false
--08-31
Q3
2020
2020-05-31
10-Q
0000875582
9099990
Yes
false
Accelerated Filer
Yes
Northern Technologies International Corporation
false
true
Common stock, par value $0.02 per share
ntic
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P5Y
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"></div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2020</div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Segment Sales*</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2019</div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Segment Sales*</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"></div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2020</div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Segment Sales*</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2019</div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Segment Sales*</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td>Direct cost of goods sold</td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 28%">ZERUST<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,011,244</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54.5</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,725,220</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56.8</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,193,113</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53.9</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,596,536</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56.7</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><div style="display: inline; font-size: 10pt">Natur-Tec<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div></div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,842,539</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,670,282</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">76.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,733,016</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77.4</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,181,050</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Indirect cost of goods sold</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">645,319</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">742,851</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,065,358</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,106,003</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Total net cost of goods sold</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,499,102</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,138,353</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,991,487</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,883,589</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">(in thousands):</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: left">Right-of-use assets, net</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">451,188</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current portion of lease liability</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">136,714</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Lease liability, less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">314,474</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 40pt; text-align: left">Total lease liability</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">451,188</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table></div>
199877
212825
75118
181057
139268
164136
51767
137642
24842
114705
61716
112063
67919
109427
54951
85732
46709
83086
52870
75135
52484
70972
49185
87043
876706
1433823
620106
643154
441011
551430
453347
501432
259671
417635
241056
328395
261132
313075
187826
294833
215923
266706
202241
261961
206272
259612
194813
221599
207846
239200
3491244
4299032
7544886
9779518
857377
824473
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of May 31, 2020</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,424,780</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,825,008</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,599,772</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,403,406</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,143,537</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,259,869</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,741,077</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,686,694</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,054,383</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,412</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,412</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Joint ventures’ equity</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44,629,920</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,456,842</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,173,078</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s share of joint ventures’ equity</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,942,063</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,728,423</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,213,640</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,706,983</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,697,518</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,009,465</div></td> <td style="text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of August 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 61%">Current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,162,834</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,139,787</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,023,047</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,326,703</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,666,841</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,659,862</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,145,499</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,573,160</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,572,339</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,797</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,797</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Joint ventures’ equity</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,160,407</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,093,681</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,066,726</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Northern Technologies International Corporation’s share of joint ventures’ equity</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,207,339</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,046,842</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,160,497</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,178,126</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,015,937</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,162,189</div></td> <td style="text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended May 31, 2020</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,782,233</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,753,631</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,028,602</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,647,784</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,478,739</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,169,045</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,610,524</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,071,899</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">538,625</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s share of equity in income from joint ventures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">811,787</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">536,540</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">275,247</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s dividends received from joint ventures</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89,227</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89,227</div></td> <td style="text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended May 31, 2020</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">68,531,897</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,102,046</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,429,851</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,107,491</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,066,309</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,041,182</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,920,047</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,492,254</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,427,793</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s share of equity in income from joint ventures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,466,581</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,246,930</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,219,651</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s dividends received from joint ventures</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,648,153</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,675,850</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">972,303</div></td> <td style="text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended May 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,774,112</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,933,386</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,840,726</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,557,580</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,129,046</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,428,534</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,797,785</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,707,342</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,090,443</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Northern Technologies International Corporation’s share of equity in income from joint ventures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,877,410</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,353,856</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">523,554</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s dividends received from joint ventures</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,795,542</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,673,700</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">121,842</div></td> <td style="text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended May 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">86,003,918</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,895,042</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51,108,876</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">38,547,018</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,118,704</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,428,314</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,412,552</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,187,467</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,225,085</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Northern Technologies International Corporation’s share of equity in income from joint ventures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,596,788</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,094,763</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,502,025</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s dividends received from joint ventures</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,822,785</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,517,450</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,305,335</div></td> <td style="text-align: left"> </td> </tr> </table></div>
2348016
4505531
1200000
1450000
43580
6759
6111521
5605850
-4829337
-4593178
17075391
16013338
175465
195230
339652
339652
357980
357980
998122
998122
1073940
1073940
998122
1073940
65000
65000
71273
633176
141768
141768
64531134
67511087
56403406
26143537
30259869
63326703
31666841
31659862
32605434
33302362
52424780
23825008
28599772
59162834
29139787
30023047
5450693
5450693
3565258
3565258
5450693
3565258
7969890
7749980
5050722
5856758
4163023
5224480
-806036
1061457
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">14.</div> SUPPLEMENTAL CASH FLOW INFORMATION</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Supplemental disclosures of cash flow information consisted of:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Cash paid for interest</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,724</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,165</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash paid for income taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Cash paid for interest</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,101</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,357</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash paid for income taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,975</div></td> <td style="text-align: left"> </td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">12.</div> COMMITMENTS AND CONTINGENCIES</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Operating Leases</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company currently has <div style="display: inline; font-style: italic; font: inherit;">12</div> operating leases for various buildings, equipment and vehicles. These leases are under non-cancelable operating lease agreements with expiration dates between <div style="display: inline; font-style: italic; font: inherit;"> November 30, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2024. </div>The Company has the option to extend certain leases to <div style="display: inline; font-style: italic; font: inherit;">five</div> or <div style="display: inline; font-style: italic; font: inherit;">ten</div>-year term(s) and has the right of <div style="display: inline; font-style: italic; font: inherit;">first</div> refusal on any sale.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 19; Value: 1 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company records lease liabilities within current liabilities or long-term liabilities based upon the length of time associated with the lease payments. The Company records its long-term operating leases as right-of-use assets. Upon initial adoption, using the modified retrospective transition approach, <div style="display: inline; font-style: italic; font: inherit;">no</div> leases with terms less than <div style="display: inline; font-style: italic; font: inherit;">12</div>-months have been capitalized to the consolidated balance sheet consistent with ASC <div style="display: inline; font-style: italic; font: inherit;">842.</div> Instead, these leases are recognized in the consolidated statement of operations on a straight-line expense throughout the lives of the leases. <div style="display: inline; font-style: italic; font: inherit;">None</div> of the Company’s leases contain common area maintenance or security agreements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has made certain assumptions and judgments when applying ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> the most significant of which is that the Company elected the package of practical expedients available for transition that allow the Company to <div style="display: inline; font-style: italic; font: inherit;">not</div> reassess whether expired or existing contracts contain leases under the new definition of a lease, lease classification for expired or existing leases and whether previously capitalized initial direct costs would qualify for capitalization under ASC <div style="display: inline; font-style: italic; font: inherit;">842.</div> Additionally, the Company did <div style="display: inline; font-style: italic; font: inherit;">not</div> elect to use hindsight when considering judgments and estimates such as assessments of lessee options to extend or terminate a lease or purchase the underlying asset. The Company has <div style="display: inline; font-style: italic; font: inherit;">no</div> contingent rent agreements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><div style="display: inline; font-style: italic;">Present Value of Long-term Leases</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">(in thousands):</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: left">Right-of-use assets, net</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">451,188</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current portion of lease liability</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">136,714</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Lease liability, less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">314,474</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 40pt; text-align: left">Total lease liability</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">451,188</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As of <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>the weighted-average remaining lease term was <div style="display: inline; font-style: italic; font: inherit;">1.9</div> years. The Company’s lease agreements do <div style="display: inline; font-style: italic; font: inherit;">not</div> provide a readily determinable implicit rate nor is it available to the Company from its lessors. Instead, as of <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>the Company estimates the weighted-average discount rate for its operating leases to be <div style="display: inline; font-style: italic; font: inherit;">4.32%</div> to present value based on the incremental borrowing rate.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Future minimum payments for the next <div style="display: inline; font-style: italic; font: inherit;">five</div> fiscal years and thereafter as of <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>under these long-term operating leases are as follows (in thousands):</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%">Fiscal 2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">68,746</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Fiscal 2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">263,392</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fiscal 2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">125,648</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Fiscal 2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,222</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Fiscal 2024</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,570</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt">Total future minimum lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">470,578</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less amount representing interest</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,390</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt">Present value of obligations under operating leases</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">451,188</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(136,714</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt">Long-term operating lease obligations</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">314,474</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Annual Bonus Plan</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2019, </div>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 <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2020. </div>For fiscal <div style="display: inline; font-style: italic; font: inherit;">2020</div> 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, <div style="display: inline; font-style: italic; font: inherit;">75%</div> of the amount of their individual bonus payout will be determined based upon the Company’s actual EBITOI for fiscal <div style="display: inline; font-style: italic; font: inherit;">2020</div> compared to a pre-established target EBITOI for fiscal <div style="display: inline; font-style: italic; font: inherit;">2020,</div> and <div style="display: inline; font-style: italic; font: inherit;">25%</div> 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 <div style="display: inline; font-style: italic; font: inherit;"> may </div>be paid to executive officer participants in both cash and shares of NTIC common stock, with the exact amount and percentages 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 <div style="display: inline; font-style: italic; font: inherit;">2020.</div> There was <div style="display: inline; font-style: italic; font: inherit;">$1,200,000</div> recognized for management bonuses for the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>compared to <div style="display: inline; font-style: italic; font: inherit;">$1,450,000</div> recognized for management bonuses for the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 20; Value: 1 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Two joint ventures (consisting of the Company’s joint ventures in South Korea and Thailand) accounted for <div style="display: inline; font-style: italic; font: inherit;">56.2%</div> of the Company’s trade joint venture receivables at <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>and <div style="display: inline; font-style: italic; font: inherit;">five</div> joint ventures (consisting of the Company’s joint ventures in South Korea, Thailand, France, Germany and India) accounted for <div style="display: inline; font-style: italic; font: inherit;">69.6%</div> of the Company’s trade joint venture receivables as of <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font: inherit;">no</div> amount within the range is a better estimate than any other amount. The Company discloses a contingent liability even if the liability is <div style="display: inline; font-style: italic; font: inherit;">not</div> probable or the amount is <div style="display: inline; font-style: italic; font: inherit;">not</div> estimable, or both, if there is a reasonable possibility that material loss <div style="display: inline; font-style: italic; font: inherit;"> may </div>have been incurred. In the opinion of management, as of <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>the amount of liability, if any, with respect to these matters, individually or in the aggregate, will <div style="display: inline; font-style: italic; font: inherit;">not</div> materially affect the Company’s consolidated results of operations, financial position, or cash flows.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">7.</div> CORPORATE DEBT</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has a revolving line of credit with PNC Bank, National Association (PNC Bank) of <div style="display: inline; font-style: italic; font: inherit;">$3,000,000.</div> <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">No</div></div> amounts were outstanding under the line of credit as of either <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>or <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2019. </div>At the option of the Company, outstanding advances under the line of credit bear interest at either (a) an annual rate based on LIBOR plus <div style="display: inline; font-style: italic; font: inherit;">2.15%</div> for the applicable LIBOR interest period selected by the Company or (b) at the rate publicly announced by PNC Bank from time to time as its prime rate.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The line of credit is governed under a loan agreement. The loan agreement contains standard covenants, including affirmative financial covenants, such as the maintenance of a minimum fixed charge coverage ratio, and negative covenants, which, among other things, limit the incurrence of additional indebtedness, loans and equity investments, disposition of assets, mergers and consolidations, and other matters customarily restricted in such agreements. Under the loan agreement, the Company is subject to a minimum fixed charge coverage ratio of <div style="display: inline; font-style: italic; font: inherit;">1.10:1.00.</div> As of <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>the Company was in compliance with all debt covenants.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 13; Value: 1 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The revolving credit facility allows the Company to request that PNC Bank issue letters of credit up to <div style="display: inline; font-style: italic; font: inherit;">$1,200,000.</div> The Company did <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">not</div></div> have any letters of credit reserved against the available letters of credit balance as of <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2019 </div>with PNC Bank. The availability of advances under the line of credit will be reduced by the face amount of any letter of credit issued and outstanding (whether or <div style="display: inline; font-style: italic; font: inherit;">not</div> drawn) under the revolving credit facility.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On <div style="display: inline; font-style: italic; font: inherit;"> December 16, 2019, </div>the Company and PNC Bank extended the maturity date of the line of credit from <div style="display: inline; font-style: italic; font: inherit;"> January 7, 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> January 7, 2021. </div>All other terms of the line of credit and the loan agreement and other documents evidencing the line of credit remain the same.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2019, </div>the Company had <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$88,831</div></div> of letters of credit with JP Morgan Chase Bank that are performance based and set to expire between <div style="display: inline; font-style: italic; font: inherit;"> June 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> May 2022.</div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2.</div> <div style="display: inline; text-transform: uppercase">Accounting PronouncementS</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">New Accounting Pronouncements Adopted</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font: inherit;"> February 2016, </div>the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> <div style="display: inline; font-style: italic;">Leases</div>. The guidance in ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02</div> supersedes the lease recognition requirements in the Accounting Standards Codification (ASC) Topic <div style="display: inline; font-style: italic; font: inherit;">840,</div> <div style="display: inline; font-style: italic;">Leases</div>. ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02</div> requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. This standard became effective for the Company on <div style="display: inline; font-style: italic; font: inherit;"> September 1, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The FASB has subsequently issued the following amendments to ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> which have the same effective date and transition date of <div style="display: inline; font-style: italic; font: inherit;"> September 1, 2019, </div>and which are collectively referred to as the new leasing standards:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td><div style="display: inline; font-style: italic;">ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">01,</div> Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>): Land Easement Practical Expedient for Transition to Topic <div style="display: inline; font-style: italic; font: inherit;">842</div></div>, which permits an entity to elect an optional transition practical expedient to <div style="display: inline; font-style: italic; font: inherit;">not</div> evaluate under Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> land easements that existed or expired prior to adoption of Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> and that were <div style="display: inline; font-style: italic; font: inherit;">not</div> previously accounted for as leases under the prior standard, ASC <div style="display: inline; font-style: italic; font: inherit;">840,</div> <div style="display: inline; font-style: italic;">Leases</div>.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td>ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">10,</div> <div style="display: inline; font-style: italic;">Codification Improvements to Topic <div style="display: inline; font-style: italic; font: inherit;">842,</div> Leases</div>, which amends certain narrow aspects of the guidance issued in ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td>ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">11,</div> <div style="display: inline; font-style: italic;">Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>): Targeted Improvements</div>, which allows for a transition approach to initially apply ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02</div> at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption as well as an additional practical expedient for lessors to <div style="display: inline; font-style: italic; font: inherit;">not</div> separate non-lease components from the associated lease component.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td>ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">20,</div> <div style="display: inline; font-style: italic;">Narrow-Scope Improvements for Lessors</div>, which contains certain narrow scope improvements to the guidance issued in ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional information and disclosures required by this new standard are contained in Note <div style="display: inline; font-style: italic; font: inherit;">12,</div> titled “Commitments and Contingencies.”</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company adopted the new leasing standards on <div style="display: inline; font-style: italic; font: inherit;"> September 1, 2019, </div>using a modified retrospective transition approach to be applied to leases existing as of, or entered into after, <div style="display: inline; font-style: italic; font: inherit;"> September 1, 2019; </div>and, consequently, financial information will <div style="display: inline; font-style: italic; font: inherit;">not</div> be updated and the disclosures required under Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> will <div style="display: inline; font-style: italic; font: inherit;">not</div> be provided for dates and periods prior to <div style="display: inline; font-style: italic; font: inherit;"> September 1, 2019. </div>The Company has reviewed its existing lease contracts and the impact of the new leasing standards on its consolidated results of operations, financial position and disclosures. Upon adoption of the new leasing standards, the Company recognized a lease liability and related right-of-use asset on its consolidated balance sheet of approximately <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$600,000</div>.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Recently Issued Accounting Pronouncements</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font: inherit;"> February 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> <div style="display: inline; font-style: italic;">Income Statement – Reporting Comprehensive Income (Topic <div style="display: inline; font-style: italic; font: inherit;">220</div>) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income</div>, which will allow a reclassification from accumulated other comprehensive income to retained earnings for the tax effects resulting from the Tax Cuts and Jobs Act (Tax Reform Act) that are stranded in accumulated other comprehensive income. This standard also requires certain disclosures about stranded tax effects. ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> however, does <div style="display: inline; font-style: italic; font: inherit;">not</div> change the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations. ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">02</div> was adopted by the Company commencing with <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of the Company’s fiscal year <div style="display: inline; font-style: italic; font: inherit;">2020,</div> and it did <div style="display: inline; font-style: italic; font: inherit;">not</div> have any impact on its consolidated financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 10; Value: 1 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font: inherit;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> <div style="display: inline; font-style: italic;">Measurement of Credit Losses on Financial Instruments</div>, which revises guidance for the accounting for credit losses on financial instruments within its scope, and in <div style="display: inline; font-style: italic; font: inherit;"> November 2018, </div>issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">19</div> and in <div style="display: inline; font-style: italic; font: inherit;"> April 2019, </div>issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">04</div> and in <div style="display: inline; font-style: italic; font: inherit;"> May 2019, </div>issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">05,</div> and in <div style="display: inline; font-style: italic; font: inherit;"> November 2019, </div>issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">11,</div> 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 <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2022, </div>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 <div style="display: inline; font-style: italic; font: inherit;">first</div> reporting period in which the guidance is adopted. The Company is still evaluating the impact of this ASU.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font: inherit;">not</div> believe any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial position or operating results.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">10.</div> STOCK-BASED COMPENSATION</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has <div style="display: inline; font-style: italic; font: inherit;">three</div> stock-based compensation plans under which stock options or other stock-based awards have been granted: the Northern Technologies International Corporation <div style="display: inline; font-style: italic; font: inherit;">2019</div> Stock Incentive Plan, which was approved by stockholders at the <div style="display: inline; font-style: italic; font: inherit;">2019</div> annual meeting of stockholders, the Northern Technologies International Corporation Amended and Restated <div style="display: inline; font-style: italic; font: inherit;">2007</div> Stock Incentive Plan (the <div style="display: inline; font-style: italic; font: inherit;">2007</div> Plan) and the Northern Technologies International Corporation Employee Stock Purchase Plan. The <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan replaced the <div style="display: inline; font-style: italic; font: inherit;">2007</div> Plan with respect to future grants; and, therefore, <div style="display: inline; font-style: italic; font: inherit;">no</div> further awards <div style="display: inline; font-style: italic; font: inherit;"> may </div>be made under the <div style="display: inline; font-style: italic; font: inherit;">2007</div> Plan. The Compensation Committee of the Board of Directors and the Board of Directors administer these plans.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 15; Value: 1 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, stock unit awards, performance awards, and stock bonuses to eligible recipients to enable the Company and its subsidiaries to attract and retain qualified individuals through opportunities for equity participation in the Company and to reward those individuals who contribute to the achievement of the Company’s economic objectives. Subject to adjustment as provided in the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan, up to a maximum of <div style="display: inline; font-style: italic; font: inherit;">800,000</div> shares of the Company’s common stock are issuable under the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan. Options granted generally have a term of <div style="display: inline; font-style: italic; font: inherit;">ten</div> years and become exercisable over a <div style="display: inline; font-style: italic; font: inherit;">one</div>- or <div style="display: inline; font-style: italic; font: inherit;">three</div>-year period beginning on the <div style="display: inline; font-style: italic; font: inherit;">one</div>-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 <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2019, </div>options to purchase an aggregate of <div style="display: inline; font-style: italic; font: inherit;">300,770</div> shares of the Company’s common stock had been granted under the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The maximum number of shares of common stock of the Company available for issuance under the ESPP is <div style="display: inline; font-style: italic; font: inherit;">200,000</div> shares, subject to adjustment as provided in the ESPP. The ESPP provides for <div style="display: inline; font-style: italic; font: inherit;">six</div>-month offering periods beginning on <div style="display: inline; font-style: italic; font: inherit;"> September 1 </div>and <div style="display: inline; font-style: italic; font: inherit;"> March 1 </div>of each year. The purchase price of the shares is <div style="display: inline; font-style: italic; font: inherit;">90%</div> of the lower of the fair market value of common stock at the beginning or end of the offering period. This discount <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> exceed the maximum discount rate permitted for plans of this type under Section <div style="display: inline; font-style: italic; font: inherit;">423</div> of the Internal Revenue Code of <div style="display: inline; font-style: italic; font: inherit;">1986,</div> as amended. The ESPP is compensatory for financial reporting purposes. As of <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div><div style="display: inline; font-style: italic; font: inherit;">84,693</div> shares of common stock remained available for sale under the ESPP.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company granted options to purchase an aggregate of <div style="display: inline; font-style: italic; font: inherit;">300,770</div> and <div style="display: inline; font-style: italic; font: inherit;">141,768</div> shares of its common stock during the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> 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 <div style="display: inline; font-style: italic; font: inherit;">$998,122</div> and <div style="display: inline; font-style: italic; font: inherit;">$1,073,940</div> during the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, related to the options that vested during such time period. As of <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>the total compensation cost for non-vested options <div style="display: inline; font-style: italic; font: inherit;">not</div> yet recognized in the Company’s consolidated statements of operations was <div style="display: inline; font-style: italic; font: inherit;">$360,486.</div> Stock-based compensation expense of <div style="display: inline; font-style: italic; font: inherit;">$339,652</div> is expected through the remainder of fiscal year <div style="display: inline; font-style: italic; font: inherit;">2020,</div> and <div style="display: inline; font-style: italic; font: inherit;">$20,834</div> is expected to be recognized during fiscal <div style="display: inline; font-style: italic; font: inherit;">2021,</div> based on outstanding options as of <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020. </div>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.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Nine Months Ended</div></div></td> </tr> <tr> <td style="white-space: nowrap; vertical-align: bottom; width: 53%; text-align: justify"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 22%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">May 31, 2020</div></div></td> <td style="white-space: nowrap; vertical-align: top; width: 3%; text-align: center"> </td> <td style="vertical-align: bottom; width: 22%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">May 31, 2019</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Dividend yield</div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">2.15%</div></div></td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">1.32%</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Expected volatility</div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">45.1%</div></div></td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">45.8%</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Expected life of option</div> (in years)</td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">10</div></div></td> <td style="white-space: nowrap; text-align: center; text-indent: 30pt"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">10</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Average risk-free interest rate</div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">1.57%</div></div></td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">2.75%</div></div></td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The weighted average per share fair value of options granted during the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019</div> was <div style="display: inline; font-style: italic; font: inherit;">$4.30</div> and <div style="display: inline; font-style: italic; font: inherit;">$9.01,</div> respectively. The weighted average remaining contractual life of the options outstanding as of <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019</div> was <div style="display: inline; font-style: italic; font: inherit;">6.27</div> years and <div style="display: inline; font-style: italic; font: inherit;">6.15</div> years, respectively.</div></div>
2019-11-20
2020-02-19
2018-11-21
2019-02-22
2019-05-23
545058
545058
1182200
1182200
1635183
1635183
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Declaration Date</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Record Date</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Payable Date</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: center">October 22, 2019</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"></td> <td style="width: 22%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.065</div></td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%"> </td> <td style="width: 24%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">November 6, 2019</div></td> <td style="width: 1%"> </td> <td style="width: 24%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">November 20, 2019</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">January 22, 2020</td> <td> </td> <td style="text-align: center"></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.065</div></td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">February 5, 2020</div></td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">February 19, 2020</div></td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Declaration Date</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Record Date</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Payable Date</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: center">October 24, 2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"></td> <td style="width: 22%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.06</div></td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%"> </td> <td style="width: 24%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">November 7, 2018</div></td> <td style="width: 1%"> </td> <td style="width: 24%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">November 21, 2018</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">January 23, 2019</td> <td> </td> <td style="text-align: center"></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.06</div></td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">February 6, 2019</div></td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">February 22, 2019</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">April 25, 2019</td> <td> </td> <td style="text-align: center"></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.06</div></td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">May 9, 2019</div></td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">May 23, 2019</div></td> </tr> </table></div>
2019-11-06
2020-02-05
2018-11-07
2019-02-06
2019-05-09
-0.11
0.16
0.05
0.48
-0.11
0.16
0.05
0.46
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">9.</div> NET INCOME PER COMMON SHARE </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. There was <div style="display: inline; font-style: italic; font: inherit;">no</div> dilution for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>due to the loss position of the Company. <div style="display: inline; font-style: italic; font: inherit;">71,273</div> shares were excluded from the computation for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a reconciliation of the net income per share computation for the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Numerator:</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Net income attributable to NTIC</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(965,221</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,482,149</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">427,163</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,380,776</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Basic – weighted shares outstanding</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,099,990</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,084,354</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,096,981</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,085,584</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: -7.95pt; padding-left: 7.95pt">Weighted shares assumed upon exercise of stock options</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">308,090</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">215,933</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">355,274</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Diluted – weighted shares outstanding</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,099,990</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,392,444</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,312,914</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,440,858</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic net income per share:</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.11</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.16</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.05</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.48</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Diluted net income per share:</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.11</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.16</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.05</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.46</div></td> <td style="text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.4in">*</td> <td>Share and per share data have been adjusted for all periods presented to reflect the <div style="display: inline; font-style: italic; font: inherit;">two</div>-for-<div style="display: inline; font-style: italic; font: inherit;">one</div> stock split effective <div style="display: inline; font-style: italic; font: inherit;"> June 28, 2019.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 method when computing the diluted net income per share. Excluded from the computation of diluted net income per share for the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>were options outstanding to purchase <div style="display: inline; font-style: italic; font: inherit;">633,176</div> shares of common stock. Excluded from the computation of diluted net income per share for the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2019 </div>were options outstanding to purchase <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">141,768</div></div> shares of common stock.</div></div>
-163093
36605
1132918
1857971
360486
89227
89227
5648153
4675850
972303
1795542
1673700
121842
3822785
2517450
1305335
21942063
24207339
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">6.</div> INVESTMENTS IN JOINT VENTURES</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 recorded that remain on the consolidated balance sheet of sales from the Company to its joint ventures and from joint ventures to other joint ventures have been eliminated for financial reporting purposes.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of May 31, 2020</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,424,780</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,825,008</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,599,772</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,403,406</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,143,537</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,259,869</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,741,077</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,686,694</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,054,383</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,412</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,412</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Joint ventures’ equity</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44,629,920</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,456,842</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,173,078</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s share of joint ventures’ equity</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,942,063</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,728,423</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,213,640</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,706,983</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,697,518</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,009,465</div></td> <td style="text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended May 31, 2020</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,782,233</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,753,631</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,028,602</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,647,784</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,478,739</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,169,045</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,610,524</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,071,899</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">538,625</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s share of equity in income from joint ventures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">811,787</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">536,540</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">275,247</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s dividends received from joint ventures</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89,227</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89,227</div></td> <td style="text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended May 31, 2020</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">68,531,897</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,102,046</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,429,851</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,107,491</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,066,309</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,041,182</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,920,047</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,492,254</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,427,793</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s share of equity in income from joint ventures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,466,581</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,246,930</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,219,651</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s dividends received from joint ventures</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,648,153</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,675,850</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">972,303</div></td> <td style="text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 12; Value: 1 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of August 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 61%">Current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,162,834</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,139,787</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,023,047</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,326,703</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,666,841</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,659,862</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,145,499</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,573,160</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,572,339</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,797</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,797</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Joint ventures’ equity</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,160,407</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,093,681</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,066,726</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Northern Technologies International Corporation’s share of joint ventures’ equity</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,207,339</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,046,842</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,160,497</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,178,126</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,015,937</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,162,189</div></td> <td style="text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended May 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,774,112</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,933,386</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,840,726</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,557,580</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,129,046</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,428,534</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,797,785</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,707,342</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,090,443</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Northern Technologies International Corporation’s share of equity in income from joint ventures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,877,410</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,353,856</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">523,554</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s dividends received from joint ventures</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,795,542</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,673,700</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">121,842</div></td> <td style="text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended May 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">86,003,918</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,895,042</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51,108,876</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">38,547,018</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,118,704</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,428,314</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,412,552</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,187,467</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,225,085</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Northern Technologies International Corporation’s share of equity in income from joint ventures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,596,788</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,094,763</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,502,025</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -6.95pt; padding-left: 6.95pt">Northern Technologies International Corporation’s dividends received from joint ventures</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,822,785</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,517,450</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,305,335</div></td> <td style="text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company did <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">not</div></div></div></div> make any joint venture investments during the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>or <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Fair Value Measurements </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Using Inputs Considered as</div></div> </div></td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Fair value as of</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2020</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Available for sale securities</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,450,693</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,450,693</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Fair Value Measurements </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Using Inputs Considered as</div></div> </div></td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Fair value as of</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">August 31, 2019</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Available for sale securities</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,565,258</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,565,258</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">13.</div> <div style="display: inline; font-family: Times New Roman, Times, Serif; text-transform: uppercase">Fair Value Measurements</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assets and liabilities that are measured at fair value on a recurring basis primarily relate to equity securities in an ultra-short bond fund. These items are marked-to-market at each reporting period, and the Company estimates that market value approximates costs.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis:</div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Fair Value Measurements </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Using Inputs Considered as</div></div> </div></td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Fair value as of</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2020</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Available for sale securities</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,450,693</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,450,693</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Fair Value Measurements </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Using Inputs Considered as</div></div> </div></td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Fair value as of</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">August 31, 2019</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Available for sale securities</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,565,258</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,565,258</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial assets that are classified as Level <div style="display: inline; font-style: italic; font: inherit;">1</div> securities include cash equivalents and available for sale securities. These are valued using quoted market prices in an active market. There were <div style="display: inline; font-style: italic; font: inherit;">no</div> transfers between Level <div style="display: inline; font-style: italic; font: inherit;">1,</div> Level <div style="display: inline; font-style: italic; font: inherit;">2,</div> or Level <div style="display: inline; font-style: italic; font: inherit;">3</div> during the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2020</div> and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div></div>
P7Y
2049688
1929907
200000
200000
200000
200000
200000
2889223
2938876
839535
1008969
839535
1008969
36210
2213552
2527192
6608352
6986526
3245721
4754764
12618519
13418984
8647784
4478739
4169045
31107491
15066309
16041182
12557580
6129046
6428534
38547018
19118704
19428314
811787
1877410
3466581
5596788
536540
275247
2246930
1219651
1353856
523554
4094763
1502025
-790239
1791221
1580782
5486542
142285
150257
869945
652331
53975
48861
457018
-882962
495251
40983
-93169
-2370845
-1491663
-109646
-177916
-174623
343377
1729133
1465663
-368769
-709049
308090
215933
355274
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">5.</div> PATENTS AND TRADEMARKS, NET</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Patents and trademarks, net, consisted of the following:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">August 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Patents and trademarks</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,889,223</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,938,876</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,049,688</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,929,907</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">839,535</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,008,969</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Patent and trademark costs are amortized over <div style="display: inline; font-style: italic; font: inherit;">seven</div> years. Costs incurred related to patents and trademarks are capitalized until filed and approved, at which time the amounts capitalized to date are amortized, and any further costs, including maintenance costs, are expensed as incurred. Amortization expense is estimated to be <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$200,000</div></div></div></div></div> in each of the next <div style="display: inline; font-style: italic; font: inherit;">five</div> fiscal years.</div></div>
-73738
18949
15881
40666
10724
5165
20101
11357
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">3.</div> INVENTORIES</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inventories consisted of the following:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">August 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Production materials</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,898,782</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,980,816</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,181,983</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,507,912</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,080,765</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,488,728</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div></div>
8181983
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3898782
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310365
310365
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%">Fiscal 2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">68,746</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Fiscal 2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">263,392</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fiscal 2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">125,648</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Fiscal 2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,222</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Fiscal 2024</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,570</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt">Total future minimum lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">470,578</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less amount representing interest</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,390</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt">Present value of obligations under operating leases</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">451,188</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(136,714</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt">Long-term operating lease obligations</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">314,474</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">New Accounting Pronouncements Adopted</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font: inherit;"> February 2016, </div>the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> <div style="display: inline; font-style: italic;">Leases</div>. The guidance in ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02</div> supersedes the lease recognition requirements in the Accounting Standards Codification (ASC) Topic <div style="display: inline; font-style: italic; font: inherit;">840,</div> <div style="display: inline; font-style: italic;">Leases</div>. ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02</div> requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. This standard became effective for the Company on <div style="display: inline; font-style: italic; font: inherit;"> September 1, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The FASB has subsequently issued the following amendments to ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> which have the same effective date and transition date of <div style="display: inline; font-style: italic; font: inherit;"> September 1, 2019, </div>and which are collectively referred to as the new leasing standards:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td><div style="display: inline; font-style: italic;">ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">01,</div> Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>): Land Easement Practical Expedient for Transition to Topic <div style="display: inline; font-style: italic; font: inherit;">842</div></div>, which permits an entity to elect an optional transition practical expedient to <div style="display: inline; font-style: italic; font: inherit;">not</div> evaluate under Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> land easements that existed or expired prior to adoption of Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> and that were <div style="display: inline; font-style: italic; font: inherit;">not</div> previously accounted for as leases under the prior standard, ASC <div style="display: inline; font-style: italic; font: inherit;">840,</div> <div style="display: inline; font-style: italic;">Leases</div>.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td>ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">10,</div> <div style="display: inline; font-style: italic;">Codification Improvements to Topic <div style="display: inline; font-style: italic; font: inherit;">842,</div> Leases</div>, which amends certain narrow aspects of the guidance issued in ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td>ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">11,</div> <div style="display: inline; font-style: italic;">Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>): Targeted Improvements</div>, which allows for a transition approach to initially apply ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02</div> at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption as well as an additional practical expedient for lessors to <div style="display: inline; font-style: italic; font: inherit;">not</div> separate non-lease components from the associated lease component.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td>ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">20,</div> <div style="display: inline; font-style: italic;">Narrow-Scope Improvements for Lessors</div>, which contains certain narrow scope improvements to the guidance issued in ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional information and disclosures required by this new standard are contained in Note <div style="display: inline; font-style: italic; font: inherit;">12,</div> titled “Commitments and Contingencies.”</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company adopted the new leasing standards on <div style="display: inline; font-style: italic; font: inherit;"> September 1, 2019, </div>using a modified retrospective transition approach to be applied to leases existing as of, or entered into after, <div style="display: inline; font-style: italic; font: inherit;"> September 1, 2019; </div>and, consequently, financial information will <div style="display: inline; font-style: italic; font: inherit;">not</div> be updated and the disclosures required under Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> will <div style="display: inline; font-style: italic; font: inherit;">not</div> be provided for dates and periods prior to <div style="display: inline; font-style: italic; font: inherit;"> September 1, 2019. </div>The Company has reviewed its existing lease contracts and the impact of the new leasing standards on its consolidated results of operations, financial position and disclosures. Upon adoption of the new leasing standards, the Company recognized a lease liability and related right-of-use asset on its consolidated balance sheet of approximately <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$600,000</div>.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Recently Issued Accounting Pronouncements</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font: inherit;"> February 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> <div style="display: inline; font-style: italic;">Income Statement – Reporting Comprehensive Income (Topic <div style="display: inline; font-style: italic; font: inherit;">220</div>) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income</div>, which will allow a reclassification from accumulated other comprehensive income to retained earnings for the tax effects resulting from the Tax Cuts and Jobs Act (Tax Reform Act) that are stranded in accumulated other comprehensive income. This standard also requires certain disclosures about stranded tax effects. ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> however, does <div style="display: inline; font-style: italic; font: inherit;">not</div> change the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations. ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">02</div> was adopted by the Company commencing with <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of the Company’s fiscal year <div style="display: inline; font-style: italic; font: inherit;">2020,</div> and it did <div style="display: inline; font-style: italic; font: inherit;">not</div> have any impact on its consolidated financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 10; Value: 1 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font: inherit;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> <div style="display: inline; font-style: italic;">Measurement of Credit Losses on Financial Instruments</div>, which revises guidance for the accounting for credit losses on financial instruments within its scope, and in <div style="display: inline; font-style: italic; font: inherit;"> November 2018, </div>issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">19</div> and in <div style="display: inline; font-style: italic; font: inherit;"> April 2019, </div>issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">04</div> and in <div style="display: inline; font-style: italic; font: inherit;"> May 2019, </div>issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">05,</div> and in <div style="display: inline; font-style: italic; font: inherit;"> November 2019, </div>issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">11,</div> 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 <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2022, </div>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 <div style="display: inline; font-style: italic; font: inherit;">first</div> reporting period in which the guidance is adopted. The Company is still evaluating the impact of this ASU.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font: inherit;">not</div> believe any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial position or operating results.</div></div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div> INTERIM FINANCIAL INFORMATION</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2019, </div>the results of their operations for the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the changes in equity for the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> and the Company’s cash flows for the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font: inherit;">10</div>-K for the fiscal year ended <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2019. </div>These consolidated financial statements also should be read in conjunction with the “<div style="display: inline; font-style: italic;">Management’s Discussion and Analysis of Financial Condition and Results of Operations</div>” section appearing in this report.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On <div style="display: inline; font-style: italic; font: inherit;"> June 3, 2019, </div>the Company’s Board of Directors declared a <div style="display: inline; font-style: italic; font: inherit;">two</div>-for-<div style="display: inline; font-style: italic; font: inherit;">one</div> stock split of the Company’s common stock effected in the form of a <div style="display: inline; font-style: italic; font: inherit;">100%</div> share dividend distributed on <div style="display: inline; font-style: italic; font: inherit;"> June 28, 2019 </div>to record holders as of <div style="display: inline; font-style: italic; font: inherit;"> June 17, 2019. </div>All share and per share values in this report have been adjusted to retroactively reflect the effect of the <div style="display: inline; font-style: italic; font: inherit;">two</div>-for-<div style="display: inline; font-style: italic; font: inherit;">one</div> stock split.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operating results for the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>are <div style="display: inline; font-style: italic; font: inherit;">not</div> necessarily indicative of the results that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be expected for the full fiscal year ending <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company evaluates events occurring after the date of the consolidated financial statements requiring recording or disclosure in the consolidated financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Impact of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> Pandemic</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font: inherit;"> March 2020, </div>the World Health Organization declared the novel coronavirus (COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div>) outbreak a global pandemic. The COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic has negatively impacted the global economy, disrupted global supply chains, created significant volatility and disruption in financial markets and has resulted in an economic slowdown. As a result of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic and related government mandated restrictions on the Company’s business as well as the businesses of its joint ventures, customers and suppliers, disruption to the Company’s business and the manufacture and sale of its products and services has occurred and is expected to continue through the <div style="display: inline; font-style: italic; font: inherit;">fourth</div> quarter of fiscal <div style="display: inline; font-style: italic; font: inherit;">2020</div> and beyond. Additionally, the Company expects the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic will likely continue to have a material adverse effect on its business, operating results and financial condition during the <div style="display: inline; font-style: italic; font: inherit;">fourth</div> quarter of fiscal <div style="display: inline; font-style: italic; font: inherit;">2020</div> and beyond; however, the precise financial impact and duration cannot be reasonably estimated at this time.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In response to the impact of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic, and given the uncertainty of its duration, the Company has taken a number of precautionary measures, including the withdrawal and suspension of its specific full-year fiscal <div style="display: inline; font-style: italic; font: inherit;">2020</div> guidance and the temporary suspension of its quarterly cash dividend.</div></div>
809028
1471532
451188
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-54189
-281177
-464214
-29274
-493488
-236159
-77685
-313844
-609273
12805
-596468
1688493
3311233
6957825
9895820
1182200
1635183
200000
200000
4000000
2340503
79139
87222
0
0
0
0
375087
716212
0
0
10000
10000
0
0
0
0
696010
1062609
5648153
3822785
134034
2114565
3100000
2190
64195
52547
-932524
1640964
710837
4834211
-965221
32697
1482149
158815
427163
283674
4380776
453435
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">4.</div> PROPERTY AND EQUIPMENT, NET</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Property and equipment, net, consisted of the following:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">August 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%">Land</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">310,365</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">310,365</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Buildings and improvements</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,969,890</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,749,980</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Machinery and equipment</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,795,234</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,903,664</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,075,489</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,964,009</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,111,521</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,605,850</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,963,968</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,358,159</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div></div>
13075489
12964009
6963968
7358159
377959
337162
64540
101548
25384
14791
65472
61748
6430613
6842910
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">August 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%">Land</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">310,365</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">310,365</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Buildings and improvements</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,969,890</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,749,980</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Machinery and equipment</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,795,234</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,903,664</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,075,489</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,964,009</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,111,521</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,605,850</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,963,968</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,358,159</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">ZERUST<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div> net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,356,781</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,077,203</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,322,515</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,250,772</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Natur-Tec<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div> net sales</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,388,042</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,815,914</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,287,491</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,051,801</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total net sales</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,744,823</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,893,117</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,610,006</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,302,573</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"></td> <td style="padding-bottom: 1pt"></td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2020</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> <td style="font-weight: bold; padding-bottom: 1pt"></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31,<br /> 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Germany</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">199,877</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22.8</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">212,825</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14.8</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Poland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">75,118</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">181,057</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.6</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Japan</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">139,268</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15.9</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">164,136</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.5</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Sweden</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51,767</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.9</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">137,642</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9.6</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,842</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.8</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">114,705</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>France</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,716</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,063</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.8</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Thailand</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,919</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.8</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">109,427</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.6</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">South Korea</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54,951</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.3</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,732</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Czech Republic</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,709</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.3</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">83,086</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.8</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Finland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,870</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">75,135</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.2</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United Kingdom</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,484</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">70,972</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,185</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.6</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">87,043</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.1</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">876,706</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,433,823</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2020</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2019</div></div> </div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">% of Total Fees for Services Provided to Joint Ventures </div></div> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Germany</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">620,106</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17.8</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">643,154</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15.0</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Poland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">441,011</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">551,430</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.8</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Japan</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">453,347</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">501,432</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.6</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Sweden</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,671</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.4</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">417,635</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9.7</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>France</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">241,056</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.9</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">328,395</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.6</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Thailand</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">261,132</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.5</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">313,075</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.3</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">187,826</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.4</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">294,833</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.9</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Czech Republic</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">215,923</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">266,706</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.2</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United Kingdom</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,241</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.8</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">261,961</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.1</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">South Korea</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">206,272</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.9</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,612</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Finland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">194,813</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">221,599</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.2</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">207,846</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.9</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">239,200</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.6</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,491,244</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,299,032</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> </tr> </table></div>
950127
1005045
2918163
2804739
44237682
44992719
19706983
11697518
8009465
22178126
14015937
8162189
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">China</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,089,135</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,691,220</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,975,091</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,864,479</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Brazil</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">365,222</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">792,299</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,080,418</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,343,894</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">631,551</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,283,346</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,727,325</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,159,136</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Other</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,607,206</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,953,370</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,268,871</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,370,308</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">United States</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,051,709</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,172,882</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,558,301</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,564,756</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt">Total net sales</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,744,823</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,893,117</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,610,006</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,302,573</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table></div>
9744823
14893117
37610006
42302573
18782233
7753631
11028602
68531897
26102046
42429851
27774112
10933386
16840726
86003918
34895042
51108876
7356781
10077203
26322515
29250772
2388042
4815914
11287491
13051801
5019363
6172882
19546708
19564756
673751
1112313
1504997
2304455
4051709
7607922
16558301
20433362
3089135
3691220
9975091
9864479
365222
792299
2080418
2343894
631551
2283346
4727325
6159136
1607206
1953370
4268871
4370308
4051709
6172882
16558301
19564756
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Cash paid for interest</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,724</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,165</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash paid for income taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Cash paid for interest</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,101</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,357</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash paid for income taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,975</div></td> <td style="text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Numerator:</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Net income attributable to NTIC</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(965,221</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,482,149</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">427,163</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,380,776</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Basic – weighted shares outstanding</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,099,990</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,084,354</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,096,981</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,085,584</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: -7.95pt; padding-left: 7.95pt">Weighted shares assumed upon exercise of stock options</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">308,090</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">215,933</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">355,274</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Diluted – weighted shares outstanding</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,099,990</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,392,444</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,312,914</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,440,858</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic net income per share:</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.11</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.16</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.05</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.48</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Diluted net income per share:</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.11</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.16</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.05</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.46</div></td> <td style="text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">August 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Patents and trademarks</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,889,223</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,938,876</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,049,688</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,929,907</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">839,535</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,008,969</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">August 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Production materials</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,898,782</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,980,816</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,181,983</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,507,912</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,080,765</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,488,728</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Inside the U.S. to unaffiliated customers</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,019,363</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,172,882</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,546,708</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,564,756</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Outside the U.S. to:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Joint ventures in which the Company is a shareholder directly and indirectly</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">673,751</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,112,313</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,504,997</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,304,455</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Unaffiliated customers</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,051,709</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,607,922</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,558,301</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,433,362</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,744,823</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,893,117</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,610,006</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,302,573</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">At May 31, 2020</div></div> </div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">At August 31, 2019</div></div> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: justify">China</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">377,959</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">337,162</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Brazil</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">64,540</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">101,548</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Germany</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,384</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,791</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">65,472</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,748</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">United States</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,430,613</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,842,910</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt">Total property and equipment</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,963,968</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,358,159</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Nine Months Ended</div></div></td> </tr> <tr> <td style="white-space: nowrap; vertical-align: bottom; width: 53%; text-align: justify"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 22%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">May 31, 2020</div></div></td> <td style="white-space: nowrap; vertical-align: top; width: 3%; text-align: center"> </td> <td style="vertical-align: bottom; width: 22%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">May 31, 2019</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Dividend yield</div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">2.15%</div></div></td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">1.32%</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Expected volatility</div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">45.1%</div></div></td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">45.8%</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Expected life of option</div> (in years)</td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">10</div></div></td> <td style="white-space: nowrap; text-align: center; text-indent: 30pt"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">10</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Average risk-free interest rate</div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">1.57%</div></div></td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">2.75%</div></div></td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">11.</div> SEGMENT AND GEOGRAPHIC INFORMATION</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Segment Information</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s business is organized into <div style="display: inline; font-style: italic; font: inherit;">two</div> reportable segments: ZERUST<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div> and Natur-Tec<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div>. The Company has been selling its proprietary ZERUST<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div> rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for over <div style="display: inline; font-style: italic; font: inherit;">40</div> 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<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div> brand.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth the Company’s net sales for the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019</div> by segment:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">ZERUST<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div> net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,356,781</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,077,203</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,322,515</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,250,772</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Natur-Tec<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div> net sales</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,388,042</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,815,914</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,287,491</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,051,801</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total net sales</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,744,823</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,893,117</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,610,006</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,302,573</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth the Company’s cost of goods sold for the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2020</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> by segment:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"></div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2020</div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Segment Sales*</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2019</div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Segment Sales*</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"></div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2020</div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Segment Sales*</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2019</div></div> </div></td> <td style="white-space: nowrap; text-align: center"> <div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Segment Sales*</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td>Direct cost of goods sold</td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 28%">ZERUST<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,011,244</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54.5</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,725,220</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56.8</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,193,113</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53.9</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,596,536</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 6%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56.7</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><div style="display: inline; font-size: 10pt">Natur-Tec<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div></div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,842,539</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,670,282</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">76.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,733,016</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77.4</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,181,050</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Indirect cost of goods sold</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">645,319</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">742,851</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,065,358</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,106,003</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Total net cost of goods sold</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,499,102</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,138,353</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,991,487</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,883,589</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"></div> <!-- Field: Rule-Page --> <div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"> <div style="font-size: 1pt; border-top: Black 1pt solid"> </div> </div> <!-- Field: /Rule-Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.3in">*</td> <td>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.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font: inherit;">not</div> utilized in evaluating product performance, nor does such allocation occur for internal financial reporting.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;"> </div></div> <!-- Field: Page; Sequence: 17; Value: 1 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Geographic Information</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net sales by geographic location for the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019</div> were as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Inside the U.S. to unaffiliated customers</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,019,363</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,172,882</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,546,708</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,564,756</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Outside the U.S. to:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Joint ventures in which the Company is a shareholder directly and indirectly</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">673,751</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,112,313</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,504,997</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,304,455</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Unaffiliated customers</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,051,709</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,607,922</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,558,301</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,433,362</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,744,823</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,893,117</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,610,006</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,302,573</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net sales by geographic location are based on the location of the customer.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fees for services provided to joint ventures by geographic location as a percentage of total fees for services provided to joint ventures during the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019</div> were as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"></td> <td style="padding-bottom: 1pt"></td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2020</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> <td style="font-weight: bold; padding-bottom: 1pt"></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31,<br /> 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Germany</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">199,877</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22.8</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">212,825</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14.8</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Poland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">75,118</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">181,057</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.6</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Japan</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">139,268</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15.9</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">164,136</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.5</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Sweden</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51,767</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.9</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">137,642</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9.6</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,842</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.8</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">114,705</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>France</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,716</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,063</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.8</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Thailand</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,919</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.8</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">109,427</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.6</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">South Korea</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54,951</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.3</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,732</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Czech Republic</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,709</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.3</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">83,086</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.8</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Finland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,870</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">75,135</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.2</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United Kingdom</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,484</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">70,972</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,185</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.6</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">87,043</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.1</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">876,706</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,433,823</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2020</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2019</div></div> </div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">% of Total Fees for Services Provided to Joint Ventures </div></div> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Germany</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">620,106</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17.8</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">643,154</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15.0</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Poland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">441,011</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">551,430</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.8</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Japan</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">453,347</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">501,432</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.6</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Sweden</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,671</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.4</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">417,635</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9.7</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>France</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">241,056</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.9</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">328,395</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.6</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Thailand</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">261,132</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.5</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">313,075</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.3</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">187,826</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.4</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">294,833</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.9</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Czech Republic</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">215,923</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">266,706</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.2</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United Kingdom</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,241</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.8</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">261,961</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.1</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">South Korea</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">206,272</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.9</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,612</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Finland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">194,813</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">221,599</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.2</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">207,846</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.9</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">239,200</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.6</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,491,244</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,299,032</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 18; Value: 1 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The geographical distribution of key financial statement data is as follows:</div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">At May 31, 2020</div></div> </div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">At August 31, 2019</div></div> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: justify">China</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">377,959</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">337,162</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Brazil</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">64,540</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">101,548</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Germany</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,384</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,791</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">65,472</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,748</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">United States</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,430,613</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,842,910</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt">Total property and equipment</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,963,968</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,358,159</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">China</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,089,135</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,691,220</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,975,091</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,864,479</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Brazil</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">365,222</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">792,299</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,080,418</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,343,894</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">631,551</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,283,346</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,727,325</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,159,136</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Other</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,607,206</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,953,370</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,268,871</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,370,308</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">United States</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,051,709</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,172,882</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,558,301</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,564,756</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt">Total net sales</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,744,823</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,893,117</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,610,006</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,302,573</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total property and equipment are periodically reviewed to assure the net realizable value from the estimated future production based on forecasted sales exceeds the carrying value of the assets. Total assets located in the United States include the Company’s investments in joint ventures.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales to the Company’s joint ventures are included in the foregoing segment and geographic information; however, sales by the Company’s joint ventures to other parties are <div style="display: inline; font-style: italic; font: inherit;">not</div> included. The foregoing segment and geographic information represents only sales and cost of goods sold recognized directly by the Company.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All joint venture operations, including equity in income, fees for services, and related dividends, are primarily related to ZERUST<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div> products and services.</div></div>
2487396
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0.0275
800000
200000
300770
141768
300770
300770
141768
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10.87
18.23
P10Y
P10Y
P10Y
P6Y98D
P6Y54D
0.9
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9099990
9084354
9086816
9086816
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2462
2754
2462
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55
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127
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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.
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