Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Aug. 31, 2021 | Nov. 15, 2021 | Feb. 26, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000875582 | ||
Entity Registrant Name | Northern Technologies International Corporation | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --08-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Aug. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-11038 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 41-0857886 | ||
Entity Address, Address Line One | 4201 Woodland Road P.O. Box 69 | ||
Entity Address, City or Town | Circle Pines | ||
Entity Address, State or Province | MN | ||
Entity Address, Postal Zip Code | 55014 | ||
City Area Code | 763 | ||
Local Phone Number | 225-6600 | ||
Title of 12(b) Security | Common stock, par value $0.02 per share | ||
Trading Symbol | NTIC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 123,000,000 | ||
Entity Common Stock, Shares Outstanding | 9,187,446 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 7,680,641 | $ 6,403,032 |
Available for sale securities | 4,634 | 5,544,722 |
Receivables: | ||
Trade excluding joint ventures, less allowance for doubtful accounts of $382,000 as of August 31, 2021 and $90,000 as of August 31, 2020 | 11,128,805 | 8,072,212 |
Trade joint ventures | 624,808 | 475,900 |
Fees for services provided to joint ventures | 1,505,127 | 927,286 |
Income taxes | 386,574 | 19,907 |
Inventories | 11,114,207 | 10,961,796 |
Prepaid expenses | 1,302,293 | 797,495 |
Total current assets | 33,747,089 | 33,202,350 |
PROPERTY AND EQUIPMENT, NET | 11,821,458 | 7,110,789 |
OTHER ASSETS: | ||
Investments in joint ventures | 27,623,768 | 24,090,826 |
Deferred income taxes | 92,554 | 209,729 |
Patents and trademarks, net | 709,572 | 802,006 |
Operating lease right of use asset | 376,438 | 658,788 |
Total other assets | 28,802,332 | 25,761,349 |
Total assets | 74,370,879 | 66,074,488 |
CURRENT LIABILITIES: | ||
Accounts payable | 4,290,972 | 3,205,241 |
Income taxes payable | 178,923 | 310,922 |
Accrued liabilities: | ||
Payroll and related benefits | 2,879,468 | 1,314,978 |
Other | 894,497 | 880,118 |
Current portion of operating lease | 272,336 | 386,345 |
Total current liabilities | 8,516,196 | 6,097,604 |
LONG-TERM LIABILITIES: | ||
Operating lease, less current portion | 104,102 | 272,443 |
Total long-term liabilities | 104,102 | 272,443 |
COMMITMENTS AND CONTINGENCIES (Note 15) | ||
EQUITY: | ||
Preferred stock, no par value; authorized 10,000 shares; none issued and outstanding | 0 | 0 |
Common stock, $0.02 par value per share; authorized 15,000,000 shares as of August 31, 2021 and August 31, 2020; issued and outstanding 9,184,811 and 9,099,990, respectively | 183,696 | 182,000 |
Additional paid-in capital | 18,736,268 | 17,415,043 |
Retained earnings | 46,973,092 | 42,472,810 |
Accumulated other comprehensive loss | (3,525,030) | (3,410,438) |
Stockholders’ equity | 62,368,026 | 56,659,415 |
Non-controlling interests | 3,382,555 | 3,045,026 |
Total equity | 65,750,581 | 59,704,441 |
Total liabilities and equity | $ 74,370,879 | $ 66,074,488 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Trade receivable excluding joint ventures, allowance for doubtful accounts | $ 382,000 | $ 90,000 |
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) | 9,184,811 | 9,099,990 |
Common stock, shares outstanding (in shares) | 9,184,811 | 9,099,990 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
NET SALES: | ||
Net sales, excluding joint ventures | $ 53,470,623 | $ 45,666,045 |
Net sales, to joint ventures | 3,023,196 | 1,972,646 |
Total net sales | 56,493,819 | 47,638,691 |
Cost of goods sold | 36,920,814 | 31,609,274 |
Gross profit | 19,573,005 | 16,029,417 |
JOINT VENTURE OPERATIONS: | ||
Equity in income from joint ventures | 7,465,214 | 4,270,327 |
Fees for services provided to joint ventures | 5,964,260 | 4,612,885 |
To Total joint venture operations | 13,429,474 | 8,883,212 |
OPERATING EXPENSES: | ||
Selling expenses | 12,016,974 | 10,656,689 |
General and administrative expenses | 8,262,173 | 8,688,309 |
Research and development expenses | 4,400,479 | 3,979,455 |
Total operating expenses | 24,679,626 | 23,324,453 |
OPERATING INCOME | 8,322,853 | 1,588,176 |
INTEREST INCOME | 151,875 | 167,733 |
INTEREST EXPENSE | (16,086) | (16,034) |
INCOME BEFORE INCOME TAX EXPENSE | 8,458,642 | 1,739,875 |
INCOME TAX EXPENSE | 1,461,905 | 2,674,635 |
NET INCOME (LOSS) | 6,996,737 | (934,760) |
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 715,499 | 402,949 |
NET INCOME (LOSS) ATTRIBUTABLE TO NTIC | $ 6,281,238 | $ (1,337,709) |
NET INCOME (LOSS) ATTRIBUTABLE TO NTIC PER COMMON SHARE: | ||
Basic (in dollars per share) | $ 0.69 | $ (0.15) |
Diluted (in dollars per share) | $ 0.64 | $ (0.15) |
WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING: | ||
Basic (in shares) | 9,116,472 | 9,096,981 |
Diluted (in shares) | 9,874,139 | 9,096,981 |
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $ 0.20 | $ 0.13 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
NET INCOME (LOSS) | $ 6,996,737 | $ (934,760) |
OTHER COMPREHENSIVE INCOME (LOSS) – FOREIGN CURRENCY TRANSLATION ADJUSTMENT | (92,562) | 1,150,138 |
COMPREHENSIVE INCOME | 6,904,175 | 215,378 |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (737,529) | (370,347) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NTIC | $ 6,166,646 | $ (154,969) |
Consolidated Statements of Equi
Consolidated Statements of Equity - 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, 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 options exercised (in shares) | 6,823 | 6,823 | ||||
Stock options exercised | $ 137 | (137) | 0 | 0 | 0 | $ 0 |
Stock issued for employee stock purchase plan (in shares) | 6,351 | |||||
Stock issued for employee stock purchase plan | $ 127 | 64,068 | 0 | 0 | 0 | 64,195 |
Stock option expense | 0 | 1,337,774 | 0 | 0 | 0 | 1,337,774 |
Dividends paid to stockholders | 0 | 0 | (1,182,200) | 0 | (1,182,200) | |
Dividend received by non-controlling interest | 0 | 0 | 0 | 0 | (400,000) | (400,000) |
Net income (loss) | 0 | 0 | (1,337,709) | 0 | 402,949 | (934,760) |
Other comprehensive income (loss) | $ 0 | 0 | 0 | 1,182,740 | (32,602) | 1,150,138 |
BALANCE (in shares) at Aug. 31, 2020 | 9,099,990 | |||||
BALANCE at Aug. 31, 2020 | $ 182,000 | 17,415,043 | 42,472,810 | (3,410,438) | 3,045,026 | $ 59,704,441 |
Stock options exercised (in shares) | 74,950 | 74,950 | ||||
Stock options exercised | $ 1,499 | 582,915 | 0 | 0 | 0 | $ 584,414 |
Stock issued for employee stock purchase plan (in shares) | 9,871 | |||||
Stock issued for employee stock purchase plan | $ 197 | 74,136 | 0 | 0 | 0 | 74,333 |
Stock option expense | 0 | 664,174 | 0 | 0 | 0 | 664,174 |
Dividends paid to stockholders | 0 | 0 | (1,780,956) | 0 | (1,780,956) | |
Dividend received by non-controlling interest | 0 | 0 | 0 | 0 | (400,000) | (400,000) |
Net income (loss) | 0 | 0 | 6,281,238 | 0 | 715,499 | 6,996,737 |
Other comprehensive income (loss) | $ 0 | 0 | 0 | (114,592) | 22,030 | (92,562) |
BALANCE (in shares) at Aug. 31, 2021 | 9,184,811 | |||||
BALANCE at Aug. 31, 2021 | $ 183,696 | $ 18,736,268 | $ 46,973,092 | $ (3,525,030) | $ 3,382,555 | $ 65,750,581 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 6,996,737 | $ (934,760) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Stock-based compensation | 664,174 | 1,337,774 |
Depreciation expense | 905,299 | 836,601 |
Amortization expense | 203,088 | 231,624 |
Change in allowance for doubtful accounts | 262,000 | 25,000 |
Equity in income from joint ventures | (7,465,214) | (4,270,327) |
Dividends received from joint ventures | 3,665,365 | 5,672,099 |
Loss on disposal of property and patents | 0 | 173,810 |
Deferred income taxes | 114,620 | 1,424,529 |
Changes in current assets and liabilities: | ||
Trade, excluding joint ventures | (3,030,655) | 1,680,611 |
Trade, joint ventures | (148,908) | 348,573 |
Fees for services provided to joint ventures | (577,841) | 340,714 |
Income taxes | (362,438) | 424,002 |
Inventories | 58,314 | (435,712) |
Prepaid expenses and other | (487,771) | 279,312 |
Accounts payable | 866,597 | (1,229,510) |
Income tax payable | (160,231) | 302,641 |
Accrued liabilities | 1,389,804 | (1,294,911) |
Net cash provided by operating activities | 2,892,940 | 4,912,070 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from the sale of property and equipment | 0 | 2,190 |
Purchase of available for sale securities | (800,000) | (4,000,000) |
Proceeds from the sale of available for sale securities | 6,340,088 | 2,020,536 |
Purchases of property and equipment | (5,532,750) | (711,412) |
Investments in patents | (110,654) | (95,996) |
Net cash used in investing activities | (103,316) | (2,784,682) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Dividend received by non-controlling interest | (400,000) | (400,000) |
Dividends paid on NTIC common stock | (1,780,956) | (1,182,200) |
Proceeds from employee stock purchase plan | 74,333 | 64,195 |
Proceeds from exercise of stock options | 584,414 | 0 |
Net cash used in financing activities | (1,522,209) | (1,518,005) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 10,194 | (63,109) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,277,609 | 546,274 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 6,403,032 | 5,856,758 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 7,680,641 | $ 6,403,032 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Significant Accounting Policies | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Nature of Business 45 two The Company participates, either directly or indirectly, in 18 active joint venture arrangements in North America, Europe, and Asia. Each of these joint ventures generally manufactures and markets products in the geographic territory to which it is assigned. While most of the Company’s joint ventures exclusively sell rust and corrosion inhibiting products, some of the joint ventures also sell the Company’s Natur-Tec® resin compounds and finished products. The profits of joint ventures are shared by the respective joint venture owners in accordance with their respective ownership percentages. The Company typically owns 50% or less of its joint venture entities and does not Impact of COVID- 19 March 2020, 19 19 2022. 2021, Principles of Consolidation not September 1, 2021, September 1, 2021. Non-Controlling Interests Net Sales no When determining recognition of revenue arrangements the Company performs the following five 1 2 3 4 5 five Generally, the Company’s performance obligations are satisfied when the customers take possession of the products, which normally occurs at the shipping point or destination depending on the terms of the contracts. The Company’s services are generally sold based upon quotes or contracts with customers that include a fixed or determinable price, and sales arrangements do not not not Revenue Recognition 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, billing, and cash collections results in accounts receivable on the consolidated 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 Sales Commissions not 340 40 25 4 one Product Warranty not not may International Revenue 11, Trade Receivables 30 not not August 31, 2021 August 31, 2020. Trade Receivables from Joint Ventures 90 not not August 31, 2021 2020. Fees for Services Provided to Joint Ventures Cash and Cash Equivalents three may Available for Sale Securities not Inventories first first Property and Depreciation Buildings and improvements (in years) 5 - 30 Machinery and equipment (in years) 3 - 10 Patents and Trademarks Investments in Joint Ventures zero August 31 not may August 31, 2021 2020. 20% The Company classifies distributions received from its joint ventures based on the nature of the distributions, generally, in operating activities on the consolidated statements of cash flows. If the Company is no no Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. Fair value is calculated based on publicly available market information or other estimates determined by management. The Company employs a systematic methodology on a quarterly basis that considers available quantitative and qualitative evidence in evaluating potential impairment of our investments. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, credit quality, the duration and extent to which the fair value is less than cost, and for equity securities, the Company’s intent and ability to hold, or plans to sell, the investment. The Company also considers specific adverse conditions related to the financial health of and business outlook for the investee, including industry and sector performance, changes in technology, and operational and financing cash flow factors. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense), and a new cost basis in the investment is established. Recoverability of Long-Lived Assets may not Income Taxes The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not The Company records uncertain tax positions on the basis of a two not not 50 Foreign Currency Translation (Accumulated Other Comprehensive Income (Loss)) The Company (excluding NTIC China, Zerust Brazil, Natur-Tec India, Natur Tec Lanka, Zerust Singapore, Zerust Vietnam, NTI Asean, Zerust Mexico, NTI Europe, and NTIC’s joint ventures) conducts all foreign transactions based on the U.S. dollar. Since investments in joint ventures are accounted for using the equity method, any changes in foreign currency exchange rates are reflected as a foreign currency translation adjustment and do not Fair Value of Financial Instruments Shipping and Handling Research and Development Common Stock Stock-Based Compensation Subsequent Events Use of Estimates |
Note 2 - Accounting Pronounceme
Note 2 - Accounting Pronouncements | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. ACCOUNTING PRONOUNCEMENTS Recently Issued Accounting Pronouncements 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 | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. INVENTORIES Inventories consisted of the following: August 31, 2021 August 31, 2020 Production materials $ 4,453,688 $ 3,866,791 Finished goods 6,660,519 7,095,005 $ 11,114,207 $ 10,961,796 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following: August 31, 2021 August 31, 2020 Land $ 310,365 $ 310,365 Buildings and improvements 13,149,258 8,167,783 Machinery and equipment 5,453,679 4,940,912 18,913,302 13,419,060 Less accumulated depreciation (7,091,844 ) (6,308,271 ) $ 11,821,458 $ 7,110,789 |
Note 5 - Patents and Trademarks
Note 5 - Patents and Trademarks, Net | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 5. PATENTS AND TRADEMARKS, NET Patents and trademarks, net consisted of the following: August 31, 2021 August 31, 2020 Patents and trademarks $ 3,018,507 $ 2,907,852 Less accumulated amortization (2,308,935 ) (2,105,846 ) $ 709,572 $ 802,006 Patent and trademark costs are amortized over seven August 31, 2021 2020, four |
Note 6 - Investments in Joint V
Note 6 - Investments in Joint Ventures | 12 Months Ended |
Aug. 31, 2021 | |
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 accounting principles generally accepted in the United States of America in all material respects. All material profits on sales recorded that remain on the consolidated balance sheet from the Company to its joint ventures and from joint ventures to other joint ventures have been eliminated for financial reporting purposes. The Company considers the Company’s joint venture in Germany, Excor Korrosionsschutz – Technologien und Produkte GmbH (EXCOR) to be individually significant to the Company’s consolidated assets and income as of August 31, 2021. August 31, 2020: September 1, 2021. As of August 31, 2021 Total EXCOR OTHER Current assets $ 69,394,796 $ 33,886,655 $ 35,508,141 Total assets 73,814,402 36,211,520 37,602,882 Current liabilities 16,366,398 5,386,377 10,980,021 Noncurrent liabilities 1,455,524 - 1,455,524 Joint ventures’ equity 55,992,480 30,825,144 25,167,336 Northern Technologies International Corporation’s share of joint ventures’ equity 27,623,768 15,412,574 12,211,194 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 24,702,778 14,697,490 10,005,288 Fiscal Year Ended August 31, 2021 Total EXCOR OTHER Net sales $ 120,954,550 $ 46,522,688 $ 74,431,862 Gross profit 53,371,610 25,389,981 27,981,629 Net income 14,921,531 8,798,995 6,122,536 Northern Technologies International Corporation’s share of equity in income of joint ventures 7,465,214 4,400,403 3,064,811 Northern Technologies International Corporation’s dividends received from joint ventures 3,665,365 1,809,900 1,855,465 As of August 31, 2020 Total EXCOR FRANCE FINLAND INDIA THAILAND OTHER Current assets $ 55,825,418 $ 25,742,619 $ 4,099,160 $ 1,955,879 $ 4,010,855 $ 4,022,399 $ 15,994,506 Total assets 60,295,587 28,449,772 4,873,484 2,261,147 4,242,660 4,055,451 16,413,073 Current liabilities 11,002,867 2,424,565 2,073,710 415,496 1,007,529 993,332 4,088,235 Noncurrent liabilities 365,274 — — — 32,999 — 332,275 Joint ventures’ equity 48,927,446 26,025,207 2,799,774 1,845,651 3,202,132 3,062,119 11,992,563 Northern Technologies International Corporation’s share of joint ventures’ equity 24,090,826 13,012,606 1,399,887 922,814 1,603,013 1,531,060 5,621,446 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 21,855,747 12,981,701 1,399,887 902,814 738,191 1,429,060 4,404,094 Fiscal Year Ended August 31, 2020 Total EXCOR FRANCE FINLAND INDIA THAILAND OTHER Net sales $ 87,030,062 $ 32,546,402 $ 8,133,294 $ 3,088,865 $ 5,481,303 $ 6,471,831 $ 31,308,367 Gross profit 39,532,750 18,739,471 3,061,433 1,916,001 2,498,196 2,046,478 11,271,171 Net income 8,545,473 5,266,541 473,137 419,728 697,349 503,884 1,184,834 Northern Technologies International Corporation’s share of equity in income of joint ventures 4,270,327 2,622,423 237,490 209,972 349,218 253,192 598,032 Northern Technologies International Corporation’s dividends received from joint ventures 5,672,099 4,675,850 — 325,635 261,220 160,074 249,320 The Company did not 2021 2020. |
Note 7 - Corporate Debt
Note 7 - Corporate Debt | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. CORPORATE DEBT The Company has a revolving line of credit with PNC Bank of $5,000,000 at August 31, 2021. 18 August 31, 2021. August 31, 2021 2020. February 22, 2022. 1.10:1.00. August 31, 2021, August 31, 2021, not As of August 31, 2021, 2021 2022. |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. STOCKHOLDERS EQUITY During fiscal 2021, Declaration Date Amount Record Date Payable Date January 15, 2021 $ 0.065 February 3, 2021 February 17, 2021 April 23, 2021 $ 0.065 May 5, 2021 May 19, 2021 July 21, 2021 $ 0.065 August 4, 2021 August 18, 2021 During fiscal 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, August 31, 2020, November 30, 2020. January 15, 2021, On January 15, 2015, no may August 31, 2021, During fiscal 2021, not 2021, During fiscal 2020, not 2020, |
Note 9 - Net Income (Loss) Per
Note 9 - Net Income (Loss) Per Common Share | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. NET INCOME (LOSS) PER COMMON SHARE Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted net income (loss) per share assumes the exercise of stock options using the treasury stock method, if dilutive. The following is a reconciliation of the net income (loss) per share computation for fiscal 2021 2020: Numerator: August 31, 2021 August 31, 2020 Net income (loss) attributable to NTIC $ 6,281,238 $ (1,337,709 ) Denominator: Basic-weighted shares outstanding 9,116,472 9,096,981 Weighted shares assumed upon exercise of stock options 757,667 - Diluted – weighted shares outstanding 9,874,139 9,096,981 Basic net income (loss) per share: $ 0.69 $ (0.15 ) Diluted net income (loss) per share: $ 0.64 $ (0.15 ) 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 the basic net income per share. When dilutive, stock options are included as equivalents using the treasury stock market method when computing the diluted net income per share. Excluded from the computation of diluted net income per share as of August 31, 2021 August 31, 2020 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. STOCK-BASED COMPENSATION The Company has three 2019 2019 2007 2007 2019 2007 no may 2007 The 2019 January 15, 2021, 2019 2019 2019 ten one three one August 31, 2021 2020, 2019 August 31, 2021, 2019 The maximum number of shares of common stock of the Company available for issuance under the ESPP is 200,000 shares, subject to adjustment as provided in the ESPP. The ESPP provides for six September 1 March 1 may not 423 1986, March 1, 2021 2020, September 1, 2020 2019, August 31, 2021, The fair value of option grants is determined at the date of grant using the Black-Scholes option pricing model with the assumptions listed below. The volatility factor used in the Black-Scholes option pricing model is based on historical stock price fluctuations, and the risk-free interest rate is based on U.S. treasury rates appropriate for the expected term. Dividend yield and expected volatility are estimated using historical amounts that are anticipated to be consistent with current values. Expected life of the option is based on the life of the option agreements. Based on these valuations, the Company recognized compensation expense of $664,174 and $1,337,774 during fiscal 2021 2020, August 31, 2021, not 2022 2023, August 31, 2021. 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: Fiscal Year 2021 Fiscal Year 2020 Dividend yield 1.65 % 2.41 % Expected volatility 45.4 % 45.2 % Expected life of option (in years) 10 10 Weighted average risk-free interest rate 0.77 % 1.40 % Stock option activity during the periods indicated was as follows: Number of Shares (#) Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at August 31, 2019 839,173 $ 9.13 Options granted 300,770 10.87 Options exercised (11,975 ) 5.13 Options terminated — — Outstanding at August 31, 2020 1,127,968 $ 9.63 Options granted 419,874 8.24 Options exercised (77,645 ) 8.18 Options terminated (43,546 ) 9.63 Outstanding at August 31, 2021 1,426,651 $ 9.30 $ 10,514,418 Exercisable at August 31, 2021 1,022,802 $ 9.72 $ 7,108,474 The weighted average per share fair value of options granted during fiscal 2021 2020 August 31, 2021 |
Note 11 - Segment and Geographi
Note 11 - Segment and Geographic Information | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. SEGMENT AND GEOGRAPHIC INFORMATION Segment Information The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s business is organized into two reportable segments: ZERUST® and Natur-Tec®. The Company has been selling its proprietary ZERUST® rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military, and retail consumer markets for over 45 The following tables present the Company’s business segment information: Fiscal 2021 Fiscal 2020 ZERUST® net sales $ 45,554,434 $ 34,474,535 Natur-Tec® net sales 10,939,385 13,164,156 Total net sales $ 56,493,819 $ 47,638,691 The following table sets forth the Company’s cost of goods sold by segment: Fiscal 2021 Fiscal 2020 Direct cost of goods sold ZERUST® $ 26,028,555 $ 18,717,684 Natur-Tec® 7,717,429 10,168,051 Indirect cost of goods sold 3,174,830 2,723,539 Total net cost of goods sold $ 36,920,814 $ 31,609,274 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 Sales to the Company’s joint ventures are included in the foregoing geographic and segment 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 related to ZERUST® Geographic Information Net sales by geographic location for fiscal 2021 2020 Fiscal Year Ended August 31, 2021 2020 Inside the U.S.A. to unaffiliated customers $ 22,039,456 $ 20,218,213 Outside the U.S.A. to: Joint ventures in which the Company is a shareholder directly and indirectly 3,023,196 1,972,646 Unaffiliated customers 31,431,167 25,447,832 $ 56,493,819 $ 47,638,691 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, respectively, were as follows: Fiscal 2021 % of Total Fees for Services Provided to Joint Ventures Fiscal 2020 % of Total Fees for Services Provided to Joint Ventures Germany $ 920,902 15.4 % $ 843,752 18.3 % Japan 826,403 13.9 % 628,889 13.6 % Poland 798,570 13.4 % 553,198 12.0 % Sweden 528,755 8.9 % 372,017 8.1 % France 435,032 7.3 % 310,661 6.7 % Thailand 399,563 6.7 % 328,452 7.1 % India 392,074 6.6 % 250,976 5.4 % Czech Republic 377,395 6.3 % 270,032 5.9 % South Korea 317,042 5.3 % 266,703 5.8 % United Kingdom 316,786 5.3 % 255,121 5.5 % Finland 298,663 5.0 % 256,375 5.6 % Indonesia 122,513 2.1 % 99,543 2.2 % Other 230,562 3.8 % 177,167 3.8 % $ 5,964,260 100.0 % $ 4,612,885 100.0 % 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 See Note 6 The geographical distribution of total long-lived assets and net sales is as follows: At August 31, 2021 At August 31, 2020 China $ 5,110,071 $ 376,088 Other 453,199 172,833 United States 6,258,188 6,561,868 Total long-lived assets $ 11,821,458 $ 7,110,789 Fiscal Year Ended August 31, 2021 Fiscal Year Ended August 31, 2020 China $ 17,343,623 $ 13,409,770 Brazil 4,122,781 2,753,930 India 5,482,989 5,655,797 Other 7,504,970 5,600,982 United States 22,039,456 20,218,212 Total net sales $ 56,493,819 $ 47,638,691 Long-lived assets located in China, Brazil, Germany, and India consist of property and equipment. These assets 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. 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 - Retirement Plan
Note 12 - Retirement Plan | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 12. RETIREMENT PLAN The Company has a 401 may 2021 2020, |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. RELATED PARTY TRANSACTIONS During both fiscal 2021 2020, |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. INCOME TAXES The provision for income taxes for the fiscal years ended August 31, 2021 2020 Fiscal Year Ended August 31, 2021 2020 Current: Federal $ — $ — State 39,000 23,000 Foreign 1,307,000 1,226,000 1,346,000 1,249,000 Deferred: Federal — 1,501,000 State — 101,000 Foreign 115,905 (176,365 ) 115,905 1,425,635 $ 1,461,905 $ 2,674,635 Reconciliations of the expected federal income tax at the statutory rate of 21.0% with the provisions for income taxes for the fiscal years ended August 31, 2021 2020 Fiscal Year Ended August 31, 2021 2020 Tax computed at statutory rates $ 1,794,000 $ 365,000 State income tax, net of federal benefit 37,000 23,000 Tax effect on equity in income of international joint ventures (1,560,000 ) (888,000 ) Tax effect of foreign operations 839,000 641,000 Deemed repatriation — 108,000 Expired foreign tax credit 897,000 — Research and development credit (277,000 ) (368,000 ) Valuation allowance (492,000 ) 2,797,000 Stock based compensation 75,000 189,000 Non-controlling interest (83,000 ) (55,000 ) Other 231,905 (137.365 ) $ 1,461,905 $ 2,674,635 The Company has not 2017 December 31, 2017 not 2021 2020, not The Company measures deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. The tax effect of the temporary differences and tax carryforwards comprising the net deferred taxes shown on the consolidated balance sheets as of August 31, 2021 2020 August 31, 2021 2020 Accrued compensation $ 539,300 $ 173,500 Inventory costs 55,100 64,000 Other accrued expenses 103,100 74,900 Lease liability 84,300 147,500 Goodwill and other intangible assets 453,000 581,200 Stock-based compensation 466,300 397,300 Foreign tax credit carryforward 4,893,300 5,790,500 Other credit and loss carryforwards 5,243,100 4,824,200 Total deferred tax assets 11,837,500 12,053,100 Valuation allowance (11,447,500 ) (11,561,700 ) Total deferred tax assets after valuation allowance 390,000 491,400 Property and equipment (7,300 ) (50,700 ) Right-of-use asset (84,300 ) (147,500 ) Unremitted foreign earnings (154,900 ) — Other (50,900 ) (83,400 ) Total deferred tax liabilities (297,400 ) (281,600 ) Net deferred tax assets $ 92,600 $ 209,800 As of August 31, 2020, August 31, 2021. August 31, 2021 not August 31, 2022. August 31, 2021, 2022. August 31, 2021. not August 31, 2022. The Company records a tax valuation allowance to reduce deferred tax assets to the amount expected to be realized when it is more likely than not not The Company determined based on all available evidence, including historical data and projections of future results, that it is more likely than not not August 31, 2021 2020, not August 31, 2021 2020 not August 31, 2021 2020, The following is a tabular reconciliation of the total amounts of approximated unrecognized tax benefits: Fiscal Year Ended August 31, 2021 2020 Gross unrecognized tax benefits – beginning balance $ 278,200 $ 248,000 Gross increases – prior period tax positions 4,400 15,200 Gross increases – current period tax positions 15,000 15,000 Gross unrecognized tax benefits – ending balance $ 297,600 $ 278,200 The entire amount of unrecognized tax benefits would affect the effective tax rate if recognized. It is not 12 The Company recognizes interest related to unrecognized tax benefits and penalties as income tax expense. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheet. There was no liability for the payment of interest and penalties as of both August 31, 2021 August 31, 2020. The Company is subject to taxation in the United States and various states and foreign jurisdictions. With few exceptions, as of August 31, 2021, no August 31, 2018. |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. COMMITMENTS AND CONTINGENCIES Operating Leases The Company currently has operating leases for various buildings, equipment and vehicles. These leases are under non-cancelable operating lease agreements with expiration dates between December 31, 2021 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 Leases August 31, 2021 August 31, 2020 Right-of-use assets, net $ 376,438 $ 658,788 Current portion of lease liability 272,336 386,345 Lease liability, less current portion 104,102 272,443 Total lease liability $ 376,438 $ 658,788 As of August 31, 2021, not August 31, 2021, Future minimum payments for the next five August 31, 2021 Fiscal 2022 272,336 Fiscal 2023 84,353 Fiscal 2024 26,700 Fiscal 2025 - Total future minimum lease payments 383,389 Less amount representing interest (6,951 ) Present value of obligations under operating leases 376,438 Less current portion (272,336 ) Long-term operating lease obligations $ 104,102 Rent expense under these leases was approximately $386,345 and $131,840 for the years ended August 31, 2021 2020. Annual Bonus Plan On August 26, 2021, August 31, 2022. 2022, 2022 2022, may 2022. On August 27, 2020, August 31, 2021. August 31, 2021, September 1, 2020 three August 31, 2020, September 1, 2019 Concentrations Two joint ventures (consisting of the Company’s joint ventures in the Thailand and Indonesia) accounted for 37.4% of the Company’s trade joint venture receivables as of August 31, 2021, five August 31, 2020. Legal Matters From time to time, the Company is subject to various 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 August 31, 2021, not |
Note 16 - Statements of Cash Fl
Note 16 - Statements of Cash Flows | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 16. STATEMENTS OF CASH FLOWS Supplemental disclosures of cash flow information consist of: Fiscal Year Ended August 31, 2021 2020 Cash paid during the year for income tax $ 895,646 $ 1,099,635 Cash paid during the year for interest 16,086 16,034 |
Note 17 - Fair Value Measuremen
Note 17 - Fair Value Measurements | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 17. FAIR VALUE MEASUREMENTS The Company follows the authoritative guidance on fair value measurements and disclosures with respect to assets and liabilities that are measured at fair value on both a recurring and non-recurring basis. Under this guidance, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability, developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three Level 1 Level 2 not Level 3 See the section below titled Valuation Techniques for further discussion of how the Company determines fair value for investments. Assets and Liabilities That Are Measured at Fair Value on a Recurring Basis 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 August 31, 2021 Level 1 Level 2 Level 3 Available for sale securities $ 4,634 $ 4,634 $ — $ — Fair Value Measurements Using Inputs Considered as Fair value as of August 31, 2020 Level 1 Level 2 Level 3 Available for sale securities $ 5,544,722 $ 5,544,722 $ — $ — Valuation Techniques Financial assets that are classified as Level 1 The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may no 1, 2, 3 August 31, 2021 August 31, 2020. 3, |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 12 Months Ended |
Aug. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. SUBSEQUENT EVENTS On October 20, 2021, November 17, 2021 November 3, 2021. 19 On September 21, 2021, September 1, 2021. Also on September 21, 2021, August 31, 2021, February 22, 2022 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation not September 1, 2021, September 1, 2021. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Non-Controlling Interests |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Net Sales no When determining recognition of revenue arrangements the Company performs the following five 1 2 3 4 5 five Generally, the Company’s performance obligations are satisfied when the customers take possession of the products, which normally occurs at the shipping point or destination depending on the terms of the contracts. The Company’s services are generally sold based upon quotes or contracts with customers that include a fixed or determinable price, and sales arrangements do not not not Revenue Recognition 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, billing, and cash collections results in accounts receivable on the consolidated 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 Sales Commissions not 340 40 25 4 one Product Warranty not not may International Revenue 11, |
Receivable [Policy Text Block] | Trade Receivables 30 not not August 31, 2021 August 31, 2020. |
Receivables from Joint Ventures Policy [Policy Text Block ] | Trade Receivables from Joint Ventures 90 not not August 31, 2021 2020. Fees for Services Provided to Joint Ventures |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three may |
Marketable Securities, Policy [Policy Text Block] | Available for Sale Securities not |
Inventory, Policy [Policy Text Block] | Inventories first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Depreciation Buildings and improvements (in years) 5 - 30 Machinery and equipment (in years) 3 - 10 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Patents and Trademarks |
Equity Method Investments [Policy Text Block] | Investments in Joint Ventures zero August 31 not may August 31, 2021 2020. 20% The Company classifies distributions received from its joint ventures based on the nature of the distributions, generally, in operating activities on the consolidated statements of cash flows. If the Company is no no Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. Fair value is calculated based on publicly available market information or other estimates determined by management. The Company employs a systematic methodology on a quarterly basis that considers available quantitative and qualitative evidence in evaluating potential impairment of our investments. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, credit quality, the duration and extent to which the fair value is less than cost, and for equity securities, the Company’s intent and ability to hold, or plans to sell, the investment. The Company also considers specific adverse conditions related to the financial health of and business outlook for the investee, including industry and sector performance, changes in technology, and operational and financing cash flow factors. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense), and a new cost basis in the investment is established. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Recoverability of Long-Lived Assets may not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not The Company records uncertain tax positions on the basis of a two not not 50 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation (Accumulated Other Comprehensive Income (Loss)) The Company (excluding NTIC China, Zerust Brazil, Natur-Tec India, Natur Tec Lanka, Zerust Singapore, Zerust Vietnam, NTI Asean, Zerust Mexico, NTI Europe, and NTIC’s joint ventures) conducts all foreign transactions based on the U.S. dollar. Since investments in joint ventures are accounted for using the equity method, any changes in foreign currency exchange rates are reflected as a foreign currency translation adjustment and do not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development |
Stockholders' Equity, Policy [Policy Text Block] | Common Stock |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Note 1 - Nature of Business a_2
Note 1 - Nature of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Tables | |
Property and Equipment Useful Life [Table Text Block] | Buildings and improvements (in years) 5 - 30 Machinery and equipment (in years) 3 - 10 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | August 31, 2021 August 31, 2020 Production materials $ 4,453,688 $ 3,866,791 Finished goods 6,660,519 7,095,005 $ 11,114,207 $ 10,961,796 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment, Net (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | August 31, 2021 August 31, 2020 Land $ 310,365 $ 310,365 Buildings and improvements 13,149,258 8,167,783 Machinery and equipment 5,453,679 4,940,912 18,913,302 13,419,060 Less accumulated depreciation (7,091,844 ) (6,308,271 ) $ 11,821,458 $ 7,110,789 |
Note 5 - Patents and Trademar_2
Note 5 - Patents and Trademarks, Net (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | August 31, 2021 August 31, 2020 Patents and trademarks $ 3,018,507 $ 2,907,852 Less accumulated amortization (2,308,935 ) (2,105,846 ) $ 709,572 $ 802,006 |
Note 6 - Investments in Joint_2
Note 6 - Investments in Joint Ventures (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of August 31, 2021 Total EXCOR OTHER Current assets $ 69,394,796 $ 33,886,655 $ 35,508,141 Total assets 73,814,402 36,211,520 37,602,882 Current liabilities 16,366,398 5,386,377 10,980,021 Noncurrent liabilities 1,455,524 - 1,455,524 Joint ventures’ equity 55,992,480 30,825,144 25,167,336 Northern Technologies International Corporation’s share of joint ventures’ equity 27,623,768 15,412,574 12,211,194 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 24,702,778 14,697,490 10,005,288 As of August 31, 2020 Total EXCOR FRANCE FINLAND INDIA THAILAND OTHER Current assets $ 55,825,418 $ 25,742,619 $ 4,099,160 $ 1,955,879 $ 4,010,855 $ 4,022,399 $ 15,994,506 Total assets 60,295,587 28,449,772 4,873,484 2,261,147 4,242,660 4,055,451 16,413,073 Current liabilities 11,002,867 2,424,565 2,073,710 415,496 1,007,529 993,332 4,088,235 Noncurrent liabilities 365,274 — — — 32,999 — 332,275 Joint ventures’ equity 48,927,446 26,025,207 2,799,774 1,845,651 3,202,132 3,062,119 11,992,563 Northern Technologies International Corporation’s share of joint ventures’ equity 24,090,826 13,012,606 1,399,887 922,814 1,603,013 1,531,060 5,621,446 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 21,855,747 12,981,701 1,399,887 902,814 738,191 1,429,060 4,404,094 |
Condensed Income Statement [Table Text Block] | Fiscal Year Ended August 31, 2021 Total EXCOR OTHER Net sales $ 120,954,550 $ 46,522,688 $ 74,431,862 Gross profit 53,371,610 25,389,981 27,981,629 Net income 14,921,531 8,798,995 6,122,536 Northern Technologies International Corporation’s share of equity in income of joint ventures 7,465,214 4,400,403 3,064,811 Northern Technologies International Corporation’s dividends received from joint ventures 3,665,365 1,809,900 1,855,465 Fiscal Year Ended August 31, 2020 Total EXCOR FRANCE FINLAND INDIA THAILAND OTHER Net sales $ 87,030,062 $ 32,546,402 $ 8,133,294 $ 3,088,865 $ 5,481,303 $ 6,471,831 $ 31,308,367 Gross profit 39,532,750 18,739,471 3,061,433 1,916,001 2,498,196 2,046,478 11,271,171 Net income 8,545,473 5,266,541 473,137 419,728 697,349 503,884 1,184,834 Northern Technologies International Corporation’s share of equity in income of joint ventures 4,270,327 2,622,423 237,490 209,972 349,218 253,192 598,032 Northern Technologies International Corporation’s dividends received from joint ventures 5,672,099 4,675,850 — 325,635 261,220 160,074 249,320 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Declaration Date Amount Record Date Payable Date January 15, 2021 $ 0.065 February 3, 2021 February 17, 2021 April 23, 2021 $ 0.065 May 5, 2021 May 19, 2021 July 21, 2021 $ 0.065 August 4, 2021 August 18, 2021 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 |
Note 9 - Net Income (Loss) Pe_2
Note 9 - Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Numerator: August 31, 2021 August 31, 2020 Net income (loss) attributable to NTIC $ 6,281,238 $ (1,337,709 ) Denominator: Basic-weighted shares outstanding 9,116,472 9,096,981 Weighted shares assumed upon exercise of stock options 757,667 - Diluted – weighted shares outstanding 9,874,139 9,096,981 Basic net income (loss) per share: $ 0.69 $ (0.15 ) Diluted net income (loss) per share: $ 0.64 $ (0.15 ) |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fiscal Year 2021 Fiscal Year 2020 Dividend yield 1.65 % 2.41 % Expected volatility 45.4 % 45.2 % Expected life of option (in years) 10 10 Weighted average risk-free interest rate 0.77 % 1.40 % |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares (#) Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at August 31, 2019 839,173 $ 9.13 Options granted 300,770 10.87 Options exercised (11,975 ) 5.13 Options terminated — — Outstanding at August 31, 2020 1,127,968 $ 9.63 Options granted 419,874 8.24 Options exercised (77,645 ) 8.18 Options terminated (43,546 ) 9.63 Outstanding at August 31, 2021 1,426,651 $ 9.30 $ 10,514,418 Exercisable at August 31, 2021 1,022,802 $ 9.72 $ 7,108,474 |
Note 11 - Segment and Geograp_2
Note 11 - Segment and Geographic Information (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Fiscal 2021 Fiscal 2020 ZERUST® net sales $ 45,554,434 $ 34,474,535 Natur-Tec® net sales 10,939,385 13,164,156 Total net sales $ 56,493,819 $ 47,638,691 |
Reconciliation of Cost of Goods Sold from Segments to Consolidated [Table Text Block] | Fiscal 2021 Fiscal 2020 Direct cost of goods sold ZERUST® $ 26,028,555 $ 18,717,684 Natur-Tec® 7,717,429 10,168,051 Indirect cost of goods sold 3,174,830 2,723,539 Total net cost of goods sold $ 36,920,814 $ 31,609,274 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Fiscal Year Ended August 31, 2021 2020 Inside the U.S.A. to unaffiliated customers $ 22,039,456 $ 20,218,213 Outside the U.S.A. to: Joint ventures in which the Company is a shareholder directly and indirectly 3,023,196 1,972,646 Unaffiliated customers 31,431,167 25,447,832 $ 56,493,819 $ 47,638,691 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | At August 31, 2021 At August 31, 2020 China $ 5,110,071 $ 376,088 Other 453,199 172,833 United States 6,258,188 6,561,868 Total long-lived assets $ 11,821,458 $ 7,110,789 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Fiscal Year Ended August 31, 2021 Fiscal Year Ended August 31, 2020 China $ 17,343,623 $ 13,409,770 Brazil 4,122,781 2,753,930 India 5,482,989 5,655,797 Other 7,504,970 5,600,982 United States 22,039,456 20,218,212 Total net sales $ 56,493,819 $ 47,638,691 |
Fees for Services Provided to Joint Ventures [Member] | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Fiscal 2021 % of Total Fees for Services Provided to Joint Ventures Fiscal 2020 % of Total Fees for Services Provided to Joint Ventures Germany $ 920,902 15.4 % $ 843,752 18.3 % Japan 826,403 13.9 % 628,889 13.6 % Poland 798,570 13.4 % 553,198 12.0 % Sweden 528,755 8.9 % 372,017 8.1 % France 435,032 7.3 % 310,661 6.7 % Thailand 399,563 6.7 % 328,452 7.1 % India 392,074 6.6 % 250,976 5.4 % Czech Republic 377,395 6.3 % 270,032 5.9 % South Korea 317,042 5.3 % 266,703 5.8 % United Kingdom 316,786 5.3 % 255,121 5.5 % Finland 298,663 5.0 % 256,375 5.6 % Indonesia 122,513 2.1 % 99,543 2.2 % Other 230,562 3.8 % 177,167 3.8 % $ 5,964,260 100.0 % $ 4,612,885 100.0 % |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal Year Ended August 31, 2021 2020 Current: Federal $ — $ — State 39,000 23,000 Foreign 1,307,000 1,226,000 1,346,000 1,249,000 Deferred: Federal — 1,501,000 State — 101,000 Foreign 115,905 (176,365 ) 115,905 1,425,635 $ 1,461,905 $ 2,674,635 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Year Ended August 31, 2021 2020 Tax computed at statutory rates $ 1,794,000 $ 365,000 State income tax, net of federal benefit 37,000 23,000 Tax effect on equity in income of international joint ventures (1,560,000 ) (888,000 ) Tax effect of foreign operations 839,000 641,000 Deemed repatriation — 108,000 Expired foreign tax credit 897,000 — Research and development credit (277,000 ) (368,000 ) Valuation allowance (492,000 ) 2,797,000 Stock based compensation 75,000 189,000 Non-controlling interest (83,000 ) (55,000 ) Other 231,905 (137.365 ) $ 1,461,905 $ 2,674,635 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | August 31, 2021 2020 Accrued compensation $ 539,300 $ 173,500 Inventory costs 55,100 64,000 Other accrued expenses 103,100 74,900 Lease liability 84,300 147,500 Goodwill and other intangible assets 453,000 581,200 Stock-based compensation 466,300 397,300 Foreign tax credit carryforward 4,893,300 5,790,500 Other credit and loss carryforwards 5,243,100 4,824,200 Total deferred tax assets 11,837,500 12,053,100 Valuation allowance (11,447,500 ) (11,561,700 ) Total deferred tax assets after valuation allowance 390,000 491,400 Property and equipment (7,300 ) (50,700 ) Right-of-use asset (84,300 ) (147,500 ) Unremitted foreign earnings (154,900 ) — Other (50,900 ) (83,400 ) Total deferred tax liabilities (297,400 ) (281,600 ) Net deferred tax assets $ 92,600 $ 209,800 |
Summary of Income Tax Contingencies [Table Text Block] | Fiscal Year Ended August 31, 2021 2020 Gross unrecognized tax benefits – beginning balance $ 278,200 $ 248,000 Gross increases – prior period tax positions 4,400 15,200 Gross increases – current period tax positions 15,000 15,000 Gross unrecognized tax benefits – ending balance $ 297,600 $ 278,200 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Tables | |
Schedule of Components of Operating Lease Assets and Liabilities [Table Text Block] | August 31, 2021 August 31, 2020 Right-of-use assets, net $ 376,438 $ 658,788 Current portion of lease liability 272,336 386,345 Lease liability, less current portion 104,102 272,443 Total lease liability $ 376,438 $ 658,788 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal 2022 272,336 Fiscal 2023 84,353 Fiscal 2024 26,700 Fiscal 2025 - Total future minimum lease payments 383,389 Less amount representing interest (6,951 ) Present value of obligations under operating leases 376,438 Less current portion (272,336 ) Long-term operating lease obligations $ 104,102 |
Note 16 - Statements of Cash _2
Note 16 - Statements of Cash Flows (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Fiscal Year Ended August 31, 2021 2020 Cash paid during the year for income tax $ 895,646 $ 1,099,635 Cash paid during the year for interest 16,086 16,034 |
Note 17 - Fair Value Measurem_2
Note 17 - Fair Value Measurements (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Measurements Using Inputs Considered as Fair value as of August 31, 2021 Level 1 Level 2 Level 3 Available for sale securities $ 4,634 $ 4,634 $ — $ — Fair Value Measurements Using Inputs Considered as Fair value as of August 31, 2020 Level 1 Level 2 Level 3 Available for sale securities $ 5,544,722 $ 5,544,722 $ — $ — |
Note 1 - Nature of Business a_3
Note 1 - Nature of Business and Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Aug. 31, 2021USD ($) | Sep. 01, 2021 | Aug. 31, 2020USD ($) | |
Number of Countries in which Entity Operates | 65 | ||
Number of Operating Segments | 2 | ||
Number of Joint Venture Arrangements | 18 | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 382,000 | $ 90,000 | |
Subsequent Event [Member] | Acquisition of Remaining Ownership Interest in Harita-NTI Limited [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | ||
Natur-Tech India [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | ||
Natur Tec Lanka [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | ||
Zerust Brazil [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 85.00% | ||
NTI Asean LLC [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 60.00% | ||
Zerust Singapore Pte Ltd [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 60.00% | ||
Zerust Vietnam Co. Ltd [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 60.00% | ||
Maximum [Member] | Various Joint Ventures [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% |
Note 1 - Nature of Business a_4
Note 1 - Nature of Business and Significant Accounting Policies - Property and Equipment, Useful Life (Details) | 12 Months Ended |
Aug. 31, 2021 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property and equipment (Year) | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property and equipment (Year) | 30 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property and equipment (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property and equipment (Year) | 10 years |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories (Details) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Production materials | $ 4,453,688 | $ 3,866,791 |
Finished goods | 6,660,519 | 7,095,005 |
Total inventory | $ 11,114,207 | $ 10,961,796 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Land | $ 310,365 | $ 310,365 |
Buildings and improvements | 13,149,258 | 8,167,783 |
Machinery and equipment | 5,453,679 | 4,940,912 |
Gross | 18,913,302 | 13,419,060 |
Less accumulated depreciation | (7,091,844) | (6,308,271) |
Net | $ 11,821,458 | $ 7,110,789 |
Note 5 - Patents and Trademar_3
Note 5 - Patents and Trademarks, Net (Details Textual) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Amortization, Total | $ 203,088 | $ 231,624 |
Patents and Trademarks [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | |
Amortization, Total | $ 203,088 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 190,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 190,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 190,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | $ 190,000 |
Note 5 - Patents and Trademar_4
Note 5 - Patents and Trademarks, Net - Patents and Trademarks, Net (Details) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Patents and trademarkes, net | $ 709,572 | $ 802,006 |
Patents and Trademarks [Member] | ||
Patents and trademarks | 3,018,507 | 2,907,852 |
Less accumulated amortization | (2,308,935) | (2,105,846) |
Patents and trademarkes, net | $ 709,572 | $ 802,006 |
Note 6 - Investments in Joint_3
Note 6 - Investments in Joint Ventures (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
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 ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Current assets | $ 33,747,089 | $ 33,202,350 |
Total assets | 74,370,879 | 66,074,488 |
Current liabilities | 8,516,196 | 6,097,604 |
Noncurrent liabilities | 104,102 | 272,443 |
Joint ventures’ equity | 62,368,026 | 56,659,415 |
Investments in joint ventures | 27,623,768 | 24,090,826 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Current assets | 69,394,796 | 55,825,418 |
Total assets | 73,814,402 | 60,295,587 |
Current liabilities | 16,366,398 | 11,002,867 |
Noncurrent liabilities | 1,455,524 | 365,274 |
Joint ventures’ equity | 55,992,480 | 48,927,446 |
Investments in joint ventures | 27,623,768 | 24,090,826 |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 24,702,778 | 21,855,747 |
EXCOR [Member] | ||
Current assets | 33,886,655 | 25,742,619 |
Total assets | 36,211,520 | 28,449,772 |
Current liabilities | 5,386,377 | 2,424,565 |
Noncurrent liabilities | 0 | 0 |
Joint ventures’ equity | 30,825,144 | 26,025,207 |
Investments in joint ventures | 15,412,574 | 13,012,606 |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 14,697,490 | 12,981,701 |
All Other [Member] | ||
Current assets | 35,508,141 | 15,994,506 |
Total assets | 37,602,882 | 16,413,073 |
Current liabilities | 10,980,021 | 4,088,235 |
Noncurrent liabilities | 1,455,524 | 332,275 |
Joint ventures’ equity | 25,167,336 | 11,992,563 |
Investments in joint ventures | 12,211,194 | 5,621,446 |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | $ 10,005,288 | 4,404,094 |
Joint Ventures in France [Member] | ||
Current assets | 4,099,160 | |
Total assets | 4,873,484 | |
Current liabilities | 2,073,710 | |
Noncurrent liabilities | 0 | |
Joint ventures’ equity | 2,799,774 | |
Investments in joint ventures | 1,399,887 | |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 1,399,887 | |
Joint Ventures in Finland [Member] | ||
Current assets | 1,955,879 | |
Total assets | 2,261,147 | |
Current liabilities | 415,496 | |
Noncurrent liabilities | 0 | |
Joint ventures’ equity | 1,845,651 | |
Investments in joint ventures | 922,814 | |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 902,814 | |
Joint Ventures in India [Member] | ||
Current assets | 4,010,855 | |
Total assets | 4,242,660 | |
Current liabilities | 1,007,529 | |
Noncurrent liabilities | 32,999 | |
Joint ventures’ equity | 3,202,132 | |
Investments in joint ventures | 1,603,013 | |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 738,191 | |
Joint Ventures in Thailand [Member] | ||
Current assets | 4,022,399 | |
Total assets | 4,055,451 | |
Current liabilities | 993,332 | |
Noncurrent liabilities | 0 | |
Joint ventures’ equity | 3,062,119 | |
Investments in joint ventures | 1,531,060 | |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | $ 1,429,060 |
Note 6 - Investments in Joint_5
Note 6 - Investments in Joint Ventures - Condensed Income Statement of EXCOR and All Other Joint Ventures (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Net sales by segment | $ 56,493,819 | $ 47,638,691 |
Gross profit | 19,573,005 | 16,029,417 |
Net income (loss) attributable to NTIC | 6,281,238 | (1,337,709) |
Northern Technologies International Corporation’s share of equity in income of joint ventures | 7,465,214 | 4,270,327 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Net sales by segment | 120,954,550 | 87,030,062 |
Gross profit | 53,371,610 | 39,532,750 |
Net income (loss) attributable to NTIC | 14,921,531 | 8,545,473 |
Northern Technologies International Corporation’s share of equity in income of joint ventures | 7,465,214 | 4,270,327 |
Northern Technologies International Corporation’s dividends received from joint ventures | 3,665,365 | 5,672,099 |
EXCOR [Member] | ||
Net sales by segment | 46,522,688 | 32,546,402 |
Gross profit | 25,389,981 | 18,739,471 |
Net income (loss) attributable to NTIC | 8,798,995 | 5,266,541 |
Northern Technologies International Corporation’s share of equity in income of joint ventures | 4,400,403 | 2,622,423 |
Northern Technologies International Corporation’s dividends received from joint ventures | 1,809,900 | 4,675,850 |
All Other [Member] | ||
Net sales by segment | 74,431,862 | 31,308,367 |
Gross profit | 27,981,629 | 11,271,171 |
Net income (loss) attributable to NTIC | 6,122,536 | 1,184,834 |
Northern Technologies International Corporation’s share of equity in income of joint ventures | 3,064,811 | 598,032 |
Northern Technologies International Corporation’s dividends received from joint ventures | $ 1,855,465 | 249,320 |
Joint Ventures in France [Member] | ||
Net sales by segment | 8,133,294 | |
Gross profit | 3,061,433 | |
Net income (loss) attributable to NTIC | 473,137 | |
Northern Technologies International Corporation’s share of equity in income of joint ventures | 237,490 | |
Northern Technologies International Corporation’s dividends received from joint ventures | 0 | |
Joint Ventures in Finland [Member] | ||
Net sales by segment | 3,088,865 | |
Gross profit | 1,916,001 | |
Net income (loss) attributable to NTIC | 419,728 | |
Northern Technologies International Corporation’s share of equity in income of joint ventures | 209,972 | |
Northern Technologies International Corporation’s dividends received from joint ventures | 325,635 | |
Joint Ventures in India [Member] | ||
Net sales by segment | 5,481,303 | |
Gross profit | 2,498,196 | |
Net income (loss) attributable to NTIC | 697,349 | |
Northern Technologies International Corporation’s share of equity in income of joint ventures | 349,218 | |
Northern Technologies International Corporation’s dividends received from joint ventures | 261,220 | |
Joint Ventures in Thailand [Member] | ||
Net sales by segment | 6,471,831 | |
Gross profit | 2,046,478 | |
Net income (loss) attributable to NTIC | 503,884 | |
Northern Technologies International Corporation’s share of equity in income of joint ventures | 253,192 | |
Northern Technologies International Corporation’s dividends received from joint ventures | $ 160,074 |
Note 7 - Corporate Debt (Detail
Note 7 - Corporate Debt (Details Textual) | Aug. 31, 2021USD ($) | Aug. 31, 2021USD ($) | Aug. 30, 2021USD ($) | Aug. 31, 2020USD ($) |
PNC Bank [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | $ 5,000,000 | $ 3,000,000 | |
Long-term Line of Credit, Total | $ 0 | $ 0 | $ 0 | |
Debt Instrument, Covenants, Fixed Charge Coverage Ratio | 1.10 | |||
Letters of Credit Outstanding, Amount | $ 0 | |||
PNC Bank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
JP Morgan Chase Bank [Member] | ||||
Letters of Credit Outstanding, Amount | $ 104,363 | $ 104,363 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) | Jul. 21, 2021 | Apr. 23, 2021 | Jan. 15, 2021 | Jan. 22, 2020 | Oct. 22, 2019 | Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | Jan. 15, 2015 |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0 | $ 0 | $ 0 | $ 0.20 | $ 0.13 | |
Stock Repurchase Program, Authorized Amount | $ 3,000,000 | ||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,640,548 | ||||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Including Cashless Exercises (in shares) | 77,645 | 11,975 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 8.18 | $ 5.13 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 74,950 | 6,823 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Cash Dividends Declared (Details) - $ / shares | Jul. 21, 2021 | Apr. 23, 2021 | Jan. 15, 2021 | Jan. 22, 2020 | Oct. 22, 2019 | Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 |
Amount (in dollars per share) | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0 | $ 0 | $ 0 | $ 0.20 | $ 0.13 |
Record date | Aug. 4, 2021 | May 5, 2021 | Feb. 3, 2021 | Feb. 5, 2020 | Nov. 6, 2019 | |||||
Payable date | Aug. 18, 2021 | May 19, 2021 | Feb. 17, 2021 | Feb. 19, 2020 | Nov. 20, 2019 |
Note 9 - Net Income (Loss) Pe_3
Note 9 - Net Income (Loss) Per Common Share (Details Textual) - shares | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 136,221 | 1,127,968 |
Note 9 - Net Income (Loss) Pe_4
Note 9 - Net Income (Loss) Per Common Share - Reconciliation of the Earnings Per Share Computations (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Net income (loss) attributable to NTIC | $ 6,281,238 | $ (1,337,709) |
Basic-weighted shares outstanding (in shares) | 9,116,472 | 9,096,981 |
Weighted shares assumed upon exercise of stock options (in shares) | 757,667 | 0 |
Diluted – weighted shares outstanding (in shares) | 9,874,139 | 9,096,981 |
Basic net income (loss) per share: (in dollars per share) | $ 0.69 | $ (0.15) |
Diluted net income (loss) per share: (in dollars per share) | $ 0.64 | $ (0.15) |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) | Mar. 01, 2021 | Jan. 15, 2021 | Sep. 01, 2020 | Mar. 01, 2020 | Sep. 01, 2019 | Aug. 31, 2021 | Aug. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 419,874 | 300,770 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 5,225 | 4,646 | 2,754 | 3,597 | |||
Stock or Unit Option Plan Expense | $ 664,174 | $ 1,337,774 | |||||
Allocated Share-based Compensation Expense, Estimate, Fiscal Year Two | $ 666,667 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 8.24 | $ 10.87 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 2 months 12 days | 5 years 1 month 2 days | |||||
The 2019 Plan [member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 800,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,600,000 | ||||||
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) | 419,874 | 300,770 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 879,356 | ||||||
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) | 74,822 |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Black-Scholes Option-pricing Model Assumptions (Details) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Dividend yield | 1.65% | 2.41% |
Expected volatility | 45.40% | 45.20% |
Expected life of option (in years) (Year) | 10 years | 10 years |
Weighted average risk-free interest rate | 0.77% | 1.40% |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Number of shares, Outstanding (in shares) | 1,127,968 | 839,173 |
Weighted average exercise price, Outstanding (in dollars per share) | $ 9.63 | $ 9.13 |
Number of shares, Options granted (in shares) | 419,874 | 300,770 |
Weighted average exercise price, Options granted (in dollars per share) | $ 8.24 | $ 10.87 |
Number of shares, Options exercised (in shares) | (77,645) | (11,975) |
Weighted average exercise price, Options exercised (in dollars per share) | $ 8.18 | $ 5.13 |
Number of shares, Options terminated (in shares) | (43,546) | 0 |
Weighted average exercise price, Options terminated (in dollars per share) | $ 9.63 | $ 0 |
Number of shares, Outstanding (in shares) | 1,426,651 | 1,127,968 |
Weighted average exercise price, Outstanding (in dollars per share) | $ 9.30 | $ 9.63 |
Aggregate intrinsic value, Outstanding | $ 10,514,418 | |
Number of shares, Exercisable (in shares) | 1,022,802 | |
Weighted average exercise price, Exercisable (in dollars per share) | $ 9.72 | |
Aggregate intrinsic value, Exercisable | $ 7,108,474 |
Note 11 - Segment and Geograp_3
Note 11 - Segment and Geographic Information (Details Textual) | 12 Months Ended |
Aug. 31, 2021 | |
Number of Reportable Segments | 2 |
Note 11 - Segment and Geograp_4
Note 11 - Segment and Geographic Information - Net Sales by Segment (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Net sales by segment | $ 56,493,819 | $ 47,638,691 |
ZERUST [Member] | ||
Net sales by segment | 45,554,434 | 34,474,535 |
NaturTec [Member] | ||
Net sales by segment | $ 10,939,385 | $ 13,164,156 |
Note 11 - Segment and Geograp_5
Note 11 - Segment and Geographic Information - Cost of Goods Sold by Segment (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Cost of goods sold | $ 36,920,814 | $ 31,609,274 |
Direct Cost of Goods Sold [Member] | ZERUST [Member] | ||
Cost of goods sold | 26,028,555 | 18,717,684 |
Direct Cost of Goods Sold [Member] | NaturTec [Member] | ||
Cost of goods sold | 7,717,429 | 10,168,051 |
Indirect Cost of Goods Sold [Member] | ||
Cost of goods sold | $ 3,174,830 | $ 2,723,539 |
Note 11 - Segment and Geograp_6
Note 11 - Segment and Geographic Information - Net Sales by Geographic Location (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Net sales by segment | $ 56,493,819 | $ 47,638,691 |
Inside the USA to Unaffiliated Customers [Member] | ||
Net sales by segment | 22,039,456 | 20,218,213 |
Joint Ventures in Which the Company is a Shareholder Directly and Indirectly Outside the USA [Member] | ||
Net sales by segment | 3,023,196 | 1,972,646 |
Unaffiliated Customers Outside the USA [Member] | ||
Net sales by segment | $ 31,431,167 | $ 25,447,832 |
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 ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Fees | $ 5,964,260 | $ 4,612,885 |
Percentage of Total Fees | 100.00% | 100.00% |
GERMANY | ||
Fees | $ 920,902 | $ 843,752 |
Percentage of Total Fees | 15.40% | 18.30% |
JAPAN | ||
Fees | $ 826,403 | $ 628,889 |
Percentage of Total Fees | 13.90% | 13.60% |
POLAND | ||
Fees | $ 798,570 | $ 553,198 |
Percentage of Total Fees | 13.40% | 12.00% |
SWEDEN | ||
Fees | $ 528,755 | $ 372,017 |
Percentage of Total Fees | 8.90% | 8.10% |
FRANCE | ||
Fees | $ 435,032 | $ 310,661 |
Percentage of Total Fees | 7.30% | 6.70% |
THAILAND | ||
Fees | $ 399,563 | $ 328,452 |
Percentage of Total Fees | 6.70% | 7.10% |
INDIA | ||
Fees | $ 392,074 | $ 250,976 |
Percentage of Total Fees | 6.60% | 5.40% |
CZECHIA | ||
Fees | $ 377,395 | $ 270,032 |
Percentage of Total Fees | 6.30% | 5.90% |
KOREA, REPUBLIC OF | ||
Fees | $ 317,042 | $ 266,703 |
Percentage of Total Fees | 5.30% | 5.80% |
UNITED KINGDOM | ||
Fees | $ 316,786 | $ 255,121 |
Percentage of Total Fees | 5.30% | 5.50% |
FINLAND | ||
Fees | $ 298,663 | $ 256,375 |
Percentage of Total Fees | 5.00% | 5.60% |
INDONESIA | ||
Fees | $ 122,513 | $ 99,543 |
Percentage of Total Fees | 2.10% | 2.20% |
Other Countries [Member] | ||
Fees | $ 230,562 | $ 177,167 |
Percentage of Total Fees | 3.80% | 3.80% |
Note 11 - Segment and Geograp_8
Note 11 - Segment and Geographic Information - Total Long-lived Assets by Geographic Distribution (Details) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Total long-lived assets | $ 11,821,458 | $ 7,110,789 |
CHINA | ||
Total long-lived assets | 5,110,071 | 376,088 |
Other Countries [Member] | ||
Total long-lived assets | 453,199 | 172,833 |
UNITED STATES | ||
Total long-lived assets | $ 6,258,188 | $ 6,561,868 |
Note 11 - Segment and Geograp_9
Note 11 - Segment and Geographic Information - Total Net Sales by Geographic Distribution (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Net sales by segment | $ 56,493,819 | $ 47,638,691 |
CHINA | ||
Net sales by segment | 17,343,623 | 13,409,770 |
BRAZIL | ||
Net sales by segment | 4,122,781 | 2,753,930 |
INDIA | ||
Net sales by segment | 5,482,989 | 5,655,797 |
Other Countries [Member] | ||
Net sales by segment | 7,504,970 | 5,600,982 |
UNITED STATES | ||
Net sales by segment | $ 22,039,456 | $ 20,218,212 |
Note 12 - Retirement Plan (Deta
Note 12 - Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 15.00% | |
Defined Contribution Plan Maximum Amount of Employees Contributions Percent | 50.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.50% | |
Defined Contribution Plan, Cost | $ 237,499 | $ 234,534 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Bioplastic Polymers LLC [Member] | Consulting Payment Expense [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 144,000 | $ 144,000 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Foreign Withholding Tax | $ 113,000 | $ (76,000) |
Tax Credit Carryforward, Foreign, Expirations in Period | 897,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 1,065,500 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 377,600 | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 247,500 | |
Tax Credit Carryforward, Valuation Allowance | 11,447,500 | 11,561,700 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 114,000 | 2,797,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | 0 |
Foreign Tax Authority [Member] | ||
Tax Credit Carryforward, Amount | 4,893,300 | $ 5,790,500 |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 223,300 | |
Federal and State Tax [Member] | ||
Tax Credit Carryforward, Amount | $ 3,552,500 |
Note 14 - Income Taxes - Provis
Note 14 - Income Taxes - Provision for Income Taxes (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Federal | $ 0 | $ 0 |
State | 39,000 | 23,000 |
Foreign | 1,307,000 | 1,226,000 |
Total current | 1,346,000 | 1,249,000 |
Federal | 0 | 1,501,000 |
State | 0 | 101,000 |
Foreign | 115,905 | (176,365) |
Total deferred | 115,905 | 1,425,635 |
Total income tax expense | $ 1,461,905 | $ 2,674,635 |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliations of the Expected Federal Income Tax at the Statutory Rate with the Provisions for Income Taxes (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Tax computed at statutory rates | $ 1,794,000 | $ 365,000 |
State income tax, net of federal benefit | 37,000 | 23,000 |
Tax effect on equity in income of international joint ventures | (1,560,000) | (888,000) |
Tax effect of foreign operations | 839,000 | 641,000 |
Deemed repatriation | 0 | 108,000 |
Expired foreign tax credit | 897,000 | 0 |
Research and development credit | (277,000) | (368,000) |
Valuation allowance | (492,000) | 2,797,000 |
Stock based compensation | 75,000 | 189,000 |
Non-controlling interest | (83,000) | (55,000) |
Other | 231,905 | (137.365) |
Total income tax expense | $ 1,461,905 | $ 2,674,635 |
Note 14 - Income Taxes - Tax Ef
Note 14 - Income Taxes - Tax Effect of the Temporary Differences and Tax Carry Forwards Comprising Net Deferred Taxes (Details) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Accrued compensation | $ 539,300 | $ 173,500 |
Inventory costs | 55,100 | 64,000 |
Other accrued expenses | 103,100 | 74,900 |
Lease liability | 84,300 | 147,500 |
Goodwill and other intangible assets | 453,000 | 581,200 |
Stock-based compensation | 466,300 | 397,300 |
Foreign tax credit carryforward | 4,893,300 | 5,790,500 |
Other credit and loss carryforwards | 5,243,100 | 4,824,200 |
Total deferred tax assets | 11,837,500 | 12,053,100 |
Valuation allowance | (11,447,500) | (11,561,700) |
Total deferred tax assets after valuation allowance | 390,000 | 491,400 |
Property and equipment | (7,300) | (50,700) |
Right-of-use asset | (84,300) | (147,500) |
Unremitted foreign earnings | (154,900) | 0 |
Other | (50,900) | (83,400) |
Total deferred tax liabilities | (297,400) | (281,600) |
Net deferred tax assets | $ 92,600 | $ 209,800 |
Note 14 - Income Taxes - Reco_2
Note 14 - Income Taxes - Reconciliation of the Total Amounts of Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Gross unrecognized tax benefits – beginning balance | $ 278,200 | $ 248,000 |
Gross increases – prior period tax positions | 4,400 | 15,200 |
Gross increases – current period tax positions | 15,000 | 15,000 |
Gross unrecognized tax benefits – ending balance | $ 297,600 | $ 278,200 |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
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 6 months | |
Operating Lease, Weighted Average Discount Rate, Percent | 2.31% | |
Operating Lease, Expense | $ 386,345 | $ 131,840 |
Accrued Bonuses | $ 2,366,668 | $ 1,300,000 |
Entity Wide Trade Joint Venture Receivables, Three Joint Ventures, Percentage | 37.40% | 88.20% |
Stock Options Granted to Management [Member] | ||
Accrued Bonuses | $ 266,667 | $ 800,000 |
Accrued Bonuses, to Be Paid as Stock Options, Period (Year) | 3 years | |
Paid Out in Cash and Profit Sharing [Member] | ||
Accrued Bonuses | $ 2,100,000 | $ 500,000 |
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 15 - Commitments and Con_4
Note 15 - Commitments and Contingencies - Present Value of Long-term Leases (Details) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Right-of-use assets, net | $ 376,438 | $ 658,788 |
Current portion of lease liability | 272,336 | 386,345 |
Lease liability, less current portion | 104,102 | 272,443 |
Total lease liability | $ 376,438 | $ 658,788 |
Note 15 - Commitments and Con_5
Note 15 - Commitments and Contingencies - Future Minimum Rents Due (Details) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Fiscal 2022 | $ 272,336 | |
Fiscal 2023 | 84,353 | |
Fiscal 2024 | 26,700 | |
Fiscal 2025 | 0 | |
Total future minimum lease payments | 383,389 | |
Less amount representing interest | (6,951) | |
Present value of obligations under operating leases | 376,438 | $ 658,788 |
Less current portion | (272,336) | (386,345) |
Long-term operating lease obligations | $ 104,102 | $ 272,443 |
Note 16 - Statements of Cash _3
Note 16 - Statements of Cash Flows - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Cash paid during the year for income tax | $ 895,646 | $ 1,099,635 |
Cash paid during the year for interest | $ 16,086 | $ 16,034 |
Note 17 - Fair Value Measurem_3
Note 17 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Available for sale securities | $ 4,634 | $ 5,544,722 |
Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 4,634 | 5,544,722 |
Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | $ 0 | $ 0 |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) - USD ($) | Oct. 20, 2021 | Sep. 01, 2021 | Aug. 31, 2021 | Jul. 21, 2021 | Apr. 23, 2021 | Jan. 15, 2021 | Jan. 22, 2020 | Oct. 22, 2019 | Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | Aug. 30, 2021 |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0 | $ 0 | $ 0 | $ 0.20 | $ 0.13 | ||||
Dividends Payable, Date to be Paid | Aug. 18, 2021 | May 19, 2021 | Feb. 17, 2021 | Feb. 19, 2020 | Nov. 20, 2019 | |||||||||
Dividends Payable, Date of Record | Aug. 4, 2021 | May 5, 2021 | Feb. 3, 2021 | Feb. 5, 2020 | Nov. 6, 2019 | |||||||||
Revolving Credit Facility [Member] | PNC Bank [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | $ 5,000,000 | $ 3,000,000 | |||||||||||
Revolving Credit Facility [Member] | PNC Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.07 | |||||||||||||
Dividends Payable, Date to be Paid | Nov. 17, 2021 | |||||||||||||
Dividends Payable, Date of Record | Nov. 3, 2021 | |||||||||||||
Subsequent Event [Member] | Acquisition of Remaining Ownership Interest in Harita-NTI Limited [Member] | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||||||||||||
Payments to Acquire Businesses, Gross | $ 6,250,000 |