0001171843-22-002461 | 10-Q | XBRL Viewer | Northern Technologies International Corp

11,764,304

8,531,679

24,254,787

^[1]

16,845,000

^[1]

Equity in income from joint ventures

4,984,335

4,251,203

10,687,265

8,716,994

JOINT VENTURE OPERATIONS:

922,832

1,920,012

2,297,581

3,745,724

Fees for services provided to joint ventures

1,246,909

1,462,684

2,505,767

2,799,245

Total joint venture operations

2,169,741

3,382,696

4,803,348

6,544,969

OPERATING EXPENSES:

Selling expenses

2,971,391

2,832,008

6,209,149

5,573,776

General and administrative expenses

2,518,788

1,958,974

5,115,135

4,052,956

Research and development expenses

1,218,674

1,075,180

2,454,495

2,150,917

Total operating expenses

6,708,853

5,866,162

13,778,779

11,777,649

OPERATING INCOME

445,223

1,767,737

1,711,834

3,484,314

REMEASUREMENT GAIN ON ACQUISITION OF EQUITY METHOD INVESTEE

3,951,550

INTEREST INCOME

9,909

15,638

20,852

85,176

INTEREST EXPENSE

(7,404)

(5,249)

(10,295)

(7,617)

INCOME BEFORE INCOME TAX EXPENSE

447,728

1,778,126

5,673,941

3,561,873

INCOME TAX EXPENSE

151,743

274,660

656,123

653,250

NET INCOME

295,985

1,503,466

5,017,818

2,908,623

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

113,138

190,891

341,212

333,649

NET INCOME ATTRIBUTABLE TO NTIC

$ 182,847

$ 1,312,575

$ 4,676,606

$ 2,574,974

NET INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE:

Basic (in dollars per share)

$ 0.02

$ 0.14

$ 0.51

$ 0.28

Diluted (in dollars per share)

$ 0.02

$ 0.13

$ 0.48

$ 0.26

WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING:

Basic (in shares)

9,214,817

9,104,636

9,211,858

9,104,623

Diluted (in shares)

9,683,426

9,867,918

9,736,060

9,756,268

Amount (in dollars per share)

$ 0.07

$ 0.065

$ 0.14

$ 0.065

[1]	The percent of segment sales is calculated by dividing the direct cost of goods sold for each individual segment category by the net sales for each segment category.

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Net income	$ 295,985	$ 1,503,466	$ 5,017,818	$ 2,908,623
OTHER COMPREHENSIVE INCOME (LOSS) –FOREIGN CURRENCY TRANSLATION ADJUSTMENT	26,295	196,341	(382,769)	495,006
COMPREHENSIVE INCOME	322,280	1,699,807	4,635,049	3,403,629
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	(136,037)	177,117	(292,102)	387,780
COMPREHENSIVE INCOME ATTRIBUTABLE TO NTIC	$ 458,317	$ 1,522,690	$ 4,927,151	$ 3,015,849

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Consolidated Statements of Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
BALANCE (in shares) at Aug. 31, 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 option expense	0	342,504	0	0	0	342,504
Dividends paid to stockholders	0	0	(591,802)	0	0	(591,802)
Dividend received by non-controlling interest	0	0	0	0	(200,000)	(200,000)
Net income	0	0	2,574,974	0	333,649	2,908,623
Other comprehensive income	$ 0	0	0	440,875	54,131	495,006
Stock issued for employee stock purchase plan (in shares)	4,646
Stock issued for employee stock purchase plan	$ 93	36,099	0	0	0	36,192
BALANCE (in shares) at Feb. 28, 2021	9,104,636
BALANCE at Feb. 28, 2021	$ 182,093	17,793,646	44,455,982	(2,969,563)	3,232,806	62,694,964
BALANCE (in shares) at Nov. 30, 2020	9,104,636
BALANCE at Nov. 30, 2020	$ 182,093	17,632,811	43,735,209	(3,179,678)	3,255,689	61,626,124
Stock option expense	0	160,835	0	0	0	160,835
Dividends paid to stockholders	0	0	(591,802)	0	0	(591,802)
Dividend received by non-controlling interest	0	0	0	0	(200,000)	(200,000)
Net income	0	0	1,312,575	0	190,891	1,503,466
Other comprehensive income	$ 0	0	0	210,115	(13,774)	196,341
BALANCE (in shares) at Feb. 28, 2021	9,104,636
BALANCE at Feb. 28, 2021	$ 182,093	17,793,646	44,455,982	(2,969,563)	3,232,806	62,694,964
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
Stock options exercised (in shares)	34,071
Stock options exercised	$ 681	138,519	0	0	0	139,200
Stock option expense	0	465,766	0	0	0	465,766
Dividends paid to stockholders	0	0	(1,288,632)	0	0	(1,288,632)
Dividend received by non-controlling interest	0	0	0	0	(302,729)	(302,729)
Net income	0	0	4,676,606	0	341,212	5,017,818
Other comprehensive income	$ 0	0	0	(333,659)	(49,110)	(382,769)
Stock issued for employee stock purchase plan (in shares)	2,635
Stock issued for employee stock purchase plan	$ 53	38,479	0	0	0	38,532
BALANCE (in shares) at Feb. 28, 2022	9,221,517
BALANCE at Feb. 28, 2022	$ 184,430	19,379,032	50,361,066	(3,858,689)	3,371,928	69,437,767
BALANCE (in shares) at Nov. 30, 2021	9,203,446
BALANCE at Nov. 30, 2021	$ 184,069	19,146,510	50,823,730	(3,862,085)	3,338,620	69,630,844
Stock options exercised (in shares)	18,071
Stock options exercised	$ 361	(361)	0	0	0	0
Stock option expense	0	232,883	0	0	0	232,883
Dividends paid to stockholders	0	0	(645,511)	0	0	(645,511)
Dividend received by non-controlling interest	0	0	0	0	(102,729)	(102,729)
Net income	0	0	182,847	0	113,138	295,985
Other comprehensive income	$ 0	0	0	3,396	22,899	26,295
BALANCE (in shares) at Feb. 28, 2022	9,221,517
BALANCE at Feb. 28, 2022	$ 184,430	$ 19,379,032	$ 50,361,066	$ (3,858,689)	$ 3,371,928	$ 69,437,767

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 5,017,818	$ 2,908,623
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	465,766	342,504
Depreciation expense	430,991	451,498
Amortization expense	315,631	100,821
Change in allowance for doubtful accounts	0	10,000
Remeasurement gain on acquisition of equity method investee	(3,951,550)	0
Equity in income from joint ventures	(2,297,581)	(3,745,724)
Dividends received from joint ventures	5,362,636	3,323,503
Deferred income taxes	139,338	(3,182)
Changes in current assets and liabilities:
Trade, excluding joint ventures	321,322	(2,004,152)
Trade, joint ventures	(281,153)	27,879
Fees for services provided to joint ventures	426,425	(388,590)
Income taxes	(286,458)	(270,867)
Inventories	(990,628)	(83,028)
Prepaid expenses and other	(1,136,130)	(450,263)
Accounts payable	674,147	1,036,818
Income tax payable	(376,544)	290,252
Accrued liabilities	(1,715,302)	413,157
Net cash provided by operating activities	2,118,728	1,959,249
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of Zerust India business, net of cash acquired (see Note 3)	(5,062,003)	0
Purchase of available for sale securities	0	(868,758)
Proceeds from the sale of available for sale securities	0	500,000
Purchases of property and equipment	(618,533)	(466,572)
Investments in patents	(112,297)	(75,220)
Net cash used in investing activities	(5,792,833)	(910,550)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit	4,200,000	0
Dividends paid on NTIC common stock	(1,288,632)	(591,802)
Proceeds from the exercise of stock options	139,200	0
Dividends received by non-controlling interest	(302,729)	(200,000)
Proceeds from employee stock purchase plan	38,532	36,192
Net cash provided by (used in) financing activities	2,786,371	(755,610)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	694,904	92,414
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(192,830)	385,503
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	7,680,641	6,403,032
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 7,487,811	$ 6,788,535

Note 1 - Interim Financial Information

6 Months Ended

Feb. 28, 2022

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1. INTERIM FINANCIAL INFORMATION

In the opinion of management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, which are of a normal recurring nature, and present fairly the consolidated financial position of Northern Technologies International Corporation and its subsidiaries (the Company) as of February 28, 2022 and August 31, 2021, the results of the Company’s operations for the three and six months ended February 28, 2022 and 2021, the changes in stockholders’ equity for the three and six months ended February 28, 2022 and 2021, and the Company’s cash flows for the six months ended February 28, 2022 and 2021, 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, 2021. 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 six months ended February 28, 2022 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2022.

The Company evaluates events occurring after the date of the consolidated financial statements requiring recording or disclosure in the consolidated financial statements.

Impact of COVID-19 Pandemic

In March 2020, the World Health Organization declared the novel coronavirus (COVID-19) outbreak a global pandemic. As a result of the COVID-19 pandemic and related government mandated restrictions on the Company’s business as well as the businesses of its joint ventures, customers and suppliers, disruption to the Company’s business and the manufacture and sale of its products and services has occurred in the first six months of fiscal 2022 and is expected to continue during the remainder of fiscal 2022. In the first six months of fiscal 2022, the Company was impacted by shipping issues, including freight container shortages, shipping delays, and increased costs, and supply chain issues, including longer lead times and raw material cost increases.

Note 2 - Accounting Pronouncements

6 Months Ended

Feb. 28, 2022

Accounting Standards Update and Change in Accounting Principle [Text Block]

2. ACCOUNTING PRONOUNCEMENTS

Recently Issued Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Measurement of Credit Losses on Financial Instruments, which revises guidance for the accounting for credit losses on financial instruments within its scope, and in November 2018, issued ASU No. 2018-19 and in April 2019, issued ASU No. 2019-04 and in May 2019, issued ASU No. 2019-05, and in November 2019, issued ASU No. 2019-11, which amended the standard. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is still evaluating the impact of this ASU.

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 believe any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial position or operating results.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Note 3 - Business Combination

6 Months Ended

Feb. 28, 2022

Business Combination Disclosure [Text Block]

3. BUSINESS COMBINATION

On September 21, 2021, the Company announced that it acquired the remaining 50% ownership interest in its Indian joint venture, Harita-NTI Limited (Zerust India), for $6,250,000 in cash, effective as of September 1, 2021, the date the Company obtained control. Prior to September 1, 2021, the Company owned 50% of the outstanding capital stock of Zerust India. The Company had historically accounted for this investment under the equity method of accounting. This purchase was funded with cash on hand and borrowings under the Company’s revolving line of credit. The Company undertook the acquisition to enhance its Zerust business in India.

The purchase price of $6,250,000 was funded with cash on hand and borrowings under the Company’s revolving line of credit, which was increased in connection with the transaction to $5,000,000.

Because the Company increased its ownership interest in Zerust India to 100%, the acquisition of Zerust India has been accounted for in accordance with Accounting Standards Codification (ASC) 805, Business Combinations, by using the acquisition method of accounting. Effective September 1, 2021, Zerust India is now a consolidated subsidiary within the Company’s financial statements.

The following table summarizes the purchase price allocation that includes the fair values of the separately identifiable assets acquired and liabilities assumed as of September 1, 2021:

Cash and cash equivalents		$	1,187,997
Trade account receivable			1,954,769
Inventories			886,650
Prepaid expenses and other			396,545
Property, plant and equipment			219,077
Operating lease, right of use asset			355,000
Customer relationships			6,347,000
Goodwill			4,782,376
Current liabilities			(1,370,314	)
Deferred tax liability			(1,904,100	)
Operating lease liability			(355,000	)
	Net assets acquired	$	12,500,000
Less:
	Fair value of previously held equity method investment		(1,637,362	)
	Cumulative foreign currency translation		(661,088	)
	Gain recognized on acquisition		(3,951,550	)
			(6,250,000	)
Cash paid for acquisition		$	6,250,000

The excess of the fair value of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The fair values assigned to tangible and identifiable intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions. The fair values of assets acquired and liabilities assumed may be subject to change as additional information is received.

The fair value of the intangible asset associated with customer relationships was estimated using a discounted cash flow method with the application of the multi-period excess earnings method. Under this method, an intangible asset’s fair value is equal to the present value of the incremental after-tax cash flows attributable to only the subject intangible asset after deducting contributory asset charges.

The rate used to discount the estimated future net cash flows to their present values for the intangible assets was based upon a weighted average cost of capital calculation. The discount rate was determined after consideration of market rates of return on debt and equity capital, the weighted average return on invested capital and the risk associated with achieving forecasted sales related to the assets acquired from Zerust India. The weighted average discount rate used to determine the fair value of the customer relationships was 15.3%.

The amortization period for the intangible assets is 15 years. The intangible assets are being amortized on a straight-line basis, which is consistent with the pattern that the economic benefits of the intangible assets are expected to be utilized based upon estimated cash flows generated from such asset. Goodwill associated with the acquisition was primarily attributable to the expansion opportunity of the Company’s ZERUST business in India.

Authoritative guidance on accounting for business combinations requires that an acquirer re-measure its previously held equity interest in the acquisition at its acquisition date fair value and recognize the resulting gain or loss in earnings. As such, since the Company acquired the remaining 50% ownership interest of Zerust India effective September 1, 2021, the Company recognized a gain of $3,951,550 during the six months ended February 28, 2022. This gain is included in “Remeasurement gain on acquisition of equity method investee” on the Company’s consolidated statements of operations for the three and six months ended February 28, 2022.

The Company has included the financial results of Zerust India in the consolidated financial statements from September 1, 2021. Net revenue and net income related to Zerust India since the date of acquisition totaled $4,680,103 and $496,748, respectively. The transaction costs associated with the acquisition were approximately $65,000 and $115,000, respectively, and are recorded in general and administrative expense as incurred during the three and six months ended February 28, 2022.

Unaudited consolidated pro forma information assuming the acquisition had occurred on September 1, 2020 for the three and six months ended February 28, 2022 would have an increase in net sales $2,257,542 and $4,271,892, respectively. Unaudited pro forma net income, assuming the acquisition had occurred on September 1, 2020, for the three and six months ended February 28, 2022 was not considered material to the Company’s consolidated net income. The unaudited consolidated pro forma combined financial information does not purport to be indicative of the results which would have been obtained had the acquisition been completed as of the beginning of the earliest period presented or of results that may be obtained in the future. In addition, they do not include any benefits that may result from the acquisition due to synergies that may be derived from the elimination of any duplicative costs.

Note 4 - Inventories

6 Months Ended

Feb. 28, 2022

Inventory Disclosure [Text Block]

4. INVENTORIES

Inventories consisted of the following:

	February 28, 2022		August 31, 2021
Production materials	$	5,016,068	$	4,453,688
Finished goods		7,962,149		6,660,519
	$	12,978,217	$	11,114,207

Note 5 - Property and Equipment, Net

6 Months Ended

Feb. 28, 2022

Property, Plant and Equipment Disclosure [Text Block]

5. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

	February 28, 2022			August 31, 2021
Land	$	310,365		$	310,365
Buildings and improvements		14,084,196			13,149,258
Machinery and equipment		5,540,345			5,453,679
		19,934,906			18,913,302
Less accumulated depreciation		(7,598,207	)		(7,091,844	)
	$	12,336,699		$	11,821,458

Note 6 - Patents and Trademarks, Net

6 Months Ended

Feb. 28, 2022

Patents and Trademarks [Member]

Intangible Assets Disclosure [Text Block]

6. PATENTS AND TRADEMARKS, NET

Patents and trademarks, net consisted of the following:

	February 28, 2022			August 31, 2021
Patents and trademarks	$	3,130,803		$	3,018,507
Less accumulated amortization		(2,412,998	)		(2,308,935	)
	$	717,805		$	709,572

Note 7 - Investments in Joint Ventures

6 Months Ended

Feb. 28, 2022

Equity Method Investments and Joint Ventures Disclosure [Text Block]

7. INVESTMENTS IN JOINT VENTURES

The consolidated financial statements of the Company’s foreign joint ventures are initially prepared using the accounting principles accepted in the respective joint ventures’ countries of domicile. Amounts related to foreign joint ventures reported in the below tables and the accompanying consolidated financial statements have subsequently been adjusted to conform with U.S. GAAP in all material respects. All material profits 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.

Financial information from the audited and unaudited financial statements of the Company’s joint venture in Germany, Excor Korrosionsschutz – Technologien und Produkte GmbH (EXCOR), and all the Company’s other joint ventures are summarized as follows:

	As of February 28, 2022
	Total		EXCOR		All Other
Current assets	$	55,032,109	$	25,447,104	$	29,585,005
Total assets		58,525,731		27,186,903		31,338,828
Current liabilities		12,803,351		3,004,495		9,798,856
Noncurrent liabilities		1,268,334		-		1,268,334
Joint ventures’ equity		44,454,046		24,182,408		20,271,638
Northern Technologies International Corporation’s share of joint ventures’ equity		21,852,070		12,091,206		9,760,864
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		20,501,921		12,060,301		8,441,621

	Three Months Ended February 28, 2022
	Total		EXCOR		All Other
Net sales	$	24,601,767	$	9,312,434	$	15,289,334
Gross profit		9,845,002		4,658,450		5,186,553
Net income		1,851,591		1,170,187		681,404
Northern Technologies International Corporation’s share of equity in income from joint ventures		922,832		589,048		333,784
Northern Technologies International Corporation's dividends received from joint ventures		320,365		—		320,365

	Six Months Ended February 28, 2022
	Total		EXCOR		All Other
Net sales	$	51,624,762	$	20,612,662	$	31,012,100
Gross profit		20,877,961		10,127,436		10,750,525
Net income		4,629,196		2,991,734		1,637,462
Northern Technologies International Corporation’s share of equity in income from joint ventures		2,297,581		1,499,821		797,760
Northern Technologies International Corporation's dividends received from joint ventures		5,362,636		4,255,200		1,107,436

	As of August 31, 2021
	Total		EXCOR		All Other⁽¹⁾
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

	Three Months Ended February 28, 2021
	Total		EXCOR		All Other⁽¹⁾
Net sales	$	29,058,402	$	10,542,097	$	18,516,306
Gross profit		13,079,478		6,099,187		6,980,291
Net income		3,838,007		2,262,321		1,575,686
Northern Technologies International Corporation’s share of equity in income from joint ventures		1,920,012		1,132,578		787,434
Northern Technologies International Corporation's dividends received from joint ventures		2,198,142		1,809,900		388,242

	Six Months Ended February 28, 2021
	Total		EXCOR		All Other⁽¹⁾
Net sales	$	55,835,745	$	20,093,580	$	35,742,165
Gross profit		25,521,239		11,798,194		13,723,045
Net income		7,489,431		4,283,395		3,206,036
Northern Technologies International Corporation’s share of equity in income from joint ventures		3,745,724		2,143,115		1,602,609
Northern Technologies International Corporation's dividends received from joint ventures		3,323,503		1,809,900		1,513,603

(1) Includes Zerust India since Zerust India was not a consolidated subsidiary of the Company as of August 31, 2021 or February 28, 2021. See Note 3 entitled “Business Combination.”

Note 8 - Intangible Assets, Net

6 Months Ended

Feb. 28, 2022

Customer Relationships and Assembled Workforce [Member]

Intangible Assets Disclosure [Text Block]

8. INTANGIBLE ASSET, NET

Intangible asset, net consisted of the following as of February 28, 2022:

		Gross Carrying Amount				Accumulated Amortization				Net Carrying Amount
Customer relationships		$	6,347,000			$	(211,567	)		$	6,135,433

The customer relationships was established as a part of purchase accounting related to our Zerust India acquisition. See Note 3 entitled “Business Combination.” The Company amortizes the intangible asset related to the customer relationships using the straight-line method over the estimated useful lives of the asset, which is 15 years. Total amortization expense was $143,567 and $211,567 for the three and six months ended February 28, 2022, respectively. Amortization expense is estimated to be $423,000 in each of the next five fiscal years.

Note 9 - Corporate Debt

6 Months Ended

Feb. 28, 2022

Debt Disclosure [Text Block]

9. CORPORATE DEBT

The Company has a revolving line of credit with PNC Bank, National Association (PNC Bank) of $5,000,000 as of February 28, 2022. On August 31, 2021, in connection with the Company’s acquisition of Zerust India, the Company and PNC Bank entered into an Amended and Restated Revolving Line of Credit Note, which increased the Company’s line of credit from $3,000,000 to $5,000,000 until February 22, 2022. Additionally, on January 4, 2022, the Company and PNC Bank entered into an Amended and Restated Revolving Line of Credit Note, which extended the maturity date to January 7, 2023 and revised the rate at which amounts outstanding under the line of credit bear interest to equal a per annum rate equal to the daily Bloomberg Short-Term Bank Yield Index plus 250 basis points (2.50%) and maintained the line of credit’s capacity at $5,000,000 during the period from January 4, 2022 until February 22, 2022 and $3,000,000 at all other times. Subsequently, to maintain future financial flexibility, the Company and PNC Bank agreed to keep the line of credit at $5,000,000. A 30-day extension was provided by PNC Bank on February 23, 2022 in order to ensure line of credit capacity between February 23, 2022 and March 1, 2022. On March 1, 2022, the Company and PNC Bank entered into an Amended and Restated Revolving Line of Credit Note, which established a line of credit of $5,000,000 during the period from February 23, 2022 until April 23, 2022 and $3,000,000 at all other times. The other material terms of the line of credit were not affected by these amendments.

Borrowings of $4,200,000 were outstanding under the line of credit as of February 28, 2022 and no amounts were outstanding as of August 31, 2021. The weighted average interest rate during each of the three and six months ended February 28, 2022 was 2.57%.

The line of credit is governed under an Amended and Restated Loan Agreement dated August 31, 2021. The obligations of the Company under the loan agreement are secured by a lien on all of the Company’s personal property, excepting certain liens consented to in writing by PNC. The loan agreement contains covenants, including affirmative financial covenants, such as the maintenance of a minimum fixed charge coverage ratio of 1.10:1.00, 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. As of February 28, 2022, the Company was in compliance with all debt covenants.

As of February 28, 2022 and August 31, 2021, the Company did not have any letters of credit outstanding with respect to the letter of credit sub-facility available under the revolving line of credit with PNC Bank. As of February 28, 2022 and August 31, 2021, the Company had $72,418 of letters of credit with JP Morgan Chase Bank that are performance based and set to expire between 2021 and 2022.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Note 10 - Stockholders' Equity

6 Months Ended

Feb. 28, 2022

Stockholders' Equity Note Disclosure [Text Block]

10. STOCKHOLDERS’ EQUITY

During the six months ended February 28, 2022, the Company’s Board of Directors declared cash dividends on the following dates in the following amounts to the following holders of the Company’s common stock:

Declaration Date	Amount		Record Date	Payable Date
October 20, 2021	$	0.07	November 3, 2021	November 17, 2021
January 21, 2022	$	0.07	February 2, 2022	February 16, 2022

During the six months ended February 28, 2022 and 2021, the Company repurchased no shares of its common stock.

During the six months ended February 28, 2022, the Company granted stock options under the Northern Technologies International Corporation 2019 Stock Incentive Plan (as amended, the 2019 Plan) to purchase an aggregate of 174,840 shares of its common stock to various employees and directors. The weighted average per share exercise price of the stock options is $16.97. The exercise price of the stock options is equal to the fair market value of the Company’s common stock on the date of grant. During the six months ended February 28, 2022, stock options to purchase an aggregate of 43,218 shares of common stock were exercised at a weighted average exercise price of $6.45 per share, resulting in the net issuance of 34,071 shares of common stock since some of the options were exercised on a net cashless exercise basis.

During the six months ended February 28, 2021, the Company’s Board of Directors declared a cash dividend of $0.065 per share of the Company’s common stock, payable on February 17, 2021 to stockholders of record on February 3, 2021. Prior to such time, the Company had suspended its quarterly cash dividend on April 23, 2020 pending clarity on the financial impact of COVID-19 on the Company.

During the six months ended February 28, 2021, the Company granted stock options under the 2019 Plan to purchase an aggregate of 419,874 shares of its common stock to various employees and directors. The weighted average per share exercise price of the stock options is $8.24. The exercise price of the stock options is equal to the fair market value of the Company’s common stock on the date of grant. During the six months ended February 28, 2021, no stock options to purchase common stock were exercised.

The Company issued 2,636 and 4,646 shares of common stock on September 1, 2021 and 2020, respectively, under the Northern Technologies International Corporation Employee Stock Purchase Plan (ESPP). As of February 28, 2022, 72,186 shares of common stock remained available for sale under the ESPP.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Note 11 - Net Income Per Common Share

6 Months Ended

Feb. 28, 2022

Earnings Per Share [Text Block]

11. NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per share assumes the exercise of stock options using the treasury stock method, if dilutive.

The following is a reconciliation of the net income per share computation for the three and six months ended February 28, 2022 and 2021:

	Three Months Ended February 28,				Six Months Ended February 28,
Numerator:	2022		2021		2022		2021
Net income attributable to NTIC	$	182,847	$	1,312,575	$	4,676,606	$	2,574,974

Denominator:
Basic – weighted shares outstanding		9,214,817		9,104,636		9,211,858		9,104,623
Weighted shares assumed upon exercise of stock options		468,609		763,282		524,202		651,645
Diluted – weighted shares outstanding		9,683,426		9,867,918		9,736,060		9,756,268
Basic net income per share:	$	0.02	$	0.14	$	0.51	$	0.28
Diluted net income per share:	$	0.02	$	0.13	$	0.48	$	0.26

The dilutive impact summarized above relates to the periods when the average market price of the Company’s common stock exceeded the exercise price of the potentially dilutive option securities granted. Net income per common share was based on the weighted average number of common shares outstanding during the periods when computing basic net income per share. When dilutive, stock options are included as equivalents using the treasury stock market method when computing the diluted net income per share. Excluded from the computation of diluted net income per share for the three and six months ended February 28, 2022 were options outstanding to purchase 311,061 shares of common stock. Excluded from the computation of diluted net income per share for the three and six months ended February 28, 2021, were options outstanding to purchase 136,221 shares of common stock.

Note 12 - Stock-based Compensation

6 Months Ended

Feb. 28, 2022

Share-based Payment Arrangement [Text Block]

12. STOCK-BASED COMPENSATION

The Company has three stock-based compensation plans under which stock options or other stock-based awards have been granted: the Northern Technologies International Corporation Amended and Restated 2019 Stock Incentive Plan, the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan (2007 Plan) and the Northern Technologies International Corporation Employee Stock Purchase Plan. The 2019 Plan replaced the 2007 Plan with respect to future grants; and, therefore, no further awards may be made under the 2007 Plan. The Compensation Committee of the Board of Directors and the Board of Directors administer these plans.

The 2019 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. On January 15, 2021, the Company’s stockholders approved certain amendments to the 2019 Plan, including an increase in the number of shares of common stock available for issuance under the plan by an additional 800,000 shares. Subject to adjustment as provided in the 2019 Plan, up to a maximum of 1,600,000 shares of the Company’s common stock are issuable under the 2019 Plan. Options granted generally have a term of ten years and become exercisable over a one- or three- 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 February 28, 2022, options to purchase an aggregate of 895,484 shares of the Company’s common stock were outstanding under the 2019 Plan and 704,516 shares of the Company’s common stock remain available for grant under the 2019 Plan. As of February 28, 2022, options to purchase an aggregate of 662,789 shares of the Company’s common stock were outstanding under the 2007 Plan.

The Company granted options to purchase an aggregate of 174,840 and 419,874 shares of its common stock during the six months ended February 28, 2022 and 2021, respectively. 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 Company recognized compensation expense of $133,334 and $266,668 during the three and six months ended February 28, 2022, respectively, and compensation expense of $66,667 and $133,334 during the three and six months ended February 28, 2021, respectively, related to the options that vested during such time period. As of February 28, 2022, the total compensation cost for non-vested options not yet recognized in the Company’s consolidated statements of operations was $1,475,485. Stock-based compensation expense of $465,766 is expected through the remainder of fiscal year 2022 and $671,526 and $338,193 is expected to be recognized during fiscal 2023 and fiscal 2024, respectively, based on outstanding options as of February 28, 2022. 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 fair value of each option grant is estimated on the grant date using the Black-Scholes option pricing model with the following assumptions and results for the grants:

	Three and Six Months Ended February 28,
	2022			2021
Dividend yield		1.65	%		2.37	%
Expected volatility		45.4	%		45.6	%
Expected life of option (in years)		10			10
Average risk-free interest rate		0.77	%		0.28	%

The weighted average per share fair value of options granted during the six months ended February 28, 2022 and 2021 was $7.29 and $3.12, respectively. The weighted average remaining contractual life of the options outstanding as of February 28, 2022 and 2021 was 6.25 years and 6.65 years, respectively.

Note 13 - Segment and Geographic Information

6 Months Ended

Feb. 28, 2022

Segment Reporting Disclosure [Text Block]

13. 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 years and, more recently, has targeted and expanded into the oil and gas industry. The Company also sells a portfolio of bio-based and compostable (fully biodegradable) polymer resins and finished products under the Natur-Tec® brand.

The following table sets forth the Company’s net sales for the three and six months ended February 28, 2022 and 2021 by segment:

	Three Months Ended February 28,				Six Months Ended February 28,
	2022		2021		2022		2021
ZERUST® net sales	$	13,117,777	$	10,284,116	$	27,541,562	$	20,504,667
Natur-Tec® net sales		3,630,862		2,498,766		7,400,490		5,057,327
Total net sales	$	16,748,639	$	12,782,882	$	34,942,052	$	25,561,994

The following table sets forth the Company’s cost of goods sold for the three and six months ended February 28, 2022 and 2021 by segment:

	Three Months Ended February 28,										Six Months Ended February 28,
	2022		% of Product Sales*			2021		% of Product Sales*			2022		% of Product Sales*			2021		% of Product Sales*
Direct cost of goods sold
ZERUST®	$	8,151,274		62.1	%	$	6,065,963		59.0	%	$	16,857,941		61.2	%	$	11,837,052		57.7	%
Natur-Tec®		2,775,436		76.4	%		1,684,180		67.4	%		5,697,533		77.0	%		3,451,810		68.3	%
Indirect cost of goods sold		837,594		—			781,536		—			1,699,313		—			1,556,138		—
Total net cost of goods sold	$	11,764,304				$	8,531,679				$	24,254,787				$	16,845,000

* The percent of segment sales is calculated by dividing the direct cost of goods sold for each individual segment category by the net sales for each segment category.

The Company utilizes product net sales and direct and indirect cost of goods sold for each product in reviewing the financial performance of a product type. Further allocation of Company expenses or assets, aside from amounts presented in the tables above, is not utilized in evaluating product performance, nor does such allocation occur for internal financial reporting.

Geographic Information

Net sales by geographic location for the three and six months ended February 28, 2022 and 2021 were as follows:

	Three Months Ended February 28,				Six Months Ended February 28,
	2022		2021		2022		2021
Inside the U.S.A. to unaffiliated customers	$	5,115,963	$	4,619,130	$	11,272,285	$	9,480,485
Outside the U.S.A. to:
Joint ventures in which the Company is a shareholder directly and indirectly		883,513		526,942		1,723,952		1,107,246
Unaffiliated customers		10,749,163		7,636,810		21,945,815		14,974,262
	$	16,748,639	$	12,782,882	$	34,942,052	$	25,561,994

Net sales by geographic location are based on the location of the customer.

Fees for services provided to joint ventures by geographic location as a percentage of total fees for services provided to joint ventures during the three and six months ended February 28, 2022 and 2021 were as follows:

	Three Months Ended February 28,
	2022		% of Total Fees for Services Provided to Joint Ventures			2021		% of Total Fees for Services Provided to Joint Ventures
Germany	$	216,992		17.4	%	$	231,917		15.9	%
Poland		172,700		13.9	%		210,943		14.4	%
Japan		151,933		12.2	%		181,493		12.4	%
France		115,663		9.3	%		97,638		6.7	%
Sweden		99,178		8.0	%		146,896		10.0	%
United Kingdom		86,736		7.0	%		71,759		4.9	%
Thailand		87,918		7.1	%		107,377		7.3	%
Finland		85,426		6.9	%		71,496		4.9	%
Czech Republic		69,386		5.6	%		89,538		6.1	%
South Korea		64,173		5.1	%		78,220		5.3	%
Other		96,804		7.5	%		175,407		12.0	%
	$	1,246,909		100.0	%	$	1,462,684		100.0	%

	Six Months Ended February 28,
	2022		% of Total Fees for Services Provided to Joint Ventures			2021		% of Total Fees for Services Provided to Joint Ventures
Germany	$	435,422		17.4	%	$	460,744		16.5	%
Poland		349,626		14.0	%		400,353		14.3	%
Japan		318,740		12.7	%		361,455		12.9	%
France		231,958		9.3	%		203,545		7.3	%
Sweden		207,248		8.3	%		237,385		8.5	%
Thailand		181,663		7.2	%		133,674		4.8	%
South Korea		175,472		7.0	%		197,309		7.0	%
Finland		165,599		6.6	%		147,779		5.3	%
Czech Republic		139,483		5.6	%		158,891		5.7	%
United Kingdom		126,800		5.1	%		163,298		5.8	%
Other		173,756		6.8	%		334,811		12.0	%
	$	2,505,767		100.0	%	$	2,799,245		100.0	%

The geographical distribution of total property and equipment and net sales is as follows:

	As of February 28, 2022		As of August 31, 2021
China	$	5,615,383	$	5,110,071
Other		655,837		453,199
United States		6,783,284		6,967,761
Total property and equipment and intangible assets, net	$	13,054,504	$	12,531,031

	Three Months Ended February 28,
	2022		2021
China	$	4,163,741	$	4,443,656
Brazil		936,089		804,569
India		4,068,781		1,295,006
Other		2,464,066		1,620,521
United States		5,115,962		4,619,130
Total net sales	$	16,748,639	$	12,782,882

	Six Months Ended February 28,
	2022		2021
China	$	8,221,593	$	8,987,634
Brazil		2,232,306		1,518,422
India		8,545,765		2,495,474
Other		4,670,103		3,079,978
United States		11,272,285		9,480,486
Total net sales	$	34,942,052	$	25,561,994

Long-lived assets consist of property and equipment and intangible assets. 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 included. The foregoing segment and geographic information represents only sales recognized directly by the Company and sold in that geographic territory.

All joint venture operations, including equity in income, fees for services and related dividends, are primarily related to ZERUST® products and services.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

Note 14 - Commitments and Contingencies

6 Months Ended

Feb. 28, 2022

Commitments and Contingencies Disclosure [Text Block]

14. COMMITMENTS AND CONTINGENCIES

Annual Bonus Plan

On August 26, 2021, 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, 2022. For fiscal 2022, 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 (EBITOI), 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 EBITOI for fiscal 2022 compared to a pre-established target EBITOI for fiscal 2022, 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 is discretionary, and bonuses may be paid to executive officer participants in both cash and shares of the Company’s common stock, the exact amount and percentages of which are 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 2022. There was $666,668 recognized for management bonuses for the six months ended February 28, 2022, compared to $1,033,334 recognized for management bonuses for the six months ended February 28, 2021.

Concentrations

One joint venture (the Company’s joint venture in South Korea) accounted for 33.8% of the Company’s trade joint venture receivables as of February 28, 2022, and three joint ventures (consisting of the Company’s joint ventures in India, USA and Thailand) accounted for 72.1% of the Company’s trade joint venture receivables as of February 28, 2021.

Legal Matters

From time to time, the Company is subject to various other claims and legal actions in the ordinary course of its business. The Company records a liability in its consolidated financial statements for costs related to claims, including future legal costs, settlements and judgments, where the Company has assessed that a loss is probable, and an amount could be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no 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 have been incurred. In the opinion of management, as of February 28, 2022, 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.

Note 15 - Fair Value Measurements

6 Months Ended

Feb. 28, 2022

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

15. FAIR VALUE MEASUREMENTS

Assets and liabilities that are measured at fair value on a recurring basis primarily relate to marketable equity securities. These items are marked-to-market at each reporting period, and the Company estimates that market value approximates costs.

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis:

Fair Value Measurements

Using Inputs Considered as

Fair value as of

February 28, 2022

Level 1

Level 2

Level 3

Available for sale securities

4,634

—

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

—

There were no transfers between Level 1, Level 2, or Level 3 during the three and six months ended February 28, 2022 and 2021.

Note 16 - Supplemental Cash Flow Information

6 Months Ended

Feb. 28, 2022

Cash Flow, Supplemental Disclosures [Text Block]

16. SUPPLEMENTAL CASH FLOW INFORMATION

Supplemental disclosures of cash flow information consisted of:

	Three Months Ended February 28,				Six Months Ended February 28,
	2022		2021		2022		2021
Cash paid for interest	$	7,404	$	5,249	$	10,295	$	7,617

Note 17 - Income Taxes

6 Months Ended

Feb. 28, 2022

Income Tax Disclosure [Text Block]

17. INCOME TAXES

Income tax expense for the three and six months ended February 28, 2022 was $151,743 and $656,123, respectively, compared to $274,660 and $653,250, respectively, for the three and six months ended February 28, 2021. The expense was largely due to foreign operations. The Company has federal and state tax credit carry forwards, net operating loss carry forwards and foreign tax carry forwards. The Company has recorded a full valuation allowance against the U.S. deferred tax assets as of February 28, 2022 and August 31, 2021.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
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-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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Note 3 - Business Combination (Tables)

6 Months Ended

Feb. 28, 2022

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Cash and cash equivalents		$	1,187,997
Trade account receivable			1,954,769
Inventories			886,650
Prepaid expenses and other			396,545
Property, plant and equipment			219,077
Operating lease, right of use asset			355,000
Customer relationships			6,347,000
Goodwill			4,782,376
Current liabilities			(1,370,314	)
Deferred tax liability			(1,904,100	)
Operating lease liability			(355,000	)
	Net assets acquired	$	12,500,000
Less:
	Fair value of previously held equity method investment		(1,637,362	)
	Cumulative foreign currency translation		(661,088	)
	Gain recognized on acquisition		(3,951,550	)
			(6,250,000	)
Cash paid for acquisition		$	6,250,000

Note 4 - Inventories (Tables)

6 Months Ended

Feb. 28, 2022

Schedule of Inventory, Current [Table Text Block]

	February 28, 2022		August 31, 2021
Production materials	$	5,016,068	$	4,453,688
Finished goods		7,962,149		6,660,519
	$	12,978,217	$	11,114,207

Note 5 - Property and Equipment, Net (Tables)

6 Months Ended

Feb. 28, 2022

Property, Plant and Equipment [Table Text Block]

	February 28, 2022			August 31, 2021
Land	$	310,365		$	310,365
Buildings and improvements		14,084,196			13,149,258
Machinery and equipment		5,540,345			5,453,679
		19,934,906			18,913,302
Less accumulated depreciation		(7,598,207	)		(7,091,844	)
	$	12,336,699		$	11,821,458

Note 6 - Patents and Trademarks, Net (Tables)

6 Months Ended

Feb. 28, 2022

Patents and Trademarks [Member]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	February 28, 2022			August 31, 2021
Patents and trademarks	$	3,130,803		$	3,018,507
Less accumulated amortization		(2,412,998	)		(2,308,935	)
	$	717,805		$	709,572

Note 7 - Investments in Joint Ventures (Tables)

6 Months Ended

Feb. 28, 2022

Condensed Balance Sheet [Table Text Block]

	As of February 28, 2022
	Total		EXCOR		All Other
Current assets	$	55,032,109	$	25,447,104	$	29,585,005
Total assets		58,525,731		27,186,903		31,338,828
Current liabilities		12,803,351		3,004,495		9,798,856
Noncurrent liabilities		1,268,334		-		1,268,334
Joint ventures’ equity		44,454,046		24,182,408		20,271,638
Northern Technologies International Corporation’s share of joint ventures’ equity		21,852,070		12,091,206		9,760,864
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		20,501,921		12,060,301		8,441,621

	As of August 31, 2021
	Total		EXCOR		All Other⁽¹⁾
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

Condensed Income Statement [Table Text Block]

	Three Months Ended February 28, 2022
	Total		EXCOR		All Other
Net sales	$	24,601,767	$	9,312,434	$	15,289,334
Gross profit		9,845,002		4,658,450		5,186,553
Net income		1,851,591		1,170,187		681,404
Northern Technologies International Corporation’s share of equity in income from joint ventures		922,832		589,048		333,784
Northern Technologies International Corporation's dividends received from joint ventures		320,365		—		320,365

	Six Months Ended February 28, 2022
	Total		EXCOR		All Other
Net sales	$	51,624,762	$	20,612,662	$	31,012,100
Gross profit		20,877,961		10,127,436		10,750,525
Net income		4,629,196		2,991,734		1,637,462
Northern Technologies International Corporation’s share of equity in income from joint ventures		2,297,581		1,499,821		797,760
Northern Technologies International Corporation's dividends received from joint ventures		5,362,636		4,255,200		1,107,436

	Three Months Ended February 28, 2021
	Total		EXCOR		All Other⁽¹⁾
Net sales	$	29,058,402	$	10,542,097	$	18,516,306
Gross profit		13,079,478		6,099,187		6,980,291
Net income		3,838,007		2,262,321		1,575,686
Northern Technologies International Corporation’s share of equity in income from joint ventures		1,920,012		1,132,578		787,434
Northern Technologies International Corporation's dividends received from joint ventures		2,198,142		1,809,900		388,242

	Six Months Ended February 28, 2021
	Total		EXCOR		All Other⁽¹⁾
Net sales	$	55,835,745	$	20,093,580	$	35,742,165
Gross profit		25,521,239		11,798,194		13,723,045
Net income		7,489,431		4,283,395		3,206,036
Northern Technologies International Corporation’s share of equity in income from joint ventures		3,745,724		2,143,115		1,602,609
Northern Technologies International Corporation's dividends received from joint ventures		3,323,503		1,809,900		1,513,603

Note 8 - Intangible Assets, Net (Tables)

6 Months Ended

Feb. 28, 2022

Customer Relationships and Assembled Workforce [Member]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

		Gross Carrying Amount				Accumulated Amortization				Net Carrying Amount
Customer relationships		$	6,347,000			$	(211,567	)		$	6,135,433

Note 10 - Stockholders' Equity (Tables)

6 Months Ended

Feb. 28, 2022

Dividends Declared [Table Text Block]

Declaration Date	Amount		Record Date	Payable Date
October 20, 2021	$	0.07	November 3, 2021	November 17, 2021
January 21, 2022	$	0.07	February 2, 2022	February 16, 2022

Note 11 - Net Income Per Common Share (Tables)

6 Months Ended

Feb. 28, 2022

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended February 28,				Six Months Ended February 28,
Numerator:	2022		2021		2022		2021
Net income attributable to NTIC	$	182,847	$	1,312,575	$	4,676,606	$	2,574,974

Denominator:
Basic – weighted shares outstanding		9,214,817		9,104,636		9,211,858		9,104,623
Weighted shares assumed upon exercise of stock options		468,609		763,282		524,202		651,645
Diluted – weighted shares outstanding		9,683,426		9,867,918		9,736,060		9,756,268
Basic net income per share:	$	0.02	$	0.14	$	0.51	$	0.28
Diluted net income per share:	$	0.02	$	0.13	$	0.48	$	0.26

Note 12 - Stock-based Compensation (Tables)

6 Months Ended

Feb. 28, 2022

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Three and Six Months Ended February 28,
	2022			2021
Dividend yield		1.65	%		2.37	%
Expected volatility		45.4	%		45.6	%
Expected life of option (in years)		10			10
Average risk-free interest rate		0.77	%		0.28	%

Note 13 - Segment and Geographic Information (Tables)

6 Months Ended

Feb. 28, 2022

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

	Three Months Ended February 28,				Six Months Ended February 28,
	2022		2021		2022		2021
ZERUST® net sales	$	13,117,777	$	10,284,116	$	27,541,562	$	20,504,667
Natur-Tec® net sales		3,630,862		2,498,766		7,400,490		5,057,327
Total net sales	$	16,748,639	$	12,782,882	$	34,942,052	$	25,561,994

Reconciliation of Cost of Goods Sold from Segments to Consolidated [Table Text Block]

	Three Months Ended February 28,										Six Months Ended February 28,
	2022		% of Product Sales*			2021		% of Product Sales*			2022		% of Product Sales*			2021		% of Product Sales*
Direct cost of goods sold
ZERUST®	$	8,151,274		62.1	%	$	6,065,963		59.0	%	$	16,857,941		61.2	%	$	11,837,052		57.7	%
Natur-Tec®		2,775,436		76.4	%		1,684,180		67.4	%		5,697,533		77.0	%		3,451,810		68.3	%
Indirect cost of goods sold		837,594		—			781,536		—			1,699,313		—			1,556,138		—
Total net cost of goods sold	$	11,764,304				$	8,531,679				$	24,254,787				$	16,845,000

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

	Three Months Ended February 28,				Six Months Ended February 28,
	2022		2021		2022		2021
Inside the U.S.A. to unaffiliated customers	$	5,115,963	$	4,619,130	$	11,272,285	$	9,480,485
Outside the U.S.A. to:
Joint ventures in which the Company is a shareholder directly and indirectly		883,513		526,942		1,723,952		1,107,246
Unaffiliated customers		10,749,163		7,636,810		21,945,815		14,974,262
	$	16,748,639	$	12,782,882	$	34,942,052	$	25,561,994

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	As of February 28, 2022		As of August 31, 2021
China	$	5,615,383	$	5,110,071
Other		655,837		453,199
United States		6,783,284		6,967,761
Total property and equipment and intangible assets, net	$	13,054,504	$	12,531,031

Revenue from External Customers by Geographic Areas [Table Text Block]

	Three Months Ended February 28,
	2022		2021
China	$	4,163,741	$	4,443,656
Brazil		936,089		804,569
India		4,068,781		1,295,006
Other		2,464,066		1,620,521
United States		5,115,962		4,619,130
Total net sales	$	16,748,639	$	12,782,882

	Six Months Ended February 28,
	2022		2021
China	$	8,221,593	$	8,987,634
Brazil		2,232,306		1,518,422
India		8,545,765		2,495,474
Other		4,670,103		3,079,978
United States		11,272,285		9,480,486
Total net sales	$	34,942,052	$	25,561,994

Fees for Services Provided to Joint Ventures [Member]

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

	Three Months Ended February 28,
	2022		% of Total Fees for Services Provided to Joint Ventures			2021		% of Total Fees for Services Provided to Joint Ventures
Germany	$	216,992		17.4	%	$	231,917		15.9	%
Poland		172,700		13.9	%		210,943		14.4	%
Japan		151,933		12.2	%		181,493		12.4	%
France		115,663		9.3	%		97,638		6.7	%
Sweden		99,178		8.0	%		146,896		10.0	%
United Kingdom		86,736		7.0	%		71,759		4.9	%
Thailand		87,918		7.1	%		107,377		7.3	%
Finland		85,426		6.9	%		71,496		4.9	%
Czech Republic		69,386		5.6	%		89,538		6.1	%
South Korea		64,173		5.1	%		78,220		5.3	%
Other		96,804		7.5	%		175,407		12.0	%
	$	1,246,909		100.0	%	$	1,462,684		100.0	%

	Six Months Ended February 28,
	2022		% of Total Fees for Services Provided to Joint Ventures			2021		% of Total Fees for Services Provided to Joint Ventures
Germany	$	435,422		17.4	%	$	460,744		16.5	%
Poland		349,626		14.0	%		400,353		14.3	%
Japan		318,740		12.7	%		361,455		12.9	%
France		231,958		9.3	%		203,545		7.3	%
Sweden		207,248		8.3	%		237,385		8.5	%
Thailand		181,663		7.2	%		133,674		4.8	%
South Korea		175,472		7.0	%		197,309		7.0	%
Finland		165,599		6.6	%		147,779		5.3	%
Czech Republic		139,483		5.6	%		158,891		5.7	%
United Kingdom		126,800		5.1	%		163,298		5.8	%
Other		173,756		6.8	%		334,811		12.0	%
	$	2,505,767		100.0	%	$	2,799,245		100.0	%

Note 15 - Fair Value Measurements (Tables)

6 Months Ended

Feb. 28, 2022

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

Fair Value Measurements

Using Inputs Considered as

Fair value as of

February 28, 2022

Level 1

Level 2

Level 3

Available for sale securities

4,634

—

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

—

Note 16 - Supplemental Cash Flow Information (Tables)

6 Months Ended

Feb. 28, 2022

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Three Months Ended February 28,				Six Months Ended February 28,
	2022		2021		2022		2021
Cash paid for interest	$	7,404	$	5,249	$	10,295	$	7,617

Note 3 - Business Combination (Details Textual) - USD ($)		3 Months Ended		6 Months Ended
	Sep. 01, 2021	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021	Feb. 22, 2022	Aug. 31, 2021	Aug. 30, 2021
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net, Total		$ 0	$ 0	$ 3,951,550	$ 0
Revolving Credit Facility [Member] \| PNC Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000	5,000,000		5,000,000		$ 5,000,000	$ 5,000,000	$ 3,000,000
Harita-NTI Limited [Member]
Business Acquisition, Percentage of Voting Interests Acquired	50.00%
Business Combination, Consideration Transferred, Total	$ 6,250,000
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage	50.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, including Subsequent Acquisition, Percentage, Total	100.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net, Total	$ 3,951,550			3,951,550
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		4,680,103
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual				496,748
Business Combination, Acquisition Related Costs		65,000		115,000
Business Acquisition, Pro Forma Revenue		$ 2,257,542		$ 4,271,892
Harita-NTI Limited [Member] \| Customer Relationships [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Discount Rate	15.30%
Harita-NTI Limited [Member] \| Customer Relationships and Assembled Workforce [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)	15 years

Note 3 - Business Combination - Preliminary Purchase Price Allocation (Details) - USD ($)		3 Months Ended		6 Months Ended
	Sep. 01, 2021	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021	Aug. 31, 2021
Goodwill		$ 4,782,376		$ 4,782,376		$ 0
Gain recognized on acquisition		$ 0	$ 0	(3,951,550)	$ 0
Harita-NTI Limited [Member]
Cash and cash equivalents	$ 1,187,997
Trade account receivable	1,954,769
Inventories	886,650
Prepaid expenses and other	396,545
Property, plant and equipment	219,077
Customer relationships	6,347,000
Goodwill	4,782,376
Current liabilities	(1,370,314)
Deferred tax liability	(1,904,100)
Operating lease liability	(355,000)
Net assets acquired	12,500,000
Fair value of previously held equity method investment	(1,637,362)
Cumulative foreign currency translation	(661,088)
Gain recognized on acquisition	(3,951,550)			$ (3,951,550)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest, Total	(6,250,000)
Cash paid for acquisition	6,250,000
Harita-NTI Limited [Member] \| Customer Relationships [Member]
Operating lease, right of use asset	$ (355,000)

Note 4 - Inventories - Inventories (Details) - USD ($)	Feb. 28, 2022	Aug. 31, 2021
Production materials	$ 5,016,068	$ 4,453,688
Finished goods	7,962,149	6,660,519
Total inventory	$ 12,978,217	$ 11,114,207

Note 5 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($)	Feb. 28, 2022	Aug. 31, 2021
Land	$ 310,365	$ 310,365
Buildings and improvements	14,084,196	13,149,258
Machinery and equipment	5,540,345	5,453,679
Gross	19,934,906	18,913,302
Less accumulated depreciation	(7,598,207)	(7,091,844)
Net	$ 12,336,699	$ 11,821,458

Note 6 - Patents and Trademarks, Net - Patents and Trademarks, Net (Details) - Patents and Trademarks [Member] - USD ($)	Feb. 28, 2022	Aug. 31, 2021
Patents and trademarks	$ 3,130,803	$ 3,018,507
Less accumulated amortization	(2,412,998)	(2,308,935)
Patents and trademarkes, net	$ 717,805	$ 709,572

Note 7 - Investments in Joint Ventures - Condensed Balance Sheet of EXCOR and All Other Joint Ventures (Details) - USD ($)

Feb. 28, 2022

Aug. 31, 2021

$ 38,597,623

$ 33,747,089

84,950,651

74,370,879

13,271,186

8,516,196

2,241,698

104,102

66,065,839

62,368,026

Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]

21,852,070

27,623,768

55,032,109

69,394,796

58,525,731

73,814,402

12,803,351

16,366,398

1,268,334

1,455,524

44,454,046

55,992,480

Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings

21,852,070

27,623,768

20,501,921

24,702,778

EXCOR [Member]

25,447,104

33,886,655

27,186,903

36,211,520

3,004,495

5,386,377

24,182,408

30,825,144

Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings

12,091,206

15,412,574

12,060,301

14,697,490

29,585,005

31,338,828

9,798,856

1,268,334

20,271,638

Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings

9,760,864

$ 8,441,621

Joint Ventures in France [Member]

^[1]

35,508,141

^[1]

37,602,882

^[1]

10,980,021

^[1]

1,455,524

^[1]

25,167,336

Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings

^[1]

12,211,194

^[1]

$ 10,005,288

[1]	Includes Harita-NTI since Harita-NTI was not a consolidated subsidiary of the Company as of Augut 31, 2021 or November 30, 2020. See Note 3.

Note 7 - Investments in Joint Ventures - Condensed Income Statement of EXCOR and All Other Joint Ventures (Details) - USD ($)

3 Months Ended

6 Months Ended

Feb. 28, 2022

Feb. 28, 2021

Feb. 28, 2022

Feb. 28, 2021

$ 16,748,639

$ 12,782,882

$ 34,942,052

$ 25,561,994

4,984,335

4,251,203

10,687,265

8,716,994

Northern Technologies International Corporation’s share of equity in income from joint ventures

182,847

1,312,575

4,676,606

2,574,974

922,832

1,920,012

2,297,581

3,745,724

Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]

24,601,767

29,058,402

51,624,762

55,835,745

9,845,002

13,079,478

20,877,961

25,521,239

Northern Technologies International Corporation’s share of equity in income from joint ventures

1,851,591

3,838,007

4,629,196

7,489,431

922,832

1,920,012

2,297,581

3,745,724

Northern Technologies International Corporation's dividends received from joint ventures

320,365

2,198,142

5,362,636

3,323,503

EXCOR [Member]

9,312,434

10,542,097

20,612,662

20,093,580

4,658,450

6,099,187

10,127,436

11,798,194

Northern Technologies International Corporation’s share of equity in income from joint ventures

1,170,187

2,262,321

2,991,734

4,283,395

589,048

1,132,578

1,499,821

2,143,115

Northern Technologies International Corporation's dividends received from joint ventures

1,809,900

4,255,200

1,809,900

15,289,334

5,186,553

681,404

Northern Technologies International Corporation’s share of equity in income from joint ventures

333,784

Northern Technologies International Corporation's dividends received from joint ventures

$ 320,365

Joint Ventures in France [Member]

^[1]

18,516,306

31,012,100

35,742,165

^[1]

6,980,291

10,750,525

13,723,045

Northern Technologies International Corporation’s share of equity in income from joint ventures

^[1]

1,575,686

1,637,462

3,206,036

^[1]

787,434

797,760

1,602,609

Northern Technologies International Corporation's dividends received from joint ventures

^[1]

$ 388,242

$ 1,107,436

$ 1,513,603

[1]	Includes Harita-NTI since Harita-NTI was not a consolidated subsidiary of the Company as of Augut 31, 2021 or November 30, 2020. See Note 3.

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Note 8 - Intangible Assets, Net (Details Textual) - Customer Relationships and Assembled Workforce [Member]	3 Months Ended	6 Months Ended
	Feb. 28, 2022 USD ($)	Feb. 28, 2022 USD ($)
Finite-Lived Intangible Asset, Useful Life (Year)	15 years
Amortization of Intangible Assets, Total	$ 143,567	$ 211,567
Finite-Lived Intangible Asset, Expected Amortization, Year One	423,000	423,000
Finite-Lived Intangible Asset, Expected Amortization, Year Two	423,000	423,000
Finite-Lived Intangible Asset, Expected Amortization, Year Three	423,000	423,000
Finite-Lived Intangible Asset, Expected Amortization, Year Four	423,000	423,000
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 423,000	$ 423,000

Note 8 - Intangible Assets, Net (Details) - Customer Relationships [Member]	Feb. 28, 2022 USD ($)
Patents and trademarks	$ 6,347,000
Less accumulated amortization	(211,567)
Customer relationships	$ 6,135,433

Note 9 - Corporate Debt (Details Textual)	6 Months Ended
Note 9 - Corporate Debt (Details Textual)	Feb. 28, 2022 USD ($)	Apr. 24, 2022 USD ($)	Apr. 23, 2022 USD ($)	Feb. 22, 2022 USD ($)	Sep. 01, 2021 USD ($)	Aug. 31, 2021 USD ($)	Aug. 30, 2021 USD ($)
PNC Bank [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000			$ 5,000,000	$ 5,000,000	$ 5,000,000	$ 3,000,000
Long-term Line of Credit, Total	$ 4,200,000					0
Debt, Weighted Average Interest Rate	2.57%
Debt Instrument, Covenants, Fixed Charge Coverage Ratio	1.10
Letters of Credit Outstanding, Amount	$ 0					0
PNC Bank [Member] \| Revolving Credit Facility [Member] \| Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 3,000,000	$ 5,000,000
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	$ 72,418					$ 72,418

Note 10 - Stockholders' Equity (Details Textual) - $ / shares					3 Months Ended		6 Months Ended
	Jan. 21, 2022	Oct. 20, 2021	Sep. 01, 2021	Sep. 01, 2020	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Stock Repurchased and Retired During Period, Shares (in shares)							0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)							174,840	419,874
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.07	$ 0.07			$ 0.07	$ 0.065	$ 0.14	$ 0.065
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)			2,636	4,646
The 2019 Plan [member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)							895,484
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)					704,516		704,516
The 2019 Plan [member] \| Employees and Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)							174,840	419,874
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)							$ 16.97	$ 8.24
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Including Cashless Exercises (in shares)							43,218
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share)							$ 6.45
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)							34,071	0
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)					72,186		72,186

Note 10 - Stockholders' Equity - Cash Dividends Declared (Details) - $ / shares			3 Months Ended		6 Months Ended
	Jan. 21, 2022	Oct. 20, 2021	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Amount (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.065	$ 0.14	$ 0.065
Record date	Feb. 02, 2022	Nov. 03, 2021
Payable date	Feb. 16, 2022	Nov. 17, 2021

Note 11 - Net Income Per Common Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	311,061	136,221	311,061	136,221

Note 11 - Net Income Per Common Share - Reconciliation of the Earnings Per Share Computations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Net income	$ 182,847	$ 1,312,575	$ 4,676,606	$ 2,574,974
Basic – weighted shares outstanding (in shares)	9,214,817	9,104,636	9,211,858	9,104,623
Weighted shares assumed upon exercise of stock options (in shares)	468,609	763,282	524,202	651,645
Diluted – weighted shares outstanding (in shares)	9,683,426	9,867,918	9,736,060	9,756,268
Basic net income per share: (in dollars per share)	$ 0.02	$ 0.14	$ 0.51	$ 0.28
Diluted net income per share: (in dollars per share)	$ 0.02	$ 0.13	$ 0.48	$ 0.26

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Note 12 - Stock-based Compensation (Details Textual) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 15, 2021	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)				174,840	419,874
Share-based Payment Arrangement, Expense		$ 133,334	$ 66,667	$ 266,668	$ 133,334
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 1,475,485		1,475,485
Allocated Share-based Compensation Expense, Estimate Remainder of Fiscal Year				465,766
Allocated Share-based Compensation Expense, Estimate, Fiscal Year Two				671,526
Allocated Share Based Compensation Expense, Estimate, Fiscal Year Three				$ 338,193
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)				$ 7.29	$ 3.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)				6 years 3 months	6 years 7 months 24 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		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)				895,484
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		704,516		704,516
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
The 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)		662,789		662,789

Note 12 - Stock-based Compensation - Black-Scholes Option-pricing Model Assumptions (Details)	6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Dividend yield	1.65%	2.37%
Expected volatility	45.40%	45.60%
Expected life of option (in years) (Year)	10 years	10 years
Average risk-free interest rate	0.77%	0.28%

Note 13 - Segment and Geographic Information (Details Textual)	6 Months Ended
	Feb. 28, 2022
Number of Reportable Segments	2

Note 13 - Segment and Geographic Information - Net Sales by Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Net sales	$ 16,748,639	$ 12,782,882	$ 34,942,052	$ 25,561,994
ZERUST [Member]
Net sales	13,117,777	10,284,116	27,541,562	20,504,667
NaturTec [Member]
Net sales	$ 3,630,862	$ 2,498,766	$ 7,400,490	$ 5,057,327

Note 13 - Segment and Geographic Information - Cost of Goods Sold by Segment (Details) - USD ($)

3 Months Ended

6 Months Ended

Feb. 28, 2022

Feb. 28, 2021

Feb. 28, 2022

Feb. 28, 2021

Direct Cost of Goods Sold [Member] | ZERUST [Member]

$ 11,764,304

$ 8,531,679

$ 24,254,787

^[1]

$ 16,845,000

^[1]

Direct Cost of Goods Sold [Member] | NaturTec [Member]

$ 8,151,274

$ 6,065,963

$ 16,857,941

^[1]

$ 11,837,052

^[1]

Percent of product sales

^[1]

62.10%

59.00%

61.20%

57.70%

Indirect Cost of Goods Sold [Member]

$ 2,775,436

$ 1,684,180

$ 5,697,533

^[1]

$ 3,451,810

^[1]

Percent of product sales

^[1]

76.40%

67.40%

77.00%

68.30%

$ 837,594

$ 781,536

$ 1,699,313

^[1]

$ 1,556,138

^[1]

[1]	The percent of segment sales is calculated by dividing the direct cost of goods sold for each individual segment category by the net sales for each segment category.

Note 13 - Segment and Geographic Information - Net Sales by Geographic Location (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Net sales	$ 16,748,639	$ 12,782,882	$ 34,942,052	$ 25,561,994
Inside the USA to Unaffiliated Customers [Member]
Net sales	5,115,963	4,619,130	11,272,285	9,480,485
Joint Ventures in Which the Company is a Shareholder Directly and Indirectly Outside the USA [Member]
Net sales	883,513	526,942	1,723,952	1,107,246
Unaffiliated Customers Outside the USA [Member]
Net sales	$ 10,749,163	$ 7,636,810	$ 21,945,815	$ 14,974,262

Note 13 - Segment and Geographic Information - Fees for Services Provided to Joint Ventures by Geographic Location as a Percentage of Total Fees (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Fees	$ 1,246,909	$ 1,462,684	$ 2,505,767	$ 2,799,245
Percentage of Total Fees	100.00%	100.00%	100.00%	100.00%
GERMANY
Fees	$ 216,992	$ 231,917	$ 435,422	$ 460,744
Percentage of Total Fees	17.40%	15.90%	17.40%	16.50%
POLAND
Fees	$ 172,700	$ 210,943	$ 349,626	$ 400,353
Percentage of Total Fees	13.90%	14.40%	14.00%	14.30%
JAPAN
Fees	$ 151,933	$ 181,493	$ 318,740	$ 361,455
Percentage of Total Fees	12.20%	12.40%	12.70%	12.90%
FRANCE
Fees	$ 115,663	$ 97,638	$ 231,958	$ 203,545
Percentage of Total Fees	9.30%	6.70%	9.30%	7.30%
SWEDEN
Fees	$ 99,178	$ 146,896	$ 207,248	$ 237,385
Percentage of Total Fees	8.00%	10.00%	8.30%	8.50%
UNITED KINGDOM
Fees	$ 86,736	$ 71,759	$ 126,800	$ 163,298
Percentage of Total Fees	7.00%	4.90%	5.10%	5.80%
THAILAND
Fees	$ 87,918	$ 107,377	$ 181,663	$ 133,674
Percentage of Total Fees	7.10%	7.30%	7.20%	4.80%
KOREA, REPUBLIC OF
Fees	$ 64,173	$ 78,220	$ 175,472	$ 197,309
Percentage of Total Fees	5.10%	5.30%	7.00%	7.00%
FINLAND
Fees	$ 85,426	$ 71,496	$ 165,599	$ 147,779
Percentage of Total Fees	6.90%	4.90%	6.60%	5.30%
CZECHIA
Fees	$ 69,386	$ 89,538	$ 139,483	$ 158,891
Percentage of Total Fees	5.60%	6.10%	5.60%	5.70%
Other Countries [Member]
Fees	$ 96,804	$ 175,407	$ 173,756	$ 334,811
Percentage of Total Fees	7.50%	12.00%	6.80%	12.00%

Note 13 - Segment and Geographic Information - Total Long-lived Assets by Geographic Distribution (Details) - USD ($)	Feb. 28, 2022	Aug. 31, 2021
Total long-lived assets	$ 13,054,504	$ 12,531,031
CHINA
Total long-lived assets	5,615,383	5,110,071
Other Countries [Member]
Total long-lived assets	655,837	453,199
UNITED STATES
Total long-lived assets	$ 6,783,284	$ 6,967,761

Note 13 - Segment and Geographic Information - Total Net Sales by Geographic Distribution (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Net sales	$ 16,748,639	$ 12,782,882	$ 34,942,052	$ 25,561,994
CHINA
Net sales	4,163,741	4,443,656	8,221,593	8,987,634
BRAZIL
Net sales	936,089	804,569	2,232,306	1,518,422
INDIA
Net sales	4,068,781	1,295,006	8,545,765	2,495,474
Other Countries [Member]
Net sales	2,464,066	1,620,521	4,670,103	3,079,978
UNITED STATES
Net sales	$ 5,115,962	$ 4,619,130	$ 11,272,285	$ 9,480,486

Note 14 - Commitments and Contingencies (Details Textual) - USD ($)	6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Accrued Bonuses	$ 666,668	$ 1,033,334
Entity Wide Trade Joint Venture Receivables, Two Joint Ventures, Percentage	33.80%
Entity Wide Trade Joint Venture Receivables, Three Joint Ventures, Percentage		72.10%
Fiscal 2018 Bonus Plan [Member] \| Executive Officer [Member]
Percentage of Individual Bonus Payout Determined by Actual Versus Targeted EBITOI Results	75.00%
Percentage of Individuals Payout Determined Upon Achievement of Certain Pre-Established Individual Performance Objectives	25.00%

Note 15 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Feb. 28, 2022	Aug. 31, 2021
Available for sale securities	$ 4,634	$ 4,634
Fair Value, Inputs, Level 1 [Member]
Available for sale securities	4,634	4,634
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 16 - Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Cash paid for interest	$ 7,404	$ 5,249	$ 10,295	$ 7,617

Note 17 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Note 17 - Income Taxes (Details Textual) - USD ($)	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Income Tax Expense (Benefit), Total	$ 151,743	$ 274,660	$ 656,123	$ 653,250