Document And Entity Information
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9 Months Ended | |
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May 31, 2015
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Jul. 06, 2015
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | Northern Technologies International Corporation | |
Trading Symbol | ntic | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --08-31 | |
Entity Common Stock, Shares Outstanding | 4,525,109 | |
Amendment Flag | false | |
Entity Central Index Key | 0000875582 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | May 31, 2015 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 |
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Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)
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May 31, 2015
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Aug. 31, 2014
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Trade allowance (in Dollars) | $ 40,000 | $ 40,000 |
Preferred stock, par value (in Dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock par value (in Dollars per share) | $ 0.02 | $ 0.02 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 4,525,109 | 4,504,552 |
Common stock, shares outstanding | 4,525,109 | 4,504,552 |
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Consolidated Statements of Operations (Unaudited) (USD $)
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3 Months Ended | 9 Months Ended | ||
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May 31, 2015
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May 31, 2014
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May 31, 2015
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May 31, 2014
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NET SALES: | ||||
Net sales, excluding joint ventures | $ 7,553,957 | $ 6,056,078 | $ 20,030,491 | $ 17,188,462 |
Net sales, to joint ventures | 723,618 | 864,742 | 2,189,888 | 2,260,466 |
Total net sales | 8,277,575 | 6,920,820 | 22,220,379 | 19,448,928 |
Cost of goods sold | 5,595,207 | 4,669,322 | 15,059,558 | 12,879,186 |
Gross profit | 2,682,368 | 2,251,498 | 7,160,821 | 6,569,742 |
JOINT VENTURE OPERATIONS: | ||||
Equity in income of joint ventures | 1,724,915 | 1,593,465 | 4,806,247 | 4,416,664 |
Fees for services provided to joint ventures | 1,303,964 | 2,001,775 | 4,432,494 | 6,169,094 |
Total joint venture operations | 3,028,879 | 3,595,240 | 9,238,741 | 10,585,758 |
OPERATING EXPENSES: | ||||
Selling expenses | 1,434,627 | 1,315,264 | 4,168,955 | 3,925,466 |
General and administrative expenses | 1,703,083 | 1,307,653 | 4,794,206 | 3,905,082 |
Expenses incurred in support of joint ventures | 327,586 | 353,958 | 1,510,830 | 1,049,691 |
Research and development expenses | 1,064,710 | 1,104,632 | 2,968,879 | 3,342,497 |
Total operating expenses | 4,530,006 | 4,081,507 | 13,442,870 | 12,222,736 |
OPERATING INCOME | 1,181,241 | 1,765,231 | 2,956,692 | 4,932,764 |
INTEREST INCOME | 7,943 | 1,369 | 25,504 | 5,728 |
INTEREST EXPENSE | (6,004) | (7,063) | (14,232) | (32,709) |
OTHER INCOME | 2,145 | |||
INCOME BEFORE INCOME TAX EXPENSE | 1,183,180 | 1,759,537 | 2,970,109 | 4,905,783 |
INCOME TAX EXPENSE | 114,180 | 361,280 | 495,478 | 819,039 |
NET INCOME | 1,069,000 | 1,398,257 | 2,474,631 | 4,086,744 |
NET INCOME ATTRIBUTABLE TO NON- CONTROLLING INTEREST | 163,565 | 418,040 | 689,575 | 1,222,897 |
NET INCOME ATTRIBUTABLE TO NTIC | $ 905,435 | $ 980,217 | $ 1,785,056 | $ 2,863,847 |
NET INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE: | ||||
Basic (in Dollars per share) | $ 0.20 | $ 0.22 | $ 0.40 | $ 0.64 |
Diluted (in Dollars per share) | $ 0.20 | $ 0.21 | $ 0.39 | $ 0.63 |
WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING: | ||||
Basic (in Shares) | 4,525,109 | 4,461,880 | 4,519,279 | 4,452,798 |
Diluted (in Shares) | 4,594,992 | 4,590,344 | 4,635,561 | 4,583,174 |
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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $)
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3 Months Ended | 9 Months Ended | ||
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May 31, 2015
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May 31, 2014
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May 31, 2015
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May 31, 2014
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NET INCOME | $ 1,069,000 | $ 1,398,257 | $ 2,474,631 | $ 4,086,744 |
OTHER COMPREHENSIVE (LOSS) INCOME – FOREIGN CURRENCY TRANSLATION ADJUSTMENT | (439,459) | (133,296) | (3,695,884) | 472,315 |
COMPREHENSIVE INCOME (LOSS) | 629,541 | 1,264,961 | (1,221,253) | 4,559,059 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NON- CONTROLLING INTERESTS | 130,133 | 405,333 | 372,690 | 1,198,539 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NTIC | $ 499,408 | $ 859,628 | $ (1,593,943) | $ 3,360,520 |
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Note 1 - Interim Financial Information
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9 Months Ended | ||
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May 31, 2015
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Disclosure Text Block [Abstract] | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
In the opinion of management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, which are of a normal recurring nature, and present fairly the consolidated financial position of Northern Technologies International Corporation and its subsidiaries (the Company) as of May 31, 2015 and August 31, 2014 and the results of their operations for the three and nine months ended May 31, 2015 and 2014 and their cash flows for the nine months ended May 31, 2015 and 2014, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP).
These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s annual report on Form 10-K for the fiscal year ended August 31, 2014. These consolidated financial statements also should be read in conjunction with the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section appearing in this report.
Operating results for the three and nine months ended May 31, 2015 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2015.
Certain amounts reported in the consolidated financial statements for the previous reporting periods have been reclassified to conform to the current period presentation. Beginning in the second quarter of fiscal 2015, the Company reclassified dividends received from equity method from investing cash flows to operating cash flows on the consolidated statements of cash flows for all periods presented. The classification reflects the continued profitability and returns of those profits to its owners, including the Company. The reclassification did not impact net income or equity.
The Company evaluates events occurring after the date of the consolidated financial statements requiring recording or disclosure in the consolidated financial statements.
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Note 2 - Recently Issued Accounting Pronouncement
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May 31, 2015
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Disclosure Text Block [Abstract] | |||
Description of New Accounting Pronouncements Not yet Adopted [Text Block] |
In May 2014, the Financial Accounting Standards Board (FASB) issued revised guidance on revenue recognition. The standard provides a single revenue recognition model which is intended to improve comparability over a range of industries, companies and geographical boundaries and will also result in enhanced disclosures. The changes are effective for the Company’s fiscal year ended August 31, 2018, and interim periods within that year. The Company is currently reviewing the revised guidance and assessing the potential impact on its consolidated financial statements.
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Note 3 - Inventories
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May 31, 2015
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] |
Inventories consisted of the following:
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Note 4 - Property and Equipment, Net
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May 31, 2015
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Property, Plant and Equipment Disclosure [Text Block] |
Property and equipment, net consisted of the following:
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Note 5 - Patents and Trademarks, Net
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May 31, 2015
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Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] |
Patents and trademarks, net consisted of the following:
Patent and trademark costs are amortized over seven years. Costs incurred related to patents and trademarks are capitalized until filed and approved, at which time the amounts capitalized to date are amortized and any further costs, including maintenance costs, are expensed as incurred. Amortization expense is estimated to approximate $90,000 in each of the next five fiscal years.
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Note 6 - Investments in Joint Ventures
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May 31, 2015
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] |
Financial information from the financial statements of the Company’s joint venture in Germany, Excor Korrosionsschutz – Technologien und Produkte GmbH (EXCOR), joint venture in China, Tianjin-Zerust Anticorrosion Co., Ltd. (Tianjin Zerust), for the periods for which it was accounted for under the equity method (See Note 7) and all of the Company’s other joint ventures, are summarized as follows:
All material profits recorded on sales from the Company to its joint ventures have been eliminated for financial reporting purposes.
On January 2, 2015, the Company announced that, effective as of December 31, 2014, the Company terminated its joint venture agreements with its previous joint venture in China, Tianjin Zerust, and began the process of liquidating the joint venture entity. The Company intends to conduct future business in China through a newly formed wholly owned subsidiary, NTIC (Shanghai) Co. Ltd. (NTIC China). As of December 31, 2014, the Company started recognizing Tianjin Zerust based on its carrying value instead of the equity method since the Company no longer expects to significantly affect the joint venture’s operations or decision making during its anticipated liquidation.
The Company records expenses that are directly attributable to the joint ventures on its consolidated statements of operations in the line item “Expenses incurred in support of joint ventures.” The expenses include items such as employee compensation and benefit expenses, travel expense and consulting expense.
The Company did not make any joint venture investments during the nine months ended May 31, 2015. On May 31, 2014, NTI Asean bought out the other 50% owner in its joint venture in Singapore for $110,988, thereby increasing NTI Asean’s ownership in the joint venture from 50% to 100%. The Company did not make any other joint venture investments during the nine months ended May 31, 2014.
On November 30, 2013, the Company agreed to sell its indirect ownership interest in Mütec GmbH (Mütec), the Company’s former joint venture in Germany which manufactures proprietary electronic sensing instruments. Since the purchase price paid to the Company was less than the book value of the Company’s investment in Mütec, the Company recognized a $50,000 impairment charge during the three months ended November 30, 2013, which is included in the consolidated statements of operations in the line item “Equity income of joint ventures.” In connection with the transaction, the owner of Mütec borrowed $168,000 from the Company to be repaid over four years with no interest. As of May 31, 2015 and August 31, 2014, $134,097 and $156,854 was due to the Company related to this transaction.
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Note 7 - China Operations
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May 31, 2015
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] |
On January 2, 2015, the Company announced that, effective as of December 31, 2014, the Company terminated its joint venture agreements with its previous joint venture in China, Tianjin Zerust, began the process of liquidating the joint venture entity, and has commenced conducting business in China through a newly formed wholly owned subsidiary, NTIC (Shanghai) Co. Ltd. on January 1, 2015. Effective December 31, 2014, the Company’s investment in Tianjin Zerust is reported at carrying value based on the Company’s decreased level of influence over the entity, and the Company has reclassified previously unrecognized gains on foreign currency translation from other comprehensive income. Any declines in the fair value are reflected as adjustments to the carrying value. No such adjustments were recorded during the nine months ended May 31, 2015.
The investment in Tianjin Zerust is as follows:
The Company incurred expenses of $1,138,000 during the nine months ended May 31, 2015 related to the termination of the joint venture agreement with Tianjin Zerust, the initiation of the liquidation of Tianjin Zerust and the formation and initial operation of NTIC China. Such expenses consisted primarily of legal expenses and personnel expenses associated with the establishment of the subsidiary and the hiring of new personnel. These expenses are recorded as operating expenses on the consolidated statements of operations and are partially off-set by the gross margin contribution from sales of NTIC China .
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Note 8 - Corporate Debt
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May 31, 2015
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Debt Disclosure [Abstract] | |||
Debt Disclosure [Text Block] |
The Company has a revolving line of credit with PNC Bank of $3,000,000. No amounts were outstanding under the line of credit as of both May 31, 2015 and August 31, 2014. At the option of the Company, outstanding advances under the line of credit bear interest at either (a) an annual rate based on LIBOR plus 2.15% for the applicable LIBOR interest period selected by the Company or (b) at the rate publicly announced by PNC Bank from time to time as its prime rate.
The line of credit is subject to standard covenants, including affirmative financial covenants, such as the maintenance of a minimum fixed charge coverage ratio, and negative covenants, which, among other things, limit the incurrence of additional indebtedness, loans and equity investments, disposition of assets, mergers and consolidations and other matters customarily restricted in such agreements. Under the loan agreement, the Company is subject to a minimum fixed charge coverage ratio of 1.10:1.00. As of May 31, 2015, the Company was in compliance with all debt covenants.
On January 5, 2015, PNC Bank extended the maturity date of the line of credit from January 7, 2015 to January 7, 2016 under substantially similar terms, and waived a technical covenant default by the Company to deliver quarterly compliance certificates.
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Note 9 - Stockholders' Equity
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May 31, 2015
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Stockholders' Equity Note [Abstract] | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] |
During the nine months ended May 31, 2015, the Company did not purchase or retire any shares of its common stock. The following stock options to purchase shares of common stock were exercised during the nine months ended May 31, 2015:
The Company granted stock options under the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan (the 2007 Plan) to purchase an aggregate of 45,067 shares of its common stock to various employees and directors during the nine months ended May 31, 2015. The weighted average per share exercise price of the stock options is $20.10, which was equal to the fair market value of the Company’s common stock on the date of grant.
During the nine months ended May 31, 2014, the Company did not purchase or retire any shares of its common stock. The following stock options to purchase shares of common stock were exercised during the nine months ended May 31, 2014:
The Company granted stock options under the 2007 Plan to purchase an aggregate of 56,373 shares of its common stock to various employees and directors during the nine months ended May 31, 2014. The weighted average per share exercise price of the stock options is $14.83, which was equal to the fair market value of the Company’s common stock on the date of grant.
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Note 10 - Net Income Per Common Share
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May 31, 2015
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] |
Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per share assumes the exercise of stock options using the treasury stock method, if dilutive.
The following is a reconciliation of the net income per share computation for the three and nine months ended May 31, 2015 and 2014:
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. Earnings (loss) per common share were based on the weighted average number of common shares outstanding during the periods when computing the basic earnings (loss) per share. When dilutive, stock options are included as equivalents using the treasury stock market method when computing the diluted earnings (loss) per share.
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Note 11 - Stock-based Compensation
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
The Company has two stock-based compensation plans under which stock options and other stock-based awards have been granted, the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan and the Northern Technologies International Corporation Employee Stock Purchase Plan (the ESPP). The Compensation Committee of the Board of Directors and the Board of Directors administer these plans.
The 2007 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, stock unit awards, performance awards and stock bonuses to eligible recipients to enable the Company and its subsidiaries to attract and retain qualified individuals through opportunities for equity participation in the Company, and to reward those individuals who contribute to the achievement of the Company’s economic objectives. Subject to adjustment as provided in the 2007 Plan, up to a maximum of 800,000 shares of the Company’s common stock are issuable under the 2007 Plan. Options granted under the 2007 Plan generally have a term of ten years and become exercisable over a three- or four-year period beginning on the one-year anniversary of the date of grant. Options are granted at per share exercise prices equal to the market value of the Company’s common stock on the date of grant. The Company issues new shares upon the exercise of options. As of May 31, 2015, only stock options and stock bonuses had been granted under the 2007 Plan.
The maximum number of shares of common stock of the Company available for issuance under the ESPP is 100,000 shares, subject to adjustment as provided in the ESPP. The ESPP provides for six-month offering periods beginning on September 1 and March 1 of each year. The purchase price of the shares is 90% of the lower of the fair market value of common stock at the beginning or end of the offering period. This discount may not exceed the maximum discount rate permitted for plans of this type under Section 423 of the Internal Revenue Code of 1986, as amended. The ESPP is compensatory for financial reporting purposes.
The Company granted options to purchase an aggregate of 45,067 and 56,373 shares of its common stock during the nine months ended May 31, 2015 and 2014, respectively. The fair value of option grants is determined at date of grant, using the Black-Scholes option pricing model with the assumptions listed below. The Company recognized compensation expense of $378,421 and $345,319 during the nine months ended May 31, 2015 and 2014, respectively, related to the options that vested during such time period. As of May 31, 2015, the total compensation cost for non-vested options not yet recognized in the Company’s consolidated statements of operations was $376,847 net of estimated forfeitures. Stock-based compensation expense of $117,262 is expected through the remainder of fiscal year 2015, and $179,785 and $79,800 is expected to be recognized during fiscal 2016 and fiscal 2017, respectively, based on outstanding options as of May 31, 2015. Future option grants will impact the compensation expense recognized. Stock-based compensation expense is included in general and administrative expense on the consolidated statements of operations.
The Company currently estimates a ten percent forfeiture rate for stock options and continually reviews this estimate for future periods.
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:
The weighted average per share fair value of options granted during nine months ended May 31, 2015 and 2014 was $11.58 and $8.57, respectively. The weighted average remaining contractual life of the options outstanding as of May 31, 2015 and 2014 was 6.56 years and 5.44 years, respectively.
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Note 12 - Geographic and Segment Information
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May 31, 2015
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] |
Net sales by geographic location as a percentage of total consolidated net sales for the three and nine months ended May 31, 2015 and 2014 were as follows:
Net sales by geographic location are based on the location of the customer.
Fees for services provided to joint ventures accounted for under the equity method by geographic location as a percentage of total fees for services provided to joint ventures during the three and nine months ended May 31, 2015 and 2014 were as follows:
The following table sets forth the Company’s net sales for the three and nine months ended May 31, 2015 and 2014 by segment:
The following table sets forth the Company’s cost of goods sold for the three and nine months ended May 31, 2015 and 2014 by segment:
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 utilized in evaluating product performance, nor does such allocation occur for internal financial reporting.
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 included. The foregoing geographic and segment information represents only sales and cost of goods sold recognized directly by the Company.
The geographical distribution of key financial statement data is as follows:
Total assets located in Brazil, China and India primarily consist of cash and cash equivalents, customer receivables and inventory. 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. Total assets located in the United States include the Company’s investments in joint ventures.
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Note 13 - Research and Development
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May 31, 2015
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Research and Development [Abstract] | |||
Research, Development, and Computer Software Disclosure [Text Block] |
The Company expenses all costs related to product research and development as incurred. The Company incurred $2,968,879 and $3,342,497 of expense during the nine months ended May 31, 2015 and 2014, respectively, in connection with its research and development activities. These amounts are net of reimbursements related to certain research and development contracts. Such reimbursements totaled $0 and $45,788 for the nine months ended May 31, 2015 and 2014, respectively. The net fees are accounted for in the “Research and Development Expenses” section of the consolidated statements of operations.
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Note 14 - Commitments and Contingencies
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May 31, 2015
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Commitments and Contingencies Disclosure [Abstract] | |||
Commitments and Contingencies Disclosure [Text Block] |
On August 19, 2014, the Compensation Committee of the Board of Directors of the Company approved the material terms of an annual bonus plan for the Company’s executive officers as well as certain officers and employees for the fiscal year ending August 31, 2015. For fiscal 2015 as in past years, the total amount available under the bonus plan for all plan participants, including executive officers, is dependent upon the Company’s earnings before interest, taxes and other income, as adjusted to take into account amounts to be paid under the bonus plan and certain other adjustments (Adjusted EBITOI). Each plan participant’s percentage of the overall bonus pool is based upon the number of plan participants, the individual’s annual base salary and the individual’s position and level of responsibility within the company. In the case of each of the Company’s executive officer participants, 75% of the amount of their individual bonus payout will be determined based upon the Company’s actual Adjusted EBITOI for fiscal 2015 compared to a pre-established target Adjusted EBITOI for fiscal 2015 and 25% of the payout will be determined based upon such executive officer’s achievement of certain pre-established individual performance objectives. The payment of bonuses under the plan are discretionary and may be paid to executive officer participants in both cash and shares of the Company’s common stock, the exact amount and percentages will be determined by the Company’s Board of Directors, upon recommendation of the Compensation Committee, after the completion of the Company’s consolidated financial statements for fiscal 2015. There was an accrual of $466,000 for management bonuses for the nine months ended May 31, 2015 compared to an accrual of $1,063,000 for management bonuses for the nine months ended May 31, 2014.
Three joint ventures (consisting of the Company’s joint venture in Korea, Thailand and remaining payables balance to the Company at Tianjin Zerust) accounted for 54.1% of the Company’s trade joint venture receivables at May 31, 2015. Three joint ventures (consisting of the Company’s joint ventures in Korea, Thailand and Tianjin Zerust) accounted for 62.9% of the Company’s trade joint venture receivables at August 31, 2014.
On March 23, 2015, the Company and NTI Asean LLC (NTI Asean), a majority owned subsidiary of the Company, filed a lawsuit in Tianjin No 1 Intermediate People’s Court against two individuals, Meng Tao and Xu Hui, related to breaches of duties and contractual commitments owed to NTI Asean under certain agreements related to the Company’s former joint venture in China, Tianjin Zerust Anti-Corrosion Technologies Ltd (Tianjin Zerust). The lawsuit alleges, among other things, that Mr. Meng Tao and Xu Hui have engaged in self-dealing, usurped business opportunities, and received economic benefits that were required to go to Tianjin Zerust. At this point it is too early in the lawsuit to reasonably estimate the amount of any recovery to NTI Asean, if any. On April 21, 2015, the Company and NTI Asean initiated a lawsuit in the District Court for the Second Judicial District, County of Ramsey, State of Minnesota against Cortec Corporation alleging, among other things, that Cortec Corporation aided and abetted breaches of duties and contractual commitments owed to the Company and NTI Asean related to the Company’s joint venture in China, Tianjin Zerust.
From time to time, the Company is subject to other 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 can 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 amount within the range is a better estimate than any other amount. The Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that material loss may be have been incurred. In the opinion of management, as of May 31, 2015, the amount of liability, if any, with respect to these matters, individually or in the aggregate, will not materially affect the Company’s consolidated results of operations, financial position or cash flows.
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Note 15 - Fair Value Measurements
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Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] |
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.
The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis:
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Note 3 - Inventories (Tables)
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] |
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Note 4 - Property and Equipment, Net (Tables)
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] |
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Note 5 - Patents and Trademarks, Net (Tables)
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Schedule of Finite-Lived Intangible Assets [Table Text Block] |
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Note 6 - Investments in Joint Ventures (Tables)
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] |
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Condensed Income Statement [Table Text Block] |
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Note 7 - China Operations (Tables)
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] |
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Note 9 - Stockholders' Equity (Tables)
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Stockholders' Equity Note [Abstract] | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
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Note 10 - Net Income Per Common Share (Tables)
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Note 11 - Stock-based Compensation (Tables)
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
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Note 12 - Geographic and Segment Information (Tables)
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Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] |
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Reconciliation of Revenue from Segments to Consolidated [Table Text Block] |
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Reconciliation of Cost of Good Sold from Segments to Consolidated [Table Text Block] |
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Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] |
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Revenue from External Customers by Geographic Areas [Table Text Block] |
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Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Fees For Services Provided to Joint Ventures [Member]
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Reconciliation of Revenue from Segments to Consolidated [Table Text Block] |
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Tabular disclosure of all significant reconciling items in the reconciliation of total cost of goods sold from reportable segments to the entity's consolidated revenues. No definition available.
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Note 15 - Fair Value Measurements (Tables)
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Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] |
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Note 3 - Inventories (Details) - Inventories (USD $)
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May 31, 2015
|
Aug. 31, 2014
|
---|---|---|
Inventories [Abstract] | ||
Production materials | $ 1,509,359 | $ 1,242,649 |
Finished goods | 5,223,082 | 4,718,750 |
$ 6,732,441 | $ 5,961,399 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 4 - Property and Equipment, Net (Details) - Components of Property and Equipment, Net (USD $)
|
May 31, 2015
|
Aug. 31, 2014
|
---|---|---|
Components of Property and Equipment, Net [Abstract] | ||
Land | $ 310,365 | $ 310,365 |
Buildings and improvements | 6,317,360 | 5,695,268 |
Machinery and equipment | 3,662,754 | 3,713,145 |
10,290,479 | 9,718,778 | |
Less accumulated depreciation | (3,154,144) | (3,240,791) |
$ 7,136,334 | $ 6,477,987 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 5 - Patents and Trademarks, Net (Details) (Patents and Trademarks [Member], USD $)
|
9 Months Ended |
---|---|
May 31, 2015
|
|
Patents and Trademarks [Member]
|
|
Note 5 - Patents and Trademarks, Net (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 7 years |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 90,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 90,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 90,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 90,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 90,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 5 - Patents and Trademarks, Net (Details) - Patents and Trademarks, Net (USD $)
|
May 31, 2015
|
Aug. 31, 2014
|
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
$ 1,270,739 | $ 1,197,700 | |
Patents and Trademarks Intangible Assets [Member]
|
||
Finite-Lived Intangible Assets [Line Items] | ||
Patents and trademarks | 2,426,627 | 2,287,840 |
Less accumulated amortization | (1,155,888) | (1,090,140) |
$ 1,270,739 | $ 1,197,700 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 6 - Investments in Joint Ventures (Details) (USD $)
|
9 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|---|---|
May 31, 2015
|
May 31, 2014
|
Nov. 30, 2013
Mutec [Member]
|
May 31, 2014
NTI Asean LLC [Member]
SINGAPORE
|
Nov. 30, 2013
Mutec [Member]
|
May 31, 2015
Mutec [Member]
|
Aug. 31, 2014
Mutec [Member]
|
|
Note 6 - Investments in Joint Ventures (Details) [Line Items] | |||||||
Payments to Acquire Interest in Joint Venture | $ 0 | $ 0 | $ 110,988 | ||||
Joint Venture, Ownership Acquired | 50.00% | ||||||
Joint Venture, Ownership Percentage | 100.00% | ||||||
Other than Temporary Impairment Losses, Investments | 50,000 | ||||||
Financing Receivable, Net | 168,000 | ||||||
Notes Receivable, Term | 4 years | ||||||
Due from Joint Ventures | $ 134,097 | $ 156,854 |
X | ||||||||||
- Definition
Percentage of ownership acquired in a joint venture during the period. No definition available.
|
X | ||||||||||
- Definition
Percentage of ownership in a joint venture. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Represents the repayment term. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 6 - Investments in Joint Ventures (Details) - Condensed Income Statement of EXCOR and Tianjin Zerust, and All Other Joint Ventures (USD $)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 31, 2015
|
May 31, 2014
|
May 31, 2015
|
May 31, 2014
|
|
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | $ 75,974,770 | $ 88,213,101 | ||
Gross profit | 37,469,186 | 41,609,619 | ||
Net income | 9,634,318 | 9,960,639 | ||
Company’s share of equity in income of joint ventures | 1,724,915 | 1,593,465 | 4,806,247 | 4,416,664 |
EXCOR [Member]
|
||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 27,580,051 | 29,020,416 | ||
Gross profit | 15,113,100 | 15,000,023 | ||
Net income | 6,334,009 | 5,574,387 | ||
Company’s share of equity in income of joint ventures | 3,152,489 | 2,787,048 | ||
Tianjin Zerust [Member]
|
||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 3,735,457 | 11,952,115 | ||
Gross profit | 1,783,673 | 5,550,166 | ||
Net income | 265,648 | 1,543,155 | ||
Company’s share of equity in income of joint ventures | 132,824 | 659,684 | ||
All Other [Member]
|
||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 44,659,262 | 47,240,570 | ||
Gross profit | 20,572,413 | 21,059,430 | ||
Net income | 3,034,661 | 1,913,097 | ||
Company’s share of equity in income of joint ventures | $ 1,520,934 | $ 969,932 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 7 - China Operations (Details) (Termination of Joint Venture and Formation of NTIC China [Member], USD $)
|
9 Months Ended |
---|---|
May 31, 2015
|
|
Termination of Joint Venture and Formation of NTIC China [Member]
|
|
Note 7 - China Operations (Details) [Line Items] | |
Professional Fees | $ 1,138,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 7 - China Operations (Details) - Investment in Tianjin Zerust (Tianjin Zerust [Member], USD $)
|
9 Months Ended | |
---|---|---|
May 31, 2015
|
Aug. 31, 2014
|
|
Tianjin Zerust [Member]
|
||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment – August 31, 2014 | $ 2,243,524 | |
Equity in earnings – nine months ended May 31, 2015 | 132,824 | |
Reclassification of translation gains on foreign currency translation | (492,680) | |
Investment at carrying value – May 31, 2015 | $ 1,883,668 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 8 - Corporate Debt (Details) (PNC Bank [Member], USD $)
|
9 Months Ended | |||
---|---|---|---|---|
May 31, 2015
Revolving Credit Facility [Member]
|
Aug. 31, 2014
Revolving Credit Facility [Member]
|
May 31, 2015
Revolving Credit Facility [Member]
London Interbank Offered Rate (LIBOR) [Member]
|
May 31, 2015
Term Loan and Line of Credit Agreements "Loan Agreements" [Member]
|
|
Note 8 - Corporate Debt (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | |||
Long-term Line of Credit | $ 0 | $ 0 | ||
Debt Instrument, Basis Spread on Variable Rate | 2.15% | |||
Debt Instrument, Covenants, Fixed Charge Coverage Ratio | 1.10 |
X | ||||||||||
- Definition
Represents the fixed charge coverage ratio for the debt instrument under the covenant terms. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 9 - Stockholders' Equity (Details) (USD $)
|
9 Months Ended | |
---|---|---|
May 31, 2015
|
May 31, 2014
|
|
Note 9 - Stockholders' Equity (Details) [Line Items] | ||
Stock Repurchased and Retired During Period, Shares | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 45,067 | 56,373 |
2007 Plan [Member]
|
||
Note 9 - Stockholders' Equity (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 45,067 | 56,373 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 20.10 | $ 14.83 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 9 - Stockholders' Equity (Details) - Exercised Stock Options (USD $)
|
9 Months Ended | |
---|---|---|
May 31, 2015
|
May 31, 2014
|
|
Exercise 1 [Member]
|
||
Note 9 - Stockholders' Equity (Details) - Exercised Stock Options [Line Items] | ||
Options Exercised | 18,000 | 44,000 |
Exercise Price | $ 7.65 | $ 7.65 |
Exercise 2 [Member]
|
||
Note 9 - Stockholders' Equity (Details) - Exercised Stock Options [Line Items] | ||
Options Exercised | 2,333 | |
Exercise Price | $ 10.20 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 10 - Net Income Per Common Share (Details) - Reconciliation of the Earnings Per Share Computations (USD $)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 31, 2015
|
May 31, 2014
|
May 31, 2015
|
May 31, 2014
|
|
Reconciliation of the Earnings Per Share Computations [Abstract] | ||||
Net income attributable to NTIC (in Dollars) | $ 905,435 | $ 980,217 | $ 1,785,056 | $ 2,863,847 |
Basic – weighted shares outstanding | 4,525,109 | 4,461,880 | 4,519,279 | 4,452,798 |
Weighted shares assumed upon exercise of stock options | 69,883 | 128,464 | 116,282 | 130,376 |
Diluted – weighted shares outstanding | 4,594,992 | 4,590,344 | 4,635,561 | 4,583,174 |
Basic earnings per share: (in Dollars per share) | $ 0.20 | $ 0.22 | $ 0.40 | $ 0.64 |
Diluted earnings per share: (in Dollars per share) | $ 0.20 | $ 0.21 | $ 0.39 | $ 0.63 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Estimated expense to be recognized for the second fiscal year following the most recent fiscal year arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. No definition available.
|
X | ||||||||||
- Definition
Estimated expense to be recognized for the next fiscal year following the most recent fiscal year arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. No definition available.
|
X | ||||||||||
- Definition
Estimated expense to be recognized for the remainder of the fiscal year arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. No definition available.
|
X | ||||||||||
- Definition
Estimated forfeiture rate used for stock options. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 11 - Stock-based Compensation (Details) - Black-Scholes Option-pricing Model Assumptions
|
9 Months Ended | |
---|---|---|
May 31, 2015
|
May 31, 2014
|
|
Black-Scholes Option-pricing Model Assumptions [Abstract] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility | 46.60% | 47.30% |
Expected life of option (years) | 10 years | 10 years |
Average risk-free interest rate | 1.63% | 1.36% |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Percentage of entity wide fees for services provided to joint ventures generated from geographic location. No definition available.
|
X | ||||||||||
- Definition
Total fees for services provided to joint ventures by geographic locations. No definition available.
|
X | ||||||||||
- Details
|
Note 12 - Geographic and Segment Information (Details) - Net Sales by Segment (USD $)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 31, 2015
|
May 31, 2014
|
May 31, 2015
|
May 31, 2014
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales by segment | $ 8,277,575 | $ 6,920,820 | $ 22,220,379 | $ 19,448,928 |
ZERUST [Member]
|
||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales by segment | 7,076,760 | 5,992,095 | 19,098,816 | 17,296,159 |
Natur-Tec [Member]
|
||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales by segment | $ 1,200,815 | $ 928,725 | $ 3,121,563 | $ 2,152,769 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Note 12 - Geographic and Segment Information (Details) - Cost of Goods Sold by Segment (USD $)
|
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
May 31, 2015
|
May 31, 2014
|
May 31, 2015
|
May 31, 2014
|
|||||
Note 12 - Geographic and Segment Information (Details) - Cost of Goods Sold by Segment [Line Items] | ||||||||
Cost of Goods Sold | $ 5,595,207 | $ 4,669,322 | $ 15,059,558 | $ 12,879,186 | ||||
Direct Cost of Goods Sold [Member] | ZERUST [Member]
|
||||||||
Note 12 - Geographic and Segment Information (Details) - Cost of Goods Sold by Segment [Line Items] | ||||||||
Cost of Goods Sold | 3,942,776 | 3,288,809 | 10,452,467 | 9,336,363 | ||||
% of Product Sales | 55.70% | [1] | 54.90% | [1] | 54.70% | 54.00% | ||
Direct Cost of Goods Sold [Member] | Natur-Tec [Member]
|
||||||||
Note 12 - Geographic and Segment Information (Details) - Cost of Goods Sold by Segment [Line Items] | ||||||||
Cost of Goods Sold | 889,976 | 695,778 | 2,391,599 | 1,635,815 | ||||
% of Product Sales | 74.10% | [1] | 74.90% | [1] | 76.60% | 76.00% | ||
Indirect Cost of Goods Sold [Member]
|
||||||||
Note 12 - Geographic and Segment Information (Details) - Cost of Goods Sold by Segment [Line Items] | ||||||||
Cost of Goods Sold | $ 762,455 | $ 684,735 | $ 2,215,492 | $ 1,907,008 | ||||
% of Product Sales | [1] | [1] | ||||||
|
X | ||||||||||
- Definition
Represents the cost of goods sold as a percentage of product sales. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 12 - Geographic and Segment Information (Details) - Total Assets by Geographic Distribution (USD $)
|
May 31, 2015
|
Aug. 31, 2014
|
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | $ 51,871,411 | $ 54,057,775 |
BRAZIL
|
||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 1,046,801 | 1,429,054 |
CHINA
|
||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 1,395,952 | |
INDIA
|
||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 389,659 | 363,894 |
UNITED STATES
|
||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | $ 49,038,999 | $ 52,264,827 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Note 12 - Geographic and Segment Information (Details) - Total Net Sales by Geographic Distribution (USD $)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 31, 2015
|
May 31, 2014
|
May 31, 2015
|
May 31, 2014
|
|
Note 12 - Geographic and Segment Information (Details) - Total Net Sales by Geographic Distribution [Line Items] | ||||
Total net sales | $ 8,277,575 | $ 6,920,820 | $ 22,220,379 | $ 19,448,928 |
BRAZIL
|
||||
Note 12 - Geographic and Segment Information (Details) - Total Net Sales by Geographic Distribution [Line Items] | ||||
Total net sales | 2,103,589 | 1,865,137 | ||
CHINA
|
||||
Note 12 - Geographic and Segment Information (Details) - Total Net Sales by Geographic Distribution [Line Items] | ||||
Total net sales | 442,262 | |||
INDIA
|
||||
Note 12 - Geographic and Segment Information (Details) - Total Net Sales by Geographic Distribution [Line Items] | ||||
Total net sales | 708,635 | 361,700 | ||
UNITED STATES
|
||||
Note 12 - Geographic and Segment Information (Details) - Total Net Sales by Geographic Distribution [Line Items] | ||||
Total net sales | $ 18,965,893 | $ 17,222,091 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 12 - Geographic and Segment Information (Details) - Operating Income by Geographic Distribution (USD $)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 31, 2015
|
May 31, 2014
|
May 31, 2015
|
May 31, 2014
|
|
Segment Reporting Information [Line Items] | ||||
Total operating income | $ 1,181,241 | $ 1,765,231 | $ 2,956,692 | $ 4,932,764 |
BRAZIL
|
||||
Segment Reporting Information [Line Items] | ||||
Total operating income | (72,785) | (75,491) | ||
CHINA
|
||||
Segment Reporting Information [Line Items] | ||||
Total operating income | (585,790) | |||
INDIA
|
||||
Segment Reporting Information [Line Items] | ||||
Total operating income | 20,440 | 5,872 | ||
UNITED STATES
|
||||
Segment Reporting Information [Line Items] | ||||
Total operating income | $ 3,594,827 | $ 5,002,383 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Note 13 - Research and Development (Details) (USD $)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 31, 2015
|
May 31, 2014
|
May 31, 2015
|
May 31, 2014
|
|
Research and Development [Abstract] | ||||
Research and Development Expense | $ 1,064,710 | $ 1,104,632 | $ 2,968,879 | $ 3,342,497 |
Research and Development Arrangement, Contract to Perform for Others, Costs Incurred, Gross | $ 0 | $ 45,788 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 14 - Commitments and Contingencies (Details) (USD $)
|
9 Months Ended | |||
---|---|---|---|---|
May 31, 2015
|
Aug. 31, 2014
|
May 31, 2014
|
May 31, 2015
Fiscal 2015 Bonus Plan [Member]
Executive Officer [Member]
|
|
Note 14 - Commitments and Contingencies (Details) [Line Items] | ||||
Percentage of Individual Bonus Payout Determined By Actual Versus Targeted EBITOI Results | 75.00% | |||
Percentage of Individual's Payout Determined Upon Achievement of Certain Pre-Established Individual Performance Objectives | 25.00% | |||
Accrued Bonuses (in Dollars) | $ 466,000 | $ 1,063,000 | ||
Entity-Wide Trade Joint Venture Receivables, Three Joint Ventures, Percentage | 54.10% | 62.90% |
X | ||||||||||
- Definition
Percentage of total trade joint venture receivables accounted for by three joint ventures. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Percentage of individual's bonus payout determined based upon the Company's actual EBITOI for the fiscal year compared to pre-established target EBITOI for the fiscal year. No definition available.
|
X | ||||||||||
- Definition
Percentage of individual's payout determined based upon achievement of certain pre-established individual performance objectives. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Note 15 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value Recurring Basis (USD $)
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May 31, 2015
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Aug. 31, 2014
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Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available for sale securities | $ 2,527,847 | $ 5,519,766 |
Fair Value, Inputs, Level 1 [Member]
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Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available for sale securities | $ 2,527,847 | $ 5,519,766 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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