0001171843-22-004792 | 10-Q | XBRL Viewer | Northern Technologies International Corp

12,722,833

10,152,582

36,977,620

^[1]

26,997,582

^[1]

Equity in income from joint ventures

6,242,088

5,265,942

16,929,353

13,982,936

JOINT VENTURE OPERATIONS:

1,364,597

2,033,536

3,662,178

5,779,260

Fees for services provided to joint ventures

1,329,988

1,589,621

3,835,755

4,388,866

Total joint venture operations

2,694,585

3,623,157

7,497,933

10,168,126

OPERATING EXPENSES:

Selling expenses

3,450,308

3,171,657

9,659,457

8,745,433

General and administrative expenses

2,560,487

2,072,195

7,675,622

6,125,151

Research and development expenses

1,102,942

1,066,493

3,557,437

3,217,410

Total operating expenses

7,113,737

6,310,345

20,892,516

18,087,994

OPERATING INCOME

1,822,936

2,578,754

3,534,770

6,063,068

REMEASUREMENT GAIN ON ACQUISITION OF EQUITY METHOD INVESTEE

3,951,550

INTEREST INCOME

15,925

10,676

36,777

95,852

INTEREST EXPENSE

(23,784)

(3,044)

(34,079)

(10,661)

INCOME BEFORE INCOME TAX EXPENSE

1,815,077

2,586,386

7,489,018

6,148,259

INCOME TAX EXPENSE

604,314

276,338

1,260,437

929,588

NET INCOME

1,210,763

2,310,048

6,228,581

5,218,671

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

210,596

256,132

551,808

589,781

NET INCOME ATTRIBUTABLE TO NTIC

$ 1,000,167

$ 2,053,916

$ 5,676,773

$ 4,628,890

NET INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE:

Basic (in dollars per share)

$ 0.11

$ 0.23

$ 0.62

$ 0.51

Diluted (in dollars per share)

$ 0.11

$ 0.21

$ 0.59

$ 0.47

WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING:

Basic (in shares)

9,227,912

9,109,861

9,216,216

9,107,243

Diluted (in shares)

9,578,797

9,972,000

9,682,646

9,829,052

CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)

$ 0.07

$ 0.065

$ 0.21

$ 0.13

[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		9 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Net income	$ 1,210,763	$ 2,310,048	$ 6,228,581	$ 5,218,671
OTHER COMPREHENSIVE INCOME– FOREIGN CURRENCY TRANSLATION ADJUSTMENT	(1,554,022)	262,267	(1,936,791)	757,273
COMPREHENSIVE INCOME	(343,259)	2,572,315	4,291,790	5,975,944
COMPREHENSIVE INCOME ATTRIBUTABLE TO NON- CONTROLLING INTERESTS	(181,283)	266,771	(473,385)	654,551
COMPREHENSIVE INCOME ATTRIBUTABLE TO NTIC	$ (161,976)	$ 2,305,544	$ 4,765,175	$ 5,321,393

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 issued for employee stock purchase plan (in shares)	9,871
Stock issued for employee stock purchase plan	$ 197	74,137	0	0	0	74,334
Stock option expense	0	503,338	0	0	0	503,338
Dividends paid to stockholders	0	0	(1,183,943)	0	0	(1,183,943)
Dividend received by non-controlling interest	0	0	0	0	(200,000)	(200,000)
Net income	0	0	4,628,890	0	589,781	5,218,671
Other comprehensive gain	0	0	0	692,503	64,770	757,273
Other comprehensive income	$ 0	0	0	692,503	64,770	757,273
BALANCE (in shares) at May. 31, 2021	9,109,861
BALANCE at May. 31, 2021	$ 182,197	17,992,518	45,917,757	(2,717,935)	3,499,577	64,874,114
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
Stock issued for employee stock purchase plan (in shares)	5,225
Stock issued for employee stock purchase plan	$ 104	38,038	0	0	0	38,142
Stock option expense	0	160,834	0	0	0	160,834
Dividends paid to stockholders	0	0	(592,141)	0	0	(592,141)
Net income	0	0	2,053,916	0	256,132	2,310,048
Other comprehensive gain	0	0	0	251,628	10,639	262,267
Other comprehensive income	$ 0	0	0	251,628	10,639	262,267
BALANCE (in shares) at May. 31, 2021	9,109,861
BALANCE at May. 31, 2021	$ 182,197	17,992,518	45,917,757	(2,717,935)	3,499,577	64,874,114
BALANCE (in shares) at Aug. 31, 2021	9,184,811
BALANCE at Aug. 31, 2021	$ 183,696	18,736,268	46,973,094	(3,525,030)	3,382,553	65,750,581
Stock issued for employee stock purchase plan (in shares)	5,601
Stock issued for employee stock purchase plan	$ 112	73,533	0	0	0	73,645
Stock options exercised (in shares)	42,071
Stock options exercised	$ 842	197,798	0	0	0	198,640
Stock option expense	0	698,649	0	0	0	698,649
Dividends paid to stockholders	0	0	(1,934,906)	0	0	(1,934,906)
Dividend received by non-controlling interest	0	0	0	0	(402,729)	(402,729)
Net income	0	0	5,676,773	0	551,808	6,228,581
Other comprehensive gain	0	0	0	(1,858,370)	(78,421)	(1,936,791)
Other comprehensive income	$ 0	0	0	(1,858,370)	(78,421)	(1,936,791)
BALANCE (in shares) at May. 31, 2022	9,232,483
BALANCE at May. 31, 2022	$ 184,650	19,706,248	50,714,961	(5,383,400)	3,453,211	68,675,670
BALANCE (in shares) at Feb. 28, 2022	9,221,517
BALANCE at Feb. 28, 2022	$ 184,430	19,379,032	50,361,068	(3,858,689)	3,371,926	69,437,767
Stock issued for employee stock purchase plan (in shares)	2,966
Stock issued for employee stock purchase plan	$ 59	35,054	0	0	0	35,113
Stock options exercised (in shares)	8,000
Stock options exercised	$ 161	59,279	0	0	0	59,440
Stock option expense	0	232,883	0	0	0	232,883
Dividends paid to stockholders	0	0	(646,274)	0	0	(646,274)
Dividend received by non-controlling interest	0	0	0	0	(100,000)	(100,000)
Net income	0	0	1,000,167	0	210,596	1,210,763
Other comprehensive gain	0	0	0	(1,524,711)	(29,311)	(1,554,022)
Other comprehensive income	$ 0	0	0	(1,524,711)	(29,311)	(1,554,022)
BALANCE (in shares) at May. 31, 2022	9,232,483
BALANCE at May. 31, 2022	$ 184,650	$ 19,706,248	$ 50,714,961	$ (5,383,400)	$ 3,453,211	$ 68,675,670

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	May 31, 2022	May 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,228,581	$ 5,218,671
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	698,649	503,338
Change in allowance for doubtful accounts	0	30,000
Depreciation expense	722,443	681,484
Amortization expense	474,121	151,710
Remeasurement gain on acquisition of equity method investee	(3,951,550)	0
Equity in income from joint ventures	(3,662,178)	(5,779,260)
Dividends received from joint ventures	5,723,176	3,505,455
Deferred income taxes	152,372	(8,526)
Changes in current assets and liabilities:
Trade, excluding joint ventures	(1,348,254)	(2,904,707)
Trade, joint ventures	(232,364)	(564,149)
Fees for services provided to joint ventures	261,913	(499,954)
Income taxes	(134,942)	(223,024)
Inventories	(2,093,668)	(177,927)
Prepaid expenses and other	(635,478)	(223,457)
Accounts payable	908,605	703,100
Income tax payable	(420,529)	(162,615)
Accrued liabilities	(912,803)	803,555
Net cash provided by operating activities	1,778,094	1,053,695
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	(941)	(800,000)
Proceeds from the sale of available for sale securities	0	1,219,670
Investment in joint venture	(341,392)	0
Purchases of property and equipment	(961,704)	(723,441)
Investments in patents	(164,994)	(96,009)
Net cash used in investing activities	(6,531,034)	(399,780)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend received by non-controlling interest	(402,729)	(200,000)
Proceeds from line of credit	4,700,000	0
Dividends paid on NTIC common stock	(1,934,906)	(1,183,943)
Proceeds from the exercise of stock options	198,640	0
Proceeds from employee stock purchase plan	73,645	74,334
Net cash provided by (used in) financing activities	2,634,650	(1,309,609)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	560,918	133,585
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(1,557,372)	(522,109)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	7,680,641	6,403,032
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 6,123,269	$ 5,880,923

Note 1 - Interim Financial Information

9 Months Ended

May 31, 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 May 31, 2022 and August 31, 2021, the results of the Company’s operations for the three and nine months ended May 31, 2022 and 2021, the changes in stockholders’ equity for the three and nine months ended May 31, 2022 and 2021, and the Company’s cash flows for the nine months ended May 31, 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 nine months ended May 31, 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

As a result of the novel coronavirus (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 continued to occur during the first nine months of fiscal 2022 and is expected to continue during the remainder of fiscal 2022 and into fiscal 2023. In the first nine months of fiscal 2022, the Company continued to be 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

9 Months Ended

May 31, 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

9 Months Ended

May 31, 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 became 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 nine months ended May 31, 2022. This gain is included in “Remeasurement gain on acquisition of equity method investee” on the Company’s consolidated statements of operations for the nine months ended May 31, 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 $7,260,964 and $664,775, respectively. The transaction costs associated with the acquisition were approximately $0 and $115,000, respectively, and are recorded in general and administrative expense as incurred during the three and nine months ended May 31, 2022.

Unaudited consolidated pro forma information assuming the acquisition had occurred on September 1, 2020 for the three and nine months ended May 31, 2021 would have an increase in net sales $2,405,098 and $6,697,005, respectively. Unaudited pro forma net income, assuming the acquisition had occurred on September 1, 2020, for the three and nine months ended May 31, 2021 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

9 Months Ended

May 31, 2022

Inventory Disclosure [Text Block]

4. INVENTORIES

Inventories consisted of the following:

	May 31, 2022		August 31, 2021
Production materials	$	4,946,106	$	4,453,688
Finished goods		8,920,123		6,660,519
	$	13,866,229	$	11,114,207

Note 5 - Property and Equipment, Net

9 Months Ended

May 31, 2022

Property, Plant and Equipment Disclosure [Text Block]

5. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

	May 31, 2022			August 31, 2021
Land	$	310,365		$	310,365
Buildings and improvements		14,098,634			13,149,258
Machinery and equipment		5,569,711			5,453,679
		19,978,710			18,913,302
Less accumulated depreciation		(7,907,433	)		(7,091,844	)
	$	12,071,277		$	11,821,458

Note 6 - Patents and Trademarks, Net

9 Months Ended

May 31, 2022

Patents and Trademarks [Member]

Intangible Assets Disclosure [Text Block]

6. PATENTS AND TRADEMARKS, NET

Patents and trademarks, net consisted of the following:

	May 31, 2022			August 31, 2021
Patents and trademarks	$	3,183,500		$	3,018,507
Less accumulated amortization		(2,465,705	)		(2,308,935	)
	$	717,795		$	709,572

Note 7 - Investments in Joint Ventures

9 Months Ended

May 31, 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 May 31, 2022
	Total		EXCOR		All Other
Current assets	$	55,305,950	$	25,677,287	$	29,628,663
Total assets		59,037,744		27,727,623		31,310,121
Current liabilities		13,289,392		2,978,114		10,311,279
Noncurrent liabilities		1,223,185		—		1,223,185
Joint ventures’ equity		44,601,335		24,749,509		19,851,826
Northern Technologies International Corporation’s share of joint ventures’ equity		22,194,433		12,374,756		9,819,677
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		20,844,284		12,343,851		8,500,433

	Three Months Ended May 31, 2022
	Total		EXCOR		All Other
Net sales	$	26,594,077	$	10,397,916	$	16,196,160
Gross profit		10,626,570		4,990,697		5,635,873
Net income		2,714,979		1,654,389		1,060,590
Northern Technologies International Corporation’s share of equity in income from joint ventures		1,364,597		824,784		539,813
Northern Technologies International Corporation’s dividends received from joint ventures		252,000		—		252,000

	Nine Months Ended May 31, 2022
	Total		EXCOR		All Other
Net sales	$	78,218,839	$	31,010,578	$	47,208,261
Gross profit		31,504,531		15,118,133		16,386,398
Net income		7,344,175		4,646,123		2,698,052
Northern Technologies International Corporation’s share of equity in income from joint ventures		3,662,178		2,324,605		1,337,572
Northern Technologies International Corporation’s dividends received from joint ventures		5,723,176		4,255,200		1,467,976

	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 May 31, 2021
	Total		EXCOR		All Other⁽¹⁾
Net sales	$	31,959,539	$	12,103,263	$	19,856,276
Gross profit		14,280,775		6,863,786		7,416,989
Net income		4,051,518		2,068,326		1,983,192
Northern Technologies International Corporation’s share of equity in income from joint ventures		2,033,536		1,039,576		993,960
Northern Technologies International Corporation’s dividends received from joint ventures		181,952		—		181,952

	Nine Months Ended May 31, 2021
	Total		EXCOR		All Other⁽¹⁾
Net sales	$	87,795,284	$	32,196,843	$	55,598,441
Gross profit		39,802,014		18,661,980		21,140,034
Net income		11,540,949		6,351,721		5,189,228
Northern Technologies International Corporation’s share of equity in income from joint ventures		5,779,260		3,182,691		2,596,569
Northern Technologies International Corporation’s dividends received from joint ventures		3,505,455		1,809,900		1,695,555

__________

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

Note 8 - Intangible Asset, Net

9 Months Ended

May 31, 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 May 31, 2022:

	May 31, 2022			August 31, 2021
Customer relationships	$	6,347,000		$	—
Less accumulated amortization		(317,350	)		—
Net Carrying Amount	$	6,029,650		$	—

The customer relationships were 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 $105,783 and $317,350 for the three and nine months ended May 31, 2022, respectively. Amortization expense is estimated to be $423,000 in each of the next five fiscal years.

Note 9 - Corporate Debt

9 Months Ended

May 31, 2022

Debt Disclosure [Text Block]

9. CORPORATE DEBT

The Company has a revolving line of credit with PNC Bank, National Association (PNC Bank) of $7,000,000 as of May 31, 2022, which will decrease to $5,000,000 effective August 16, 2022. The line of credit has a maturity date of January 7, 2023 and bears interest at an annual rate equal to the daily Bloomberg Short-Term Bank Yield Index plus 250 basis points (2.50%). The line of credit is governed under an Amended and Restated Loan Agreement dated August 31, 2021.

On May 20, 2022, to maintain financial flexibility, the Company issued an Amended and Restated Revolving Line of Credit Note to PNC Bank, which increased the Company’s line of credit from $5,000,000 to $7,000,000 until August 16, 2022, at which time the line of credit will go back to $5,000,000 until its expiration date on January 7, 2023. Additionally, on January 4, 2022, the Company issued 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%). The other material terms of the line of credit were not affected by these amendments or other immaterial amendments that have been executed since the execution of the Amended and Restated Loan Agreement dated August 31, 2021.

Borrowings of $4,700,000 were outstanding under the line of credit as of May 31, 2022 and no amounts were outstanding as of August 31, 2021. Such outstanding borrowings were used primarily to fund the Company’s acquisition of the remaining ownership interest of Zerust India. The average interest rate during each of the three and nine months ended May 31, 2022 was 2.92% and 2.69%, respectively.

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 May 31, 2022, the Company was in compliance with all debt covenants.

As of May 31, 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 May 31, 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

9 Months Ended

May 31, 2022

Stockholders' Equity Note Disclosure [Text Block]

10. STOCKHOLDERS’ EQUITY

During the nine months ended May 31, 2022, the Company’s Board of Directors declared cash dividends on the following dates in the following amounts to holders of record of the Company’s common stock as of the following record dates:

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
April 22, 2022	$	0.07	May 4, 2022	May 18, 2022

On April 23, 2020, the Company announced the temporary suspension of its quarterly cash dividend pending clarity on the financial impact of COVID-19 on the Company. On January 15, 2021, the Company announced the reinstatement of its quarterly cash dividend. During the nine months ended May 31, 2021, the Company’s Board of Directors declared cash dividends on the following dates in the following amounts to holders of record of the Company’s common stock as of the following record dates:

Declaration Date	Amount		Record Date	Payable Date
January 15, 2021	$	0.065	February 3, 2021	February 17, 2021
April 23, 2021	$	0.065	May 5, 2021	May 19, 2021

During the nine months ended May 31, 2022 and 2021, the Company repurchased no shares of its common stock.

During the nine months ended May 31, 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 nine months ended May 31, 2022, stock options to purchase an aggregate of 51,218 shares of common stock were exercised at a weighted average exercise price of $6.60 per share, resulting in the net issuance of 42,071 shares of common stock since some of the options were exercised on a net cashless exercise basis.

During the nine months ended May 31, 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 nine months ended May 31, 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). The Company issued 2,966 and 5,225 shares of common stock on March 1, 2022 and 2021, respectively, under the ESPP. The ESPP is compensatory for financial reporting purposes. As of May 31, 2021, 69,220 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

9 Months Ended

May 31, 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 nine months ended May 31, 2022 and 2021:

	Three Months Ended May 31,				Nine Months Ended May 31,
Numerator:	2022		2021		2022		2021
Net income attributable to NTIC	$	1,000,167	$	2,053,916	$	5,676,773	$	4,628,890

Denominator:
Basic – weighted shares outstanding		9,227,912		9,109,861		9,216,216		9,107,243
Weighted shares assumed upon exercise of stock options		350,886		862,139		466,430		721,809
Diluted – weighted shares outstanding		9,578,797		9,972,000		9,682,646		9,829,052
Basic net income per share:	$	0.11	$	0.23	$	0.62	$	0.51
Diluted net income per share:	$	0.11	$	0.21	$	0.59	$	0.47

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 nine months ended May 31, 2022 were options outstanding to purchase 327,793 shares of common stock. Excluded from the computation of diluted net income per share for the three and nine months ended May 31, 2021 were options outstanding to purchase 136,221 shares of common stock.

Note 12 - Stock-based Compensation

9 Months Ended

May 31, 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 May 31, 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 May 31, 2022, options to purchase an aggregate of 654,789 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 nine months ended May 31, 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 $232,883 and $698,649 during the three and nine months ended May 31, 2022, respectively, and compensation expense of $160,834 and $503,338 during the three and nine months ended May 31, 2021, respectively, related to the options that vested during such time period. As of May 31, 2022, the total compensation cost for non-vested options not yet recognized in the Company’s consolidated statements of operations was $1,242,602. Stock-based compensation expense of $232,883 is expected through the remainder of fiscal 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 May 31, 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 Nine Months Ended May 31,
	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 nine months ended May 31, 2022 and 2021 was $7.29 and $3.12, respectively. The weighted average remaining contractual life of the options outstanding as of May 31, 2022 and 2021 was 6.02 years and 6.40 years, respectively.

Note 13 - Segment and Geographic Information

9 Months Ended

May 31, 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 nine months ended May 31, 2022 and 2021 by segment:

	Three Months Ended May 31,				Nine Months Ended May 31,
	2022		2021		2022		2021
ZERUST® net sales	$	14,446,832	$	12,378,215	$	41,988,394	$	32,882,882
Natur-Tec® net sales		4,518,089		3,040,309		11,918,579		8,097,636
Total net sales	$	18,964,921	$	15,418,524	$	53,906,973	$	40,980,518

The following table sets forth the Company’s cost of goods sold for the three and nine months ended May 31, 2022 and 2021 by segment:

	Three Months Ended May 31,										Nine Months Ended May 31,
	2022		% of Product Sales*			2021		% of Product Sales*			2022		% of Product Sales*			2021		% of Product Sales*
Direct cost of goods sold
ZERUST®	$	8,409,392		58.2	%	$	7,091,220		57.3	%	$	25,267,333		60.2	%	$	18,928,272		57.6	%
Natur-Tec®		3,432,152		76.0	%		2,251,996		74.1	%		9,129,686		76.6	%		5,703,807		70.4	%
Indirect cost of goods sold		881,289		—			809,366		—			2,580,601		—			2,365,503		—
Total net cost of goods sold	$	12,722,833				$	10,152,582				$	36,977,620				$	26,997,582

* 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 nine months ended May 31, 2022 and 2021 were as follows:

	Three Months Ended May 31,				Nine Months Ended May 31,
	2022		2021		2022		2021
Inside the U.S.A. to unaffiliated customers	$	6,884,726	$	6,717,886	$	18,157,010	$	16,198,372
Outside the U.S.A. to:
Joint ventures in which the Company is a shareholder directly and indirectly		528,665		1,253,919		2,252,618		2,361,165
Unaffiliated customers		11,551,530		7,446,719		33,497,345		22,420,981
	$	18,964,921	$	15,418,524	$	53,906,973	$	40,980,518

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 nine months ended May 31, 2022 and 2021 were as follows:

	Three Months Ended May 31,
	2022		% of Total Fees for Services Provided to Joint Ventures			2021		% of Total Fees for Services Provided to Joint Ventures
Germany	$	204,316		15.4	%	$	232,026		14.6	%
Poland		171,181		12.9	%		226,174		14.2	%
Japan		168,075		12.6	%		200,270		12.6	%
France		123,869		9.3	%		119,172		7.5	%
Sweden		130,681		9.8	%		127,710		8.0	%
United Kingdom		89,363		6.7	%		113,886		7.2	%
Thailand		95,574		7.2	%		108,842		6.8	%
Finland		92,036		6.9	%		75,577		4.8	%
Czech Republic		84,797		6.4	%		109,680		6.9	%
South Korea		78,542		5.9	%		78,507		4.9	%
Other		91,554		6.9	%		197,777		12.4	%
	$	1,329,988		100.0	%	$	1,589,621		100.0	%

	Nine Months Ended May 31,
	2022		% of Total Fees for Services Provided to Joint Ventures			2021		% of Total Fees for Services Provided to Joint Ventures
Germany	$	639,738		16.7	%	$	692,770		15.8	%
Poland		520,807		13.6	%		626,527		14.3	%
Japan		486,815		12.7	%		561,725		12.8	%
France		355,827		9.3	%		322,717		7.4	%
Sweden		337,929		8.8	%		365,095		8.3	%
United Kingdom		271,027		7.1	%		247,560		5.6	%
Thailand		271,046		7.1	%		306,151		7.0	%
Finland		257,635		6.7	%		223,356		5.1	%
Czech Republic		224,280		5.8	%		268,571		6.1	%
South Korea		205,342		5.4	%		241,805		5.5	%
Other		265,309		6.9	%		532,589		12.1	%
	$	3,835,755		100.0	%	$	4,388,866		100.0	%

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

	As of May 31, 2022		As of August 31, 2021
China	$	5,528,663	$	5,110,071
Other		617,674		453,199
United States		6,642,735		6,967,761
Total property and equipment and patents	$	12,789,072	$	12,531,031

	Three Months Ended May 31,				Nine Months Ended May 31,
	2022		2021		2022		2021
China	$	3,624,396	$	4,037,493	$	11,845,989		13,025,127
Brazil		1,554,364		1,237,586		3,786,670		2,756,008
India		4,824,004		1,540,734		13,369,769		4,036,208
Other		2,077,431		1,884,825		6,747,535		4,964,803
United States		6,884,726		6,717,886		18,157,010		16,198,372
Total net sales	$	18,964,921	$	15,418,524	$	53,906,973	$	40,980,518

Long-lived assets consist of property and equipment and patents. 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Note 14 - Commitments and Contingencies

9 Months Ended

May 31, 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 $1,200,000 recognized for management bonuses for the nine months ended May 31, 2022, compared to $1,800,000 recognized for management bonuses for the nine months ended May 31, 2021.

Concentrations

Three joint ventures (consisting of the Company’s joint ventures in South Korea, Japan and Thailand) accounted for 62.3% of the Company’s trade joint venture receivables as of May 31, 2022, and three joint ventures (consisting of the Company’s joint ventures in India, South Korea and Thailand) accounted for 73.7% of the Company’s trade joint venture receivables as of May 31, 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 May 31, 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 - Supplemental Cash Flow Information

9 Months Ended

May 31, 2022

Cash Flow, Supplemental Disclosures [Text Block]

15. SUPPLEMENTAL CASH FLOW INFORMATION

Supplemental disclosures of cash flow information consisted of:

	Three Months Ended May 31,				Nine Months Ended May 31,
	2022		2021		2022		2021
Cash paid for interest	$	23,784	$	3,044	$	34,079	$	10,661

Note 16 - Income Taxes

9 Months Ended

May 31, 2022

Income Tax Disclosure [Text Block]

16. INCOME TAXES

Income tax expense for the three and nine months ended May 31, 2022 was $604,314 and $1,260,437, respectively, compared to $276,338 and $929,588, respectively, for the three and nine months ended May 31, 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 May 31, 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.

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Note 3 - Business Combination (Tables)

9 Months Ended

May 31, 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)

9 Months Ended

May 31, 2022

Schedule of Inventory, Current [Table Text Block]

	May 31, 2022		August 31, 2021
Production materials	$	4,946,106	$	4,453,688
Finished goods		8,920,123		6,660,519
	$	13,866,229	$	11,114,207

Note 5 - Property and Equipment, Net (Tables)

9 Months Ended

May 31, 2022

Property, Plant and Equipment [Table Text Block]

	May 31, 2022			August 31, 2021
Land	$	310,365		$	310,365
Buildings and improvements		14,098,634			13,149,258
Machinery and equipment		5,569,711			5,453,679
		19,978,710			18,913,302
Less accumulated depreciation		(7,907,433	)		(7,091,844	)
	$	12,071,277		$	11,821,458

Note 6 - Patents and Trademarks, Net (Tables)

9 Months Ended

May 31, 2022

Patents and Trademarks [Member]

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

	May 31, 2022			August 31, 2021
Patents and trademarks	$	3,183,500		$	3,018,507
Less accumulated amortization		(2,465,705	)		(2,308,935	)
	$	717,795		$	709,572

Note 7 - Investments in Joint Ventures (Tables)

9 Months Ended

May 31, 2022

Condensed Balance Sheet [Table Text Block]

	As of May 31, 2022
	Total		EXCOR		All Other
Current assets	$	55,305,950	$	25,677,287	$	29,628,663
Total assets		59,037,744		27,727,623		31,310,121
Current liabilities		13,289,392		2,978,114		10,311,279
Noncurrent liabilities		1,223,185		—		1,223,185
Joint ventures’ equity		44,601,335		24,749,509		19,851,826
Northern Technologies International Corporation’s share of joint ventures’ equity		22,194,433		12,374,756		9,819,677
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		20,844,284		12,343,851		8,500,433

	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 May 31, 2022
	Total		EXCOR		All Other
Net sales	$	26,594,077	$	10,397,916	$	16,196,160
Gross profit		10,626,570		4,990,697		5,635,873
Net income		2,714,979		1,654,389		1,060,590
Northern Technologies International Corporation’s share of equity in income from joint ventures		1,364,597		824,784		539,813
Northern Technologies International Corporation’s dividends received from joint ventures		252,000		—		252,000

	Nine Months Ended May 31, 2022
	Total		EXCOR		All Other
Net sales	$	78,218,839	$	31,010,578	$	47,208,261
Gross profit		31,504,531		15,118,133		16,386,398
Net income		7,344,175		4,646,123		2,698,052
Northern Technologies International Corporation’s share of equity in income from joint ventures		3,662,178		2,324,605		1,337,572
Northern Technologies International Corporation’s dividends received from joint ventures		5,723,176		4,255,200		1,467,976

	Three Months Ended May 31, 2021
	Total		EXCOR		All Other⁽¹⁾
Net sales	$	31,959,539	$	12,103,263	$	19,856,276
Gross profit		14,280,775		6,863,786		7,416,989
Net income		4,051,518		2,068,326		1,983,192
Northern Technologies International Corporation’s share of equity in income from joint ventures		2,033,536		1,039,576		993,960
Northern Technologies International Corporation’s dividends received from joint ventures		181,952		—		181,952

	Nine Months Ended May 31, 2021
	Total		EXCOR		All Other⁽¹⁾
Net sales	$	87,795,284	$	32,196,843	$	55,598,441
Gross profit		39,802,014		18,661,980		21,140,034
Net income		11,540,949		6,351,721		5,189,228
Northern Technologies International Corporation’s share of equity in income from joint ventures		5,779,260		3,182,691		2,596,569
Northern Technologies International Corporation’s dividends received from joint ventures		3,505,455		1,809,900		1,695,555

Note 8 - Intangible Asset, Net (Tables)

9 Months Ended

May 31, 2022

Customer Relationships and Assembled Workforce [Member]

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

	May 31, 2022			August 31, 2021
Customer relationships	$	6,347,000		$	—
Less accumulated amortization		(317,350	)		—
Net Carrying Amount	$	6,029,650		$	—

Note 10 - Stockholders' Equity (Tables)

9 Months Ended

May 31, 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
April 22, 2022	$	0.07	May 4, 2022	May 18, 2022

Declaration Date	Amount		Record Date	Payable Date
January 15, 2021	$	0.065	February 3, 2021	February 17, 2021
April 23, 2021	$	0.065	May 5, 2021	May 19, 2021

Note 11 - Net Income Per Common Share (Tables)

9 Months Ended

May 31, 2022

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

	Three Months Ended May 31,				Nine Months Ended May 31,
Numerator:	2022		2021		2022		2021
Net income attributable to NTIC	$	1,000,167	$	2,053,916	$	5,676,773	$	4,628,890

Denominator:
Basic – weighted shares outstanding		9,227,912		9,109,861		9,216,216		9,107,243
Weighted shares assumed upon exercise of stock options		350,886		862,139		466,430		721,809
Diluted – weighted shares outstanding		9,578,797		9,972,000		9,682,646		9,829,052
Basic net income per share:	$	0.11	$	0.23	$	0.62	$	0.51
Diluted net income per share:	$	0.11	$	0.21	$	0.59	$	0.47

Note 12 - Stock-based Compensation (Tables)

9 Months Ended

May 31, 2022

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

	Three and Nine Months Ended May 31,
	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)

9 Months Ended

May 31, 2022

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

	Three Months Ended May 31,				Nine Months Ended May 31,
	2022		2021		2022		2021
ZERUST® net sales	$	14,446,832	$	12,378,215	$	41,988,394	$	32,882,882
Natur-Tec® net sales		4,518,089		3,040,309		11,918,579		8,097,636
Total net sales	$	18,964,921	$	15,418,524	$	53,906,973	$	40,980,518

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

	Three Months Ended May 31,										Nine Months Ended May 31,
	2022		% of Product Sales*			2021		% of Product Sales*			2022		% of Product Sales*			2021		% of Product Sales*
Direct cost of goods sold
ZERUST®	$	8,409,392		58.2	%	$	7,091,220		57.3	%	$	25,267,333		60.2	%	$	18,928,272		57.6	%
Natur-Tec®		3,432,152		76.0	%		2,251,996		74.1	%		9,129,686		76.6	%		5,703,807		70.4	%
Indirect cost of goods sold		881,289		—			809,366		—			2,580,601		—			2,365,503		—
Total net cost of goods sold	$	12,722,833				$	10,152,582				$	36,977,620				$	26,997,582

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

	Three Months Ended May 31,				Nine Months Ended May 31,
	2022		2021		2022		2021
Inside the U.S.A. to unaffiliated customers	$	6,884,726	$	6,717,886	$	18,157,010	$	16,198,372
Outside the U.S.A. to:
Joint ventures in which the Company is a shareholder directly and indirectly		528,665		1,253,919		2,252,618		2,361,165
Unaffiliated customers		11,551,530		7,446,719		33,497,345		22,420,981
	$	18,964,921	$	15,418,524	$	53,906,973	$	40,980,518

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

	As of May 31, 2022		As of August 31, 2021
China	$	5,528,663	$	5,110,071
Other		617,674		453,199
United States		6,642,735		6,967,761
Total property and equipment and patents	$	12,789,072	$	12,531,031

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

	Three Months Ended May 31,				Nine Months Ended May 31,
	2022		2021		2022		2021
China	$	3,624,396	$	4,037,493	$	11,845,989		13,025,127
Brazil		1,554,364		1,237,586		3,786,670		2,756,008
India		4,824,004		1,540,734		13,369,769		4,036,208
Other		2,077,431		1,884,825		6,747,535		4,964,803
United States		6,884,726		6,717,886		18,157,010		16,198,372
Total net sales	$	18,964,921	$	15,418,524	$	53,906,973	$	40,980,518

Fees for Services Provided to Joint Ventures [Member]

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

	Three Months Ended May 31,
	2022		% of Total Fees for Services Provided to Joint Ventures			2021		% of Total Fees for Services Provided to Joint Ventures
Germany	$	204,316		15.4	%	$	232,026		14.6	%
Poland		171,181		12.9	%		226,174		14.2	%
Japan		168,075		12.6	%		200,270		12.6	%
France		123,869		9.3	%		119,172		7.5	%
Sweden		130,681		9.8	%		127,710		8.0	%
United Kingdom		89,363		6.7	%		113,886		7.2	%
Thailand		95,574		7.2	%		108,842		6.8	%
Finland		92,036		6.9	%		75,577		4.8	%
Czech Republic		84,797		6.4	%		109,680		6.9	%
South Korea		78,542		5.9	%		78,507		4.9	%
Other		91,554		6.9	%		197,777		12.4	%
	$	1,329,988		100.0	%	$	1,589,621		100.0	%

	Nine Months Ended May 31,
	2022		% of Total Fees for Services Provided to Joint Ventures			2021		% of Total Fees for Services Provided to Joint Ventures
Germany	$	639,738		16.7	%	$	692,770		15.8	%
Poland		520,807		13.6	%		626,527		14.3	%
Japan		486,815		12.7	%		561,725		12.8	%
France		355,827		9.3	%		322,717		7.4	%
Sweden		337,929		8.8	%		365,095		8.3	%
United Kingdom		271,027		7.1	%		247,560		5.6	%
Thailand		271,046		7.1	%		306,151		7.0	%
Finland		257,635		6.7	%		223,356		5.1	%
Czech Republic		224,280		5.8	%		268,571		6.1	%
South Korea		205,342		5.4	%		241,805		5.5	%
Other		265,309		6.9	%		532,589		12.1	%
	$	3,835,755		100.0	%	$	4,388,866		100.0	%

Note 15 - Supplemental Cash Flow Information (Tables)

9 Months Ended

May 31, 2022

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

	Three Months Ended May 31,				Nine Months Ended May 31,
	2022		2021		2022		2021
Cash paid for interest	$	23,784	$	3,044	$	34,079	$	10,661

Note 3 - Business Combination (Details Textual) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 01, 2021	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Apr. 23, 2022	Feb. 22, 2022
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	7,000,000		7,000,000		$ 5,000,000	$ 5,000,000
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				7,260,964
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual				664,775
Business Combination, Acquisition Related Costs		$ 0		$ 115,000
Business Acquisition, Pro Forma Revenue			$ 2,405,098		$ 6,697,005
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		9 Months Ended
	Sep. 01, 2021	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 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 ($)	May 31, 2022	Aug. 31, 2021
Production materials	$ 4,946,106	$ 4,453,688
Finished goods	8,920,123	6,660,519
Total inventory	$ 13,866,229	$ 11,114,207

Note 5 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($)	May 31, 2022	Aug. 31, 2021
Land	$ 310,365	$ 310,365
Buildings and improvements	14,098,634	13,149,258
Machinery and equipment	5,569,711	5,453,679
Gross	19,978,710	18,913,302
Less accumulated depreciation	(7,907,433)	(7,091,844)
Net	$ 12,071,277	$ 11,821,458

Note 6 - Patents and Trademarks, Net - Patents and Trademarks, Net (Details) - Patents and Trademarks [Member] - USD ($)	May 31, 2022	Aug. 31, 2021
Patents and trademarks	$ 3,183,500	$ 3,018,507
Less accumulated amortization	(2,465,705)	(2,308,935)
Patents and trademarkes, net	$ 717,795	$ 709,572

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

May 31, 2022

Aug. 31, 2021

$ 38,968,265

$ 33,747,089

85,185,397

74,370,879

14,241,487

8,516,196

2,268,240

104,102

65,222,459

62,368,028

EXCOR and All Other Joint Venturs [Member]

22,194,433

27,623,768

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

22,194,433

27,623,768

20,844,284

24,702,778

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

12,374,756

15,412,574

12,343,851

14,697,490

All Other [Member]

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

9,819,677

8,500,433

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

^[1]

12,211,194

^[1]

10,005,288

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

55,305,950

69,394,796

59,037,744

73,814,402

13,289,392

16,366,398

1,223,185

1,455,524

44,601,335

55,992,480

25,677,287

33,886,655

27,727,623

36,211,520

2,978,114

5,386,377

24,749,509

30,825,144

29,628,663

31,310,121

10,311,279

1,223,185

$ 19,851,826

^[1]

35,508,141

^[1]

37,602,882

^[1]

10,980,021

^[1]

1,455,524

^[1]

$ 25,167,336

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

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

3 Months Ended

9 Months Ended

May 31, 2022

May 31, 2021

May 31, 2022

May 31, 2021

$ 18,964,921

$ 15,418,524

$ 53,906,973

$ 40,980,518

6,242,088

5,265,942

16,929,353

13,982,936

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

1,000,167

2,053,916

5,676,773

4,628,890

1,364,597

2,033,536

3,662,178

5,779,260

EXCOR and All Other Joint Venturs [Member]

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

1,364,597

2,033,536

3,662,178

5,779,260

Northern Technologies International Corporation’s dividends received from joint ventures

252,000

181,952

5,723,176

3,505,455

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

824,784

1,039,576

2,324,605

3,182,691

Northern Technologies International Corporation’s dividends received from joint ventures

4,255,200

1,809,900

All Other [Member]

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

539,813

Northern Technologies International Corporation’s dividends received from joint ventures

252,000

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

^[1]

993,960

1,337,572

2,596,569

Northern Technologies International Corporation’s dividends received from joint ventures

^[1]

181,952

1,467,976

1,695,555

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

26,594,077

31,959,539

78,218,839

87,795,284

10,626,570

14,280,775

31,504,531

39,802,014

2,714,979

4,051,518

7,344,175

11,540,949

10,397,916

12,103,263

31,010,578

32,196,843

4,990,697

6,863,786

15,118,133

18,661,980

1,654,389

2,068,326

4,646,123

6,351,721

16,196,160

5,635,873

$ 1,060,590

^[1]

19,856,276

47,208,261

55,598,441

^[1]

7,416,989

16,386,398

21,140,034

^[1]

$ 1,983,192

$ 2,698,052

$ 5,189,228

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

Note 8 - Intangible Asset, Net (Details Textual) - Customer Relationships and Assembled Workforce [Member]	3 Months Ended	6 Months Ended	9 Months Ended
	May 31, 2022 USD ($)	May 31, 2022 USD ($)	May 31, 2022 USD ($)
Finite-Lived Intangible Asset, Useful Life (Year)		15 years
Amortization of Intangible Assets	$ 105,783		$ 317,350
Finite-Lived Intangible Asset, Expected Amortization, Year One	423,000	$ 423,000	423,000
Finite-Lived Intangible Asset, Expected Amortization, Year Two	423,000	423,000	423,000
Finite-Lived Intangible Asset, Expected Amortization, Year Three	423,000	423,000	423,000
Finite-Lived Intangible Asset, Expected Amortization, Year Four	423,000	423,000	423,000
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 423,000	$ 423,000	$ 423,000

Note 8 - Intangible Asset, Net (Details) - Customer Relationships [Member] - USD ($)	May 31, 2022	Aug. 31, 2021
Patents and trademarks	$ 6,347,000	$ 0
Less accumulated amortization	(317,350)	0
Patents and trademarkes, net	$ 6,029,650	$ 0

Note 9 - Corporate Debt (Details Textual)	3 Months Ended	9 Months Ended
Note 9 - Corporate Debt (Details Textual)	May 31, 2022 USD ($)	May 31, 2022 USD ($)	Aug. 16, 2022 USD ($)	Apr. 23, 2022 USD ($)	Feb. 22, 2022 USD ($)	Sep. 01, 2021 USD ($)	Aug. 31, 2021 USD ($)
PNC Bank [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 7,000,000	$ 7,000,000		$ 5,000,000	$ 5,000,000	$ 5,000,000
Long-Term Line of Credit, Total	$ 4,700,000	$ 4,700,000					$ 0
Line of Credit Facility, Interest Rate During Period	2.92%	2.69%
Debt Instrument, Covenants, Fixed Charge Coverage Ratio		1.10
Letters of Credit Outstanding, Amount	$ 0	$ 0					0
PNC Bank [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		2.50%
PNC Bank [Member] \| Revolving Credit Facility [Member] \| Forecast [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 5,000,000
JP Morgan Chase Bank [Member]
Letters of Credit Outstanding, Amount	$ 72,418	$ 72,418					$ 72,418

Note 10 - Stockholders' Equity (Details Textual) - $ / shares					9 Months Ended
	Mar. 01, 2022	Sep. 01, 2021	Mar. 01, 2021	Sep. 01, 2020	May 31, 2022	May 31, 2021
Stock Repurchased and Retired During Period, Shares (in shares)					0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)					174,840	419,874
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)	2,966	2,636	5,225	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
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)					51,218
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share)					$ 6.60
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)					42,071	0
ESPP [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)						69,220

Note 10 - Stockholders' Equity - Cash Dividends Declared (Details) - $ / shares						3 Months Ended		9 Months Ended
	Apr. 22, 2022	Jan. 21, 2022	Oct. 20, 2021	Apr. 23, 2021	Jan. 15, 2021	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Amount (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.065	$ 0.065	$ 0.07	$ 0.065	$ 0.21	$ 0.13
Record date	May 04, 2022	Feb. 02, 2022	Nov. 03, 2021	May 05, 2021	Feb. 03, 2021
Payable date	May 18, 2022	Feb. 16, 2022	Nov. 17, 2021	May 19, 2021	Feb. 17, 2021

Note 11 - Net Income Per Common Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	327,793	136,221	327,793	136,221

Note 11 - Net Income Per Common Share - Reconciliation of the Earnings Per Share Computations (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Net income	$ 1,000,167	$ 2,053,916	$ 5,676,773	$ 4,628,890
Basic – weighted shares outstanding (in shares)	9,227,912	9,109,861	9,216,216	9,107,243
Weighted shares assumed upon exercise of stock options (in shares)	350,886	862,139	466,430	721,809
Diluted – weighted shares outstanding (in shares)	9,578,797	9,972,000	9,682,646	9,829,052
Basic net income per share: (in dollars per share)	$ 0.11	$ 0.23	$ 0.62	$ 0.51
Diluted net income per share: (in dollars per share)	$ 0.11	$ 0.21	$ 0.59	$ 0.47

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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Note 12 - Stock-based Compensation (Details Textual) - USD ($)		3 Months Ended		9 Months Ended
	Jan. 15, 2021	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 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		$ 232,883	$ 160,834	$ 698,649	$ 503,338
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 1,242,602		1,242,602
Allocated Share-based Compensation Expense, Estimate Remainder of Fiscal Year				232,883
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 7 days	6 years 4 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)		654,789		654,789

Note 12 - Stock-based Compensation - Black-Scholes Option-pricing Model Assumptions (Details)	9 Months Ended
	May 31, 2022	May 31, 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)	9 Months Ended
	May 31, 2022
Number of Reportable Segments	2

Note 13 - Segment and Geographic Information - Net Sales by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Net sales	$ 18,964,921	$ 15,418,524	$ 53,906,973	$ 40,980,518
ZERUST [Member]
Net sales	14,446,832	12,378,215	41,988,394	32,882,882
NaturTec [Member]
Net sales	$ 4,518,089	$ 3,040,309	$ 11,918,579	$ 8,097,636

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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

3 Months Ended

9 Months Ended

May 31, 2022

May 31, 2021

May 31, 2022

May 31, 2021

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

$ 12,722,833

$ 10,152,582

$ 36,977,620

^[1]

$ 26,997,582

^[1]

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

$ 8,409,392

$ 7,091,220

$ 25,267,333

^[1]

$ 18,928,272

^[1]

Percent of product sales

^[1]

58.20%

57.30%

60.20%

57.60%

Indirect Cost of Goods Sold [Member]

$ 3,432,152

$ 2,251,996

$ 9,129,686

^[1]

$ 5,703,807

^[1]

Percent of product sales

^[1]

76.00%

74.10%

76.60%

70.40%

$ 881,289

$ 809,366

$ 2,580,601

^[1]

$ 2,365,503

^[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		9 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Net sales	$ 18,964,921	$ 15,418,524	$ 53,906,973	$ 40,980,518
Inside the USA to Unaffiliated Customers [Member]
Net sales	6,884,726	6,717,886	18,157,010	16,198,372
Joint Ventures in Which the Company is a Shareholder Directly and Indirectly Outside the USA [Member]
Net sales	528,665	1,253,919	2,252,618	2,361,165
Unaffiliated Customers Outside the USA [Member]
Net sales	$ 11,551,530	$ 7,446,719	$ 33,497,345	$ 22,420,981

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		9 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Fees	$ 1,329,988	$ 1,589,621	$ 3,835,755	$ 4,388,866
Percentage of Total Fees	100.00%	100.00%	100.00%	100.00%
GERMANY
Fees	$ 204,316	$ 232,026	$ 639,738	$ 692,770
Percentage of Total Fees	15.40%	14.60%	16.70%	15.80%
POLAND
Fees	$ 171,181	$ 226,174	$ 520,807	$ 626,527
Percentage of Total Fees	12.90%	14.20%	13.60%	14.30%
JAPAN
Fees	$ 168,075	$ 200,270	$ 486,815	$ 561,725
Percentage of Total Fees	12.60%	12.60%	12.70%	12.80%
FRANCE
Fees	$ 123,869	$ 119,172	$ 355,827	$ 322,717
Percentage of Total Fees	9.30%	7.50%	9.30%	7.40%
SWEDEN
Fees	$ 130,681	$ 127,710	$ 337,929	$ 365,095
Percentage of Total Fees	9.80%	8.00%	8.80%	8.30%
UNITED KINGDOM
Fees	$ 89,363	$ 113,886	$ 271,027	$ 247,560
Percentage of Total Fees	6.70%	7.20%	7.10%	5.60%
THAILAND
Fees	$ 95,574	$ 108,842	$ 271,046	$ 306,151
Percentage of Total Fees	7.20%	6.80%	7.10%	7.00%
FINLAND
Fees	$ 92,036	$ 75,577	$ 257,635	$ 223,356
Percentage of Total Fees	6.90%	4.80%	6.70%	5.10%
CZECHIA
Fees	$ 84,797	$ 109,680	$ 224,280	$ 268,571
Percentage of Total Fees	6.40%	6.90%	5.80%	6.10%
KOREA, REPUBLIC OF
Fees	$ 78,542	$ 78,507	$ 205,342	$ 241,805
Percentage of Total Fees	5.90%	4.90%	5.40%	5.50%
Other Countries [Member]
Fees	$ 91,554	$ 197,777	$ 265,309	$ 532,589
Percentage of Total Fees	6.90%	12.40%	6.90%	12.10%

Note 13 - Segment and Geographic Information - Total Long-lived Assets by Geographic Distribution (Details) - USD ($)	May 31, 2022	Aug. 31, 2021
Total long-lived assets	$ 12,789,072	$ 12,531,031
CHINA
Total long-lived assets	5,528,663	5,110,071
Other Countries [Member]
Total long-lived assets	617,674	453,199
UNITED STATES
Total long-lived assets	$ 6,642,735	$ 6,967,761

Note 13 - Segment and Geographic Information - Total Net Sales by Geographic Distribution (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Net sales	$ 18,964,921	$ 15,418,524	$ 53,906,973	$ 40,980,518
CHINA
Net sales	3,624,396	4,037,493	11,845,989	13,025,127
BRAZIL
Net sales	1,554,364	1,237,586	3,786,670	2,756,008
INDIA
Net sales	4,824,004	1,540,734	13,369,769	4,036,208
Other Countries [Member]
Net sales	2,077,431	1,884,825	6,747,535	4,964,803
UNITED STATES
Net sales	$ 6,884,726	$ 6,717,886	$ 18,157,010	$ 16,198,372

Note 14 - Commitments and Contingencies (Details Textual) - USD ($)	9 Months Ended
	May 31, 2022	May 31, 2021
Accrued Bonuses	$ 1,200,000	$ 1,800,000
Entity Wide Trade Joint Venture Receivables, Two Joint Ventures, Percentage	62.30%
Entity Wide Trade Joint Venture Receivables, Three Joint Ventures, Percentage		73.70%
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 - Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Cash paid for interest	$ 23,784	$ 3,044	$ 34,079	$ 10,661

Note 16 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Note 16 - Income Taxes (Details Textual) - USD ($)	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Income Tax Expense (Benefit), Total	$ 604,314	$ 276,338	$ 1,260,437	$ 929,588