0001171843-23-004473 | 10-Q | XBRL Viewer | Northern Technologies International Corp

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

2.	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.

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 15 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Note 15 - Income Taxes (Details Textual) - USD ($)	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Income Tax Expense (Benefit)	$ 542,295	$ 604,314	$ 834,823	$ 1,260,437

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 7 - Corporate Debt

9 Months Ended

May 31, 2023

Debt Disclosure [Text Block]

7.	CORPORATE DEBT

On January 6, 2023, the Company entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPM”), which provides the Company with a senior secured revolving line of credit (the “Credit Facility”) of up to $10.0 million, which includes a $5.0 million sublimit for standby letters of credit. Borrowings of $5,200,000 under the new Credit Agreement were outstanding May 31, 2023. Borrowings of $5,900,000 were outstanding as of August 31, 2022 under the previous credit agreement.

Unless terminated earlier, the Credit Facility will mature on January 6, 2024, and the principal amount thereunder, together with all accrued unpaid interest and other amounts owing thereunder, if any, will be payable in full on such date. Borrowings under the Credit Agreement bear interest at a floating rate, at the option of the Company, equal to either the CB Floating Rate or the Adjusted SOFR Rate. The term “CB Floating Rate” means the greater of the Prime Rate in the United States or 2.50%. The term “Adjusted SOFR Rate” means the term secured overnight financing rate for either one, three or six months (depending on the interest period selected by the Company) plus 0.10% per annum. With respect to any borrowings using an Adjusted SOFR Rate, there is an applicable margin of 2.15% applied per annum. There is no applicable margin with respect to borrowings using a CB Floating Rate.

To secure the Credit Agreement, the Company assigned to JPM a continuing security interest in all of its right, title and interested in collateral made up for the assets of the Company.

The Credit Agreement contains customary affirmative and negative covenants, including, among other matters, limitations on the Company’s ability to incur additional debt, grant liens, engage in certain business operations and transactions, make certain investments, modify its organizational documents or form any new subsidiaries, subject to certain exceptions. Further, the Credit Agreement contains a negative covenant that restricts the ability of the Company to redeem or repurchase its common stock or pay dividends if the result of which would cause an event of default under the Credit Agreement. The Credit Agreement also requires the Company to maintain a Fixed Charge Coverage Ratio of at least 1.25 to 1.00. The term “Fixed Charge Coverage Ratio” means the ratio, computed for the Company on a consolidated basis, of net income plus income tax expense, plus amortization expense, plus depreciation expense, plus interest expense, and plus dividends received from joint ventures, minus unfinanced capital expenditures and equity in income from joint ventures, all computed for the twelve month period then ending, to scheduled principal payments made, plus scheduled finance lease payments made, plus interest expense paid, plus income tax expense paid, and plus cash distributions and dividends paid, all computed for the same twelve month period then ending.

The Credit Agreement also contains customary events of default, including, without limitation, payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy and insolvency proceedings, cross-defaults to certain other agreements, breach of any financial covenant and change of control. Upon the occurrence and during the continuance of any event of default, JPM may accelerate the payment of the obligations thereunder and exercise various other customary default remedies.

In connection with the execution of the Credit Agreement described above, on January 6, 2023, the Amended and Restated Loan Agreement dated August 31, 2021 between Northern Technologies International Corporation and PNC Bank, National Association was terminated.

In accordance with ASC Topic No. 470, “Debt – Modifications and Extinguishments” (Topic 470), the transactions noted above were determined to be a modification of the existing debt.

On each of April 10, 2023 and May 30, 2023, the Company’s wholly-owned subsidiary in China, NTIC China, entered into a loan agreement with China Construction Bank Corporation. Each term loan provided NTIC China with a RMB 10,000,000 (USD $1.45 million). Each of the term loans matures after one year with the principal due at that time, after which an extension of the loan agreement is required. Both term loans have an annual interest rate of 3.25% with interest due monthly. Both term loans are secured by an office building owned by NTIC China and the loan agreements contain certain financial and other covenants. The Company was in compliance with the covenants as of May 31, 2023. The current outstanding balance as of May 31, 2023 for both term loans was USD $2,812,504.

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 14 - Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Cash paid for interest	$ 136,168	$ 23,784	$ 342,643	$ 34,079

Note 4 - Property and Equipment, Net (Details Textual)		3 Months Ended		9 Months Ended
Note 4 - Property and Equipment, Net (Details Textual)	Feb. 28, 2023 USD ($) ft²	May 31, 2023 USD ($)	May 31, 2022 USD ($)	May 31, 2023 USD ($)	May 31, 2022 USD ($)
Payments to Acquire Property, Plant, and Equipment				$ 2,607,988	$ 961,704
Depreciation expense		$ 277,253	$ 291,452	$ 766,091	$ 722,443
Property Immediately Adjacent to NTIC’s Headquarters in Circle Pines, Minnesota [Member]
Area of Real Estate Property \| ft²	26,000
Payments to Acquire Property, Plant, and Equipment	$ 1,200,000

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	May 31, 2023	May 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ 3,330,504	$ 6,228,581
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	998,311	698,649
Depreciation expense	766,091	722,443
Amortization expense	441,603	474,121
Loss on disposal of assets	(8,534)	0
Remeasurement gain on acquisition of equity method investee	0	(3,951,550)
Equity in income from joint ventures	(3,664,793)	(3,662,178)
Dividends received from joint ventures	3,510,716	5,723,176
Deferred income taxes	(76,114)	152,372
Changes in current assets and liabilities:
Trade, excluding joint ventures	(1,502,567)	(1,348,254)
Trade, joint ventures	29,014	(232,364)
Fees for services provided to joint ventures	539,107	261,913
Income taxes	(155,828)	(134,942)
Inventories	2,254,758	(2,093,668)
Prepaid expenses and other	184,516	(635,478)
Accounts payable	(2,902,121)	908,605
Income tax payable	(29,401)	(420,529)
Accrued liabilities	(209,459)	(912,803)
Net cash provided by operating activities	3,505,803	1,778,094
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of Zerust India business, net of cash acquired	0	(5,062,003)
Purchase of available for sale securities	0	(941)
Proceeds from the sale of available for sale securities	5,590	0
Investment in joint venture	0	(341,392)
Purchases of property and equipment	(2,607,988)	(961,704)
Proceeds from the sale of property and equipment	13,000	0
Investments in patents	(89,350)	(164,994)
Net cash used in investing activities	(2,678,748)	(6,531,034)
us-gaap_PaymentsToMinorityShareholders	555,574	402,729
Repayments on the line of credit	(700,000)	0
Proceeds from line of credit	0	4,700,000
Proceeds from term loan	2,812,504	0
Dividends paid on NTIC common stock	(1,967,184)	(1,934,906)
Proceeds from the exercise of stock options	416,563	198,640
Proceeds from employee stock purchase plan	75,464	73,645
Net cash provided by financing activities	81,773	2,634,650
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(47,524)	560,918
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	861,304	(1,557,372)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	5,333,890	7,680,641
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 6,195,194	$ 6,123,269

Note 11 - Segment and Geographic Information (Details Textual)	9 Months Ended
	May 31, 2023
Number of Reportable Segments	2

Note 7 - Corporate Debt (Details Textual) - USD ($)	Jan. 06, 2023	May 31, 2023	Aug. 31, 2022
Revolving Credit Facility [Member] \| JP Morgan Chase Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000,000.0
Long-Term Line of Credit		$ 5,200,000
CB Floating Rate Floor	2.50%
Debt Instrument, Covenants, Fixed Charge Coverage Ratio	1.25
Revolving Credit Facility [Member] \| JP Morgan Chase Bank [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.10%
Revolving Credit Facility [Member] \| JP Morgan Chase Bank [Member] \| Adjusted SOFR Rate Applicable Margin [Member]
Debt Instrument, Basis Spread on Variable Rate	2.15%
Revolving Credit Facility [Member] \| PNC Bank [Member]
Long-Term Line of Credit			$ 5,900,000
Standby Letters of Credit [Member] \| JP Morgan Chase Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000.0

Note 10 - Stock-based Compensation (Tables)

9 Months Ended

May 31, 2023

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	Number of Options Outstanding			Weighted Average Exercise Price
Outstanding as of August 31, 2022		1,544,727		$	10.23
Granted		277,613		$	11.41
Exercised		(178,331	)	$	6.03
Outstanding as of May 31, 2023		1,644,009		$	10.88
Exercisable as of May 31, 2023		1,166,772		$	10.51

Note 13 - Fair Value Measurements (Tables)

9 Months Ended

May 31, 2023

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

Fair Value Measurements

Using Inputs Considered as

Fair value as of

May 31, 2023

Level 1

Level 2

Level 3

Available for sale securities

—

Fair Value Measurements

Using Inputs Considered as

Fair value as of

August 31, 2022

Level 1

Level 2

Level 3

Available for sale securities

5,590

—

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, 2021	9,184,811
Balance at Aug. 31, 2021	$ 183,696	$ 18,736,268	$ 46,973,092	$ (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 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	5,676,775	0	551,808	6,228,581
Other comprehensive income	0	0	0	(1,858,370)	(78,421)	(1,936,791)
Stock option expense	842	197,798	0	0	0	198,640
Other comprehensive gain	$ 0	0	0	(1,858,370)	(78,421)	(1,936,791)
Stock options exercised (in shares)	42,071
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)	3,371,928	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 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	210,594	1,210,763
Other comprehensive income	0	0	0	(1,524,711)	(29,311)	(1,554,022)
Stock option expense	161	59,279	0	0	0	59,440
Other comprehensive gain	$ 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
Balance (in shares) at Aug. 31, 2022	9,232,483
Balance at Aug. 31, 2022	$ 184,650	19,939,131	50,716,613	(7,245,132)	3,649,034	67,244,296
Stock issued for employee stock purchase plan (in shares)	7,186
Stock issued for employee stock purchase plan	$ 143	75,321	0	0	0	75,464
Stock option expense	0	998,311	0	0	0	998,311
Dividends paid to stockholders	0	0	(1,967,184)	0	0	(1,967,184)
Dividend received by non-controlling interest	0	0	0	0	(555,574)	(555,574)
Net income	0	0	2,913,086	0	417,418	3,330,504
Other comprehensive income	0	0	0	365,685	22,883	388,568
Stock option expense	2,605	413,958	0	0	0	416,563
Other comprehensive gain	$ 0	0	0	365,685	22,883	388,568
Stock options exercised (in shares)	130,254
Balance (in shares) at May. 31, 2023	9,369,923
Balance at May. 31, 2023	$ 187,398	21,426,721	51,662,515	(6,879,447)	3,533,761	69,930,948
Balance (in shares) at Feb. 28, 2023	9,366,357
Balance at Feb. 28, 2023	$ 187,327	21,058,721	50,792,813	(6,774,510)	3,443,643	68,707,994
Stock issued for employee stock purchase plan (in shares)	3,566
Stock issued for employee stock purchase plan	$ 71	36,697	0	0	0	36,768
Stock option expense	0	331,303	0	0	0	331,303
Dividends paid to stockholders	0	0	(655,894)	0	0	(655,894)
Dividend received by non-controlling interest	0	0	0	0	(100,000)	(100,000)
Net income	0	0	1,525,596	0	177,409	1,703,005
Other comprehensive income	0	0	0	(104,937)	12,709	(92,228)
Other comprehensive gain	$ 0	0	0	(104,937)	12,709	(92,228)
Balance (in shares) at May. 31, 2023	9,369,923
Balance at May. 31, 2023	$ 187,398	$ 21,426,721	$ 51,662,515	$ (6,879,447)	$ 3,533,761	$ 69,930,948

Note 5 - Intangible Assets, Net

9 Months Ended

May 31, 2023

Intangible Assets Disclosure [Text Block]

5.	INTANGIBLE ASSETS, NET

Intangible assets, net consisted of the following:

	As of May 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Patents and trademarks	$	3,315,005	$	(2,639,897	)	$	675,108
Customer relationships		6,347,000		(740,483	)		5,606,517
Total intangible assets, net	$	9,662,005	$	(3,380,380	)	$	6,281,625

	As of August 31, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Patents and trademarks	$	3,225,655	$	(2,515,644	)	$	710,011
Customer relationships		6,347,000		(423,133	)		5,923,867
Total intangible assets, net	$	9,572,655	$	(2,938,777	)	$	6,633,878

Amortization expense related to intangible assets was $146,730 and $441,603 for the three and nine months ended May 31, 2023, respectively, compared to $158,490 and $474,121 for the three and nine months ended May 31, 2022, respectively.

As of May 31, 2023, future amortization expense related to intangible assets for each of the next five fiscal years and thereafter is estimated as follows:

Remainder of fiscal 2023	$	167,471
Fiscal 2024		589,746
Fiscal 2025		589,746
Fiscal 2026		589,746
Fiscal 2027		589,746
Thereafter		3,755,170
Total	$	6,281,625

Note 9 - Net Income Per Common Share (Tables)

9 Months Ended

May 31, 2023

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

	Three Months Ended May 31,				Nine Months Ended May 31,
Numerator:	2023		2022		2023		2022
Net income attributable to NTIC	$	1,525,596	$	1,000,167	$	2,913,086	$	5,676,773
Denominator:
Basic – weighted shares outstanding		9,369,923		9,227,912		9,355,776		9,216,216
Weighted shares assumed upon exercise of stock options		258,146		350,885		346,834		466,430
Diluted – weighted shares outstanding		9,628,069		9,578,797		9,702,610		9,682,646
Basic net income per share:	$	0.16	$	0.11	$	0.31	$	0.62
Diluted net income per share:	$	0.16	$	0.11	$	0.30	$	0.59

Note 9 - Net Income Per Common Share - Reconciliation of the Earnings Per Share Computations (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Net income	$ 1,525,596	$ 1,000,167	$ 2,913,086	$ 5,676,773
Basic – weighted shares outstanding (in shares)	9,369,923	9,227,912	9,355,776	9,216,216
Weighted shares assumed upon exercise of stock options (in shares)	258,146	350,885	346,834	466,430
Diluted – weighted shares outstanding (in shares)	9,628,069	9,578,797	9,702,610	9,682,646
Basic net income per share: (in dollars per share)	$ 0.16	$ 0.11	$ 0.31	$ 0.62
Diluted net income per share: (in dollars per share)	$ 0.16	$ 0.11	$ 0.30	$ 0.59

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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Note 13 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	May 31, 2023	Aug. 31, 2022
Available for sale securities	$ 0	$ 5,590
Fair Value, Inputs, Level 1 [Member]
Available for sale securities	0	5,590
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 8 - Stockholders' Equity

9 Months Ended

May 31, 2023

Equity [Text Block]

8.	STOCKHOLDERS’ EQUITY

During the nine months ended May 31, 2023, 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, 2022	$0.07	November 3, 2022	November 16, 2022
January 20, 2023	$0.07	February 1, 2023	February 15, 2023
April 21, 2023	$0.07	May 3, 2023	May 17, 2023

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

During the nine months ended May 31, 2023 and 2022, the Company repurchased no shares of its common stock.

The Company issued 3,620 and 2,636 shares of common stock on September 1, 2022 and 2021, respectively, under the Northern Technologies International Corporation Employee Stock Purchase Plan (ESPP). The Company issued 3,566 and 2,966 shares of common stock on March 1, 2023 and 2022, respectively, under the ESPP. The ESPP is compensatory for financial reporting purposes. As of May 31, 2023,62,034 shares of common stock remained available for sale under the ESPP.

The entire disclosure for equity.

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-Topic 505
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Note 11 - Segment and Geographic Information - Total Net Sales by Geographic Distribution (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Aug. 31, 2022
Total property and equipment, net	$ 13,810,930		$ 13,810,930		$ 12,170,493
Net sales	20,969,726	$ 18,964,921	59,193,317	$ 53,906,973
CHINA
Total property and equipment, net	5,805,738		5,805,738		5,826,898
Net sales	3,318,373	3,624,396	9,936,808	11,845,989
Other Countries [Member]
Total property and equipment, net	770,863		770,863		565,022
Net sales	3,287,600	2,077,431	8,878,105	6,747,535
BRAZIL
Net sales	1,488,510	1,554,364	4,062,718	3,786,670
UNITED STATES
Total property and equipment, net	7,234,329		7,234,329		$ 5,778,573
Net sales	7,729,820	6,884,726	21,958,978	18,157,010
INDIA
Net sales	$ 5,145,423	$ 4,824,004	$ 14,356,708	$ 13,369,769

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).

Note 15 - Income Taxes

9 Months Ended

May 31, 2023

Income Tax Disclosure [Text Block]

15.

INCOME TAXES

Income tax expense for the three and nine months ended May 31, 2023 was $542,295 and $834,823, respectively, compared to $604,314 and $1,260,437, respectively, for the three and nine months ended May 31, 2022. 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, 2023 and August 31, 2022.

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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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Note 10 - Stock-based Compensation - Stock Option Activity (Details)	9 Months Ended
	May 31, 2023 $ / shares shares
Outstanding as of August 31, 2022 (in shares) \| shares	1,544,727
Outstanding as of August 31, 2022 (in dollars per share) \| $ / shares	$ 10.23
Granted (in shares) \| shares	277,613
Granted (in dollars per share) \| $ / shares	$ 11.41
Exercised (in shares) \| shares	178,331
Exercised (in dollars per share) \| $ / shares	$ 6.03
Outstanding as of February 28, 2023 (in shares) \| shares	1,644,009
Outstanding as of May 31, 2023 (in dollars per share) \| $ / shares	$ 10.88
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) \| shares	1,166,772
Number of shares, Exercisable (in dollars per share) \| $ / shares	$ 10.51

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
NET SALES:
Net sales	$ 20,969,726	$ 18,964,921	$ 59,193,317	$ 53,906,973
Cost of goods sold	13,280,584	12,722,833	38,747,865	36,977,620
Gross profit	7,689,142	6,242,088	20,445,452	16,929,353
JOINT VENTURE OPERATIONS:
Equity in income from joint ventures	1,346,658	1,364,597	3,664,793	3,662,178
Fees for services provided to joint ventures	1,361,311	1,329,988	3,795,862	3,835,755
Total joint venture operations	2,707,969	2,694,585	7,460,655	7,497,933
OPERATING EXPENSES:
Selling expenses	3,723,165	3,450,308	10,649,316	9,659,457
General and administrative expenses	3,150,643	2,560,487	9,365,431	7,675,622
Research and development expenses	1,150,711	1,102,942	3,401,885	3,557,437
Total operating expenses	8,024,519	7,113,737	23,416,632	20,892,516
OPERATING INCOME	2,372,592	1,822,936	4,489,475	3,534,770
REMEASUREMENT GAIN ON ACQUISITION OF EQUITY METHOD INVESTEE	0	0	0	3,951,550
INTEREST INCOME	8,876	15,925	18,495	36,777
INTEREST EXPENSE	(136,168)	(23,784)	(342,643)	(34,079)
INCOME BEFORE INCOME TAX EXPENSE	2,245,300	1,815,077	4,165,327	7,489,018
INCOME TAX EXPENSE	542,295	604,314	834,823	1,260,437
NET INCOME	1,703,005	1,210,763	3,330,504	6,228,581
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	177,409	210,596	417,418	551,808
NET INCOME ATTRIBUTABLE TO NTIC	$ 1,525,596	$ 1,000,167	$ 2,913,086	$ 5,676,773
NET INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE:
Basic (in dollars per share)	$ 0.16	$ 0.11	$ 0.31	$ 0.62
Diluted (in dollars per share)	$ 0.16	$ 0.11	$ 0.30	$ 0.59
WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING:
Basic (in shares)	9,369,923	9,227,912	9,355,776	9,216,216
Diluted (in shares)	9,628,069	9,578,797	9,702,610	9,682,646
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 0.07	$ 0.07	$ 0.21	$ 0.21

Note 1 - Interim Financial Information

9 Months Ended

May 31, 2023

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, 2023 and August 31, 2022, the results of the Company’s operations and other comprehensive income for the three and nine months ended May 31, 2023 and 2022, the changes in stockholders’ equity for the three and nine months ended May 31, 2023 and 2022, and the Company’s cash flows for the nine months ended May 31, 2023 and 2022, 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, 2022. 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, 2023 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2023.

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

Note 5 - Intangible Assets, Net (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Amortization of Intangible Assets	$ 146,730	$ 158,490	$ 441,603	$ 474,121

Note 3 - Inventories

9 Months Ended

May 31, 2023

Inventory Disclosure [Text Block]

3.	INVENTORIES

Inventories consisted of the following:

	May 31, 2023		August 31, 2022
Production materials	$	4,723,520	$	6,496,656
Finished goods		9,177,292		9,845,073
	$	13,900,812	$	16,341,729

Note 6 - Investments in Joint Ventures (Tables)

9 Months Ended

May 31, 2023

Condensed Balance Sheet [Table Text Block]

	As of May 31, 2023
	Total		EXCOR		All Other
Current assets	$	55,424,661	$	26,845,344	$	28,579,317
Total assets		59,769,982		28,974,034		30,795,948
Current liabilities		13,229,032		3,008,256		10,220,776
Noncurrent liabilities		300,142		-		300,142
Joint ventures’ equity		46,240,808		25,965,777		20,275,031
Northern Technologies International Corporation’s share of joint ventures’ equity		22,855,448		12,982,891		9,872,553
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		20,493,861		12,075,524		8,418,337

	As of August 31, 2022
	Total		EXCOR		All Other
Current assets	$	52,428,831	$	26,047,914	$	26,380,917
Total assets		55,854,457		27,932,532		27,921,925
Current liabilities		10,981,833		2,943,895		8,037,938
Noncurrent liabilities		1,138,980		—		1,138,980
Joint ventures’ equity		43,733,644		24,988,637		18,745,007
Northern Technologies International Corporation’s share of joint ventures’ equity		21,814,754		12,494,320		9,320,434
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		21,256,923		12,463,415		8,793,508

Condensed Income Statement [Table Text Block]

	Three Months Ended May 31, 2023
	Total		EXCOR		All Other
Net sales	$	26,312,548	$	10,735,862	$	15,576,686
Gross profit		10,494,244		5,085,837		5,408,407
Net income		2,692,444		1,654,151		1,038,293
Northern Technologies International Corporation’s share of equity in income from joint ventures		1,346,658		828,631		518,027
Northern Technologies International Corporation’s dividends received from joint ventures		45,977		—		45,977

	Nine Months Ended May 31, 2023
	Total		EXCOR		All Other
Net sales	$	76,525,427	$	30,590,265	$	45,935,162
Gross profit		30,223,623		14,539,314		15,684,309
Net income		7,308,398		4,761,608		2,546,790
Northern Technologies International Corporation’s share of equity in income from joint ventures		3,664,793		2,376,575		1,288,218
Northern Technologies International Corporation’s dividends received from joint ventures		3,510,716		2,459,500		1,051,216

	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

Note 12 - Commitments and Contingencies (Details Textual)	May 31, 2023	May 31, 2022
Entity Wide Trade Joint Venture Receivables, Two Joint Ventures, Percentage	65.10%
Entity Wide Trade, Joint Venture Receivables, One Joint Venture		62.30%

Note 10 - Stock-based Compensation

9 Months Ended

May 31, 2023

Share-Based Payment Arrangement [Text Block]

10.

STOCK-BASED COMPENSATION

A summary of stock option activities under the Northern Technologies International Corporation Amended and Restated 2019 Stock Incentive Plan (the 2019 Plan) and the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan (the 2007 Plan) is as follows:

	Number of Options Outstanding			Weighted Average Exercise Price
Outstanding as of August 31, 2022		1,544,727		$	10.23
Granted		277,613		$	11.41
Exercised		(178,331	)	$	6.03
Outstanding as of May 31, 2023		1,644,009		$	10.88
Exercisable as of May 31, 2023		1,166,772		$	10.51

The weighted average per share fair value of options granted during the nine months ended May 31, 2023 and 2022 was $4.87 and $7.29, respectively. The weighted average remaining contractual life of the options outstanding as of May 31, 2023 and 2022 was 6.16 years and 6.02 years, respectively.

The Company recognized compensation expense of $339,423 and $998,311 and $232,883 and $698,649 during the three and nine months ended May 31, 2023 and 2022, respectively. As of May 31, 2023, there was $1,366,860 of unrecognized compensation expense. The amount is expected to be recognized over a period of 2.5 years

Note 6 - Investments in Joint Ventures

9 Months Ended

May 31, 2023

Equity Method Investments and Joint Ventures Disclosure [Text Block]

6.	INVESTMENTS IN JOINT VENTURES

The consolidated financial statements of the Company’s foreign joint ventures are initially prepared using the accounting principles accepted in the respective joint ventures’ countries of domicile. Amounts related to foreign joint ventures reported in the below tables and the accompanying consolidated financial statements have subsequently been adjusted to conform with 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, 2023
	Total		EXCOR		All Other
Current assets	$	55,424,661	$	26,845,344	$	28,579,317
Total assets		59,769,982		28,974,034		30,795,948
Current liabilities		13,229,032		3,008,256		10,220,776
Noncurrent liabilities		300,142		-		300,142
Joint ventures’ equity		46,240,808		25,965,777		20,275,031
Northern Technologies International Corporation’s share of joint ventures’ equity		22,855,448		12,982,891		9,872,553
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		20,493,861		12,075,524		8,418,337

	Three Months Ended May 31, 2023
	Total		EXCOR		All Other
Net sales	$	26,312,548	$	10,735,862	$	15,576,686
Gross profit		10,494,244		5,085,837		5,408,407
Net income		2,692,444		1,654,151		1,038,293
Northern Technologies International Corporation’s share of equity in income from joint ventures		1,346,658		828,631		518,027
Northern Technologies International Corporation’s dividends received from joint ventures		45,977		—		45,977

	Nine Months Ended May 31, 2023
	Total		EXCOR		All Other
Net sales	$	76,525,427	$	30,590,265	$	45,935,162
Gross profit		30,223,623		14,539,314		15,684,309
Net income		7,308,398		4,761,608		2,546,790
Northern Technologies International Corporation’s share of equity in income from joint ventures		3,664,793		2,376,575		1,288,218
Northern Technologies International Corporation’s dividends received from joint ventures		3,510,716		2,459,500		1,051,216

	As of August 31, 2022
	Total		EXCOR		All Other
Current assets	$	52,428,831	$	26,047,914	$	26,380,917
Total assets		55,854,457		27,932,532		27,921,925
Current liabilities		10,981,833		2,943,895		8,037,938
Noncurrent liabilities		1,138,980		—		1,138,980
Joint ventures’ equity		43,733,644		24,988,637		18,745,007
Northern Technologies International Corporation’s share of joint ventures’ equity		21,814,754		12,494,320		9,320,434
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		21,256,923		12,463,415		8,793,508

	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

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	May 31, 2023	Aug. 31, 2022
Doubtful accounts and allowances	$ 439,000	$ 439,000
Preferred Stock, No Par Value (in dollars per share)	$ 0	$ 0
Preferred Stock, Shares Authorized (in shares)	10,000	10,000
Preferred Stock, Shares Issued (in shares)	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.02	$ 0.02
Common Stock, Shares Authorized (in shares)	15,000,000	15,000,000
Common Stock, Shares, Outstanding (in shares)	9,369,923	9,232,483
Common Stock, Shares, Issued (in shares)	9,369,923	9,232,483

Note 3 - Inventories (Tables)

9 Months Ended

May 31, 2023

Schedule of Inventory, Current [Table Text Block]

	May 31, 2023		August 31, 2022
Production materials	$	4,723,520	$	6,496,656
Finished goods		9,177,292		9,845,073
	$	13,900,812	$	16,341,729

Note 6 - Investments in Joint Ventures - Condensed Income Statement of EXCOR and All Other Joint Ventures (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Net sales	$ 20,969,726	$ 18,964,921	$ 59,193,317	$ 53,906,973
Gross profit	7,689,142	6,242,088	20,445,452	16,929,353
Net income	1,525,596	1,000,167	2,913,086	5,676,773
Northern Technologies International Corporation’s share of equity in income from joint ventures	1,346,658	1,364,597	3,664,793	3,662,178
EXCOR and All Other Joint Venturs [Member]
Northern Technologies International Corporation’s share of equity in income from joint ventures	1,346,658	1,364,597	3,664,793	3,662,178
Northern Technologies International Corporation's dividends received from joint ventures	45,977	252,000	3,510,716	5,723,176
EXCOR [Member]
Northern Technologies International Corporation’s share of equity in income from joint ventures	828,631	824,784	2,376,575	2,324,605
Northern Technologies International Corporation's dividends received from joint ventures	0	0	2,459,500	4,255,200
All Other [Member]
Northern Technologies International Corporation’s share of equity in income from joint ventures	518,027	539,813	1,288,218	1,337,572
Northern Technologies International Corporation's dividends received from joint ventures	45,977	252,000	1,051,216	1,467,976
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Net sales	26,312,548	26,594,077	76,525,427	78,218,839
Gross profit	10,494,244	10,626,570	30,223,623	31,504,531
Net income	2,692,444	2,714,979	7,308,398	7,344,175
EXCOR [Member]
Net sales	10,735,862	10,397,916	30,590,265	31,010,578
Gross profit	5,085,837	4,990,697	14,539,314	15,118,133
Net income	1,654,151	1,654,389	4,761,608	4,646,123
All Other [Member]
Net sales	15,576,686		45,935,162	47,208,261
Gross profit	5,408,407		15,684,309	16,386,398
Net income	$ 1,038,293		$ 2,546,790	$ 2,698,052
Joint Ventures in France [Member]
Net sales		16,196,160
Gross profit		5,635,873
Net income		$ 1,060,590

Note 4 - Property and Equipment, Net

9 Months Ended

May 31, 2023

Property, Plant and Equipment Disclosure [Text Block]

4.	PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

	May 31, 2023			August 31, 2022
Land	$	496,965		$	310,365
Buildings and improvements		16,733,247			14,778,759
Machinery and equipment		5,960,024			5,643,320
		23,190,236			20,732,444
Less accumulated depreciation		(9,379,306	)		(8,561,951	)
	$	13,810,930		$	12,170,493

On February 28, 2023, the Company purchased the property immediately adjacent to NTIC’s headquarters in Circle Pines, Minnesota, which includes a 26,000 square foot industrial building, for $1,200,000. The building will be used primarily for warehousing space and light industrial production.

Depreciation expense was $277,253 and $766,091 for the three and nine months ended May 31, 2023, respectively, compared to $291,452 and $722,443 for the three and nine months ended May 31, 2022, respectively.

Note 12 - Commitments and Contingencies

9 Months Ended

May 31, 2023

Commitments and Contingencies Disclosure [Text Block]

12.

COMMITMENTS AND CONTINGENCIES

Concentrations

Two joint ventures (consisting of the Company’s joint ventures in South Korea and Thailand) accounted for 65.1% of the Company’s trade joint venture receivables as of May 31, 2023, and 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

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, 2023, 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 5 - Intangible Assets, Net (Tables)

9 Months Ended

May 31, 2023

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Remainder of fiscal 2023	$	167,471
Fiscal 2024		589,746
Fiscal 2025		589,746
Fiscal 2026		589,746
Fiscal 2027		589,746
Thereafter		3,755,170
Total	$	6,281,625

Customer Relationships and Assembled Workforce [Member]

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

	As of May 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Patents and trademarks	$	3,315,005	$	(2,639,897	)	$	675,108
Customer relationships		6,347,000		(740,483	)		5,606,517
Total intangible assets, net	$	9,662,005	$	(3,380,380	)	$	6,281,625

	As of August 31, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Patents and trademarks	$	3,225,655	$	(2,515,644	)	$	710,011
Customer relationships		6,347,000		(423,133	)		5,923,867
Total intangible assets, net	$	9,572,655	$	(2,938,777	)	$	6,633,878

Note 14 - Supplemental Cash Flow Information

9 Months Ended

May 31, 2023

Cash Flow, Supplemental Disclosures [Text Block]

14.

SUPPLEMENTAL CASH FLOW INFORMATION

Supplemental disclosures of cash flow information consisted of:

	Three Months Ended May 31,				Nine Months Ended May 31,
	2023		2022		2023		2022
Cash paid for interest	$	136,168	$	23,784	$	342,643	$	34,079

Note 5 - Intangible Assets, Net - Future Amortization Expense (Details) - USD ($)	May 31, 2023	Aug. 31, 2022
Remainder of fiscal 2023	$ 167,471
Fiscal 2024	589,746
Fiscal 2025	589,746
Fiscal 2026	589,746
Fiscal 2027	589,746
Thereafter	3,755,170
Total	$ 6,281,625	$ 6,633,878

Note 14 - Supplemental Cash Flow Information (Tables)

9 Months Ended

May 31, 2023

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

	Three Months Ended May 31,				Nine Months Ended May 31,
	2023		2022		2023		2022
Cash paid for interest	$	136,168	$	23,784	$	342,643	$	34,079

Note 5 - Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($)	May 31, 2023	Aug. 31, 2022
Gross Carrying Amount	$ 9,662,005	$ 9,572,655
Accumulated amortization	(3,380,380)	(2,938,777)
Net Carrying Amount	6,281,625	6,633,878
Patents and Trademarks [Member]
Gross Carrying Amount	3,315,005	3,225,655
Accumulated amortization	(2,639,897)	(2,515,644)
Net Carrying Amount	675,108	710,011
Customer Relationships [Member]
Gross Carrying Amount	6,347,000	6,347,000
Accumulated amortization	(740,483)	(423,133)
Net Carrying Amount	$ 5,606,517	$ 5,923,867

Note 8 - Stockholders' Equity (Details Textual) - shares					6 Months Ended
	Mar. 01, 2023	Sep. 01, 2022	Mar. 01, 2022	Sep. 01, 2021	May 31, 2023	May 31, 2022
Stock Repurchased and Retired During Period, Shares (in shares)					0	0
Stock Issued During Period, Shares, Employee Stock Purchase Plans	3,566	3,620	2,966	2,636
ESPP [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant					62,034

Note 11 - Segment and Geographic Information

9 Months Ended

May 31, 2023

Segment Reporting Disclosure [Text Block]

11.

SEGMENT AND GEOGRAPHIC INFORMATION

Segment Information

The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s business is organized into two reportable segments: ZERUST® and Natur-Tec®. The Company has been selling its proprietary ZERUST® rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for almost 50 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, 2023 and 2022 by segment:

	Three Months Ended May 31,				Nine Months Ended May 31,
	2023		2022		2023		2022
ZERUST® net sales	$	16,100,674	$	14,446,832	$	45,929,422	$	41,988,394
Natur-Tec® net sales		4,869,052		4,518,089		13,263,895		11,918,579
Total net sales	$	20,969,726	$	18,964,921	$	59,193,317	$	53,906,973

The following table sets forth the Company’s cost of goods sold for the three and nine months ended May 31, 2023 and 2022 by segment:

	Three Months Ended May 31,										Nine Months Ended May 31,
	2023		% of Product Sales*			2022		% of Product Sales*			2023		% of Product Sales*			2022		% of Product Sales*
Direct cost of goods sold
ZERUST®	$	9,116,091		56.6	%	$	8,409,392		58.2	%	$	26,410,796		57.5	%	$	25,267,333		60.2	%
Natur-Tec®		3,576,676		73.5	%		3,432,152		76.0	%		10,078,385		76.0	%		9,129,686		76.6	%
Indirect cost of goods sold		587,817		—			881,289		—			2,258,684		—			2,580,601		—
Total net cost of goods sold	$	13,280,584				$	12,722,833				$	38,747,865				$	36,977,620

______________________

*	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, 2023 and 2022 were as follows:

	Three Months Ended May 31,				Nine Months Ended May 31,
	2023		2022		2023		2022
Inside the U.S.A. to unaffiliated customers	$	7,729,820	$	6,884,726	$	21,958,978	$	18,157,010
Outside the U.S.A. to:
Joint ventures in which the Company is a shareholder directly and indirectly		732,437		528,665		2,895,665		2,252,618
Unaffiliated customers		12,507,469		11,551,530		34,338,674		33,497,345
	$	20,969,726	$	18,964,921	$	59,193,317	$	53,906,973

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, 2023 and 2022 were as follows:

	Three Months Ended May 31,
	2023		% of Total Fees for Services Provided to Joint Ventures			2022		% of Total Fees for Services Provided to Joint Ventures
Poland	$	224,288		16.5	%	$	171,181		12.9	%
Germany		209,398		15.4	%		204,316		15.4	%
Japan		152,593		11.2	%		168,075		12.6	%
Sweden		144,981		10.7	%		130,681		9.8	%
France		128,149		9.4	%		123,869		9.3	%
Finland		103,879		7.6	%		92,036		6.9	%
Czech Republic		99,090		7.3	%		84,797		6.4	%
Thailand		82,725		6.1	%		95,574		7.2	%
United Kingdom		83,586		6.1	%		89,363		6.7	%
South Korea		61,669		4.5	%		78,542		5.9	%
Other		70,953		5.2	%		91,554		6.9	%
	$	1,361,311		100.0	%	$	1,329,988		100.0	%

	Nine Months Ended May 31,
	2023		% of Total Fees for Services Provided to Joint Ventures			2022		% of Total Fees for Services Provided to Joint Ventures
Poland	$	610,911		16.1	%	$	520,807		13.6	%
Germany		606,189		16.0	%		639,738		16.7	%
Japan		454,308		12.0	%		486,815		12.7	%
Sweden		358,032		9.4	%		337,929		8.8	%
France		356,444		9.4	%		355,827		9.3	%
Finland		285,931		7.5	%		257,635		6.7	%
Czech Republic		270,422		7.1	%		224,280		5.8	%
Thailand		257,282		6.8	%		271,046		7.1	%
United Kingdom		206,925		5.5	%		271,027		7.1	%
South Korea		190,866		5.0	%		205,342		5.4	%
Other		198,552		5.2	%		265,309		6.8	%
	$	3,795,862		100.0	%	$	3,835,755		100.0	%

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

	At May 31, 2023		At August 31, 2022
China	$	5,805,738	$	5,826,898
Other		770,863		565,022
United States		7,234,329		5,778,573
Total property and equipment, net	$	13,810,930	$	12,170,493

	Three Months Ended May 31,				Nine Months Ended May 31,
	2023		2022		2023		2022
China	$	3,318,373	$	3,624,396	$	9,936,808	$	11,845,989
Brazil		1,488,510		1,554,364		4,062,718		3,786,670
India		5,145,423		4,824,004		14,356,708		13,369,769
Other		3,287,600		2,077,431		8,878,105		6,747,535
United States		7,729,820		6,884,726		21,958,978		18,157,010
Total net sales	$	20,969,726	$	18,964,921	$	59,193,317	$	53,906,973

Long-lived assets consist of property and equipment. These assets are periodically reviewed to assure the net realizable value from the estimated future production based on forecasted sales exceeds the carrying value of the assets.

Sales to the Company’s joint ventures are included in the foregoing segment and geographic information; however, sales by the Company’s joint ventures to other parties are not 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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Note 11 - Segment and Geographic Information - Net Sales by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Net sales	$ 20,969,726	$ 18,964,921	$ 59,193,317	$ 53,906,973
Fees	$ 1,361,311	$ 1,329,988	$ 3,795,862	$ 3,835,755
Percentage of fee	100.00%	100.00%	100.00%	100.00%
POLAND
Fees	$ 224,288	$ 171,181	$ 610,911	$ 520,807
Percentage of fee	16.50%	12.90%	16.10%	13.60%
GERMANY
Fees	$ 209,398	$ 204,316	$ 606,189	$ 639,738
Percentage of fee	15.40%	15.40%	16.00%	16.70%
JAPAN
Fees	$ 152,593	$ 168,075	$ 454,308	$ 486,815
Percentage of fee	11.20%	12.60%	12.00%	12.70%
SWEDEN
Fees	$ 144,981	$ 130,681	$ 358,032	$ 337,929
Percentage of fee	10.70%	9.80%	9.40%	8.80%
FRANCE
Fees	$ 128,149	$ 123,869	$ 356,444	$ 355,827
Percentage of fee	9.40%	9.30%	9.40%	9.30%
FINLAND
Fees	$ 103,879	$ 92,036	$ 285,931	$ 257,635
Percentage of fee	7.60%	6.90%	7.50%	6.70%
CZECHIA
Fees	$ 99,090	$ 84,797	$ 270,422	$ 224,280
Percentage of fee	7.30%	6.40%	7.10%	5.80%
THAILAND
Fees	$ 82,725	$ 95,574	$ 257,282	$ 271,046
Percentage of fee	6.10%	7.20%	6.80%	7.10%
UNITED KINGDOM
Fees	$ 83,586	$ 89,363	$ 206,925	$ 271,027
Percentage of fee	6.10%	6.70%	5.50%	7.10%
KOREA, REPUBLIC OF
Fees	$ 61,669	$ 78,542	$ 190,866	$ 205,342
Percentage of fee	4.50%	5.90%	5.00%	5.40%
Other Countries [Member]
Net sales	$ 3,287,600	$ 2,077,431	$ 8,878,105	$ 6,747,535
Fees	$ 70,953	$ 91,554	$ 198,552	$ 265,309
Percentage of fee	5.20%	6.90%	5.20%	6.80%
ZERUST [Member]
Net sales	$ 16,100,674	$ 14,446,832	$ 45,929,422	$ 41,988,394
NaturTec [Member]
Net sales	$ 4,869,052	$ 4,518,089	$ 13,263,895	$ 11,918,579

Note 9 - Net Income Per Common Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	322,246	327,793	322,246	327,793

Note 3 - Inventories - Inventories (Details) - USD ($)	May 31, 2023	Aug. 31, 2022
Production materials	$ 4,723,520	$ 6,496,656
Finished goods	9,177,292	9,845,073
Inventory, Net	$ 13,900,812	$ 16,341,729

Note 4 - Property and Equipment, Net (Tables)

9 Months Ended

May 31, 2023

Property, Plant and Equipment [Table Text Block]

	May 31, 2023			August 31, 2022
Land	$	496,965		$	310,365
Buildings and improvements		16,733,247			14,778,759
Machinery and equipment		5,960,024			5,643,320
		23,190,236			20,732,444
Less accumulated depreciation		(9,379,306	)		(8,561,951	)
	$	13,810,930		$	12,170,493

Note 11 - Segment and Geographic Information - Net Sales by Geographic Location (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Net sales	$ 20,969,726	$ 18,964,921	$ 59,193,317	$ 53,906,973
Inside the USA to Unaffiliated Customers [Member]
Net sales	7,729,820	6,884,726	21,958,978	18,157,010
Joint Ventures in Which the Company is a Shareholder Directly and Indirectly Outside the USA [Member]
Net sales	732,437	528,665	2,895,665	2,252,618
Unaffiliated Customers Outside the USA [Member]
Net sales	$ 12,507,469	$ 11,551,530	$ 34,338,674	$ 33,497,345

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
NET INCOME	$ 1,703,005	$ 1,210,763	$ 3,330,504	$ 6,228,581
OTHER COMPREHENSIVE LOSS – FOREIGN CURRENCY TRANSLATION ADJUSTMENT	(92,228)	(1,554,024)	388,568	(1,936,793)
COMPREHENSIVE INCOME	1,610,777	(343,261)	3,719,072	4,291,788
COMPREHENSIVE LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	(190,118)	(181,283)	(440,301)	(473,385)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NTIC	$ 1,800,895	$ (161,978)	$ 4,159,373	$ 4,765,173

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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Note 9 - Net Income Per Common Share

9 Months Ended

May 31, 2023

Earnings Per Share [Text Block]

9.	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, 2023 and 2022:

	Three Months Ended May 31,				Nine Months Ended May 31,
Numerator:	2023		2022		2023		2022
Net income attributable to NTIC	$	1,525,596	$	1,000,167	$	2,913,086	$	5,676,773
Denominator:
Basic – weighted shares outstanding		9,369,923		9,227,912		9,355,776		9,216,216
Weighted shares assumed upon exercise of stock options		258,146		350,885		346,834		466,430
Diluted – weighted shares outstanding		9,628,069		9,578,797		9,702,610		9,682,646
Basic net income per share:	$	0.16	$	0.11	$	0.31	$	0.62
Diluted net income per share:	$	0.16	$	0.11	$	0.30	$	0.59

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, 2023 were options outstanding to purchase 322,246 shares of common stock. 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.

Note 11 - Segment and Geographic Information - Cost of Goods Sold by Segment (Details) - USD ($)

3 Months Ended

9 Months Ended

May 31, 2023

May 31, 2022

May 31, 2023

May 31, 2022

Indirect Cost of Goods Sold [Member]

$ 13,280,584

$ 12,722,833

$ 38,747,865

$ 36,977,620

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

587,817

881,289

2,258,684

2,580,601

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

$ 9,116,091

$ 8,409,392

$ 26,410,796

$ 25,267,333

Percent of product sales

^[1]

56.60%

58.20%

57.50%

60.20%

$ 3,576,676

$ 3,432,152

$ 10,078,385

$ 9,129,686

Percent of product sales

^[1]

73.50%

76.00%

76.60%

[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 - Fair Value Measurements

9 Months Ended

May 31, 2023

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

13.

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

May 31, 2023

Level 1

Level 2

Level 3

Available for sale securities

—

Fair Value Measurements

Using Inputs Considered as

Fair value as of

August 31, 2022

Level 1

Level 2

Level 3

Available for sale securities

5,590

—

There were no transfers between Level 1, Level 2, or Level 3 during the three and nine months ended May 31, 2023 or 2022.

Note 10 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 4.87	$ 7.29
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)			6 years 1 month 28 days	6 years 7 days
Share-Based Payment Arrangement, Expense	$ 339,423	$ 232,883	$ 998,311	$ 698,649
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 1,366,860		$ 1,366,860
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years 6 months

Note 6 - Investments in Joint Ventures - Condensed Balance Sheet of EXCOR and All Other Joint Ventures (Details) - USD ($)	May 31, 2023	Aug. 31, 2022	May 31, 2003
Current assets	$ 39,289,907	$ 40,234,881
Total assets	87,313,423	86,193,953
Current liabilities	15,550,561	17,065,401
Liabilities, Noncurrent	1,831,914	1,884,256
Joint ventures’ equity	66,397,187	63,595,262
Investments in joint ventures	22,855,448	21,814,754
EXCOR and All Other Joint Venturs [Member]
Investments in joint ventures	22,855,448	21,814,754
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	20,493,861	21,256,923
EXCOR [Member]
Investments in joint ventures	12,982,891	12,494,320
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	12,075,524	12,463,415
All Other [Member]
Investments in joint ventures		9,320,434	$ 9,872,553
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		8,793,508	8,418,337
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Current assets	55,424,661	52,428,831
Total assets	59,769,982	55,854,457
Current liabilities	13,229,032	10,981,833
Liabilities, Noncurrent	300,142	1,138,980
Joint ventures’ equity	46,240,808	43,733,644
EXCOR [Member]
Current assets	26,845,344	26,047,914
Total assets	28,974,034	27,932,532
Current liabilities	3,008,256	2,943,895
Liabilities, Noncurrent	0	0
Joint ventures’ equity	25,965,777	24,988,637
Joint Ventures in France [Member]
Current assets		26,380,917
Total assets		27,921,925
Current liabilities		8,037,938
Liabilities, Noncurrent		1,138,980
Joint ventures’ equity		$ 18,745,007
All Other [Member]
Current assets			28,579,317
Total assets			30,795,948
Current liabilities			10,220,776
Liabilities, Noncurrent	$ 300,142
Joint ventures’ equity			$ 20,275,031

Note 10 - Stockholders' Equity - Cash Dividends Declared (Details) - $ / shares							3 Months Ended		9 Months Ended
	Apr. 21, 2023	Jan. 20, 2023	Oct. 20, 2022	Apr. 22, 2022	Jan. 21, 2022	Oct. 20, 2021	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.21	$ 0.21
Date of record	May 03, 2023	Feb. 01, 2023	Nov. 03, 2022	May 04, 2022	Feb. 02, 2022	Nov. 03, 2021
Payable date	May 17, 2023	Feb. 15, 2023	Nov. 16, 2022	May 18, 2022	Feb. 16, 2022	Nov. 17, 2021

Note 4 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($)	May 31, 2023	Aug. 31, 2022
Land	$ 496,965	$ 310,365
Buildings and improvements	16,733,247	14,778,759
Machinery and equipment	5,960,024	5,643,320
Property, Plant and Equipment, Gross	23,190,236	20,732,444
Less accumulated depreciation	(9,379,306)	(8,561,951)
Property, Plant and Equipment, Net	$ 13,810,930	$ 12,170,493

Note 8 - Stockholders' Equity (Tables)

9 Months Ended

May 31, 2023