Northern Technologies International Corporation / "Long-term" | Tables in SEC filings

NTIC Northern Technologies International Corporation

Quarterly report

AND AUGUST 31, 2023 (AUDITED)


	May 31, 2024		August 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	5,794,824	$	5,406,173
Receivables:
Trade, excluding joint ventures, less allowance for doubtful accounts of $533,000 as of May 31, 2024 and August 31, 2023		14,374,856		15,645,130
Trade, joint ventures		594,331		187,912
Fees for services provided to joint ventures		1,262,153		1,296,594
Dividend receivable from joint ventures		—		1,986,027
Income taxes		463,828		34,202
Inventories		13,242,381		13,096,489
Prepaid expenses		2,170,896		2,019,029
Total current assets	$	37,903,269	$	39,671,556

PROPERTY AND EQUIPMENT, NET	$	15,678,572	$	14,065,354
OTHER ASSETS:
Investments in joint ventures		24,219,348		23,705,714
Deferred income tax, net		570,673		530,944
Intangible asset, net		5,802,438		6,159,485
Goodwill		4,782,376		4,782,376
Operating lease right of use asset		308,868		428,874
Total other assets		35,683,703		35,607,393
Total assets	$	89,265,544	$	89,344,303

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Line of credit	$	1,988,380	$	3,600,000
Term loan		2,762,049		2,757,176
Accounts payable		6,273,261		6,056,329
Income taxes payable		17,579		13,053
Accrued liabilities:
Payroll and related benefits		2,216,767		2,305,400
Other		1,289,106		1,648,615
Current portion of operating lease		247,291		340,799
Total current liabilities	$	14,794,433	$	16,721,372
LONG-TERM LIABILITIES:
Deferred income tax, net		1,836,059		1,836,059
Operating lease, less current portion		61,577		88,075
Total long-term liabilities	$	1,897,636	$	1,924,134

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, 2024 and August 31, 2023; issued and outstanding 9,441,124 and 9,424,102, respectively		188,823		188,482
Additional paid-in capital		23,104,415		21,986,767
Retained earnings		52,596,976		51,004,427
Accumulated other comprehensive loss		(7,038,745)		(6,823,403)
Stockholders’ equity		68,851,469		66,356,273
Non-controlling interest		3,722,006		4,342,524
Total equity		72,573,475		70,698,797
Total liabilities and equity	$	89,265,544	$	89,344,303

	November 30, 2024		August 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	5,569,834	$	4,952,184
Receivables:
Trade, less allowance for credit losses of $310,000 as of November 30, 2024 and August 31, 2024		16,081,710		19,187,079
Fees for services provided to joint ventures		1,170,328		1,235,016
Income taxes		688,806		392,293
Inventories, net		14,337,384		14,390,844
Prepaid expenses		2,454,288		1,421,803
Total current assets		40,302,350		41,579,219

PROPERTY AND EQUIPMENT, NET		17,053,239		16,265,653
OTHER ASSETS:
Investments in joint ventures		25,492,921		25,397,287
Deferred income tax, net		508,495		544,464
Intangible assets, net		5,573,945		5,682,945
Goodwill		4,782,376		4,782,376
Operating lease right of use assets		324,329		424,558
Total other assets		36,682,066		36,831,630
Total assets	$	94,037,655	$	94,676,502

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Line of credit	$	4,518,734	$	4,291,608
Term loan		2,761,592		2,820,835
Accounts payable		6,559,744		6,393,355
Income taxes payable		256,849		327,781
Accrued liabilities:
Payroll and related benefits		2,710,181		3,163,372
Other		1,094,381		574,876
Current portion of operating leases		217,441		325,116
Total current liabilities		18,118,922		17,896,943
LONG-TERM LIABILITIES:
Deferred income tax, net		1,504,796		1,504,796
Operating leases, less current portion		106,888		99,442
Total long-term liabilities	$	1,611,684	$	1,604,238

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 November 30, 2024 and August 31, 2024; issued and outstanding 9,470,507 and 9,466,980, respectively		189,410		189,340
Additional paid-in capital		23,999,854		23,615,564
Retained earnings		53,669,366		53,771,211
Accumulated other comprehensive loss		(7,645,298)		(6,382,124)
Stockholders’ equity		70,213,332		71,193,991
Non-controlling interests		4,093,717		3,981,330
Total equity		74,307,049		75,175,321
Total liabilities and equity	$	94,037,655	$	94,676,502

Fiscal 2025	$	325,116
Fiscal 2026		103,944
Fiscal 2027		21,596
Thereafter		—
Total future minimum lease payments		450,656
Less amount representing interest		(26,098)
Present value of obligations under operating leases		424,558
Less current portion		(325,116)
Long-term operating lease obligations	$	99,442

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