Note 9 — Revenue from Contracts with Customers

The Company accounts for revenue in accordance with ASC 606, “Revenue from Contracts with Customers.” This revenue is generated from the manufacture of specialty chemical products including coatings, linings, adhesives, sealants, specialty tapes, polymers and laminates. Certain of these manufactured products can incorporate customer-owned materials. The Company also recognizes, to a lesser extent, revenue through royalties and commissions from licensed manufacturers and from providing custom manufacturing-related services. The Company’s revenue recognition policies require the Company to make significant judgments and estimates. In applying the Company’s revenue recognition policy, determinations must be made as to when control of products passes to the Company’s customers, which can be either at a point in time or over time based on contractual terms with customers. Revenue is generally recognized at a point in time when control passes upon either shipment to or receipt by the customer of the Company’s products, while revenue is generally recognized over time when control of the Company’s products transfers to customers during the manufacturing process. The Company analyzes several factors, including but not limited to, the nature of the products being sold and contractual terms and conditions in contracts with customers to help the Company make such judgments about revenue recognition.

Contract Balances

The Company’s contract assets primarily relate to unbilled revenue for products currently in production at the Company’s facilities and which incorporate customer-owned material. Revenue is recognized in advance of billing to the customer in these specific circumstances, whereas billing is typically performed at the time of shipment to or receipt by the customer.

Contract assets are included in prepaid expenses and other current assets on the Company’s condensed consolidated balance sheet. The following table presents contract assets by reportable operating segment as of May 31, 2020 and August 31, 2019:


	May 31,		August 31,
	2020		2019
Contract Assets
Adhesives, Sealants and Additives	$	35	$	42
Industrial Tapes		46		26
Corrosion Protection and Waterproofing		183		79
Total	$	264	$	147

The Company did not have any contract liabilities as of May 31, 2020 and August 31, 2019.

Disaggregated Revenue

The Company disaggregates revenue from customers by geographic region, as it believes this disclosure best depicts how the nature, amount, timing and uncertainty of the Company's revenue and cash flows are affected by economic factors. Disaggregated revenue by geographical region for the three and nine months ended May 31, 2020 and 2019 was as follows:


	Three Months Ended May 31, 2020
	Adhesives, Sealants		Industrial		Corrosion Protection		Consolidated
	and Additives		Tapes		and Waterproofing		Revenue
Revenue
North America	$	15,094	$	28,137	$	7,635	$	50,866
Asia		4,541		2,239		1,737		8,517
Europe		3,201		840		750		4,791
All other foreign		86		536		75		697
Total Revenue	$	22,922	$	31,752	$	10,197	$	64,871

	Nine Months Ended May 31, 2020
	Adhesives, Sealants		Industrial		Corrosion Protection		Consolidated
	and Additives		Tapes		and Waterproofing		Revenue
Revenue
North America	$	49,135	$	81,811	$	25,323	$	156,269
Asia		13,268		5,642		4,419		23,329
Europe		10,422		2,386		2,201		15,009
All other foreign		359		2,092		197		2,648
Total Revenue	$	73,184	$	91,931	$	32,140	$	197,255


	Three Months Ended May 31, 2019
	Adhesives, Sealants		Industrial		Corrosion Protection		Consolidated
	and Additives		Tapes		and Waterproofing		Revenue
Revenue
North America	$	17,436	$	31,691	$	9,764	$	58,891
Asia		4,898		1,303		1,851		8,052
Europe		3,522		561		644		4,727
All other foreign		153		149		140		442
Total Revenue	$	26,009	$	33,704	$	12,399	$	72,112

	Nine Months Ended May 31, 2019
	Adhesives, Sealants		Industrial		Corrosion Protection		Consolidated
	and Additives		Tapes		and Waterproofing		Revenue
Revenue
North America	$	53,549	$	89,672	$	26,968	$	170,189
Asia		14,808		5,217		5,123		25,148
Europe		10,078		2,101		1,794		13,973
All other foreign		379		1,334		223		1,936
Total Revenue	$	78,814	$	98,324	$	34,108	$	211,246