity | 56,665,736 | 56,594,615 |
Non-controlling interests | 3,080,668 | 3,074,679 |
Total equity | 59,746,404 | 59,669,294 |
Total liabilities and equity | $ 64,531,134 | $ 67,511,087 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | May 31, 2020 | Aug. 31, 2019 |
Trade receivable excluding joint ventures, allowance for doubtful accounts | $ 65,000 | $ 65,000 |
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) | 9,099,990 | 9,086,816 |
Common stock, shares outstanding (in shares) | 9,099,990 | 9,086,816 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
NET SALES: | ||||
Net sales, excluding joint ventures | $ 9,071,072 | $ 13,780,804 | $ 36,105,009 | $ 39,998,118 |
Net sales, to joint ventures | 673,751 | 1,112,313 | 1,504,997 | 2,304,455 |
Total net sales | 9,744,823 | 14,893,117 | 37,610,006 | 42,302,573 |
Cost of goods sold | 6,499,102 | 10,138,353 | 24,991,487 | 28,883,589 |
Gross profit | 3,245,721 | 4,754,764 | 12,618,519 | 13,418,984 |
JOINT VENTURE OPERATIONS: | ||||
Equity in income from joint ventures | 811,787 | 1,877,410 | 3,466,581 | 5,596,788 |
Fees for services provided to joint ventures | 876,706 | 1,433,823 | 3,491,244 | 4,299,032 |
Total joint venture operations | 1,688,493 | 3,311,233 | 6,957,825 | 9,895,820 |
OPERATING EXPENSES: | ||||
Selling expenses | 2,487,396 | 2,761,488 | 8,484,928 | 8,077,663 |
General and administrative expenses | 2,213,552 | 2,527,192 | 6,608,352 | 6,986,526 |
Research and development expenses | 950,127 | 1,005,045 | 2,918,163 | 2,804,739 |
Total operating expenses | 5,651,075 | 6,293,725 | 18,011,443 | 17,868,928 |
OPERATING (LOSS) INCOME | (716,861) | 1,772,272 | 1,564,901 | 5,445,876 |
INTEREST (EXPENSE) INCOME | (73,738) | 18,949 | 15,881 | 40,666 |
(LOSS) INCOME BEFORE INCOME TAX EXPENSE | (790,239) | 1,791,221 | 1,580,782 | 5,486,542 |
INCOME TAX EXPENSE | 142,285 | 150,257 | 869,945 | 652,331 |
NET (LOSS) INCOME | (932,524) | 1,640,964 | 710,837 | 4,834,211 |
NET INCOME ATTRIBUTABLE TO NON- CONTROLLING INTERESTS | 32,697 | 158,815 | 283,674 | 453,435 |
NET (LOSS) INCOME ATTRIBUTABLE TO NTIC | $ (965,221) | $ 1,482,149 | $ 427,163 | $ 4,380,776 |
NET (LOSS) INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE: | ||||
Basic (in dollars per share) | $ (0.11) | $ 0.16 | $ 0.05 | $ 0.48 |
Diluted (in dollars per share) | $ (0.11) | $ 0.16 | $ 0.05 | $ 0.46 |
WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING: | ||||
Basic (in shares) | 9,099,990 | 9,084,354 | 9,096,981 | 9,085,584 |
Diluted (in shares) | 9,099,990 | 9,392,444 | 9,312,914 | 9,440,858 |
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $ 0 | $ 0.06 | $ 0.13 | $ 0.18 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
NET (LOSS) INCOME | $ (932,524) | $ 1,640,964 | $ 710,837 | $ 4,834,211 |
OTHER COMPREHENSIVE INCOME (LOSS) - FOREIGN CURRENCY TRANSLATION ADJUSTMENT | (281,177) | (493,488) | (313,844) | (596,468) |
COMPREHENSIVE (LOSS) INCOME | (1,213,701) | 1,147,476 | 396,993 | 4,237,743 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO NON- CONTROLLING INTERESTS | (21,492) | 129,541 | 205,989 | 466,240 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO NTIC | $ (1,192,209) | $ 1,017,935 | $ 191,004 | $ 3,771,503 |
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, 2018 | 9,082,606 | |||||
BALANCE at Aug. 31, 2018 | $ 181,652 | $ 14,528,951 | $ 41,963,341 | $ (3,597,199) | $ 2,742,309 | $ 55,819,054 |
Stock issued for employee stock purchase plan (in shares) | 4,210 | |||||
Stock issued for employee stock purchase plan | $ 84 | 52,462 | 52,546 | |||
Stock option expense | 1,073,940 | 1,073,940 | ||||
Dividend received by non-controlling interest | (200,000) | (200,000) | ||||
NET (LOSS) INCOME | 4,380,776 | 453,435 | 4,834,211 | |||
Other comprehensive (loss) income | (609,273) | 12,805 | (596,468) | |||
Dividends paid to stockholders | (1,635,183) | $ (1,635,183) | ||||
Stock options exercised (in shares) | 0 | |||||
Investment by non-controlling interest | 134,034 | $ 134,034 | ||||
BALANCE (in shares) at May. 31, 2019 | 9,086,816 | |||||
BALANCE at May. 31, 2019 | $ 181,736 | 15,655,353 | 44,708,934 | (4,206,472) | 3,142,583 | 59,482,134 |
BALANCE (in shares) at Feb. 28, 2019 | 9,084,354 | |||||
BALANCE at Feb. 28, 2019 | $ 181,688 | 15,262,556 | 43,771,843 | (3,742,258) | 3,013,042 | 58,486,871 |
Stock issued for employee stock purchase plan (in shares) | 2,462 | |||||
Stock issued for employee stock purchase plan | $ 48 | 34,817 | 34,865 | |||
Stock option expense | 357,980 | 357,980 | ||||
NET (LOSS) INCOME | 1,482,149 | 158,815 | 1,640,964 | |||
Other comprehensive (loss) income | (464,214) | (29,274) | (493,488) | |||
Dividends paid to stockholders | (545,058) | (545,058) | ||||
BALANCE (in shares) at May. 31, 2019 | 9,086,816 | |||||
BALANCE at May. 31, 2019 | $ 181,736 | 15,655,353 | 44,708,934 | (4,206,472) | 3,142,583 | 59,482,134 |
BALANCE (in shares) at Aug. 31, 2019 | 9,086,816 | |||||
BALANCE at Aug. 31, 2019 | $ 181,736 | 16,013,338 | 44,992,719 | (4,593,178) | 3,074,679 | 59,669,294 |
Stock issued for employee stock purchase plan (in shares) | 6,351 | |||||
Stock issued for employee stock purchase plan | $ 127 | 64,068 | 64,195 | |||
Stock option expense | 998,122 | 998,122 | ||||
Dividend received by non-controlling interest | (200,000) | (200,000) | ||||
NET (LOSS) INCOME | 427,163 | 283,674 | 710,837 | |||
Other comprehensive (loss) income | (236,159) | (77,685) | (313,844) | |||
Dividends paid to stockholders | (1,182,200) | $ (1,182,200) | ||||
Stock options exercised (in shares) | 6,823 | 6,823 | ||||
Stock options exercised | $ 137 | (137) | ||||
BALANCE (in shares) at May. 31, 2020 | 9,099,990 | |||||
BALANCE at May. 31, 2020 | $ 182,000 | 17,075,391 | 44,237,682 | (4,829,337) | 3,080,668 | 59,746,404 |
BALANCE (in shares) at Feb. 29, 2020 | 9,097,236 | |||||
BALANCE at Feb. 29, 2020 | $ 181,945 | 16,707,207 | 45,202,903 | (4,602,349) | 3,302,160 | 60,791,866 |
Stock issued for employee stock purchase plan (in shares) | 2,754 | |||||
Stock issued for employee stock purchase plan | $ 55 | 28,532 | 28,587 | |||
Stock option expense | 339,652 | 339,652 | ||||
Dividend received by non-controlling interest | (200,000) | (200,000) | ||||
NET (LOSS) INCOME | (965,221) | 32,697 | (932,524) | |||
Other comprehensive (loss) income | (226,988) | (54,189) | (281,177) | |||
BALANCE (in shares) at May. 31, 2020 | 9,099,990 | |||||
BALANCE at May. 31, 2020 | $ 182,000 | $ 17,075,391 | $ 44,237,682 | $ (4,829,337) | $ 3,080,668 | $ 59,746,404 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
May 31, 2020 | May 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 710,837 | $ 4,834,211 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 998,122 | 1,073,940 |
Depreciation expense | 637,030 | 627,853 |
Amortization expense | 175,465 | 195,230 |
Loss on disposal of property and equipment and patents | 173,809 | |
Equity in income from joint ventures | (3,466,581) | (5,596,788) |
Dividends received from joint ventures | 5,648,153 | 3,822,785 |
Deferred income taxes | 109,646 | 177,916 |
Gain on sale of property and equipment | (36,210) | |
Changes in current assets and liabilities: | ||
Trade, excluding joint ventures | 2,065,641 | (132,122) |
Trade, joint ventures | (32,904) | (174,179) |
Fees for services provided to joint ventures | 391,880 | 114,327 |
Income taxes | 174,623 | (343,377) |
Inventories | (1,729,133) | (1,465,663) |
Prepaid expenses and other | 368,769 | 709,049 |
Accounts payable | (882,962) | 495,251 |
Income tax payable | 40,983 | (93,169) |
Accrued liabilities | (2,370,845) | (1,491,663) |
Net cash provided by operating activities | 3,012,533 | 2,717,391 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from the sale of property and equipment | 2,190 | |
Purchase of available for sale securities | (4,000,000) | (2,340,503) |
Proceeds from the sale of available for sale securities | 2,114,565 | 3,100,000 |
Purchases of property and equipment | (375,087) | (716,212) |
Investments in patents | (79,139) | (87,222) |
Net cash used in investing activities | (2,337,471) | (43,937) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Dividend received by non-controlling interest | (200,000) | (200,000) |
Investment by non-controlling interest | 134,034 | |
Dividends paid on NTIC common stock | (1,182,200) | (1,635,183) |
Proceeds from employee stock purchase plan | 64,195 | 52,547 |
Net cash used in financing activities | (1,318,005) | (1,648,602) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (163,093) | 36,605 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (806,036) | 1,061,457 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 5,856,758 | 4,163,023 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 5,050,722 | $ 5,224,480 |
Note 1 - Interim Financial Info
Note 1 - Interim Financial Information | 9 Months Ended |
May 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. 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 May 31, 2020 August 31, 2019, three nine May 31, 2020 2019, three nine May 31, 2020 2019, nine May 31, 2020 2019, 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, 2019. Management’s Discussion and Analysis of Financial Condition and Results of Operations On June 3, 2019, two one 100% June 28, 2019 June 17, 2019. two one Operating results for the three nine May 31, 2020 not may August 31, 2020. The Company evaluates events occurring after the date of the consolidated financial statements requiring recording or disclosure in the consolidated financial statements. Impact of COVID- 19 In March 2020, 19 19 19 fourth 2020 19 fourth 2020 In response to the impact of the COVID- 19 2020 |
Note 2 - Accounting Pronounceme
Note 2 - Accounting Pronouncements | 9 Months Ended |
May 31, 2020 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 2. Accounting PronouncementS New Accounting Pronouncements Adopted In February 2016, No. 2016 02, Leases 2016 02 840, Leases 2016 02 September 1, 2019. The FASB has subsequently issued the following amendments to ASU 2016 02, September 1, 2019, · ASU No. 2018 01, 842 842 not 842 842 not 840, Leases · ASU No. 2018 10, Codification Improvements to Topic 842, 2016 02. · ASU No. 2018 11, Leases (Topic 842 2016 02 not · ASU No. 2018 20, Narrow-Scope Improvements for Lessors 2016 02. Additional information and disclosures required by this new standard are contained in Note 12, The Company adopted the new leasing standards on September 1, 2019, September 1, 2019; not 842 not September 1, 2019. $600,000 Recently Issued Accounting Pronouncements In February 2018, No. 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 No. 2018 02, not No. 2018 02 first 2020, not In June 2016, No. 2016 13, Measurement of Credit Losses on Financial Instruments November 2018, No. 2018 19 April 2019, No. 2019 04 May 2019, No. 2019 05, November 2019, No. 2019 11, December 15, 2022, first Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
May 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories consisted of the following: May 31, 2020 August 31, 2019 Production materials $ 3,898,782 $ 1,980,816 Finished goods 8,181,983 8,507,912 $ 12,080,765 $ 10,488,728 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 9 Months Ended |
May 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property and equipment, net, consisted of the following: May 31, 2020 August 31, 2019 Land $ 310,365 $ 310,365 Buildings and improvements 7,969,890 7,749,980 Machinery and equipment 4,795,234 4,903,664 13,075,489 12,964,009 Less accumulated depreciation (6,111,521 ) (5,605,850 ) $ 6,963,968 $ 7,358,159 |
Note 5 - Patents and Trademarks
Note 5 - Patents and Trademarks, Net | 9 Months Ended |
May 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 5. Patents and trademarks, net, consisted of the following: May 31, 2020 August 31, 2019 Patents and trademarks $ 2,889,223 $ 2,938,876 Less accumulated amortization (2,049,688 ) (1,929,907 ) $ 839,535 $ 1,008,969 Patent and trademark costs are amortized over seven $200,000 five |
Note 6 - Investments in Joint V
Note 6 - Investments in Joint Ventures | 9 Months Ended |
May 31, 2020 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 6. 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 May 31, 2020 Total EXCOR All Other Current assets $ 52,424,780 $ 23,825,008 $ 28,599,772 Total assets 56,403,406 26,143,537 30,259,869 Current liabilities 11,741,077 2,686,694 9,054,383 Noncurrent liabilities 32,412 - 32,412 Joint ventures’ equity 44,629,920 23,456,842 21,173,078 Northern Technologies International Corporation’s share of joint ventures’ equity 21,942,063 11,728,423 10,213,640 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 19,706,983 11,697,518 8,009,465 Three Months Ended May 31, 2020 Total EXCOR All Other Net sales $ 18,782,233 $ 7,753,631 $ 11,028,602 Gross profit 8,647,784 4,478,739 4,169,045 Net income 1,610,524 1,071,899 538,625 Northern Technologies International Corporation’s share of equity in income from joint ventures 811,787 536,540 275,247 Northern Technologies International Corporation’s dividends received from joint ventures $ 89,227 $ - $ 89,227 Nine Months Ended May 31, 2020 Total EXCOR All Other Net sales $ 68,531,897 $ 26,102,046 $ 42,429,851 Gross profit 31,107,491 15,066,309 16,041,182 Net income 6,920,047 4,492,254 2,427,793 Northern Technologies International Corporation’s share of equity in income from joint ventures 3,466,581 2,246,930 1,219,651 Northern Technologies International Corporation’s dividends received from joint ventures $ 5,648,153 $ 4,675,850 $ 972,303 As of August 31, 2019 Total EXCOR All Other Current assets $ 59,162,834 $ 29,139,787 $ 30,023,047 Total assets 63,326,703 31,666,841 31,659,862 Current liabilities 14,145,499 3,573,160 10,572,339 Noncurrent liabilities 20,797 — 20,797 Joint ventures’ equity 49,160,407 28,093,681 21,066,726 Northern Technologies International Corporation’s share of joint ventures’ equity 24,207,339 14,046,842 10,160,497 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 22,178,126 14,015,937 8,162,189 Three Months Ended May 31, 2019 Total EXCOR All Other Net sales $ 27,774,112 $ 10,933,386 $ 16,840,726 Gross profit 12,557,580 6,129,046 6,428,534 Net income 3,797,785 2,707,342 1,090,443 Northern Technologies International Corporation’s share of equity in income from joint ventures 1,877,410 1,353,856 523,554 Northern Technologies International Corporation’s dividends received from joint ventures $ 1,795,542 $ 1,673,700 $ 121,842 Nine Months Ended May 31, 2019 Total EXCOR All Other Net sales $ 86,003,918 $ 34,895,042 $ 51,108,876 Gross profit 38,547,018 19,118,704 19,428,314 Net income 11,412,552 8,187,467 3,225,085 Northern Technologies International Corporation’s share of equity in income from joint ventures 5,596,788 4,094,763 1,502,025 Northern Technologies International Corporation’s dividends received from joint ventures $ 3,822,785 $ 2,517,450 $ 1,305,335 The Company did not three nine May 31, 2020 2019. |
Note 7 - Corporate Debt
Note 7 - Corporate Debt | 9 Months Ended |
May 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. The Company has a revolving line of credit with PNC Bank, National Association (PNC Bank) of $3,000,000. No May 31, 2020 August 31, 2019. 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. May 31, 2020, The revolving credit facility allows the Company to request that PNC Bank issue letters of credit up to $1,200,000. not May 31, 2020 August 31, 2019 not On December 16, 2019, January 7, 2020 January 7, 2021. As of May 31, 2020 August 31, 2019, $88,831 June 2020 May 2022. |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 9 Months Ended |
May 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. On June 3, 2019, two one 100% June 28, 2019 June 17, 2019. two one During the nine May 31, 2020, Declaration Date Amount Record Date Payable Date October 22, 2019 $0.065 November 6, 2019 November 20, 2019 January 22, 2020 $0.065 February 5, 2020 February 19, 2020 On April 23, 2020, 19 not May 31, 2020. During the nine May 31, 2019, Declaration Date Amount Record Date Payable Date October 24, 2018 $0.06 November 7, 2018 November 21, 2018 January 23, 2019 $0.06 February 6, 2019 February 22, 2019 April 25, 2019 $0.06 May 9, 2019 May 23, 2019 During the nine May 31, 2020 2019, no During the nine May 31, 2020, 2019 2019 300,770 $10.87, nine May 31, 2020, 6,823 During the nine May 31, 2019, 2019 141,768 $18.23, nine May 31, 2019, no The Company issued 3,597 1,748 September 1, 2019 2018, 2,754 2,462 March 1, 2020 2019, |
Note 9 - Net Income Per Common
Note 9 - Net Income Per Common Share | 9 Months Ended |
May 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. 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. There was no three May 31, 2020 71,273 three May 31, 2020. The following is a reconciliation of the net income per share computation for the three nine May 31, 2020 2019: Three Months Ended Nine Months Ended Numerator: May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Net income attributable to NTIC $ (965,221 ) $ 1,482,149 $ 427,163 $ 4,380,776 Denominator: Basic – weighted shares outstanding 9,099,990 9,084,354 9,096,981 9,085,584 Weighted shares assumed upon exercise of stock options - 308,090 215,933 355,274 Diluted – weighted shares outstanding 9,099,990 9,392,444 9,312,914 9,440,858 Basic net income per share: $ (0.11 ) $ 0.16 $ 0.05 $ 0.48 Diluted net income per share: $ (0.11 ) $ 0.16 $ 0.05 $ 0.46 * Share and per share data have been adjusted for all periods presented to reflect the two one June 28, 2019. 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 net income per share for the nine May 31, 2020 633,176 three nine May 31, 2019 141,768 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 9 Months Ended |
May 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. The Company has three 2019 2019 2007 2007 2019 2007 no may 2007 The 2019 2019 800,000 2019 ten one three one May 31, 2019, 300,770 2019 The maximum number of shares of common stock of the Company available for issuance under the ESPP is 200,000 six September 1 March 1 90% may not 423 1986, May 31, 2020, 84,693 The Company granted options to purchase an aggregate of 300,770 141,768 nine May 31, 2020 2019, $998,122 $1,073,940 nine May 31, 2020 2019, May 31, 2020, not $360,486. $339,652 2020, $20,834 2021, May 31, 2020. 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: Nine Months Ended May 31, 2020 May 31, 2019 Dividend yield 2.15% 1.32% Expected volatility 45.1% 45.8% Expected life of option 10 10 Average risk-free interest rate 1.57% 2.75% The weighted average per share fair value of options granted during the nine May 31, 2020 2019 $4.30 $9.01, May 31, 2020 2019 6.27 6.15 |
Note 11 - Segment and Geographi
Note 11 - Segment and Geographic Information | 9 Months Ended |
May 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. Segment Information The Company’s chief operating decision maker 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 nine May 31, 2020 2019 Three Months Ended Nine Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 ZERUST ® $ 7,356,781 $ 10,077,203 $ 26,322,515 $ 29,250,772 Natur-Tec ® 2,388,042 4,815,914 11,287,491 13,051,801 Total net sales $ 9,744,823 $ 14,893,117 $ 37,610,006 $ 42,302,573 The following table sets forth the Company’s cost of goods sold for the three nine May 31, 2020 2019 Three Months Ended Nine Months Ended May 31, 2020 % of Segment Sales* May 31, 2019 % of Segment Sales* May 31, 2020 % of Segment Sales* May 31, 2019 % of Segment Sales* Direct cost of goods sold ZERUST ® $ 4,011,244 54.5 % $ 5,725,220 56.8 % $ 14,193,113 53.9 % $ 16,596,536 56.7 % Natur-Tec ® 1,842,539 77.2 % 3,670,282 76.2 % 8,733,016 77.4 % 10,181,050 78.0 % Indirect cost of goods sold 645,319 — 742,851 — 2,065,358 — 2,106,003 — Total net cost of goods sold $ 6,499,102 $ 10,138,353 $ 24,991,487 $ 28,883,589 * 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 nine May 31, 2020 2019 Three Months Ended Nine Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Inside the U.S. to unaffiliated customers $ 5,019,363 $ 6,172,882 $ 19,546,708 $ 19,564,756 Outside the U.S. to: Joint ventures in which the Company is a shareholder directly and indirectly 673,751 1,112,313 1,504,997 2,304,455 Unaffiliated customers 4,051,709 7,607,922 16,558,301 20,433,362 $ 9,744,823 $ 14,893,117 $ 37,610,006 $ 42,302,573 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 nine May 31, 2020 2019 Three Months Ended May 31, % of Total Fees for Services Provided to Joint Ventures May 31, % of Total Fees for Services Provided to Joint Ventures Germany $ 199,877 22.8 % $ 212,825 14.8 % Poland 75,118 8.6 % 181,057 12.6 % Japan 139,268 15.9 % 164,136 11.5 % Sweden 51,767 5.9 % 137,642 9.6 % India 24,842 2.8 % 114,705 8.0 % France 61,716 7.0 % 112,063 7.8 % Thailand 67,919 7.8 % 109,427 7.6 % South Korea 54,951 6.3 % 85,732 6.0 % Czech Republic 46,709 5.3 % 83,086 5.8 % Finland 52,870 6.0 % 75,135 5.2 % United Kingdom 52,484 6.0 % 70,972 5.0 % Other 49,185 5.6 % 87,043 6.1 % $ 876,706 100.0 % $ 1,433,823 100.0 % Nine Months Ended May 31, % of Total Fees for Services Provided to Joint Ventures May 31, % of Total Fees for Services Provided to Joint Ventures Germany $ 620,106 17.8 % $ 643,154 15.0 % Poland 441,011 12.6 % 551,430 12.8 % Japan 453,347 13.0 % 501,432 11.6 % Sweden 259,671 7.4 % 417,635 9.7 % France 241,056 6.9 % 328,395 7.6 % Thailand 261,132 7.5 % 313,075 7.3 % India 187,826 5.4 % 294,833 6.9 % Czech Republic 215,923 6.2 % 266,706 6.2 % United Kingdom 202,241 5.8 % 261,961 6.1 % South Korea 206,272 5.9 % 259,612 6.0 % Finland 194,813 5.6 % 221,599 5.2 % Other 207,846 5.9 % 239,200 5.6 % $ 3,491,244 100.0 % $ 4,299,032 100.0 % The geographical distribution of key financial statement data is as follows: At May 31, 2020 At August 31, 2019 China $ 377,959 $ 337,162 Brazil 64,540 101,548 Germany 25,384 14,791 India 65,472 61,748 United States 6,430,613 6,842,910 Total property and equipment $ 6,963,968 $ 7,358,159 Three Months Ended Nine Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 China $ 3,089,135 $ 3,691,220 $ 9,975,091 $ 9,864,479 Brazil 365,222 792,299 2,080,418 2,343,894 India 631,551 2,283,346 4,727,325 6,159,136 Other 1,607,206 1,953,370 4,268,871 4,370,308 United States 4,051,709 6,172,882 16,558,301 19,564,756 Total net sales $ 9,744,823 $ 14,893,117 $ 37,610,006 $ 42,302,573 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 | 9 Months Ended |
May 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Operating Leases The Company currently has 12 November 30, 2020 June 30, 2024. five ten first The Company records lease liabilities within current liabilities or long-term liabilities based upon the length of time associated with the lease payments. The Company records its long-term operating leases as right-of-use assets. Upon initial adoption, using the modified retrospective transition approach, no 12 842. None The Company has made certain assumptions and judgments when applying ASC 842, not 842. not no Present Value of Long-term Leases (in thousands): May 31, 2020 Right-of-use assets, net $ 451,188 Current portion of lease liability 136,714 Lease liability, less current portion 314,474 Total lease liability $ 451,188 As of May 31, 2020, 1.9 not May 31, 2020, 4.32% Future minimum payments for the next five May 31, 2020 Fiscal 2020 $ 68,746 Fiscal 2021 263,392 Fiscal 2022 125,648 Fiscal 2023 10,222 Fiscal 2024 2,570 Total future minimum lease payments 470,578 Less amount representing interest (19,390 ) Present value of obligations under operating leases 451,188 Less current portion (136,714 ) Long-term operating lease obligations $ 314,474 Annual Bonus Plan On August 31, 2019, August 31, 2020. 2020 75% 2020 2020, 25% may 2020. $1,200,000 nine May 31, 2020, $1,450,000 nine May 31, 2019. Two joint ventures (consisting of the Company’s joint ventures in South Korea and Thailand) accounted for 56.2% May 31, 2020, five 69.6% August 31, 2019. 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 May 31, 2020, not |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 9 Months Ended |
May 31, 2020 | |
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 equity securities in an ultra-short bond fund. 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 May 31, 2020 Level 1 Level 2 Level 3 Available for sale securities $ 5,450,693 $ 5,450,693 $ — $ — Fair Value Measurements Using Inputs Considered as Fair value as of August 31, 2019 Level 1 Level 2 Level 3 Available for sale securities $ 3,565,258 $ 3,565,258 $ — $ — Financial assets that are classified as Level 1 no 1, 2, 3 three nine May 31, 2020 2019. |
Note 14 - Supplemental Cash Flo
Note 14 - Supplemental Cash Flow Information | 9 Months Ended |
May 31, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 14. Supplemental disclosures of cash flow information consisted of: Three Months Ended May 31, 2020 May 31, 2019 Cash paid for interest $ 10,724 $ 5,165 Cash paid for income taxes — — Nine Months Ended May 31, 2020 May 31, 2019 Cash paid for interest $ 20,101 $ 11,357 Cash paid for income taxes — 53,975 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
May 31, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Adopted In February 2016, No. 2016 02, Leases 2016 02 840, Leases 2016 02 September 1, 2019. The FASB has subsequently issued the following amendments to ASU 2016 02, September 1, 2019, · ASU No. 2018 01, 842 842 not 842 842 not 840, Leases · ASU No. 2018 10, Codification Improvements to Topic 842, 2016 02. · ASU No. 2018 11, Leases (Topic 842 2016 02 not · ASU No. 2018 20, Narrow-Scope Improvements for Lessors 2016 02. Additional information and disclosures required by this new standard are contained in Note 12, The Company adopted the new leasing standards on September 1, 2019, September 1, 2019; not 842 not September 1, 2019. $600,000 Recently Issued Accounting Pronouncements In February 2018, No. 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 No. 2018 02, not No. 2018 02 first 2020, not In June 2016, No. 2016 13, Measurement of Credit Losses on Financial Instruments November 2018, No. 2018 19 April 2019, No. 2019 04 May 2019, No. 2019 05, November 2019, No. 2019 11, December 15, 2022, first Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
May 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | May 31, 2020 August 31, 2019 Production materials $ 3,898,782 $ 1,980,816 Finished goods 8,181,983 8,507,912 $ 12,080,765 $ 10,488,728 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment, Net (Tables) | 9 Months Ended |
May 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | May 31, 2020 August 31, 2019 Land $ 310,365 $ 310,365 Buildings and improvements 7,969,890 7,749,980 Machinery and equipment 4,795,234 4,903,664 13,075,489 12,964,009 Less accumulated depreciation (6,111,521 ) (5,605,850 ) $ 6,963,968 $ 7,358,159 |
Note 5 - Patents and Trademar_2
Note 5 - Patents and Trademarks, Net (Tables) | 9 Months Ended |
May 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | May 31, 2020 August 31, 2019 Patents and trademarks $ 2,889,223 $ 2,938,876 Less accumulated amortization (2,049,688 ) (1,929,907 ) $ 839,535 $ 1,008,969 |
Note 6 - Investments in Joint_2
Note 6 - Investments in Joint Ventures (Tables) | 9 Months Ended |
May 31, 2020 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of May 31, 2020 Total EXCOR All Other Current assets $ 52,424,780 $ 23,825,008 $ 28,599,772 Total assets 56,403,406 26,143,537 30,259,869 Current liabilities 11,741,077 2,686,694 9,054,383 Noncurrent liabilities 32,412 - 32,412 Joint ventures’ equity 44,629,920 23,456,842 21,173,078 Northern Technologies International Corporation’s share of joint ventures’ equity 21,942,063 11,728,423 10,213,640 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 19,706,983 11,697,518 8,009,465 As of August 31, 2019 Total EXCOR All Other Current assets $ 59,162,834 $ 29,139,787 $ 30,023,047 Total assets 63,326,703 31,666,841 31,659,862 Current liabilities 14,145,499 3,573,160 10,572,339 Noncurrent liabilities 20,797 — 20,797 Joint ventures’ equity 49,160,407 28,093,681 21,066,726 Northern Technologies International Corporation’s share of joint ventures’ equity 24,207,339 14,046,842 10,160,497 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 22,178,126 14,015,937 8,162,189 |
Condensed Income Statement [Table Text Block] | Three Months Ended May 31, 2020 Total EXCOR All Other Net sales $ 18,782,233 $ 7,753,631 $ 11,028,602 Gross profit 8,647,784 4,478,739 4,169,045 Net income 1,610,524 1,071,899 538,625 Northern Technologies International Corporation’s share of equity in income from joint ventures 811,787 536,540 275,247 Northern Technologies International Corporation’s dividends received from joint ventures $ 89,227 $ - $ 89,227 Nine Months Ended May 31, 2020 Total EXCOR All Other Net sales $ 68,531,897 $ 26,102,046 $ 42,429,851 Gross profit 31,107,491 15,066,309 16,041,182 Net income 6,920,047 4,492,254 2,427,793 Northern Technologies International Corporation’s share of equity in income from joint ventures 3,466,581 2,246,930 1,219,651 Northern Technologies International Corporation’s dividends received from joint ventures $ 5,648,153 $ 4,675,850 $ 972,303 Three Months Ended May 31, 2019 Total EXCOR All Other Net sales $ 27,774,112 $ 10,933,386 $ 16,840,726 Gross profit 12,557,580 6,129,046 6,428,534 Net income 3,797,785 2,707,342 1,090,443 Northern Technologies International Corporation’s share of equity in income from joint ventures 1,877,410 1,353,856 523,554 Northern Technologies International Corporation’s dividends received from joint ventures $ 1,795,542 $ 1,673,700 $ 121,842 Nine Months Ended May 31, 2019 Total EXCOR All Other Net sales $ 86,003,918 $ 34,895,042 $ 51,108,876 Gross profit 38,547,018 19,118,704 19,428,314 Net income 11,412,552 8,187,467 3,225,085 Northern Technologies International Corporation’s share of equity in income from joint ventures 5,596,788 4,094,763 1,502,025 Northern Technologies International Corporation’s dividends received from joint ventures $ 3,822,785 $ 2,517,450 $ 1,305,335 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 9 Months Ended |
May 31, 2020 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Declaration Date Amount Record Date Payable Date October 22, 2019 $0.065 November 6, 2019 November 20, 2019 January 22, 2020 $0.065 February 5, 2020 February 19, 2020 Declaration Date Amount Record Date Payable Date October 24, 2018 $0.06 November 7, 2018 November 21, 2018 January 23, 2019 $0.06 February 6, 2019 February 22, 2019 April 25, 2019 $0.06 May 9, 2019 May 23, 2019 |
Note 9 - Net Income Per Commo_2
Note 9 - Net Income Per Common Share (Tables) | 9 Months Ended |
May 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended Numerator: May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Net income attributable to NTIC $ (965,221 ) $ 1,482,149 $ 427,163 $ 4,380,776 Denominator: Basic – weighted shares outstanding 9,099,990 9,084,354 9,096,981 9,085,584 Weighted shares assumed upon exercise of stock options - 308,090 215,933 355,274 Diluted – weighted shares outstanding 9,099,990 9,392,444 9,312,914 9,440,858 Basic net income per share: $ (0.11 ) $ 0.16 $ 0.05 $ 0.48 Diluted net income per share: $ (0.11 ) $ 0.16 $ 0.05 $ 0.46 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 9 Months Ended |
May 31, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended May 31, 2020 May 31, 2019 Dividend yield 2.15% 1.32% Expected volatility 45.1% 45.8% Expected life of option 10 10 Average risk-free interest rate 1.57% 2.75% |
Note 11 - Segment and Geograp_2
Note 11 - Segment and Geographic Information (Tables) | 9 Months Ended |
May 31, 2020 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended Nine Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 ZERUST ® $ 7,356,781 $ 10,077,203 $ 26,322,515 $ 29,250,772 Natur-Tec ® 2,388,042 4,815,914 11,287,491 13,051,801 Total net sales $ 9,744,823 $ 14,893,117 $ 37,610,006 $ 42,302,573 |
Reconciliation of Cost of Goods Sold from Segments to Consolidated [Table Text Block] | Three Months Ended Nine Months Ended May 31, 2020 % of Segment Sales* May 31, 2019 % of Segment Sales* May 31, 2020 % of Segment Sales* May 31, 2019 % of Segment Sales* Direct cost of goods sold ZERUST ® $ 4,011,244 54.5 % $ 5,725,220 56.8 % $ 14,193,113 53.9 % $ 16,596,536 56.7 % Natur-Tec ® 1,842,539 77.2 % 3,670,282 76.2 % 8,733,016 77.4 % 10,181,050 78.0 % Indirect cost of goods sold 645,319 — 742,851 — 2,065,358 — 2,106,003 — Total net cost of goods sold $ 6,499,102 $ 10,138,353 $ 24,991,487 $ 28,883,589 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended Nine Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Inside the U.S. to unaffiliated customers $ 5,019,363 $ 6,172,882 $ 19,546,708 $ 19,564,756 Outside the U.S. to: Joint ventures in which the Company is a shareholder directly and indirectly 673,751 1,112,313 1,504,997 2,304,455 Unaffiliated customers 4,051,709 7,607,922 16,558,301 20,433,362 $ 9,744,823 $ 14,893,117 $ 37,610,006 $ 42,302,573 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | At May 31, 2020 At August 31, 2019 China $ 377,959 $ 337,162 Brazil 64,540 101,548 Germany 25,384 14,791 India 65,472 61,748 United States 6,430,613 6,842,910 Total property and equipment $ 6,963,968 $ 7,358,159 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Nine Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 China $ 3,089,135 $ 3,691,220 $ 9,975,091 $ 9,864,479 Brazil 365,222 792,299 2,080,418 2,343,894 India 631,551 2,283,346 4,727,325 6,159,136 Other 1,607,206 1,953,370 4,268,871 4,370,308 United States 4,051,709 6,172,882 16,558,301 19,564,756 Total net sales $ 9,744,823 $ 14,893,117 $ 37,610,006 $ 42,302,573 |
Fees for Services Provided to Joint Ventures [Member] | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended May 31, % of Total Fees for Services Provided to Joint Ventures May 31, % of Total Fees for Services Provided to Joint Ventures Germany $ 199,877 22.8 % $ 212,825 14.8 % Poland 75,118 8.6 % 181,057 12.6 % Japan 139,268 15.9 % 164,136 11.5 % Sweden 51,767 5.9 % 137,642 9.6 % India 24,842 2.8 % 114,705 8.0 % France 61,716 7.0 % 112,063 7.8 % Thailand 67,919 7.8 % 109,427 7.6 % South Korea 54,951 6.3 % 85,732 6.0 % Czech Republic 46,709 5.3 % 83,086 5.8 % Finland 52,870 6.0 % 75,135 5.2 % United Kingdom 52,484 6.0 % 70,972 5.0 % Other 49,185 5.6 % 87,043 6.1 % $ 876,706 100.0 % $ 1,433,823 100.0 % Nine Months Ended May 31, % of Total Fees for Services Provided to Joint Ventures May 31, % of Total Fees for Services Provided to Joint Ventures Germany $ 620,106 17.8 % $ 643,154 15.0 % Poland 441,011 12.6 % 551,430 12.8 % Japan 453,347 13.0 % 501,432 11.6 % Sweden 259,671 7.4 % 417,635 9.7 % France 241,056 6.9 % 328,395 7.6 % Thailand 261,132 7.5 % 313,075 7.3 % India 187,826 5.4 % 294,833 6.9 % Czech Republic 215,923 6.2 % 266,706 6.2 % United Kingdom 202,241 5.8 % 261,961 6.1 % South Korea 206,272 5.9 % 259,612 6.0 % Finland 194,813 5.6 % 221,599 5.2 % Other 207,846 5.9 % 239,200 5.6 % $ 3,491,244 100.0 % $ 4,299,032 100.0 % |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Tables) | 9 Months Ended |
May 31, 2020 | |
Notes Tables | |
Schedule of Components of Operating Lease Assets and Liabilities [Table Text Block] | (in thousands): May 31, 2020 Right-of-use assets, net $ 451,188 Current portion of lease liability 136,714 Lease liability, less current portion 314,474 Total lease liability $ 451,188 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal 2020 $ 68,746 Fiscal 2021 263,392 Fiscal 2022 125,648 Fiscal 2023 10,222 Fiscal 2024 2,570 Total future minimum lease payments 470,578 Less amount representing interest (19,390 ) Present value of obligations under operating leases 451,188 Less current portion (136,714 ) Long-term operating lease obligations $ 314,474 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 9 Months Ended |
May 31, 2020 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Measurements Using Inputs Considered as Fair value as of May 31, 2020 Level 1 Level 2 Level 3 Available for sale securities $ 5,450,693 $ 5,450,693 $ — $ — Fair Value Measurements Using Inputs Considered as Fair value as of August 31, 2019 Level 1 Level 2 Level 3 Available for sale securities $ 3,565,258 $ 3,565,258 $ — $ — |
Note 14 - Supplemental Cash F_2
Note 14 - Supplemental Cash Flow Information (Tables) | 9 Months Ended |
May 31, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three Months Ended May 31, 2020 May 31, 2019 Cash paid for interest $ 10,724 $ 5,165 Cash paid for income taxes — — Nine Months Ended May 31, 2020 May 31, 2019 Cash paid for interest $ 20,101 $ 11,357 Cash paid for income taxes — 53,975 |
Note 1 - Interim Financial In_2
Note 1 - Interim Financial Information (Details Textual) | Jun. 28, 2019 | Jun. 03, 2019 |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | 2 |
Note 2 - Accounting Pronounce_2
Note 2 - Accounting Pronouncements (Details Textual) - USD ($) | May 31, 2020 | Sep. 01, 2019 |
Operating Lease, Liability, Total | $ 451,188 | |
Operating Lease, Right-of-Use Asset | $ 451,188 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating Lease, Liability, Total | $ 600,000 | |
Operating Lease, Right-of-Use Asset | $ 600,000 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories (Details) - USD ($) | May 31, 2020 | Aug. 31, 2019 |
Production materials | $ 3,898,782 | $ 1,980,816 |
Finished goods | 8,181,983 | 8,507,912 |
Total inventory | $ 12,080,765 | $ 10,488,728 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($) | May 31, 2020 | Aug. 31, 2019 |
Land | $ 310,365 | $ 310,365 |
Buildings and improvements | 7,969,890 | 7,749,980 |
Machinery and equipment | 4,795,234 | 4,903,664 |
Gross | 13,075,489 | 12,964,009 |
Less accumulated depreciation | (6,111,521) | (5,605,850) |
Net | $ 6,963,968 | $ 7,358,159 |
Note 5 - Patents and Trademar_3
Note 5 - Patents and Trademarks, Net (Details Textual) - Patents and Trademarks [Member] | 9 Months Ended |
May 31, 2020USD ($) | |
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 200,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 200,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 200,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 200,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 200,000 |
Note 5 - Patents and Trademar_4
Note 5 - Patents and Trademarks, Net - Patents and Trademarks, Net (Details) - USD ($) | May 31, 2020 | Aug. 31, 2019 |
Patents and trademarkes, net | $ 839,535 | $ 1,008,969 |
Patents and Trademarks [Member] | ||
Patents and trademarks | 2,889,223 | 2,938,876 |
Less accumulated amortization | (2,049,688) | (1,929,907) |
Patents and trademarkes, net | $ 839,535 | $ 1,008,969 |
Note 6 - Investments in Joint_3
Note 6 - Investments in Joint Ventures (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Payments to Acquire Interest in Joint Venture | $ 0 | $ 0 | $ 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 ($) | May 31, 2020 | Aug. 31, 2019 |
Current assets | $ 32,605,434 | $ 33,302,362 |
Total assets | 64,531,134 | 67,511,087 |
Current liabilities | 4,470,256 | 7,841,793 |
Noncurrent liabilities | 314,474 | |
Joint ventures’ equity | 56,665,736 | 56,594,615 |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 19,706,983 | 22,178,126 |
EXCOR and All Other [Member] | ||
Joint ventures’ equity | 21,942,063 | 24,207,339 |
EXCOR [Member] | ||
Joint ventures’ equity | 11,728,423 | 14,046,842 |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 11,697,518 | 14,015,937 |
All Other [Member] | ||
Joint ventures’ equity | 10,213,640 | 10,160,497 |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 8,009,465 | 8,162,189 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Current assets | 52,424,780 | 59,162,834 |
Total assets | 56,403,406 | 63,326,703 |
Current liabilities | 11,741,077 | 14,145,499 |
Noncurrent liabilities | 32,412 | 20,797 |
Joint ventures’ equity | 44,629,920 | 49,160,407 |
EXCOR [Member] | ||
Current assets | 23,825,008 | 29,139,787 |
Total assets | 26,143,537 | 31,666,841 |
Current liabilities | 2,686,694 | 3,573,160 |
Noncurrent liabilities | ||
Joint ventures’ equity | 23,456,842 | 28,093,681 |
All Other [Member] | ||
Current assets | 28,599,772 | 30,023,047 |
Total assets | 30,259,869 | 31,659,862 |
Current liabilities | 9,054,383 | 10,572,339 |
Noncurrent liabilities | 32,412 | 20,797 |
Joint ventures’ equity | $ 21,173,078 | $ 21,066,726 |
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 | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Net sales | $ 9,744,823 | $ 14,893,117 | $ 37,610,006 | $ 42,302,573 |
Gross profit | 3,245,721 | 4,754,764 | 12,618,519 | 13,418,984 |
Net income | (965,221) | 1,482,149 | 427,163 | 4,380,776 |
Northern Technologies International Corporation’s share of equity in income from joint ventures | 811,787 | 1,877,410 | 3,466,581 | 5,596,788 |
Northern Technologies International Corporation’s dividends received from joint ventures | 89,227 | 1,795,542 | 5,648,153 | 3,822,785 |
EXCOR [Member] | ||||
Northern Technologies International Corporation’s share of equity in income from joint ventures | 536,540 | 1,353,856 | 2,246,930 | 4,094,763 |
Northern Technologies International Corporation’s dividends received from joint ventures | 1,673,700 | 4,675,850 | 2,517,450 | |
All Other [Member] | ||||
Northern Technologies International Corporation’s share of equity in income from joint ventures | 275,247 | 523,554 | 1,219,651 | 1,502,025 |
Northern Technologies International Corporation’s dividends received from joint ventures | 89,227 | 121,842 | 972,303 | 1,305,335 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Net sales | 18,782,233 | 27,774,112 | 68,531,897 | 86,003,918 |
Gross profit | 8,647,784 | 12,557,580 | 31,107,491 | 38,547,018 |
Net income | 1,610,524 | 3,797,785 | 6,920,047 | 11,412,552 |
EXCOR [Member] | ||||
Net sales | 7,753,631 | 10,933,386 | 26,102,046 | 34,895,042 |
Gross profit | 4,478,739 | 6,129,046 | 15,066,309 | 19,118,704 |
Net income | 1,071,899 | 2,707,342 | 4,492,254 | 8,187,467 |
All Other [Member] | ||||
Net sales | 11,028,602 | 16,840,726 | 42,429,851 | 51,108,876 |
Gross profit | 4,169,045 | 6,428,534 | 16,041,182 | 19,428,314 |
Net income | $ 538,625 | $ 1,090,443 | $ 2,427,793 | $ 3,225,085 |
Note 7 - Corporate Debt (Detail
Note 7 - Corporate Debt (Details Textual) | 9 Months Ended | |
May 31, 2020USD ($) | Aug. 31, 2019USD ($) | |
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) | Mar. 01, 2020shares | Jan. 22, 2020$ / shares | Oct. 22, 2019$ / shares | Sep. 01, 2019shares | Jun. 28, 2019 | Jun. 03, 2019 | Apr. 25, 2019$ / shares | Mar. 01, 2019shares | Jan. 23, 2019$ / shares | Oct. 24, 2018$ / shares | Sep. 01, 2018shares | May 31, 2020$ / shares | May 31, 2019$ / shares | May 31, 2020$ / sharesshares | May 31, 2019$ / sharesshares |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | 2 | |||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.065 | $ 0.065 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0 | $ 0.06 | $ 0.13 | $ 0.18 | ||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 0 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 300,770 | 141,768 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 6,823 | 0 | |||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 2,754 | 3,597 | 2,462 | 1,748 | |||||||||||
The 2019 Plan [member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 300,770 | ||||||||||||||
The 2019 Plan [member] | Employees [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 300,770 | 141,768 | |||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 10.87 | ||||||||||||||
The 2007 Plan [Member] | |||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 18.23 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Cash Dividends Declared (Details) - $ / shares | Jan. 22, 2020 | Oct. 22, 2019 | Apr. 25, 2019 | Jan. 23, 2019 | Oct. 24, 2018 | May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 |
Amount (in dollars per share) | $ 0.065 | $ 0.065 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0 | $ 0.06 | $ 0.13 | $ 0.18 |
Record date | Feb. 5, 2020 | Nov. 6, 2019 | May 9, 2019 | Feb. 6, 2019 | Nov. 7, 2018 | ||||
Payable date | Feb. 19, 2020 | Nov. 20, 2019 | May 23, 2019 | Feb. 22, 2019 | Nov. 21, 2018 |
Note 9 - Net Income Per Commo_3
Note 9 - Net Income Per Common Share (Details Textual) | Jun. 28, 2019 | Jun. 03, 2019 | May 31, 2020shares | May 31, 2019shares | May 31, 2020shares | May 31, 2019shares |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | 2 | ||||
Share-based Payment Arrangement, Option [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 71,273 | 141,768 | 633,176 | 141,768 |
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 | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Net income | $ (965,221) | $ 1,482,149 | $ 427,163 | $ 4,380,776 |
Basic – weighted shares outstanding (in shares) | 9,099,990 | 9,084,354 | 9,096,981 | 9,085,584 |
Weighted shares assumed upon exercise of stock options (in shares) | 308,090 | 215,933 | 355,274 | |
Diluted – weighted shares outstanding (in shares) | 9,099,990 | 9,392,444 | 9,312,914 | 9,440,858 |
Basic net income per share: (in dollars per share) | $ (0.11) | $ 0.16 | $ 0.05 | $ 0.48 |
Diluted net income per share: (in dollars per share) | $ (0.11) | $ 0.16 | $ 0.05 | $ 0.46 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) | 9 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 300,770 | 141,768 |
Share-based Payment Arrangement, Expense | $ 998,122 | $ 1,073,940 |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 360,486 | |
Allocated Share-based Compensation Expense, Estimate Remainder of Fiscal Year | 339,652 | |
Allocated Share-based Compensation Expense, Estimate, Fiscal Year Two | $ 20,834 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 4.30 | $ 9.01 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 98 days | 6 years 54 days |
The 2019 Plan [member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 800,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 300,770 | |
The 2019 Plan [member] | One Year after Date of Grant [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |
The 2019 Plan [member] | One Year after Date of Grant [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 200,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 90.00% | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 84,693 |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Black-Scholes Option-pricing Model Assumptions (Details) | 9 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Dividend yield | 2.15% | 1.32% |
Expected volatility | 45.10% | 45.80% |
Expected life of option (in years) (Year) | 10 years | 10 years |
Average risk-free interest rate | 1.57% | 2.75% |
Note 11 - Segment and Geograp_3
Note 11 - Segment and Geographic Information (Details Textual) | 9 Months Ended |
May 31, 2020 | |
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 | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Net sales | $ 9,744,823 | $ 14,893,117 | $ 37,610,006 | $ 42,302,573 |
ZERUST [Member] | ||||
Net sales | 7,356,781 | 10,077,203 | 26,322,515 | 29,250,772 |
NaturTec [Member] | ||||
Net sales | $ 2,388,042 | $ 4,815,914 | $ 11,287,491 | $ 13,051,801 |
Note 11 - Segment and Geograp_5
Note 11 - Segment and Geographic Information - Cost of Goods Sold by Segment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | ||
Cost of goods sold | $ 6,499,102 | $ 10,138,353 | $ 24,991,487 | $ 28,883,589 | |
Direct Cost of Goods Sold [Member] | ZERUST [Member] | |||||
Cost of goods sold | $ 4,011,244 | $ 5,725,220 | $ 14,193,113 | $ 16,596,536 | |
Percent of product sales | [1] | 54.50% | 56.80% | 53.90% | 56.70% |
Direct Cost of Goods Sold [Member] | NaturTec [Member] | |||||
Cost of goods sold | $ 1,842,539 | $ 3,670,282 | $ 8,733,016 | $ 10,181,050 | |
Percent of product sales | [1] | 77.20% | 76.20% | 77.40% | 78.00% |
Indirect Cost of Goods Sold [Member] | |||||
Cost of goods sold | $ 645,319 | $ 742,851 | $ 2,065,358 | $ 2,106,003 | |
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 | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Net sales | $ 9,744,823 | $ 14,893,117 | $ 37,610,006 | $ 42,302,573 |
Inside the USA to Unaffiliated Customers [Member] | ||||
Net sales | 5,019,363 | 6,172,882 | 19,546,708 | 19,564,756 |
Joint Ventures in Which the Company is a Shareholder Directly and Indirectly Outside the USA [Member] | ||||
Net sales | 673,751 | 1,112,313 | 1,504,997 | 2,304,455 |
Unaffiliated Customers Outside the USA [Member] | ||||
Net sales | $ 4,051,709 | $ 7,607,922 | $ 16,558,301 | $ 20,433,362 |
Note 11 - Segment and Geograp_7
Note 11 - Segment and Geographic Information - Fees for Services Provided to Joint Ventures by Geographic Location as a Percentage of Total Fees (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Fees | $ 876,706 | $ 1,433,823 | $ 3,491,244 | $ 4,299,032 |
Percentage of Total Fees | 100.00% | 100.00% | 100.00% | 100.00% |
GERMANY | ||||
Fees | $ 199,877 | $ 212,825 | $ 620,106 | $ 643,154 |
Percentage of Total Fees | 22.80% | 14.80% | 17.80% | 15.00% |
POLAND | ||||
Fees | $ 75,118 | $ 181,057 | $ 441,011 | $ 551,430 |
Percentage of Total Fees | 8.60% | 12.60% | 12.60% | 12.80% |
JAPAN | ||||
Fees | $ 139,268 | $ 164,136 | $ 453,347 | $ 501,432 |
Percentage of Total Fees | 15.90% | 11.50% | 13.00% | 11.60% |
SWEDEN | ||||
Fees | $ 51,767 | $ 137,642 | $ 259,671 | $ 417,635 |
Percentage of Total Fees | 5.90% | 9.60% | 7.40% | 9.70% |
INDIA | ||||
Fees | $ 24,842 | $ 114,705 | $ 187,826 | $ 294,833 |
Percentage of Total Fees | 2.80% | 8.00% | 5.40% | 6.90% |
FRANCE | ||||
Fees | $ 61,716 | $ 112,063 | $ 241,056 | $ 328,395 |
Percentage of Total Fees | 7.00% | 7.80% | 6.90% | 7.60% |
THAILAND | ||||
Fees | $ 67,919 | $ 109,427 | $ 261,132 | $ 313,075 |
Percentage of Total Fees | 7.80% | 7.60% | 7.50% | 7.30% |
KOREA, REPUBLIC OF | ||||
Fees | $ 54,951 | $ 85,732 | $ 206,272 | $ 259,612 |
Percentage of Total Fees | 6.30% | 6.00% | 5.90% | 6.00% |
CZECHIA | ||||
Fees | $ 46,709 | $ 83,086 | $ 215,923 | $ 266,706 |
Percentage of Total Fees | 5.30% | 5.80% | 6.20% | 6.20% |
UNITED KINGDOM | ||||
Fees | $ 52,484 | $ 70,972 | $ 202,241 | $ 261,961 |
Percentage of Total Fees | 6.00% | 5.00% | 5.80% | 6.10% |
FINLAND | ||||
Fees | $ 52,870 | $ 75,135 | $ 194,813 | $ 221,599 |
Percentage of Total Fees | 6.00% | 5.20% | 5.60% | 5.20% |
Other Countries [Member] | ||||
Fees | $ 49,185 | $ 87,043 | $ 207,846 | $ 239,200 |
Percentage of Total Fees | 5.60% | 6.10% | 5.90% | 5.60% |
Note 11 - Segment and Geograp_8
Note 11 - Segment and Geographic Information - Total Long-lived Assets by Geographic Distribution (Details) - USD ($) | May 31, 2020 | Aug. 31, 2019 |
Total property and equipment | $ 6,963,968 | $ 7,358,159 |
CHINA | ||
Total property and equipment | 377,959 | 337,162 |
BRAZIL | ||
Total property and equipment | 64,540 | 101,548 |
GERMANY | ||
Total property and equipment | 25,384 | 14,791 |
INDIA | ||
Total property and equipment | 65,472 | 61,748 |
UNITED STATES | ||
Total property and equipment | $ 6,430,613 | $ 6,842,910 |
Note 11 - Segment and Geograp_9
Note 11 - Segment and Geographic Information - Total Net Sales by Geographic Distribution (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Net sales | $ 9,744,823 | $ 14,893,117 | $ 37,610,006 | $ 42,302,573 |
CHINA | ||||
Net sales | 3,089,135 | 3,691,220 | 9,975,091 | 9,864,479 |
BRAZIL | ||||
Net sales | 365,222 | 792,299 | 2,080,418 | 2,343,894 |
INDIA | ||||
Net sales | 631,551 | 2,283,346 | 4,727,325 | 6,159,136 |
Other Countries [Member] | ||||
Net sales | 1,607,206 | 1,953,370 | 4,268,871 | 4,370,308 |
UNITED STATES | ||||
Net sales | $ 4,051,709 | $ 6,172,882 | $ 16,558,301 | $ 19,564,756 |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) | 9 Months Ended | ||
May 31, 2020 | Aug. 31, 2019 | May 31, 2019 | |
Lessee, Operating Lease, Option to Extend Term One (Year) | 5 years | ||
Lessee, Operating Lease, Option to Extend Term Two (Year) | 10 years | ||
Finance and Operating Lease, Weighted Average Remaining Lease Term (Year) | 1 year 328 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.32% | ||
Accrued Bonuses | $ 1,200,000 | $ 1,450,000 | |
Entity Wide Trade Joint Venture Receivables, Three Joint Ventures, Percentage | 56.20% | 69.60% | |
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% | ||
Buildings, Equipment and Vehicles [Member] | |||
Number of Operating Lease | 12 |
Note 12 - Commitments and Con_4
Note 12 - Commitments and Contingencies - Present Value of Long-term Leases (Details) - USD ($) | May 31, 2020 | Aug. 31, 2019 |
Right-of-use assets, net | $ 451,188 | |
Current portion of lease liability | 136,714 | |
Lease liability, less current portion | 314,474 | |
Total lease liability | $ 451,188 |
Note 12 - Commitments and Con_5
Note 12 - Commitments and Contingencies - Future Minimum Rents Due (Details) - USD ($) | May 31, 2020 | Aug. 31, 2019 |
Fiscal 2020 | $ 68,746 | |
Fiscal 2021 | 263,392 | |
Fiscal 2022 | 125,648 | |
Fiscal 2023 | 10,222 | |
Fiscal 2024 | 2,570 | |
Total future minimum lease payments | 470,578 | |
Less amount representing interest | (19,390) | |
Present value of obligations under operating leases | 451,188 | |
Less current portion | (136,714) | |
Long-term operating lease obligations | $ 314,474 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) | May 31, 2020 | Aug. 31, 2019 |
Available for sale securities | $ 5,450,693 | $ 3,565,258 |
Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 5,450,693 | 3,565,258 |
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 | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Cash paid for interest | $ 10,724 | $ 5,165 | $ 20,101 | $ 11,357 |
Cash paid for income taxes | $ 53,975 |